UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-10157
Franklin Global Trust
(Exact name of registrant as specified in charter)
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
Registrant's telephone number, including area code:(650)312-2000
Date of fiscal year end: 7/31
Date of reporting period: 1/31/24
Item 1. Reports to Stockholders.
a.)
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)
b.)
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
Semiannual
Report
Franklin
International
Growth
Fund
A
Series
of
Franklin
Global
Trust
January
31,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Your
Fund’s
Expenses
6
Financial
Highlights
and
Schedule
of
Investments
7
Financial
Statements
14
Notes
to
Financial
Statements
18
Shareholder
Information
26
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
This
semiannual
report
for
Franklin
International
Growth
Fund
covers
the
period
ended
January
31,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
capital
appreciation
by
normally
investing
predominantly
in
equity
securities,
primarily
common
stock,
of
mid-
and
large-capitalization
companies,
generally
those
with
market
capitalizations
greater
than
$2
billion,
located
outside
the
U.S.,
and
may
invest
up
to
20%
of
its
net
assets
in
emerging
market
countries.
The
Fund
considers
international
companies
to
be
those
organized
under
the
laws
of
a
country
outside
of
the
U.S.
or
having
a
principal
office
in
a
country
outside
of
the
U.S.,
or
whose
securities
are
listed
or
traded
principally
on
a
recognized
stock
exchange
or
over-the-counter
market
outside
of
the
U.S.
Performance
Overview
For
the
six
months
ended
January
31,
2024,
the
Fund’s
Class
A
shares
posted
a
-2.06%
cumulative
total
return.
In
comparison,
the
Fund’s
benchmark,
the
MSCI
Europe,
Australasia,
Far
East
(EAFE)
Index-NR,
which
measures
the
equity
market
performance
of
global
developed
markets
excluding
the
U.S.
and
Canada,
posted
a
+3.15%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Geographic
Composition
1/31/24
%
of
Total
Net
Assets
Europe
54.6%
North
America
19.7%
Asia
9.5%
Australia
&
New
Zealand
7.3%
Latin
America
&
Caribbean
3.6%
Middle East & Africa
3.1%
Short-Term
Investments
&
Other
Net
Assets
2.2%
Top
10
Countries
1/31/24
a
%
of
Total
Net
Assets
a
a
Switzerland
18.1%
United
States
12.3%
Germany
11.7%
Japan
9.5%
Canada
7.3%
Australia
7.3%
Denmark
7.0%
United
Kingdom
6.2%
Ireland
4.3%
Netherlands
3.7%
Top
10
Industries
1/31/24
.
%
of
Total
Net
Assets
a
a
Software
12.6%
Health
Care
Equipment
&
Supplies
10.2%
IT
Services
7.8%
Capital
Markets
7.2%
Biotechnology
6.3%
Chemicals
6.2%
Semiconductors
&
Semiconductor
Equipment
6.1%
Life
Sciences
Tools
&
Services
5.7%
Pharmaceuticals
4.0%
Air
Freight
&
Logistics
3.9%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Return
(NR)
reflects
no
deduction
for
fees,
expenses
or
taxes
but
are
net
of
dividend
tax
withholding.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
12
.
Franklin
International
Growth
Fund
3
franklintempleton.com
Semiannual
Report
Thank
you
for
your
continued
participation
in
Franklin
International
Growth
Fund.
We
look
forward
to
serving
your
future
investment
needs.
John
Remmert
Lead
Portfolio
Manager
Patrick
McKeegan,
CFA
Donald
G.
Huber,
CFA
Portfolio
Managers
Top
10
Holdings
1/31/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Keywords
Studios
plc
4.3%
IT
Services,
Ireland
DSV
A/S
3.9%
Air
Freight
&
Logistics,
Denmark
CTS
Eventim
AG
&
Co.
KGaA
3.8%
Entertainment,
Germany
Kinaxis,
Inc.
3.8%
Software,
Canada
ASML
Holding
NV
3.7%
Semiconductors
&
Semiconductor
Equipment,
Netherlands
Macquarie
Group
Ltd.
3.7%
Capital
Markets,
Australia
MTU
Aero
Engines
AG
3.6%
Aerospace
&
Defense,
Germany
MercadoLibre,
Inc.
3.6%
Broadline
Retail,
Brazil
Cochlear
Ltd.
3.6%
Health
Care
Equipment
&
Supplies,
Australia
Amadeus
IT
Group
SA
3.6%
Hotels,
Restaurants
&
Leisure,
Spain
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
January
31,
2024
Franklin
International
Growth
Fund
4
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
1/31/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
-2.06%
-7.45%
1-Year
+0.19%
-5.33%
5-Year
+28.40%
+3.94%
10-Year
+68.82%
+4.78%
Advisor
6-Month
-1.93%
-1.93%
1-Year
+0.43%
+0.43%
5-Year
+29.99%
+5.39%
10-Year
+73.17%
+5.64%
See
page
5
for
Performance
Summary
footnotes.
Franklin
International
Growth
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
investment
style
may
become
out
of
favor,
which
may
have
a
negative
impact
on
performance.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
11/30/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.12%
1.17%
Advisor
0.87%
0.92%
Your
Fund’s
Expenses
Franklin
International
Growth
Fund
6
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
8/1/23
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$979.40
$5.53
$1,019.55
$5.64
1.11%
C
$1,000
$975.30
$9.24
$1,015.78
$9.43
1.86%
R
$1,000
$978.40
$6.77
$1,018.30
$6.90
1.36%
R6
$1,000
$980.80
$3.73
$1,021.37
$3.81
0.75%
Advisor
$1,000
$980.70
$4.28
$1,020.82
$4.36
0.86%
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
L
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.49
$15.60
$22.76
$18.34
$14.62
$15.31
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.04)
—
c
(0.06)
(0.09)
(0.04)
0.04
Net
realized
and
unrealized
gains
(losses)
(0.30)
1.14
(6.72)
4.99
3.78
(0.50)
Total
from
investment
operations
........
(0.34)
1.14
(6.78)
4.90
3.74
(0.46)
Less
distributions
from:
Net
investment
income
..............
—
—
(0.17)
—
(0.02)
(0.03)
Net
realized
gains
.................
—
(0.25)
(0.21)
(0.48)
—
(0.20)
Total
distributions
...................
—
(0.25)
(0.38)
(0.48)
(0.02)
(0.23)
Net
asset
value,
end
of
period
..........
$16.15
$16.49
$15.60
$22.76
$18.34
$14.62
Total
return
d
.......................
(2.06)%
7.52%
(30.19)%
26.98%
25.52%
(2.62)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.18%
1.16%
1.15%
1.13%
1.17%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.11%
1.11%
f
1.11%
1.11%
f
1.10%
f
1.05%
f
Net
investment
income
(loss)
..........
(0.50)%
0.01%
(0.32)%
(0.41)%
(0.25)%
0.32%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$406,240
$462,018
$528,966
$961,676
$579,893
$289,944
Portfolio
turnover
rate
................
11.72%
18.23%
17.92%
14.47%
37.51%
18.11%
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,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$15.41
$14.70
$21.48
$17.46
$14.00
$14.74
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..............
(0.09)
(0.11)
(0.20)
(0.23)
(0.15)
(0.06)
Net
realized
and
unrealized
gains
(losses)
(0.29)
1.07
(6.34)
4.73
3.61
(0.48)
Total
from
investment
operations
........
(0.38)
0.96
(6.54)
4.50
3.46
(0.54)
Less
distributions
from:
Net
investment
income
..............
—
—
(0.03)
—
—
—
Net
realized
gains
.................
—
(0.25)
(0.21)
(0.48)
—
(0.20)
Total
distributions
...................
—
(0.25)
(0.24)
(0.48)
—
(0.20)
Net
asset
value,
end
of
period
..........
$15.03
$15.41
$14.70
$21.48
$17.46
$14.00
Total
return
c
.......................
(2.47)%
6.74%
(30.73)%
26.04%
24.63%
(3.34)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.93%
1.91%
1.90%
1.88%
1.92%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.86%
1.86%
e
1.86%
1.86%
e
1.85%
e
1.80%
e
Net
investment
(loss)
................
(1.25)%
(0.74)%
(1.08)%
(1.15)%
(0.98)%
(0.43)%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$23,995
$27,894
$32,663
$62,560
$39,440
$27,397
Portfolio
turnover
rate
................
11.72%
18.23%
17.92%
14.47%
37.51%
18.11%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.20
$15.37
$22.48
$18.16
$14.50
$15.21
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.06)
(0.04)
(0.10)
(0.12)
(0.07)
—
c
Net
realized
and
unrealized
gains
(losses)
(0.29)
1.12
(6.64)
4.92
3.73
(0.48)
Total
from
investment
operations
........
(0.35)
1.08
(6.74)
4.80
3.66
(0.48)
Less
distributions
from:
Net
investment
income
..............
—
—
(0.16)
—
—
(0.03)
Net
realized
gains
.................
—
(0.25)
(0.21)
(0.48)
—
(0.20)
Total
distributions
...................
—
(0.25)
(0.37)
(0.48)
—
(0.23)
Net
asset
value,
end
of
period
..........
$15.85
$16.20
$15.37
$22.48
$18.16
$14.50
Total
return
d
.......................
(2.16)%
7.24%
(30.37)%
26.69%
25.24%
(2.88)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.43%
1.41%
1.40%
1.38%
1.41%
1.43%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.36%
1.36%
f
1.36%
1.35%
f
1.35%
f
1.29%
f
Net
investment
income
(loss)
..........
(0.76)%
(0.24)%
(0.55)%
(0.58)%
(0.45)%
0.08%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,796
$5,594
$5,940
$8,630
$2,365
$1,848
Portfolio
turnover
rate
................
11.72%
18.23%
17.92%
14.47%
37.51%
18.11%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.68
$15.72
$22.94
$18.44
$14.69
$15.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.01)
0.06
0.01
(0.01)
0.03
0.08
Net
realized
and
unrealized
gains
(losses)
(0.31)
1.15
(6.76)
5.01
3.79
(0.48)
Total
from
investment
operations
........
(0.32)
1.21
(6.75)
5.00
3.82
(0.40)
Less
distributions
from:
Net
investment
income
..............
—
—
(0.26)
(0.02)
(0.07)
(0.05)
Net
realized
gains
.................
—
(0.25)
(0.21)
(0.48)
—
(0.20)
Total
distributions
...................
—
(0.25)
(0.47)
(0.50)
(0.07)
(0.25)
Net
asset
value,
end
of
period
..........
$16.36
$16.68
$15.72
$22.94
$18.44
$14.69
Total
return
c
.......................
(1.92)%
7.91%
(29.93)%
27.44%
26.08%
(2.26)%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.82%
0.81%
0.80%
0.78%
0.81%
0.84%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.75%
0.75%
e
0.75%
0.73%
e
0.71%
e
0.66%
e
Net
investment
income
(loss)
..........
(0.15)%
0.39%
0.04%
(0.03)%
0.17%
0.71%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$216,691
$321,629
$346,328
$548,647
$379,331
$344,257
Portfolio
turnover
rate
................
11.72%
18.23%
17.92%
14.47%
37.51%
18.11%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$16.62
$15.68
$22.89
$18.40
$14.66
$15.33
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.02)
0.04
(0.01)
(0.04)
—
c
0.09
Net
realized
and
unrealized
gains
(losses)
(0.30)
1.15
(6.76)
5.01
3.79
(0.51)
Total
from
investment
operations
........
(0.32)
1.19
(6.77)
4.97
3.79
(0.42)
Less
distributions
from:
Net
investment
income
..............
—
—
(0.23)
(—)
c
(0.05)
(0.05)
Net
realized
gains
.................
—
(0.25)
(0.21)
(0.48)
—
(0.20)
Total
distributions
...................
—
(0.25)
(0.44)
(0.48)
(0.05)
(0.25)
Net
asset
value,
end
of
period
..........
$16.30
$16.62
$15.68
$22.89
$18.40
$14.66
Total
return
d
.......................
(1.93)%
7.80%
(30.04)%
27.31%
25.90%
(2.45)%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.92%
0.91%
0.90%
0.88%
0.92%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.86%
0.86%
f
0.86%
0.86%
f
0.85%
f
0.80%
f
Net
investment
income
(loss)
..........
(0.28)%
0.26%
(0.07)%
(0.17)%
0.03%
0.57%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$483,822
$784,288
$975,415
$1,665,974
$1,158,652
$863,973
Portfolio
turnover
rate
................
11.72%
18.23%
17.92%
14.47%
37.51%
18.11%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
International
Growth
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.8%
Aerospace
&
Defense
3.6%
MTU
Aero
Engines
AG
.................................
Germany
179,000
$
41,161,328
Air
Freight
&
Logistics
3.9%
DSV
A/S
............................................
Denmark
245,000
43,836,402
Biotechnology
6.3%
CSL
Ltd.
............................................
United
States
186,000
36,529,006
a
Genmab
A/S
.........................................
Denmark
127,000
35,121,113
71,650,119
Broadline
Retail
3.6%
a
MercadoLibre,
Inc.
....................................
Brazil
24,000
41,083,440
Capital
Markets
7.2%
Intermediate
Capital
Group
plc
...........................
United
Kingdom
1,750,503
39,468,401
Macquarie
Group
Ltd.
..................................
Australia
340,000
41,955,613
81,424,014
Chemicals
6.2%
DSM-Firmenich
AG
....................................
Switzerland
332,000
35,105,771
Sika
AG
............................................
Switzerland
130,000
35,895,858
71,001,629
Containers
&
Packaging
3.1%
SIG
Group
AG
.......................................
Switzerland
1,700,000
35,593,020
Entertainment
3.8%
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
638,933
43,245,190
Health
Care
Equipment
&
Supplies
10.2%
Alcon,
Inc.
...........................................
Switzerland
515,000
38,775,621
Asahi
Intecc
Co.
Ltd.
...................................
Japan
1,900,000
36,101,714
Cochlear
Ltd.
........................................
Australia
205,000
40,685,139
115,562,474
Hotels,
Restaurants
&
Leisure
3.6%
Amadeus
IT
Group
SA
.................................
Spain
575,860
40,360,219
IT
Services
7.8%
Keywords
Studios
plc
..................................
Ireland
2,330,000
48,728,462
a
Shopify,
Inc.
,
A
.......................................
Canada
500,000
40,035,000
88,763,462
Life
Sciences
Tools
&
Services
5.7%
a
Evotec
SE
...........................................
Germany
2,250,000
34,421,675
Tecan
Group
AG
......................................
Switzerland
78,000
29,780,657
64,202,332
Machinery
2.7%
Interroll
Holding
AG
....................................
Switzerland
10,541
30,795,222
Pharmaceuticals
4.0%
Astellas
Pharma,
Inc.
..................................
Japan
900,000
10,478,234
Daiichi
Sankyo
Co.
Ltd.
.................................
Japan
1,150,000
34,429,892
44,908,126
Professional
Services
3.4%
Experian
plc
.........................................
United
States
920,000
38,295,626
Semiconductors
&
Semiconductor
Equipment
6.1%
ASML
Holding
NV
.....................................
Netherlands
49,000
42,515,751
Franklin
Global
Trust
Schedule
of
Investments
(unaudited)
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Disco
Corp.
..........................................
Japan
100,000
$
26,983,923
69,499,674
Software
12.6%
a
CyberArk
Software
Ltd.
.................................
United
States
160,813
37,546,619
a
Kinaxis,
Inc.
.........................................
Canada
354,700
43,195,094
a
Monday.com
Ltd.
......................................
United
States
130,000
27,305,200
a
Nice
Ltd.
,
ADR
.......................................
Israel
170,000
35,377,000
143,423,913
Textiles,
Apparel
&
Luxury
Goods
1.3%
Puma
SE
...........................................
Germany
360,000
14,489,105
Trading
Companies
&
Distributors
2.7%
RS
Group
plc
........................................
United
Kingdom
3,100,000
30,720,217
Total
Common
Stocks
(Cost
$
893,679,569
)
.....................................
1,110,015,512
Short
Term
Investments
1.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.1%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
12,853,230
12,853,230
Total
Money
Market
Funds
(Cost
$
12,853,230
)
..................................
12,853,230
Total
Short
Term
Investments
(Cost
$
12,853,230
)
................................
12,853,230
a
Total
Investments
(Cost
$
906,532,799
)
98.9
%
...................................
$1,122,868,742
Other
Assets,
less
Liabilities
1.1
%
.............................................
12,675,654
Net
Assets
100.0%
...........................................................
$1,135,544,396
a
a
a
See
Abbreviations
on
page
25.
a
Non-income
producing.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
January
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Franklin
International
Growth
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$893,679,569
Cost
-
Non-controlled
affiliates
(Note
3f)
........................................................
12,853,230
Value
-
Unaffiliated
issuers
..................................................................
$1,110,015,512
Value
-
Non-controlled
affiliates
(Note
3f)
........................................................
12,853,230
Foreign
currency,
at
value
(cost
$12,703)
.........................................................
12,550
Receivables:
Investment
securities
sold
...................................................................
13,282,255
Capital
shares
sold
........................................................................
700,071
Dividends
...............................................................................
1,594,060
Total
assets
..........................................................................
1,138,457,678
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
1,531,866
Management
fees
.........................................................................
653,295
Distribution
fees
..........................................................................
108,817
Transfer
agent
fees
........................................................................
359,175
Trustees'
fees
and
expenses
.................................................................
4,275
Accrued
expenses
and
other
liabilities
...........................................................
255,854
Total
liabilities
.........................................................................
2,913,282
Net
assets,
at
value
.................................................................
$1,135,544,396
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,000,525,215
Total
distributable
earnings
(losses)
.............................................................
135,019,181
Net
assets,
at
value
.................................................................
$1,135,544,396
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
January
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Franklin
International
Growth
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$406,240,133
Shares
outstanding
........................................................................
25,155,178
Net
asset
value
per
share
a,b
..................................................................
$16.15
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
................................
$17.09
Class
C:
Net
assets,
at
value
.......................................................................
$23,994,707
Shares
outstanding
........................................................................
1,596,255
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$15.03
Class
R:
Net
assets,
at
value
.......................................................................
$4,795,678
Shares
outstanding
........................................................................
302,616
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$15.85
Class
R6:
Net
assets,
at
value
.......................................................................
$216,691,386
Shares
outstanding
........................................................................
13,242,994
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$16.36
Advisor
Class:
Net
assets,
at
value
.......................................................................
$483,822,492
Shares
outstanding
........................................................................
29,680,160
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$16.30
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
six
months
ended
January
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Franklin
International
Growth
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$84,130)
Unaffiliated
issuers
........................................................................
$3,166,868
Non-controlled
affiliates
(Note
3f)
.............................................................
583,930
Total
investment
income
...................................................................
3,750,798
Expenses:
Management
fees
(Note
3
a
)
...................................................................
4,692,830
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
502,858
Class
C
................................................................................
120,563
Class
R
................................................................................
11,455
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
279,241
Class
C
................................................................................
16,737
Class
R
................................................................................
3,180
Class
R6
...............................................................................
44,717
Advisor
Class
............................................................................
400,285
Custodian
fees
.............................................................................
44,151
Reports
to
shareholders
fees
..................................................................
95,430
Registration
and
filing
fees
....................................................................
60,219
Professional
fees
...........................................................................
32,218
Trustees'
fees
and
expenses
..................................................................
10,453
Other
....................................................................................
25,328
Total
expenses
.........................................................................
6,339,665
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(419,030)
Net
expenses
.........................................................................
5,920,635
Net
investment
income
(loss)
............................................................
(2,169,837)
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
46,137,043
Foreign
currency
transactions
................................................................
(133,336)
Net
realized
gain
(loss)
..................................................................
46,003,707
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(120,337,008)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
24,100
Net
change
in
unrealized
appreciation
(depreciation)
............................................
(120,312,908)
Net
realized
and
unrealized
gain
(loss)
............................................................
(74,309,201)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$(76,479,038)
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
Franklin
International
Growth
Fund
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$(2,169,837)
$3,022,133
Net
realized
gain
(loss)
.................................................
46,003,707
(118,739,633)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(120,312,908)
197,764,786
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(76,479,038)
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
.............................................................
(42,541,450)
(88,202,473)
Class
C
.............................................................
(2,993,261)
(5,620,365)
Class
R
.............................................................
(637,759)
(656,381)
Class
R6
............................................................
(90,830,238)
(37,887,149)
Advisor
Class
........................................................
(252,395,688)
(212,137,514)
Total
capital
share
transactions
............................................
(389,398,396)
(344,503,882)
Net
increase
(decrease)
in
net
assets
...................................
(465,877,434)
(287,890,843)
Net
assets:
Beginning
of
period
.....................................................
1,601,421,830
1,889,312,673
End
of
period
..........................................................
$1,135,544,396
$1,601,421,830
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
Franklin
International
Growth
Fund
18
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of 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
January
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
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
January
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
(unaudited)
20
franklintempleton.com
Semiannual
Report
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
January
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
January
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
1,110,828
$16,821,979
3,719,073
$57,463,890
Shares
issued
in
reinvestment
of
distributions
..........
—
—
519,450
7,568,387
Shares
redeemed
...............................
(3,976,863)
(59,363,429)
(10,126,164)
(153,234,750)
Net
increase
(decrease)
..........................
(2,866,035)
$(42,541,450)
(5,887,641)
$(88,202,473)
Class
C
Shares:
Shares
sold
...................................
104,257
$1,483,642
315,844
$4,607,220
Shares
issued
in
reinvestment
of
distributions
..........
—
—
35,556
486,413
Shares
redeemed
a
..............................
(318,666)
(4,476,903)
(762,565)
(10,713,998)
Net
increase
(decrease)
..........................
(214,409)
$(2,993,261)
(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
(unaudited)
21
franklintempleton.com
Semiannual
Report
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:
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:
Six
Months
Ended
January
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Class
R
Shares:
Shares
sold
...................................
26,593
$389,991
115,955
$1,766,642
Shares
issued
in
reinvestment
of
distributions
..........
—
—
6,725
96,447
Shares
redeemed
...............................
(69,262)
(1,027,750)
(163,871)
(2,519,470)
Net
increase
(decrease)
..........................
(42,669)
$(637,759)
(41,191)
$(656,381)
Class
R6
Shares:
Shares
sold
...................................
1,410,544
$21,353,122
6,091,081
$96,300,849
Shares
issued
in
reinvestment
of
distributions
..........
—
—
285,523
4,200,050
Shares
redeemed
...............................
(7,455,045)
(112,183,360)
(9,123,506)
(138,388,048)
Net
increase
(decrease)
..........................
(6,044,501)
$(90,830,238)
(2,746,902)
$(37,887,149)
Advisor
Class
Shares:
Shares
sold
...................................
3,426,433
$51,140,564
13,574,441
$208,099,984
Shares
issued
in
reinvestment
of
distributions
..........
—
—
673,110
9,874,525
Shares
redeemed
...............................
(20,932,794)
(303,536,252)
(29,252,096)
(430,112,023)
Net
increase
(decrease)
..........................
(17,506,361)
$(252,395,688)
(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
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
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
(continued)
For
the
period
ended
January
31,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.745%
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
period:
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
period
ended
January
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$288,602
was
retained
by
Investor
Services.
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$21,688
CDSC
retained
..............................................................................
$1,199
3
.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
(continued)
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
period
ended
January
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.
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$45,691,958
$267,747,210
$(300,585,938)
$—
$—
$12,853,230
12,853,230
$583,930
Total
Affiliated
Securities
...
$45,691,958
$267,747,210
$(300,585,938)
$—
$—
$12,853,230
$583,930
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$13,343,484
Long
term
................................................................................
107,372,186
Total
capital
loss
carryforwards
...............................................................
$120,715,670
3
.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
(continued)
At
January
31,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
passive
foreign
investment
company
shares
and
net
operating
losses.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2024,
aggregated
$146,128,338 and
$509,470,354,
respectively.
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
matured
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
2,
2024,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
31,
2025,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
January
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
Cost
of
investments
..........................................................................
$910,983,246
Unrealized
appreciation
........................................................................
$308,638,699
Unrealized
depreciation
........................................................................
(96,753,203)
Net
unrealized
appreciation
(depreciation)
..........................................................
$211,885,496
4.
Income
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
Franklin
International
Growth
Fund
(continued)
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
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
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
41,161,328
$
—
$
41,161,328
Air
Freight
&
Logistics
...................
—
43,836,402
—
43,836,402
Biotechnology
.........................
36,529,006
35,121,113
—
71,650,119
Broadline
Retail
.......................
41,083,440
—
—
41,083,440
Capital
Markets
........................
—
81,424,014
—
81,424,014
Chemicals
...........................
—
71,001,629
—
71,001,629
Containers
&
Packaging
.................
—
35,593,020
—
35,593,020
Entertainment
.........................
—
43,245,190
—
43,245,190
Health
Care
Equipment
&
Supplies
.........
—
115,562,474
—
115,562,474
Hotels,
Restaurants
&
Leisure
.............
—
40,360,219
—
40,360,219
IT
Services
...........................
40,035,000
48,728,462
—
88,763,462
Life
Sciences
Tools
&
Services
............
—
64,202,332
—
64,202,332
Machinery
............................
—
30,795,222
—
30,795,222
Pharmaceuticals
.......................
—
44,908,126
—
44,908,126
Professional
Services
...................
—
38,295,626
—
38,295,626
Semiconductors
&
Semiconductor
Equipment
.
42,515,751
26,983,923
—
69,499,674
Software
.............................
143,423,913
—
—
143,423,913
Textiles,
Apparel
&
Luxury
Goods
..........
—
14,489,105
—
14,489,105
Trading
Companies
&
Distributors
..........
—
30,720,217
—
30,720,217
Short
Term
Investments
...................
12,853,230
—
—
12,853,230
Total
Investments
in
Securities
...........
$316,440,340
$806,428,402
a
$—
$1,122,868,742
a
Includes
foreign
securities
valued
at
$806,428,402,
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)
Franklin
Global
Trust
Shareholder
Information
26
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust,
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
as
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FGT3
S
03/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
International
Growth
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Templeton
Institutional,
LLC
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
A
Series
of
Franklin
Global
Trust
January
31,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
ftinstitutional.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
4
Your
Fund’s
Expenses
6
Consolidated
Financial
Highlights
and
Consolidated
Schedule
of
Investments
7
Consolidated
Financial
Statements
14
Notes
to
Consolidated
Financial
Statements
17
Shareholder
Information
30
Visit
ftinstitutional.com
for
fund
updates,
to
access
your
account,
or
to
find
investment
insights.
2
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
This
semiannual
report
for
Franklin
Emerging
Market
Debt
Opportunities
Fund
covers
the
period
ended
January
31,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return.
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
in
debt
securities
of
emerging
market
countries.
The
Fund
invests
mainly
in
debt
securities
issued
by
sovereign
and
subsovereign
government
entities,
but
also
including
securities
issued
by
corporate
entities
that
are
controlled
by
a
sovereign
entity,
and
corporate
emerging
markets
debt.
Performance
Overview
The
Fund
posted
a
+7.18%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
first
benchmark,
the
J.P.
Morgan
(JPM)
Emerging
Markets
Bond
Index
(EMBI)
Global
Diversified
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities,
posted
a
+3.66%
cumulative
total
return.
1
The
Fund’s
second
benchmark,
the
JPM
EMBI
Global
Diversified
ex-GCC
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities,
excluding
Saudi
Arabia,
Qatar,
the
United
Arab
Emirates,
Bahrain
and
Kuwait,
posted
a
+4.02%
cumulative
total
return.
1
The
Fund’s
third
benchmark,
the
JPM
Government
Bond
Index-Emerging
Markets
(GBI-EM)
Broad
Diversified
Index
(USD
Unhedged),
which
tracks
local
currency
bonds
issued
in
emerging
markets,
posted
a
+0.38%
cumulative
total
return.
1
Also
for
comparison,
the
Fund’s
fourth
benchmark,
the
ICE
BofA
Emerging
Market
Corporate
Plus
(USD
Hedged)
Index,
which
tracks
the
performance
of
U.S.
dollar-denominated
and
euro-
denominated
emerging
market
non-sovereign
debt
publicly
issued
within
the
major
domestic
and
Eurobond
markets,
posted
a
+4.31%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
ftinstitutional.com
or
call
a
Franklin
Templeton
Institutional
Services
representative
at
(800)
321-8563
.
Portfolio
Composition
1/31/24
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
61.3%
Corporate
Bonds
*
12.2%
Quasi-Sovereign
Bonds
*
11.4%
Supranational
5.3%
Warrants
2.9%
Loan
Participations
and
Assignments
*
1.8%
Other
*,†
0.1%
Short-Term
Investments
&
Other
Net
Assets
5.0%
*
Includes
financial
instruments
determined
to
have
no
value.
†
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Consolidated
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
1/31/24
Issuer
Industry,
Country
%
of
Total
Net
Assets
a
a
Brazil
Government
Bond
Financial
Services,
Brazil
4.4%
Ukraine
Government
Bond
Financial
Services,
Ukraine
3.4%
Dominican
Republic
Government
Bond
Financial
Services,
Dominican
Republic
3.3%
Angola
Government
Bond
Financial
Services,
Angola
3.0%
Romania
Government
Bond
Financial
Services,
Romania
2.9%
Serbia
Government
Bond
Financial
Services,
Serbia
2.7%
Asian
Development
Bank
Financial
Services,
Supranational
2.7%
Suriname
Government
Bond
Financial
Services,
Suriname
2.6%
Ivory
Coast
Government
Bond
Financial
Services,
Ivory
Coast
2.2%
Iraq
Government
Bond
Financial
Services,
Iraq
2.2%
1.
Source:
Morningstar.
The
indexes
are
unmanaged
and
include
reinvestment
of
any
income
or
distributions.
They
do
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Consolidated
Schedule
of
Investments
(SOI).
The
Consolidated
SOI
begins
on
page
8
.
Franklin
Emerging
Market
Debt
Opportunities
Fund
3
ftinstitutional.com
Semiannual
Report
We
thank
you
for
your
confidence
in
Franklin
Emerging
Market
Debt
Opportunities
Fund
and
hope
to
serve
your
investment
needs
at
the
highest
level
of
expectations.
Nicholas
Hardingham,
CFA
Stephanie
Ouwendijk,
CFA
Portfolio
Management
Team
Geographic
Composition
1/31/24
%
of
Total
Net
Assets
Brazil
6.9%
Supranational
5.3%
Mexico
4.5%
Colombia
3.9%
Ukraine
3.4%
Dominican
Republic
3.3%
Türkiye
3.3%
Kazakhstan
3.0%
Angola
3.0%
Romania
2.9%
South
Africa
2.9%
Serbia
2.7%
Argentina
2.6%
Suriname
2.6%
Ivory
Coast
2.2%
Iraq
2.2%
Uzbekistan
2.2%
Ghana
2.1%
Nigeria
2.1%
Ethiopia
2.1%
Gabon
1.9%
United
States
1.8%
El
Salvador
1.7%
Jordan
1.6%
Costa
Rica
1.5%
Benin
1.5%
Tunisia
1.5%
Egypt
1.4%
Grenada
1.4%
Armenia
1.4%
Paraguay
1.4%
Mozambique
1.3%
Cameroon
1.3%
Czech
Republic
1.2%
Pakistan
1.2%
India
1.2%
China
1.2%
Trinidad
and
Tobago
1.2%
Peru
1.2%
Venezuela
1.1%
North
Macedonia
1.0%
Uruguay
1.0%
Honduras
1.0%
Other
0.8%
Short-Term
Investments
&
Other
Net
Assets
5.0%
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
January
31,
2024
Franklin
Emerging
Market
Debt
Opportunities
Fund
4
ftinstitutional.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
1/31/24
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
ftinstitutional.com
or
call
a
Franklin
Templeton
Institutional
Services
representative
at
(800)
321-8563
.
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
6-Month
+7.18%
+7.18%
1-Year
+12.44%
+12.44%
5-Year
+19.56%
+3.64%
10-Year
+51.52%
+4.24%
See
page
5
for
Performance
Summary
footnotes.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Performance
Summary
5
ftinstitutional.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund's
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
may
be
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
zero
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund's
portfolio.
The
extent
and
duration
of
Russia's
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
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.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
11/30/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Consolidated
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(8/1/23–1/31/24)
Net
Investment
Income
$0.3364
Total
Annual
Operating
Expenses
4
With
Fee
Waiver
Without
Fee
Waiver
1.02%
1.16%
Your
Fund’s
Expenses
Franklin
Emerging
Market
Debt
Opportunities
Fund
6
ftinstitutional.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions,
if
applicable;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
if
applicable,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
184/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
8/1/23
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
Ending
Account
Value
1/31/24
Expenses
Paid
During
Period
8/1/23–1/31/24
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$1,071.80
$5.23
$1,020.09
$5.10
1.00%
Franklin
Global
Trust
Consolidated
Financial
Highlights
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.46
$9.91
$11.73
$10.19
$11.66
$11.68
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.41
0.79
0.77
0.71
0.97
0.97
Net
realized
and
unrealized
gains
(losses)
0.36
0.66
(2.59)
0.83
(1.64)
(0.13)
Total
from
investment
operations
........
0.77
1.45
(1.82)
1.54
(0.67)
0.84
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
....................
(0.34)
(0.90)
—
—
(0.80)
(0.86)
Net
asset
value,
end
of
period
..........
$10.89
$10.46
$9.91
$11.73
$10.19
$11.66
Total
return
c
.......................
7.18%
15.51%
(15.52)%
15.11%
(6.24)%
8.04%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.23%
1.04%
1.14%
1.24%
1.15%
1.11%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.00%
1.00%
e
1.00%
e
1.00%
e
1.00%
e
1.00%
e
Net
investment
income
...............
7.71%
7.96%
6.90%
6.34%
8.95%
8.58%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$44,910
$41,116
$55,697
$135,374
$111,159
$387,888
Portfolio
turnover
rate
................
42.01%
29.79%
43.31%
61.28%
34.71%
14.29%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
8
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
2.9%
Financial
Services
2.9%
d,e,f
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
8/01/41
.........................................
Ukraine
2,000,000
927,698
a,b,g
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
...........
Venezuela
925,920
385,414
1,313,112
Total
Warrants
(Cost
$18,386,506)
.............................................
1,313,112
Units
Private
Limited
Partnership
Funds
0.1%
Capital
Markets
0.1%
a,b,c,g,h
Global
Distressed
Alpha
Fund
III
LP
.......................
United
States
4,424,861
18,514
Total
Private
Limited
Partnership
Funds
(Cost
$4,600,000)
.......................
18,514
Principal
Amount
*
Quasi-Sovereign
Bonds
11.4%
Capital
Markets
0.9%
d
Huarong
Finance
II
Co.
Ltd.
,
Senior
Bond
,
Reg
S,
4.625
%
,
6/03/26
China
450,000
431,581
Financial
Services
1.5%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
.....
Türkiye
642,857
EUR
694,800
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
—
694,800
Municipal
Bonds
4.2%
d
Istanbul
Metropolitan
Municipality
,
Senior
Note,
144A,
10.75%,
4/12/27
.....................
Türkiye
450,000
477,648
Senior
Note,
144A,
10.5%,
12/06/28
.....................
Türkiye
275,000
291,140
d
Provincia
de
Neuquen
Argentina
,
Senior
Secured
Bond
,
Reg
S,
8.625
%
,
5/12/30
.....................................
Argentina
145,155
145,518
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...........................................
Argentina
1,134,312
972,596
1,886,902
Oil,
Gas
&
Consumable
Fuels
3.3%
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
Venezuela
100,000
103,977
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
300,000
247,240
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
...........................................
Kazakhstan
518,000
451,818
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Quasi-Sovereign
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
.............
Mexico
815,000
$
665,941
1,468,976
Transportation
Infrastructure
1.5%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
.................................
Colombia
3,313,457,463
COP
663,717
Total
Quasi-Sovereign
Bonds
(Cost
$8,368,569)
.................................
5,145,976
Corporate
Bonds
12.2%
Banks
0.7%
d
Fidelity
Bank
plc
,
Senior
Note
,
144A,
7.625
%
,
10/28/26
.........
Nigeria
350,000
324,625
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
650,000
424,379
Commercial
Services
&
Supplies
1.1%
d,l
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
9.875
%
,
2/06/31
........
Brazil
510,000
507,450
Electric
Utilities
1.2%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...........................................
India
636,000
541,164
Food
Products
1.4%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
...........................................
Paraguay
700,000
618,293
Metals
&
Mining
1.2%
d,k
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
9.75
%
,
3/08/26
.....................................
South
Africa
655,047
537,138
Oil,
Gas
&
Consumable
Fuels
3.7%
d
Energo-Pro
A/S
,
Senior
Note,
144A,
8.5%,
2/04/27
.......................
Czech
Republic
350,000
349,272
Senior
Note,
144A,
11%,
11/02/28
.......................
Czech
Republic
200,000
209,787
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
5/01/27
........
Ghana
350,000
331,033
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
.....................................
Brazil
522,913
402,354
d
Tullow
Oil
plc
,
Senior
Secured
Note
,
144A,
10.25
%
,
5/15/26
.....
Ghana
420,000
387,106
1,679,552
Real
Estate
Management
&
Development
0.2%
d,e
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
1,180,000
97,350
Water
Utilities
0.5%
d
Aegea
Finance
SARL
,
Senior
Note
,
144A,
9
%
,
1/20/31
.........
Brazil
200,000
210,475
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
1.2%
d
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
Senior
Secured
Note
,
144A,
8.875
%
,
10/18/29
...................
Trinidad
and
Tobago
570,000
$
527,823
Total
Corporate
Bonds
(Cost
$12,557,749)
......................................
5,468,249
m
Loan
Participations
and
Assignments
1.8%
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,n
Global
Distressed
Alpha
Fund
III
LP
,
PIK,
12%,
Perpetual
..................................
United
States
1,665,710
815,022
Total
Loan
Participations
and
Assignments
(Cost
$2,348,515)
....................
815,022
Foreign
Government
and
Agency
Securities
61.3%
d
Angola
Government
Bond
,
Senior
Bond,
144A,
8%,
11/26/29
........................
Angola
300,000
261,535
Senior
Bond,
144A,
8.75%,
4/14/32
......................
Angola
1,250,000
1,076,995
Argentina
Government
Bond
,
Senior
Note
,
1
%
,
7/09/29
.........
Argentina
150,490
61,370
d
Armenia
Government
Bond
,
Senior
Bond
,
144A,
3.95
%
,
9/26/29
..
Armenia
720,000
623,187
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
...
Benin
750,000
EUR
661,117
d
BOI
Finance
BV
,
Senior
Note
,
144A,
7.5
%
,
2/16/27
............
Nigeria
600,000
EUR
605,100
Brazil
Government
Bond
,
Senior
Bond
,
3.875
%
,
6/12/30
........
Brazil
500,000
453,739
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
............
Brazil
7,564,000
BRL
1,517,202
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
Cameroon
750,000
EUR
599,666
Colombia
Government
Bond
,
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
1,450,000,000
COP
361,733
Senior
Bond,
7.5%,
2/02/34
............................
Colombia
500,000
512,619
d
Costa
Rica
Government
Bond
,
144A,
7.3%,
11/13/54
.................................
Costa
Rica
350,000
367,116
Senior
Bond,
144A,
7.158%,
3/12/45
.....................
Costa
Rica
300,000
309,575
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
13.625%,
2/03/33
....................
Dominican
Republic
47,000,000
DOP
970,702
Senior
Bond,
144A,
6.4%,
6/05/49
.......................
Dominican
Republic
550,000
509,344
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
.....................
Egypt
500,000
340,754
Senior
Bond,
144A,
7.5%,
2/16/61
.......................
Egypt
500,000
288,957
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
El
Salvador
970,000
763,632
d,e
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
Ethiopia
1,350,000
926,701
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
.....................
Gabon
300,000
246,040
Senior
Bond,
144A,
7%,
11/24/31
........................
Gabon
750,000
615,510
d
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
....
Grenada
726,899
629,131
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
Honduras
495,000
436,217
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
......
Iraq
1,065,000
996,239
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
Ivory
Coast
1,100,000
EUR
999,907
Jamaica
Government
Bond
,
Senior
Note
,
9.625
%
,
11/03/30
......
Bermuda
50,000,000
JMD
339,054
d
Jordan
Government
Bond
,
Senior
Bond,
144A,
5.85%,
7/07/30
......................
Jordan
600,000
539,400
Senior
Note,
144A,
7.5%,
1/13/29
.......................
Jordan
200,000
196,330
Kazakhstan
MEOKAM
,
14.5
%
,
4/28/25
.....................
Kazakhstan
400,000,000
KZT
911,512
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.75%,
5/29/31
...................................
Mexico
5,020,000
o
MXN
269,941
M,
8%,
11/07/47
.....................................
Mexico
12,600,000
MXN
642,101
d
Mozambique
Government
Bond
,
144A,
9
%
,
9/15/31
...........
Mozambique
700,000
607,985
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
6.96
%
,
3/13/27
...........................................
North
Macedonia
400,000
EUR
$
454,398
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
.
Pakistan
850,000
556,814
Peru
Bonos
de
la
Tesoreria
,
Senior
Bond
,
5.4
%
,
8/12/34
........
Peru
2,200,000
PEN
526,482
d
Romania
Government
Bond
,
Senior
Note
,
Reg
S,
1.375
%
,
12/02/29
Romania
1,450,000
EUR
1,309,597
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
....
Ghana
465,160
211,648
d
Serbia
Government
Bond
,
Senior
Bond
,
144A,
1.5
%
,
6/26/29
....
Serbia
1,320,000
EUR
1,201,095
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
......
South
Africa
17,097,000
ZAR
766,780
d
Suriname
Government
Bond
,
p
Senior
Bond,
144A,
FRN,
9%,
12/31/50
...................
Suriname
794,000
535,950
k
Senior
Note,
144A,
PIK,
7.9%,
7/15/33
....................
Suriname
737,975
630,883
Tunisia
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/17/31
.........
Tunisia
190,000,000
JPY
658,377
d,e
Ukraine
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
9/25/34
.
Ukraine
2,600,000
601,444
Uruguay
Government
Bond
,
Senior
Bond
,
8.25
%
,
5/21/31
.......
Uruguay
18,536,000
UYU
448,286
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
14
%
,
7/19/24
..
Uzbekistan
12,320,000,000
UZS
995,877
Total
Foreign
Government
and
Agency
Securities
(Cost
$30,945,992)
..............
27,538,042
Supranational
5.3%
Asian
Development
Bank
,
Senior
Note,
13.6%,
4/17/24
...........................
Supranational
q
157,000,000
HUF
445,972
Senior
Note,
8.175%,
9/15/24
...........................
Supranational
q
1,050,000
PLN
264,961
d
Senior
Note,
Reg
S,
8.3%,
10/18/24
......................
Supranational
q
1,900,000
PLN
481,221
d
Corp.
Andina
de
Fomento
,
Senior
Bond
,
Reg
S,
7.5
%
,
6/10/30
...
Supranational
q
6,300,000
MXN
311,479
European
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6.17
%
,
3/10/25
.....................................
Supranational
q
13,750,000,000
IDR
872,434
Total
Supranational
(Cost
$2,292,838)
..........................................
2,376,067
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
$79,933,547)
................................
42,674,982
a
Short
Term
Investments
3.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.9%
r
Hungary
Treasury
Bills,
4/30/24
...........................
Hungary
122,300,000
HUF
339,091
r
Kazakhstan
MEKKAM,
4/07/24
...........................
Kazakhstan
27,500,000
KZT
59,867
Total
Foreign
Government
and
Agency
Securities
(Cost
$400,681)
................
398,958
a
a
a
U.S.
Government
and
Agency
Securities
1.1%
U.S.
Treasury
Notes,
0.125%,
2/15/24
......................
United
States
481,000
480,059
Total
U.S.
Government
and
Agency
Securities
(Cost
$480,042)
....................
480,059
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
12
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.7%
s,t
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
....
United
States
770,376
$
770,376
Total
Money
Market
Funds
(Cost
$770,376)
.....................................
770,376
Total
Short
Term
Investments
(Cost
$1,651,099
)
.................................
1,649,393
a
Total
Investments
(Cost
$81,584,646)
98.7%
....................................
$44,324,375
Other
Assets,
less
Liabilities
1.3%
.............................................
585,863
Net
Assets
100.0%
...........................................................
$44,910,238
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
January
31,
2024,
the
aggregate
value
of
these
securities
was
$30,795,488,
representing
68.6%
of
net
assets.
e
See
Note
6
regarding
credit
risk
and
defaulted
securities.
f
The
principal
represents
the
notional
amount.
See
Note
1(c)
regarding
value
recovery
instruments.
g
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(f).
h
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
i
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
j
Principal
amount
of
security
is
adjusted
for
inflation.
See
Note1(h).
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).
m
See
Note
1(e)
regarding
loan
participations
and
assignments.
n
Perpetual
security
with
no
stated
maturity
date.
o
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
p
The
coupon
rate
shown
represents
the
rate
at
period
end.
q
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
r
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
s
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
t
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
13
At
January
31,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(d).
See
Note 9 regarding
other
derivative
information.
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
Turkish
Lira
........
CITI
Buy
14,500,000
481,184
2/15/24
$
—
$
(9,150)
Euro
.............
CITI
Sell
7,700,000
8,355,574
3/13/24
20,237
(1,068)
Japanese
Yen
......
RBCCM
Sell
94,000,000
647,704
3/13/24
4,935
—
Total
Forward
Exchange
Contracts
...................................................
$25,172
$(10,218)
Net
unrealized
appreciation
(depreciation)
............................................
$14,954
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
29
.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
January
31,
2024
(unaudited)
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
14
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$80,814,270
Cost
-
Non-controlled
affiliates
(Note
3d)
........................................................
770,376
Value
-
Unaffiliated
issuers
..................................................................
$43,553,999
Value
-
Non-controlled
affiliates
(Note
3d)
.......................................................
770,376
Cash
....................................................................................
7,622
Foreign
currency,
at
value
(cost
$129,159)
........................................................
128,588
Receivables:
Investment
securities
sold
...................................................................
366,120
Capital
shares
sold
........................................................................
36,393
Interest
.................................................................................
882,991
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
25,172
Total
assets
..........................................................................
45,771,261
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
571,747
Capital
shares
redeemed
...................................................................
203,410
Management
fees
.........................................................................
13,619
Transfer
agent
fees
........................................................................
672
Trustees'
fees
and
expenses
.................................................................
317
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
10,218
Accrued
expenses
and
other
liabilities
...........................................................
61,040
Total
liabilities
.........................................................................
861,023
Net
assets,
at
value
.................................................................
$44,910,238
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$162,708,476
Total
distributable
earnings
(losses)
.............................................................
(117,798,238)
Net
assets,
at
value
.................................................................
$44,910,238
Shares
outstanding
.........................................................................
4,125,207
Net
asset
value
and
maximum
offering
price
per
share
a
..............................................
$10.89
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
period
ended
January
31,
2024
(unaudited)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Semiannual
Report
15
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3d)
.............................................................
$39,883
Interest:
(net
of
foreign
taxes
of
$5,206)
Unaffiliated
issuers
........................................................................
2,038,464
Total
investment
income
...................................................................
2,078,347
Expenses:
Management
fees
(Note
3
a
)
...................................................................
202,706
Transfer
agent
fees
(Note
3
c
)
..................................................................
7,612
Custodian
fees
.............................................................................
4,222
Reports
to
shareholders
fees
..................................................................
4,191
Registration
and
filing
fees
....................................................................
8,772
Professional
fees
...........................................................................
47,479
Trustees'
fees
and
expenses
..................................................................
502
Other
....................................................................................
18,166
Total
expenses
.........................................................................
293,650
Expenses
waived/paid
by
affiliates
(Note
3d
and
3e)
..............................................
(54,191)
Net
expenses
.........................................................................
239,459
Net
investment
income
................................................................
1,838,888
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(1,100,468)
Foreign
currency
transactions
................................................................
(5,929)
Forward
exchange
contracts
.................................................................
197,319
Net
realized
gain
(loss)
..................................................................
(909,078)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
1,911,341
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
(6,964)
Forward
exchange
contracts
.................................................................
94,186
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,998,563
Net
realized
and
unrealized
gain
(loss)
............................................................
1,089,485
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$2,928,373
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statements
of
Changes
in
Net
Assets
ftinstitutional.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
16
Franklin
Emerging
Market
Debt
Opportunities
Fund
Six
Months
Ended
January
31,
2024
(unaudited)
Year
Ended
July
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$1,838,888
$3,364,249
Net
realized
gain
(loss)
.................................................
(909,078)
(5,570,426)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,998,563
8,335,517
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
2,928,373
6,129,340
Distributions
to
shareholders
..............................................
(1,425,538)
(4,000,296)
Capital
share
transactions
(Note
2
)
..........................................
2,291,383
(16,710,447)
Net
increase
(decrease)
in
net
assets
...................................
3,794,218
(14,581,403)
Net
assets:
Beginning
of
period
.....................................................
41,116,020
55,697,423
End
of
period
..........................................................
$44,910,238
$41,116,020
Franklin
Global
Trust
17
ftinstitutional.com
Semiannual
Report
Notes
to
Consolidated
Financial
Statements
(unaudited)
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
(unaudited)
18
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
c.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
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.
d.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Consolidated
Statement
of
Operations.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
19
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/
or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
January
31,
2024,
the
Fund
had
no
OTC
derivatives
in
a
net
liability
position
for
such
contracts.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date.
The
Fund
invests
in
value
recovery
instruments
(VRI)
primarily
to
gain
exposure
to
economic
growth.
Periodic
payments
from
VRI
are
dependent
on
established
benchmarks
for
underlying
variables.
VRI
has
a
notional
amount,
which
is
used
to
calculate
amounts
of
payments
to
holders.
Payments
are
recorded
upon
receipt
as
realized
gains
in
the
Consolidated
Statement
of
Operations.
The
risks
of
investing
in
VRI
include
growth
risk,
liquidity,
and
the
potential
loss
of
investment.
See
Note
9
regarding
other
derivative
information.
e.
Loan
Participations
and
Assignments
The
Fund
may
invest
in
debt
instruments
which
are
interests
in
amounts
owed
to
lenders
or
lending
syndicates
by
corporate,
governmental,
or
other
borrowers.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
Lender)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
The
Fund
may
invest
in
multiple
series
or
tranches
of
a
loan,
which
may
have
varying
terms
and
carry
different
associated
risks.
When
investing
in
a
loan
participation,
a
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
only
from
the
lender
selling
the
loan
and
only
upon
receipt
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
loan.
When
the
Fund
purchases
assignments
from
lenders
it
acquires
direct
rights
against
the
borrower
of
the
loan.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
20
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
f.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
The
Fund
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investments
in
FT
Subsidiary.
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
with
the
investment
objective
of
the
Fund.
At
January
31,
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
January
31,
2024,
the
net
assets
of
FT
Subsidiary
were
$1,245,420,
representing
2.8%
of
the
Fund's
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
January
31,
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.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Consolidated
Statement
of
Operations.
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
21
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Fund, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
January
31,
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:
Six
Months
Ended
January
31,
2024
Year
Ended
July
31,
2023
Shares
Amount
Shares
Amount
Shares
sold
...................................
2,463,007
$25,753,988
2,081,997
$20,975,997
Shares
issued
in
reinvestment
of
distributions
..........
132,747
1,423,042
407,454
3,911,562
Shares
redeemed
...............................
(2,399,658)
(24,885,647)
(4,179,827)
(41,598,006)
Net
increase
(decrease)
..........................
196,096
$2,291,383
(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
1.
Organization
and
Significant
Accounting
Policies
(continued)
i.
Accounting
Estimates
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
22
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
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:
For
the
period
ended
January
31,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.850%
of
the
Fund’s
average daily
net
assets.
Management
fees
paid
by
the
Fund
are
reduced
on
assets
invested
in
FT
Subsidiary,
in
an
amount
not
to
exceed
the
management
fees
paid
by
FT
Subsidiary.
b.
Administrative
Fees
Under
an
agreement
with
FTIML,
FT
Services
provides
administrative
services
to
the
Fund
and
FT
Subsidiary.
The
fee
is
paid
by
FTIML
based
on
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
period
ended
January
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Consolidated
Statement of
Operations,
of
which
$7,612
was
retained
by
Investor
Services.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Consolidated
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
January
31,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Annualized
Fee
Rate
Net
Assets
1.000%
Up
to
and
including
$500
million
0.900%
Over
$500
million,
up
to
and
including
$1
billion
0.850%
In
excess
of
$1
billion
3
.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
23
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
e.
Waiver
and
Expense
Reimbursements
FTIML has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating expenses
(excluding
interest
expense,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed 1.00%,
based
on
the
average
net
assets
until November
30,
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,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
January
31,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
wash
sales,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
investments
in
the
Alternative
Strategies
Fund
and
inflation
adjustments.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
January
31,
2024,
aggregated
$22,285,871 and
$18,052,490,
respectively.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$2,020,126
$15,276,576
$(16,526,326)
$—
$—
$770,376
770,376
$39,883
Total
Affiliated
Securities
...
$2,020,126
$15,276,576
$(16,526,326)
$—
$—
$770,376
$39,883
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,857,453
Long
term
................................................................................
57,495,919
Total
capital
loss
carryforwards
...............................................................
$72,353,372
Cost
of
investments
..........................................................................
$90,243,383
Unrealized
appreciation
........................................................................
$2,154,803
Unrealized
depreciation
........................................................................
(48,058,857)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(45,904,054)
3
.
Transactions
with
Affiliates
(continued)
d.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
24
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
6.
Credit Risk
and
Defaulted
Securities
At
January
31,
2024,
the
Fund
had 69.9%
of
its
portfolio
invested
in
high
yield
securities
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
January
31,
2024,
the
aggregate
value
of
these
securities
was 2,764,841
representing 6.2%
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
January
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.
At
January
31,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
25
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
See
Abbreviations
on
page
29
.
9.
Other
Derivative
Information
At
January
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
-
1/22/16
4,600,000
18,514
1,665,710
Global
Distressed
Alpha
Fund
III
LP,
PIK,
12%,
Perpetual
................................
12/28/16
-
1/30/24
1,342,570
815,022
55,882,058
a
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
429,249
—
5,561,052
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
4,129
—
8,000,000
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana),
PTN,
Secured
Note,
Reg
S,
Zero
Cpn.,
2/05/09
..................................
10/12/09
-
10/13/11
3,100,000
—
Total
Restricted
Securities
(Value
is
1.9%
of
Net
Assets)
..............
$10,481,893
$833,536
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
January
31,
2024.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
25,172
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
10,218
Value
recovery
instruments
...
Investments
in
securities,
at
value
927,698
a
Investments
in
securities,
at
value
—
Total
....................
$952,870
$10,218
8.
Restricted
Securities
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
26
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
period
ended
January
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
period
ended
January
31,
2024,
the
average
month
end contract
value
and
fair
value
of
forward
exchange contracts
and
VRI
was
$9,868,566
and
$911,191,
respectively.
See
Note
1(d)
regarding
derivative
financial
instruments.
See
Abbreviations
on
page
29
.
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
matured
on
February
2,
2024.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Effective
February
2,
2024,
the
Borrowers
renewed
the
Global
Credit
Facility
for
a
one-year
term,
maturing
January
31,
2025,
for
a
total
of
$2.675
billion.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Consolidated Statement
of
Operations.
During
the
period
ended
January
31,
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
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Consolidated
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Franklin
Emerging
Market
Debt
Opportunities
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$197,319
Forward
exchange
contracts
$94,186
Value
recovery
instruments
Investments
—
Investments
$(61,438)
a
Total
.......................
$197,319
$32,748
9.
Other
Derivative
Information
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
27
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2024,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
January
31,
2024,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
—
$
—
$
—
a
$
—
Warrants
:
Financial
Services
......................
—
927,698
385,414
1,313,112
Private
Limited
Partnership
Funds
............
—
—
18,514
18,514
Quasi-Sovereign
Bonds
...................
—
4,451,176
694,800
a
5,145,976
Corporate
Bonds
:
Banks
...............................
—
324,625
—
324,625
Broadline
Retail
.......................
—
—
—
a
—
Chemicals
...........................
—
424,379
—
424,379
Commercial
Services
&
Supplies
...........
—
507,450
—
507,450
Electric
Utilities
........................
—
541,164
—
541,164
Food
Products
........................
—
618,293
—
618,293
Metals
&
Mining
.......................
—
537,138
—
537,138
Oil,
Gas
&
Consumable
Fuels
.............
—
1,679,552
—
1,679,552
Real
Estate
Management
&
Development
....
—
97,350
—
97,350
Water
Utilities
.........................
—
210,475
—
210,475
Wireless
Telecommunication
Services
.......
—
527,823
—
527,823
Loan
Participations
and
Assignments
.........
—
—
815,022
a
815,022
Foreign
Government
and
Agency
Securities
....
—
27,538,042
—
27,538,042
Supranational
...........................
—
2,376,067
—
2,376,067
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
770,376
879,017
—
1,649,393
Total
Investments
in
Securities
...........
$770,376
$41,640,249
$1,913,750
$44,324,375
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$25,172
$—
$25,172
Total
Other
Financial
Instruments
.........
$—
$25,172
$—
$25,172
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
10,218
$
—
$
10,218
Total
Other
Financial
Instruments
.........
$—
$10,218
$—
$10,218
a
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
28
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
January
31,
2024,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Financial
Services
...
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Financial
Services
...
231,480
—
—
—
—
—
—
153,934
385,414
153,934
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
—
c
—
—
—
—
—
—
18,514
18,514
18,514
Quasi-Sovereign
Bonds
:
741,927
c
—
(76,946)
—
—
—
(7,843)
37,662
694,800
c
27,065
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Loan
Participations
and
Assignments
:
662,105
c
44,612
—
—
—
64
—
108,241
815,022
c
108,241
Escrows
and
Litigation
Trusts
:
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$1,635,512
$44,612
$(76,946)
$—
$—
$64
$(7,843)
$318,351
$1,913,750
$307,754
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.
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
........
$815,022
Recovery
value
Discount
for
lack
of
marketability
30.0%
Decrease
PIK
note
coverage
69.9%
Increase
Warrants:
Financial
Services
....
385,414
Recovery
value
Discount
for
lack
of
marketability
60.0%
Decrease
Implied
recovery
8.6%
Increase
All
other
............
713,314
b,c
Total
...............
$1,913,750
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
(unaudited)
29
ftinstitutional.com
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
See
Abbreviations
on
page
29
.
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
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
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
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
c
Includes
financial
instruments
determined
to
have
no
value.
Counterparty
CITI
Citibank
NA
RBCCM
Royal
Bank
of
Canada
Selected
Portfolio
FRN
Floating
Rate
Note
GDP
Gross
Domestic
Product
GDR
Global
Depositary
Receipt
PIK
Payment-In-Kind
PTN
Pass-through
Note
VRI
Value
Recovery
Instrument
Cu
r
rency
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
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
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Shareholder
Information
30
ftinstitutional.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Consolidated
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
consolidated
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
699
S
03/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
Manager
Distributor
Franklin
Templeton
Institutional
Services
Franklin
Templeton
Investment
Management
Limited
Franklin
Distributors,
LLC
(800)
321-8563
ftinstitutional.com
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and
principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(2) The audit committee financial expert is Mary C. Choksi and she is
"independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
Item 4. Principal Accountant Fees and Services. N/A
Item 5. Audit Committee of Listed Registrants. N/A
Item 6. Schedule of Investments. N/A
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A
Item 8. Portfolio Managers of Closed-End Management Investment Companies. N/A
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
Item 11. Controls and Procedures.
(a)
Evaluation of Disclosure Controls and Procedures
.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
(b)
Changes in Internal Controls
.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A
Item 13. Recovery of Erroneously Awarded Compensation.
(a) N/A
(b) N/A
Item 14. 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
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of 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 March 28, 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 March 28, 2024
By S\JEFFREY WHITE______________________
Jeffrey White
Chief Financial Officer, Chief Accounting Officer and Treasurer
Date March 28, 2024