N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
 
Investment Company Act file number 811-10157
 
Franklin Global Trust
(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code:(650)312-2000
 
Date of fiscal year end: 7/31
 
Date of reporting period: 7/31/23
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
 
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
International
Growth
Fund
A
Series
of
Franklin
Global
Trust
July
31,
2023
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.
Franklin
Global
Trust
1
franklintempleton.com
Annual
Report
SHAREHOLDER
LETTER
Dear
Shareholder,
We
are
pleased
to
provide
the
annual
report
of
Franklin
International
Growth
Fund
for
the
12-month
reporting
period
ended
July
31,
2023.
Please
read
on
for
a
detailed
look
at
prevailing
economic
and
market
conditions
during
the
Fund’s
reporting
period
and
to
learn
how
those
conditions
have
affected
Fund
performance.
As
always,
we
remain
committed
to
providing
you
with
excellent
service
and
a
full
spectrum
of
investment
choices.
We
also
remain
committed
to
supplementing
the
support
you
receive
from
your
financial
advisor.
One
way
we
accomplish
this
is
through
our
website,
www.franklintempleton.com
.
Here
you
can
gain
immediate
access
to
market
and
investment
information,
including:
•
Fund
prices
and
performance.
•
Market
insights
and
commentaries
from
our
portfolio
•
A
host
of
educational
resources.
We
look
forward
to
helping
you
meet
your
financial
goals.
Sincerely,
Edward
D.
Perks,
CFA
President
and
Chief
Executive
Officer
-
Investment
Management
Franklin
Global
Trust
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Annual
Report
2
Contents
Fund
Overview
3
Performance
Summary
6
Your
Fund’s
Expenses
9
Financial
Highlights
and
Schedule
of
Investments
10
Financial
Statements
17
Notes
to
Financial
Statements
21
Report
of
Independent
Registered
Public
Accounting
Firm
31
Tax
Information
32
Board
Members
and
Officers
33
Shareholder
Information
37
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
Fund
Overview
Q.
What
is
the
Fund’s
investment
strategy?
A.
We
employ
a
disciplined,
bottom-up
investment
approach
to
identify
attractive
investment
opportunities
that
have
higher
expected
revenue
and
earnings
growth
than
their
peers.
We
use
a
growth
investment
style
and
in-depth,
fundamental
research
to
identify
high-quality
companies,
across
all
industry
groups,
with
sustainable
business
models
that
offer
the
most
attractive
combination
of
growth,
quality
and
valuation.
The
Fund,
from
time
to
time,
may
have
significant
investments
in
a
particular
sector
or
country,
such
as
technology.
Q.
What
were
the
overall
market
conditions
during
the
Fund’s
reporting
period?
A.
The
12-month
period
was
marked
by
volatility
in
international
equity
markets
against
a
backdrop
of
rising
interest
rates
and
soaring
inflation
that
eventually
began
to
subside.
Stocks
rallied
from
early
in
2023
through
the
end
of
the
reporting
period,
as
relatively
strong
corporate
earnings
and
increased
optimism
for
an
easing
of
monetary
policy
boosted
investor
sentiment.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
We
maintain
a
fundamental
growth
philosophy
in
our
investment
process,
which
we
believe
can
perform
well
over
a
full
market
cycle.
We
have
a
robust
analyst
team
that
utilizes
a
360-degree
research
process
to
discern
all
relevant
factors
regarding
a
given
company.
While
we
are
always
aware
of
market
conditions
and
act
accordingly,
we
believe
the
emphasis
on
our
bottom-up
approach
enables
us
to
select
companies
that
are
structurally
sound
and
able
to
weather
a
range
of
macroeconomic
conditions.
Performance
Overview
For
the
12
months
ended
July
31,
2023,
the
Fund’s
Class
A
shares
posted
a
+7.52%
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
+16.79%
cumulative
total
return.
1
You
can
find
the
Fund’s
long-term
performance
data
in
the
Performance
Summary
beginning
on
page
6
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Q.
What
were
the
leading
contributors
to
performance?
A.
Contributors
to
relative
performance
at
the
sector
level
included
stock
selection
and
an
overweight
in
information
technology
(IT),
stock
selection
in
consumer
discretionary,
and
a
lack
of
exposures
to
the
consumer
staples
and
real
estate
sectors.
Our
IT
holding
Shopify,
a
Canada-based
e-commerce
software
solutions
provider,
aided
relative
returns.
The
company
reported
a
surprise
profit
for
the
first
quarter
of
2023
when
numerous
analysts
had
expected
a
loss,
generating
strong
performance
for
its
share
price.
Shopify’s
move
to
sell
its
logistics
business
was
also
well-
received
by
investors.
Also
in
the
IT
sector,
SimCorp,
a
Denmark-based
financial
software
company,
and
AVEVA
Group,
a
U.K.-based
industrial
software
provider,
buoyed
relative
results.
SimCorp’s
stock
price
gained
after
Deutsche
Boerse
announced
it
would
purchase
the
company
in
an
all-cash
transaction.
Additionally,
SimCorp
released
a
trading
update
for
the
first
quarter
that
outperformed
consensus
expectations
for
topline
growth
and
earnings.
Shares
of
AVEVA
rose
on
news
of
a
planned
full
takeover
by
French
industrial
conglomerate
Schneider
Electric
(not
a
portfolio
holding),
which
already
owned
a
majority
stake
in
the
company.
We
exited
our
position
in
AVEVA
upon
the
completion
of
the
acquisition.
MercadoLibre,
a
Latin
American
online
marketplace
operator,
boosted
returns
in
consumer
discretionary.
MercadoLibre’s
above-consensus
Geographic
Composition
7/31/23
%
of
Total
Net
Assets
Europe
60.1%
North
America
16.4%
Asia
6.6%
Australia
&
New
Zealand
6.1%
Middle East & Africa
3.8%
Latin
America
&
Caribbean
3.6%
Short-Term
Investments
&
Other
Net
Assets
3.4%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
15
.
Franklin
International
Growth
Fund
4
franklintempleton.com
Annual
Report
fourth-quarter
2022
earnings
were
driven
by
solid
results
at
its
fintech
unit.
Total
payment
volumes
increased
significantly
versus
the
year-ago
period.
Q.
What
were
the
leading
detractors
from
performance?
A.
Relative
performance
was
adversely
affected
by
stock
selection
and
an
overweight
in
the
communication
services
sector
as
well
as
stock
selection
in
the
industrials,
financials
and
materials
sectors.
In
communication
services,
Swedish
broadcast
and
streaming
service
Viaplay
and
Japan-
based
gaming
and
advertising
firm
CyberAgent
detracted
from
returns.
In
early
June
2023,
Viaplay
noted
that
the
monetization
of
its
international
expansion
efforts
was
taking
far
longer
than
the
company
had
expected.
Additionally,
advertising
revenue
in
the
Nordic
region
fell
more
than
anticipated.
The
challenges
led
the
former
chief
executive
officer
to
step
down.
Based
on
these
factors,
we
exited
the
position.
Weighing
on
CyberAgent’s
share
price
was
a
patent
dispute
with
a
competitor
over
a
popular
video
game
and
CyberAgent's
involvement
in
a
share
issuance
by
e-commerce
and
fintech
company
Rakuten
(not
a
portfolio
holding).
U.K.-based
workflow
solutions
company
Clarivate
held
back
relative
results
in
industrials.
After
the
company
posted
multiple
disappointing
financial
results
during
the
period,
our
confidence
in
its
long-term
growth
prospects
lessened
and
we
exited
the
position.
Netherlands-
headquartered
DSM-Firmenich
detracted
from
results
in
the
materials
sector.
In
the
latter
part
of
the
reporting
period,
Koninklijke
DSM
and
Firmenich
completed
their
merger
to
become
DSM-Firmenich,
a
European
conglomerate
focusing
on
nutrition,
flavors,
fragrances
and
related
business
areas.
The
stock
was
weak
near
period-end
in
sympathy
with
a
decline
in
the
shares
of
Croda
International
(not
a
portfolio
holding),
which
issued
a
profit
warning.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
During
the
12-month
period,
we
initiated
several
positions
in
the
portfolio
and
terminated
a
number
of
others.
Among
the
new
holdings
were
Japan-based
companies
Asahi
Intecc
and
Daiichi
Sankyo,
U.K.-based
RS
Group,
and
Canada-based
Kinaxis.
Asahi
Intecc
is
the
leading
global
manufacturer
of
guidewires
used
in
minimally
invasive
coronary
procedures.
We
think
the
company
is
poised
for
continued
growth
as
it
drives
adoption
of
its
leading
specialty
guidewire
portfolio
and
expands
to
adjacencies
that
leverage
its
core
technological
capabilities.
Daiichi
Sankyo
is
a
Japanese
pharmaceutical
company.
Because
of
its
high
rate
of
efficacy,
the
company’s
cancer
drug
Enhertu
has
become
entrenched
in
treatment
patterns
and
should
be
quite
difficult
to
be
displaced
by
new
competition,
in
our
view.
RS
Group
is
a
U.K.-based
distributor
of
industrial
and
electronics
components.
We
believe
RS
Group’s
solid
IT
backbone
and
capability
in
providing
value-added
solutions
will
help
the
company
increase
its
market
share
in
a
highly
fragmented
market.
Kinaxis
is
a
leader
in
the
field
of
advanced
supply
chain
planning
software.
We
anticipate
robust
growth
in
its
annual
recurring
revenue,
which
we
expect
to
be
driven
by
new
customer
adds,
growth
in
wallet
share
and
expansion
into
the
lower
mid-market.
The
positions
we
exited
during
the
reporting
period
included
Clarivate
and
Viaplay
Group,
mentioned
above,
as
well
as
Germany-based
flavor
manufacturer
Symrise
in
the
materials
sector,
Italy-based
online
banking
and
brokerage
firm
Fineco
Bank
in
financials,
and
U.K.-based
Hikma
Pharmaceuticals
in
health
care.
Top
10
Countries
7/31/23
a
%
of
Total
Net
Assets
a
a
Germany
14.4%
Switzerland
13.7%
Denmark
10.3%
United
States
10.3%
Netherlands
8.2%
United
Kingdom
7.1%
Japan
6.6%
Canada
6.1%
Australia
6.1%
Israel
3.8%
Top
10
Industries
7/31/23
.
%
of
Total
Net
Assets
a
a
Software
14.0%
Health
Care
Equipment
&
Supplies
10.0%
Capital
Markets
9.7%
Chemicals
6.7%
Biotechnology
6.4%
IT
Services
6.2%
Life
Sciences
Tools
&
Services
4.2%
Financial
Services
4.2%
Semiconductors
&
Semiconductor
Equipment
4.0%
Air
Freight
&
Logistics
3.9%
Franklin
International
Growth
Fund
5
franklintempleton.com
Annual
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
July
31,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Top
10
Holdings
7/31/23
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Evotec
SE
4.2%
Life
Sciences
Tools
&
Services,
Germany
Adyen
NV
4.2%
Financial
Services,
Netherlands
CyberArk
Software
Ltd.
4.1%
Software,
United
States
ASML
Holding
NV
4.0%
Semiconductors
&
Semiconductor
Equipment,
Netherlands
Sika
AG
3.9%
Chemicals,
Switzerland
DSV
A/S
3.9%
Air
Freight
&
Logistics,
Denmark
CTS
Eventim
AG
&
Co.
KGaA
3.8%
Entertainment,
Germany
Alcon,
Inc.
3.8%
Health
Care
Equipment
&
Supplies,
Switzerland
Nice
Ltd.
3.8%
Software,
Israel
Amadeus
IT
Group
SA
3.6%
Hotels,
Restaurants
&
Leisure,
Spain
Performance
Summary
as
of
July
31,
2023
Franklin
International
Growth
Fund
6
franklintempleton.com
Annual
Report
The
performance
table
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
7/31/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
1-Year
+7.52%
+1.59%
5-Year
+16.50%
+1.94%
10-Year
+76.42%
+5.24%
Advisor
1-Year
+7.80%
+7.80%
5-Year
+17.92%
+3.35%
10-Year
+81.03%
+6.11%
See
page
8
for
Performance
Summary
footnotes.
Franklin
International
Growth
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
See
page
8
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(7/31/13-7/31/23)
Advisor
Class
(7/31/13-7/31/23)
Franklin
International
Growth
Fund
Performance
Summary
8
franklintempleton.com
Annual
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
11/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Source:
FactSet.
The
MSCI
EAFE
Index-NR
is
a
free
float-adjusted,
market
capitalization-weighted
index
designed
to
measure
the
equity
market
performance
of
global
developed
markets
excluding
the
U.S.
and
Canada.
Net
Returns
(NR)
include
income
net
of
tax
withholding
when
dividends
are
paid.
6.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(8/1/22–7/31/23)
Share
Class
Long-Term
Capital
Gain
A
$0.2498
C
$0.2498
R
$0.2498
R6
$0.2498
Advisor
$0.2498
Total
Annual
Operating
Expenses
6
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.11%
1.15%
Advisor
0.86%
0.90%
Your
Fund’s
Expenses
Franklin
International
Growth
Fund
9
franklintempleton.com
Annual
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
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
2/1/23
Ending
Account
Value
7/31/23
Expenses
Paid
During
Period
2/1/23–7/31/23
1,2
Ending
Account
Value
7/31/23
Expenses
Paid
During
Period
2/1/23–7/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,023.00
$5.57
$1,019.29
$5.56
1.11%
C
$1,000
$1,019.20
$9.31
$1,015.57
$9.30
1.86%
R
$1,000
$1,021.40
$6.82
$1,018.05
$6.81
1.36%
R6
$1,000
$1,024.60
$3.77
$1,021.07
$3.76
0.75%
Advisor
$1,000
$1,024.00
$4.32
$1,020.53
$4.31
0.86%
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
franklintempleton.com
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Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
L
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$15.60
$22.76
$18.34
$14.62
$15.31
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
—
c
(0.06)
(0.09)
(0.04)
0.04
Net
realized
and
unrealized
gains
(losses)
...........
1.14
(6.72)
4.99
3.78
(0.50)
Total
from
investment
operations
....................
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
year
.......................
$16.49
$15.60
$22.76
$18.34
$14.62
Total
return
d
...................................
7.52%
(30.19)%
26.98%
25.52%
(2.62)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.16%
1.15%
1.13%
1.17%
1.19%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.11%
e
1.11%
1.11%
e
1.10%
e
1.05%
e
Net
investment
income
(loss)
......................
0.01%
(0.32)%
(0.41)%
(0.25)%
0.32%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$462,018
$528,966
$961,676
$579,893
$289,944
Portfolio
turnover
rate
............................
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.
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.
Annual
Report
11
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$14.70
$21.48
$17.46
$14.00
$14.74
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.11)
(0.20)
(0.23)
(0.15)
(0.06)
Net
realized
and
unrealized
gains
(losses)
...........
1.07
(6.34)
4.73
3.61
(0.48)
Total
from
investment
operations
....................
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
year
.......................
$15.41
$14.70
$21.48
$17.46
$14.00
Total
return
c
...................................
6.74%
(30.73)%
26.04%
24.63%
(3.34)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.91%
1.90%
1.88%
1.92%
1.94%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.86%
d
1.86%
1.86%
d
1.85%
d
1.80%
d
Net
investment
(loss)
............................
(0.74)%
(1.08)%
(1.15)%
(0.98)%
(0.43)%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$27,894
$32,663
$62,560
$39,440
$27,397
Portfolio
turnover
rate
............................
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.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$15.37
$22.48
$18.16
$14.50
$15.21
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
(0.04)
(0.10)
(0.12)
(0.07)
—
c
Net
realized
and
unrealized
gains
(losses)
...........
1.12
(6.64)
4.92
3.73
(0.48)
Total
from
investment
operations
....................
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
year
.......................
$16.20
$15.37
$22.48
$18.16
$14.50
Total
return
....................................
7.24%
(30.37)%
26.69%
25.24%
(2.88)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.41%
1.40%
1.38%
1.41%
1.43%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.36%
d
1.36%
1.35%
d
1.35%
d
1.29%
d
Net
investment
income
(loss)
......................
(0.24)%
(0.55)%
(0.58)%
(0.45)%
0.08%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$5,594
$5,940
$8,630
$2,365
$1,848
Portfolio
turnover
rate
............................
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
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.
Annual
Report
13
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$15.72
$22.94
$18.44
$14.69
$15.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.06
0.01
(0.01)
0.03
0.08
Net
realized
and
unrealized
gains
(losses)
...........
1.15
(6.76)
5.01
3.79
(0.48)
Total
from
investment
operations
....................
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
year
.......................
$16.68
$15.72
$22.94
$18.44
$14.69
Total
return
....................................
7.91%
(29.93)%
27.44%
26.08%
(2.26)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.81%
0.80%
0.78%
0.81%
0.84%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
c
0.75%
0.73%
c
0.71%
c
0.66%
c
Net
investment
income
(loss)
......................
0.39%
0.04%
(0.03)%
0.17%
0.71%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$321,6
29
$346,328
$548,647
$379,331
$344,257
Portfolio
turnover
rate
............................
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
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$15.68
$22.89
$18.40
$14.66
$15.33
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.04
(0.01)
(0.04)
—
c
0.09
Net
realized
and
unrealized
gains
(losses)
...........
1.15
(6.76)
5.01
3.79
(0.51)
Total
from
investment
operations
....................
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
year
.......................
$16.62
$15.68
$22.89
$18.40
$14.66
Total
return
....................................
7.80%
(30.04)%
27.31%
25.90%
(2.45)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.91%
0.90%
0.88%
0.92%
0.94%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.86%
d
0.86%
0.86%
d
0.85%
d
0.80%
d
Net
investment
income
(loss)
......................
0.26%
(0.07)%
(0.17)%
0.03%
0.57%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$784,288
$975,415
$1,665,974
$1,158,652
$863,973
Portfolio
turnover
rate
............................
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
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Schedule
of
Investments,
July
31,
2023
Franklin
International
Growth
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.6%
Aerospace
&
Defense
3.1%
MTU
Aero
Engines
AG
.................................
Germany
215,000
$
50,209,537
Air
Freight
&
Logistics
3.9%
DSV
A/S
............................................
Denmark
310,000
62,047,068
Biotechnology
6.4%
CSL
Ltd.
............................................
United
States
254,000
45,749,545
a
Genmab
A/S
.........................................
Denmark
137,000
56,474,704
102,224,249
Broadline
Retail
3.5%
a
MercadoLibre,
Inc.
....................................
Brazil
46,000
56,950,300
Capital
Markets
9.7%
Deutsche
Boerse
AG
...................................
Germany
270,000
51,737,112
Intermediate
Capital
Group
plc
...........................
United
Kingdom
3,106,000
56,059,395
Macquarie
Group
Ltd.
..................................
Australia
405,000
47,761,626
155,558,133
Chemicals
6.7%
DSM-Firmenich
AG
....................................
Switzerland
410,000
45,309,017
Sika
AG
............................................
Switzerland
200,000
62,243,971
107,552,988
Containers
&
Packaging
1.9%
SIG
Group
AG
.......................................
Switzerland
1,150,000
30,741,976
Entertainment
3.8%
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
898,933
61,354,133
Financial
Services
4.2%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
36,000
66,822,625
Health
Care
Equipment
&
Supplies
10.0%
Alcon,
Inc.
...........................................
Switzerland
718,000
61,092,305
Asahi
Intecc
Co.
Ltd.
...................................
Japan
2,400,000
49,251,091
Cochlear
Ltd.
........................................
Australia
310,000
49,870,450
160,213,846
Hotels,
Restaurants
&
Leisure
3.6%
Amadeus
IT
Group
SA
.................................
Spain
810,860
58,173,241
IT
Services
6.2%
Keywords
Studios
plc
..................................
Ireland
1,980,000
44,774,745
a
Shopify,
Inc.,
A
.......................................
Canada
800,000
54,064,000
98,838,745
Life
Sciences
Tools
&
Services
4.2%
a
Evotec
SE
...........................................
Germany
2,550,000
67,177,403
Machinery
1.3%
Interroll
Holding
AG
....................................
Switzerland
6,341
20,281,871
Media
3.1%
a
Ascential
plc
.........................................
United
Kingdom
8,130,000
21,828,015
CyberAgent,
Inc.
......................................
Japan
4,300,000
27,183,533
49,011,548
Pharmaceuticals
1.8%
Daiichi
Sankyo
Co.
Ltd.
.................................
Japan
950,000
29,259,638
Professional
Services
2.9%
Experian
plc
.........................................
United
States
1,200,000
46,376,508
Franklin
Global
Trust
Schedule
of
Investments
Franklin
International
Growth
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
4.0%
ASML
Holding
NV
.....................................
Netherlands
89,000
$
63,753,720
Software
14.0%
a
CyberArk
Software
Ltd.
.................................
United
States
398,813
66,206,946
a
Kinaxis,
Inc.
.........................................
Canada
324,700
44,090,350
a
Monday.com
Ltd.
......................................
United
States
34,000
6,146,520
a
Nice
Ltd.,
ADR
.......................................
Israel
280,000
60,998,000
SimCorp
A/S
.........................................
Denmark
440,000
47,182,466
224,624,282
Trading
Companies
&
Distributors
2.3%
RS
Group
plc
........................................
United
Kingdom
3,600,000
36,264,156
Total
Common
Stocks
(Cost
$1,210,763,016)
....................................
1,547,435,967
Short
Term
Investments
2.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
45,691,958
45,691,958
Total
Money
Market
Funds
(Cost
$45,691,958)
..................................
45,691,958
Total
Short
Term
Investments
(Cost
$45,691,958
)
................................
45,691,958
a
Total
Investments
(Cost
$1,256,454,974)
99.5%
..................................
$1,593,127,925
Other
Assets,
less
Liabilities
0.5%
.............................................
8,293,905
Net
Assets
100.0%
...........................................................
$1,601,421,830
See
Abbreviations
on
page
30
.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2023,
the
value
of
this
security
was
$66,822,625,
representing
4.2%
of
net
assets.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
July
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
Franklin
International
Growth
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,210,763,016
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
45,691,958
Value
-
Unaffiliated
issuers
..................................................................
$1,547,435,967
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
45,691,958
Cash
....................................................................................
13
Foreign
currency,
at
value
(cost
$1,169,290)
......................................................
1,167,902
Receivables:
Investment
securities
sold
...................................................................
3,179,217
Capital
shares
sold
........................................................................
10,302,612
Dividends
...............................................................................
3,813,328
Total
assets
..........................................................................
1,611,590,997
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
6,152,978
Capital
shares
redeemed
...................................................................
2,287,072
Management
fees
.........................................................................
1,030,837
Distribution
fees
..........................................................................
123,121
Transfer
agent
fees
........................................................................
389,322
Trustees'
fees
and
expenses
.................................................................
2,458
Accrued
expenses
and
other
liabilities
...........................................................
183,379
Total
liabilities
.........................................................................
10,169,167
Net
assets,
at
value
.................................................................
$1,601,421,830
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$1,389,923,611
Total
distributable
earnings
(losses)
.............................................................
211,498,219
Net
assets,
at
value
.................................................................
$1,601,421,830
Franklin
Global
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
July
31,
2023
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
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part
of
these
financial
statements.
18
Franklin
International
Growth
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$462,017,919
Shares
outstanding
........................................................................
28,021,213
Net
asset
value
per
share
a
..................................................................
$16.49
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
................................
$17.45
Class
C:
Net
assets,
at
value
.......................................................................
$27,893,696
Shares
outstanding
........................................................................
1,810,664
Net
asset
value
and
maximum
offering
price
per
share
a
.............................................
$15.41
Class
R:
Net
assets,
at
value
.......................................................................
$5,593,796
Shares
outstanding
........................................................................
345,285
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$16.20
Class
R6:
Net
assets,
at
value
.......................................................................
$321,628,508
Shares
outstanding
........................................................................
19,287,495
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$16.68
Advisor
Class:
Net
assets,
at
value
.......................................................................
$784,287,911
Shares
outstanding
........................................................................
47,186,521
Net
asset
value
and
maximum
offering
price
per
share
.............................................
$16.62
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
Global
Trust
Financial
Statements
Statement
of
Operations
for
the
year
ended
July
31,
2023
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
Franklin
International
Growth
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$1,241,702)
Unaffiliated
issuers
........................................................................
$16,190,062
Non-controlled
affiliates
(Note
3
f
)
.............................................................
1,561,781
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
38
Other
income
(Note
1
d
)
......................................................................
717
Total
investment
income
...................................................................
17,752,598
Expenses:
Management
fees
(Note
3
a
)
...................................................................
11,662,758
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
1,154,683
    Class
C
................................................................................
278,556
    Class
R
................................................................................
27,835
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
672,381
    Class
C
................................................................................
40,601
    Class
R
................................................................................
8,088
    Class
R6
...............................................................................
132,745
    Advisor
Class
............................................................................
1,157,727
Custodian
fees
(Note
4
)
......................................................................
92,763
Reports
to
shareholders
fees
..................................................................
108,830
Registration
and
filing
fees
....................................................................
100,274
Professional
fees
...........................................................................
33,641
Trustees'
fees
and
expenses
..................................................................
19,978
Other
....................................................................................
68,938
Total
expenses
.........................................................................
15,559,798
Expense
reductions
(Note
4
)
...............................................................
(53)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(829,280)
Net
expenses
.........................................................................
14,730,465
Net
investment
income
................................................................
3,022,133
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(118,472,760)
Foreign
currency
transactions
................................................................
(266,873)
Net
realized
gain
(loss)
..................................................................
(118,739,633)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
197,557,616
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
207,170
Net
change
in
unrealized
appreciation
(depreciation)
............................................
197,764,786
Net
realized
and
unrealized
gain
(loss)
............................................................
79,025,153
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$82,047,286
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Franklin
International
Growth
Fund
Year
Ended
July
31,
2023
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
(loss)
............................................
$3,022,133
$(3,659,682)
Net
realized
gain
(loss)
.................................................
(118,739,633)
87,228,812
Net
change
in
unrealized
appreciation
(depreciation)
...........................
197,764,786
(1,032,041,183)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
82,047,286
(948,472,053)
Distributions
to
shareholders:
Class
A
.............................................................
(7,612,250)
(14,061,063)
Class
C
.............................................................
(489,054)
(618,253)
Class
R
.............................................................
(96,447)
(141,213)
Class
R6
............................................................
(4,675,334)
(11,070,606)
Advisor
Class
........................................................
(12,561,162)
(34,285,765)
Total
distributions
to
shareholders
..........................................
(25,434,247)
(60,176,900)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(88,202,473)
(171,767,099)
Class
C
.............................................................
(5,620,365)
(12,556,814)
Class
R
.............................................................
(656,381)
60,984
Class
R6
............................................................
(37,887,149)
(28,412,445)
Advisor
Class
........................................................
(212,137,514)
(136,849,757)
Total
capital
share
transactions
............................................
(344,503,882)
(349,525,131)
Net
increase
(decrease)
in
net
assets
...................................
(287,890,843)
(1,358,174,084)
Net
assets:
Beginning
of
year
.......................................................
1,889,312,673
3,247,486,757
End
of
year
...........................................................
$1,601,421,830
$1,889,312,673
Franklin
Global
Trust
21
franklintempleton.com
Annual
Report
Notes
to
Financial
Statements
Franklin
International
Growth
Fund
1.
Organization
and
Significant
Accounting
Policies
Franklin
Global
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of
two
separate
funds.
The
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
International
Growth
Fund
(Fund)
is
included
in
this
report.
The
Fund
offers five classes
of
shares: Class
A,
Class
C,
Class
R,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies. 
a.
Financial
Instrument
Valuation 
The Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Fund calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
Franklin
Global
Trust
Notes
to
Financial
Statements
22
franklintempleton.com
Annual
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.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
July
31,
2023,
the
Fund
had
no
securities
on
loan.
d.
Income
and
Deferred
Taxes
It
is the
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
23
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union,
the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their income
tax
returns.
In
the
event
that
EU
reclaims
received
by
the
Fund
during
a
fiscal
year
exceed
foreign
withholding
taxes
paid
by
the
Fund,
and
the
Fund
previously
passed
through
to
its
shareholders
foreign
taxes
incurred
by
the
Fund
to
be
used
as
a
credit
or
deduction
on
a
shareholder’s
income
tax
return,
the
Fund
will
enter
into
a
closing
agreement
with
the
Internal
Revenue
Service
(IRS)
in
order
to
pay
the
associated
tax
liability
on
behalf
of
the
Fund’s
shareholders.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2023, the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
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.
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.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the
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.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
24
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
July
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
Year
Ended
July
31,
2023
Year
Ended
July
31,
2022
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
3,719,073
$57,463,890
5,610,497
$112,507,501
Shares
issued
in
reinvestment
of
distributions
..........
519,450
7,568,387
674,836
13,989,341
Shares
redeemed
...............................
(10,126,164)
(153,234,750)
(14,621,875)
(298,263,941)
Net
increase
(decrease)
..........................
(5,887,641)
$(88,202,473)
(8,336,542)
$(171,767,099)
Class
C
Shares:
Shares
sold
...................................
315,844
$4,607,220
351,033
$6,599,773
Shares
issued
in
reinvestment
of
distributions
..........
35,556
486,413
31,378
615,936
Shares
redeemed
a
..............................
(762,565)
(10,713,998)
(1,073,328)
(19,772,523)
Net
increase
(decrease)
..........................
(411,165)
$(5,620,365)
(690,917)
$(12,556,814)
Class
R
Shares:
Shares
sold
...................................
115,955
$1,766,642
113,619
$2,121,088
Shares
issued
in
reinvestment
of
distributions
..........
6,725
96,447
6,902
141,213
Shares
redeemed
...............................
(163,871)
(2,519,470)
(117,922)
(2,201,317)
Net
increase
(decrease)
..........................
(41,191)
$(656,381)
2,599
$60,984
Class
R6
Shares:
Shares
sold
...................................
6,091,081
$96,300,849
6,373,637
$123,725,583
Shares
issued
in
reinvestment
of
distributions
..........
285,523
4,200,050
489,484
10,200,857
Shares
redeemed
...............................
(9,123,506)
(138,388,048)
(8,740,796)
(162,338,885)
Net
increase
(decrease)
..........................
(2,746,902)
$(37,887,149)
(1,877,675)
$(28,412,445)
Advisor
Class
Shares:
Shares
sold
...................................
13,574,441
$208,099,984
29,035,296
$569,225,162
Shares
issued
in
reinvestment
of
distributions
..........
673,110
9,874,525
1,353,169
28,159,439
Shares
redeemed
...............................
(29,252,096)
(430,112,023)
(40,969,267)
(734,234,358)
Net
increase
(decrease)
..........................
(15,004,545)
$(212,137,514)
(10,580,802)
$(136,849,757)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
1.
Organization
and
Significant
Accounting
Policies
(continued)
g.
Guarantees
and
Indemnifications
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
25
franklintempleton.com
Annual
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:
For
the
year
ended
J
uly
31,
2023
,
the
gross
effective
investment
management
fee
rate
was
0
.
738
%
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
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
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.
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
Franklin
Global
Trust
Notes
to
Financial
Statements
26
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
Fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
year:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
year
ended
July
31,
2023,
the
Fund
paid
transfer
agent
fees
of
$2,011,542,
of
which
$818,620
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
Class
A
....................................................................................
0.35%
Class
C
....................................................................................
1.00%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$53,896
CDSC
retained
..............................................................................
$6,948
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
27
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
FT
Institutional
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
International
Growth
Fund
so
that
the
operating expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
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
until
November
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund’s
fiscal
year
end.
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.02%
based
on
the
average
net
assets
of
the
class
until
November
30,
2023.
4.
Expense
Offset
Arrangement
The
Fund
has
previously
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund’s
custodian
expenses.
During
the
year
ended
July
31,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
July
10,
2023,
earned
credits,
if
any,
will
be
recognized
as
income.
5.
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
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
32,721,821
$
481,499,287
$
(468,529,150)
$
—
$
—
$
45,691,958
45,691,958
$
1,561,781
Total
Affiliated
Securities
...
$32,721,821
$481,499,287
$(468,529,150)
$—
$—
$45,691,958
$1,561,781
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)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
28
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2023
and
2022,
was
as
follows:
At
July
31,
2023,
the
cost
of
investments
and
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.
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
July
31,
2023,
aggregated
$281,263,065
and
$669,031,305,
respectively.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
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.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the Statement
of
Operations.
During
the
year
ended
July
31,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$—
$30,568,639
Long
term
capital
gain
......................................................
25,434,247
29,608,261
$25,434,247
$60,176,900
Cost
of
investments
..........................................................................
$1,260,905,421
Unrealized
appreciation
........................................................................
$424,641,771
Unrealized
depreciation
........................................................................
(92,419,267)
Net
unrealized
appreciation
(depreciation)
..........................................................
$332,222,504
5.
Income
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
29
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
9.
Fair
Value
Measurements
The Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2023,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
10.
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.
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
50,209,537
$
—
$
50,209,537
Air
Freight
&
Logistics
...................
—
62,047,068
—
62,047,068
Biotechnology
.........................
—
102,224,249
—
102,224,249
Broadline
Retail
.......................
56,950,300
—
—
56,950,300
Capital
Markets
........................
—
155,558,133
—
155,558,133
Chemicals
...........................
45,309,017
62,243,971
—
107,552,988
Containers
&
Packaging
.................
—
30,741,976
—
30,741,976
Entertainment
.........................
—
61,354,133
—
61,354,133
Financial
Services
......................
—
66,822,625
—
66,822,625
Health
Care
Equipment
&
Supplies
.........
—
160,213,846
—
160,213,846
Hotels,
Restaurants
&
Leisure
.............
—
58,173,241
—
58,173,241
IT
Services
...........................
98,838,745
—
—
98,838,745
Life
Sciences
Tools
&
Services
............
—
67,177,403
—
67,177,403
Machinery
............................
—
20,281,871
—
20,281,871
Media
...............................
21,828,015
27,183,533
—
49,011,548
Pharmaceuticals
.......................
—
29,259,638
—
29,259,638
Professional
Services
...................
—
46,376,508
—
46,376,508
Semiconductors
&
Semiconductor
Equipment
.
—
63,753,720
—
63,753,720
Software
.............................
177,441,816
47,182,466
—
224,624,282
Trading
Companies
&
Distributors
..........
—
36,264,156
—
36,264,156
Short
Term
Investments
...................
45,691,958
—
—
45,691,958
Total
Investments
in
Securities
...........
$446,059,851
$1,147,068,074
a
$—
$1,593,127,925
a
Includes
foreign
securities
valued
at
$1,147,068,074,
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.
Franklin
Global
Trust
Notes
to
Financial
Statements
30
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
(continued)
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
Franklin
Global
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
31
franklintempleton.com
Annual
Report
To
the
Board
of
Trustees
of
Franklin
Global
Trust
and
Shareholders
of
Franklin
International
Growth
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Franklin
International
Growth
Fund
(one
of
the
funds
constituting
Franklin
Global
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
July
31,
2023,
the
related
statement
of
operations
for
the
year
ended
July
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2023
by
correspondence
with
the
custodian,
transfer
agent,
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
September
20,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Global
Trust
Tax
Information
(unaudited)
32
franklintempleton.com
Annual
Report
Franklin
International
Growth
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amount
s
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2023:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Fund
intends
to
elect
to
pass
through
to
its
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
f
und
during
the
fiscal
year
ended
J
ul
y
31,
202
3
:
Pursuant
to:
Amount
Reported
Long-Term
Capital
Gain
Dividends
Distributed
§852(b)(3)(C)
$25,434,247
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$13,722,963
Amount
Reported
Foreign
Taxes
Paid
$1,242,419
Foreign
Source
Income
Earned
$3,963,111
Franklin
Global
Trust
Board
Members
and
Officers
33
franklintempleton.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
2000
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2017
119
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
119
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
Global
Trust
34
franklintempleton.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
2000
and
Lead
Independent
Trustee
since
2019
119
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
119
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
The
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
119
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
Global
Trust
35
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
110
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016)
and
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board
and
Trustee
Chairman
of
the
Board
since
January
2023
and
Trustee
since
2007
129
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
119
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
-
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Independent
Board
Members
(continued)
Franklin
Global
Trust
36
franklintempleton.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
1.
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
3.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007
to
2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Edward
D.
Perks
(1970)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Franklin
Advisers,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
since
2015
and
Secretary
since
June
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
Global
Trust
Shareholder
Information
37
franklintempleton.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
GLOBAL
TRUST
Franklin
International
Growth
Fund
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Global
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Templeton
Institutional,
LLC
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement)
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreement
prior
to
its
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors
(Factors).
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager;
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
Franklin
Global
Trust
Shareholder
Information
38
franklintempleton.com
Annual
Report
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
international
multi-cap
growth
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-
and
three-year
periods
was
below
the
median
and
in
the
fifth
quintile
(worst)
of
its
Performance
Universe.
The
Board
discussed
this
performance
with
management
and
management
explained
that
the
Fund
generally
invests
in
higher
growth
companies
and
has
a
portfolio
with
a
lower
weighted
average
market
capitalization
relative
to
its
Performance
Universe
peers.
Management
further
explained
that
growth
underperformed
value
in
2022,
contributing
to
the
Fund’s
below
median
one-year
performance,
which,
in
turn,
adversely
impacted
the
Fund’s
three-year
below
median
performance.
Management
also
explained
that
the
strategy
of
the
Fund
is
based
on
long-term
bottom-up
fundamental
analysis
and
therefore
significant
strategy
changes
(i.e.
growth
to
value)
are
not
made
based
on
near-term
headwinds.
The
Board
noted
management’s
conviction
in
the
Fund’s
investment
strategies.
Based
on
the
foregoing,
the
Board
concluded
that
the
Fund’s
Management
Agreement
should
be
continued
for
the
Stub
Period,
while
management’s
efforts
continue
to
be
closely
monitored.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Class
A
shares
for
the
Fund
and
for
the
other
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Expense
Group
for
the
Fund
included
the
Fund
and
11
other
international
multi-cap
growth
funds.
The
Board
noted
that
the
Management
Rate
was
below
the
median
of
its
Expense
Group,
but
the
actual
total
expense
ratio
for
the
Fund
was
slightly
above
the
median
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
After
consideration
of
the
above,
the
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Global
Trust
Shareholder
Information
39
franklintempleton.com
Annual
Report
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
the
Fund
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
up-front
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Franklin
Global
Trust
Shareholder
Information
40
franklintempleton.com
Annual
Report
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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.
Franklin
Global
Trust
Shareholder
Information
41
franklintempleton.com
Annual
Report
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
A
09/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
Report
and
Shareholder
Letter
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
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
A
Series
of
Franklin
Global
Trust
July
31,
2023
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
Annual
Report
2
Contents
Fund
Overview
3
Performance
Summary
7
Your
Fund’s
Expenses
10
Consolidated
Financial
Highlights
and
Consolidated
Schedule
of
Investments
11
Consolidated
Financial
Statements
17
Notes
to
Consolidated
Financial
Statements
20
Report
of
Independent
Registered
Public
Accounting
Firm
34
Tax
Information
35
Board
Members
and
Officers
36
Shareholder
Information
40
Visit
ftinstitutional.com
for
fund
updates,
to
access
your
account,
or
to
find
investment
insights.
3
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
This
annual
report
for
Franklin
Emerging
Market
Debt
Opportunities
Fund
covers
the
fiscal
year
ended
July
31,
2023.
Fund
Overview
Q.
What
is
the
Fund’s
investment
strategy?
A.
Our
portfolio
construction
process
can
be
summarized
in
three
integral
steps—country
allocation,
currency
allocation
and
issue
selection.
The
first
stage
of
our
emerging
market
debt
investment
process
is
identifying
the
countries
for
which
we
have
a
favorable
outlook,
which
we
manage
with
a
bottom-up,
research-driven
perspective.
Since
the
portfolio
is
constructed
through
bottom-up,
fundamental
research
and
not
relative
to
a
benchmark
index,
there
is
no
requirement
to
hold
issues
from
any
one
country.
The
next
decision
is
whether
to
take
exposure
in
the
form
of
“hard
currency”
or
local
currency
instruments.
Hard
currencies
are
currencies
in
which
investors
have
confidence
and
are
typically
currencies
of
economically
and
politically
stable
industrialized
nations.
The
last
decision
concerns
security
selection.
This
depends
on
a
number
of
factors,
including
the
type
of
the
security’s
coupon
(fixed
or
floating).
Q.
What
were
the
overall
market
conditions
during
the
Fund’s
reporting
period?
A.
Prices
for
emerging
market
(EM)
bonds
rose
in
the
12
months
under
review,
witnessing
a
late-year
rally
in
2022
and
positive
performance
year-to-date
in
2023.
Investor
sentiment
improved
over
the
period,
as
global
central
banks
appeared
to
be
nearing
the
end
of
their
hiking
cycles
and
economic
activity,
though
slowing,
continued
to
exhibit
relative
resilience
against
the
tighter
financing
conditions.
Inflationary
pressures
eased
as
developed
market
(DM)
central
banks
stayed
on
their
tightening
paths.
As
bouts
of
volatility
over
the
period
were
contained
fairly
quickly,
a
more
“risk-on”
sentiment
helped
high-yield
(HY)
hard-currency
EM
sovereign
bonds
significantly
outperform
their
investment-
grade
(IG)
counterparts.
A
combination
of
local
currency
strength
against
the
U.S.
dollar
and
substantial
declines
in
local
bond
yields
supported
local-currency
EM
sovereign
debt
outperformance
compared
with
the
hard-currency
segment.
Meanwhile,
EM
hard-currency
corporate
bonds
modestly
underperformed
sovereign
debt
over
the
year,
with
returns
also
driven
by
HY
issuers.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
During
the
period,
we
began
to
see
compelling
value
in
the
local-currency
segment
of
the
EM
debt
market
and
consequently
increased
exposure
to
local-currency
bonds
issued
by
Latin
American
and
Eastern
European
sovereigns.
We
also
increased
our
allocation
to
supranational
bonds
denominated
in
currencies
where
we
held
a
high
conviction.
For
the
most
part,
the
central
banks
of
these
regions
reacted
quickly
and
decisively
to
surging
inflation
and
therefore
reached
their
terminal
policy
rates
much
sooner
than
many
of
their
DM
counterparts.
As
a
result,
the
aggressive
tightening
provided
a
larger
scope
for
unwinding
monetary
policy
and
therefore
a
tailwind
for
local-currency
securities.
At
the
same
time,
we
saw
spreads
widen
most
significantly
for
the
lowest-rated
segment
of
EM
debt,
but
without
a
corresponding
deterioration
in
the
credit
fundamentals.
The
recent
sovereign
defaults
that
did
occur
were
mostly
driven
by
idiosyncratic
factors
and
did
not,
in
our
view,
signal
a
systemic
problem.
We
therefore
increased
our
allocation,
particularly
since
we
see
the
diversification
benefits
of
investing
in
this
segment,
as
well
as
a
potentially
higher
degree
of
return
alpha
and
an
unparalleled
opportunity
to
drive
environmental,
social
and
governance
improvements.
Performance
Overview
The
Fund
posted
a
+15.51%
cumulative
total
return
for
the
12
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
+6.37%
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
+7.74%
cumulative
total
return.
1
The
Fund’s
third
benchmark,
the
JPM
Government
Bond
Index-Emerging
Markets
(GBI-EM)
Broad
Diversified
Index
(U.S.$
Unhedged),
which
tracks
local
currency
bonds
issued
in
emerging
markets,
posted
a
+13.17%
cumulative
total
return.
1
Also
for
comparison,
the
Fund’s
fourth
benchmark,
the
ICE
BofA
Emerging
Market
Corporate
Plus
(USD
Hedged)
Index,
which
tracks
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.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Consolidated
Schedule
of
Investments
(SOI).
The
Consolidated
SOI
begins
on
page
12
.
Franklin
Emerging
Market
Debt
Opportunities
Fund
4
ftinstitutional.com
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Report
the
performance
of
U.S.
dollar-denominated
and
euro-
denominated
emerging
market
non-sovereign
debt
publicly
issued
within
the
major
domestic
and
Eurobond
markets,
posted
a
+3.30%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
7
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
ftinstitutional.com
or
call
a
Franklin
Templeton
Institutional
Services
representative
at
(800)
321-8563
.
Q.
What
were
the
leading
contributors
to
performance?
A.
The
Fund’s
holdings
of
Ukrainian
government
bonds
denominated
in
U.S.
dollars
were
the
main
contributor
to
performance
over
the
period,
particularly
a
floating-
rate
security
with
a
variable
coupon
tied
to
the
country’s
economic
performance.
With
continued
support
from
multilaterals,
Ukraine’s
foreign
exchange
reserves
rose
to
their
highest
levels
in
11
years.
Previously,
in
its
latest
review,
the
International
Monetary
Fund
(IMF)
shared
its
opinion
that
Ukraine
had
made
good
progress
towards
meeting
the
agreed
reform
commitments
and
revised
its
growth
forecast
for
2023
to
a
range
of
1-3%.
Furthermore,
there
was
increased
talk
and
speculation
about
the
potential
of
unlocking
Russian
assets
to
fund
the
reconstruction
of
Ukraine.
The
Fund’s
position
in
Salvadoran
U.S.-dollar
bonds
also
supported
returns.
Over
the
period,
El
Salvador’s
hard-
currency
bonds
were
one
of
the
best
performers
in
J.P.
Morgan’s
Emerging
Markets
Bond
Index
Global
Diversified
(EMBIGD).
Performance
was
supported
by
improved
investor
sentiment,
as
the
country
made
a
~US$600
million
bond
payment
in
January
2023.
Previously,
the
country
tendered
for
a
portion
of
its
debt,
also
resulting
in
an
appreciation
of
the
low-priced
bonds.
Moreover,
after
the
successful
completion
of
a
domestic
pension
debt
exchange,
which
should
result
in
~US$500
million
in
annual
savings
for
the
country,
Fitch
raised
El
Salvador’s
credit
rating
to
CCC+.
The
accompanying
statement
shared
that
the
agency
believed
that
the
chances
for
another
default
event
were
unlikely.
Q.
What
were
the
leading
detractors
from
performance?
A.
The
two
main
detractors
from
performance
included
Venezuelan
and
Chinese
hard-currency
securities.
The
price
of
a
Venezuelan
U.S.-dollar
oil
warrant
held
by
the
Fund
was
marked
lower
in
May
2023,
following
a
transaction
in
the
market
that
created
some
additional
transparency
around
pricing.
More
broadly
speaking,
Venezuelan
hard-currency
bonds
were
one
of
the
worst
performers
within
the
Emerging
Markets
Bond
Index
Global
Diversified
(EMBIGD)
over
the
last
12
months,
which
meant
that
the
Fund’s
allocation
detracted
from
returns.
The
Fund’s
position
in
Country
Garden
was
also
a
drag
on
returns,
as
the
Chinese
real
estate
developer’s
bonds
recorded
weakness
amid
the
lackluster
economic
data
coming
out
of
the
country
and
without
much
of
the
liquidity
support
that
seemed
to
have
been
pledged
by
banks
following
last
November’s
‘16
point’
rescue
plan
announced
by
the
authorities.
Additionally,
March
2023
saw
the
release
of
a
profit
warning,
which
cautioned
that
the
company
may
have
recorded
a
loss
for
fiscal
year
2022.
Nevertheless,
when
published,
the
results
showed
some
encouraging
signs,
such
as
plans
for
debt
issuance.
The
following
months,
however,
continued
to
disappoint,
as
China’s
recovery
did
not
progress
as
many
had
expected.
Other
news
releases
were
also
downbeat,
with
new
home
prices
flat
in
June
compared
with
the
prior
month.
The
market
has
seen
some
bifurcation,
as
larger
cities
have
recorded
more
robust
demand
than
the
Tier
2
and
3
cities
to
which
Country
Garden
has
large
exposure.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
As
mentioned
above,
the
Fund
increased
its
allocation
to
local-currency
sovereign
and
supranational
bonds.
Some
notable
purchases
over
the
period
included
a
Polish
zloty-
denominated
Asian
Development
Bank
security
based
on
our
positive
view
on
Poland’s
fundamentals
and
especially
at
the
yield
levels
on
offer,
a
2029
Brazil
Notas
do
Tesouro
Nacional
Serie
F
(BNTNF)
on
the
back
of
the
improving
inflation
dynamics
in
the
country
and
relative
strength
of
the
Brazilian
real,
supranational
bonds
denominated
in
the
Indonesian
rupiah
which
offered
some
diversification
benefits
to
the
Fund’s
Latin
American
exposure,
and
Kazakh
tenge-
Portfolio
Composition
7/31/23
%
of
Total
Net
Assets
Foreign
Government
and
Agency
Securities
61.5%
Corporate
Bonds
*
11.0%
Quasi-Sovereign
Bonds
*
8.5%
Supranational
6.9%
Warrants
2.9%
Loan
Participations
and
Assignments
*
1.6%
Other
*,†
0.0%
Short-Term
Investments
&
Other
Net
Assets
7.6%
*
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.
Franklin
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Market
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5
ftinstitutional.com
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denominated
Kazakhstani
government
bonds
at
relatively
high
yields,
where
we
are
constructive
on
the
local
market
due
the
country’s
robust
economic
fundamentals.
Improving
inflation
dynamics
also
played
a
role
in
the
Fund’s
purchase
of
Mexican
local-currency
“Bonos,”
where
the
Mexican
central
bank
(Banxico)
reached
its
terminal
policy
rate
amid
decreasing
price
pressures.
If
the
U.S.
were
to
enter
a
recession,
this
would
also
encourage
a
more
decisive
rate-
cutting
cycle
from
Banxico.
Elsewhere,
the
Fund
added
Ivory
Coast
government
bonds,
which
should
be
supported
by
the
country’s
macroeconomic
stability
and
solid
growth
outlook,
in
our
view.
Top
10
Holdings
7/31/23
Issuer
Industry
,
Country
%
of
Total
Net
Assets
a
a
Mexico
Government
Bond
5.1%
Financial
Services,
Mexico
Ukraine
Government
Bond
4.3%
Financial
Services,
Ukraine
Brazil
Notas
do
Tesouro
Nacional
3.2%
Financial
Services,
Brazil
Dominican
Republic
Government
Bond
3.1%
Financial
Services,
Dominican
Republic
Asian
Development
Bank
3.0%
Financial
Services,
Supranational
Angola
Government
Bond
2.9%
Financial
Services,
Angola
Suriname
Government
Bond
2.9%
Financial
Services,
Suriname
Romania
Government
Bond
2.8%
Financial
Services,
Romania
Uruguay
Government
Bond
2.7%
Financial
Services,
Uruguay
Provincia
del
Chubut
Argentina
2.7
%
Financial
Services,
Argentina
Geographic
Composition
7/31/23
%
of
Total
Net
Assets
Supranational
6.9%
Mexico
6.2%
Ukraine
4.3%
Brazil
4.1%
Colombia
3.8%
Kazakhstan
3.4%
Dominican
Republic
3.1%
Angola
2.9%
Suriname
2.9%
Argentina
2.8%
Romania
2.8%
Uruguay
2.7%
Ethiopia
2.6%
Turkey
2.5%
Uzbekistan
2.5%
South
Africa
2.4%
Ivory
Coast
2.2%
Peru
2.1%
Paraguay
2.0%
Ghana
1.7%
Iraq
1.7%
Gabon
1.7%
United
States
1.6%
Grenada
1.6%
Tunisia
1.6%
El
Salvador
1.4%
Jordan
1.4%
Armenia
1.4%
Benin
1.2%
Nigeria
1.2%
Trinidad
and
Tobago
1.1%
Egypt
1.1%
Serbia
1.1%
Cameroon
1.1%
Pakistan
1.0%
Mozambique
1.0%
Other
7.3%
Short-Term
Investments
&
Other
Net
Assets
7.6%
Franklin
Emerging
Market
Debt
Opportunities
Fund
6
ftinstitutional.com
Annual
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
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
July
31,
2023,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
July
31,
2023
Franklin
Emerging
Market
Debt
Opportunities
Fund
7
ftinstitutional.com
Annual
Report
The
performance
table
and
graph
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
7/31/2
3
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
–
1-Year
+15.51%
+15.51%
5-Year
+13.91%
+2.64%
10-Year
+41.08%
+3.50%
See
page
9
for
Performance
Summary
footnotes.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Performance
Summary
8
ftinstitutional.com
Annual
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See
page
9
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$50,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
indexes
include
reinvestment
of
any
income
or
distributions.
They
differ
from
the
Fund
in
composition
and
do
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
8/1/13–7/31/23
Franklin
Emerging
Market
Debt
Opportunities
Fund
Performance
Summary
9
ftinstitutional.com
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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
11/30/23
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Source:
FactSet.
The
J.P.
Morgan
(JPM)
EMBI
Global
Diversified
Index
is
a
uniquely
weighted
version
of
the
JPM
EMBI
Global
Index,
which
tracks
total
returns
for
U.S.
dollar-denominated
debt
instruments
issued
by
emerging
market
sovereign
and
quasi-sovereign
entities:
Brady
bonds,
loans
and
Eurobonds.
The
index
includes
all
countries
except
those
that
have
been
classified
by
the
World
Bank
as
high
income
for
the
past
two
consecutive
years.
The
diversified
index
limits
the
weights
of
those
index
countries
with
larger
debt
stocks
by
only
including
specified
portions
of
these
countries’
eligible
current
face
amounts
of
debt
outstanding.
The
ICE
BofA
Emerging
Market
Corporate
Plus
Index
(USD
Hedged)
Index
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.
The
JPM
GBI-EM
Broad
Diversified
Index
(US$
Unhedged)
tracks
local
currency
bonds
issued
by
emerging
markets.
Weightings
among
countries
are
more
evenly
distributed
within
the
index
than
in
the
global
diversified
index.
The
JPM
EMBI
Global
Diversified
ex-GCC
Index
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.
Due
to
data
availability,
performance
for
the
JPM
EMBI
Global
Diversified
ex-GCC
Index
is
shown
starting
12/31/15
using
the
Fund’s
value
on
that
date.
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
Consolidated
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Total
Annual
Operating
Expenses
5
With
Fee
Waiver
Without
Fee
Waiver
1.01%
1.15%
Your
Fund’s
Expenses
Franklin
Emerging
Market
Debt
Opportunities
Fund
10
ftinstitutional.com
Annual
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
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Beginning
Account
Value
2/1/23
Ending
Account
Value
7/31/23
Expenses
Paid
During
Period
2/1/23–7/31/23
1,2
Ending
Account
Value
7/31/23
Expenses
Paid
During
Period
2/1/23–7/31/23
1,2
a
Net
Annualized
Expense
Ratio
2
$1,000
$1,049.10
$5.05
$1,019.87
$4.98
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.
Annual
Report
11
a
Year
Ended
July
31,
2023
2022
2021
2020
2019
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.91
$11.73
$10.19
$11.66
$11.68
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
0.79
0.77
0.71
0.97
0.97
Net
realized
and
unrealized
gains
(losses)
...........
0.66
(2.59)
0.83
(1.64)
(0.13)
Total
from
investment
operations
....................
1.45
(1.82)
1.54
(0.67)
0.84
Less
distributions
from:
Net
investment
income
and
net
foreign
currency
gains
..
(0.90)
—
—
(0.80)
(0.86)
Net
asset
value,
end
of
year
.......................
$10.46
$9.91
$11.73
$10.19
$11.66
Total
return
....................................
15.51%
(15.52)%
15.11%
(6.24)%
8.04%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.04%
1.14%
1.24%
1.15%
1.11%
Expenses
net
of
waiver
and
payments
by
affiliates
c
......
1.00%
1.00%
1.00%
1.00%
1.00%
Net
investment
income
...........................
7.96%
6.90%
6.34%
8.95%
8.58%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$41,116
$55,697
$135,374
$111,159
$387,888
Portfolio
turnover
rate
............................
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
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Global
Trust
Consolidated
Schedule
of
Investments,
July
31,
2023
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
12
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
989,136
a,b,g
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
...........
Venezuela
925,920
231,480
1,220,616
Total
Warrants
(Cost
$18,386,506)
.............................................
1,220,616
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,c,g,h
Global
Distressed
Alpha
Fund
III
LP
.......................
United
States
4,424,861
—
Total
Private
Limited
Partnership
Funds
(Cost
$4,600,000)
.......................
—
Principal
Amount
*
Quasi-Sovereign
Bonds
8.5%
Financial
Services
1.8%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
.....
Turkey
714,286
EUR
741,927
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
—
741,927
Municipal
Bonds
2.6%
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...........................................
Argentina
1,250,788
1,093,564
Oil,
Gas
&
Consumable
Fuels
2.5%
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
................
Colombia
300,000
239,161
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
...........................................
Kazakhstan
918,000
774,767
1,013,928
Transportation
Infrastructure
1.6%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
.................................
Colombia
3,220,997,329
COP
653,071
Total
Quasi-Sovereign
Bonds
(Cost
$6,800,632)
.................................
3,502,490
Corporate
Bonds
11.0%
Banks
1.2%
d
Fidelity
Bank
plc
,
Senior
Note
,
144A,
7.625
%
,
10/28/26
.........
Nigeria
550,000
489,624
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Broadline
Retail
0.0%
a,d,k
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
4,842,864
$
—
a,d,k
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
2,133,302
—
—
Capital
Markets
0.6%
d
Georgia
Capital
JSC
,
Senior
Note
,
144A,
6.125
%
,
3/09/24
.......
Georgia
250,000
248,438
Chemicals
0.7%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
450,000
290,557
Construction
Materials
0.4%
d
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
3.875
%
,
7/11/31
.......
Mexico
200,000
172,655
Electric
Utilities
0.9%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...........................................
India
500,000
375,551
Food
Products
1.1%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
...........................................
Paraguay
500,000
428,360
Metals
&
Mining
0.9%
d,k
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
9.75
%
,
3/08/26
.....................................
South
Africa
384,989
350,340
Oil,
Gas
&
Consumable
Fuels
2.9%
d
Energo-Pro
A/S
,
Senior
Note
,
144A,
8.5
%
,
2/04/27
............
Czech
Republic
350,000
341,250
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
5/01/27
........
Ghana
350,000
321,901
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
.....................................
Brazil
531,438
345,487
d
Tullow
Oil
plc
,
Senior
Secured
Note
,
144A,
10.25
%
,
5/15/26
.....
Ghana
220,000
179,124
1,187,762
Passenger
Airlines
0.7%
d
Pegasus
Hava
Tasimaciligi
A/S
,
Senior
Note
,
144A,
9.25
%
,
4/30/26
Turkey
300,000
304,155
Real
Estate
Management
&
Development
0.4%
d
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
980,000
179,480
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
470,167
Total
Corporate
Bonds
(Cost
$11,703,598)
......................................
4,497,089
l
Loan
Participations
and
Assignments
1.6%
a,c,e
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
5.95%
to
4/14/25,
FRN
thereafter
,
4/15/30
.......................
Russia
1,000,000
—
Global
Distressed
Alpha
Fund
III
LP
,
a,c,g,k,m
PIK,
12%,
Perpetual
..................................
United
States
1,569,340
662,105
Total
Loan
Participations
and
Assignments
(Cost
$2,303,839)
....................
662,105
Foreign
Government
and
Agency
Securities
61.5%
d
Angola
Government
Bond
,
Senior
Bond,
144A,
8%,
11/26/29
........................
Angola
500,000
443,955
Senior
Bond,
144A,
8.75%,
4/14/32
......................
Angola
850,000
748,493
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Argentina
Government
Bond
,
Senior
Note
,
1
%
,
7/09/29
.........
Argentina
150,490
$
50,907
d
Armenia
Government
Bond
,
Senior
Bond
,
144A,
3.95
%
,
9/26/29
..
Armenia
670,000
565,239
d
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
...
Benin
600,000
EUR
513,702
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
............
Brazil
6,400,000
BRL
1,331,790
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
Cameroon
550,000
EUR
448,747
Colombia
Government
Bond
,
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
1,200,000,000
COP
296,571
Senior
Bond,
7.5%,
2/02/34
............................
Colombia
350,000
354,334
d
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
7.158
%
,
3/12/45
Costa
Rica
300,000
303,075
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
13.625%,
2/03/33
....................
Dominican
Republic
45,000,000
DOP
993,427
Senior
Bond,
144A,
6.4%,
6/05/49
.......................
Dominican
Republic
300,000
263,285
d
Egypt
Government
Bond
,
Senior
Bond,
144A,
7.625%,
5/29/32
.....................
Egypt
300,000
195,096
Senior
Bond,
144A,
7.5%,
2/16/61
.......................
Egypt
500,000
274,990
d
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
El
Salvador
900,000
589,807
d
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
Ethiopia
1,550,000
1,073,468
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
.....................
Gabon
300,000
254,782
Senior
Bond,
144A,
7%,
11/24/31
........................
Gabon
500,000
424,970
d
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
....
Grenada
782,814
657,564
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
Honduras
450,000
371,250
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
......
Iraq
748,125
696,698
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
Ivory
Coast
1,000,000
EUR
894,986
Jamaica
Government
Bond
,
Senior
Bond
,
7.875
%
,
7/28/45
......
Jamaica
300,000
351,000
d
Jordan
Government
Bond
,
Senior
Bond,
144A,
5.85%,
7/07/30
......................
Jordan
400,000
372,747
Senior
Note,
144A,
7.5%,
1/13/29
.......................
Jordan
200,000
204,007
Kazakhstan
Government
Bond
,
14.5
%
,
4/28/25
...............
Kazakhstan
260,000,000
KZT
585,564
Kazakhstan
MEUKAM
,
Senior
Note
,
9.5
%
,
1/30/24
............
Kazakhstan
12,642,000
KZT
27,873
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.75%,
5/29/31
...................................
Mexico
7,500,000
n
MXN
420,758
M,
8%,
11/07/47
.....................................
Mexico
17,000,000
MXN
925,404
j
Mexican
Udibonos
,
S
,
Index
Linked,
Senior
Bond
,
4
%
,
11/30/28
..
Mexico
6,623,324
o
MXN
384,308
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.......
Mexico
450,000
375,228
d
Mozambique
Government
Bond
,
144A,
5%
to
9/15/23,
9%
thereafter
,
9/15/31
...........................................
Mozambique
500,000
395,800
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
6.96
%
,
3/13/27
...........................................
Macedonia,
the
Former
Yugoslav
Republic
of
300,000
EUR
341,286
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
.
Pakistan
850,000
422,875
d
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
4.95
%
,
4/28/31
.
Paraguay
400,000
385,550
Peru
Bonos
de
la
Tesoreria
,
Senior
Bond
,
5.4
%
,
8/12/34
........
Peru
2,000,000
PEN
497,711
Peru
Government
Bond
,
Senior
Bond
,
1.862
%
,
12/01/32
........
Peru
500,000
381,635
d
Romania
Government
Bond
,
Senior
Note
,
Reg
S,
1.375
%
,
12/02/29
Romania
1,300,000
EUR
1,136,558
e
Russia
Government
Bond
,
Senior
Bond
,
7.65
%
,
4/10/30
........
Russia
73,425,000
RUB
268,091
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
....
Ghana
465,160
202,926
d
Serbia
Government
Bond
,
Senior
Bond
,
144A,
1.5
%
,
6/26/29
....
Serbia
520,000
EUR
455,278
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
......
South
Africa
14,077,951
ZAR
641,090
d,e
Suriname
Government
Bond
,
Senior
Note
,
144A,
12.875
%
,
12/30/23
Suriname
1,400,000
1,185,100
Tunisia
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/17/31
.........
Tunisia
190,000,000
JPY
644,396
d,e
Ukraine
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
9/25/34
.
Ukraine
2,600,000
783,385
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Uruguay
Government
Bond
,
Senior
Bond,
8.25%,
5/21/31
...........................
Uruguay
41,236,000
UYU
$
1,042,612
Senior
Bond,
9.75%,
7/20/33
...........................
Uruguay
2,500,000
UYU
69,424
d
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
14
%
,
7/19/24
..
Uzbekistan
12,320,000,000
UZS
1,044,830
Total
Foreign
Government
and
Agency
Securities
(Cost
$30,369,290)
..............
25,292,572
Supranational
6.9%
Asian
Development
Bank
,
Senior
Note,
13.6%,
4/17/24
...........................
Supranational
p
152,000,000
HUF
438,428
Senior
Note,
8.175%,
9/15/24
...........................
Supranational
p
2,050,000
PLN
518,308
d
Senior
Note,
Reg
S,
8.3%,
10/18/24
......................
Supranational
p
1,100,000
PLN
279,946
European
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
6.17
%
,
3/10/25
.....................................
Supranational
p
14,500,000,000
IDR
959,585
European
Investment
Bank
,
Senior
Note
,
8.5
%
,
12/01/23
.......
Supranational
p
1,700,000
GEL
639,586
Total
Supranational
(Cost
$2,588,602)
..........................................
2,835,853
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
$77,185,845)
................................
38,010,725
a
Short
Term
Investments
6.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.4%
q
Hungary
Treasury
Bills,
4/30/24
...........................
Hungary
122,300,000
HUF
323,323
q
Kazakhstan
MEKKAM
,
1/20/24
...........................................
Kazakhstan
97,358,000
KZT
204,740
4/07/24
...........................................
Kazakhstan
27,500,000
KZT
55,971
260,711
Total
Foreign
Government
and
Agency
Securities
(Cost
$580,526)
................
584,034
Shares
a
a
a
Money
Market
Funds
4.9%
r,s
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
2,020,126
2,020,126
Total
Money
Market
Funds
(Cost
$2,020,126)
...................................
2,020,126
Total
Short
Term
Investments
(Cost
$2,600,652
)
.................................
2,604,160
a
Total
Investments
(Cost
$79,786,497)
98.7%
....................................
$40,614,885
Other
Assets,
less
Liabilities
1.3%
.............................................
501,135
Net
Assets
100.0%
...........................................................
$41,116,020
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
16
At
July
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1(c). 
See
Note 10 regarding
other
derivative
information.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
9
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2023,
the
aggregate
value
of
these
securities
was
$24,931,449,
representing
60.6%
of
net
assets.
e
See
Note
7
regarding
credit
risk
and
defaulted
securities.
f
The
principal
represents
the
notional
amount.
See
Note
1(c)
regarding
value
recovery
instruments.
g
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(e).
h
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
i
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
j
Principal
amount
of
security
is
adjusted
for
inflation.
See
Note
1(g).
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
See
Note
1(d)
regarding
loan
participations
and
assignments.
m
Perpetual
security
with
no
stated
maturity
date.
n
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
o
Principal
amount
is
stated
in
100
Unidad
de
Inversion
Units.
p
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
q
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
r
See
Note
3(d)
regarding
investments
in
affiliated
management
investment
companies.
s
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
CITI
Sell
5,600,000
6,075,965
9/13/23
$
3,374
$
(98,542)
Japanese
Yen
......
RBCCM
Sell
83,000,000
603,430
9/13/23
15,936
—
Total
Forward
Exchange
Contracts
...................................................
$19,310
$(98,542)
Net
unrealized
appreciation
(depreciation)
............................................
$(79,232)
*
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
33
.
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Assets
and
Liabilities
July
31,
2023
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
17
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$77,766,371
Cost
-
Non-controlled
affiliates
(Note
3
d
)
........................................................
2,020,126
Value
-
Unaffiliated
issuers
..................................................................
$38,594,759
Value
-
Non-controlled
affiliates
(Note
3
d
)
.......................................................
2,020,126
Cash
....................................................................................
56
Foreign
currency,
at
value
(cost
$317)
...........................................................
208
Receivables:
Capital
shares
sold
........................................................................
23,768
Interest
.................................................................................
720,291
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
19,310
Total
assets
..........................................................................
41,378,518
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
27,738
Management
fees
.........................................................................
52,380
Transfer
agent
fees
........................................................................
1,154
Professional
fees
.........................................................................
65,329
Trustees'
fees
and
expenses
.................................................................
116
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
98,542
Accrued
expenses
and
other
liabilities
...........................................................
17,239
Total
liabilities
.........................................................................
262,498
Net
assets,
at
value
.................................................................
$41,116,020
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$160,417,093
Total
distributable
earnings
(losses)
.............................................................
(119,301,073)
Net
assets,
at
value
.................................................................
$41,116,020
Shares
outstanding
.........................................................................
3,929,111
Net
asset
value
and
maximum
offering
price
per
share
...............................................
$10.46
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statement
of
Operations
for
the
year
ended
July
31,
2023
ftinstitutional.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
18
Franklin
Emerging
Market
Debt
Opportunities
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
d
)
.............................................................
$79,195
Interest:
Unaffiliated
issuers
........................................................................
3,706,576
Total
investment
income
...................................................................
3,785,771
Expenses:
Management
fees
(Note
3
a
)
...................................................................
359,195
Transfer
agent
fees
(Note
3
c
)
..................................................................
13,571
Custodian
fees
(Note
4
)
......................................................................
4,905
Reports
to
shareholders
fees
..................................................................
(13,019)
Registration
and
filing
fees
....................................................................
29,643
Professional
fees
...........................................................................
54,798
Trustees'
fees
and
expenses
..................................................................
(196)
Other
....................................................................................
(9,354)
Total
expenses
.........................................................................
439,543
Expense
reductions
(Note
4
)
...............................................................
(1,407)
Expenses
waived/paid
by
affiliates
(Note
3d
and
3e
)
..............................................
(16,614)
Net
expenses
.........................................................................
421,522
Net
investment
income
................................................................
3,364,249
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(5,596,898)
Foreign
currency
transactions
................................................................
(115,309)
Forward
exchange
contracts
.................................................................
141,781
Net
realized
gain
(loss)
..................................................................
(5,570,426)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
8,528,227
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
65,496
Forward
exchange
contracts
.................................................................
(258,206)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
8,335,517
Net
realized
and
unrealized
gain
(loss)
............................................................
2,765,091
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$6,129,340
Franklin
Global
Trust
Consolidated
Financial
Statements
Consolidated
Statements
of
Changes
in
Net
Assets
ftinstitutional.com
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
Annual
Report
19
Franklin
Emerging
Market
Debt
Opportunities
Fund
Year
Ended
July
31,
2023
Year
Ended
July
31,
2022
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$3,364,249
$7,104,889
Net
realized
gain
(loss)
.................................................
(5,570,426)
(8,790,172)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
8,335,517
(13,124,830)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
6,129,340
(14,810,113)
Distributions
to
shareholders
..............................................
(4,000,296)
—
Capital
share
transactions
(Note
2
)
..........................................
(16,710,447)
(64,866,185)
Net
increase
(decrease)
in
net
assets
...................................
(14,581,403)
(79,676,298)
Net
assets:
Beginning
of
year
.......................................................
55,697,423
135,373,721
End
of
year
...........................................................
$41,116,020
$55,697,423
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
Franklin
Emerging
Market
Debt
Opportunities
Fund
20
ftinstitutional.com
Annual
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
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
21
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Consolidated
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period. 
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Consolidated
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
22
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/
or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
At
July
31,
2023,
the
Fund
had
OTC
derivatives
in
a
net
liability
position
of
$95,168.
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 10
regarding
other
derivative
information.
d.
Loan
Participations
and
Assignments
The
Fund
may
invest
in
debt
instruments
which
are
interests
in
amounts
owed
to
lenders
or
lending
syndicates
by
corporate,
governmental,
or
other
borrowers.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
Lender)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
The
Fund
may
invest
in
multiple
series
or
tranches
of
a
loan,
which
may
have
varying
terms
and
carry
different
associated
risks.
When
investing
in
a
loan
participation,
a
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
only
from
the
lender
selling
the
loan
and
only
upon
receipt
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
loan.
When
the
Fund
purchases
assignments
from
lenders
it
acquires
direct
rights
against
the
borrower
of
the
loan.
e.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
The
Fund
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investments
in
FT
Subsidiary.
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
23
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
with
the
investment
objective
of
the
Fund.
At
July
31,
2023,
FT
Subsidiary’s
investments,
as
well
as
any
other
assets
and
liabilities
of
FT
Subsidiary
are
reflected
in
the
Fund’s
Consolidated
Schedule
of
Investments
and
Consolidated
Statement
of
Assets
and
Liabilities.
All
intercompany
transactions
and
balances
have
been
eliminated.
At
July
31,
2023,
the
net
assets
of
FT
Subsidiary
were
$924,953,
representing
2.2%
of
the
Fund's
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2023,
the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Inflation-indexed
bonds
are
adjusted
for
inflation
through
periodic
increases
or
decreases
in
the
security's
interest
accruals,
face
amount,
or
principal
redemption
value,
by
amounts
corresponding
to
the
rate
of
inflation
as
measured
by
an
index.
Any
increase
or
decrease
in
the
face
amount
or
principal
redemption
value
will
be
included
as
interest
income
in
the
Consolidated
Statement
of
Operations.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
24
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
i.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
July
31,
2023,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly, to
FTIML
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
FT
Subsidiary
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
FTIML
based
on
the
average
daily
net
assets
of
FT
Subsidiary
as
follows:
Year
Ended
July
31,
2023
Year
Ended
July
31,
2022
Shares
Amount
Shares
Amount
Shares
sold
...................................
2,081,997
$20,975,997
4,180,738
$46,662,620
Shares
issued
in
reinvestment
of
distributions
..........
407,454
3,911,562
—
—
Shares
redeemed
...............................
(4,179,827)
(41,598,006)
(10,106,573)
(111,528,805)
Net
increase
(decrease)
..........................
(1,690,376)
$(16,710,447)
(5,925,835)
$(64,866,185)
Subsidiary
Affiliation
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.850%
Up
to
and
including
$500
million
0.800%
Over
$500
million,
up
to
and
including
$1
billion
0.750%
In
excess
of
$1
billion
Annualized
Fee
Rate
Net
Assets
1.000%
Up
to
and
including
$500
million
0.900%
Over
$500
million,
up
to
and
including
$1
billion
0.850%
In
excess
of
$1
billion
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
25
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
year
ended
July
31,
2023,
the
gross
effective
investment
management
fee
rate
was
0.850%
of
the
Fund’s
average
daily
net
assets. 
Management
fees
paid
by
the
Fund
are
reduced
on
assets
invested
in
FT
Subsidiary,
in
an
amount
not
to
exceed
the
management
fees
paid
by
FT
Subsidiary.
b.
Administrative
Fees
Under
an
agreement
with
FTIML,
FT
Services
provides
administrative
services
to
the
Fund
and
FT
Subsidiary.
The
fee
is
paid
by
FTIML
based
on
each
of
the
Fund's
and
FT
Subsidiary's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund
or
FT
Subsidiary.
c.
Transfer
Agent
Fees
The
Fund pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
Effective
October
1,
2022,
the
fees
are
based
on
an
annualized
asset
based
fee
of
0.016%
plus
a
reduced
transaction
based
fee.
Prior
to
October
1,
2022,
the
fees
were
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
the
Fund reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and reimburses
shareholder
servicing
fees
paid
to
third
parties.
For
the
year
ended
July
31,
2023,
the
Fund
paid
transfer
agent
fees
of
$13,571,
which
were
retained
by
Investor
Services.
d.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Consolidated
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
    aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Emerging
Market
Debt
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
1,426,619
$
35,556,165
$
(34,962,658)
$
—
$
—
$
2,020,126
2,020,126
$
79,195
Total
Affiliated
Securities
...
$1,426,619
$35,556,165
$(34,962,658)
$—
$—
$2,020,126
$79,195
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
26
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
e.
Waiver
and
Expense
Reimbursements
FTIML
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
acquired
fund
fees
and
expenses,
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
of
the
Fund
do
not
exceed
1.00%,
based
on
the
average
net
assets
until
November
30,
2023.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Expense
Offset
Arrangement
The Fund has
previously
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
year
ended
July
31,
2023,
the
custodian
fees
were
reduced
as
noted
in
the
Consolidated
Statement
of
Operations. Effective
July
10,
2023,
earned
credits,
if
any,
will
be
recognized
as
income.
5.
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:
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2023
and
2022,
was
as
follows:
At
July
31,
2023,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation)
and
undistributed
ordinary
income
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions,
wash
sales,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
investments
in
the
Alternative
Strategies
Fund
and
inflation
adjustments.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$14,857,453
Long
term
................................................................................
57,495,919
Total
capital
loss
carryforwards
...............................................................
$72,353,372
2023
2022
Distributions
paid
from:
Ordinary
income
..........................................................
$4,000,296
—
Cost
of
investments
..........................................................................
$88,464,796
Unrealized
appreciation
........................................................................
$2,097,191
Unrealized
depreciation
........................................................................
(50,026,334)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(47,929,143)
Distributable
earnings:
Undistributed
ordinary
income
...................................................................
$925,497
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
27
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities) for
the
year
ended
July
31,
2023,
aggregated
$11,935,237
and
$30,925,621,
respectively. 
7.
Credit Risk
and
Defaulted
Securities
At
July
31,
2023,
the
Fund
had
65.5%
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
July
31,
2023,
the
aggregate
value
of
these
securities
was
$3,428,638
representing
8.3%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying
Consolidated Schedule
of
Investments.
8.
Concentration
of
Risk
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
imposed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
To
the
extent
that
the
Fund
has
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Fund’s
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments was
impaired.
The
Fund
could
determine
at
any
time
that
certain
of
the
most
affected
securities
have
little
or
no
value.
In
addition,
any
exposure
that
the
Fund
may
have
to
counterparties
in
Russia
or
in
countries
affected
by
the
invasion
could
negatively
impact
the
Fund’s
portfolio.
The
extent
and
duration
of
Russia’s
military
actions
and
the
repercussions
of
such
actions
(including
any
retaliatory
actions
or
countermeasures
that
may
be
taken
by
those
subject
to
sanctions)
are
impossible
to
predict,
but
could
result
in
significant
market
disruptions,
including
in
the
oil
and
natural
gas
markets,
and
may
negatively
affect
global
supply
chains,
inflation
and
global
growth.
These
and
any
related
events
could
significantly
impact
the
Fund’s
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Fund
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
At
July
31,
2023,
the
Fund
had
0.7%
of
its
net
assets
invested
in
securities
with
significant
economic
risk
or
exposure
to
Russia.
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
28
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
9.
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
July
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
See
Abbreviations
on
page
33
.
10.
Other
Derivative
Information
At
July
31,
2023,
investments
in
derivative
contracts
are
reflected
in
the
Consolidated
Statement of
Assets
and
Liabilities
as
follows:
a
VRI
are
included
in
investments
in
securities,
at
value
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
Principal
Amount
*
/
Shares
/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
1,000,000
Alfa
Bank
AO
Via
Alfa
Bond
Issua
nce
plc,
Sub.
Bond,
144A,
5.95%
to
4/14/25,
FRN
thereafter,
4/15/30
...
11/21/19
$
1,005,945
$
—
193,625
Astana
Finance
JSC,
GDR,
144A
................
5/22/15
—
—
4,424,861
Global
Distressed
Alpha
Fund
III
LP
..............
10/11/12-1/22/16
4,600,000
—
1,569,340
Global
Distressed
Alpha
Fund
III
LP,
PIK,
12%,
Perpetual
................................
12/28/16-7/30/23
1,297,894
662,105
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
1.6%
of
Net
Assets)
..............
$10,437,217
$662,105
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
same
issuer,
valued
at
$-
as
of
July
31,
2023.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Consolidated
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
$
19,310
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
98,542
Value
recovery
instruments
...
Investments
in
securities,
at
value
989,136
a
Investments
in
securities,
at
value
—
Total
....................
$1,008,446
$98,542
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
29
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
For
the
year
ended
July
31,
2023,
the
effect
of
derivative
contracts
in
the
Consolidated
Statement
of
Operations
was
as
follows:
a
VRI
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Consolidated
Statement
of
Operations.
For
the
year
ended
J
uly
31,
202
3
,
the
average
month
end
contract
value
for
forward
excha
nge
contracts
and
average
month
end
fair
value
of
VRI
was
$
4
,
985
,
285
and
$
619,957
,
respectively.
See
Note
1(c)
regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
33
.
11.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
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.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Consolidated Statement
of
Operations.
During
the
year
ended
July
31,
2023,
the Fund
did
not
use
the
Global
Credit
Facility.
12.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Consolidated
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Consolidated
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Franklin
Emerging
Market
Debt
Opportunities
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Foreign
exchange
contracts
.....
Forward
exchange
contracts
$141,781
Forward
exchange
contracts
$(258,206)
Value
recovery
instruments
Investments
—
Investments
441,636
a
Total
.......................
$141,781
$183,430
10.
Other
Derivative
Information
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
30
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2023,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
—
$
—
$
—
a
$
—
Warrants
:
Financial
Services
......................
—
989,136
231,480
1,220,616
Private
Limited
Partnership
Funds
............
—
—
—
a
—
Quasi-Sovereign
Bonds
...................
—
2,760,563
741,927
a
3,502,490
Corporate
Bonds
:
Banks
...............................
—
489,624
—
489,624
Broadline
Retail
.......................
—
—
—
a
—
Capital
Markets
........................
—
248,438
—
248,438
Chemicals
...........................
—
290,557
—
290,557
Construction
Materials
..................
—
172,655
—
172,655
Electric
Utilities
........................
—
375,551
—
375,551
Food
Products
........................
—
428,360
—
428,360
Metals
&
Mining
.......................
—
350,340
—
350,340
Oil,
Gas
&
Consumable
Fuels
.............
—
1,187,762
—
1,187,762
Passenger
Airlines
.....................
—
304,155
—
304,155
Real
Estate
Management
&
Development
....
—
179,480
—
179,480
Wireless
Telecommunication
Services
.......
—
470,167
—
470,167
Loan
Participations
and
Assignments
.........
—
—
662,105
a
662,105
Foreign
Government
and
Agency
Securities
....
—
25,292,572
—
25,292,572
Supranational
...........................
—
2,835,853
—
2,835,853
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
2,020,126
584,034
—
2,604,160
Total
Investments
in
Securities
...........
$2,020,126
$36,959,247
$1,635,512
$40,614,885
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$19,310
$—
$19,310
Total
Other
Financial
Instruments
.........
$—
$19,310
$—
$19,310
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$98,542
$—
$98,542
Total
Other
Financial
Instruments
.........
$—
$98,542
$—
$98,542
a
Includes
financial
instruments
determined
to
have
no
value.
12.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
31
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the year.
At
July
31,
2023,
the
reconciliation is
as follows: 
Balance
at
Beginning
of
Year
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Year
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Year
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Financial
Services
...
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Financial
Services
...
911,318
—
—
—
—
—
—
(679,838)
231,480
(679,838)
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
—
c
—
—
—
—
—
—
—
—
c
—
Quasi-Sovereign
Bonds
:
1,745,112
c
—
(1,088,935)
—
—
—
(301,610)
387,360
741,927
c
80,900
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Loan
Participations
and
Assignments
:
464,984
c
324,775
(95,698)
—
—
94
—
(32,050)
662,105
c
(90,038)
Escrows
and
Litigation
Trusts
:
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$3,121,414
$324,775
$(1,184,633)
$—
$—
$94
$(301,610)
$(324,528)
$1,635,512
$(688,976)
Other
Financial
Instruments:
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
12.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
32
ftinstitutional.com
Annual
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
July
31,
2023,
are
as
follows:
See
Abbreviations
on
page
33
.
13.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
consolidated financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Description
Fair
Value
at
End
of
Year
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
........
$662,105
Recovery
value
Discount
for
lack
of
marketability
30.0%
Decrease
PIK
note
coverage
60.3%
Increase
Quasi
Sovereign
Bonds:
Financial
Services
....
741,927
Discounted
cash
flow
Discount
rate
11.9%
Decrease
All
other
............
231,480
b,c
Total
...............
$1,635,512
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.
12.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Consolidated
Financial
Statements
33
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Abbreviations
Counterparty
CITI
Citibank
NA
RBCCM
Royal
Bank
of
Canada
Selected
Portfolio
FRN
Floating
Rate
Note
GDP
Gross
Domestic
Product
GDR
Global
Depositary
Receipt
PIK
Payment-In-Kind
PTN
Pass-through
Note
VRI
Value
Recovery
Instrument
Cu
r
rency
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
GEL
Georgian
Lari
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
JPY
Japanese
Yen
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RUB
Russian
Ruble
UYU
Uruguayan
Peso
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Franklin
Global
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
34
ftinstitutional.com
Annual
Report
To
the
Board
of
Trustees
of
Franklin
Global
Trust
and
Shareholders
of
Franklin
Emerging
Market
Debt
Opportunities
Fund
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities,
including
the
consolidated
schedule
of
investments,
of
Franklin
Emerging
Market
Debt
Opportunities
Fund
(one
of
the
funds
constituting
Franklin
Global
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
July
31,
2023,
the
related
consolidated
statement
of
operations
for
the
year
ended
July
31,
2023,
the
consolidated
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023,
including
the
related
notes,
and
the
consolidated
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
(collectively
referred
to
as
the
“consolidated
financial
statements”).
In
our
opinion,
the
consolidated
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
July
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
consolidated
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
consolidated
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
consolidated
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
consolidated
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
consolidated
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
consolidated
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
consolidated
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2023
by
correspondence
with
the
custodian,
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
PricewaterhouseCoopers
LLP
San
Francisco,
California
September
20,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Global
Trust
Tax
Information
(unaudited)
35
ftinstitutional.com
Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amount,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amount
,
for
the
fiscal
year
ended
July
31,
2023:
Pursuant
to:
Amount
Reported
Section
163(j)
Interest
Earned
§163(j)
$3,585,113
Franklin
Global
Trust
Board
Members
and
Officers
36
ftinstitutional.com
Annual
Report
The
name,
year
of
birth
and
address
of
the
officers
and
board
members,
as
well
as
their
affiliations,
positions
held
with
the
Trust,
principal
occupations
during
at
least
the
past
five
years
and
number
of
U.S.
registered
portfolios
overseen
in
the
Franklin
Templeton/Legg
Mason
fund
complex,
are
shown
below.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Harris
J.
Ashton
(1932)
Trustee
Since
2000
119
Bar-S
Foods
(meat
packing
company)
(1981-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Director,
RBC
Holdings,
Inc.
(bank
holding
company)
(until
2002);
and
President,
Chief
Executive
Officer
and
Chairman
of
the
Board,
General
Host
Corporation
(nursery
and
craft
centers)
(until
1998).
Terrence
J.
Checki
(1945)
Trustee
Since
2017
119
Hess
Corporation
(exploration
of
oil
and
gas)
(2014-present).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Member
of
the
Council
on
Foreign
Relations
(1996-present);
Member
of
the
National
Committee
on
U.S.-China
Relations
(1999-present);
member
of
the
board
of
trustees
of
the
Economic
Club
of
New
York
(2013-present);
member
of
the
board
of
trustees
of
the
Foreign
Policy
Association
(2005-present);
member
of
the
board
of
directors
of
Council
of
the
Americas
(2007-present)
and
the
Tallberg
Foundation
(2018-present);
and
formerly
,
Executive
Vice
President
of
the
Federal
Reserve
Bank
of
New
York
and
Head
of
its
Emerging
Markets
and
Internal
Affairs
Group
and
Member
of
Management
Committee
(1995-2014);
and
Visiting
Fellow
at
the
Council
on
Foreign
Relations
(2014).
Mary
C.
Choksi
(1950)
Trustee
Since
2014
119
Omnicom
Group
Inc.
(advertising
and
marketing
communications
services)
(2011-present)
and
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2017-present);
and
formerly
,
Avis
Budget
Group
Inc.
(car
rental)
(2007-2020).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(investment
management
group)
(2015-2017);
Founding
Partner
and
Senior
Managing
Director,
Strategic
Investment
Group
(1987-2015);
Founding
Partner
and
Managing
Director,
Emerging
Markets
Management
LLC
(investment
management
firm)
(1987-2011);
and
Loan
Officer/Senior
Loan
Officer/Senior
Pension
Investment
Officer,
World
Bank
Group
(international
financial
institution)
(1977-1987).
Franklin
Global
Trust
37
ftinstitutional.com
Annual
Report
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Edith
E.
Holiday
(1952)
Lead
Independent
Trustee
Trustee
since
2000
and
Lead
Independent
Trustee
since
2019
119
Hess
Corporation
(exploration
of
oil
and
gas)
(1993-present),
Santander
Consumer
USA
Holdings,
Inc.
(consumer
finance)
(2016-present);
Santander
Holdings
USA
(holding
company)
(2019-present);
and
formerly
,
Canadian
National
Railway
(railroad)
(2001-2021),
White
Mountains
Insurance
Group,
Ltd.
(holding
company)
(2004-
2021),
RTI
International
Metals,
Inc.
(manufacture
and
distribution
of
titanium)
(1999-2015)
and
H.J.
Heinz
Company
(processed
foods
and
allied
products)
(1994-2013).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
or
Trustee
of
various
companies
and
trusts;
and
formerly
,
Assistant
to
the
President
of
the
United
States
and
Secretary
of
the
Cabinet
(1990-1993);
General
Counsel
to
the
United
States
Treasury
Department
(1989-1990);
and
Counselor
to
the
Secretary
and
Assistant
Secretary
for
Public
Affairs
and
Public
Liaison-United
States
Treasury
Department
(1988-1989).
J.
Michael
Luttig
(1954)
Trustee
Since
2009
119
Boeing
Capital
Corporation
(aircraft
financing)
(2006-2010).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Counselor
and
Special
Advisor
to
the
CEO
and
Board
of
Directors
of
The
Coca-Cola
Company
(beverage
company)
(2021-present);
and
formerly
,
Counselor
and
Senior
Advisor
to
the
Chairman,
CEO,
and
Board
of
Directors,
of
The
Boeing
Company
(aerospace
company),
and
member
of
the
Executive
Council
(2019-2020);
Executive
Vice
President,
General
Counsel
and
member
of
the
Executive
Council,
The
Boeing
Company
(2006-2019);
and
Federal
Appeals
Court
Judge,
United
States
Court
of
Appeals
for
the
Fourth
Circuit
(1991-2006).
Larry
D.
Thompson
(1945)
Trustee
Since
2007
119
Graham
Holdings
Company
(education
and
media
organization)
(2011-2021);
The
Southern
Company
(energy
company)
(2014-2020;
previously
2010-
2012)
and
Cbeyond,
Inc.
(business
communications
provider)
(2010-
2012).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
Counsel,
Finch
McCranie,
LLP
(law
firm)
(2015-present);
John
A.
Sibley
Professor
of
Corporate
and
Business
Law,
University
of
Georgia
School
of
Law
(2015-present;
previously
2011-2012);
and
formerly
,
Independent
Compliance
Monitor
and
Auditor,
Volkswagen
AG
(manufacturer
of
automobiles
and
commercial
vehicles)
(2017-2020);
Executive
Vice
President
-
Government
Affairs,
General
Counsel
and
Corporate
Secretary,
PepsiCo,
Inc.
(consumer
products)
(2012-2014);
Senior
Vice
President
-
Government
Affairs,
General
Counsel
and
Secretary,
PepsiCo,
Inc.
(2004-2011);
Senior
Fellow
of
The
Brookings
Institution
(2003-2004);
Visiting
Professor,
University
of
Georgia
School
of
Law
(2004);
and
Deputy
Attorney
General,
U.S.
Department
of
Justice
(2001-2003).
Independent
Board
Members
(continued)
Franklin
Global
Trust
38
ftinstitutional.com
Annual
Report
Interested
Board
Members
and
Officers
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Valerie
M.
Williams
(1956)
Trustee
Since
2021
110
Omnicom
Group,
Inc.
(advertising
and
marketing
communications
services)
(2016-present),
DTE
Energy
Co.
(gas
and
electric
utility)
(2018-present),
Devon
Energy
Corporation
(exploration
and
production
of
oil
and
gas)
(2021-present);
and
formerly
,
WPX
Energy,
Inc.
(exploration
and
production
of
oil
and
gas)
(2018-
2021).
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
of
various
companies;
and
formerly
,
Regional
Assurance
Managing
Partner,
Ernst
&
Young
LLP
(public
accounting)
(2005-2016)
and
various
roles
of
increasing
responsibility
at
Ernst
&
Young
(1981-2005).
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Gregory
E.
Johnson
2
(1961)
Chairman
of
the
Board
and
Trustee
Chairman
of
the
Board
since
January
2023
and
Trustee
since
2007
129
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Executive
Chairman,
Chairman
of
the
Board
and
Director,
Franklin
Resources,
Inc.;
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
Vice
Chairman,
Investment
Company
Institute;
and
formerly
,
Chief
Executive
Officer
(2013-2020)
and
President
(1994-2015)
Franklin
Resources,
Inc.
Rupert
H.
Johnson,
Jr.
3
(1940)
Trustee
Since
2013
119
None
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Director
(Vice
Chairman),
Franklin
Resources,
Inc.;
Director,
Franklin
Advisers,
Inc.;
and
officer
and/or
director
or
trustee,
as
the
case
may
be,
of
some
of
the
other
subsidiaries
of
Franklin
Resources,
Inc.
and
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Ted
P.
Becker
(1951)
Chief
Compliance
Officer
Since
June
2023
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Vice
President,
Global
Compliance
of
Franklin
Templeton
(since
2020);
Chief
Compliance
Officer
of
Legg
Mason
Partners
Fund
Advisor,
LLC
(since
2006);
Chief
Compliance
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Director
of
Global
Compliance
at
Legg
Mason
(2006
to
2020);
Managing
Director
of
Compliance
of
Legg
Mason
&
Co.
(2005
to
2020).
Matthew
T.
Hinkle
(1971)
Chief
Executive
Officer
-
Finance
and
Administration
Since
2017
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Vice
President,
Franklin
Templeton
Services,
LLC;
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex;
and
formerly
,
Vice
President,
Global
Tax
(2012-April
2017)
and
Treasurer/Assistant
Treasurer,
Franklin
Templeton
(2009-2017).
Independent
Board
Members
(continued)
Franklin
Global
Trust
39
ftinstitutional.com
Annual
Report
Note
1:
Rupert
H.
Johnson,
Jr.
is
the
uncle
of
Gregory
E.
Johnson.
Note
2:
Officer
information
is
current
as
of
the
date
of
this
report.
It
is
possible
that
after
this
date,
information
about
officers
may
change.
1.
We
base
the
number
of
portfolios
on
each
separate
series
of
the
U.S.
registered
investment
companies
within
the
Franklin
Templeton/Legg
Mason
fund
complex.
These
portfolios
have
a
common
investment
manager
or
affiliated
investment
managers.
2.
Gregory
E.
Johnson
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
of
Franklin
Resources,
Inc.
(Resources),
which
is
the
parent
company
of
the
Fund’s
investment
manager
and
distributor.
3.
Rupert
H.
Johnson,
Jr.
is
considered
to
be
an
interested
person
of
the
Fund
under
the
federal
securities
laws
due
to
his
position
as
an
officer
and
director
and
a
major
shareholder
of
Resources,
which
is
the
parent
company
of
the
Fund's
investment
manager
and
distributor.
The
Sarbanes-Oxley
Act
of
2002
and
Rules
adopted
by
the
Securities
and
Exchange
Commission
require
the
Fund
to
disclose
whether
the
Fund’s
Audit
Committee
includes
at
least
one
member
who
is
an
audit
committee
financial
expert
within
the
meaning
of
such
Act
and
Rules.
The
Fund’s
Board
has
determined
that
there
is
at
least
one
such
financial
expert
on
the
Audit
Committee
and
has
designated
Mary
C.
Choksi
as
its
audit
committee
financial
expert.
The
Board
believes
that
Ms.
Choksi
qualifies
as
such
an
expert
in
view
of
her
extensive
business
background
and
experience.
She
served
as
a
director
of
Avis
Budget
Group,
Inc.
(2007
to
2020)
and
formerly,
Founder
and
Senior
Advisor,
Strategic
Investment
Group
(1987
to
2017).
Ms.
Choksi
has
been
a
Member
of
the
Fund’s
Audit
Committee
since
2014.
As
a
result
of
such
background
and
experience,
the
Board
believes
that
Ms.
Choksi
has
acquired
an
understanding
of
generally
accepted
accounting
principles
and
financial
statements,
the
general
application
of
such
principles
in
connection
with
the
accounting
estimates,
accruals
and
reserves,
and
analyzing
and
evaluating
financial
statements
that
present
a
breadth
and
level
of
complexity
of
accounting
issues
generally
comparable
to
those
of
the
Fund,
as
well
as
an
understanding
of
internal
controls
and
procedures
for
financial
reporting
and
an
understanding
of
audit
committee
functions.
Ms.
Choksi
is
an
independent
Board
member
as
that
term
is
defined
under
the
relevant
Securities
and
Exchange
Commission
Rules
and
Releases.
The
Statement
of
Additional
Information
(SAI)
includes
additional
information
about
the
board
members
and
is
available,
without
charge,
upon
request.
Shareholders
may
call
(800)
DIAL
BEN/342-5236
to
request
the
SAI.
Name,
Year
of
Birth
and
Address
Position
Length
of
Time
Served
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member
1
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Susan
Kerr
(1949)
Vice
President
–
AML
Compliance
Since
2021
Not
Applicable
Not
Applicable
280
Park
Avenue
New
York,
NY
10017
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Compliance
Analyst,
Franklin
Templeton;
Chief
Anti-Money
Laundering
Compliance
Officer,
Legg
Mason
&
Co.,
or
its
affiliates;
Anti
Money
Laundering
Compliance
Officer;
Senior
Compliance
Officer,
LMIS;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Christopher
Kings
(1974)
Chief
Financial
Officer,
Chief
Accounting
Officer
and
Treasurer
Since
2022
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Treasurer,
U.S.
Fund
Administration
&
Reporting;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Edward
D.
Perks
(1970)
President
and
Chief
Executive
Officer
–
Investment
Management
Since
2018
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
President
and
Director,
Franklin
Advisers,
Inc.;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Navid
J.
Tofigh
(1972)
Vice
President
and
Secretary
Vice
President
since
2015
and
Secretary
since
June
2023
Not
Applicable
Not
Applicable
One
Franklin
Parkway
San
Mateo,
CA
94403-1906
Principal
Occupation
During
at
Least
the
Past
5
Years:
Senior
Associate
General
Counsel,
Franklin
Templeton;
and
officer
of
certain
funds
in
the
Franklin
Templeton/Legg
Mason
fund
complex.
Interested
Board
Members
and
Officers
(continued)
Franklin
Global
Trust
Shareholder
Information
40
ftinstitutional.com
Annual
Report
Board
Approval
of
Investment
Management
Agreements
FRANKLIN
GLOBAL
TRUST
Franklin
Emerging
Market
Debt
Opportunities
Fund
(Fund)
March
27,
2023
15(c)
Meeting
At
a
meeting
held
on
March
27,
2023
(March
Meeting),
the
Board
of
Trustees
(Board)
of
Franklin
Global
Trust
(Trust),
including
a
majority
of
the
trustees
who
are
not
“interested
persons”
as
defined
in
the
Investment
Company
Act
of
1940
(Independent
Trustees),
reviewed
and
approved
the
continuance
of
the
investment
management
agreement
between
Franklin
Templeton
Investment
Management
Limited
(Manager)
and
the
Trust,
on
behalf
of
the
Fund
(Management
Agreement),
for
the
period
May
1,
2023
through
June
30,
2023
(Stub
Period).
The
Independent
Trustees
noted
that
the
Fund’s
annual
contract
review
was
historically
held
at
the
February
Board
meeting
and
that
management
proposed
to
move
the
contract
review
to
the
May
Board
meeting.
The
Independent
Trustees
further
noted
management’s
explanation
that,
to
effect
this
change,
the
Board
needed
to
consider
the
renewal
of
the
Fund’s
Management
Agreement
prior
to
its
current
April
30,
2023
expiration
date.
The
Independent
Trustees
also
noted
that
management
would
ask
them
to
consider
the
continuation
of
the
Management
Agreement
again
at
the
May
Board
meeting
for
the
12-month
period
beginning
July
1,
2023.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
in
considering
whether
to
approve
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
In
considering
the
continuation
of
the
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
March
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
March
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters;
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
reviewed
and
considered
prior
to
and
at
the
March
Meeting.
The
Board
reviewed
and
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
the
Management
Agreement,
including,
but
not
limited
to:
(i)
the
nature,
extent
and
quality
of
the
services
provided
by
the
Manager;
(ii)
the
investment
performance
of
the
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
the
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
the
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors
(Factors).
In
approving
the
continuance
of
the
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
Fund
and
its
shareholders.
While
attention
was
given
to
all
information
furnished,
the
following
discusses
some
primary
factors
relevant
to
the
Board’s
determination.
Nature,
Extent
and
Quality
of
Services
The
Board
reviewed
and
considered
information
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
This
information
included,
among
other
things,
the
qualifications,
background
and
experience
of
the
senior
management
and
investment
personnel
of
the
Manager,
as
well
as
information
on
succession
planning
where
appropriate;
the
structure
of
investment
personnel
compensation;
oversight
of
third-party
service
providers;
investment
performance
reports
and
related
financial
information
for
the
Fund;
reports
on
expenses
and
shareholder
services;
legal
and
compliance
matters;
risk
controls;
pricing
and
other
services
provided
by
the
Manager
and
its
affiliates;
and
management
fees
charged
by
the
Manager
and
its
affiliates
to
US
funds
and
other
accounts,
including
management’s
explanation
of
differences
among
accounts
where
relevant.
The
Board
also
reviewed
and
considered
an
annual
report
on
payments
made
by
Franklin
Templeton
(FT)
or
the
Fund
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
management’s
continued
development
of
strategies
to
address
areas
of
heightened
concern
in
the
mutual
fund
industry,
including
various
regulatory
initiatives
and
continuing
geopolitical
concerns.
The
Board
also
considered
the
investment
management
services
that
the
Manager
provides
to
the
Franklin
Global
Trust
Shareholder
Information
41
ftinstitutional.com
Annual
Report
Cayman
Islands-based
company,
which
is
wholly
owned
by
the
Fund
(Cayman
Subsidiary).
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager’s
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
reassessment
of
the
fund
offerings
in
response
to
the
market
environment
and
project
initiatives
and
capital
investments
relating
to
the
services
provided
to
the
Fund
by
the
FT
organization.
The
Board
specifically
noted
FT’s
commitment
to
technological
innovation
and
advancement
and
investments
to
promote
alternative
investing.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
the
Manager
and
its
affiliates
to
the
Fund
and
its
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
the
Fund
over
various
time
periods
ended
December
31,
2022.
The
Board
considered
the
performance
returns
for
the
Fund
in
comparison
to
the
performance
returns
of
mutual
funds
deemed
comparable
to
the
Fund
included
in
a
universe
(Performance
Universe)
selected
by
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
an
independent
provider
of
investment
company
data.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
a
Performance
Universe.
The
Board
also
reviewed
and
considered
Fund
performance
reports
provided
and
discussions
that
occurred
with
portfolio
managers
at
Board
meetings
throughout
the
year.
A
summary
of
the
Fund’s
performance
results
is
below.
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
emerging
markets
hard
currency
debt
funds.
The
Board
noted
that
the
Fund’s
annualized
total
return
for
the
one-,
three-,
five-
and
10-year
periods
was
above
the
median
and
in
the
first
quintile
(best)
of
its
Performance
Universe.
The
Board
also
noted
that
the
Fund’s
annualized
income
return
for
the
one-,
five-
and
10-year
periods
was
above
the
median
of
its
Performance
Universe,
but
for
the
three-year
period
was
below
the
median
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund’s
performance
was
satisfactory.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
the
Fund’s
actual
total
expense
ratio
and
its
various
components,
including,
as
applicable,
management
fees;
transfer
agent
expenses;
underlying
fund
expenses;
Rule
12b-1
and
non-Rule
12b-1
service
fees;
and
other
non-
management
fees.
The
Board
also
noted
the
quarterly
and
annual
reports
it
receives
on
all
marketing
support
payments
made
by
FT
to
financial
intermediaries.
The
Board
considered
the
actual
total
expense
ratio
and,
separately,
the
contractual
management
fee
rate,
without
the
effect
of
fee
waivers,
if
any
(Management
Rate)
of
the
Fund
in
comparison
to
the
median
expense
ratio
and
median
Management
Rate,
respectively,
of
other
mutual
funds
deemed
comparable
to
and
with
a
similar
expense
structure
to
the
Fund
selected
by
Broadridge
(Expense
Group).
Broadridge
fee
and
expense
data
is
based
upon
information
taken
from
each
fund’s
most
recent
annual
or
semi-annual
report,
which
reflects
historical
asset
levels
that
may
be
quite
different
from
those
currently
existing,
particularly
in
a
period
of
market
volatility.
While
recognizing
such
inherent
limitation
and
the
fact
that
expense
ratios
and
Management
Rates
generally
increase
as
assets
decline
and
decrease
as
assets
grow,
the
Board
believed
the
independent
analysis
conducted
by
Broadridge
to
be
an
appropriate
measure
of
comparative
fees
and
expenses.
The
Broadridge
Management
Rate
includes
administrative
charges,
and
the
actual
total
expense
ratio,
for
comparative
consistency,
was
shown
for
Institutional
Class,
Class
I,
Class
IS,
Class
P,
Class
SI
and
Class
Z
shares
for
funds
in
the
Expense
Group.
The
Board
received
a
description
of
the
methodology
used
by
Broadridge
to
select
the
mutual
funds
included
in
an
Expense
Group.
The
Board
also
considered
the
investment
management
services
that
the
Manager
provides
to
the
Cayman
Subsidiary
and
the
related
fee
waivers
that
were
in
place.
The
Expense
Group
for
the
Fund
included
the
Fund
and
14
other
emerging
markets
hard
currency
debt
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
for
the
Fund
were
above
the
medians
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund’s
actual
total
expense
ratio
reflected
a
fee
waiver
from
management.
The
Board
acknowledged
management’s
explanation
that
there
are
additional
complexities
and
expenses
associated
with
the
management
of
the
specialized
portfolio,
which
includes
a
wider
universe
and,
at
times,
smaller,
less
liquid
issuers
than
peers.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Global
Trust
Shareholder
Information
42
ftinstitutional.com
Annual
Report
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
the
Manager
and
its
affiliates
in
connection
with
the
operation
of
the
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Manager
that
addresses
the
overall
profitability
of
FT’s
US
fund
business,
as
well
as
its
profits
in
providing
investment
management
and
other
services
to
each
of
the
individual
funds
during
the
12-month
period
ended
September
30,
2022,
being
the
most
recent
fiscal
year-
end
for
FRI.
The
Board
noted
that
although
management
continually
makes
refinements
to
its
methodologies
used
in
calculating
profitability
in
response
to
organizational
and
product-related
changes,
the
overall
methodology
has
remained
consistent
with
that
used
in
the
Fund’s
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
PricewaterhouseCoopers
LLP,
auditor
to
FRI
and
certain
FT
funds,
has
been
engaged
by
the
Manager
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Fund’s
Board
with
respect
to
the
profitability
analysis.
The
Board
noted
management’s
belief
that
costs
incurred
in
establishing
the
infrastructure
necessary
for
the
type
of
mutual
fund
operations
conducted
by
the
Manager
and
its
affiliates
may
not
be
fully
reflected
in
the
expenses
allocated
to
the
Fund
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
As
part
of
this
evaluation,
the
Board
considered
management’s
outsourcing
of
certain
operations,
which
effort
has
required
considerable
upfront
expenditures
by
the
Manager
but,
over
the
long
run
is
expected
to
result
in
greater
efficiencies.
The
Board
also
noted
management’s
expenditures
in
improving
shareholder
services
provided
to
the
Fund,
as
well
as
the
need
to
implement
systems
and
meet
additional
regulatory
and
compliance
requirements
resulting
from
recent
US
Securities
and
Exchange
Commission
and
other
regulatory
requirements.
The
Board
also
considered
the
extent
to
which
the
Manager
and
its
affiliates
might
derive
ancillary
benefits
from
fund
operations,
including
revenues
generated
from
transfer
agent
services,
potential
benefits
resulting
from
personnel
and
systems
enhancements
necessitated
by
fund
growth,
as
well
as
increased
leverage
with
service
providers
and
counterparties.
Based
upon
its
consideration
of
all
these
factors,
the
Board
concluded
that
the
level
of
profits
realized
by
the
Manager
and
its
affiliates
from
providing
services
to
the
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
the
Manager
may
realize
economies
of
scale,
if
any,
as
the
Fund
grows
larger
and
whether
the
Fund’s
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
the
Fund’s
shareholders
by
reducing
the
Fund’s
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager’s
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Fund
does
not
have
an
asset
size
that
would
likely
enable
the
Fund
to
achieve
economies
of
scale,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
the
Manager
and
its
affiliates,
the
Fund’s
management
fee
structure
provided
a
sharing
of
benefits
with
the
Fund
and
its
shareholders
as
the
Fund
grows.
Conclusion
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
the
Stub
Period.
May
24,
2023
15(c)
Meeting
At
a
meeting
held
on
May
24,
2023
(May
Meeting),
the
Board
reviewed
and
approved
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
The
Board
noted
its
review
and
consideration
of
the
information
it
received
in
connection
with
both
the
March
Meeting
and
the
May
Meeting.
In
particular,
the
Board
reviewed
and
considered
information
provided
in
response
to
a
follow-up
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees,
which
included
information
on
Fund
performance
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
other
Factors.
The
Board
determined
that
the
conclusions
it
made
at
the
March
Meeting
had
not
changed.
Based
on
its
review,
consideration
and
evaluation
of
all
factors
it
believed
relevant,
including
the
above-described
Factors
and
conclusions,
the
Board
unanimously
approved
the
continuation
of
the
Management
Agreement
for
an
additional
twelve-month
period
beginning
July
1,
2023.
Franklin
Global
Trust
Shareholder
Information
43
ftinstitutional.com
Annual
Report
Liquidity
Risk
Management
Program
Each
of
the
Franklin
Templeton
and
Legg
Mason
Funds
has
adopted
and
implemented
a
written
Liquidity
Risk
Management
Program
(the
“LRMP”)
as
required
by
Rule
22e-4
under
the
Investment
Company
Act
of
1940
(the
“Liquidity
Rule”).
The
LRMP
is
designed
to
assess
and
manage
each
Fund’s
liquidity
risk,
which
is
defined
as
the
risk
that
the
Fund
could
not
meet
requests
to
redeem
shares
issued
by
the
Fund
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
In
accordance
with
the
Liquidity
Rule,
the
LRMP
includes
policies
and
procedures
that
provide
for:
(1)
assessment,
management,
and
review
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk;
(2)
classification
of
each
Fund’s
portfolio
holdings
into
one
of
four
liquidity
categories
(Highly
Liquid,
Moderately
Liquid,
Less
Liquid,
and
Illiquid);
(3)
for
Funds
that
do
not
primarily
hold
assets
that
are
Highly
Liquid,
establishing
and
maintaining
a
minimum
percentage
of
the
Fund’s
net
assets
in
Highly
Liquid
investments
(called
a
“Highly
Liquid
Investment
Minimum”
or
“HLIM”);
and
(4)
prohibiting
the
Fund’s
acquisition
of
Illiquid
investments
that
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
assets.
The
LRMP
also
requires
reporting
to
the
Securities
and
Exchange
Commission
(“SEC”)
(on
a
non-public
basis)
and
to
the
Board
if
the
Fund’s
holdings
of
Illiquid
assets
exceed
15%
of
the
Fund’s
net
assets.
Funds
with
HLIMs
must
have
procedures
for
addressing
HLIM
shortfalls,
including
reporting
to
the
Board
and,
with
respect
to
HLIM
shortfalls
lasting
more
than
seven
consecutive
calendar
days,
reporting
to
the
SEC
(on
a
non-public
basis).
The
Director
of
Liquidity
Risk
within
the
Investment
Risk
Management
Group
(the
“IRMG”)
is
the
appointed
Administrator
of
the
LRMP.
The
IRMG
maintains
the
Investment
Liquidity
Committee
(the
“ILC”)
to
provide
oversight
and
administration
of
policies
and
procedures
governing
liquidity
risk
management
for
Franklin
Templeton
and
Legg
Mason
products
and
portfolios.
The
ILC
includes
representatives
from
Franklin
Templeton’s
Risk,
Trading,
Global
Compliance,
Legal,
Investment
Compliance,
Investment
Operations,
Valuation
Committee,
Product
Management
and
Global
Product
Strategy.
In
assessing
and
managing
each
Fund’s
liquidity
risk,
the
ILC
considers,
as
relevant,
a
variety
of
factors,
including
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions;
its
short
and
long-term
cash
flow
projections;
and
its
cash
holdings
and
access
to
other
funding
sources
including
the
Funds’
interfund
lending
facility
and
line
of
credit.
Classification
of
the
Fund’s
portfolio
holdings
in
the
four
liquidity
categories
is
based
on
the
number
of
days
it
is
reasonably
expected
to
take
to
convert
the
investment
to
cash
(for
Highly
Liquid
and
Moderately
Liquid
holdings)
or
sell
or
dispose
of
the
investment
(for
Less
Liquid
and
Illiquid
investments),
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
Each
Fund
primarily
holds
liquid
assets
that
are
defined
under
the
Liquidity
Rule
as
"Highly
Liquid
Investments,"
and
therefore
is
not
required
to
establish
an
HLIM.
Highly
Liquid
Investments
are
defined
as
cash
and
any
investment
reasonably
expected
to
be
convertible
to
cash
in
current
market
conditions
in
three
business
days
or
less
without
the
conversion
to
cash
significantly
changing
the
market
value
of
the
investment.
At
meetings
of
the
Funds’
Board
of
Trustees
held
in
May
2023,
the
Program
Administrator
provided
a
written
report
to
the
Board
addressing
the
adequacy
and
effectiveness
of
the
program
for
the
year
ended
December
31,
2022.
The
Program
Administrator
report
concluded
that
(i.)
the
LRMP,
as
adopted
and
implemented,
remains
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk;
(ii.)
the
LRMP,
including
the
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
was
implemented
and
operated
effectively
to
achieve
the
goal
of
assessing
and
managing
each
Fund’s
liquidity
risk;
and
(iii.)
each
Fund
was
able
to
meet
requests
for
redemption
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
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.
Franklin
Global
Trust
Shareholder
Information
44
ftinstitutional.com
Annual
Report
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
A
09/23
©
2023
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Annual
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.                   
 
 
a)      Audit Fees
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $108,118 for the fiscal year ended July 31, 2023 and $158,808 for the fiscal year ended July 31, 2022.
 
(b)      Audit-Related Fees
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.
 
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  
 
(c)      Tax Fees
There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.
 
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $289,850 for the fiscal year ended July 31, 2023 and $0 for the fiscal year ended July 31, 2022. The services for which these fees were paid included tax compliance services related to year-end and global access to tax platform International Tax View.
 
(d)      All Other Fees
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not  reported in paragraphs (a)-(c) of Item 4 were $0 for the fiscal year ended July 31, 2023 and $1,410 for the fiscal year ended July 31, 2022. The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process. 
 
The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $359,815 for the fiscal year ended July 31, 2023 and $529,803 for the fiscal year ended July 31, 2022. The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, compliance examination for Investment Advisor Act rule 206-4 (2), professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with license for employee development tool ProEdge, professional fees in connection with SOC 1 Reports, professional fees relating to security counts and fees in connection with license for accounting and business knowledge platform Viewpoint.  
 
(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:
 
      (i)   pre-approval of all audit and audit related services;
 
      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;
 
      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and
 
      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.
 
(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.
 
(f) No disclosures are required by this Item 4(f).
 
(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $649,665 for the fiscal year ended July 31, 2023 and $531,213 for the fiscal year ended July 31, 2022.
 
(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
 
(i) N/A
 
 
(j) N/A
 
 
Item 5.  Audit Committee of Listed Registrants.                   N/A
 
 
Item 6.  Schedule of Investments.                                 N/A
 
 
Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                        N/A
 
 
Item 8.  Portfolio Managers of Closed-End Management Investment Companies. N/A
 
 
Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.                       N/A
 
 
Item 10.  Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
 Evaluation of Disclosure Controls and Procedures
.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b)
 Changes in Internal Controls
.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                   N/A
 
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN GLOBAL TRUST
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  September 26, 2023
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  September 26, 2023
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  September 26, 2023