Franklin Global Trust
09/26/2025 | Press release | Distributed by Public on 09/26/2025 12:24
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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
Franklin Templeton
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: July 31
Date of reporting period: July 31, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS |
(a) The Report to Shareholders is filed herewith
|
Franklin International Growth Fund
|
||
|
Class A[FNGAX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin International Growth Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class A
|
$114
|
1.11%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class A shares of Franklin International Growth Fund returned 5.28%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 12.77% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Canada-based e-commerce infrastructure provider Shopify boosted returns as its results underlined the company's continued momentum internationally and moving upmarket, as well as allaying previous fears that it would be impacted by weaker consumer spending.
|
|
↑
|
CyberArk Software, an Israel-based provider of identity security software solutions, performed strongly after delivering impressive growth that reflected robust demand for its products. Towards the end of the period, the company agreed to a takeover bid from fellow cybersecurity firm Palo Alto Networks.
|
|
↑
|
Shares in Germany-based MTU Aero Engines rose after it delivered significant increases in sales and earnings during the period, with particularly strong growth in its commercial aircraft business.
|
|
Top detractors from performance:
|
|
|
↓
|
German apparel and footwear manufacturer PUMA detracted after struggling to execute on the strategy outlined early in 2024, as it grappled with weaker consumer spending, tariff uncertainty and slowing growth in Latin America, where its profit margins are relatively high.
|
|
↓
|
Daiichi Sankyo, a Japanese drugmaker, weighed on returns amid disappointment that the company had not increased its earnings guidance despite several new drug approvals. Uncertainty around the path forward for the company's lung cancer drug Dato-DXd was a further headwind.
|
|
↓
|
U.K.-based industrial and electronics components and products distributor RS Group had a negative impact mainly due to concerns about a weak industrial backdrop, especially in Europe, and the uncertain timing of a potential inflection point in the current destocking cycle.
|
| Franklin International Growth Fund | PAGE 1 | 429-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) -
Class A 7/31/2015 - 7/31/2025
Class A 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class A
|
5.28
|
1.24
|
6.16
|
|
Class A (with sales charge)
|
-0.52
|
0.10
|
5.56
|
|
MSCI All Country World ex-U.S. Index-NR
|
14.73
|
9.11
|
6.12
|
|
MSCI EAFE Index-NR
|
12.77
|
10.34
|
6.14
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$859,600,752
|
|
Total Number of Portfolio Holdings*
|
36
|
|
Total Management Fee Paid
|
$6,021,460
|
|
Portfolio Turnover Rate
|
25.70%
|
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 429-ATSR-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
On December 1, 2024, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in the industrials sector.
Related disclosure regarding the risks of investing in securities in the industrials sector was also added to the Fund's principal risks.
In addition, effective June 30, 2025, John Remmert stepped down as a portfolio manager of the Fund and Samantha Mathews was added as a portfolio manager of the Fund.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 429-ATSR-0925 |
|
Franklin International Growth Fund
|
||
|
Class C[FNGDX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin International Growth Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class C
|
$190
|
1.86%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class C shares of Franklin International Growth Fund returned 4.48%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 12.77% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Canada-based e-commerce infrastructure provider Shopify boosted returns as its results underlined the company's continued momentum internationally and moving upmarket, as well as allaying previous fears that it would be impacted by weaker consumer spending.
|
|
↑
|
CyberArk Software, an Israel-based provider of identity security software solutions, performed strongly after delivering impressive growth that reflected robust demand for its products. Towards the end of the period, the company agreed to a takeover bid from fellow cybersecurity firm Palo Alto Networks.
|
|
↑
|
Shares in Germany-based MTU Aero Engines rose after it delivered significant increases in sales and earnings during the period, with particularly strong growth in its commercial aircraft business.
|
|
Top detractors from performance:
|
|
|
↓
|
German apparel and footwear manufacturer PUMA detracted after struggling to execute on the strategy outlined early in 2024, as it grappled with weaker consumer spending, tariff uncertainty and slowing growth in Latin America, where its profit margins are relatively high.
|
|
↓
|
Daiichi Sankyo, a Japanese drugmaker, weighed on returns amid disappointment that the company had not increased its earnings guidance despite several new drug approvals. Uncertainty around the path forward for the company's lung cancer drug Dato-DXd was a further headwind.
|
|
↓
|
U.K.-based industrial and electronics components and products distributor RS Group had a negative impact mainly due to concerns about a weak industrial backdrop, especially in Europe, and the uncertain timing of a potential inflection point in the current destocking cycle.
|
| Franklin International Growth Fund | PAGE 1 | 248-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class C 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class C
|
4.48
|
0.48
|
5.36
|
|
Class C (with sales charge)
|
3.48
|
0.48
|
5.36
|
|
MSCI All Country World ex-U.S. Index-NR
|
14.73
|
9.11
|
6.12
|
|
MSCI EAFE Index-NR
|
12.77
|
10.34
|
6.14
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$859,600,752
|
|
Total Number of Portfolio Holdings*
|
36
|
|
Total Management Fee Paid
|
$6,021,460
|
|
Portfolio Turnover Rate
|
25.70%
|
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 248-ATSR-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
HOW HAS THE FUND CHANGED?
On December 1, 2024, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in the industrials sector.
Related disclosure regarding the risks of investing in securities in the industrials sector was also added to the Fund's principal risks.
In addition, effective June 30, 2025, John Remmert stepped down as a portfolio manager of the Fund and Samantha Mathews was added as a portfolio manager of the Fund.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 248-ATSR-0925 |
|
Franklin International Growth Fund
|
||
|
Class R[FNGRX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin International Growth Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R
|
$139
|
1.36%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class R shares of Franklin International Growth Fund returned 5.04%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 12.77% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Canada-based e-commerce infrastructure provider Shopify boosted returns as its results underlined the company's continued momentum internationally and moving upmarket, as well as allaying previous fears that it would be impacted by weaker consumer spending.
|
|
↑
|
CyberArk Software, an Israel-based provider of identity security software solutions, performed strongly after delivering impressive growth that reflected robust demand for its products. Towards the end of the period, the company agreed to a takeover bid from fellow cybersecurity firm Palo Alto Networks.
|
|
↑
|
Shares in Germany-based MTU Aero Engines rose after it delivered significant increases in sales and earnings during the period, with particularly strong growth in its commercial aircraft business.
|
|
Top detractors from performance:
|
|
|
↓
|
German apparel and footwear manufacturer PUMA detracted after struggling to execute on the strategy outlined early in 2024, as it grappled with weaker consumer spending, tariff uncertainty and slowing growth in Latin America, where its profit margins are relatively high.
|
|
↓
|
Daiichi Sankyo, a Japanese drugmaker, weighed on returns amid disappointment that the company had not increased its earnings guidance despite several new drug approvals. Uncertainty around the path forward for the company's lung cancer drug Dato-DXd was a further headwind.
|
|
↓
|
U.K.-based industrial and electronics components and products distributor RS Group had a negative impact mainly due to concerns about a weak industrial backdrop, especially in Europe, and the uncertain timing of a potential inflection point in the current destocking cycle.
|
| Franklin International Growth Fund | PAGE 1 | 868-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R
|
5.04
|
0.99
|
5.89
|
|
MSCI All Country World ex-U.S. Index-NR
|
14.73
|
9.11
|
6.12
|
|
MSCI EAFE Index-NR
|
12.77
|
10.34
|
6.14
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$859,600,752
|
|
Total Number of Portfolio Holdings*
|
36
|
|
Total Management Fee Paid
|
$6,021,460
|
|
Portfolio Turnover Rate
|
25.70%
|
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 868-ATSR-0925 |
HOW HAS THE FUND CHANGED?
On December 1, 2024, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in the industrials sector.
Related disclosure regarding the risks of investing in securities in the industrials sector was also added to the Fund's principal risks.
In addition, effective June 30, 2025, John Remmert stepped down as a portfolio manager of the Fund and Samantha Mathews was added as a portfolio manager of the Fund.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 868-ATSR-0925 |
|
Franklin International Growth Fund
|
||
|
Class R6[FILRX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin International Growth Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Class R6
|
$77
|
0.75%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Class R6 shares of Franklin International Growth Fund returned 5.68%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 12.77% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Canada-based e-commerce infrastructure provider Shopify boosted returns as its results underlined the company's continued momentum internationally and moving upmarket, as well as allaying previous fears that it would be impacted by weaker consumer spending.
|
|
↑
|
CyberArk Software, an Israel-based provider of identity security software solutions, performed strongly after delivering impressive growth that reflected robust demand for its products. Towards the end of the period, the company agreed to a takeover bid from fellow cybersecurity firm Palo Alto Networks.
|
|
↑
|
Shares in Germany-based MTU Aero Engines rose after it delivered significant increases in sales and earnings during the period, with particularly strong growth in its commercial aircraft business.
|
|
Top detractors from performance:
|
|
|
↓
|
German apparel and footwear manufacturer PUMA detracted after struggling to execute on the strategy outlined early in 2024, as it grappled with weaker consumer spending, tariff uncertainty and slowing growth in Latin America, where its profit margins are relatively high.
|
|
↓
|
Daiichi Sankyo, a Japanese drugmaker, weighed on returns amid disappointment that the company had not increased its earnings guidance despite several new drug approvals. Uncertainty around the path forward for the company's lung cancer drug Dato-DXd was a further headwind.
|
|
↓
|
U.K.-based industrial and electronics components and products distributor RS Group had a negative impact mainly due to concerns about a weak industrial backdrop, especially in Europe, and the uncertain timing of a potential inflection point in the current destocking cycle.
|
| Franklin International Growth Fund | PAGE 1 | 368-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Class R6 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Class R6
|
5.68
|
1.61
|
6.57
|
|
MSCI All Country World ex-U.S. Index-NR
|
14.73
|
9.11
|
6.12
|
|
MSCI EAFE Index-NR
|
12.77
|
10.34
|
6.14
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$859,600,752
|
|
Total Number of Portfolio Holdings*
|
36
|
|
Total Management Fee Paid
|
$6,021,460
|
|
Portfolio Turnover Rate
|
25.70%
|
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 368-ATSR-0925 |
HOW HAS THE FUND CHANGED?
On December 1, 2024, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in the industrials sector.
Related disclosure regarding the risks of investing in securities in the industrials sector was also added to the Fund's principal risks.
In addition, effective June 30, 2025, John Remmert stepped down as a portfolio manager of the Fund and Samantha Mathews was added as a portfolio manager of the Fund.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 368-ATSR-0925 |
|
Franklin International Growth Fund
|
||
|
Advisor Class[FNGZX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin International Growth Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Advisor Class
|
$88
|
0.86%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Advisor Class shares of Franklin International Growth Fund returned 5.59%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 12.77% for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Canada-based e-commerce infrastructure provider Shopify boosted returns as its results underlined the company's continued momentum internationally and moving upmarket, as well as allaying previous fears that it would be impacted by weaker consumer spending.
|
|
↑
|
CyberArk Software, an Israel-based provider of identity security software solutions, performed strongly after delivering impressive growth that reflected robust demand for its products. Towards the end of the period, the company agreed to a takeover bid from fellow cybersecurity firm Palo Alto Networks.
|
|
↑
|
Shares in Germany-based MTU Aero Engines rose after it delivered significant increases in sales and earnings during the period, with particularly strong growth in its commercial aircraft business.
|
|
Top detractors from performance:
|
|
|
↓
|
German apparel and footwear manufacturer PUMA detracted after struggling to execute on the strategy outlined early in 2024, as it grappled with weaker consumer spending, tariff uncertainty and slowing growth in Latin America, where its profit margins are relatively high.
|
|
↓
|
Daiichi Sankyo, a Japanese drugmaker, weighed on returns amid disappointment that the company had not increased its earnings guidance despite several new drug approvals. Uncertainty around the path forward for the company's lung cancer drug Dato-DXd was a further headwind.
|
|
↓
|
U.K.-based industrial and electronics components and products distributor RS Group had a negative impact mainly due to concerns about a weak industrial backdrop, especially in Europe, and the uncertain timing of a potential inflection point in the current destocking cycle.
|
| Franklin International Growth Fund | PAGE 1 | 649-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT - Advisor Class 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Advisor Class
|
5.59
|
1.50
|
6.41
|
|
MSCI All Country World ex-U.S. Index-NR
|
14.73
|
9.11
|
6.12
|
|
MSCI EAFE Index-NR
|
12.77
|
10.34
|
6.14
|
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$859,600,752
|
|
Total Number of Portfolio Holdings*
|
36
|
|
Total Management Fee Paid
|
$6,021,460
|
|
Portfolio Turnover Rate
|
25.70%
|
| * | Does not include derivatives, except purchased options, if any. |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
| Franklin International Growth Fund | PAGE 2 | 649-ATSR-0925 |
HOW HAS THE FUND CHANGED?
On December 1, 2024, disclosure was added to the Fund's principal investment strategies to reflect the Fund's increased exposure to securities in the industrials sector.
Related disclosure regarding the risks of investing in securities in the industrials sector was also added to the Fund's principal risks.
In addition, effective June 30, 2025, John Remmert stepped down as a portfolio manager of the Fund and Samantha Mathews was added as a portfolio manager of the Fund.
This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by December 1, 2025, at https://www.franklintempleton.com/regulatory-fund-documentsor upon request at (800) DIAL BEN/342-5236or
[email protected].
[email protected].
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin International Growth Fund | PAGE 3 | 649-ATSR-0925 |
|
Franklin Emerging Market Debt Opportunities Fund
|
||
|
Advisor Class[FEMDX]
|
||
|
Annual Shareholder Report | July 31, 2025
|
||
This annual shareholder reportcontains important information about Franklin Emerging Market Debt Opportunities Fund for the period August 1, 2024, to July 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
Advisor Class
|
$106
|
1.00%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended July 31, 2025, Advisor Class shares of Franklin Emerging Market Debt Opportunities Fund returned 11.88%. The Fund compares its performance to the JP Morgan EMBI Global Diversified Index, the JP Morgan EMBI Global Diversified ex-GCC Index, the JP Morgan GBI-EM Broad Diversified Index and the ICE BofA Emerging Market Corporate Plus (USD Hedged) Index, which returned 9.32%, 10.15%, 10.44% and 7.15%, respectively, for the same period.
PERFORMANCE HIGHLIGHTS
|
Top contributors to performance:
|
|
|
↑
|
Allocation to Ukraine U.S. dollar bonds, which outperformed due to the successful conclusion of debt restructuring negotiations for Ukraine's outstanding Eurobonds, as well as increased optimism about an end to the war, following the U.S. presidential election.
|
|
↑
|
Allocation to El Salvador U.S. dollar bonds, which performed strongly due to debt management exercises and fiscal consolidation, resulting in an International Monetary Fund program.
|
|
Top detractors from performance:
|
|
|
↓
|
Exposure to the Kazakhstani tenge, which depreciated on looser fiscal policy and a deteriorating inflation outlook.
|
|
↓
|
Exposure to the Turkish lira, which weakened on heightened political risk that prompted emergency central bank tightening measures.
|
| Franklin Emerging Market Debt Opportunities Fund | PAGE 1 | 699-ATSR-0925 |
HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $50,000 INVESTMENT - Advisor Class 7/31/2015 - 7/31/2025
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2025
|
1 Year
|
5 Year
|
10 Year
|
|
|
Advisor Class
|
11.88
|
7.44
|
5.79
|
|
Bloomberg Global Aggregate Index
|
4.40
|
-2.07
|
1.00
|
|
JP Morgan EMBI Global Diversified Index
|
9.32
|
1.31
|
3.61
|
|
JP Morgan EMBI Global Diversified ex-GCC Index†
|
10.15
|
1.31
|
N/A
|
|
JP Morgan GBI-EM Broad Diversified Index
|
10.44
|
1.95
|
2.83
|
|
ICE BofA Emerging Market Corporate Plus (USD Hedged) Index
|
7.15
|
1.30
|
3.44
|
| † | Due to data availability, performance for the JPM EMBI Global Diversified ex-GCC Index is shown starting 12/31/15 using the Fund's value on that date. Values prior to 12/31/2015 reflect the performance of the Fund. |
Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) 321-8563 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of July 31, 2025)
|
Total Net Assets
|
$106,536,735
|
|
Total Number of Portfolio Holdings*
|
128
|
|
Total Management Fee Paid
|
$583,895
|
|
Portfolio Turnover Rate
|
39.41%
|
| * | Does not include derivatives, except purchased options, if any. |
| Franklin Emerging Market Debt Opportunities Fund | PAGE 2 | 699-ATSR-0925 |
WHAT DID THE FUND INVEST IN? (as of July 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
HOUSEHOLDING
You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 321-8563. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.
| Franklin Emerging Market Debt Opportunities Fund | PAGE 3 | 699-ATSR-0925 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(c) N/A
(d) N/A
(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $115,550 in July 31, 2024 and $135,594 in July 31, 2025.
b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in July 31, 2024 and $20,750 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.
The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the
investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.
The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $197,871 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports.
(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.
(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 Registrant by the Auditors;
(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates 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.
(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $337,871 in July 31, 2024 and $416,052 in July 31, 2025.
(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.
(i) Not applicable.
(j) Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Franklin
Global
Trust
Financial
Statements
and
Other
Important
Information
Annual
|
July
31,
2025
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Table
of
Contents
ftinstitutional.com
|
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Annual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
16
Notes
to
Financial
Statements
20
Report
of
Independent
Registered
Public
Accounting
Firm
39
Tax
Information
40
Changes
In
and
Disagreements
with
Accountants
41
Results
of
Meeting(s)
of
Shareholders
41
Remuneration
Paid
to
Directors,
Officers
and
Others
41
Board
Approval
of
Management
and
Subadvisory
Agreements
41
Franklin
Global
Trust
Consolidated
Financial
Highlights
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
consolidated
financial
statements.
2
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.55
$10.46
$9.91
$11.73
$10.19
Income
from
investment
operations
a
:
Net
investment
income
b
.........................
1.02
0.85
0.79
0.77
0.71
Net
realized
and
unrealized
gains
(losses)
...........
0.31
0.58
0.66
(2.59)
0.83
Total
from
investment
operations
....................
1.33
1.43
1.45
(1.82)
1.54
Less
distributions
from:
Net
investment
income
..........................
(0.53)
(0.34)
(0.90)
-
-
Net
asset
value,
end
of
year
.......................
$12.35
$11.55
$10.46
$9.91
$11.73
Total
return
....................................
11.88%
13.78%
15.51%
(15.52)%
15.11%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.15%
1.24%
1.04%
1.14%
1.24%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.00%
1.00%
1.00%
c
1.00%
c
1.00%
c
Net
investment
income
...........................
8.60%
7.85%
7.96%
6.90%
6.34%
Supplemental
data
Net
assets,
end
of
year
(000's)
.....................
$106,537
$68,318
$41,116
$55,697
$135,374
Portfolio
turnover
rate
............................
39.41%
75.07%
29.79%
43.31%
61.28%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Consolidated
Statements
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,
2025
Franklin
Emerging
Market
Debt
Opportunities
Fund
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
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
2.0%
Financial
Services
2.0%
d,e,f
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
8/01/41
....................................
Ukraine
1,950,000
1,451,921
a,b,g
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
.........
Venezuela
925,920
691,095
2,143,016
Total
Warrants
(Cost
$18,406,656)
...........................................
2,143,016
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,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
9.2%
Financial
Services
0.5%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
...
Turkiye
428,571
EUR
502,464
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
-
502,464
Municipal
Bonds
2.6%
d
Argentina
Provincia
de
Tierra
del
Fuego
,
Senior
Secured
Bond
,
144A,
8.95
%
,
1/21/30
...............................
Argentina
338,100
322,463
d
Istanbul
Metropolitan
Municipality
,
Senior
Note,
144A,
10.75%,
4/12/27
...................
Turkiye
250,000
264,583
Senior
Note,
144A,
10.5%,
12/06/28
...................
Turkiye
945,000
1,024,211
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...................................
Argentina
1,228,113
1,194,340
2,805,597
Oil,
Gas
&
Consumable
Fuels
5.4%
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
850,000
734,602
d
Heritage
Petroleum
Co.
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
8/12/29
.........................................
Trinidad
and
Tobago
650,000
670,443
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
.........................................
Kazakhstan
1,680,000
1,476,583
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
1,750,000
1,669,191
d
Uzbekneftegaz
JSC
,
Senior
Bond
,
144A,
8.75
%
,
5/07/30
......
Uzbekistan
1,150,000
1,209,957
5,760,776
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Quasi-Sovereign
Bonds
(continued)
Transportation
Infrastructure
0.7%
d,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
...............................
Colombia
3,622,219,561
COP
$
722,585
Total
Quasi-Sovereign
Bonds
(Cost
$12,663,673)
..............................
9,791,422
Corporate
Bonds
10.1%
Banks
0.2%
d
Ipoteka-Bank
ATIB
,
Senior
Note
,
Reg
S,
20.5
%
,
4/25/27
......
Uzbekistan
2,500,000,000
UZS
202,340
Broadline
Retail
0.0%
a,d,e
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
4,842,864
-
a,d,e
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
2,133,302
-
-
Chemicals
0.8%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
1,340,000
901,365
Commercial
Services
&
Supplies
0.9%
d
Ambipar
Lux
SARL
,
Senior
Note,
144A,
9.875%,
2/06/31
...................
Brazil
421,000
381,973
Senior
Note,
144A,
10.875%,
2/05/33
..................
Brazil
600,000
541,414
923,387
Diversified
Telecommunication
Services
0.4%
d
IHS
Holding
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
11/29/31
........
Nigeria
400,000
409,323
Electric
Utilities
2.4%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...................................
India
1,606,000
1,478,788
d
GDZ
Elektrik
Dagitim
A/S
,
Senior
Note
,
144A,
9
%
,
10/15/29
...
Turkiye
1,100,000
1,068,925
2,547,713
Food
Products
1.6%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
.........................................
Paraguay
1,500,000
1,127,722
d
MHP
Lux
SA
,
Senior
Bond
,
Reg
S,
6.25
%
,
9/19/29
..........
Ukraine
650,000
530,423
1,658,145
Metals
&
Mining
0.7%
d
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/08/26
...................................
South
Africa
1,415,350
791,850
Oil,
Gas
&
Consumable
Fuels
2.0%
d
Kosmos
Energy
Ltd.
,
Senior
Note,
144A,
7.75%,
5/01/27
....................
Ghana
600,000
567,918
Senior
Note,
144A,
8.75%,
10/01/31
...................
Ghana
1,150,000
887,506
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
...............................
Brazil
866,598
708,011
2,163,435
Real
Estate
Management
&
Development
0.2%
d,e
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
...................................
China
1,940,000
169,226
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
0.9%
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
d
Senior
Secured
Bond,
144A,
8.875%,
10/18/29
...........
Trinidad
and
Tobago
970,000
$
978,609
978,609
Total
Corporate
Bonds
(Cost
$18,491,744)
....................................
10,745,393
k
Loan
Participations
and
Assignments
0.0%
a,d,e
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
5.95
%
,
4/15/30
...................................
Russia
1,000,000
-
a,g,l,m
Global
Distressed
Alpha
Fund
III
LP
,
PIK,
12%,
Perpetual
................................
United
States
1,986,930
-
Total
Loan
Participations
and
Assignments
(Cost
$2,480,358)
..................
-
Foreign
Government
and
Agency
Securities
65.5%
d
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
3,070,000
2,797,893
Argentina
Government
Bond
,
Senior
Bond,
4.125%,
7/09/35
........................
Argentina
1,335,000
884,438
Senior
Note,
1%,
7/09/29
............................
Argentina
928,392
756,175
d
Armenia
Government
Bond
,
Senior
Bond,
144A,
3.95%,
9/26/29
....................
Armenia
1,580,000
1,456,625
Senior
Bond,
144A,
3.6%,
2/02/31
.....................
Armenia
200,000
174,181
d
Benin
Government
Bond
,
Senior
Bond,
144A,
4.875%,
1/19/32
...................
Benin
533,000
EUR
568,553
Senior
Bond,
144A,
8.375%,
1/23/41
...................
Benin
1,000,000
988,911
d
BOI
Finance
BV
,
Senior
Note
,
144A,
7.5
%
,
2/16/27
..........
Nigeria
850,000
EUR
994,802
Brazil
Government
Bond
,
Senior
Bond,
4.75%,
1/14/50
.........................
Brazil
1,420,000
1,002,963
j
B,
Index
Linked,
6%,
5/15/35
.........................
Brazil
13,125,137
BRL
2,135,012
d
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
1.375
%
,
9/23/50
.........................................
Bulgaria
1,640,000
EUR
1,105,959
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
.........................................
Cameroon
1,630,000
EUR
1,487,194
Colombia
Government
Bond
,
Senior
Bond,
9.85%,
6/28/27
.........................
Colombia
1,500,000,000
COP
355,700
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
1,100,000
1,118,700
Colombia
Titulos
de
Tesoreria
,
B
,
13.25
%
,
2/09/33
..........
Colombia
3,350,000,000
COP
854,460
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
13.625%,
2/03/33
..................
Dominican
Republic
54,650,000
DOP
1,073,065
Senior
Bond,
144A,
6.4%,
6/05/49
.....................
Dominican
Republic
1,100,000
1,049,675
Egypt
Government
Bond
,
25.318%,
8/13/27
..................................
Egypt
27,600,000
EGP
576,241
n
24.458%,
10/01/27
.................................
Egypt
61,275,000
EGP
1,259,905
d
Senior
Bond,
144A,
7.3%,
9/30/33
.....................
Egypt
475,000
423,676
d
Senior
Bond,
144A,
7.5%,
2/16/61
.....................
Egypt
1,510,000
1,105,009
d
El
Salvador
Government
Bond
,
Senior
Bond,
Reg
S,
7.65%,
6/15/35
...................
El
Salvador
2,460,000
2,366,520
Senior
Note,
144A,
0.25%,
4/17/30
.....................
El
Salvador
1,200,000
26,733
d,e
Ethiopia
Government
Bond
,
Senior
Bond,
144A,
6.625%,
12/11/24
..................
Ethiopia
2,050,000
1,887,404
Senior
Bond,
Reg
S,
6.625%,
12/11/24
..................
Ethiopia
370,000
340,654
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
...................
Gabon
1,940,000
1,599,786
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Gabon
Government
Bond,
(continued)
Senior
Bond,
144A,
7%,
11/24/31
......................
Gabon
950,000
$
775,393
d
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
..
Grenada
718,774
693,617
d
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/01/50
.........................................
Guatemala
1,350,000
1,238,605
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
.........................................
Honduras
1,145,000
1,090,899
Iraq
Government
Bond
,
d
Senior
Bond,
Reg
S,
5.8%,
1/15/28
....................
Iraq
2,528,125
2,513,762
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
2,040,000
EUR
2,158,207
Jamaica
Government
Bond
,
Senior
Note
,
9.625
%
,
11/03/30
....
Jamaica
78,500,000
JMD
510,690
d
Jordan
Government
Bond
,
Senior
Bond,
144A,
5.85%,
7/07/30
....................
Jordan
1,000,000
973,117
Senior
Bond,
144A,
7.375%,
10/10/47
..................
Jordan
1,450,000
1,313,568
Kazakhstan
MEOKAM
,
10.5%,
8/04/26
...................................
Kazakhstan
291,200,000
KZT
510,262
13.9%,
9/16/26
...................................
Kazakhstan
394,713,000
KZT
710,978
Kazakhstan
MEUKAM
,
Senior
Bond
,
5
%
,
4/18/28
...........
Kazakhstan
560,000,000
KZT
787,450
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.75%,
5/29/31
.................................
Mexico
9,620,000
o
MXN
484,231
M,
8%,
11/07/47
...................................
Mexico
47,820,000
o
MXN
2,093,150
d
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
1,100,000
EUR
1,244,434
d
Mozambique
Government
Bond
,
144A,
9
%
,
9/15/31
.........
Mozambique
1,871,000
1,638,144
d
Nigeria
Government
Bond
,
Senior
Bond
,
Reg
S,
7.625
%
,
11/28/47
........................................
Nigeria
1,400,000
1,140,472
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
Pakistan
1,110,000
1,043,816
Panama
Government
Bond
,
Senior
Bond
,
8
%
,
3/01/38
.......
Panama
800,000
868,000
d
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
3.875%,
10/29/35
.................
Romania
1,350,000
EUR
1,318,377
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
1,120,000
EUR
1,252,663
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
..
Ghana
962,882
683,647
d
Serbia
Government
Bond
,
Senior
Bond,
144A,
1.5%,
6/26/29
.....................
Serbia
950,000
EUR
1,002,819
Senior
Bond,
Reg
S,
1.65%,
3/03/33
...................
Serbia
560,000
EUR
533,708
South
Africa
Government
Bond
,
Senior
Bond,
8.75%,
2/28/48
.........................
South
Africa
51,490,000
ZAR
2,348,334
Senior
Bond,
5.75%,
9/30/49
.........................
South
Africa
1,050,000
778,990
d
Suriname
Government
Bond
,
p
Senior
Bond,
144A,
FRN,
9%,
12/31/50
.................
Suriname
1,084,000
1,268,551
l
Senior
Note,
144A,
PIK,
7.95%,
7/15/33
.................
Suriname
777,538
774,493
Tunisia
Government
Bond
,
Senior
Bond,
4.2%,
3/17/31
..........................
Tunisia
260,000,000
1,522,629
d
Senior
Note,
Reg
S,
6.375%,
7/15/26
...................
Tunisia
700,000
EUR
793,374
Turkiye
Government
Bond
,
36%,
8/12/26
.....................................
Turkiye
75,500,000
TRY
1,832,111
Senior
Bond,
4.875%,
4/16/43
........................
Turkiye
1,400,000
1,001,919
Uganda
Government
Bond
,
14.25
%
,
8/23/29
...............
Uganda
3,800,000,000
UGX
1,012,155
d
Ukraine
Government
Bond
,
Senior
Bond,
144A,
2/01/35
..........................
Ukraine
265,892
124,072
Senior
Bond,
144A,
1.75%,
2/01/35
....................
Ukraine
539,491
276,578
Senior
Bond,
144A,
2/01/36
..........................
Ukraine
221,577
103,396
Senior
Bond,
144A,
1.75%,
2/01/36
....................
Ukraine
693,632
343,438
Senior
Note,
144A,
2/01/34
..........................
Ukraine
314,639
118,665
Senior
Note,
144A,
1.75%,
2/01/34
.....................
Ukraine
758,281
384,294
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Uzbekistan
Government
Bond
,
Senior
Note,
144A,
16.625%,
5/29/27
...................
Uzbekistan
13,430,000,000
UZS
$
1,084,184
Senior
Note,
144A,
15.5%,
2/25/28
.....................
Uzbekistan
8,100,000,000
UZS
643,602
d,e
Venezuela
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
4/21/25
.........................................
Venezuela
2,000,000
370,200
Total
Foreign
Government
and
Agency
Securities
(Cost
$67,453,059)
............
69,751,228
Supranational
4.5%
Asian
Development
Bank
,
Senior
Note
,
5.55
%
,
9/12/25
.......
Supranational
q
6,000,000
PLN
1,609,508
d
Banque
Ouest
Africaine
de
Developpement
,
Sub.
Bond
,
144A,
8.2%
to
2/12/30,
FRN
thereafter
,
2/13/55
................
Supranational
q
1,000,000
1,013,306
d
Corp.
Andina
de
Fomento
,
Senior
Bond
,
Reg
S,
7.5
%
,
6/10/30
.
Supranational
q
8,630,000
MXN
424,377
a
European
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
8.5
%
,
6/26/28
....................................
Supranational
q
400,000
AZN
236,741
Inter-American
Development
Bank
,
Senior
Note
,
5.1
%
,
11/17/26
Supranational
q
7,000,000,000
IDR
422,289
International
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
4.6
%
,
2/09/26
................................
Supranational
q
14,100,000,000
IDR
851,788
a
International
Finance
Corp.
,
8
%
,
7/23/27
..................
Supranational
q
500,000
AZN
295,433
Total
Supranational
(Cost
$4,773,381)
........................................
4,853,442
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
275,106
3,982
Total
Escrows
and
Litigation
Trusts
(Cost
$-)
.................................
3,982
Total
Long
Term
Investments
(Cost
$129,302,249)
.............................
97,288,483
a
Short
Term
Investments
7.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.2%
r
Kazakhstan
MEKKAM,
15.62%,
5/15/26
..................
Kazakhstan
170,000,000
KZT
279,430
r
Nigeria
Treasury
Bills
,
23.52%,
2/24/26
...................................
Nigeria
900,000,000
NGN
515,622
19.66%,
3/03/26
...................................
Nigeria
900,000,000
NGN
524,161
1,039,783
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,348,986)
.............
1,319,213
Shares
Money
Market
Funds
6.3%
s,t
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.254%
..
United
States
6,669,994
6,669,994
Total
Money
Market
Funds
(Cost
$6,669,994)
.................................
6,669,994
Total
Short
Term
Investments
(Cost
$8,018,980
)
...............................
7,989,207
a
Total
Investments
(Cost
$137,321,229)
98.8%
.................................
$105,277,690
Other
Assets,
less
Liabilities
1.2%
...........................................
1,259,045
Net
Assets
100.0%
.........................................................
$106,536,735
a
a
a
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
At
July
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
d
).
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
11
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
8
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2025,
the
aggregate
value
of
these
securities
was
$66,866,897,
representing
62.8%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
f
The
principal
represents
the
notional
amount.
See
Note
1(d)
regarding
value
recovery
instruments.
g
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
1(f).
h
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
i
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
See
Note
1(h).
k
See
Note
1(e)
regarding
loan
participations
and
assignments.
l
Income
may
be
received
in
additional
securities
and/or
cash.
m
Perpetual
security
with
no
stated
maturity
date.
n
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
o
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
p
The
coupon
rate
shown
represents
the
rate
at
period
end.
q
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
r
The
rate
shown
represents
the
yield
at
period
end.
s
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
t
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
CITI
Buy
930,000
1,092,718
9/09/25
$
-
$
(28,769)
Euro
.............
CITI
Sell
13,950,000
16,110,379
9/09/25
151,143
-
Japanese
Yen
......
CITI
Sell
221,000,000
1,543,933
9/09/25
72,305
-
Total
Forward
Exchange
Contracts
...................................................
$223,448
$(28,769)
Net
unrealized
appreciation
(depreciation)
............................................
$194,679
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Note 9 regarding
other
derivative
information.
See
Abbreviations
on
page
38
.
Franklin
Global
Trust
Financial
Highlights
Franklin
International
Growth
Fund
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
L
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$17.48
$16.49
$15.60
$22.76
$18.34
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
-
c
(-)
c
-
c
(0.06)
(0.09)
Net
realized
and
unrealized
gains
(losses)
...........
0.89
0.99
1.14
(6.72)
4.99
Total
from
investment
operations
....................
0.89
0.99
1.14
(6.78)
4.90
Less
distributions
from:
Net
investment
income
..........................
(0.30)
-
-
(0.17)
-
Net
realized
gains
.............................
-
-
(0.25)
(0.21)
(0.48)
Total
distributions
...............................
(0.30)
-
(0.25)
(0.38)
(0.48)
Net
asset
value,
end
of
year
.......................
$18.07
$17.48
$16.49
$15.60
$22.76
Total
return
d
...................................
5.28%
6.00%
7.52%
(30.19)%
26.98%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.20%
1.19%
1.16%
1.15%
1.13%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.11%
1.11%
1.11%
e
1.11%
1.11%
e
Net
investment
income
(loss)
......................
0.02%
(0.02)%
0.01%
(0.32)%
(0.41)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$357,586
$397,432
$462,018
$528,966
$961,676
Portfolio
turnover
rate
............................
25.70%
17.56%
18.23%
17.92%
14.47%
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)
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$16.21
$15.41
$14.70
$21.48
$17.46
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.12)
(0.11)
(0.11)
(0.20)
(0.23)
Net
realized
and
unrealized
gains
(losses)
...........
0.83
0.91
1.07
(6.34)
4.73
Total
from
investment
operations
....................
0.71
0.80
0.96
(6.54)
4.50
Less
distributions
from:
Net
investment
income
..........................
(0.15)
-
-
(0.03)
-
Net
realized
gains
.............................
-
-
(0.25)
(0.21)
(0.48)
Total
distributions
...............................
(0.15)
-
(0.25)
(0.24)
(0.48)
Net
asset
value,
end
of
year
.......................
$16.77
$16.21
$15.41
$14.70
$21.48
Total
return
c
...................................
4.48%
5.19%
6.74%
(30.73)%
26.04%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.95%
1.94%
1.91%
1.90%
1.88%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.86%
1.86%
1.86%
d
1.86%
1.86%
d
Net
investment
(loss)
............................
(0.75)%
(0.78)%
(0.74)%
(1.08)%
(1.15)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$17,374
$22,189
$27,894
$32,663
$62,560
Portfolio
turnover
rate
............................
25.70%
17.56%
18.23%
17.92%
14.47%
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)
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$17.13
$16.20
$15.37
$22.48
$18.16
Income
from
investment
operations
a
:
Net
investment
(loss)
b
..........................
(0.04)
(0.04)
(0.04)
(0.10)
(0.12)
Net
realized
and
unrealized
gains
(losses)
...........
0.88
0.97
1.12
(6.64)
4.92
Total
from
investment
operations
....................
0.84
0.93
1.08
(6.74)
4.80
Less
distributions
from:
Net
investment
income
..........................
(0.26)
-
-
(0.16)
-
Net
realized
gains
.............................
-
-
(0.25)
(0.21)
(0.48)
Total
distributions
...............................
(0.26)
-
(0.25)
(0.37)
(0.48)
Net
asset
value,
end
of
year
.......................
$17.71
$17.13
$16.20
$15.37
$22.48
Total
return
....................................
5.04%
5.74%
7.24%
(30.37)%
26.69%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.45%
1.44%
1.41%
1.40%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.36%
1.36%
1.36%
c
1.36%
1.35%
c
Net
investment
(loss)
............................
(0.21)%
(0.27)%
(0.24)%
(0.55)%
(0.58)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$4,667
$4,702
$5,594
$5,940
$8,630
Portfolio
turnover
rate
............................
25.70%
17.56%
18.23%
17.92%
14.47%
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)
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$17.74
$16.68
$15.72
$22.94
$18.44
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.06
0.04
0.06
0.01
(0.01)
Net
realized
and
unrealized
gains
(losses)
...........
0.91
1.02
1.15
(6.76)
5.01
Total
from
investment
operations
....................
0.97
1.06
1.21
(6.75)
5.00
Less
distributions
from:
Net
investment
income
..........................
(0.37)
-
-
(0.26)
(0.02)
Net
realized
gains
.............................
-
-
(0.25)
(0.21)
(0.48)
Total
distributions
...............................
(0.37)
-
(0.25)
(0.47)
(0.50)
Net
asset
value,
end
of
year
.......................
$18.34
$17.74
$16.68
$15.72
$22.94
Total
return
....................................
5.68%
6.35%
7.91%
(29.93)%
27.44%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.83%
0.82%
0.81%
0.80%
0.78%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
0.75%
c
0.75%
0.73%
c
Net
investment
income
(loss)
......................
0.37%
0.28%
0.39%
0.04%
(0.03)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$154,601
$191,179
$321,629
$346,328
$548,647
Portfolio
turnover
rate
............................
25.70%
17.56%
18.23%
17.92%
14.47%
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)
ftinstitutional.com
|
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
July
31,
2025
2024
2023
2022
2021
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$17.66
$16.62
$15.68
$22.89
$18.40
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
....................
0.04
0.02
0.04
(0.01)
(0.04)
Net
realized
and
unrealized
gains
(losses)
...........
0.91
1.02
1.15
(6.76)
5.01
Total
from
investment
operations
....................
0.95
1.04
1.19
(6.77)
4.97
Less
distributions
from:
Net
investment
income
..........................
(0.34)
-
-
(0.23)
(-)
c
Net
realized
gains
.............................
-
-
(0.25)
(0.21)
(0.48)
Total
distributions
...............................
(0.34)
-
(0.25)
(0.44)
(0.48)
Net
asset
value,
end
of
year
.......................
$18.27
$17.66
$16.62
$15.68
$22.89
Total
return
....................................
5.59%
6.26%
7.80%
(30.04)%
27.31%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.95%
0.94%
0.91%
0.90%
0.88%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.86%
0.86%
0.86%
d
0.86%
0.86%
d
Net
investment
income
(loss)
......................
0.26%
0.16%
0.26%
(0.07)%
(0.17)%
Supplemental
data
Net
assets
,
end
of
year
(000's)
.....................
$325,372
$400,524
$784,288
$975,415
$1,665,974
Portfolio
turnover
rate
............................
25.70%
17.56%
18.23%
17.92%
14.47%
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,
2025
Franklin
International
Growth
Fund
ftinstitutional.com
|
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.1%
Aerospace
&
Defense
3.7%
MTU
Aero
Engines
AG
...............................
Germany
73,000
$
31,489,190
Air
Freight
&
Logistics
3.7%
DSV
A/S
..........................................
Denmark
142,000
31,820,072
Biotechnology
4.9%
a
Argenx
SE
,
ADR
....................................
Netherlands
45,000
30,164,850
a
BioNTech
SE
,
ADR
..................................
Germany
108,000
11,610,000
41,774,850
Broadline
Retail
3.5%
a
MercadoLibre,
Inc.
..................................
Brazil
12,800
30,385,792
Capital
Markets
8.4%
ICG
plc
...........................................
United
Kingdom
1,220,503
34,946,136
Macquarie
Group
Ltd.
................................
Australia
190,000
26,312,233
Swissquote
Group
Holding
SA
..........................
Switzerland
16,000
10,631,130
71,889,499
Chemicals
3.2%
Sika
AG
..........................................
Switzerland
118,000
27,845,603
Containers
&
Packaging
2.7%
SIG
Group
AG
.....................................
Switzerland
1,450,000
23,459,235
Electronic
Equipment,
Instruments
&
Components
1.6%
Inficon
Holding
AG
..................................
Switzerland
65,000
7,821,192
VusionGroup
.......................................
France
22,000
5,655,188
13,476,380
Entertainment
3.3%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
250,000
28,231,114
Health
Care
Equipment
&
Supplies
7.9%
Alcon
AG
.........................................
United
States
375,800
32,945,626
Cochlear
Ltd.
......................................
Australia
170,000
34,706,017
67,651,643
Hotels,
Restaurants
&
Leisure
2.9%
Amadeus
IT
Group
SA
...............................
Spain
310,000
24,891,092
Interactive
Media
&
Services
3.1%
b
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
200,000
26,728,345
IT
Services
3.4%
a
Shopify,
Inc.
,
A
.....................................
Canada
240,000
29,330,400
Life
Sciences
Tools
&
Services
2.0%
Lonza
Group
AG
....................................
Switzerland
25,000
17,424,226
Machinery
6.7%
Georg
Fischer
AG
...................................
Switzerland
160,000
12,516,595
Interroll
Holding
AG
..................................
Switzerland
10,841
30,527,940
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
42,000
14,707,930
57,752,465
Oil,
Gas
&
Consumable
Fuels
0.9%
Secure
Waste
Infrastructure
Corp.
.......................
Canada
716,900
7,833,333
Pharmaceuticals
2.6%
AstraZeneca
plc
....................................
United
Kingdom
155,000
22,613,209
Professional
Services
3.0%
Experian
plc
.......................................
United
States
485,000
25,555,015
Franklin
Global
Trust
Schedule
of
Investments
Franklin
International
Growth
Fund
(continued)
ftinstitutional.com
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franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
See
Abbreviations
on
page
38
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
9.8%
ASML
Holding
NV
...................................
Netherlands
40,000
$
27,722,946
Disco
Corp.
........................................
Japan
113,000
33,394,518
a
Nova
Ltd.
.........................................
Israel
90,000
23,633,100
84,750,564
Software
16.6%
a
CyberArk
Software
Ltd.
...............................
United
States
82,813
34,075,065
a
Kinaxis,
Inc.
.......................................
Canada
199,700
29,637,924
a
Monday.com
Ltd.
....................................
United
States
105,000
27,540,450
a
Nice
Ltd.
,
ADR
.....................................
Israel
155,000
24,187,750
SAP
SE
..........................................
Germany
95,000
27,165,801
142,606,990
Specialty
Retail
1.6%
Fast
Retailing
Co.
Ltd.
................................
Japan
45,000
13,726,338
Trading
Companies
&
Distributors
2.6%
RS
Group
plc
......................................
United
Kingdom
3,050,000
22,444,822
Total
Common
Stocks
(Cost
$
604,612,039
)
...................................
843,680,177
Short
Term
Investments
1.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.254
%
..
United
States
15,291,485
15,291,485
Total
Money
Market
Funds
(Cost
$
15,291,485
)
................................
15,291,485
Total
Short
Term
Investments
(Cost
$
15,291,485
)
..............................
15,291,485
a
Total
Investments
(Cost
$
619,903,524
)
99.9
%
.................................
$858,971,662
Other
Assets,
less
Liabilities
0.1
%
...........................................
629,090
Net
Assets
100.0%
.........................................................
$859,600,752
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2025,
the
aggregate
value
of
these
securities
was
$41,436,275,
representing
4.8%
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
Statements
of
Assets
and
Liabilities
July
31,
2025
ftinstitutional.com
|
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Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Franklin
Emerging
Market
Debt
Opportunities
Fund
a
Franklin
International
Growth
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
..................................................
$130,651,235
$604,612,039
Cost
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
6,669,994
15,291,485
Value
-
Unaffiliated
issuers
.................................................
$98,607,696
$843,680,177
Value
-
Non-controlled
affiliates
(Note
3
f
)
.......................................
6,669,994
15,291,485
Foreign
currency,
at
value
(cost
$-
and
$44,
respectively)
............................
-
275
Receivables:
Investment
securities
sold
..................................................
495,839
2,921,145
Capital
shares
sold
.......................................................
60,823
285,625
Dividends
and
interest
....................................................
2,650,614
2,593,146
Deposits
with
brokers
for:
OTC
derivative
contracts
.................................................
20,000
-
Unrealized
appreciation
on
OTC
forward
exchange
contracts
.........................
223,448
-
Total
assets
.........................................................
108,728,414
864,771,853
Liabilities:
Payables:
Investment
securities
purchased
.............................................
103,308
3,184,594
Capital
shares
redeemed
..................................................
1,705,377
648,965
Management
fees
........................................................
18,218
638,484
Distribution
fees
.........................................................
-
95,639
Transfer
agent
fees
.......................................................
346
403,665
Trustees'
fees
and
expenses
................................................
243
3,164
Funds
advanced
by
custodian
................................................
182,539
-
Unrealized
depreciation
on
OTC
forward
exchange
contracts
.........................
28,769
-
Deferred
taxes
on
unrealized
appreciation
.......................................
1,594
-
Accrued
expenses
and
other
liabilities
..........................................
151,285
196,590
Total
liabilities
........................................................
2,191,679
5,171,101
Net
assets,
at
value
................................................
$106,536,735
$859,600,752
Net
assets
consist
of:
Paid-in
capital
............................................................
$215,612,099
$617,842,051
Total
distributable
earnings
(losses)
............................................
(109,075,364)
241,758,701
Net
assets,
at
value
................................................
$106,536,735
$859,600,752
Shares
outstanding
........................................................
8,626,802
Net
asset
value
per
share
b
...................................................
$12.35
a
Consolidated
financial
statement.
See
Note
1(f).
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Global
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2025
ftinstitutional.com
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
Franklin
International
Growth
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$357,586,231
Shares
outstanding
........................................................................
19,789,809
Net
asset
value
per
share
a,b
..................................................................
$18.07
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
................................
$19.12
Class
C:
Net
assets,
at
value
.......................................................................
$17,374,395
Shares
outstanding
........................................................................
1,035,992
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$16.77
Class
R:
Net
assets,
at
value
.......................................................................
$4,667,495
Shares
outstanding
........................................................................
263,594
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$17.71
Class
R6:
Net
assets,
at
value
.......................................................................
$154,600,765
Shares
outstanding
........................................................................
8,430,215
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$18.34
Advisor
Class:
Net
assets,
at
value
.......................................................................
$325,371,866
Shares
outstanding
........................................................................
17,810,545
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$18.27
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Global
Trust
Financial
Statements
Statements
of
Operations
for
the
year
ended
July
31,
2025
ftinstitutional.com
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Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Franklin
Emerging
Market
Debt
Opportunities
Fund
a
Franklin
International
Growth
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$-
and
$660,619,
respectively)
Unaffiliated
issuers
.......................................................
$-
$9,276,553
Non-controlled
affiliates
(Note
3
f
)
............................................
198,766
852,025
Interest:
(net
of
foreign
taxes
of
$127,577
and
$-,
respectively)
Unaffiliated
issuers
.......................................................
7,791,444
-
Total
investment
income
..................................................
7,990,210
10,128,578
Expenses:
Management
fees
(Note
3
a
)
..................................................
707,327
6,766,567
Distribution
fees:
(Note
3c
)
Class
A
...............................................................
-
911,810
Class
C
...............................................................
-
187,930
Class
R
...............................................................
-
21,399
Transfer
agent
fees:
(Note
3e
)
Class
A
...............................................................
-
539,895
Class
C
...............................................................
-
27,689
Class
R
...............................................................
-
6,372
Class
R6
..............................................................
-
53,735
Advisor
Class
...........................................................
-
513,650
Transfer
agent
fees:
(Not
e
3e)
................................................
18,195
-
Custodian
fees
...........................................................
3,534
25,348
Reports
to
shareholders
fees
.................................................
7,559
78,454
Registration
and
filing
fees
...................................................
55,394
162,022
Professional
fees
..........................................................
147,833
88,020
Trustees'
fees
and
expenses
.................................................
1,074
13,261
Other
...................................................................
14,595
57,106
Total
expenses
........................................................
955,511
9,453,258
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
.............................
(123,432)
(765,849)
Net
expenses
........................................................
832,079
8,687,409
Net
investment
income
...............................................
7,158,131
1,441,169
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$10,751
and
$-,
respectively)
Unaffiliated
issuers
.....................................................
(91,577)
50,404,386
Foreign
currency
transactions
...............................................
(33,463)
(165,160)
Forward
exchange
contracts
................................................
(636,800)
-
Net
realized
gain
(loss)
.................................................
(761,840)
50,239,226
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
.....................................................
2,825,868
(10,330,676)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
.............
(5,367)
61,387
Forward
exchange
contracts
................................................
213,528
-
Change
in
deferred
taxes
on
unrealized
appreciation
..............................
5,914
-
Net
change
in
unrealized
appreciation
(depreciation)
...........................
3,039,943
(10,269,289)
Net
realized
and
unrealized
gain
(loss)
...........................................
2,278,103
39,969,937
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................
$9,436,234
$41,411,106
a
Consolidated
financial
statement.
See
Note
1(f).
Franklin
Global
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
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integral
part
of
these
financial
statements.
Annual
Report
19
Franklin
Emerging
Market
Debt
Opportunities
Fund
a
Franklin
International
Growth
Fund
Year
Ended
July
31,
2025
Year
Ended
July
31,
2024
Year
Ended
July
31,
2025
Year
Ended
July
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$7,158,131
$3,565,934
$1,441,169
$1,177,644
Net
realized
gain
(loss)
............
(761,840)
(2,392,676)
50,239,226
92,435,844
Net
change
in
unrealized
appreciation
(depreciation)
.................
3,039,943
4,349,714
(10,269,289)
(87,283,791)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
9,436,234
5,522,972
41,411,106
6,329,697
Distributions
to
shareholders:
Class
A
........................
-
-
(6,440,770)
-
Class
C
........................
-
-
(181,399)
-
Class
R
........................
-
-
(63,195)
-
Class
R6
.......................
-
-
(3,470,484)
-
Advisor
Class
...................
-
-
(6,982,478)
-
Distributions
to
shareholders
.........
(3,296,796)
(1,425,538)
-
-
Total
distributions
to
shareholders
.....
(3,296,796)
(1,425,538)
(17,138,326)
-
Capital
share
transactions:
(Note
2
)
Class
A
........................
-
-
(50,621,890)
(82,621,681)
Class
C
........................
-
-
(5,305,016)
(6,492,102)
Class
R
........................
-
-
(187,610)
(1,096,127)
Class
R6
.......................
-
-
(40,862,889)
(132,245,861)
Advisor
Class
...................
-
-
(83,720,644)
(369,269,735)
Capital
share
transactions:
(Not
e
2)
....
32,079,473
23,104,370
-
-
Total
capital
share
transactions
.......
32,079,473
23,104,370
(180,698,049)
(591,725,506)
Net
increase
(decrease)
in
net
assets
.....................
38,218,911
27,201,804
(156,425,269)
(585,395,809)
Net
assets:
Beginning
of
year
..................
68,317,824
41,116,020
1,016,026,021
1,601,421,830
End
of
year
......................
$106,536,735
$68,317,824
$859,600,752
$1,016,026,021
a
Consolidated
financial
statement.
See
Note
1(f).
Franklin
Global
Trust
Notes
to
Financial
Statements
20
ftinstitutional.com
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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
(Funds).
The Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
Franklin
International
Growth
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 Funds'
significant
accounting
policies
.
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market rather
than
on
a
securities
exchange.
The
Funds'
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.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds'
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
Funds'
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
Franklin
Global
Trust
Notes
to
Financial
Statements
21
ftinstitutional.com
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Annual
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also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds'
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds'
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
July
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
Certain
or
all
Funds
may
purchase
securities
on
a
when-
issued,
forward
commitment
or
delayed
delivery
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Funds
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, they
may
sell
the
securities
before
the
settlement
date.
d.
Derivative
Financial
Instruments
Certain
or
all
Funds
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
22
ftinstitutional.com
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Annual
Report
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
Statements
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statements
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all Funds
attempt
to
reduce their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds
include
failure
of
the
Funds
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
Statements
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
terms
are
contract
specific
for
OTC
derivatives.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of 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
Funds'
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.
Certain
or
all
Funds
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. Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Funds'
Schedule
of
Investments.
Certain
or
all
Funds
invest
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
Statements
of
Operations.
The
risks
of
investing
in
VRI
include
growth
risk,
liquidity,
and
the
potential
loss
of
investment.
VRI
outstanding
at
period
end,
if
any,
are
listed
in
the
Funds'
Schedules
of
Investments.
e.
Loan
Participation
Notes
Certain
or
all
Funds may
invest
in
debt
instruments
which
are
interests
in
amounts
owed
to
lenders
or
lending
syndicates
by
corporate,
governmental,
or
other
borrowers.
The
Funds
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
Funds
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, the
Funds
have
the
right
to
receive
payments
of
principal,
interest
and
any
fees
only
from
the
lender
selling
the
loan
and
only
upon
receipt
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Derivative
Financial
Instruments
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
23
ftinstitutional.com
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Annual
Report
of
payments
from
the
borrower.
The
Funds
generally
have
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Funds
may
be
subject
to
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
loan.
When
the
Funds
purchase
assignments
from
lenders they
acquire
direct
rights
against
the
borrower
of
the
loan.
f.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
Certain
or
all
Funds
may
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investments
in
FT
Subsidiary.
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-
owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
with
the
investment
objective
of
the
Fund.
At
July
31,
2025,
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,
2025,
the
net
assets
of
FT
Subsidiary
were
$693,789,
representing 0.65% of
the
Fund's
consolidated
net
assets.
The
Fund's
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
g.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
July
31,
2025, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributions
from
realized
capital
gains
and
other
distributions,
if
any,
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
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Loan
Participation
Notes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
24
ftinstitutional.com
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Annual
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relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
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
Statements of
Operations.
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
July
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
Emerging
Market
Debt
Opportunities
Fund
Shares
Amount
Advisor
Class
Year
ended
July
31,
2025
Shares
sold
...................................
4,456,531
$52,813,518
Shares
issued
in
reinvestment
of
distributions
..........
285,323
3,292,625
Shares
redeemed
...............................
(2,027,814)
(24,026,670)
Net
increase
(decrease)
..........................
2,714,040
$32,079,473
Year
ended
July
31,
2024
Shares
sold
...................................
6,040,052
$66,494,452
Shares
issued
in
reinvestment
of
distributions
..........
132,746
1,423,042
Shares
redeemed
...............................
(4,189,148)
(44,813,124)
Net
increase
(decrease)
..........................
1,983,650
$23,104,370
1.
Organization
and
Significant
Accounting
Policies
(continued)
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
25
ftinstitutional.com
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Annual
Report
Franklin
International
Growth
Fund
Shares
Amount
Class
A
Class
A
Shares:
Year
ended
July
31,
2025
Shares
sold
a
...................................
1,551,293
$26,595,021
Shares
issued
in
reinvestment
of
distributions
..........
394,160
6,409,036
Shares
redeemed
...............................
(4,898,185)
(83,625,947)
Net
increase
(decrease)
..........................
(2,952,732)
$(50,621,890)
Year
ended
July
31,
2024
Shares
sold
a
...................................
1,993,323
$31,472,003
Shares
redeemed
...............................
(7,271,995)
(114,093,684)
Net
increase
(decrease)
..........................
(5,278,672)
$(82,621,681)
Class
C
Class
C
Shares:
Year
ended
July
31,
2025
Shares
sold
...................................
71,891
$1,137,849
Shares
issued
in
reinvestment
of
distributions
..........
11,930
180,855
Shares
redeemed
a
..............................
(417,046)
(6,623,720)
Net
increase
(decrease)
..........................
(333,225)
$(5,305,016)
Year
ended
July
31,
2024
Shares
sold
...................................
160,881
$2,359,099
Shares
redeemed
a
..............................
(602,328)
(8,851,201)
Net
increase
(decrease)
..........................
(441,447)
$(6,492,102)
Class
R
Class
R
Shares:
Year
ended
July
31,
2025
Shares
sold
...................................
74,666
$1,275,881
Shares
issued
in
reinvestment
of
distributions
..........
3,959
63,195
Shares
redeemed
...............................
(89,564)
(1,526,686)
Net
increase
(decrease)
..........................
(10,939)
$(187,610)
Year
ended
July
31,
2024
Shares
sold
...................................
47,759
$734,741
Shares
redeemed
...............................
(118,511)
(1,830,868)
Net
increase
(decrease)
..........................
(70,752)
$(1,096,127)
Class
R6
Class
R6
Shares:
Year
ended
July
31,
2025
Shares
sold
...................................
1,285,731
$22,196,453
Shares
issued
in
reinvestment
of
distributions
..........
176,331
2,904,178
Shares
redeemed
...............................
(3,809,919)
(65,963,520)
Net
increase
(decrease)
..........................
(2,347,857)
$(40,862,889)
Year
ended
July
31,
2024
Shares
sold
...................................
2,322,713
$36,663,302
Shares
redeemed
...............................
(10,832,136)
(168,909,163)
Net
increase
(decrease)
..........................
(8,509,423)
$(132,245,861)
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
26
ftinstitutional.com
|
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Annual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
Franklin
Emerging
Market
Debt
Opportunities
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FTIML based
on the
average
daily
net
assets
of
the
Fund
as
follows:
FT
Subsidiary pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FTIML based
on the
average
daily
net
assets
of
the
FT
Subsidiary as
follows:
Franklin
International
Growth
Fund
Shares
Amount
Advisor
Class
Shares:
Year
ended
July
31,
2025
Shares
sold
...................................
2,959,074
$51,019,666
Shares
issued
in
reinvestment
of
distributions
..........
314,519
5,164,402
Shares
redeemed
...............................
(8,140,877)
(139,904,712)
Net
increase
(decrease)
..........................
(4,867,284)
$(83,720,644)
Year
ended
July
31,
2024
Shares
sold
...................................
5,168,585
$80,269,463
Shares
redeemed
...............................
(29,677,277)
(449,539,198)
Net
increase
(decrease)
..........................
(24,508,692)
$(369,269,735)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Investment
manager
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
0.850%
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
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
27
ftinstitutional.com
|
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Annual
Report
Management
fees
paid
by
the
Fund
were
reduced
on
assets
invested
in
FT
Subsidiary,
in
an
amount
equal
to
the
management
fees
paid
by
FT
Subsidiary.
Franklin
International
Growth
Fund
pays
an
investment
management fee,
calculated
daily and
paid
monthly,
to FT
Institutional
based
on the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
year
ended
July
31,
2025,
each
Fund's
gross
effective
investment
management
fee
rate
based
on
average
daily
net
assets
was
as
follows:
b.
Administrative
Fees
Under
an
agreement
with
FTIML,
FT
Services
provides
administrative
services
to
the
Franklin
Emerging
Market
Debt
Opportunities Fund and
FT
Subsidiary.
The
fee
is
paid
by
FTIML
based
on
the
Fund's
and
FT
Subsidiary's average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund
or
FT
Subsidiary.
Under
an
agreement
with
FT
Institutional,
FT
Services
provides
administrative
services
to
the
Franklin
International
Growth
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
for
Franklin
International
Growth
Fund
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
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
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Gross
effective
investment
management
fee
rate
........
0.850%
0.751%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
28
ftinstitutional.com
|
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Annual
Report
The
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
Franklin
International
Growth
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
its
shares
for
the
year:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Funds
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
year
ended
July
31,
2025,
the Funds
paid
transfer
agent
fees
as
noted
in
the
Statements of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
Franklin
International
Growth
Fund
Class
A
..................................................................................
0.35%
Class
C
..................................................................................
1.00%
Class
R
..................................................................................
0.50%
Franklin
International
Growth
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$33,309
CDSC
retained
...........................
$1,522
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Transfer
agent
fees
........................
$18,195
$320,139
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
29
ftinstitutional.com
|
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Annual
Report
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
July
31,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows:
g.
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 Franklin
Emerging
Market
Debt
Opportunities
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,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
FT
Institutional has contractually
agreed
in
advance
to
waive
or
limit
its fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
the 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
of
each
class
until November
30,
2025.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
Transfer
agent
fees
on
Class
R6
shares
of
Franklin
International
Growth
Fund
have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.02%
based
on
the
average
net
assets
of
the
class
until
November
30,
2025.
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,
4.254%
$4,436,272
$55,021,168
$(52,787,446)
$-
$-
$6,669,994
6,669,994
$198,766
Total
Affiliated
Securities
...
$4,436,272
$55,021,168
$(52,787,446)
$-
$-
$6,669,994
$198,766
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.254%
$8,423,880
$277,151,559
$(270,283,954)
$-
$-
$15,291,485
15,291,485
$852,025
Total
Affiliated
Securities
...
$8,423,880
$277,151,559
$(270,283,954)
$-
$-
$15,291,485
$852,025
3.
Transactions
with
Affiliates
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
30
ftinstitutional.com
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Annual
Report
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
July
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended July
31,
2025,
the
utilized
capital
loss
carryforwards
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended
July
31,
2025
and
2024,
was
as
follows:
At
July
31,
2025,
the
cost
of
investments,
net
unrealized
appreciation
(depreciation),
undistributed
ordinary
income
and
undistributed
long
term
capital
gains for
income
tax
purposes
were
as
follows:
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
1
1
1
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
.............................
$
13,605,730
$
-
Long
term
.............................
61,664,849
-
Total
capital
loss
carryforwards
............
$75,270,579
$-
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Capital
loss
utilized
carryforwards
....
$660,659
$30,263,382
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
2025
2024
2025
2024
Distributions
paid
from:
Ordinary
income
........................
$3,296,796
$1,425,538
$17,138,326
$-
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
a
a
a
Cost
of
investments
.......................
$147,522,956
$640,631,980
Unrealized
appreciation
.....................
$5,641,394
$297,004,736
Unrealized
depreciation
.....................
(47,691,981)
(78,665,054)
Net
unrealized
appreciation
(depreciation)
.......
$(42,050,587)
$218,339,682
Distributable
earnings:
Undistributed
ordinary
income
................
$8,006,907
$3,265,991
Undistributed
long
term
capital
gains
...........
-
20,109,911
Total
distributable
earnings
..................
$8,006,907
$23,375,902
Franklin
Global
Trust
Notes
to
Financial
Statements
31
ftinstitutional.com
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Report
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,
passive
foreign
investment
company
shares,
paydown
losses,
payments-in-kind,
bond
discounts
and
premiums,
tax
straddles,
investments
in
the
Alternative
Strategies
Fund
and
inflation
adjustments.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
year
ended
July
31,
2025,
were
as
follows:
6.
Credit
Risk
and
Defaulted
Securities
At
July
31,
2025,
Franklin
Emerging
Market
Debt
Opportunities
Fund
had
69.8%
of
its
portfolio
invested
in
high
yield
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
Certain
or
all
Funds
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
July
31,
2025,
the
aggregate
value
of
these
securities
for
Franklin
Emerging
Market
Debt
Opportunities
Fund
was
$4,903,052,
representing
4.6%
of
the
Fund's
net
assets.
The
Funds
discontinue
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
Schedules
of
Investments.
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.
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
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Purchases
..............................
$58,864,454
$227,199,740
Sales
..................................
$29,327,722
$418,120,342
4.
Income
Taxes
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
32
ftinstitutional.com
|
franklintempleton.com
Annual
Report
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
Funds
have
exposure
to
Russian
investments
or
investments
in
countries
affected
by
the
invasion,
the
Funds'
ability
to
price,
buy,
sell,
receive
or
deliver
such
investments
was
impaired.
The
Funds
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
Funds'
performance
and
the
value
of
an
investment
in
the
Fund,
even
beyond
any
direct
exposure
the
Funds
may
have
to
Russian
issuers
or
issuers
in
other
countries
affected
by
the
invasion.
At
July
31,
2025,
Franklin
Emerging
Market
Debt
Opportunities
Fund
had
0.0%
of
its
net
assets
invested
in
securities
with
significant
economic
risk
or
exposure
to
Russia.
8.
Restricted
Securities
Certain
or
all
Funds
invest
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
Funds
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
July
31,
2025,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
See
abbreviations
on
page
38.
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
193,625
Astana
Finance
JSC,
GDR,
144A
................
5/22/15
$
-
$
-
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
-%
of
Net
Assets)
...............
$3,533,378
$-
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$3,982
as
of
July
31,
2025.
7.
Concentration
of
Risk
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
33
ftinstitutional.com
|
franklintempleton.com
Annual
Report
9.
Other
Derivative
Information
At
July
31,
2025,
investments
in
derivative
contracts
are
reflected
in
the
Statements
of
Assets
and
Liabilities
as
follows:
For
the
year
ended
July
31,
2025,
the
effect
of
derivative
contracts
in
the
Statements
of
Operations
was
as
follows:
For
the
year
ended
July
31,
2025
,
the
average
month
end contract
value
and
fair
value
of
forward
exchange contracts
and
VRI
were
as
follows:
See
Note
1(d) regarding
derivative
financial
instruments.
See
abbreviations
on
page
38.
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
$
223,448
Unrealized
depreciation
on
OTC
forward
exchange
contracts
$
28,769
Value
recovery
instruments
...
Investments
in
securities,
at
value
1,451,921
a
Investments
in
securities,
at
value
-
Total
....................
$1,675,369
$28,769
a
VRI
are
included
in
investments
in
securities,
at
value
in
the
Statements
of
Assets
and
Liabilities.
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
$(636,800)
Forward
exchange
contracts
$213,528
Value
recovery
instruments
Investments
-
Investments
$278,709
a
Total
.......................
$(636,800)
$492,237
a
VRI
are
included
in
net
realized
gain
(loss)
from
investments
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
in
the
Statements
of
Operations.
Franklin
Emerging
Market
Debt
Opportunities
Fund
Forwards
exchange
contracts
.................
$
14,887,555
VRI
.....................................
1,452,555
Franklin
Global
Trust
Notes
to
Financial
Statements
34
ftinstitutional.com
|
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Report
10.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
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
Funds
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
year ended
July
31,
2025,
the
Funds
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2025,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
-
$
-
$
-
a
$
-
Warrants
:
Financial
Services
......................
-
1,451,921
691,095
2,143,016
Private
Limited
Partnership
Funds
............
-
-
-
a
-
Quasi-Sovereign
Bonds
:
Financial
Services
......................
-
-
502,464
a
502,464
Municipal
Bonds
.......................
-
2,805,597
-
2,805,597
Oil,
Gas
&
Consumable
Fuels
.............
-
5,760,776
-
5,760,776
Transportation
Infrastructure
..............
-
722,585
-
722,585
Corporate
Bonds
:
Banks
...............................
-
202,340
-
202,340
Broadline
Retail
.......................
-
-
-
a
-
Chemicals
...........................
-
901,365
-
901,365
Commercial
Services
&
Supplies
...........
-
923,387
-
923,387
Diversified
Telecommunication
Services
.....
-
409,323
-
409,323
Electric
Utilities
........................
-
2,547,713
-
2,547,713
Food
Products
........................
-
1,658,145
-
1,658,145
Metals
&
Mining
.......................
-
791,850
-
791,850
Oil,
Gas
&
Consumable
Fuels
.............
-
2,163,435
-
2,163,435
Franklin
Global
Trust
Notes
to
Financial
Statements
35
ftinstitutional.com
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Annual
Report
Level
1
Level
2
Level
3
Total
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Real
Estate
Management
&
Development
....
$
-
$
169,226
$
-
$
169,226
Wireless
Telecommunication
Services
.......
-
978,609
-
978,609
Loan
Participations
and
Assignments
.........
-
-
-
a
-
Foreign
Government
and
Agency
Securities
....
-
69,751,228
-
69,751,228
Supranational
...........................
-
4,321,268
532,174
4,853,442
Escrows
and
Litigation
Trusts
...............
-
-
3,982
3,982
Short
Term
Investments
...................
6,669,994
1,319,213
-
7,989,207
Total
Investments
in
Securities
...........
$6,669,994
$96,877,981
$1,729,715
$105,277,690
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$-
$223,448
$-
$223,448
Total
Other
Financial
Instruments
.........
$-
$223,448
$-
$223,448
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
-
28,769
-
28,769
Total
Other
Financial
Instruments
.........
$-
$28,769
$-
$28,769
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
-
31,489,190
-
31,489,190
Air
Freight
&
Logistics
...................
-
31,820,072
-
31,820,072
Biotechnology
.........................
41,774,850
-
-
41,774,850
Broadline
Retail
.......................
30,385,792
-
-
30,385,792
Capital
Markets
........................
-
71,889,499
-
71,889,499
Chemicals
...........................
-
27,845,603
-
27,845,603
Containers
&
Packaging
.................
-
23,459,235
-
23,459,235
Electronic
Equipment,
Instruments
&
Components
........................
-
13,476,380
-
13,476,380
Entertainment
.........................
-
28,231,114
-
28,231,114
Health
Care
Equipment
&
Supplies
.........
-
67,651,643
-
67,651,643
Hotels,
Restaurants
&
Leisure
.............
-
24,891,092
-
24,891,092
Interactive
Media
&
Services
..............
-
26,728,345
-
26,728,345
IT
Services
...........................
29,330,400
-
-
29,330,400
Life
Sciences
Tools
&
Services
............
-
17,424,226
-
17,424,226
Machinery
............................
-
57,752,465
-
57,752,465
Oil,
Gas
&
Consumable
Fuels
.............
7,833,333
-
-
7,833,333
Pharmaceuticals
.......................
-
22,613,209
-
22,613,209
Professional
Services
...................
-
25,555,015
-
25,555,015
Semiconductors
&
Semiconductor
Equipment
.
23,633,100
61,117,464
-
84,750,564
Software
.............................
115,441,189
27,165,801
-
142,606,990
Specialty
Retail
........................
-
13,726,338
-
13,726,338
Trading
Companies
&
Distributors
..........
-
22,444,822
-
22,444,822
Short
Term
Investments
...................
15,291,485
-
-
15,291,485
Total
Investments
in
Securities
...........
$263,690,149
$595,281,513
b
$-
$858,971,662
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$595,281,513,
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.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
36
ftinstitutional.com
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Annual
Report
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,
2025,
the
reconciliation
is
as
follows:
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,
2025,
are
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
...
580,816
-
-
-
-
-
-
110,279
691,095
110,279
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
-
c
-
-
-
-
-
-
-
-
c
-
Quasi-Sovereign
Bonds
:
620,346
c
-
(156,983)
-
-
-
(12,595)
51,696
502,464
c
37,204
Corporate
Bonds
:
Broadline
Retail
.....
-
c
-
-
-
-
-
-
-
-
c
-
Loan
Participations
and
Assignments
:
486,606
c
103,631
-
-
-
91
-
(590,328)
-
c
(590,328)
Supranational:
-
531,740
-
-
-
(35)
-
469
532,174
469
Escrows
and
Litigation
Trusts
:
-
c
-
-
-
-
-
-
3,982
3,982
3,982
Total
Investments
in
Securities
............
$1,687,768
$635,371
$(156,983)
$-
$-
$56
$(12,595)
$(423,902)
$1,729,715
$(438,394)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Warrants:
Financial
Services
........
$691,095
Recovery
value
Implied
recovery
4.1%
Increase
All
Other
..................
1,038,620
b,c
Total
.........................
$1,729,715
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
37
ftinstitutional.com
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Annual
Report
12.
Operating
Segments
The Funds
have
adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Funds'
financial
position
or
results
of
operations.
Each
Fund
operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Funds'
Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the
financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the
Statements
of
Assets
and
Liabilities
and
the
Statements
of
Operations,
along
with
the
related
notes
to
the
financial
statements.
The
Schedules
of
Investments
provides
details
of
the
Funds'
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the
Financial
Highlights.
13.
New
Accounting
Pronouncements
In
December
2023,
the
FASB
issued
ASU
No.
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures.
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disaggregation
in
the
rate
reconciliation
and
income
taxes
paid
by
jurisdiction,
while
removing
certain
disclosure
requirements.
The
ASU
is
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
is
currently
evaluating
the
impact
and
believes
that
the
adoption
of
the
ASU
will
not
have
a
material
impact
on
the
financial
statements.
14.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
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
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
c
Includes
financial
instruments
determined
to
have
no
value.
11.
Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Financial
Statements
38
ftinstitutional.com
|
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Annual
Report
Abbreviations
Counterparty
CITI
Citibank
NA
Selected
Portfolio
ADR
American
Depositary
Receipt
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
AZN
Azerbaijani
Manat
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
IDR
Indonesian
Rupiah
JMD
Jamaican
Dollar
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NGN
Nigerian
Naira
PLN
Polish
Zloty
TRY
Turkish
Lira
UGX
Uganda
Shilling
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Franklin
Global
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
39
ftinstitutional.com
|
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Annual
Report
To
the
Board
of
Trustees
of
Franklin
Global
Trust
and
Shareholders
of
Franklin
Emerging
Market
Debt
Opportunities
Fund
and
Franklin
International
Growth
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(constituting
Franklin
Global
Trust,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
July
31,
2025,
the
related
statements
of
operations
for
the
year
ended
July
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2025
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
July
31,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
(a)
The
financial
statements
for
Franklin
Emerging
Market
Debt
Opportunities
Fund
are
presented
on
a
consolidated
basis.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds'
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
Funds
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,
2025
by
correspondence
with
the
custodian,
transfer
agent,
private
placement
agents
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
opinions.
/s/PricewaterhouseCoopers
LLP
San
Francisco,
California
September
18,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Franklin
Templeton
Group
of
Funds
since
1948.
Franklin
Emerging
Market
Debt
Opportunities
Fund
(a)
Franklin
International
Growth
Fund
Franklin
Global
Trust
Tax
Information
(unaudited)
40
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Report
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
Funds
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during their
fiscal
year.
The
Funds
hereby
report
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
July
31,
2025:
Under
Section
853
of
the
Internal
Revenue
Code,
the
Funds
below intend
to
elect
to
pass
through
to
their
shareholders
the
following
amounts,
or
amounts
as
finally
determined,
of
foreign
taxes
paid
and
foreign
source
income
earned
by
the
Funds
during
the
fiscal
year
ended
July
31,
2025:
Pursuant
to:
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
-
$8,027,845
Section
163(j)
Interest
Dividends
Earned
§163(j)
$7,654,300
$264,965
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
Foreign
Taxes
Paid
$144,160
$609,157
Foreign
Source
Income
Earned
$6,875,108
$9,730,062
Franklin
Global
Trust
41
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BOARD
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(unaudited)
FRANKLIN
GLOBAL
TRUST
Franklin
Emerging
Market
Debt
Opportunities
Fund
Franklin
International
Growth
Fund
(each
a
Fund)
At
an
in-person
meeting
held
on
May
28-29,
2025
(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
(FTIML)
and
the
Trust,
on
behalf
of
the
Franklin
Emerging
Market
Debt
Opportunities
Fund
and
the
investment
management
agreement
between
Franklin
Templeton
Institutional,
LLC
(FTIL)
and
the
Trust,
on
behalf
of
the
Franklin
International
Growth
Fund
(each
a
Management
Agreement)
for
an
additional
one-year
period.
The
Independent
Trustees
received
advice
from
and
met
separately
with
Independent
Trustee
counsel
to
consider
the
renewal
of
each
Management
Agreement.
Although
the
Management
Agreements
for
the
Funds
were
considered
at
the
same
Board
meeting,
the
Board
considered
the
information
provided
to
it
about
the
Funds
together
and
with
respect
to
each
Fund
separately
as
the
Board
deemed
appropriate.
FTIML
and
FTIL
are
each
referred
to
herein
as
a
Manager.
In
considering
the
continuance
of
each
Management
Agreement,
the
Board
reviewed
and
considered
information
provided
by
the
Manager
at
the
Meeting
and
throughout
the
year
at
meetings
of
the
Board
and
its
committees.
The
Board
also
reviewed
and
considered
information
provided
in
response
to
a
detailed
set
of
requests
for
information
submitted
to
the
Manager
by
Independent
Trustee
counsel
on
behalf
of
the
Independent
Trustees
in
connection
with
the
annual
contract
renewal
process.
In
addition,
prior
to
the
Meeting,
the
Independent
Trustees
held
a
virtual
contract
renewal
meeting
at
which
the
Independent
Trustees
first
conferred
amongst
themselves
and
Independent
Trustee
counsel
about
contract
renewal
matters,
and
then
met
with
management
to
request
additional
information
that
the
Independent
Trustees
also
considered
prior
to
and
at
the
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Franklin
Global
Trust
42
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Annual
Report
Meeting.
The
Board
further
considered
all
of
the
factors
it
deemed
relevant
in
approving
the
continuance
of
each
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
each
Fund;
(iii)
the
costs
of
the
services
provided
and
profits
realized
by
the
Manager
and
its
affiliates
from
the
relationship
with
each
Fund;
(iv)
the
extent
to
which
economies
of
scale
are
realized
as
each
Fund
grows;
and
(v)
whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
Fund
investors.
In
approving
the
continuance
of
each
Management
Agreement,
the
Board,
including
a
majority
of
the
Independent
Trustees,
determined,
through
the
exercise
of
its
business
judgment,
that
the
terms
of
the
Management
Agreement
are
fair
and
reasonable
and
that
the
continuance
of
the
Management
Agreement
is
in
the
best
interests
of
the
applicable
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
the
information
it
received
regarding
the
nature,
extent
and
quality
of
investment
management
services
provided
by
the
Manager
and
its
affiliates
to
the
Funds
and
their
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
each
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
Funds
to
financial
intermediaries,
as
well
as
a
memorandum
relating
to
third-party
servicing
arrangements.
The
Board
acknowledged
the
ongoing
integration
of
acquired
third-party
fund
families
into
the
FT
family
of
funds
and
management's
continued
development
of
strategies
to
address
evolving
changes
in
domestic
policy
and
continuing
geopolitical
concerns.
The
Board
also
considered
the
investment
management
services
that
the
Manager
provides
to
the
Cayman
Islands-based
company,
Alternative
Strategies
(FT)
Ltd.
(Cayman
Subsidiary),
which
is
wholly
owned
by
the
Franklin
Emerging
Market
Debt
Opportunities
Fund.
The
Board
also
reviewed
and
considered
the
benefits
provided
to
Fund
shareholders
of
investing
in
a
fund
that
is
part
of
the
FT
family
of
funds.
The
Board
noted
the
financial
position
of
Franklin
Resources,
Inc.
(FRI),
the
Manager's
parent,
and
its
commitment
to
the
mutual
fund
business
as
evidenced
by
its
continued
reassessment
of
the
fund
offerings
in
response
to
FT
acquisitions
and
the
market
environment,
as
well
as
its
evaluation
of
ways
to
incorporate
private
assets
into
more
traditional
investment
vehicles.
The
Board
specifically
noted
FT's
commitment
to
technological
innovation
and
advancement,
including
its
continued
focus
on
developing
potential
use
cases
for
tokenization
and
the
blockchain
and
the
use
of
artificial
intelligence
tools
to
help
streamline
day-to-day
tasks.
Following
consideration
of
such
information,
the
Board
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
by
each
Manager
and
its
affiliates
to
the
Funds
and
their
shareholders.
Fund
Performance
The
Board
reviewed
and
considered
the
performance
results
of
each
Fund
over
various
time
periods
ended
December
31,
2024.
The
Board
considered
the
performance
returns
for
each
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
each
Fund's
performance
results
is
below.
Franklin
Global
Trust
43
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Annual
Report
Franklin
Emerging
Market
Debt
Opportunities
Fund
-
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
(best)
quintile
of
its
Performance
Universe.
The
Board
concluded
that
the
Fund's
performance
was
satisfactory.
Franklin
International
Growth
Fund
-
The
Performance
Universe
for
the
Fund
included
the
Fund
and
all
retail
and
institutional
international
multi-cap
growth
funds.
The
Board
noted
that
the
Fund's
annualized
total
return
for
the
10-year
period
was
above
the
median
of
its
Performance
Universe,
but
for
the
one-,
three-
and
five-year
periods
was
below
the
median
of
its
Performance
Universe.
The
Board
discussed
the
Fund's
performance
with
management
and
management
explained
that
the
Fund
generally
invests
in
higher
growth
companies
and
has
a
portfolio
with
a
lower
weighted
average
(mid-cap)
market
capitalization
relative
to
its
Performance
Universe
peers.
Management
further
explained
that
the
three-
and
five-year
underperformance
was
substantially
driven
by
underperformance
in
2022,
in
which
the
Fund's
style
differences
versus
peers
had
a
meaningful
impact
and
continued
to
adversely
impact
the
Fund's
performance
in
2023
and
2024.
Management
also
explained
that
underperformance
in
2024
was
driven
by
weak
stock
selection
in
the
health
care
sector.
The
Board
noted
management's
conviction
in
the
Fund's
investment
strategies.
Management
discussed
with
the
Board
the
actions
that
are
being
taken/have
been
taken
in
an
effort
to
improve
the
overall
performance
of
the
Fund,
including,
among
others,
certain
personnel
changes.
The
Board
further
noted
that,
although
below
median,
the
Fund's
annualized
total
return
for
the
one-year
period
was
positive.
The
Board
concluded
that
the
Fund's
Management
Agreement
should
be
continued
for
an
additional
one-
year
period,
while
management's
efforts
continue
to
be
closely
monitored.
Comparative
Fees
and
Expenses
The
Board
reviewed
and
considered
information
regarding
each
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
each
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
(i)
for
Institutional
Class,
Class
I,
Class
Y
and
Class
SI
shares
for
funds
in
the
Expense
Group
for
the
Franklin
Emerging
Market
Debt
Opportunities
Fund;
and
(ii)
for
Class
A
shares
for
the
Franklin
International
Growth
Fund
and
each
other
fund
in
its
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.
Franklin
Emerging
Market
Debt
Opportunities
Fund
-
The
Expense
Group
for
the
Fund
included
the
Fund
and
nine
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
acknowledged
management's
explanation
that
there
are
additional
complexities
and
expenses
associated
with
the
management
of
the
portfolio,
which
is
highly
differentiated
from
its
Expense
Group
peers
as
it
invests
in
a
wider
range
of
countries
and
issuers
and,
at
times,
smaller,
less
liquid
issuers.
The
Board
also
noted
that
the
Fund's
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Franklin
Global
Trust
44
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Annual
Report
Franklin
International
Growth
Fund
-
The
Expense
Group
for
the
Fund
included
the
Fund
and
eight
other
international
multi-
cap
growth
funds.
The
Board
noted
that
the
Management
Rate
and
actual
total
expense
ratio
were
below
the
medians
of
its
Expense
Group.
The
Board
also
noted
that
the
Fund's
actual
total
expense
ratio
reflected
an
expense
cap
on
operating
expenses.
The
Board
concluded
that
the
Management
Rate
charged
to
the
Fund
is
reasonable.
Profitability
The
Board
reviewed
and
considered
information
regarding
the
profits
realized
by
each
Manager
and
its
affiliates
in
connection
with
the
operation
of
each
Fund.
In
this
respect,
the
Board
considered
the
Fund
profitability
analysis
provided
by
the
Managers
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,
2024,
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
Funds'
profitability
report
presentations
from
prior
years.
The
Board
also
noted
that
an
independent
registered
public
accounting
firm
has
been
engaged
by
the
Managers
to
periodically
review
and
assess
the
allocation
methodologies
to
be
used
solely
by
the
Funds'
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
each
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
Funds,
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
each
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
each
Manager
and
its
affiliates
from
providing
services
to
each
Fund
was
not
excessive
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
each
Fund.
Economies
of
Scale
The
Board
reviewed
and
considered
the
extent
to
which
each
Manager
may
realize
economies
of
scale,
if
any,
as
each
Fund
grows
larger
and
whether
each
Fund's
management
fee
structure
reflects
any
economies
of
scale
for
the
benefit
of
shareholders.
With
respect
to
possible
economies
of
scale,
the
Board
noted
the
existence
of
management
fee
breakpoints,
which
operate
generally
to
share
any
economies
of
scale
with
a
Fund's
shareholders
by
reducing
the
Fund's
effective
management
fees
as
the
Fund
grows
in
size.
The
Board
considered
the
Manager's
view
that
any
analyses
of
potential
economies
of
scale
in
managing
a
particular
fund
are
inherently
limited
in
light
of
the
joint
and
common
costs
and
investments
the
Manager
incurs
across
the
FT
family
of
funds
as
a
whole.
The
Board
noted
that
the
Franklin
Emerging
Market
Debt
Opportunities
Fund
does
not
currently
have
an
asset
size
that
would
likely
enable
the
Fund
to
achieve
economies
of
scale
and
that
the
Franklin
International
Growth
Fund
had
experienced
a
significant
decrease
in
assets
and
would
not
be
expected
to
demonstrate
additional
economies
of
scale
in
the
near
term,
but
concluded
that
to
the
extent
economies
of
scale
may
be
realized
by
each
Manager
and
its
affiliates,
each
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
continuance
of
each
Management
Agreement
for
an
additional
one-year
period.
FGT-AFSOI
09/25
©
2025
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Code of Ethics attached hereto.
Exhibit 99.CODE ETH
(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.CERT
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.
Exhibit 99.906CERT
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, there unto duly authorized.
Franklin Global Trust
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | September 26, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Christopher Kings | |
| Christopher Kings | ||
| Chief Executive Officer - Finance and Administration | ||
| Date: | September 26, 2025 |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Chief Financial Officer, Chief Accounting Officer and Treasurer | ||
| Date: | September 26, 2025 |
Franklin Global Trust published this content on September 26, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 26, 2025 at 18:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]