Franklin Global Trust NPORT-P Franklin Emerging Market Debt Opportunities Fund (Oct 2020 report)

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited),

October

31,

2020

Franklin

Emerging

Market

Debt

Opportunities

Fund

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

1

0

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.0%

Diversified

Financial

Services

0.0%

a,b,c,d

Astana

Finance

JSC,

GDR,

144A

.........................

Kazakhstan

193,625

$

—

b

Multiline

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

—

—

Total

Common

Stocks

(Cost

$433,378)

.........................................

—

Warrants

Warrants

2.6%

Diversified

Financial

Services

2.6%

a,b,d,e

Central

Bank

of

Nigeria,

Reg

S,

11/15/20

....................

Nigeria

48,500

—

b,d,f

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

.........................................

Ukraine

2,000,000

1,738,860

a,b,c,e

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

1,044,168

2,783,028

Total

Warrants

(Cost

$26,788,916)

.............................................

2,783,028

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,e,g

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%

Banks

4.8%

d

Development

Bank

of

Kazakhstan

JSC

,

Senior

Note

,

Reg

S,

9.5

%

,

12/14/20

..........................................

Kazakhstan

600,000,000

KZT

1,397,267

d

Development

Bank

of

the

Republic

of

Belarus

JSC

,

Senior

Note

,

144A,

12

%

,

5/15/22

..................................

Belarus

8,900,000

BYN

3,590,937

4,988,204

Diversified

Financial

Services

0.0%

†

a,c,d

Astana

Finance

JSC

,

Secured

Note

,

144A,

0

%

,

12/22/24

.......

Kazakhstan

136,566

1,366

a,c,d,h,i

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana)

,

PTN

,

Secured

Note

,

Reg

S,

Zero

Cpn

.,

2/05/09

.............

Ghana

8,000,000

—

1,366

Municipal

Bonds

2.7%

d

Provincia

del

Chubut

Argentina

,

144A,

7.75

%

,

7/26/26

..........

Argentina

5,462,500

2,799,531

Oil,

Gas

&

Consumable

Fuels

0.8%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

1,000,000

842,500

Wireless

Telecommunication

Services

0.9%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

...................

Trinidad

and

Tobago

970,000

966,362

Total

Quasi-Sovereign

Bonds

(Cost

$15,391,605)

................................

9,597,963

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

10.3%

Banks

1.3%

d

Akbank

T.A.S.

,

Sub.

Bond

,

144A,

6.797%

to

4/27/23,

FRN

thereafter

,

4/27/28

...........................................

Turkey

1,500,000

$

1,335,402

Capital

Markets

0.9%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

1,000,000

980,000

Construction

&

Engineering

1.0%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

1,000,000

1,022,500

Food

Products

3.7%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

10.25

%

,

1/29/25

...........................................

Paraguay

4,000,000

3,900,000

Multiline

Retail

0.0%

†

a,d,j

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

.......................................

South

Africa

4,562,870

—

a,d,j

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

......................................

South

Africa

1,331,810

6,659

6,659

Oil,

Gas

&

Consumable

Fuels

3.4%

d

Indika

Energy

Capital

IV

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

8.25

%

,

10/22/25

.....................................

Indonesia

1,050,000

1,049,669

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

...........................................

Indonesia

1,918,000

1,864,857

d

Tullow

Oil

plc

,

Senior

Note

,

144A,

7

%

,

3/01/25

...............

Ghana

1,202,000

634,055

3,548,581

Total

Corporate

Bonds

(Cost

$17,430,382)

......................................

10,793,142

Loan

Participations

and

Assignments

3.4%

d,k

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

FRN,

5.95%,

(5-year

CMT

T-Note

+

4.546%),

4/15/30

.............

Russia

2,100,000

2,078,244

a,c,e,j,l

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

.......

United

States

689,379

367,886

a,c,d,h

NK

Debt

Corp.

(The)

,

144A,

Zero

Cpn

.,

3/12/20

..............................

North

Korea

4,250,000

DEM

—

Reg

S,

Zero

Cpn

.,

3/12/20

.............................

North

Korea

2,000,000

CHF

—

Reg

S,

Zero

Cpn

.,

3/12/20

.............................

North

Korea

18,000,000

DEM

—

d

State

Savings

Bank

of

Ukraine

Via

SSB

#1

plc,

Senior

Note,

144A,

9.625%,

3/20/25

.....................................

Ukraine

1,125,000

1,152,934

Total

Loan

Participations

and

Assignments

(Cost

$7,104,522)

....................

3,599,064

Foreign

Government

and

Agency

Securities

67.7%

d

Angola

Government

Bond

,

144A,

8

%

,

11/26/29

...............

Angola

3,500,000

2,716,423

Argentina

Government

Bond

,

Senior

Note,

1%,

7/09/29

..............................

Argentina

150,490

62,153

Senior

Note,

0.125%,

7/09/30

...........................

Argentina

1,370,020

502,797

Senior

Bond,

0.125%,

7/09/35

..........................

Argentina

2,509,979

825,783

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

d

Armenia

Government

Bond

,

Senior

Note

,

144A,

7.15

%

,

3/26/25

..

Armenia

1,000,000

$

1,079,210

d

Asian

Infrastructure

Investment

Bank

(The)

,

Senior

Note

,

Reg

S,

16

%

,

9/14/21

.......................................

Supranational

m

17,000,000

TRY

1,977,608

Banque

Centrale

de

Tunisie

International

Bond

,

Senior

Bond

,

4.2

%

,

3/17/31

...........................................

Tunisia

420,000,000

JPY

2,683,820

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond

,

144A,

4.7

%

,

10/22/31

.....................................

Supranational

m

1,100,000

1,157,277

d

Belarus

Government

Bond

,

Senior

Note

,

144A,

6.875

%

,

2/28/23

..

Belarus

1,500,000

1,487,287

d

Cameroon

Government

Bond

,

144A,

9.5

%

,

11/19/25

...........

Cameroon

1,200,000

1,262,213

Colombia

Government

Bond

,

3

%

,

1/30/30

...................

Colombia

2,200,000

2,248,125

d

Dominican

Republic

Government

Bond

,

Senior

Note

,

144A,

8.9

%

,

2/15/23

...........................................

Dominican

Republic

80,000,000

DOP

1,384,586

d

Egypt

Government

Bond

,

Senior

Bond

,

144A,

7.625

%

,

5/29/32

...

Egypt

1,800,000

1,827,720

d

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

7.65

%

,

6/15/35

El

Salvador

3,450,000

2,754,859

d

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.95%,

6/16/25

......................

Gabon

2,400,000

2,272,013

Senior

Bond,

144A,

6.625%,

2/06/31

.....................

Gabon

300,000

268,737

Ghana

Government

Bond

,

18.25

%

,

7/25/22

..................

Ghana

11,000,000

GHS

1,897,879

d

Grenada

Government

Bond

,

144A,

7%,

5/12/30

...................................

Grenada

5,638,306

4,087,772

Reg

S,

7%,

5/12/30

..................................

Grenada

1,221,778

885,789

d

Honduras

Government

Bond

,

144A,

5.625

%

,

6/24/30

..........

Honduras

1,000,000

1,107,500

d

Indonesia

Government

Bond

,

Reg

S,

4.35

%

,

1/08/27

...........

Indonesia

2,000,000

2,292,270

Inter-American

Development

Bank

,

GDP

Linked

Security

,

Senior

Note

,

7.875

%

,

3/14/23

................................

Supranational

m

30,000,000,000

IDR

2,190,872

International

Finance

Corp.

,

7.5

%

,

10/29/21

.................

Supranational

m

3,900,000

GEL

1,205,659

d

Iraq

Government

Bond

,

Reg

S,

5.8

%

,

1/15/28

................

Iraq

5,390,625

4,663,149

Jamaica

Government

Bond

,

Senior

Bond

,

7.875

%

,

7/28/45

......

Bermuda

850,000

1,113,500

d

Jordan

Government

Bond

,

144A,

5.85

%

,

7/07/30

.............

Jordan

1,600,000

1,614,745

Mexican

Bonos

,

M

20

,

Senior

Bond

,

8.5

%

,

5/31/29

............

Mexico

72,780,900

MXN

4,006,061

Mexico

Government

Bond

,

Senior

Note

,

3.75

%

,

1/11/28

........

Mexico

1,500,000

1,626,248

d

Mozambique

Government

Bond

,

144A,

5%

to

9/15/23,

9%

thereafter

,

9/15/31

...........................................

Mozambique

1,400,000

1,171,618

d

Russia

Government

Bond

,

Senior

Note

,

Reg

S,

4.875

%

,

9/16/23

..

Russia

2,000,000

2,193,400

South

Africa

Government

Bond

,

Senior

Bond,

4.3%,

10/12/28

...........................

South

Africa

1,200,000

1,168,500

Senior

Bond,

7%,

2/28/31

.............................

South

Africa

91,600,000

ZAR

4,611,012

d

Southern

Gas

Corridor

CJSC

,

Senior

Note

,

144A,

6.875

%

,

3/24/26

Azerbaijan

1,000,000

1,142,447

d

Sri

Lanka

Government

Bond

,

Senior

Note,

144A,

5.75%,

4/18/23

.......................

Sri

Lanka

200,000

115,000

Senior

Note,

144A,

6.85%,

3/14/24

.......................

Sri

Lanka

200,000

112,992

d

Suriname

Government

Bond

,

Senior

Bond,

144A,

9.25%,

10/26/26

.....................

Suriname

2,750,000

1,471,250

k

144A,

FRN,

12.875%,

12/30/23

.........................

Suriname

1,400,000

773,500

Turkey

Government

Bond

,

3.25%,

3/23/23

.....................................

Turkey

1,200,000

1,135,186

4.875%,

4/16/43

.....................................

Turkey

2,200,000

1,612,875

n

Uruguay

Government

Bond

,

Index

Linked,

Senior

Bond

,

3.7

%

,

6/26/37

...........................................

Uruguay

157,016,251

UYU

4,082,423

Total

Foreign

Government

and

Agency

Securities

(Cost

$80,114,359)

..............

70,792,258

Total

Long

Term

Investments

(Cost

$151,863,162)

...............................

97,565,455

a

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

Short

Term

Investments

4.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

2.1%

o

Egypt

Treasury

Bill

,

8/03/21

...........................................

Egypt

12,000,000

EGP

$

697,789

8/17/21

...........................................

Egypt

14,000,000

EGP

808,052

8/31/21

...........................................

Egypt

12,700,000

EGP

731,621

2,237,462

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,216,296)

...............

2,237,462

Shares

a

Money

Market

Funds

2.4%

p,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

2,494,578

2,494,578

Total

Money

Market

Funds

(Cost

$2,494,578)

...................................

2,494,578

Total

Short

Term

Investments

(Cost

$4,710,874

)

.................................

4,732,040

a

Total

Investments

(Cost

$156,574,036)

97.7%

...................................

$102,297,495

Other

Assets,

less

Liabilities

2.3%

.............................................

2,352,766

Net

Assets

100.0%

...........................................................

$104,650,261

*

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

9

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

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

October

31,

2020,

the

aggregate

value

of

these

securities

was

$65,180,508,

representing

62.3%

of

net

assets.

e

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

8.

f

The

principal

represents

the

notional

amount.

See

Note

3

regarding

value

recovery

instruments.

g

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.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

Represents

claims

that

have

been

filed

with

a

Ghanaian

court

against

National

Investment

Bank

of

Ghana.

j

Income

may

be

received

in

additional

securities

and/or

cash.

k

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Perpetual

security

with

no

stated

maturity

date.

m

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

n

Principal

amount

of

security

is

adjusted

for

inflation.

o

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

p

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

5

At

October

31,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

See

Abbreviation

on

page

19

.

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

Japanese

Yen

......

RBCCM

Sell

290,000,000

2,734,044

12/09/20

$

—

$

(36,949)

Total

Forward

Exchange

Contracts

...................................................

—

$(36,949)

Net

unrealized

appreciation

(depreciation)

............................................

$(36,949)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Global

Trust

Statement

of

Investments

(unaudited),

October

31,

2020

Franklin

International

Small

Cap

Fund

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.4%

Air

Freight

&

Logistics

3.4%

Mainfreight

Ltd.

.......................................

New

Zealand

82,228

$

2,932,004

Capital

Markets

4.5%

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

...................

India

235,500

1,801,575

IIFL

Wealth

Management

Ltd.

............................

India

173,100

2,134,877

3,936,452

Chemicals

2.3%

a

Hexpol

AB

...........................................

Sweden

232,100

2,043,928

a

Commercial

Services

&

Supplies

14.1%

b

Biffa

plc,

144A,

Reg

S

..................................

United

Kingdom

1,303,079

3,648,903

a

Elis

SA

.............................................

France

178,660

1,959,427

K-Bro

Linen,

Inc.

......................................

Canada

112,100

2,356,103

a

Loomis

AB

..........................................

Sweden

112,636

2,514,821

b

Prosegur

Cash

SA,

144A,

Reg

S

..........................

Spain

2,429,800

1,879,720

12,358,974

Distributors

1.5%

Headlam

Group

plc

....................................

United

Kingdom

379,488

1,307,576

Diversified

Consumer

Services

2.0%

Park

Lawn

Corp.

......................................

Canada

83,700

1,765,478

Diversified

Telecommunication

Services

4.0%

a

Liberty

Latin

America

Ltd.,

A

.............................

Chile

358,300

3,511,340

a

Electrical

Equipment

1.9%

Somfy

SA

...........................................

France

12,085

1,683,273

Entertainment

3.2%

CTS

Eventim

AG

&

Co.

KGaA

............................

Germany

63,300

2,805,803

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Lar

Espana

Real

Estate

Socimi

SA

........................

Spain

181,510

647,178

Food

&

Staples

Retailing

4.5%

Total

Produce

plc

.....................................

Ireland

2,985,277

3,905,207

Food

Products

6.2%

a

Cloetta

AB,

B

........................................

Sweden

499,636

1,174,202

Devro

plc

...........................................

United

Kingdom

637,100

1,246,154

Orion

Corp.

..........................................

South

Korea

31,500

3,013,298

5,433,654

Health

Care

Providers

&

Services

6.4%

BML,

Inc.

...........................................

Japan

105,100

2,954,543

Solasto

Corp.

........................................

Japan

219,200

2,675,543

5,630,086

Household

Durables

2.3%

SEB

SA

............................................

France

12,400

2,015,079

Insurance

7.3%

a

Arch

Capital

Group

Ltd.

.................................

United

States

98,721

2,982,362

Fairfax

Financial

Holdings

Ltd.

...........................

Canada

6,100

1,603,711

RenaissanceRe

Holdings

Ltd.

............................

United

States

11,000

1,778,920

6,364,993

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Internet

&

Direct

Marketing

Retail

1.6%

b

Dustin

Group

AB,

144A,

Reg

S

...........................

Sweden

226,351

$

1,439,332

IT

Services

3.3%

TravelSky

Technology

Ltd.,

H

............................

China

1,384,900

2,919,339

Machinery

3.4%

Trifast

plc

...........................................

United

Kingdom

1,008,400

1,580,540

Zardoya

Otis

SA

......................................

Spain

224,108

1,369,009

2,949,549

Marine

1.7%

Clarkson

plc

.........................................

United

Kingdom

58,594

1,525,967

Media

0.6%

Hyve

Group

plc

.......................................

United

Kingdom

782,221

516,534

Pharmaceuticals

4.2%

Haw

Par

Corp.

Ltd.

....................................

Singapore

270,700

1,858,677

Recordati

Industria

Chimica

e

Farmaceutica

SpA

..............

Italy

34,700

1,798,931

3,657,608

Real

Estate

Management

&

Development

7.2%

a

Foxtons

Group

plc

.....................................

United

Kingdom

2,065,800

909,817

Hang

Lung

Group

Ltd.

..................................

Hong

Kong

580,800

1,289,258

a

LSL

Property

Services

plc

...............................

United

Kingdom

383,500

1,018,372

c

Shurgard

Self

Storage

SA

...............................

Belgium

73,400

3,129,661

6,347,108

Software

4.1%

Hansen

Technologies

Ltd.

...............................

Australia

1,278,064

3,551,091

Specialty

Retail

0.5%

JUMBO

SA

..........................................

Greece

30,100

421,874

Trading

Companies

&

Distributors

2.4%

IMCD

NV

...........................................

Netherlands

17,900

2,071,675

Transportation

Infrastructure

1.1%

a

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

............

Mexico

8,100

934,335

a

Total

Common

Stocks

(Cost

$91,825,266)

......................................

82,675,437

Short

Term

Investments

4.6%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

3.4%

National

Bank

of

Canada,

0.05%,

11/02/20

..................

United

States

3,000,000

3,000,000

Total

Time

Deposits

(Cost

$3,000,000)

.........................................

3,000,000

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

1.2%

Shares

Money

Market

Funds

0.9%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

811,000

811,000

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

See

Abbreviations

on

page

19

.

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.3%

f

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.07%,

11/02/20

(Maturity

Value

$202,765)

Collateralized

by

U.S.

Treasury

Bonds,

6.875%

-

8.125%,

5/15/21

-

8/15/25;

U.S.

Treasury

Notes,

0.25%

-

3%,

2/15/21

-

9/30/25;

U.S.

Treasury

Note,

Index

Linked,

1.125%,

1/15/21;

and

U.S.

Treasury

Bill,

Discount

Note,

3/25/21

(valued

at

$206,820)

............

202,764

$

202,764

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$1,013,764)

............................................................

1,013,764

Total

Short

Term

Investments

(Cost

$4,013,764

)

.................................

4,013,764

a

Total

Investments

(Cost

$95,839,030)

99.0%

....................................

$86,689,201

Other

Assets,

less

Liabilities

1.0%

.............................................

880,116

Net

Assets

100.0%

...........................................................

$87,569,317

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

October

31,

2020,

the

aggregate

value

of

these

securities

was

$8,769,530,

representing

10.0%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2020.

d

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

f

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

October

31,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Global

Trust

Statement

of

Investments

(unaudited),

October

31,

2020

Franklin

International

Growth

Fund

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.8%

Aerospace

&

Defense

3.0%

MTU

Aero

Engines

AG

.................................

Germany

395,000

$

67,511,031

Air

Freight

&

Logistics

3.9%

DSV

PANALPINA

A/S

..................................

Denmark

550,000

89,228,635

Banks

5.0%

a

FinecoBank

Banca

Fineco

SpA

...........................

Italy

5,230,000

71,804,167

KBC

Group

NV

.......................................

Belgium

855,000

42,241,009

114,045,176

Biotechnology

5.7%

CSL

Ltd.

............................................

Australia

340,000

68,835,498

a

Genmab

A/S

.........................................

Denmark

184,000

61,457,730

130,293,228

Capital

Markets

4.9%

Deutsche

Boerse

AG

...................................

Germany

395,000

58,202,159

Intermediate

Capital

Group

plc

...........................

United

Kingdom

3,556,000

54,007,025

112,209,184

Chemicals

9.1%

Koninklijke

DSM

NV

...................................

Netherlands

470,000

75,162,687

Symrise

AG

.........................................

Germany

540,000

66,584,770

Umicore

SA

.........................................

Belgium

1,740,000

67,076,429

208,823,886

Diversified

Consumer

Services

3.1%

a

TAL

Education

Group,

ADR

..............................

China

1,050,000

69,783,000

a

Diversified

Telecommunication

Services

2.5%

b

Cellnex

Telecom

SA,

144A,

Reg

S

.........................

Spain

904,735

58,073,304

Entertainment

2.3%

CTS

Eventim

AG

&

Co.

KGaA

............................

Germany

1,210,000

53,633,829

Health

Care

Equipment

&

Supplies

10.8%

a

Alcon,

Inc.

...........................................

Switzerland

1,030,000

58,549,182

Cochlear

Ltd.

........................................

Australia

498,000

74,329,188

GN

Store

Nord

A/S

....................................

Denmark

1,150,000

82,792,701

a

LivaNova

plc

.........................................

United

States

635,000

31,965,900

247,636,971

Internet

&

Direct

Marketing

Retail

6.6%

a

boohoo

Group

plc

.....................................

United

Kingdom

19,400,000

67,983,395

a

MercadoLibre

,

Inc.

....................................

Argentina

68,000

82,555,400

150,538,795

IT

Services

11.1%

a,b

Adyen

NV,

144A,

Reg

S

................................

Netherlands

45,000

75,630,234

Amadeus

IT

Group

SA

.................................

Spain

950,860

45,302,887

a

Keywords

Studios

plc

..................................

Ireland

2,750,000

75,376,417

a

Shopify,

Inc.,

A

.......................................

Canada

62,000

57,376,660

253,686,198

Media

5.5%

a,b

Ascential

plc,

144A,

Reg

S

..............................

United

Kingdom

12,000,000

42,970,293

CyberAgent

,

Inc.

......................................

Japan

1,305,000

82,074,491

125,044,784

Pharmaceuticals

3.0%

Hikma

Pharmaceuticals

plc

..............................

Jordan

2,100,000

68,270,437

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Growth

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

See

A

bbreviatio

ns

on

page

19

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

3.0%

Experian

plc

.........................................

United

Kingdom

1,850,000

$

67,764,867

Semiconductors

&

Semiconductor

Equipment

3.0%

ASML

Holding

NV

.....................................

Netherlands

190,000

68,739,638

Software

10.4%

AVEVA

Group

plc

.....................................

United

Kingdom

1,080,000

59,941,508

a

CyberArk

Software

Ltd.

.................................

United

States

700,000

69,405,000

Sage

Group

plc

(The)

..................................

United

Kingdom

6,700,000

55,120,708

SAP

SE

............................................

Germany

500,000

53,340,031

237,807,247

Trading

Companies

&

Distributors

2.9%

a

Ferguson

plc

.........................................

United

States

660,000

65,544,253

a

Total

Common

Stocks

(Cost

$1,710,906,261)

....................................

2,188,634,463

Short

Term

Investments

4.2%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

4.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

96,717,442

96,717,442

Total

Money

Market

Funds

(Cost

$96,717,442)

..................................

96,717,442

Total

Short

Term

Investments

(Cost

$96,717,442

)

................................

96,717,442

a

Total

Investments

(Cost

$1,807,623,703)

100.0%

................................

$2,285,351,905

Other

Assets,

less

Liabilities

(0.0)%

†

...........................................

(130,694)

Net

Assets

100.0%

...........................................................

$2,285,221,211

†

Rounds

to

less

than

0.1%

of

net

assets.

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

October

31,

2020,

the

aggregate

value

of

these

securities

was

$176,673,831,

representing

7.7%

of

net

assets.

c

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Global

Trust

11

Quaterly

Statement

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

1.

Organization

Franklin

Global

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

three

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. 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

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

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.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

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,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

12

Quaterly

Statement

of

Investments

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

October

31,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

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.

3.

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

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.

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.

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

the

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund’s

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

2. Financial

Instrument

Valuation

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

13

Quaterly

Statement

of

Investments

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

Funds

and

a

counterparty

to

buy

or

sell

a

foreign

currency

for

a

specific

exchange

rate

on

a

future

date.

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.

The

risks

of

investing

in

VRI

include

growth

risk,

liquidity,

and

the

potential

loss

of

investment.

The

following

Funds

have

invested

in

derivatives

during

the

period. 

Franklin

Emerging

Market

Debt

Opportunities

Fund

–

Forwards

and

VRI

4.

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.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

5. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

6. Restricted

Securities 

At

October

31,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

.

Principal

Amount

*

/

Shares

/

Warrants

/

Units

Issuer

Acquisition

Date

Cost

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

193,625

Astana

Finance

JSC,

GDR,

144A

................

5/22/15

$

—

$

—

136,566

Astana

Finance

JSC,

Secured

Note,

144A,

0%,

12/22/24

5/22/15

—

1,366

4,424,861

Global

Distressed

Alpha

Fund

III

LP

..............

10/11/12

-

1/22/16

4,600,000

—

689,379

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

12/28/16

-

6/30/20

689,376

367,886

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

—

4,250,000

DEM

NK

Debt

Corp.

(The),

144A,

Zero

Cpn

.,

3/12/20

.....

6/19/07

-

10/14/08

723,263

—

2,000,000

CHF

NK

Debt

Corp.

(The),

Reg

S,

Zero

Cpn

.,

3/12/20

....

6/17/11

388,830

—

18,000,000

DEM

NK

Debt

Corp.

(The),

Reg

S,

Zero

Cpn

.,

3/12/20

....

1/25/11

–

6/06/11

2,023,664

—

3.

Derivative

Financial

Instruments

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

14

Quaterly

Statement

of

Investments

7.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Principal

Amount*/

Shares/

Warrants/Units

Issuer

Acquisition

Date

Cost

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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

$

—

925,920

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

.

5/30/06

–

10/30/15

17,796,506

1,044,168

Total

Restricted

Securities

(Value

is

1.35%

of

Net

Assets)

.............

$29,755,017

$1,413,420

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$

–

as

of

October

31,

2020.

a

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a

a

a

a

a

a

a

a

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$4,131,221

$23,979,674

$(25,616,317)

$—

$—

$2,494,578

2,494,578

$—

Total

Affiliated

Securities

....

$4,131,221

$23,979,674

$(25,616,317)

$—

$—

$2,494,578

$—

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$79,852,720

$142,791,149

$(125,926,427)

$—

$—

$96,717,442

96,717,442

$3

Total

Affiliated

Securities

....

$79,852,720

$142,791,149

$(125,926,427)

$—

$—

$96,717,442

$3

Franklin

International

Small

Cap

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$96,000

$1,296,000

$(581,000)

$

—

$

—

$811,000

811,000

$—

Total

Affiliated

Securities

....

$96,000

$1,296,000

$(581,000)

$—

$—

$811,000

$—

6. Restricted

Securities 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

15

Quaterly

Statement

of

Investments

8.

Investments

in

Alternative

Strategies

(FT)

Ltd.

(FT

Subsidiary) 

Franklin

Emerging

Market

Debt

Opportunities

Fund

invests

in

certain

financial

instruments,

warrants

or

commodities

through

its

investment

in

the

FT

Subsidiary.

The

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

October

31,

2020,

the

FT

Subsidiary

investments

as

well

as

any

other

assets

and

liabilities

of

the

FT

Subsidiary

are

reflected

in

the

Fund’s

Consolidated

Statement

of

Investments.

At

October

31,

2020,

the

net

assets

of

the

FT

Subsidiary

were

$1,412,054,

representing

1.4%

of

the

Fund’s

consolidated

net

assets.

The

Fund’s

investment

in

the

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

9. 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

October

31,

2020,

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

:

Diversified

Financial

Services

.............

—

1,738,860

1,044,168

a

2,783,028

Quasi-Sovereign

Bonds

...................

—

9,596,597

1,366

a

9,597,963

Corporate

Bonds

:

Banks

...............................

—

1,335,402

—

1,335,402

Capital

Markets

........................

—

980,000

—

980,000

Construction

&

Engineering

...............

—

1,022,500

—

1,022,500

Food

Products

........................

—

3,900,000

—

3,900,000

Multiline

Retail

........................

—

—

6,659

a

6,659

Oil,

Gas

&

Consumable

Fuels

.............

—

3,548,581

—

3,548,581

Loan

Participations

and

Assignments

.........

—

3,231,178

367,886

a

3,599,064

Foreign

Government

and

Agency

Securities

....

—

70,792,258

—

70,792,258

Private

Limited

Partnership

Funds

............

—

—

—

a

—

Short

Term

Investments

...................

2,494,578

2,237,462

—

4,732,040

Total

Investments

in

Securities

...........

$2,494,578

$98,382,838

$1,420,079

$102,297,495

Other

Financial

Instruments:

Restricted

Currency

(ARS)

.................

$

—

$

—

$

202,200

$

202,200

Total

Other

Financial

Instruments

.........

$—

$—

$202,200

$202,200

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

16

Quaterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

36,949

—

36,949

$—

$—

$—

$—

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

67,511,031

$

—

$

67,511,031

Air

Freight

&

Logistics

...................

—

89,228,635

—

89,228,635

Banks

...............................

—

114,045,176

—

114,045,176

Biotechnology

.........................

—

130,293,228

—

130,293,228

Capital

Markets

........................

—

112,209,184

—

112,209,184

Chemicals

...........................

—

208,823,886

—

208,823,886

Diversified

Consumer

Services

............

69,783,000

—

—

69,783,000

Diversified

Telecommunication

Services

.....

—

58,073,304

—

58,073,304

Entertainment

.........................

—

53,633,829

—

53,633,829

Health

Care

Equipment

&

Supplies

.........

31,965,900

215,671,071

—

247,636,971

Internet

&

Direct

Marketing

Retail

..........

82,555,400

67,983,395

—

150,538,795

IT

Services

...........................

132,753,077

120,933,121

—

253,686,198

Media

...............................

—

125,044,784

—

125,044,784

Pharmaceuticals

.......................

—

68,270,437

—

68,270,437

Professional

Services

...................

—

67,764,867

—

67,764,867

Semiconductors

&

Semiconductor

Equipment

.

—

68,739,638

—

68,739,638

Software

.............................

69,405,000

168,402,247

—

237,807,247

Trading

Companies

&

Distributors

..........

—

65,544,253

—

65,544,253

Short

Term

Investments

...................

96,717,442

—

—

96,717,442

Total

Investments

in

Securities

...........

$483,179,819

$1,802,172,086

$—

$2,285,351,905

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

...................

—

2,932,004

—

2,932,004

Capital

Markets

........................

1,801,575

2,134,877

—

3,936,452

Chemicals

...........................

—

2,043,928

—

2,043,928

Commercial

Services

&

Supplies

...........

4,870,924

7,488,050

—

12,358,974

Distributors

...........................

1,307,576

—

—

1,307,576

Diversified

Consumer

Services

............

1,765,478

—

—

1,765,478

Diversified

Telecommunication

Services

.....

3,511,340

—

—

3,511,340

Electrical

Equipment

....................

1,683,273

—

—

1,683,273

Entertainment

.........................

—

2,805,803

—

2,805,803

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

647,178

—

647,178

Food

&

Staples

Retailing

.................

3,905,207

—

—

3,905,207

Food

Products

........................

1,246,154

4,187,500

—

5,433,654

Health

Care

Providers

&

Services

..........

—

5,630,086

—

5,630,086

Household

Durables

....................

—

2,015,079

—

2,015,079

Insurance

............................

6,364,993

—

—

6,364,993

Internet

&

Direct

Marketing

Retail

..........

—

1,439,332

—

1,439,332

IT

Services

...........................

—

2,919,339

—

2,919,339

Machinery

............................

1,580,540

1,369,009

—

2,949,549

Marine

..............................

—

1,525,967

—

1,525,967

Media

...............................

—

516,534

—

516,534

Pharmaceuticals

.......................

—

3,657,608

—

3,657,608

Real

Estate

Management

&

Development

....

1,928,189

4,418,919

—

6,347,108

Software

.............................

—

3,551,091

—

3,551,091

Specialty

Retail

........................

—

421,874

—

421,874

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

17

Quaterly

Statement

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At October

31,

2020,

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

October

31,

2020,

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Trading

Companies

&

Distributors

..........

$

—

$

2,071,675

$

—

$

2,071,675

Transportation

Infrastructure

..............

934,335

—

—

934,335

Short

Term

Investments

...................

811,000

3,202,764

—

4,013,764

Total

Investments

in

Securities

...........

$31,710,584

$54,978,617

$—

$86,689,201

a

Includes

securities

determined

to

have

no

value

at

October

31,

2020.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

a

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Diversified

Financial

Services

........

$

—

b

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

b

$

—

Multiline

Retail

......

—

b

—

—

—

—

—

—

—

—

b

—

Warrants

:

Diversified

Financial

Services

........

1,534,950

—

(31,000)

—

—

—

(3,284,750)

2,824,968

1,044,168

(312,532)

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

b

—

—

—

—

—

—

—

—

b

—

Quasi-Sovereign

Bonds

.

8,932,540

b

—

(11,570,005)

—

—

—

1,372,260

1,266,571

1,366

b

—

Corporate

Bonds

:

Multiline

Retail

......

6,659

b

—

—

—

—

(126,639)

—

126,639

6,659

b

126,139

Loan

Participations

and

Assignments

.......

672,864

b

—

—

—

—

20,079

—

(325,057)

367,886

b

(325,057)

Total

Investments

in

Securities

.

$11,147,013

$—

$(11,601,005)

$—

$—

$(106,560)

$(1,912,490)

$3,893,121

$1,420,079

$(511,450)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$252,873

$—

$—

$—

$—

$—

$—

$(50,673)

$202,200

$(50,673)

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

b

Includes

securities

determined

to

have

no

value.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

18

Quaterly

Statement

of

Investments

10.

Subsequent

Events 

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure. 

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

/

Range

(Weighted

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Emerging

Markets

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Corporate

Bonds:

Loan

Participations

and

Assignments

........

$367,886

Recovery

value

Weighted

probability

of

cash

flow

$3.6

mil

Increase

 b

Discount

rate

25.0%

Decrease

 b

Warrants:

Diversified

Financial

Services

...........

1,044,168

Market

comparables

Implied

recovery

7.2%

Increase

c

Other

Financial

Instruments:

Restricted

Currency

(

ARS

)

202,200

Market

comparables

Implied

foreign

exchange

rate

156.54

ARS/USD

Decrease

 b

All

other

............

8,025

f,

g

Total

...............

$1,622,279

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

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

d

Includes

securities

determined

to

have

no

value

at

October

31,

2020.

e

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

19

Quaterly

Statement

of

Investments

Abbreviations

Counterparty

RBCCM

Royal

Bank

of

Canada

Selected

Portfolio

ADR

American

Depositary

Receipt

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

FRN

Floating

Rate

Note

GDP

Gross

Domestic

Product

GDR

Global

Depositary

Receipt

PIK

Payment-In-Kind

PTN

Pass-through

Note

T-Note

Treasury

Note

VRI

Value

Recovery

Instrument

Currency

BYN

Belarusian

Ruble

CHF

Swiss

Franc

DEM

Deutsche

Mark

DOP

Dominican

Peso

EGP

Egyptian

Pound

GEL

Georgian

Lari

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

TRY

Turkish

Lira

UYU

Uruguayan

Peso

ZAR

South

African

Rand

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.