Franklin Global Trust NPORT-P Franklin International Small Cap Fund (Apr 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FGT-Q3PH

1

Statements

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

2

Franklin

International

Growth

Fund

7

Franklin

International

Small

Cap

Fund

9

Notes

to

Financial

Statements

12

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

Emerging

Market

Debt

Opportunities

Fund

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

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

Astana

Finance

JSC,

GDR,

144A

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

Kazakhstan

193,625

$

—

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

3.3%

Diversified

Financial

Services

3.3%

b,d,e

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

2,116,810

a,b,f

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

1,128,097

3,244,907

Total

Warrants

(Cost

$18,386,506)

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

3,244,907

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,f,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

9.4%

Banks

3.6%

d

Development

Bank

of

the

Republic

of

Belarus

JSC

,

Senior

Note

,

144A,

12

%

,

5/15/22

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

Belarus

8,900,000

BYN

3,549,692

Diversified

Financial

Services

0.0%

†

a,c

Astana

Finance

JSC

,

Secured

Note

,

144A,

Zero

Cpn

.,

12/22/24

..

Kazakhstan

136,566

1,366

a,c,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

3.8%

d

Provincia

del

Chubut

Argentina

,

144A,

7.75

%

,

7/26/26

..........

Argentina

5,405,500

3,837,905

Oil,

Gas

&

Consumable

Fuels

1.0%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

1,000,000

1,031,250

Wireless

Telecommunication

Services

1.0%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

970,000

1,020,154

Total

Quasi-Sovereign

Bonds

(Cost

$13,836,322)

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

9,440,367

Corporate

Bonds

9.4%

Airlines

1.0%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

1,000,000

1,017,500

Banks

1.1%

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/27/23,

FRN

thereafter

,

4/27/28

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

Turkey

1,100,000

1,094,203

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

Corporate

Bonds

(continued)

Capital

Markets

1.0%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

1,000,000

$

1,015,200

Construction

&

Engineering

1.1%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

1,000,000

1,092,500

Food

Products

1.0%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

10.25

%

,

1/29/25

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

Paraguay

1,000,000

1,027,500

Metals

&

Mining

1.0%

d,j

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

1,000,000

964,541

Multiline

Retail

0.0%

a,d,j

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,631,313

—

a,d,j

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

1,498,286

—

—

Oil,

Gas

&

Consumable

Fuels

3.2%

d

Indika

Energy

Capital

IV

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

8.25

%

,

10/22/25

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

Indonesia

1,050,000

1,122,713

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

770,000

838,453

d

Tullow

Oil

plc

,

Senior

Note

,

144A,

7

%

,

3/01/25

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

Ghana

1,402,000

1,224,997

3,186,163

Total

Corporate

Bonds

(Cost

$14,936,466)

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

9,397,607

Loan

Participations

and

Assignments

2.5%

d

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

5.95%

to

4/15/25,

FRN

thereafter,

4/15/30

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

Russia

1,100,000

1,136,047

a,c,f,j,k

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

.......

United

States

743,865

332,021

a,c,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

1,000,000

1,065,000

Total

Loan

Participations

and

Assignments

(Cost

$5,978,914)

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

2,533,068

Foreign

Government

and

Agency

Securities

64.0%

d

Angola

Government

Bond,

Senior

Bond,

144A,

8%,

11/26/29

.....

Angola

3,000,000

3,033,594

Argentina

Government

Bond

,

Senior

Note,

1%,

7/09/29

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

Argentina

150,490

57,338

Senior

Note,

0.125%,

7/09/30

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

Argentina

1,370,020

498,687

Senior

Bond,

0.125%,

7/09/35

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

Argentina

2,509,979

795,689

d

Armenia

Government

Bond,

Senior

Bond,

144A,

7.15%,

3/26/25

..

Armenia

850,000

946,565

d

Asian

Infrastructure

Investment

Bank

(The),

Senior

Note,

Reg

S,

16%,

9/14/21

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

Supranational

l

14,500,000

TRY

1,716,331

Banque

Centrale

de

Tunisie

International

Bond

,

d

Senior

Note,

Reg

S,

6.375%,

7/15/26

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

Tunisia

350,000

EUR

397,962

Senior

Bond,

4.2%,

3/17/31

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

Tunisia

270,000,000

JPY

1,610,222

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond,

144A,

4.7%,

10/22/31

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

Supranational

l

750,000

801,435

d

Belarus

Government

Bond,

Senior

Note,

144A,

6.875%,

2/28/23

..

Belarus

1,000,000

1,023,105

d

Benin

Government

Bond,

Senior

Bond,

144A,

4.875%,

1/19/32

...

Benin

800,000

EUR

966,197

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

d

Cameroon

Government

Bond

,

Senior

Bond,

144A,

9.5%,

11/19/25

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

Cameroon

250,000

$

280,122

Senior

Bond,

144A,

9.5%,

11/19/25

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

Cameroon

1,200,000

1,344,588

Colombia

Government

Bond,

Senior

Bond,

3%,

1/30/30

........

Colombia

2,200,000

2,161,005

d

Costa

Rica

Government

Bond,

Senior

Bond,

144A,

7.158%,

3/12/45

Costa

Rica

400,000

415,000

d

Dominican

Republic

Government

Bond

,

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

105,000,000

DOP

1,929,930

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

700,000

765,275

d

Egypt

Government

Bond

,

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

900,000

958,522

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

900,000

837,788

d

El

Salvador

Government

Bond,

Senior

Bond,

Reg

S,

7.65%,

6/15/35

El

Salvador

2,050,000

2,155,370

d

Ethiopia

Government

Bond,

Senior

Bond,

144A,

6.625%,

12/11/24

Ethiopia

1,900,000

1,827,775

d

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.95%,

6/16/25

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

Gabon

1,400,000

1,494,264

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

300,000

302,644

Ghana

Government

Bond,

18.25%,

7/25/22

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

Ghana

11,000,000

GHS

1,938,676

d

Grenada

Government

Bond

,

144A,

7%,

5/12/30

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

Grenada

5,356,390

4,097,639

Reg

S,

7%,

5/12/30

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

Grenada

1,160,689

887,927

d

Honduras

Government

Bond,

Senior

Bond,

144A,

5.625%,

6/24/30

Honduras

1,000,000

1,055,000

d

Indonesia

Government

Bond,

Senior

Bond,

Reg

S,

4.35%,

1/08/27

Indonesia

850,000

960,398

Inter-American

Development

Bank,

GDP

Linked

Security,

Senior

Note,

7.875%,

3/14/23

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

Supranational

l

25,000,000,000

IDR

1,819,990

International

Finance

Corp.,

7.5%,

10/29/21

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

Supranational

l

3,900,000

GEL

1,122,495

d

Iraq

Government

Bond,

Reg

S,

5.8%,

1/15/28

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

Iraq

3,928,750

3,801,262

Jamaica

Government

Bond,

Senior

Bond,

7.875%,

7/28/45

......

Jamaica

850,000

1,190,000

d

Jordan

Government

Bond,

Senior

Bond,

144A,

5.85%,

7/07/30

...

Jordan

1,400,000

1,455,679

Mexico

Government

Bond

,

Senior

Bond,

3.75%,

1/11/28

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

Mexico

1,500,000

1,627,613

M,

8%,

11/07/47

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

Mexico

68,160,000

MXN

3,412,651

d

Mozambique

Government

Bond,

144A,

5%

to

9/15/23,

9%

thereafter,

9/15/31

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

Mozambique

1,400,000

1,157,058

d

Pakistan

Government

Bond,

Senior

Bond,

144A,

7.375%,

4/08/31

.

Pakistan

500,000

526,250

Russia

Government

Bond

,

7.65%,

4/10/30

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

Russia

6,927,000

RUB

96,663

m

Index

Linked,

2.5%,

7/17/30

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

Russia

128,116,800

RUB

1,679,273

South

Africa

Government

Bond,

Senior

Bond,

7%,

2/28/31

......

South

Africa

38,600,000

ZAR

2,211,198

d

Southern

Gas

Corridor

CJSC,

Senior

Bond,

144A,

6.875%,

3/24/26

Azerbaijan

800,000

962,504

d,h

Suriname

Government

Bond

,

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

2,750,000

1,966,250

n

144A,

FRN,

12.875%,

12/30/23

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

Suriname

1,400,000

994,000

Turkey

Government

Bond,

Senior

Bond,

4.875%,

4/16/43

.......

Turkey

1,300,000

1,005,927

m

Uruguay

Government

Bond,

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

129,594,189

UYU

3,323,569

d

Uzbekistan

Government

Bond,

Senior

Note,

144A,

14.5%,

11/25/23

Uzbekistan

6,200,000,000

UZS

596,092

Total

Foreign

Government

and

Agency

Securities

(Cost

$68,873,842)

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

64,207,522

Total

Long

Term

Investments

(Cost

$127,045,428)

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

88,823,471

a

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

Short

Term

Investments

9.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

2.8%

o

Egypt

Treasury

Bills

,

8/17/21

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

Egypt

14,000,000

EGP

$

863,236

8/31/21

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

Egypt

12,700,000

EGP

779,154

1,642,390

o

Kazakhstan

Treasury

Bills,

1/20/22

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

Kazakhstan

503,900,000

KZT

1,099,057

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,755,612)

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

2,741,447

Shares

a

Money

Market

Funds

6.7%

p,q

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

6,761,221

6,761,221

Total

Money

Market

Funds

(Cost

$6,761,221)

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

6,761,221

Total

Short

Term

Investments

(Cost

$9,516,833

)

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

9,502,668

a

Total

Investments

(Cost

$136,562,261)

98.1%

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

$98,326,139

Other

Assets,

less

Liabilities

1.9%

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

1,967,537

Net

Assets

100.0%

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

$100,293,676

*

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

April

30,

2021,

the

aggregate

value

of

these

securities

was

$62,810,991,

representing

62.6%

of

net

assets.

e

The

principal

represents

the

notional

amount.

See

Note

3

regarding

value

recovery

instruments.

f

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

8.

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

Perpetual

security

with

no

stated

maturity

date.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

Principal

amount

of

security

is

adjusted

for

inflation.

n

The

coupon

rate

shown

represents

the

rate

at

period

end.

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)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

At

April

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

See

Abbreviation

on

page

20

.

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

318,000

376,096

6/15/21

$

6,572

$

—

Euro

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

CITI

Sell

1,428,000

1,709,059

6/15/21

—

(9,338)

Japanese

Yen

......

RBCCM

Sell

180,000,000

1,665,006

6/15/21

17,367

—

Total

Forward

Exchange

Contracts

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

$23,939

$(9,338)

Net

unrealized

appreciation

(depreciation)

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

$14,601

*

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),

April

30,

2021

Franklin

International

Growth

Fund

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

96.9%

Aerospace

&

Defense

3.5%

MTU

Aero

Engines

AG

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

Germany

440,000

$

111,041,892

Air

Freight

&

Logistics

3.8%

DSV

PANALPINA

A/S

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

Denmark

550,000

122,540,620

Banks

2.8%

a

FinecoBank

Banca

Fineco

SpA

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

Italy

5,300,000

91,162,752

Biotechnology

5.1%

CSL

Ltd.

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

Australia

420,000

87,747,025

a

Genmab

A/S

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

Denmark

206,000

75,597,879

163,344,904

Capital

Markets

5.9%

Deutsche

Boerse

AG

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

Germany

430,000

74,102,969

Intermediate

Capital

Group

plc

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

United

Kingdom

3,806,000

114,906,704

189,009,673

Chemicals

9.3%

Koninklijke

DSM

NV

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

Netherlands

580,000

103,998,418

Symrise

AG

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

Germany

680,000

87,815,468

Umicore

SA

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

Belgium

1,740,000

105,731,341

297,545,227

Diversified

Consumer

Services

2.5%

a

TAL

Education

Group,

ADR

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

China

1,400,000

79,730,000

Diversified

Telecommunication

Services

2.7%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

1,554,735

87,945,813

Entertainment

3.0%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,380,000

95,251,814

Health

Care

Equipment

&

Supplies

9.2%

a

Alcon,

Inc.

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

Switzerland

1,350,000

101,405,096

Cochlear

Ltd.

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

Australia

540,000

92,449,060

GN

Store

Nord

A/S

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

Denmark

1,120,000

101,014,621

294,868,777

Internet

&

Direct

Marketing

Retail

6.1%

a

boohoo

Group

plc

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

United

Kingdom

21,050,000

98,796,862

a

MercadoLibre

,

Inc.

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

Argentina

62,000

97,400,760

196,197,622

IT

Services

11.4%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

45,000

110,753,827

a

Amadeus

IT

Group

SA

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

Spain

1,090,860

74,288,572

a

Keywords

Studios

plc

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

Ireland

2,900,000

108,380,439

a

Shopify,

Inc.,

A

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

Canada

62,000

73,315,620

366,738,458

Media

5.4%

a,b

Ascential

plc,

144A,

Reg

S

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

United

Kingdom

12,800,000

61,524,667

CyberAgent

,

Inc.

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

Japan

5,420,000

111,236,771

172,761,438

Pharmaceuticals

2.7%

Hikma

Pharmaceuticals

plc

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

Jordan

2,600,000

87,620,932

Professional

Services

5.7%

a

Clarivate

plc

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

United

Kingdom

3,170,000

88,538,100

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Growth

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

See

A

bbreviations

on

page

20

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Experian

plc

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

United

Kingdom

2,450,000

$

94,454,802

182,992,902

Semiconductors

&

Semiconductor

Equipment

3.8%

ASML

Holding

NV

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

Netherlands

190,000

123,342,105

Software

10.9%

AVEVA

Group

plc

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

United

Kingdom

1,909,997

91,800,489

a

CyberArk

Software

Ltd.

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

United

States

720,000

101,160,000

Sage

Group

plc

(The)

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

United

Kingdom

8,000,000

70,487,519

SAP

SE

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

Germany

240,000

33,606,368

SimCorp

A/S

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

Denmark

392,864

51,946,764

349,001,140

Trading

Companies

&

Distributors

3.1%

Ferguson

plc

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

United

States

800,000

100,904,561

Total

Common

Stocks

(Cost

$2,009,756,529)

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

3,112,000,630

Short

Term

Investments

3.3%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

3.3%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

106,377,843

106,377,843

Total

Money

Market

Funds

(Cost

$106,377,843)

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

106,377,843

Total

Short

Term

Investments

(Cost

$106,377,843

)

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

106,377,843

a

Total

Investments

(Cost

$2,116,134,372)

100.2%

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

$3,218,378,473

Other

Assets,

less

Liabilities

(0.2)%

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

(6,671,632)

Net

Assets

100.0%

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

$3,211,706,841

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

April

30,

2021,

the

aggregate

value

of

these

securities

was

$260,224,307,

representing

8.1%

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

Statement

of

Investments

(unaudited),

April

30,

2021

Franklin

International

Small

Cap

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

92.6%

Aerospace

&

Defense

3.7%

a

CAE,

Inc.

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

Canada

114,300

$

3,579,866

Air

Freight

&

Logistics

4.4%

Mainfreight

Ltd.

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

New

Zealand

82,228

4,261,157

Capital

Markets

4.0%

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

136,100

1,642,727

IIFL

Wealth

Management

Ltd.

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

India

147,100

2,236,314

3,879,041

Commercial

Services

&

Supplies

14.1%

a,b

Biffa

plc,

144A,

Reg

S

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

United

Kingdom

520,479

1,987,575

a

Elis

SA

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

France

165,960

2,970,157

K-Bro

Linen,

Inc.

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

Canada

92,100

3,461,476

Loomis

AB

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

Sweden

112,636

3,688,518

b

Prosegur

Cash

SA,

144A,

Reg

S

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

Spain

1,877,962

1,691,565

13,799,291

Distributors

2.5%

a

Headlam

Group

plc

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

United

Kingdom

379,488

2,410,910

Diversified

Consumer

Services

2.5%

Park

Lawn

Corp.

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

Canada

88,800

2,452,520

Diversified

Telecommunication

Services

4.0%

a

Liberty

Latin

America

Ltd.,

A

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

Chile

283,300

3,933,620

Entertainment

3.1%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

44,100

3,043,917

Food

&

Staples

Retailing

6.2%

Total

Produce

plc

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

Ireland

2,396,677

6,084,224

Food

Products

3.4%

Orion

Corp.

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

South

Korea

31,500

3,291,638

Health

Care

Providers

&

Services

3.1%

Solasto

Corp.

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

Japan

230,200

2,998,990

Household

Durables

2.2%

SEB

SA

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

France

11,840

2,156,332

Insurance

8.9%

a

Arch

Capital

Group

Ltd.

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

United

States

97,321

3,864,617

Fairfax

Financial

Holdings

Ltd.

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

Canada

6,100

2,786,771

RenaissanceRe

Holdings

Ltd.

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

United

States

12,200

2,059,482

8,710,870

IT

Services

2.9%

TravelSky

Technology

Ltd.,

H

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

China

1,291,400

2,825,499

Machinery

2.4%

a

Trifast

plc

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

United

Kingdom

1,055,900

2,333,285

Marine

2.2%

Clarkson

plc

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

United

Kingdom

52,294

2,191,975

Media

4.2%

a

4imprint

Group

plc

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

United

Kingdom

87,900

2,852,869

a,c

Hyve

Group

plc

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

United

Kingdom

782,221

1,295,310

4,148,179

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

See

Abbreviations

on

page

20

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Pharmaceuticals

2.7%

Haw

Par

Corp.

Ltd.

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

Singapore

270,700

$

2,683,000

Real

Estate

Management

&

Development

7.5%

a

Foxtons

Group

plc

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

United

Kingdom

2,065,800

1,796,716

a

LSL

Property

Services

plc

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

United

Kingdom

383,500

2,171,573

Shurgard

Self

Storage

SA

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

Belgium

73,400

3,414,785

7,383,074

Software

3.4%

Hansen

Technologies

Ltd.

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

Australia

752,764

3,300,797

Specialty

Retail

1.1%

JUMBO

SA

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

Greece

59,500

1,111,617

Trading

Companies

&

Distributors

2.7%

IMCD

NV

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

Netherlands

17,900

2,600,072

Transportation

Infrastructure

1.4%

a

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

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

Mexico

8,100

1,377,810

Total

Common

Stocks

(Cost

$72,258,238)

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

90,557,684

Short

Term

Investments

1.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

1.0%

National

Bank

of

Canada,

0.05%,

5/03/21

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

Canada

1,000,000

1,000,000

Total

Time

Deposits

(Cost

$1,000,000)

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

1,000,000

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Shares

Money

Market

Funds

0.0%

†

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

15,000

15,000

Principal

Amount

*

Repurchase

Agreements

0.0%

†

f

Joint

Repurchase

Agreement,

BofA

Securities,

Inc.,

0%,

5/03/21

(Maturity

Value

$4,260)

Collateralized

by

U.S.

Treasury

Note,

1.5%,

11/30/24

(valued

at

$4,345)

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

4,260

4,260

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$19,260)

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

19,260

Total

Short

Term

Investments

(Cost

$1,019,260

)

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

1,019,260

a

Total

Investments

(Cost

$73,277,498)

93.6%

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

$91,576,944

Other

Assets,

less

Liabilities

6.4%

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

6,220,980

Net

Assets

100.0%

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

$97,797,924

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

11

†

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

April

30,

2021,

the

aggregate

value

of

these

securities

was

$5,321,867,

representing

5.4%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

April

30,

2021.

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

April

30,

2021,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

12

Quaterly

Statements

of

Investments

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)

13

Quaterly

Statements

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

April

30,

2021,

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

(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.

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)

14

Quaterly

Statements

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

Fund

has

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.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

foreign

securities.

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

April

30,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

Principal

Amount

*

/

Shares

/

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

—

743,865

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16-4/30/21

706,103

332,021

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

—

3.

Derivative

Financial

Instruments

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

15

Quaterly

Statements

of

Investments

See

Abbreviations

on

page

20

.

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

April

30,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Principal

Amount*/

Shares/

Units

Issuer

Acquisition

Date

Cost

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

18,000,000

DEM

NK

Debt

Corp.

(The),

Reg

S,

Zero

Cpn

.,

3/12/20

....

1/25/11-6/06/11

$

2,023,664

$

—

8,000,000

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana),

PTN,

Secured

Note,

Reg

S,

Zero

Cpn

.,

2/05/09

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

10/12/09-10/13/11

3,100,000

—

Total

Restricted

Securities

(Value

is

0.33%

of

Net

Assets)

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

$11,975,238

$333,387

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

same

issue,

valued

at

$-

as

of

April

30,

2021.

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

Emerging

Market

Debt

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$4,131,221

$57,203,944

$(54,573,944)

$—

$—

$6,761,221

6,761,221

$83

Total

Affiliated

Securities

....

$4,131,221

$57,203,944

$(54,573,944)

$—

$—

$6,761,221

$83

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$79,852,720

$442,239,070

$(415,713,947)

$—

$—

$106,377,843

106,377,843

$1,819

Total

Affiliated

Securities

....

$79,852,720

$442,239,070

$(415,713,947)

$—

$—

$106,377,843

$1,819

Franklin

International

Small

Cap

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.......

$96,000

$6,227,000

$(6,308,000)

$

—

$

—

$15,000

15,000

$1

Total

Affiliated

Securities

....

$96,000

$6,227,000

$(6,308,000)

$—

$—

$15,000

$1

6. Restricted

Securities 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

16

Quaterly

Statements

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

April

30,

2021,

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

April

30,

2021,

the

net

assets

of

the

FT

Subsidiary

were

$1,517,285,

representing

1.5%

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

April

30,

2021,

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

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

—

2,116,810

1,128,097

3,244,907

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

9,439,001

1,366

a

9,440,367

Corporate

Bonds

:

Airlines

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

—

1,017,500

—

1,017,500

Banks

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

—

1,094,203

—

1,094,203

Capital

Markets

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

—

1,015,200

—

1,015,200

Construction

&

Engineering

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

—

1,092,500

—

1,092,500

Food

Products

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

—

1,027,500

—

1,027,500

Metals

&

Mining

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

—

964,541

—

964,541

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

3,186,163

—

3,186,163

Loan

Participations

and

Assignments

.........

—

2,201,047

332,021

a

2,533,068

Foreign

Government

and

Agency

Securities

....

—

64,207,522

—

64,207,522

Short

Term

Investments

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

6,761,221

2,741,447

—

9,502,668

Total

Investments

in

Securities

...........

$6,761,221

$90,103,434

$1,461,484

$98,326,139

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

23,939

$

—

$

23,939

Restricted

Currency

(ARS)

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

—

—

202,329

202,329

Total

Other

Financial

Instruments

.........

$—

$23,939

$202,329

$226,268

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

17

Quaterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

9,338

$

—

$

9,338

$—

$—

$—

$—

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

111,041,892

—

111,041,892

Air

Freight

&

Logistics

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

—

122,540,620

—

122,540,620

Banks

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

—

91,162,752

—

91,162,752

Biotechnology

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

—

163,344,904

—

163,344,904

Capital

Markets

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

—

189,009,673

—

189,009,673

Chemicals

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

—

297,545,227

—

297,545,227

Diversified

Consumer

Services

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

79,730,000

—

—

79,730,000

Diversified

Telecommunication

Services

.....

—

87,945,813

—

87,945,813

Entertainment

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

—

95,251,814

—

95,251,814

Health

Care

Equipment

&

Supplies

.........

—

294,868,777

—

294,868,777

Internet

&

Direct

Marketing

Retail

..........

97,400,760

98,796,862

—

196,197,622

IT

Services

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

181,696,059

185,042,399

—

366,738,458

Media

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

—

172,761,438

—

172,761,438

Pharmaceuticals

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

—

87,620,932

—

87,620,932

Professional

Services

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

88,538,100

94,454,802

—

182,992,902

Semiconductors

&

Semiconductor

Equipment

.

—

123,342,105

—

123,342,105

Software

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

101,160,000

247,841,140

—

349,001,140

Trading

Companies

&

Distributors

..........

—

100,904,561

—

100,904,561

Short

Term

Investments

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

106,377,843

—

—

106,377,843

Total

Investments

in

Securities

...........

$654,902,762

$2,563,475,711

b

$—

$3,218,378,473

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

3,579,866

—

—

3,579,866

Air

Freight

&

Logistics

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

—

4,261,157

—

4,261,157

Capital

Markets

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

1,642,727

2,236,314

—

3,879,041

Commercial

Services

&

Supplies

...........

5,449,051

8,350,240

—

13,799,291

Distributors

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

2,410,910

—

—

2,410,910

Diversified

Consumer

Services

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

2,452,520

—

—

2,452,520

Diversified

Telecommunication

Services

.....

3,933,620

—

—

3,933,620

Entertainment

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

—

3,043,917

—

3,043,917

Food

&

Staples

Retailing

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

—

6,084,224

—

6,084,224

Food

Products

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

—

3,291,638

—

3,291,638

Health

Care

Providers

&

Services

..........

—

2,998,990

—

2,998,990

Household

Durables

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

—

2,156,332

—

2,156,332

Insurance

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

8,710,870

—

—

8,710,870

IT

Services

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

—

2,825,499

—

2,825,499

Machinery

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

2,333,285

—

—

2,333,285

Marine

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

2,191,975

—

—

2,191,975

Media

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

4,148,179

—

—

4,148,179

Pharmaceuticals

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

—

2,683,000

—

2,683,000

Real

Estate

Management

&

Development

....

2,171,573

5,211,501

—

7,383,074

Software

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

—

3,300,797

—

3,300,797

Specialty

Retail

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

—

1,111,617

—

1,111,617

Trading

Companies

&

Distributors

..........

—

2,600,072

—

2,600,072

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

18

Quaterly

Statements

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 April

30,

2021,

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

April

30,

2021,

are

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Transportation

Infrastructure

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

$

1,377,810

$

—

$

—

$

1,377,810

Short

Term

Investments

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

15,000

1,004,260

—

1,019,260

Total

Investments

in

Securities

...........

$40,417,386

$51,159,558

c

$—

$91,576,944

a

Includes

securities

determined

to

have

no

value

at

April

30,

2021.

b

Includes

foreign

securities

valued

at

$2,563,475,711,

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.

c

Includes

foreign

securities

valued

at

$50,155,298,

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.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

accretion

(

amortiza

-

tion

)

c

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

........

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Multiline

Retail

......

—

d

—

—

—

—

—

—

—

—

d

—

Warrants

:

Diversified

Financial

Services

........

1,534,950

—

(31,000)

—

—

—

(11,687,160)

11,311,307

1,128,097

329,146

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

d

—

—

—

—

—

—

—

—

d

—

Quasi-Sovereign

Bonds

.

8,932,540

d

—

(11,570,005)

—

—

—

1,372,260

1,266,571

1,366

d

—

Corporate

Bonds

:

Multiline

Retail

......

6,659

d

1,572

—

—

—

(212,823)

—

204,592

—

d

204,592

Loan

Participations

and

Assignments

.......

672,864

d

36,703

—

—

—

—

—

(377,546)

332,021

d

(377,546)

Total

Investments

in

Securities

.

$11,147,013

$38,275

$(11,601,005)

$—

$—

$(212,823)

$(10,314,900)

$12,404,924

$1,461,484

$156,192

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$252,873

$—

$—

$—

$—

$—

$—

$(50,544)

$202,329

$(82,258)

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

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

d

Includes

securities

determined

to

have

no

value.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

19

Quaterly

Statements

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:

Loan

Participations

and

Assignments

........

$332,021

Recovery

value

Weighted

probability

of

cash

flow

$3.7

mil

Increase

 b

Discount

rate

25.0%

Decrease

 b

Warrants:

Diversified

Financial

Services

...........

1,128,097

Market

comparables

Implied

recovery

7.7%

Increase

c

Other

Financial

Instruments:

Restricted

Currency

(

ARS

)

202,329

Market

comparables

Implied

foreign

exchange

rate

156.44

ARS/USD

Decrease

 b

All

other

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

1,366

d,e

Total

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

$1,663,813

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

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.

e

Includes

securities

determined

to

have

no

value

at

April

30,

2021.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

20

Quaterly

Statements

of

Investments

Abbreviations

Counterparty

CITI

Citibank

NA

RBCCM

Royal

Bank

of

Canada

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

BYN

Belarusian

Ruble

CHF

Swiss

Franc

DEM

Deutsche

Mark

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GEL

Georgian

Lari

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

RUB

Russian

Ruble

TRY

Turkish

Lira

USD

United

States

Dollar

UYU

Uruguayan

Peso

UZS

Uzbekitani

Som

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.