Franklin Global Trust NPORT-P Franklin International Growth Fund (Oct 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FGT-Q1PH

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

Statements

of

Investments

13

Franklin

Global

Trust

Consolidated

Statement

of

Investments

(unaudited),

October

31,

2021

Franklin

Emerging

Market

Debt

Opportunities

Fund

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

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

2.3%

Diversified

Financial

Services

2.3%

b,d,e

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

2,112,560

a,b,f

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

1,093,949

3,206,509

Total

Warrants

(Cost

$18,386,506)

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

3,206,509

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

6.8%

Banks

2.6%

d

Development

Bank

of

the

Republic

of

Belarus

JSC

,

Senior

Note

,

144A,

12

%

,

5/15/22

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

Belarus

8,900,000

BYN

3,646,159

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

3.0%

d

Provincia

del

Chubut

Argentina

,

144A,

7.75

%

,

7/26/26

..........

Argentina

5,348,500

4,211,943

Oil,

Gas

&

Consumable

Fuels

0.7%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

1,000,000

1,016,575

Transportation

Infrastructure

0.5%

d,j

PA

Autopista

Rio

Magdalena

,

Index

Linked,

Senior

Secured

Bond

,

144A,

6.05

%

,

6/15/36

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

Colombia

2,647,711,311

COP

659,162

Total

Quasi-Sovereign

Bonds

(Cost

$13,573,270)

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

9,535,205

Corporate

Bonds

16.5%

Airlines

0.9%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

1,200,000

1,251,683

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

Corporate

Bonds

(continued)

Banks

2.6%

d

Access

Bank

plc

,

Senior

Note

,

144A,

6.125

%

,

9/21/26

..........

Nigeria

600,000

$

603,060

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/27/23,

FRN

thereafter

,

4/27/28

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

Turkey

1,300,000

1,305,011

d

Fidelity

Bank

plc

,

Senior

Note,

144A,

10.5%,

10/16/22

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

Nigeria

1,100,000

1,160,410

Senior

Note,

144A,

7.625%,

10/28/26

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

Nigeria

550,000

540,705

3,609,186

Capital

Markets

1.1%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

1,450,000

1,495,675

Chemicals

1.2%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond,

144A,

6.99%,

2/20/32

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

Mexico

450,000

461,250

Senior

Secured

Note,

144A,

7.45%,

11/15/29

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

Mexico

1,200,000

1,275,000

1,736,250

Construction

&

Engineering

0.8%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

1,000,000

1,065,000

Diversified

Financial

Services

1.7%

a

Meridiam

Infrastructure

Finance

SARL

,

8.85

%

,

6/10/28

.........

Luxembourg

2,121,429

EUR

2,452,159

Food

Products

1.0%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

7.7

%

,

7/21/28

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

Paraguay

1,350,000

1,378,019

Metals

&

Mining

1.6%

d

CSN

Inova

Ventures

,

Senior

Note

,

144A,

6.75

%

,

1/28/28

........

Brazil

1,000,000

1,063,250

d,k

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

1,250,000

1,246,979

2,310,229

Multiline

Retail

0.0%

a,d,k

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,700,782

—

a,d,k

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

1,685,572

—

—

Oil,

Gas

&

Consumable

Fuels

2.7%

d

Kosmos

Energy

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

5/01/27

........

Ghana

400,000

400,568

MC

Brazil

Downstream

Trading

SARL

,

d

Senior

Secured

Note,

144A,

7.25%,

6/30/31

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

Brazil

1,050,000

1,023,750

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

770,000

826,787

d

Tullow

Oil

plc

,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

1,402,000

1,228,930

Senior

Secured

Note,

144A,

10.25%,

5/15/26

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

Ghana

300,000

316,469

3,796,504

Real

Estate

Management

&

Development

0.9%

d

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

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

China

1,230,000

1,278,798

Road

&

Rail

1.0%

d

Kazakhstan

Temir

Zholy

Finance

BV

,

Senior

Bond

,

144A,

6.95

%

,

7/10/42

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

Kazakhstan

1,000,000

1,356,920

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

Corporate

Bonds

(continued)

Wireless

Telecommunication

Services

1.0%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

1,370,000

$

1,458,276

Total

Corporate

Bonds

(Cost

$28,708,709)

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

23,188,699

a

Loan

Participations

and

Assignments

2.4%

d

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

5.95%

to

4/15/25,

FRN

thereafter,

4/15/30

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

Russia

1,350,000

1,400,290

Global

Distressed

Alpha

Fund

III

LP,

a,c,f,k,l

PIK,

12%,

Perpetual

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

United

States

971,904

459,674

d

Oilflow

SPV

1

DAC,

Senior

Secured

Note,

144A,

12%,

1/13/22

...

Iraq

501,572

505,334

d

State

Savings

Bank

of

Ukraine

Via

SSB

#1

plc,

Senior

Note,

144A,

8.875%,

3/20/25

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

Ukraine

1,015,000

1,091,568

Total

Loan

Participations

and

Assignments

(Cost

$3,824,509)

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

3,456,866

Foreign

Government

and

Agency

Securities

60.3%

d

Angola

Government

Bond,

Senior

Bond,

144A,

8%,

11/26/29

.....

Angola

3,780,000

3,756,224

Argentina

Government

Bond,

Senior

Bond,

0.125%,

7/09/35

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

Argentina

2,509,979

777,491

Senior

Note,

1%,

7/09/29

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

Argentina

150,490

54,930

Senior

Note,

0.125%,

7/09/30

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

Argentina

1,370,020

470,739

d

Asian

Infrastructure

Investment

Bank

(The),

Senior

Note,

Reg

S,

17.5%,

9/14/22

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

Supranational

m

14,950,000

TRY

1,532,687

Banque

Centrale

de

Tunisie

,

Senior

Bond,

4.2%,

3/17/31

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

Tunisia

270,000,000

JPY

1,528,127

d

Senior

Note,

Reg

S,

6.375%,

7/15/26

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

Tunisia

550,000

EUR

509,060

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond,

144A,

4.7%,

10/22/31

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

Supranational

m

1,150,000

1,255,374

d

Belarus

Government

Bond,

Senior

Note,

144A,

6.875%,

2/28/23

..

Belarus

1,000,000

1,012,660

d

Benin

Government

Bond,

Senior

Bond,

144A,

4.875%,

1/19/32

...

Benin

1,700,000

EUR

1,922,094

d

Cameroon

Government

Bond,

Senior

Bond,

144A,

5.95%,

7/07/32

Cameroon

1,200,000

EUR

1,357,008

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

......

Colombia

7,100,000,000

COP

2,170,309

d

Costa

Rica

Government

Bond,

Senior

Bond,

144A,

7.158%,

3/12/45

Costa

Rica

1,400,000

1,418,914

d

Dominican

Republic

Government

Bond,

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

1,300,000

1,384,513

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

137,500,000

DOP

2,593,972

n

Ecopetrol

SA,

Senior

Bond,

4.625%,

11/02/31

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

Colombia

800,000

795,116

Egypt

Government

Bond,

d

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

900,000

872,767

d

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

1,500,000

1,276,185

14.196%,

7/07/23

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

Egypt

9,100,000

EGP

581,041

13.659%,

9/07/23

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

Egypt

26,900,000

EGP

1,704,225

d

El

Salvador

Government

Bond,

Senior

Bond,

Reg

S,

7.65%,

6/15/35

El

Salvador

3,250,000

2,453,750

d

Ethiopia

Government

Bond,

Senior

Bond,

144A,

6.625%,

12/11/24

Ethiopia

2,550,000

2,089,363

European

Bank

for

Reconstruction

&

Development,

Senior

Note,

6.45%,

12/13/22

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

Supranational

m

7,600,000,000

IDR

548,536

d

Gabon

Government

Bond,

Senior

Bond,

144A,

6.95%,

6/16/25

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

Gabon

1,400,000

1,509,480

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

1,100,000

1,100,341

Ghana

Government

Bond,

18.25%,

7/25/22

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

Ghana

11,000,000

GHS

1,814,659

d

Grenada

Government

Bond,

144A,

7%,

5/12/30

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

Grenada

5,074,475

4,934,926

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Reg

S,

7%,

5/12/30

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

Grenada

1,099,602

$

1,069,363

d

Honduras

Government

Bond,

Senior

Bond,

144A,

5.625%,

6/24/30

Honduras

1,200,000

1,200,000

Inter-American

Development

Bank,

GDP

Linked

Security,

Senior

Note,

7.875%,

3/14/23

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

Supranational

m

32,000,000,000

IDR

2,357,960

d

Iraq

Government

Bond,

Senior

Bond,

Reg

S,

5.8%,

1/15/28

......

Iraq

3,648,125

3,557,378

Jamaica

Government

Bond,

Senior

Bond,

7.875%,

7/28/45

......

Jamaica

1,150,000

1,629,550

d

Jordan

Government

Bond,

Senior

Bond,

144A,

5.85%,

7/07/30

...

Jordan

1,850,000

1,914,842

Kazakhstan

Government

Bond,

Senior

Bond,

5%,

5/15/23

.......

Kazakhstan

700,000,000

KZT

1,537,150

Kenya

Government

Bond,

12.5%,

5/12/25

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

Kenya

177,250,000

KES

1,696,263

Mexico

Government

Bond,

M,

8%,

11/07/47

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

Mexico

57,710,000

MXN

2,821,087

Senior

Bond,

3.75%,

1/11/28

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

Mexico

1,500,000

1,627,088

j

Mexico

Udibonos

,

S,

Index

Linked,

4%,

11/30/28

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

Mexico

31,397,796

MXN

1,651,490

d

Mozambique

Government

Bond,

144A,

5%

to

9/15/23,

9%

thereafter,

9/15/31

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

Mozambique

1,950,000

1,662,375

d

Pakistan

Government

Bond,

Senior

Bond,

144A,

7.375%,

4/08/31

.

Pakistan

1,300,000

1,322,863

d

Paraguay

Government

Bond,

Senior

Bond,

144A,

4.95%,

4/28/31

.

Paraguay

1,200,000

1,348,500

n

Peru

Government

Bond,

Senior

Bond,

5.4%,

8/12/34

...........

Peru

5,100,000

PEN

1,166,158

Russia

Government

Bond,

7.65%,

4/10/30

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

Russia

145,325,000

RUB

2,002,627

d

Saderea

DAC,

Senior

Secured

Bond,

Reg

S,

12.5%,

11/30/26

....

Ghana

597,349

606,309

South

Africa

Government

Bond,

Senior

Bond,

7%,

2/28/31

......

South

Africa

44,900,000

ZAR

2,417,837

d,h

Suriname

Government

Bond,

o

144A,

FRN,

12.875%,

12/30/23

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

Suriname

1,400,000

951,300

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

2,750,000

1,993,750

Turkey

Government

Bond,

Senior

Bond,

5.95%,

1/15/31

........

Turkey

1,400,000

1,312,485

d

Ukraine

Government

Bond,

Senior

Bond,

144A,

7.375%,

9/25/32

.

Ukraine

600,000

618,732

j

Uruguay

Government

Bond,

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

162,883,003

UYU

4,087,819

d

Uzbekistan

Government

Bond,

Senior

Note,

144A,

14.5%,

11/25/23

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

Uzbekistan

6,200,000,000

UZS

594,503

Senior

Note,

144A,

14%,

7/19/24

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

Uzbekistan

22,720,000,000

UZS

2,149,663

Total

Foreign

Government

and

Agency

Securities

(Cost

$90,732,384)

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

84,721,583

Shares

Escrows

and

Litigation

Trusts

0.0%

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

South

Africa

275,106

ZAR

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$160,258,756)

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

124,108,862

a

Short

Term

Investments

10.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

0.8%

p

Kazakhstan

Treasury

Bills,

1/20/22

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

Kazakhstan

503,900,000

KZT

1,157,910

Total

Foreign

Government

and

Agency

Securities

(Cost

$1,176,197)

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

1,157,910

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

October

31,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

See

Abbreviation

s

on

page

21

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

Money

Market

Funds

9.6%

q,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

13,518,246

$

13,518,246

Total

Money

Market

Funds

(Cost

$13,518,246)

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

13,518,246

Total

Short

Term

Investments

(Cost

$14,694,443

)

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

14,676,156

a

Total

Investments

(Cost

$174,953,199)

98.7%

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

$138,785,018

Other

Assets,

less

Liabilities

1.3%

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

1,760,425

Net

Assets

100.0%

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

$140,545,443

*

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,

2021,

the

aggregate

value

of

these

securities

was

$85,349,027,

representing

60.7%

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

Ghanian

court

against

National

investments

Bank

of

Ghana.

j

Principal

amount

of

security

is

adjusted

for

inflation.

k

Income

may

be

received

in

additional

securities

and/or

cash.

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

o

The

coupon

rate

shown

represents

the

rate

at

period

end.

p

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

q

See

Note

7

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

CITI

Sell

4,980,000

5,888,545

12/06/21

$

127,945

$

—

Japanese

Yen

......

RBCCM

Sell

170,000,000

1,541,958

12/06/21

49,970

—

Total

Forward

Exchange

Contracts

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

$177,915

—

Net

unrealized

appreciation

(depreciation)

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

$177,915

*

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,

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

97.6%

Aerospace

&

Defense

3.1%

MTU

Aero

Engines

AG

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

Germany

440,000

$

97,996,096

Air

Freight

&

Logistics

3.1%

DSV

A/S

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

Denmark

415,000

96,450,140

Banks

3.1%

a

FinecoBank

Banca

Fineco

SpA

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

Italy

5,100,000

97,390,335

Biotechnology

6.2%

CSL

Ltd.

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

Australia

445,000

101,255,435

a

Genmab

A/S

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

Denmark

206,000

92,542,961

193,798,396

Capital

Markets

5.5%

Deutsche

Boerse

AG

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

Germany

430,000

71,376,881

Intermediate

Capital

Group

plc

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

United

Kingdom

3,406,000

102,159,133

173,536,014

Chemicals

12.2%

Koninklijke

DSM

NV

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

Netherlands

520,000

113,598,869

Sika

AG

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

Switzerland

230,000

77,902,311

Symrise

AG

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

Germany

680,000

94,050,903

Umicore

SA

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

Belgium

1,740,000

99,756,917

385,309,000

Diversified

Telecommunication

Services

3.0%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

1,554,735

95,607,489

Entertainment

3.4%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,450,000

105,450,244

Health

Care

Equipment

&

Supplies

8.0%

Alcon,

Inc.

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

Switzerland

1,200,000

99,480,580

Cochlear

Ltd.

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

Australia

540,000

90,321,521

GN

Store

Nord

A/S

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

Denmark

1,000,000

60,765,337

250,567,438

Internet

&

Direct

Marketing

Retail

5.0%

a

boohoo

Group

plc

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

United

Kingdom

28,050,000

69,765,122

a

MercadoLibre

,

Inc.

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

Argentina

60,000

88,861,200

158,626,322

IT

Services

13.1%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

35,000

105,596,725

a

Amadeus

IT

Group

SA

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

Spain

1,580,860

105,747,119

Keywords

Studios

plc

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

Ireland

2,850,000

110,610,380

a

Shopify,

Inc.,

A

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

Canada

62,000

90,937,260

412,891,484

Media

4.9%

a,b

Ascential

plc,

144A,

Reg

S

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

United

Kingdom

14,300,000

78,960,068

CyberAgent

,

Inc.

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

Japan

4,470,000

74,897,291

153,857,359

Pharmaceuticals

2.9%

Hikma

Pharmaceuticals

plc

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

Jordan

2,750,000

90,641,912

Professional

Services

6.4%

a

Clarivate

plc

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

United

States

4,220,000

98,959,000

Experian

plc

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

United

Kingdom

2,250,000

103,161,382

202,120,382

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

21

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

3.2%

ASML

Holding

NV

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

Netherlands

125,000

$

101,603,740

Software

11.4%

AVEVA

Group

plc

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

United

Kingdom

1,909,997

93,005,599

a

CyberArk

Software

Ltd.

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

United

States

680,000

122,474,801

Sage

Group

plc

(The)

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

United

Kingdom

7,000,000

68,076,119

SimCorp

A/S

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

Denmark

610,000

73,865,257

357,421,776

Trading

Companies

&

Distributors

3.1%

Ferguson

plc

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

United

States

650,000

97,797,640

Total

Common

Stocks

(Cost

$2,014,749,923)

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

3,071,065,767

Short

Term

Investments

2.6%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

82,255,796

82,255,796

Total

Money

Market

Funds

(Cost

$82,255,796)

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

82,255,796

Total

Short

Term

Investments

(Cost

$82,255,796

)

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

82,255,796

a

Total

Investments

(Cost

$2,097,005,719)

100.2%

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

$3,153,321,563

Other

Assets,

less

Liabilities

(0.2)%

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

(5,964,113)

Net

Assets

100.0%

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

$3,147,357,450

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,

2021,

the

aggregate

value

of

these

securities

was

$280,164,282,

representing

8.9%

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),

October

31,

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

93.5%

Air

Freight

&

Logistics

3.0%

SBS

Holdings,

Inc.

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

Japan

36,200

$

1,287,938

Wincanton

plc

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

United

Kingdom

267,940

1,389,702

2,677,640

Auto

Components

0.5%

a

SAF-Holland

SE

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

Germany

30,924

428,941

Banks

8.5%

a,b

Banca

Sistema

SpA

,

144A,

Reg

S

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

Italy

445,670

1,166,815

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

32,143

2,021,467

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

994,270

1,044,209

Spar

Nord

Bank

A/S

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

Denmark

57,920

746,141

Sydbank

A/S

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

Denmark

38,020

1,306,522

Tisco

Financial

Group

PCL

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

Thailand

162,120

448,851

b

Unicaja

Banco

SA,

144A,

Reg

S

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

Spain

753,990

806,675

7,540,680

Building

Products

2.2%

Inwido

AB

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

Sweden

61,712

1,131,401

Sanwa

Holdings

Corp.

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

Japan

74,400

867,776

1,999,177

Capital

Markets

2.2%

b

Anima

Holding

SpA

,

144A,

Reg

S

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

Italy

177,740

944,330

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

75,250

978,250

1,922,580

Chemicals

1.5%

Okamoto

Industries,

Inc.

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

Japan

25,050

879,053

Zeon

Corp.

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

Japan

38,100

452,018

1,331,071

Commercial

Services

&

Supplies

2.0%

b

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

H,

Reg

S

...

China

820,947

418,934

a

Elis

SA

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

France

69,470

1,318,954

1,737,888

Construction

&

Engineering

4.9%

Galliford

Try

Holdings

plc

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

United

Kingdom

913,170

2,499,346

Maire

Tecnimont

SpA

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

Italy

432,808

1,864,835

4,364,181

Construction

Materials

5.3%

Cementir

Holding

NV

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

Denmark

113,670

1,193,362

Krosaki

Harima

Corp.

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

Japan

17,100

707,818

RHI

Magnesita

NV

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

United

States

13,204

606,780

West

China

Cement

Ltd.

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

China

5,404,000

944,294

Wienerberger

AG

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

Austria

36,300

1,284,931

4,737,185

Consumer

Finance

0.6%

a

Axactor

SE

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

Norway

594,871

572,827

Diversified

Financial

Services

0.6%

b

doValue

SpA

,

144A,

Reg

S

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

Italy

59,390

569,448

Electrical

Equipment

4.4%

Mersen

SA

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

France

39,260

1,472,682

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Nexans

SA

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

France

13,224

$

1,326,697

Vitzrocell

Co.

Ltd.

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

South

Korea

79,197

1,101,382

3,900,761

Electronic

Equipment,

Instruments

&

Components

0.5%

Strix

Group

plc

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

Isle

of

Man

115,010

460,369

Energy

Equipment

&

Services

1.2%

Pason

Systems,

Inc.

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

Canada

140,120

1,041,364

Food

&

Staples

Retailing

2.2%

MARR

SpA

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

Italy

54,190

1,276,754

Sundrug

Co.

Ltd.

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

Japan

24,500

717,019

1,993,773

Health

Care

Equipment

&

Supplies

2.7%

i

-SENS,

Inc.

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

South

Korea

38,646

1,103,214

Value

Added

Technology

Co.

Ltd.

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

South

Korea

38,204

1,320,198

2,423,412

Hotels,

Restaurants

&

Leisure

3.6%

a

GreenTree

Hospitality

Group

Ltd.,

ADR

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

China

60,417

487,565

a

Marston's

plc

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

United

Kingdom

934,180

1,016,348

a

Melco

International

Development

Ltd.

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

Hong

Kong

560,000

727,332

a

Melia

Hotels

International

SA

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

Spain

132,420

977,392

3,208,637

Household

Durables

4.6%

Bellway

plc

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

United

Kingdom

29,350

1,331,674

DFS

Furniture

plc

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

United

Kingdom

369,830

1,381,687

Vistry

Group

plc

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

United

Kingdom

84,220

1,410,271

4,123,632

IT

Services

0.7%

Sopra

Steria

Group

SACA

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

France

3,000

589,803

Machinery

11.0%

Cargotec

OYJ,

B

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

Finland

28,245

1,462,526

a

Deutz

AG

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

Germany

119,590

1,002,262

Fuji

Corp.

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

Japan

39,200

914,382

Meidensha

Corp.

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

Japan

49,400

1,039,837

Metso

Outotec

OYJ

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

Finland

149,460

1,501,407

Morgan

Advanced

Materials

plc

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

United

Kingdom

330,453

1,564,698

Palfinger

AG

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

Austria

32,130

1,418,713

Sulzer

AG

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

Switzerland

8,790

863,912

9,767,737

Marine

3.3%

D/S

Norden

A/S

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

Denmark

62,798

1,515,498

Star

Bulk

Carriers

Corp.

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

Greece

66,960

1,385,402

2,900,900

Metals

&

Mining

4.6%

Alamos

Gold,

Inc.,

A

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

Canada

92,860

688,630

AMG

Advanced

Metallurgical

Group

NV

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

Netherlands

25,560

753,830

Granges

AB

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

Sweden

140,430

1,531,640

Jupiter

Mines

Ltd.

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

Australia

4,156,960

735,054

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quaterly

Statement

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Metals

&

Mining

(continued)

a

Orla

Mining

Ltd.

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

Canada

119,960

$

422,510

4,131,664

Oil,

Gas

&

Consumable

Fuels

5.2%

Parex

Resources,

Inc.

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

Canada

112,090

2,175,881

Serica

Energy

plc

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

United

Kingdom

343,170

967,434

Tethys

Oil

AB

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

Sweden

210,580

1,533,127

4,676,442

Personal

Products

1.5%

Chlitina

Holding

Ltd.

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

China

159,000

1,363,015

Professional

Services

2.1%

Applus

Services

SA

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

Spain

115,770

1,047,799

Tanseisha

Co.

Ltd.

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

Japan

95,500

783,150

1,830,949

Real

Estate

Management

&

Development

2.8%

b

Aedas

Homes

SA,

144A,

Reg

S

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

Spain

14,016

402,597

b

Metrovacesa

SA,

144A,

Reg

S

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

Spain

124,451

1,087,528

Sun

Frontier

Fudousan

Co.

Ltd.

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

Japan

110,700

1,038,827

2,528,952

Semiconductors

&

Semiconductor

Equipment

1.3%

Optorun

Co.

Ltd.

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

Japan

29,443

596,836

a

u-

blox

Holding

AG

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

Switzerland

8,135

595,157

1,191,993

Specialty

Retail

1.3%

Wickes

Group

plc

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

United

Kingdom

407,060

1,194,340

Textiles,

Apparel

&

Luxury

Goods

1.2%

Coats

Group

plc

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

United

Kingdom

1,189,920

1,048,693

Trading

Companies

&

Distributors

7.3%

Howden

Joinery

Group

plc

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

United

Kingdom

65,890

829,409

Kanamoto

Co.

Ltd.

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

Japan

30,500

653,334

Kanematsu

Corp.

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

Japan

55,800

648,016

Lumax

International

Corp.

Ltd.

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

Taiwan

363,000

928,328

Nishio

Rent

All

Co.

Ltd.

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

Japan

37,983

939,239

Travis

Perkins

plc

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

United

Kingdom

49,970

1,056,369

a,b

Yellow

Cake

plc,

144A,

Reg

S

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

United

Kingdom

295,580

1,421,822

6,476,517

Water

Utilities

0.7%

China

Water

Affairs

Group

Ltd.

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

China

563,409

579,053

Total

Common

Stocks

(Cost

$86,140,396)

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

83,313,624

Franklin

Global

Trust

Statement

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quaterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

See

Abbreviations

on

page

21

.

Short

Term

Investments

1.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

1.0%

Royal

Bank

of

Canada,

0.04%,

11/01/21

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

Canada

900,000

$

900,000

Total

Time

Deposits

(Cost

$900,000)

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

900,000

Total

Short

Term

Investments

(Cost

$900,000

)

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

900,000

a

Total

Investments

(Cost

$87,040,396)

94.5%

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

$84,213,624

Other

Assets,

less

Liabilities

5.5%

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

4,901,961

Net

Assets

100.0%

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

$89,115,585

*

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,

2021,

the

aggregate

value

of

these

securities

was

$9,817,866,

representing

11.0%

of

net

assets.

Franklin

Global

Trust

13

Quaterly

Statements

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

time

deposits

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)

14

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

October

31,

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

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)

15

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

October

31,

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,

Zero

Cpn

.,

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

—

971,904

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

-

9/30/21

906,719

459,674

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

—

3.

Derivative

Financial

Instruments

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

16

Quaterly

Statements

of

Investments

7.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

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,

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

October

31,

2021,

the

net

assets

of

the

FT

Subsidiary

were

$1,578,144,

representing

1.1%

of

the

Fund’s

consolidated

net

assets.

The

Fund’s

investment

in

the

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

Principal

Amount/

Shares/

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

$

—

Total

Restricted

Securities

(Value

is

0.3%

of

Net

Assets)

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

$9,040,097

$461,040

a

The

Fund

also

invests

in

unrestricted

securities

of

the

same

issue,

valued

at

$-

as

of

October

31,

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%

.

$7,120,269

$19,814,863

$(13,416,886)

$—

$—

$13,518,246

13,518,246

$183

Total

Affiliated

Securities

...

$7,120,269

$19,814,863

$(13,416,886)

$—

$—

$13,518,246

$183

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$84,459,275

$123,290,953

$(125,494,432)

$—

$—

$82,255,796

82,255,796

$2,047

Total

Affiliated

Securities

...

$84,459,275

$123,290,953

$(125,494,432)

$—

$—

$82,255,796

$2,047

6.

Restricted

Securities

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

17

Quaterly

Statements

of

Investments

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,

2021,

in

valuing

the

Funds’

assets

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

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

—

2,112,560

1,093,949

3,206,509

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

9,533,839

1,366

a

9,535,205

Corporate

Bonds

:

Airlines

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

—

1,251,683

—

1,251,683

Banks

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

—

3,609,186

—

3,609,186

Capital

Markets

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

—

1,495,675

—

1,495,675

Chemicals

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

—

1,736,250

—

1,736,250

Construction

&

Engineering

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

—

1,065,000

—

1,065,000

Diversified

Financial

Services

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

—

—

2,452,159

2,452,159

Food

Products

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

—

1,378,019

—

1,378,019

Metals

&

Mining

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

—

2,310,229

—

2,310,229

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

3,796,504

—

3,796,504

Real

Estate

Management

&

Development

....

—

1,278,798

—

1,278,798

Road

&

Rail

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

—

1,356,920

—

1,356,920

Wireless

Telecommunication

Services

.......

—

1,458,276

—

1,458,276

Loan

Participations

and

Assignments

.........

—

2,997,192

459,674

3,456,866

Foreign

Government

and

Agency

Securities

....

—

84,721,583

—

84,721,583

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

13,518,246

1,157,910

—

14,676,156

Total

Investments

in

Securities

...........

$13,518,246

$121,259,624

$4,007,148

$138,785,018

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

177,915

$

—

$

177,915

Restricted

Currency

(ARS)

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

—

152,599

—

152,599

Total

Other

Financial

Instruments

.........

$—

$330,514

$—

$330,514

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

97,996,096

—

97,996,096

Air

Freight

&

Logistics

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

—

96,450,140

—

96,450,140

Banks

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

—

97,390,335

—

97,390,335

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

18

Quaterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

International

Growth

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Biotechnology

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

$

—

$

193,798,396

$

—

$

193,798,396

Capital

Markets

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

—

173,536,014

—

173,536,014

Chemicals

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

—

385,309,000

—

385,309,000

Diversified

Telecommunication

Services

.....

—

95,607,489

—

95,607,489

Entertainment

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

—

105,450,244

—

105,450,244

Health

Care

Equipment

&

Supplies

.........

—

250,567,438

—

250,567,438

Internet

&

Direct

Marketing

Retail

..........

88,861,200

69,765,122

—

158,626,322

IT

Services

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

201,547,640

211,343,844

—

412,891,484

Media

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

—

153,857,359

—

153,857,359

Pharmaceuticals

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

—

90,641,912

—

90,641,912

Professional

Services

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

98,959,000

103,161,382

—

202,120,382

Semiconductors

&

Semiconductor

Equipment

.

—

101,603,740

—

101,603,740

Software

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

122,474,801

234,946,975

—

357,421,776

Trading

Companies

&

Distributors

..........

—

97,797,640

—

97,797,640

Short

Term

Investments

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

82,255,796

—

—

82,255,796

Total

Investments

in

Securities

...........

$594,098,437

$2,559,223,126

b

$—

$3,153,321,563

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

1,389,702

1,287,938

—

2,677,640

Auto

Components

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

428,941

—

—

428,941

Banks

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

1,912,956

5,627,724

—

7,540,680

Building

Products

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

—

1,999,177

—

1,999,177

Capital

Markets

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

978,250

944,330

—

1,922,580

Chemicals

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

—

1,331,071

—

1,331,071

Commercial

Services

&

Supplies

...........

—

1,737,888

—

1,737,888

Construction

&

Engineering

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

2,499,346

1,864,835

—

4,364,181

Construction

Materials

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

606,780

4,130,405

—

4,737,185

Consumer

Finance

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

—

572,827

—

572,827

Diversified

Financial

Services

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

—

569,448

—

569,448

Electrical

Equipment

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

—

3,900,761

—

3,900,761

Electronic

Equipment,

Instruments

&

Components

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

460,369

—

—

460,369

Energy

Equipment

&

Services

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

1,041,364

—

—

1,041,364

Food

&

Staples

Retailing

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

—

1,993,773

—

1,993,773

Health

Care

Equipment

&

Supplies

.........

—

2,423,412

—

2,423,412

Hotels,

Restaurants

&

Leisure

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

1,503,913

1,704,724

—

3,208,637

Household

Durables

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

1,381,687

2,741,945

—

4,123,632

IT

Services

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

—

589,803

—

589,803

Machinery

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

2,983,411

6,784,326

—

9,767,737

Marine

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

2,900,900

—

—

2,900,900

Metals

&

Mining

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

1,111,140

3,020,524

—

4,131,664

Oil,

Gas

&

Consumable

Fuels

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

3,143,315

1,533,127

—

4,676,442

Personal

Products

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

—

1,363,015

—

1,363,015

Professional

Services

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

1,047,799

783,150

—

1,830,949

Real

Estate

Management

&

Development

....

1,490,125

1,038,827

—

2,528,952

Semiconductors

&

Semiconductor

Equipment

.

595,157

596,836

—

1,191,993

Specialty

Retail

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

1,194,340

—

—

1,194,340

Textiles,

Apparel

&

Luxury

Goods

..........

1,048,693

—

—

1,048,693

Trading

Companies

&

Distributors

..........

1,421,822

5,054,695

—

6,476,517

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

19

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 October

31,

2021,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Water

Utilities

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

$

—

$

579,053

$

—

$

579,053

Short

Term

Investments

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

—

900,000

—

900,000

Total

Investments

in

Securities

...........

$29,140,010

$55,073,614

c

$—

$84,213,624

a

Includes

securities

determined

to

have

no

value

at

October

31,

2021.

b

Includes

foreign

securities

valued

at

$2,559,223,126,

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

$54,173,614,

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

c

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Diversified

Financial

Services

........

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Multiline

Retail

......

—

d

—

—

—

—

—

—

—

—

d

—

Warrants

:

Diversified

Financial

Services

........

1,126,258

—

—

—

—

—

—

(32,309)

1,093,949

(32,309)

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

d

—

—

—

—

—

—

—

—

d

—

Quasi-Sovereign

Bonds

.

1,366

d

—

—

—

—

—

—

—

1,366

d

—

Corporate

Bonds

:

Diversified

Financial

Services

........

—

2,518,242

—

—

—

—

—

(66,083)

2,452,159

(66,083)

Multiline

Retail

......

—

d

—

—

—

—

—

—

—

—

d

—

Loan

Participations

and

Assignments

.......

373,057

112,388

—

—

—

15

—

(25,786)

459,674

(25,786)

Escrows

and

Litigation

Trusts

...........

—

—

d

(5,961)

—

—

—

5,961

—

—

d

—

Total

Investments

in

Securities

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

$1,500,681

$2,630,630

$(5,961)

$—

$—

$15

$5,961

$(124,178)

$4,007,148

$(124,178)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$173,982

$—

$—

$—

$(173,982)

$—

$—

$—

$—

$—

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

Transfers

out

of

Level

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

d

Includes

securities

determined

to

have

no

value.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

20

Quaterly

Statements

of

Investments

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,

2021,

are

as

follows:

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

........

$459,674

Recovery

value

Weighted

probability

of

cash

flow

$4.3

mil

Increase

 b

Discount

rate

25.0%

Decrease

 b

Warrants:

Diversified

Financial

Services

...........

1,093,949

Market

comparables

Implied

recovery

7.4%

Increase

c

All

other

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

2,453,525

d,e

Total

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

$4,007,148

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

October

31,

2021.

9. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Statements

of

Investments

(unaudited)

21

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

COP

Colombian

Peso

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KES

Kenyan

Shilling

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

RUB

Russian

Ruble

TRY

Turkish

Lira

USD

United

States

Dollar

UYU

Uruguayan

Peso

UZS

Uzbekistani

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.