Franklin Global Trust NPORT-P Franklin Emerging Market Debt Opportunities Fund (Apr 2022 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FGT-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

2

Franklin

International

Growth

Fund

7

Franklin

International

Small

Cap

Fund

9

Notes

to

Schedules

of

Investments

13

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

(unaudited),

April

30,

2022

Franklin

Emerging

Market

Debt

Opportunities

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

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

2.4%

Diversified

Financial

Services

2.4%

d,e

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

587,180

a,b,f

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

939,759

1,526,939

Total

Warrants

(Cost

$18,386,506)

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

1,526,939

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

11.1%

Banks

0.3%

d

Development

Bank

of

the

Republic

of

Belarus

JSC

,

Senior

Note

,

144A,

12

%

,

5/15/22

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

Belarus

8,900,000

BYN

198,389

Diversified

Financial

Services

3.3%

a

Meridiam

Eastern

Europe

Investments

SAS

,

8.85

%

,

6/10/28

.....

Turkey

2,042,857

EUR

2,068,810

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

—

2,068,810

Municipal

Bonds

3.4%

d

Provincia

del

Chubut

Argentina

,

Senior

Secured

Bond

,

144A,

7.75

%

,

7/26/30

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

Argentina

2,587,325

2,131,309

Oil,

Gas

&

Consumable

Fuels

1.9%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

700,000

696,528

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

600,000

502,422

1,198,950

Road

&

Rail

1.2%

d

Kazakhstan

Temir

Zholy

Finance

BV

,

Senior

Bond

,

144A,

6.95

%

,

7/10/42

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

Kazakhstan

700,000

711,725

Transportation

Infrastructure

1.0%

d,j

PA

Autopista

Rio

Magdalena

,

Index

Linked,

Senior

Secured

Bond

,

144A,

6.05

%

,

6/15/36

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

Colombia

2,788,211,511

COP

616,393

Total

Quasi-Sovereign

Bonds

(Cost

$14,802,326)

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

6,925,576

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

17.6%

Airlines

1.3%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

800,000

$

790,992

Banks

3.4%

d

Access

Bank

plc

,

Senior

Note

,

144A,

6.125

%

,

9/21/26

..........

Nigeria

600,000

567,318

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/26/23,

FRN

thereafter

,

4/27/28

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

Turkey

650,000

632,486

d

Fidelity

Bank

plc

,

Senior

Note,

144A,

10.5%,

10/16/22

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

Nigeria

400,000

401,640

Senior

Note,

144A,

7.625%,

10/28/26

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

Nigeria

550,000

522,170

2,123,614

Capital

Markets

1.0%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

650,000

632,125

Chemicals

1.2%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond,

144A,

6.99%,

2/20/32

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

Mexico

450,000

404,633

Senior

Secured

Note,

144A,

7.45%,

11/15/29

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

Mexico

400,000

375,222

779,855

Construction

&

Engineering

0.6%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

400,000

404,360

Food

Products

1.3%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

7.7

%

,

7/21/28

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

Paraguay

900,000

785,763

Metals

&

Mining

1.6%

d,k

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

1,032,246

1,002,178

Multiline

Retail

0.0%

a,d,k

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,771,295

—

a,d,k

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

1,896,269

—

—

Oil,

Gas

&

Consumable

Fuels

4.5%

d

Energo

-Pro

A/S

,

Senior

Note

,

144A,

8.5

%

,

2/04/27

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

Czech

Republic

800,000

768,000

d

Kosmos

Energy

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

5/01/27

........

Ghana

350,000

348,094

d

MC

Brazil

Downstream

Trading

SARL

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/30/31

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

Brazil

750,000

653,775

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

270,000

267,812

d

Tullow

Oil

plc

,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

402,000

328,444

Senior

Secured

Note,

144A,

10.25%,

5/15/26

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

Ghana

420,000

417,526

2,783,651

Real

Estate

Management

&

Development

1.2%

d

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

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

China

980,000

727,650

Wireless

Telecommunication

Services

1.5%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

970,000

970,325

Total

Corporate

Bonds

(Cost

$12,909,528)

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

11,000,513

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Loan

Participations

and

Assignments

0.8%

d

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc

,

Sub.

Bond

,

144A,

5.95%

to

4/14/25,

FRN

thereafter

,

4/15/30

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

Russia

1,000,000

$

90,000

Global

Distressed

Alpha

Fund

III

LP

,

a,c,f,k,l

PIK,

12%,

Perpetual

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

United

States

1,186,761

398,979

Total

Loan

Participations

and

Assignments

(Cost

$2,053,847)

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

488,979

Foreign

Government

and

Agency

Securities

61.7%

d

Angola

Government

Bond

,

Senior

Bond,

144A,

8%,

11/26/29

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

Angola

1,680,000

1,576,529

Senior

Bond,

144A,

8.75%,

4/14/32

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

Angola

400,000

379,554

Argentina

Government

Bond

,

Senior

Note

,

1

%

,

7/09/29

.........

Argentina

150,490

48,608

d

Asian

Infrastructure

Investment

Bank

(The)

,

Senior

Note

,

Reg

S,

17.5

%

,

9/14/22

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

Supranational

m

11,750,000

TRY

723,794

d

Benin

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/19/32

...

Benin

1,050,000

EUR

955,394

d

Cameroon

Government

Bond

,

Senior

Bond

,

144A,

5.95

%

,

7/07/32

Cameroon

700,000

EUR

624,180

Colombia

Government

Bond

,

Senior

Bond

,

9.85

%

,

6/28/27

......

Colombia

5,000,000,000

COP

1,280,066

d

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

7.158

%

,

3/12/45

Costa

Rica

800,000

776,396

d

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

650,000

553,263

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

78,000,000

DOP

1,422,753

Egypt

Government

Bond

,

d

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

500,000

391,069

d

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

700,000

470,298

14.196%,

7/07/23

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

Egypt

5,100,000

EGP

276,810

13.659%,

9/07/23

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

Egypt

13,300,000

EGP

715,126

d

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

7.65

%

,

6/15/35

El

Salvador

1,900,000

740,149

d

Ethiopia

Government

Bond

,

Senior

Bond

,

144A,

6.625

%

,

12/11/24

Ethiopia

1,550,000

1,076,692

European

Investment

Bank

,

Senior

Note

,

8.5

%

,

12/01/23

.......

Supranational

m

2,600,000

GEL

805,996

d

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

800,000

725,272

Senior

Bond,

144A,

7%,

11/24/31

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

Gabon

900,000

819,468

Ghana

Government

Bond

,

18.25

%

,

7/25/22

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

Ghana

4,300,000

GHS

574,587

d

Grenada

Government

Bond

,

144A,

7%,

5/12/30

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

Grenada

950,560

845,998

Reg

S,

7%,

5/12/30

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

Grenada

562,513

500,637

d

Honduras

Government

Bond

,

Senior

Bond

,

144A,

5.625

%

,

6/24/30

Honduras

800,000

633,200

Inter-American

Development

Bank

,

GDP

Linked

Security

,

Senior

Note

,

7.875

%

,

3/14/23

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

Supranational

m

23,000,000,000

IDR

1,615,177

d

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

......

Iraq

1,605,000

1,555,101

Jamaica

Government

Bond

,

Senior

Bond

,

7.875

%

,

7/28/45

......

Jamaica

450,000

555,174

d

Jordan

Government

Bond

,

Senior

Bond

,

144A,

5.85

%

,

7/07/30

...

Jordan

1,100,000

980,529

Kazakhstan

MEUKAM

,

Senior

Bond,

5.3%,

4/26/23

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

Kazakhstan

391,961,000

KZT

822,065

Senior

Bond,

5%,

5/15/23

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

Kazakhstan

435,000,000

KZT

904,781

Kenya

Government

Bond

,

12.5

%

,

5/12/25

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

Kenya

72,250,000

KES

652,318

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8

%

,

11/07/47

...........

Mexico

25,500,000

MXN

1,101,522

j

Mexican

Udibonos

,

S

,

Index

Linked,

4

%

,

11/30/28

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

Mexico

32,909,922

MXN

1,610,231

Mexico

Government

Bond

,

Senior

Bond

,

3.75

%

,

1/11/28

........

Mexico

650,000

626,948

d

Mozambique

Government

Bond

,

144A,

5%

to

9/15/23,

9%

thereafter

,

9/15/31

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

Mozambique

950,000

829,967

d

Pakistan

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

4/08/31

.

Pakistan

850,000

652,834

Peru

Bonos

De

Tesoreria

,

Senior

Bond

,

5.4

%

,

8/12/34

..........

Peru

3,000,000

PEN

620,169

h

Russia

Government

Bond

,

7.65

%

,

4/10/30

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

Russia

118,425,000

RUB

109,960

d

Saderea

DAC

,

Senior

Secured

Bond

,

Reg

S,

12.5

%

,

11/30/26

....

Ghana

555,304

480,338

South

Africa

Government

Bond

,

Senior

Bond

,

7

%

,

2/28/31

......

South

Africa

30,900,000

ZAR

1,597,969

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

d,h

Suriname

Government

Bond

,

144A,

12.875%,

12/30/23

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

Suriname

1,400,000

$

1,169,000

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

1,200,000

1,002,000

Tunisia

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/17/31

.........

Tunisia

190,000,000

JPY

729,501

d

Ukraine

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

9/25/32

.

Ukraine

2,600,000

838,890

Uruguay

Government

Bond

,

Senior

Bond,

8.25%,

5/21/31

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

Uruguay

61,000,000

UYU

1,340,117

j

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

9,583,105

UYU

258,648

d

Uzbekistan

Government

Bond

,

Senior

Note,

144A,

14.5%,

11/25/23

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

Uzbekistan

6,200,000,000

UZS

548,418

Senior

Note,

144A,

14%,

7/19/24

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

Uzbekistan

12,320,000,000

UZS

1,031,829

Total

Foreign

Government

and

Agency

Securities

(Cost

$48,561,258)

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

38,549,325

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

South

Africa

275,106

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$101,746,843)

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

58,491,332

a

Short

Term

Investments

3.5%

a

a

Country

Shares

a

Value

a

a

Money

Market

Funds

3.5%

n,o

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.024%

....

United

States

2,209,001

2,209,001

Total

Money

Market

Funds

(Cost

$2,209,001)

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

2,209,001

Total

Short

Term

Investments

(Cost

$2,209,001

)

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

2,209,001

a

Total

Investments

(Cost

$103,955,844)

97.1%

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

$60,700,333

Other

Assets,

less

Liabilities

2.9%

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

1,762,985

Net

Assets

100.0%

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

$62,463,318

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

3

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,

2022,

the

aggregate

value

of

these

securities

was

$38,335,589,

representing

61.4%

of

net

assets.

e

The

principal

represents

the

notional

amount.

f

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

5.

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

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

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

At

April

30,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviation

s

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

Russian

Ruble

.....

CITI

Sell

57,000,000

487,424

5/31/22

$

—

$

(278,592)

Euro

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

CITI

Sell

3,540,000

3,924,975

6/14/22

183,273

—

Japanese

Yen

......

RBCCM

Buy

32,000,000

261,039

6/14/22

—

(14,041)

Japanese

Yen

......

RBCCM

Sell

140,000,000

1,214,349

6/14/22

133,733

—

Total

Forward

Exchange

Contracts

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

$317,006

$(292,633)

Net

unrealized

appreciation

(depreciation)

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

$24,373

*

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

Schedule

of

Investments

(unaudited),

April

30,

2022

Franklin

International

Growth

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.9%

Aerospace

&

Defense

3.9%

a

MTU

Aero

Engines

AG

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

Germany

415,000

$

83,687,289

Air

Freight

&

Logistics

3.2%

DSV

A/S

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

Denmark

415,000

68,036,114

Banks

2.9%

FinecoBank

Banca

Fineco

SpA

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

Italy

4,550,000

63,248,197

Biotechnology

7.5%

CSL

Ltd.

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

Australia

415,000

79,197,242

a

Genmab

A/S

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

Denmark

231,000

81,224,613

160,421,855

Capital

Markets

6.3%

Deutsche

Boerse

AG

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

Germany

430,000

74,857,110

Intermediate

Capital

Group

plc

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

United

Kingdom

3,106,000

59,440,257

134,297,367

Chemicals

9.9%

Koninklijke

DSM

NV

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

Netherlands

410,000

68,921,669

Sika

AG

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

Switzerland

230,000

70,266,236

Symrise

AG

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

Germany

620,000

73,772,976

212,960,881

Diversified

Telecommunication

Services

3.2%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

1,454,735

67,802,427

Entertainment

4.0%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,248,933

85,717,798

Health

Care

Equipment

&

Supplies

7.2%

Alcon,

Inc.

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

Switzerland

900,000

64,270,695

Cochlear

Ltd.

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

Australia

440,000

70,864,655

GN

Store

Nord

A/S

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

Denmark

480,000

18,013,158

153,148,508

Internet

&

Direct

Marketing

Retail

3.9%

a

boohoo

Group

plc

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

United

Kingdom

3,830,997

3,878,562

a

MercadoLibre

,

Inc.

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

Brazil

81,000

78,864,030

82,742,592

IT

Services

12.5%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

38,000

63,734,122

a

Amadeus

IT

Group

SA

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

Spain

1,300,860

81,511,821

Keywords

Studios

plc

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

Ireland

2,600,000

78,598,778

a

Shopify,

Inc.,

A

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

Canada

105,000

44,816,100

268,660,821

Life

Sciences

Tools

&

Services

2.9%

a

Evotec

SE

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

Germany

2,580,000

62,816,025

Media

6.3%

a,b

Ascential

plc,

Reg

S

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

United

Kingdom

14,800,000

58,680,604

CyberAgent

,

Inc.

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

Japan

4,360,000

46,066,355

a

Nordic

Entertainment

Group

AB,

B

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

Sweden

900,000

29,555,818

134,302,777

Pharmaceuticals

3.0%

Hikma

Pharmaceuticals

plc

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

Jordan

2,750,000

64,601,197

Professional

Services

6.1%

a

Clarivate

plc

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

United

States

4,500,000

70,560,000

Franklin

Global

Trust

Schedule

of

Investments

(unaudited)

Franklin

International

Growth

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

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

1,760,000

$

60,782,877

131,342,877

Semiconductors

&

Semiconductor

Equipment

3.2%

ASML

Holding

NV

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

Netherlands

120,000

68,101,392

Software

11.9%

AVEVA

Group

plc

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

United

Kingdom

1,979,997

53,216,648

a

CyberArk

Software

Ltd.

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

United

States

520,000

81,712,800

a

Nice

Ltd.,

ADR

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

Israel

290,000

59,858,900

SimCorp

A/S

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

Denmark

850,000

59,502,230

254,290,578

Total

Common

Stocks

(Cost

$1,895,354,971)

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

2,096,178,695

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

a

Money

Market

Funds

2.1%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.024%

....

United

States

46,016,190

46,016,190

Total

Money

Market

Funds

(Cost

$46,016,190)

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

46,016,190

Total

Short

Term

Investments

(Cost

$46,016,190

)

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

46,016,190

a

Total

Investments

(Cost

$1,941,371,161)

100.0%

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

$2,142,194,885

Other

Assets,

less

Liabilities

(0.0)%

†

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

(1,799,770)

Net

Assets

100.0%

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

$2,140,395,115

†

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,

2022,

the

aggregate

value

of

these

securities

was

$190,217,153,

representing

8.9%

of

net

assets.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Global

Trust

Schedule

of

Investments

(unaudited),

April

30,

2022

Franklin

International

Small

Cap

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

93.8%

Aerospace

&

Defense

0.8%

QinetiQ

Group

plc

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

United

Kingdom

134,987

$

572,721

Air

Freight

&

Logistics

3.1%

SBS

Holdings,

Inc.

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

Japan

36,200

840,072

Wincanton

plc

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

United

Kingdom

252,543

1,297,285

2,137,357

Airlines

1.4%

a

Chorus

Aviation,

Inc.

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

Canada

171,251

514,559

a

JET2

plc

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

United

Kingdom

27,404

420,860

935,419

Auto

Components

0.4%

a

SAF-Holland

SE

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

Germany

40,853

310,481

Banks

9.5%

b

Banca

Sistema

SpA

,

144A,

Reg

S

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

Italy

367,702

782,520

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

29,756

1,412,863

BPER

Banca

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

Italy

213,782

357,126

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

936,449

967,816

Spar

Nord

Bank

A/S

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

Denmark

57,920

735,344

Sydbank

A/S

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

Denmark

31,698

1,089,489

Tisco

Financial

Group

PCL

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

Thailand

162,120

426,959

b

Unicaja

Banco

SA,

144A,

Reg

S

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

Spain

844,438

795,414

6,567,531

Building

Products

1.0%

Sanwa

Holdings

Corp.

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

Japan

74,400

677,856

Capital

Markets

2.2%

b

Anima

Holding

SpA

,

144A,

Reg

S

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

Italy

177,740

866,040

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

56,380

677,687

1,543,727

Chemicals

1.6%

Essentra

plc

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

United

Kingdom

118,788

465,543

Okamoto

Industries,

Inc.

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

Japan

21,450

631,608

1,097,151

Commercial

Services

&

Supplies

1.8%

b

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

H,

Reg

S

...

China

1,051,449

451,937

a

Elis

SA

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

France

57,643

826,633

1,278,570

Construction

&

Engineering

3.1%

Galliford

Try

Holdings

plc

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

United

Kingdom

568,222

1,218,963

Maire

Tecnimont

SpA

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

Italy

312,921

916,563

2,135,526

Construction

Materials

3.5%

Cementir

Holding

NV

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

Denmark

91,747

638,634

Krosaki

Harima

Corp.

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

Japan

17,100

530,920

RHI

Magnesita

NV

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

United

States

13,204

392,847

West

China

Cement

Ltd.

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

China

5,404,000

849,757

2,412,158

Consumer

Finance

0.5%

Humm

Group

Ltd.

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

Australia

592,920

343,263

Franklin

Global

Trust

Schedule

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Diversified

Financial

Services

0.7%

b

doValue

SpA

,

144A,

Reg

S

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

Italy

59,390

$

504,956

Electrical

Equipment

2.8%

Mersen

SA

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

France

34,528

1,141,988

Nexans

SA

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

France

8,595

782,860

1,924,848

Electronic

Equipment,

Instruments

&

Components

0.5%

Strix

Group

plc

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

Isle

of

Man

121,275

321,782

Energy

Equipment

&

Services

2.2%

Pason

Systems,

Inc.

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

Canada

122,169

1,541,556

Entertainment

0.3%

a

Stillfront

Group

AB

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

Sweden

105,508

213,090

Food

&

Staples

Retailing

1.3%

MARR

SpA

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

Italy

54,190

877,531

Food

Products

1.8%

JDE

Peet's

NV

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

Netherlands

16,866

496,158

Select

Harvests

Ltd.

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

Australia

91,683

423,652

Tassal

Group

Ltd.

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

Australia

136,342

361,487

1,281,297

Health

Care

Equipment

&

Supplies

3.0%

i

-SENS,

Inc.

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

South

Korea

38,646

880,178

Value

Added

Technology

Co.

Ltd.

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

South

Korea

38,204

1,206,848

2,087,026

Hotels,

Restaurants

&

Leisure

3.8%

a

Marston's

plc

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

United

Kingdom

934,180

881,636

a

Melco

International

Development

Ltd.

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

Hong

Kong

841,786

664,645

a

Melia

Hotels

International

SA

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

Spain

132,420

1,095,104

2,641,385

Household

Durables

1.2%

DFS

Furniture

plc

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

United

Kingdom

150,478

313,886

a

Victoria

plc

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

United

Kingdom

24,343

195,210

Vistry

Group

plc

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

United

Kingdom

29,575

308,571

817,667

IT

Services

0.6%

Sopra

Steria

Group

SACA

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

France

2,185

387,226

Leisure

Products

0.6%

a

Goodbaby

International

Holdings

Ltd.

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

China

3,057,003

384,026

Machinery

7.9%

Cargotec

OYJ,

B

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

Finland

26,748

926,093

Deutz

AG

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

Germany

148,152

656,606

Fuji

Corp.

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

Japan

42,600

710,816

Meidensha

Corp.

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

Japan

49,400

894,663

Metso

Outotec

OYJ

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

Finland

66,984

570,339

Morgan

Advanced

Materials

plc

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

United

Kingdom

304,128

1,066,608

Sulzer

AG

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

Switzerland

8,790

658,715

5,483,840

Marine

2.1%

D/S

Norden

A/S

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

Denmark

17,489

649,778

Franklin

Global

Trust

Schedule

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Marine

(continued)

Star

Bulk

Carriers

Corp.

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

Greece

28,997

$

814,816

1,464,594

Media

1.0%

a

Mediaset

Espana

Comunicacion

SA

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

Spain

149,826

670,435

Metals

&

Mining

7.3%

Alamos

Gold,

Inc.,

A

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

Canada

92,860

721,397

AMG

Advanced

Metallurgical

Group

NV

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

Netherlands

25,560

999,398

Anglo

Pacific

Group

plc

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

United

Kingdom

349,411

794,407

a

ERO

Copper

Corp.

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

Brazil

51,422

739,317

Jupiter

Mines

Ltd.

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

Australia

1,484,426

256,159

Mitsui

Mining

&

Smelting

Co.

Ltd.

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

Japan

18,100

457,706

a

Orla

Mining

Ltd.

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

Canada

119,960

508,918

Sims

Ltd.

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

United

States

42,004

607,289

5,084,591

Oil,

Gas

&

Consumable

Fuels

5.6%

Parex

Resources,

Inc.

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

Canada

75,060

1,463,046

Serica

Energy

plc

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

United

Kingdom

141,552

621,903

Tethys

Oil

AB

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

Sweden

190,429

1,804,323

3,889,272

Personal

Products

1.1%

Chlitina

Holding

Ltd.

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

China

117,972

740,036

Pharmaceuticals

0.8%

Hikma

Pharmaceuticals

plc

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

Jordan

24,338

571,732

Professional

Services

2.1%

Applus

Services

SA

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

Spain

115,770

906,173

Tanseisha

Co.

Ltd.

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

Japan

95,500

582,170

1,488,343

Real

Estate

Management

&

Development

4.2%

b

Aedas

Homes

SA,

144A,

Reg

S

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

Spain

14,055

329,151

JHSF

Participacoes

SA

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

Brazil

472,744

627,430

b

Metrovacesa

SA,

144A,

Reg

S

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

Spain

124,451

997,754

Sun

Frontier

Fudousan

Co.

Ltd.

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

Japan

110,700

925,104

2,879,439

Semiconductors

&

Semiconductor

Equipment

1.7%

Optorun

Co.

Ltd.

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

Japan

33,243

493,362

a

u-

blox

Holding

AG

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

Switzerland

8,135

675,931

1,169,293

Specialty

Retail

1.9%

Luk

Fook

Holdings

International

Ltd.

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

Hong

Kong

201,657

461,578

Wickes

Group

plc

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

United

Kingdom

353,922

843,770

1,305,348

Textiles,

Apparel

&

Luxury

Goods

1.5%

Coats

Group

plc

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

United

Kingdom

1,189,920

1,052,000

Trading

Companies

&

Distributors

6.0%

Kanamoto

Co.

Ltd.

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

Japan

30,500

455,809

Kanematsu

Corp.

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

Japan

55,800

576,745

Lumax

International

Corp.

Ltd.

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

Taiwan

363,000

883,706

Nishio

Rent

All

Co.

Ltd.

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

Japan

37,983

819,850

Franklin

Global

Trust

Schedule

of

Investments

(unaudited)

Franklin

International

Small

Cap

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

See

Abbreviations

on

page

20

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

a,b

Yellow

Cake

plc,

144A,

Reg

S

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

United

Kingdom

295,580

$

1,450,780

4,186,890

Transportation

Infrastructure

2.1%

a

Beijing

Capital

International

Airport

Co.

Ltd.,

H

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

China

627,353

342,730

China

Merchants

Port

Holdings

Co.

Ltd.

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

China

339,990

593,557

Shenzhen

International

Holdings

Ltd.

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

China

504,872

540,716

1,477,003

Water

Utilities

0.8%

China

Water

Affairs

Group

Ltd.

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

China

529,604

581,470

Total

Common

Stocks

(Cost

$74,058,119)

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

65,038,436

a

Total

Investments

(Cost

$74,058,119)

93.8%

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

$65,038,436

Other

Assets,

less

Liabilities

6.2%

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

4,280,657

Net

Assets

100.0%

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

$69,319,093

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,

2022,

the

aggregate

value

of

these

securities

was

$8,269,102,

representing

11.9%

of

net

assets.

Franklin

Global

Trust

13

Quarterly

Schedules

of

Investments

Notes

to

Schedules

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.

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

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedules

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,

2022,

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.

Restricted

Securities

At

April

30,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

4.

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

April

30,

2022,

investments

in

affiliated

management

investment

companies

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

$

—

$

—

4,424,861

Global

Distressed

Alpha

Fund

III

LP

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

10/11/12

-

1/22/16

4,600,000

—

1,186,761

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

-

3/29/22

1,047,977

398,979

55,882,058

a

K2016470219

South

Africa

Ltd.,

A

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

2/08/13

-

2/01/17

429,249

—

5,561,052

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

4,129

—

8,000,000

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana),

PTN,

Secured

Note,

Reg

S,

Zero

Cpn.,

2/05/09

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

10/12/09-10/13/11

3,100,000

—

Total

Restricted

Securities

(Value

is

0.6%

of

Net

Assets)

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

$9,181,355

$398,979

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$-

as

of

April

30,

2022.

2. Financial

Instrument

Valuation

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

15

Quarterly

Schedules

of

Investments

5.

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,

2022,

the

FT

Subsidiary

investments

as

well

as

any

other

assets

and

liabilities

of

the

FT

Subsidiary

are

reflected

in

the

Fund’s

Consolidated

Schedule

of

Investments.

At

April

30,

2022,

the

net

assets

of

the

FT

Subsidiary

were

$1,378,588,

representing

2.2%

of

the

Fund’s

consolidated

net

assets.

The

Fund’s

investment

in

the

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

6. 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)

    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,

0.024%

$

7,120,269

$

58,709,148

$

(63,620,416)

$

—

$

—

$

2,209,001

2,209,001

$

451

Total

Affiliated

Securities

...

$7,120,269

$58,709,148

$(63,620,416)

$—

$—

$2,209,001

$451

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.024%

$84,459,275

$372,779,637

$(411,222,722)

$—

$—

$46,016,190

46,016,190

$5,616

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.024%

$—

$9,472,000

$(9,472,000)

$—

$—

$—

—

$3

Total

Affiliated

Securities

...

$84,459,275

$382,251,637

$(420,694,722)

$—

$—

$46,016,190

$5,619

4.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

16

Quarterly

Schedules

of

Investments

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,

2022,

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

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

—

587,180

939,759

1,526,939

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

4,856,766

2,068,810

a

6,925,576

Corporate

Bonds

:

Airlines

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

—

790,992

—

790,992

Banks

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

—

2,123,614

—

2,123,614

Capital

Markets

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

—

632,125

—

632,125

Chemicals

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

—

779,855

—

779,855

Construction

&

Engineering

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

—

404,360

—

404,360

Food

Products

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

—

785,763

—

785,763

Metals

&

Mining

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

—

1,002,178

—

1,002,178

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

2,783,651

—

2,783,651

Real

Estate

Management

&

Development

....

—

727,650

—

727,650

Wireless

Telecommunication

Services

.......

—

970,325

—

970,325

Loan

Participations

and

Assignments

.........

—

121,165

367,814

488,979

Foreign

Government

and

Agency

Securities

....

—

38,549,325

—

38,549,325

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

2,209,001

—

—

2,209,001

Total

Investments

in

Securities

...........

$2,209,001

$55,114,949

$3,376,383

$60,700,333

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

317,006

$

—

$

317,006

Total

Other

Financial

Instruments

.........

$—

$317,006

$—

$317,006

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

292,633

$

—

$

292,633

Total

Other

Financial

Instruments

.........

$—

$292,633

$—

$292,633

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

83,687,289

—

83,687,289

Air

Freight

&

Logistics

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

—

68,036,114

—

68,036,114

Banks

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

—

63,248,197

—

63,248,197

Biotechnology

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

—

160,421,855

—

160,421,855

Capital

Markets

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

—

134,297,367

—

134,297,367

Chemicals

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

—

212,960,881

—

212,960,881

Diversified

Telecommunication

Services

.....

—

67,802,427

—

67,802,427

Entertainment

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

—

85,717,798

—

85,717,798

Health

Care

Equipment

&

Supplies

.........

—

153,148,508

—

153,148,508

Internet

&

Direct

Marketing

Retail

..........

78,864,030

3,878,562

—

82,742,592

IT

Services

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

123,414,878

145,245,943

—

268,660,821

Life

Sciences

Tools

&

Services

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

—

62,816,025

—

62,816,025

Media

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

—

134,302,777

—

134,302,777

Pharmaceuticals

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

—

64,601,197

—

64,601,197

Professional

Services

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

70,560,000

60,782,877

—

131,342,877

6. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

17

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

International

Growth

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Semiconductors

&

Semiconductor

Equipment

.

$

—

$

68,101,392

$

—

$

68,101,392

Software

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

141,571,700

112,718,878

—

254,290,578

Short

Term

Investments

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

46,016,190

—

—

46,016,190

Total

Investments

in

Securities

...........

$460,426,798

$1,681,768,087

b

$—

$2,142,194,885

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

572,721

—

572,721

Air

Freight

&

Logistics

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

1,297,285

840,072

—

2,137,357

Airlines

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

514,559

420,860

—

935,419

Auto

Components

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

—

310,481

—

310,481

Banks

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

—

6,567,531

—

6,567,531

Building

Products

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

—

677,856

—

677,856

Capital

Markets

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

677,687

866,040

—

1,543,727

Chemicals

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

—

1,097,151

—

1,097,151

Commercial

Services

&

Supplies

...........

—

1,278,570

—

1,278,570

Construction

&

Engineering

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

—

2,135,526

—

2,135,526

Construction

Materials

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

—

2,412,158

—

2,412,158

Consumer

Finance

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

—

343,263

—

343,263

Diversified

Financial

Services

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

—

504,956

—

504,956

Electrical

Equipment

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

—

1,924,848

—

1,924,848

Electronic

Equipment,

Instruments

&

Components

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

321,782

—

—

321,782

Energy

Equipment

&

Services

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

1,541,556

—

—

1,541,556

Entertainment

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

—

213,090

—

213,090

Food

&

Staples

Retailing

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

—

877,531

—

877,531

Food

Products

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

—

1,281,297

—

1,281,297

Health

Care

Equipment

&

Supplies

.........

—

2,087,026

—

2,087,026

Hotels,

Restaurants

&

Leisure

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

881,636

1,759,749

—

2,641,385

Household

Durables

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

—

817,667

—

817,667

IT

Services

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

—

387,226

—

387,226

Leisure

Products

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

—

384,026

—

384,026

Machinery

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

—

5,483,840

—

5,483,840

Marine

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

814,816

649,778

—

1,464,594

Media

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

—

670,435

—

670,435

Metals

&

Mining

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

2,764,039

2,320,552

—

5,084,591

Oil,

Gas

&

Consumable

Fuels

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

1,463,046

2,426,226

—

3,889,272

Personal

Products

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

—

740,036

—

740,036

Pharmaceuticals

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

—

571,732

—

571,732

Professional

Services

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

906,173

582,170

—

1,488,343

Real

Estate

Management

&

Development

....

1,954,335

925,104

—

2,879,439

Semiconductors

&

Semiconductor

Equipment

.

—

1,169,293

—

1,169,293

Specialty

Retail

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

—

1,305,348

—

1,305,348

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,052,000

—

1,052,000

Trading

Companies

&

Distributors

..........

—

4,186,890

—

4,186,890

Transportation

Infrastructure

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

—

1,477,003

—

1,477,003

Water

Utilities

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

—

581,470

—

581,470

Total

Investments

in

Securities

...........

$13,136,914

$51,901,522

c

$—

$65,038,436

6. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

18

Quarterly

Schedules

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,

2022,

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,

2022,

are

as

follows:

a

Includes

securities

determined

to

have

no

value

at

April

30,

2022.

b

Includes

foreign

securities

valued

at

$1,681,768,087,

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

$51,901,522,

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

—

—

—

—

—

—

(186,499)

939,759

(186,499)

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

d

—

—

—

—

—

—

—

—

d

—

Quasi-Sovereign

Bonds

.

1,366

d

2,518,242

(88,419)

d

—

—

—

(4,849)

(357,530)

2,068,810

d

(356,164)

Corporate

Bonds

:

Multiline

Retail

......

—

d

—

d

—

—

—

—

—

—

—

d

—

Loan

Participations

and

Assignments

.......

373,057

160,817

—

—

—

51

—

(166,111)

367,814

(166,111)

Escrows

and

Litigation

Trusts

...........

—

—

d

(5,961)

—

—

—

5,961

—

—

d

—

Total

Investments

in

Securities

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

$1,500,681

$2,679,059

$(94,380)

$—

$—

$51

$1,112

$(710,140)

$3,376,383

$(708,774)

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.

6. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

19

Quarterly

Schedules

of

Investments

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

........

$398,979

Recovery

value

Weighted

probability

of

cash

flow

$3.8

mil

Increase

b

Discount

rate

25.0%

Decrease

c

Warrants:

Diversified

Financial

Services

...........

939,759

Market

comparables

Implied

recovery

6.3%

Increase

b

All

other

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

2,068,810

d,e

Total

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

$3,407,548

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

and

net

assets.

c

Represents

a

significant

impact

to

fair

value

but

not

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,

2022.

6. Fair

Value

Measurements 

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

20

Quarterly

Schedules

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

ARS

Argentine

Peso

BYN

Belarusian

Ruble

COP

Colombian

Peso

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GEL

Georgian

Lari

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

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.