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

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FGT-Q1PH

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),

October

31,

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

2.9%

Diversified

Financial

Services

2.9%

b,d

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

8/01/41

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

Ukraine

2,000,000

508,696

a,b,e

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

719,597

1,228,293

Total

Warrants

(Cost

$18,386,506)

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

1,228,293

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,e,f

Global

Distressed

Alpha

Fund

III

LP

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

United

States

4,424,861

—

Total

Private

Limited

Partnership

Funds

(Cost

$4,600,000)

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

—

Principal

Amount

*

Quasi-Sovereign

Bonds

9.3%

Diversified

Financial

Services

1.8%

a

Meridiam

Eastern

Europe

Investments

SAS

,

8.85

%

,

6/10/28

.....

Turkey

821,429

EUR

742,983

a,c,g,h

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana)

,

PTN

,

Secured

Note

,

Reg

S,

Zero

Cpn.,

2/05/09

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

Ghana

8,000,000

—

742,983

Municipal

Bonds

3.8%

d

Provincia

del

Chubut

Argentina

,

Senior

Secured

Bond

,

144A,

7.75

%

,

7/26/30

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

Argentina

2,105,600

1,585,956

Oil,

Gas

&

Consumable

Fuels

2.6%

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

600,000

414,751

d

Heritage

Petroleum

Co.

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

8/12/29

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

Trinidad

and

Tobago

650,000

685,425

1,100,176

Transportation

Infrastructure

1.1%

d,i

PA

Autopista

Rio

Magdalena

,

Index

Linked,

Senior

Secured

Bond

,

144A,

6.05

%

,

6/15/36

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

Colombia

2,943,755,186

COP

458,961

Total

Quasi-Sovereign

Bonds

(Cost

$7,794,481)

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

3,888,076

Corporate

Bonds

18.3%

Airlines

1.1%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

500,000

460,125

Banks

3.5%

d

Access

Bank

plc

,

Senior

Note

,

144A,

6.125

%

,

9/21/26

..........

Nigeria

600,000

442,320

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/26/23,

FRN

thereafter

,

4/27/28

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

Turkey

650,000

587,757

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

(continued)

Banks

(continued)

d

Fidelity

Bank

plc

,

Senior

Note

,

144A,

7.625

%

,

10/28/26

.........

Nigeria

550,000

$

431,750

1,461,827

Capital

Markets

1.5%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

650,000

609,935

Chemicals

1.5%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond,

144A,

6.99%,

2/20/32

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

Mexico

450,000

302,083

Senior

Secured

Note,

144A,

7.45%,

11/15/29

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

Mexico

400,000

306,990

609,073

Construction

&

Engineering

0.7%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

400,000

312,676

Construction

Materials

0.7%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

3.875

%

,

7/11/31

.......

Mexico

400,000

305,500

Food

Products

1.3%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

7.7

%

,

7/21/28

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

Paraguay

700,000

552,279

Metals

&

Mining

1.1%

d,j

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

473,034

460,657

Multiline

Retail

0.0%

a,d,j

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,842,864

—

a,d,j

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

2,133,302

—

—

Oil,

Gas

&

Consumable

Fuels

4.7%

d

Energo-Pro

A/S

,

Senior

Note

,

144A,

8.5

%

,

2/04/27

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

Czech

Republic

600,000

553,698

d

Kosmos

Energy

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

5/01/27

........

Ghana

350,000

283,171

d

MC

Brazil

Downstream

Trading

SARL

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/30/31

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

Brazil

550,000

421,157

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

270,000

240,225

d

Tullow

Oil

plc

,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

402,000

262,196

Senior

Secured

Note,

144A,

10.25%,

5/15/26

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

Ghana

220,000

187,746

1,948,193

Real

Estate

Management

&

Development

0.2%

d

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

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

China

980,000

96,319

Wireless

Telecommunication

Services

2.0%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

970,000

826,751

Total

Corporate

Bonds

(Cost

$15,695,158)

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

7,643,335

Loan

Participations

and

Assignments

1.1%

a,c,g

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

—

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

(continued)

Global

Distressed

Alpha

Fund

III

LP

,

a,c,e,j,k

PIK,

12%,

Perpetual

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

United

States

1,283,157

$

478,120

Total

Loan

Participations

and

Assignments

(Cost

$2,088,728)

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

478,120

Foreign

Government

and

Agency

Securities

57.8%

d

Angola

Government

Bond

,

Senior

Bond,

144A,

8%,

11/26/29

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

Angola

1,100,000

897,116

Senior

Bond,

144A,

8.75%,

4/14/32

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

Angola

400,000

323,956

Argentina

Government

Bond

,

Senior

Note

,

1

%

,

7/09/29

.........

Argentina

150,490

31,233

d

Armenia

Government

Bond

,

Senior

Bond

,

144A,

3.95

%

,

9/26/29

..

Armenia

850,000

618,936

d

Benin

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/19/32

...

Benin

1,050,000

EUR

714,114

d

Cameroon

Government

Bond

,

Senior

Bond

,

144A,

5.95

%

,

7/07/32

Cameroon

700,000

EUR

458,857

Colombia

Government

Bond

,

Senior

Bond

,

9.85

%

,

6/28/27

......

Colombia

5,000,000,000

COP

879,241

d

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

7.158

%

,

3/12/45

Costa

Rica

500,000

433,506

d

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

600,000

433,683

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

55,000,000

DOP

1,013,013

d

Egypt

Government

Bond

,

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

500,000

322,263

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

500,000

280,500

d

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

7.65

%

,

6/15/35

El

Salvador

1,500,000

547,594

d

Ethiopia

Government

Bond

,

Senior

Bond

,

144A,

6.625

%

,

12/11/24

Ethiopia

1,550,000

807,100

d

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

800,000

564,720

Senior

Bond,

144A,

7%,

11/24/31

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

Gabon

500,000

351,525

d

Grenada

Government

Bond

,

Senior

Bond,

144A,

7%,

5/12/30

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

Grenada

894,645

733,608

Senior

Bond,

Reg

S,

7%,

5/12/30

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

Grenada

529,424

434,128

d

Honduras

Government

Bond

,

Senior

Bond

,

144A,

5.625

%

,

6/24/30

Honduras

600,000

412,000

d

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

......

Iraq

1,498,750

1,279,245

Jamaica

Government

Bond

,

Senior

Bond

,

7.875

%

,

7/28/45

......

Jamaica

300,000

321,248

d

Jordan

Government

Bond

,

Senior

Bond

,

144A,

5.85

%

,

7/07/30

...

Jordan

400,000

332,508

d

Kazakhstan

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

10/14/44

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

Kazakhstan

400,000

307,496

Kazakhstan

MEUKAM

,

Senior

Bond,

5.3%,

4/26/23

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

Kazakhstan

250,000,000

KZT

514,667

Senior

Bond,

5%,

5/15/23

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

Kazakhstan

290,000,000

KZT

593,481

Kenya

Government

Bond

,

12.5

%

,

5/12/25

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

Kenya

72,250,000

KES

601,016

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

8

%

,

11/07/47

...........

Mexico

17,000,000

MXN

703,290

i

Mexican

Udibonos

,

S

,

Index

Linked,

4

%

,

11/30/28

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

Mexico

17,424,825

MXN

850,822

Mexico

Government

Bond

,

Senior

Bond

,

3.75

%

,

1/11/28

........

Mexico

450,000

412,541

d

Mozambique

Government

Bond

,

144A,

5%

to

9/15/23,

9%

thereafter

,

9/15/31

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

Mozambique

950,000

649,971

d

Pakistan

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

4/08/31

.

Pakistan

850,000

272,000

Peru

Bonos

de

la

Tesoreria

,

Senior

Bond

,

5.4

%

,

8/12/34

........

Peru

3,000,000

PEN

582,209

g

Russia

Government

Bond

,

7.65

%

,

4/10/30

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

Russia

73,425,000

RUB

532,494

d

Saderea

DAC

,

Senior

Secured

Bond

,

Reg

S,

12.5

%

,

11/30/26

....

Ghana

511,226

385,975

South

Africa

Government

Bond

,

Senior

Bond

,

7

%

,

2/28/31

......

South

Africa

22,077,951

ZAR

932,074

d,g

Suriname

Government

Bond

,

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

200,000

160,600

Senior

Note,

144A,

12.875%,

12/30/23

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

Suriname

1,400,000

1,134,000

Tunisia

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/17/31

.........

Tunisia

190,000,000

JPY

640,967

d,g

Ukraine

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

9/25/34

.

Ukraine

2,600,000

419,250

Uruguay

Government

Bond

,

Senior

Bond,

8.25%,

5/21/31

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

Uruguay

48,000,000

UYU

985,635

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)

Uruguay

Government

Bond,

(continued)

i

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

9,973,941

UYU

$

245,880

d

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

14

%

,

7/19/24

..

Uzbekistan

12,320,000,000

UZS

1,078,637

Total

Foreign

Government

and

Agency

Securities

(Cost

$34,722,978)

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

24,193,099

Supranational

7.2%

Asian

Development

Bank

,

Senior

Note,

8.175%,

9/15/24

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

Supranational

l

3,300,000

PLN

683,077

d

Senior

Note,

Reg

S,

8.3%,

10/18/24

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

Supranational

l

1,100,000

PLN

227,610

European

Investment

Bank

,

Senior

Note

,

8.5

%

,

12/01/23

.......

Supranational

l

2,600,000

GEL

891,971

Inter-American

Development

Bank

,

GDP

Linked

Security

,

Senior

Note

,

7.875

%

,

3/14/23

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

Supranational

l

19,000,000,000

IDR

1,221,433

Total

Supranational

(Cost

$3,038,339)

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

3,024,091

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

$86,759,568)

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

40,455,014

a

Short

Term

Investments

0.6%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

0.6%

m,n

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.86%

.....

United

States

260,306

260,306

Total

Money

Market

Funds

(Cost

$260,306)

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

260,306

Total

Short

Term

Investments

(Cost

$260,306

)

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

260,306

a

Total

Investments

(Cost

$87,019,874)

97.2%

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

$40,715,320

Other

Assets,

less

Liabilities

2.8%

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

1,150,942

Net

Assets

100.0%

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

$41,866,262

*

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

October

31,

2022,

the

aggregate

value

of

these

securities

was

$26,476,284,

representing

63.2%

of

net

assets.

e

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

5.

f

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.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

Represents

claims

that

have

been

filed

with

a

Ghanaian

court

against

National

Investment

Bank

of

Ghana.

i

Principal

amount

of

security

is

adjusted

for

inflation.

j

Income

may

be

received

in

additional

securities

and/or

cash.

k

Perpetual

security

with

no

stated

maturity

date.

l

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

m

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

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

October

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviation

s

on

page

20

.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

CITI

Buy

970,000

990,001

12/13/22

$

—

$

(28,153)

Euro

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

CITI

Sell

3,770,000

3,781,435

12/13/22

43,120

—

Japanese

Yen

......

RBCCM

Sell

95,000,000

663,640

12/13/22

21,439

—

Total

Forward

Exchange

Contracts

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

$64,559

$(28,153)

Net

unrealized

appreciation

(depreciation)

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

$36,406

*

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),

October

31,

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

97.1%

Aerospace

&

Defense

4.2%

MTU

Aero

Engines

AG

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

Germany

345,000

$

61,743,759

Air

Freight

&

Logistics

3.3%

DSV

A/S

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

Denmark

360,000

48,648,440

Banks

3.5%

FinecoBank

Banca

Fineco

SpA

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

Italy

3,850,000

51,883,672

Biotechnology

7.9%

CSL

Ltd.

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

United

States

299,000

53,525,623

a

Genmab

A/S

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

Denmark

162,000

62,406,553

115,932,176

Capital

Markets

7.3%

Deutsche

Boerse

AG

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

Germany

300,000

48,788,396

Intermediate

Capital

Group

plc

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

United

Kingdom

3,106,000

37,821,051

Macquarie

Group

Ltd.

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

Australia

190,000

20,611,734

107,221,181

Chemicals

8.2%

Koninklijke

DSM

NV

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

Netherlands

410,000

48,230,900

Sika

AG

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

Switzerland

215,000

48,474,882

Symrise

AG

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

Germany

240,000

24,498,653

121,204,435

Diversified

Telecommunication

Services

0.9%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

420,000

13,747,404

Entertainment

3.6%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,108,933

52,939,294

Health

Care

Equipment

&

Supplies

6.2%

Alcon,

Inc.

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

Switzerland

848,000

51,628,234

Cochlear

Ltd.

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

Australia

310,000

39,600,546

91,228,780

Internet

&

Direct

Marketing

Retail

3.8%

a

MercadoLibre,

Inc.

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

Brazil

62,500

56,351,250

IT

Services

14.0%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

38,000

54,251,523

a

Amadeus

IT

Group

SA

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

Spain

1,130,860

58,983,329

Keywords

Studios

plc

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

Ireland

2,050,000

56,688,848

a

Shopify,

Inc.,

A

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

Canada

1,050,000

35,941,500

205,865,200

Life

Sciences

Tools

&

Services

3.3%

a

Evotec

SE

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

Germany

2,580,000

49,210,906

Media

6.2%

a,b

Ascential

plc,

Reg

S

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

United

Kingdom

14,800,000

32,597,684

CyberAgent,

Inc.

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

Japan

3,960,000

32,534,316

a

Viaplay

Group

AB,

B

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

Sweden

1,452,975

26,523,334

91,655,334

Pharmaceuticals

1.9%

Hikma

Pharmaceuticals

plc

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

Jordan

1,940,000

27,849,156

Professional

Services

5.4%

a

Clarivate

plc

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

United

States

3,650,000

37,704,500

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

o

n

page

20

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

Experian

plc

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

United

Kingdom

1,300,000

$

41,450,858

79,155,358

Semiconductors

&

Semiconductor

Equipment

3.5%

ASML

Holding

NV

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

Netherlands

110,000

51,602,196

Software

13.9%

AVEVA

Group

plc

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

United

Kingdom

1,109,997

39,724,841

a

CyberArk

Software

Ltd.

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

United

States

398,813

62,577,748

a

Nice

Ltd.,

ADR

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

Israel

290,000

55,068,100

SimCorp

A/S

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

Denmark

800,000

47,770,754

205,141,443

Total

Common

Stocks

(Cost

$1,494,974,543)

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

1,431,379,984

Short

Term

Investments

3.0%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.0%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.86%

.....

United

States

44,641,930

44,641,930

Total

Money

Market

Funds

(Cost

$44,641,930)

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

44,641,930

Total

Short

Term

Investments

(Cost

$44,641,930

)

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

44,641,930

a

Total

Investments

(Cost

$1,539,616,473)

100.1%

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

$1,476,021,914

Other

Assets,

less

Liabilities

(0.1)%

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

(1,365,578)

Net

Assets

100.0%

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

$1,474,656,336

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,

2022,

the

aggregate

value

of

these

securities

was

$100,596,611,

representing

6.8%

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),

October

31,

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

88.5%

Aerospace

&

Defense

1.1%

QinetiQ

Group

plc

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

United

Kingdom

134,987

$

556,399

Air

Freight

&

Logistics

3.1%

SBS

Holdings,

Inc.

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

Japan

36,200

704,893

Wincanton

plc

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

United

Kingdom

252,543

957,154

1,662,047

Airlines

1.4%

a

Chorus

Aviation,

Inc.

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

Canada

225,600

427,223

a

JET2

plc

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

United

Kingdom

33,228

324,059

751,282

Auto

Components

0.9%

SAF-Holland

SE

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

Germany

61,159

452,777

Banks

9.6%

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

26,295

1,269,477

BPER

Banca

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

Italy

213,782

395,581

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

855,881

844,971

Spar

Nord

Bank

A/S

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

Denmark

52,091

630,734

Sydbank

A/S

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

Denmark

29,174

888,400

Tisco

Financial

Group

PCL

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

Thailand

162,120

409,353

Unicaja

Banco

SA

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

Spain

784,825

695,774

5,134,290

Building

Products

1.2%

Sanwa

Holdings

Corp.

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

Japan

74,400

640,933

Capital

Markets

2.0%

b

Anima

Holding

SpA,

144A,

Reg

S

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

Italy

177,740

550,519

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

56,380

527,717

1,078,236

Chemicals

0.8%

Essentra

plc

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

United

Kingdom

162,298

417,830

Commercial

Services

&

Supplies

2.3%

b

Befesa

SA,

144A,

Reg

S

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

Spain

8,329

289,301

b

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

H,

Reg

S

...

China

1,051,449

288,248

Elis

SA

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

France

57,643

660,156

1,237,705

Construction

&

Engineering

3.5%

Galliford

Try

Holdings

plc

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

United

Kingdom

476,222

902,209

Maire

Tecnimont

SpA

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

Italy

312,921

970,982

1,873,191

Construction

Materials

1.6%

Krosaki

Harima

Corp.

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

Japan

14,900

462,741

RHI

Magnesita

NV

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

United

States

18,108

384,902

847,643

Diversified

Financial

Services

0.6%

b

doValue

SpA,

144A,

Reg

S

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

Italy

59,390

342,074

Electrical

Equipment

3.1%

Mersen

SA

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

France

32,448

1,049,907

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)

Electrical

Equipment

(continued)

Nexans

SA

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

France

6,706

$

626,229

1,676,136

Electronic

Equipment,

Instruments

&

Components

0.7%

Strix

Group

plc

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

Isle

of

Man

295,571

366,078

Energy

Equipment

&

Services

2.1%

Pason

Systems,

Inc.

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

Canada

104,180

1,106,492

Entertainment

0.4%

a

Stillfront

Group

AB

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

Sweden

105,508

205,335

Food

&

Staples

Retailing

1.1%

MARR

SpA

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

Italy

56,286

593,120

Food

Products

1.9%

First

Pacific

Co.

Ltd.

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

Indonesia

701,338

185,716

JDE

Peet's

NV

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

Netherlands

15,581

446,031

Select

Harvests

Ltd.

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

Australia

114,573

388,730

1,020,477

Health

Care

Equipment

&

Supplies

3.0%

i-SENS,

Inc.

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

South

Korea

32,937

797,379

Value

Added

Technology

Co.

Ltd.

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

South

Korea

38,204

805,502

1,602,881

Health

Care

Providers

&

Services

0.6%

Fagron

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

Belgium

26,885

334,711

Hotels,

Restaurants

&

Leisure

1.6%

Arcos

Dorados

Holdings,

Inc.,

A

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

Brazil

34,522

260,296

a

Melia

Hotels

International

SA

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

Spain

132,420

615,689

875,985

Household

Durables

1.0%

a

Victoria

plc

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

United

Kingdom

24,343

140,700

Vistry

Group

plc

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

United

Kingdom

59,515

411,558

552,258

IT

Services

1.2%

Bell

System24

Holdings,

Inc.

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

Japan

37,400

347,437

Sopra

Steria

Group

SACA

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

France

2,185

289,226

636,663

Leisure

Products

0.1%

a

Goodbaby

International

Holdings

Ltd.

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

China

403,397

25,726

Life

Sciences

Tools

&

Services

0.2%

Gerresheimer

AG

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

Germany

2,176

124,666

Machinery

9.4%

Amada

Co.

Ltd.

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

Japan

37,600

264,480

Cargotec

OYJ,

B

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

Finland

26,748

1,006,034

Deutz

AG

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

Germany

148,152

559,363

Fuji

Corp.

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

Japan

42,600

562,535

Meidensha

Corp.

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

Japan

49,400

657,276

Metso

Outotec

OYJ

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

Finland

66,984

508,374

Morgan

Advanced

Materials

plc

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

United

Kingdom

304,128

857,984

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)

Machinery

(continued)

Sulzer

AG

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

Switzerland

9,061

$

604,290

5,020,336

Marine

0.6%

Eneti,

Inc.

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

United

States

41,619

342,108

Media

0.9%

a

Mediaset

Espana

Comunicacion

SA

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

Spain

149,826

466,005

Metals

&

Mining

7.9%

Alamos

Gold,

Inc.,

A

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

Canada

92,860

732,711

AMG

Advanced

Metallurgical

Group

NV

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

Netherlands

25,560

798,609

ECORA

RESOURCES

plc

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

United

Kingdom

421,437

739,455

a

ERO

Copper

Corp.

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

Brazil

58,052

660,883

Jupiter

Mines

Ltd.

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

Australia

1,484,426

185,155

Mitsui

Mining

&

Smelting

Co.

Ltd.

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

Japan

18,100

365,601

a

Orla

Mining

Ltd.

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

Canada

119,960

378,617

Sims

Ltd.

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

United

States

46,770

365,664

4,226,695

Oil,

Gas

&

Consumable

Fuels

5.6%

Harbour

Energy

plc

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

United

Kingdom

103,331

448,439

Parex

Resources,

Inc.

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

Canada

65,941

1,005,765

Serica

Energy

plc

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

United

Kingdom

141,552

488,981

Tethys

Oil

AB

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

Sweden

168,951

1,042,723

2,985,908

Pharmaceuticals

0.7%

Hikma

Pharmaceuticals

plc

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

Jordan

24,338

349,378

Professional

Services

3.0%

Applus

Services

SA

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

Spain

123,141

727,190

JAC

Recruitment

Co.

Ltd.

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

Japan

20,300

345,405

Tanseisha

Co.

Ltd.

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

Japan

95,500

514,762

1,587,357

Real

Estate

Management

&

Development

2.7%

b

Aedas

Homes

SA,

144A,

Reg

S

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

Spain

14,324

186,015

JHSF

Participacoes

SA

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

Brazil

472,744

671,851

Sun

Frontier

Fudousan

Co.

Ltd.

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

Japan

74,100

572,163

1,430,029

Semiconductors

&

Semiconductor

Equipment

0.8%

a

u-blox

Holding

AG

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

Switzerland

4,310

441,254

Specialty

Retail

2.6%

Dunelm

Group

plc

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

United

Kingdom

40,916

406,818

Pets

at

Home

Group

plc

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

United

Kingdom

135,913

449,387

Wickes

Group

plc

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

United

Kingdom

360,152

523,712

1,379,917

Textiles,

Apparel

&

Luxury

Goods

2.9%

Coats

Group

plc

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

United

Kingdom

1,189,920

825,522

Dr.

Martens

plc

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

United

Kingdom

113,664

323,249

a,b

Samsonite

International

SA,

144A,

Reg

S

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

United

States

195,082

419,118

1,567,889

Trading

Companies

&

Distributors

5.6%

Kanamoto

Co.

Ltd.

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

Japan

30,500

440,328

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)

Kanematsu

Corp.

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

Japan

35,200

$

348,302

Lumax

International

Corp.

Ltd.

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

Taiwan

216,900

442,088

Nishio

Rent

All

Co.

Ltd.

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

Japan

29,483

592,833

a,b

Yellow

Cake

plc,

144A,

Reg

S

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

United

Kingdom

236,892

1,166,895

2,990,446

Water

Utilities

0.7%

China

Water

Affairs

Group

Ltd.

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

China

529,604

375,089

Total

Common

Stocks

(Cost

$63,482,461)

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

47,277,346

Short

Term

Investments

9.7%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

9.7%

National

Australia

Bank

Ltd.,

3.06%,

11/01/22

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

Australia

2,600,000

2,600,000

Royal

Bank

of

Canada,

3.03%,

11/01/22

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

Canada

2,600,000

2,600,000

Total

Time

Deposits

(Cost

$5,200,000)

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

5,200,000

Total

Short

Term

Investments

(Cost

$5,200,000

)

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

5,200,000

a

Total

Investments

(Cost

$68,682,461)

98.2%

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

$52,477,346

Other

Assets,

less

Liabilities

1.8%

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

929,600

Net

Assets

100.0%

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

$53,406,946

*

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,

2022,

the

aggregate

value

of

these

securities

was

$5,039,364,

representing

9.4%

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

Board

has

designated

the

Funds’

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

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

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedules

of

Investments

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

October

31,

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

October

31,

2022,

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

1,000,000

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

5.95%

to

4/14/25,

FRN

thereafter,

4/15/30

...

11/21/19

$

1,005,945

$

—

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

—

1,283,157

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

-

10/30/22

1,082,783

478,120

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

1.1%

of

Net

Assets)

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

$10,222,106

$478,120

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

same

issuer,

valued

at

$-

as

of

October

31,

2022.

2. Financial

Instrument

Valuation

(continued)

Franklin

Global

Trust

Notes

to

Schedules

of

Investments

(unaudited)

15

Quarterly

Schedules

of

Investments

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

October

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

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

October

31,

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

October

31,

2022,

the

net

assets

of

the

FT

Subsidiary

were

$1,206,396,

representing

2.9%

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,

2.86%

.

$

1,426,619

$

11,756,610

$

(12,922,923)

$

—

$

—

$

260,306

260,306

$

4,035

Total

Affiliated

Securities

...

$1,426,619

$11,756,610

$(12,922,923)

$—

$—

$260,306

$4,035

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

2.86%

.

32,721,821

157,519,683

(145,599,574)

—

—

44,641,930

44,641,930

205,044

Total

Affiliated

Securities

...

$32,721,821

$157,519,683

$(145,599,574)

$—

$—

$44,641,930

$205,044

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

October

31,

2022,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Warrants

:

Diversified

Financial

Services

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

—

508,696

719,597

1,228,293

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

3,145,093

742,983

a

3,888,076

Corporate

Bonds

:

Airlines

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

—

460,125

—

460,125

Banks

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

—

1,461,827

—

1,461,827

Capital

Markets

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

—

609,935

—

609,935

Chemicals

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

—

609,073

—

609,073

Construction

&

Engineering

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

—

312,676

—

312,676

Construction

Materials

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

—

305,500

—

305,500

Food

Products

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

—

552,279

—

552,279

Metals

&

Mining

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

—

460,657

—

460,657

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

1,948,193

—

1,948,193

Real

Estate

Management

&

Development

....

—

96,319

—

96,319

Wireless

Telecommunication

Services

.......

—

826,751

—

826,751

Loan

Participations

and

Assignments

.........

—

—

478,120

b

478,120

Foreign

Government

and

Agency

Securities

....

—

24,193,099

—

24,193,099

Supranational

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

—

3,024,091

—

3,024,091

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

260,306

—

—

260,306

Total

Investments

in

Securities

...........

$260,306

$38,514,314

$1,940,700

$40,715,320

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

64,559

$

—

$

64,559

Total

Other

Financial

Instruments

.........

$—

$64,559

$—

$64,559

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

28,153

$

��

$

28,153

Total

Other

Financial

Instruments

.........

$—

$28,153

$—

$28,153

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

61,743,759

—

61,743,759

Air

Freight

&

Logistics

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

—

48,648,440

—

48,648,440

Banks

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

—

51,883,672

—

51,883,672

Biotechnology

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

—

115,932,176

—

115,932,176

Capital

Markets

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

—

107,221,181

—

107,221,181

Chemicals

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

—

121,204,435

—

121,204,435

Diversified

Telecommunication

Services

.....

—

13,747,404

—

13,747,404

Entertainment

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

—

52,939,294

—

52,939,294

Health

Care

Equipment

&

Supplies

.........

—

91,228,780

—

91,228,780

Internet

&

Direct

Marketing

Retail

..........

56,351,250

—

—

56,351,250

IT

Services

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

35,941,500

169,923,700

—

205,865,200

Life

Sciences

Tools

&

Services

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

—

49,210,906

—

49,210,906

Media

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

—

91,655,334

—

91,655,334

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:

Pharmaceuticals

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

$

—

$

27,849,156

$

—

$

27,849,156

Professional

Services

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

37,704,500

41,450,858

—

79,155,358

Semiconductors

&

Semiconductor

Equipment

.

—

51,602,196

—

51,602,196

Software

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

117,645,848

87,495,595

—

205,141,443

Short

Term

Investments

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

44,641,930

—

—

44,641,930

Total

Investments

in

Securities

...........

$292,285,028

$1,183,736,886

c

$—

$1,476,021,914

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

556,399

—

556,399

Air

Freight

&

Logistics

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

—

1,662,047

—

1,662,047

Airlines

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

427,223

324,059

—

751,282

Auto

Components

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

—

452,777

—

452,777

Banks

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

—

5,134,290

—

5,134,290

Building

Products

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

—

640,933

—

640,933

Capital

Markets

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

527,717

550,519

—

1,078,236

Chemicals

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

—

417,830

—

417,830

Commercial

Services

&

Supplies

...........

—

1,237,705

—

1,237,705

Construction

&

Engineering

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

902,209

970,982

—

1,873,191

Construction

Materials

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

—

847,643

—

847,643

Diversified

Financial

Services

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

—

342,074

—

342,074

Electrical

Equipment

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

—

1,676,136

—

1,676,136

Electronic

Equipment,

Instruments

&

Components

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

366,078

—

—

366,078

Energy

Equipment

&

Services

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

1,106,492

—

—

1,106,492

Entertainment

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

—

205,335

—

205,335

Food

&

Staples

Retailing

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

—

593,120

—

593,120

Food

Products

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

—

1,020,477

—

1,020,477

Health

Care

Equipment

&

Supplies

.........

—

1,602,881

—

1,602,881

Health

Care

Providers

&

Services

..........

—

334,711

—

334,711

Hotels,

Restaurants

&

Leisure

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

260,296

615,689

—

875,985

Household

Durables

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

552,258

—

—

552,258

IT

Services

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

—

636,663

—

636,663

Leisure

Products

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

—

25,726

—

25,726

Life

Sciences

Tools

&

Services

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

—

124,666

—

124,666

Machinery

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

857,984

4,162,352

—

5,020,336

Marine

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

342,108

—

—

342,108

Media

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

—

466,005

—

466,005

Metals

&

Mining

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

2,696,821

1,529,874

—

4,226,695

Oil,

Gas

&

Consumable

Fuels

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

1,005,765

1,980,143

—

2,985,908

Pharmaceuticals

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

—

349,378

—

349,378

Professional

Services

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

—

1,587,357

—

1,587,357

Real

Estate

Management

&

Development

....

857,866

572,163

—

1,430,029

Semiconductors

&

Semiconductor

Equipment

.

—

441,254

—

441,254

Specialty

Retail

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

930,530

449,387

—

1,379,917

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,567,889

—

1,567,889

Trading

Companies

&

Distributors

..........

—

2,990,446

—

2,990,446

Water

Utilities

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

—

375,089

—

375,089

Short

Term

Investments

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

—

5,200,000

—

5,200,000

Total

Investments

in

Securities

...........

$10,833,347

$41,643,999

d

$—

$52,477,346

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

October

31,

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

October

31,

2022,

are

as

follows:

a

Includes

financial

instruments

determined

to

have

no

value

at

October

31,

2022.

b

The

Valuation

Committee

determined

that

based

on

their

analysis

of

the

market

and

access

to

market

participants,

the

Russian

financial

instruments

held

by

the

Fund

had

little

or

no

value

at

October

31,

2022.

c

Includes

foreign

securities

valued

at

$1,183,736,886,

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.

d

Includes

foreign

securities

valued

at

$36,443,999,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

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

........

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Warrants

:

Diversified

Financial

Services

........

911,318

—

—

—

—

—

—

(191,721)

719,597

(191,721)

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

c

—

—

—

—

—

—

—

—

c

—

Quasi-Sovereign

Bonds

.

1,745,112

c

—

(972,733)

—

—

—

(290,628)

261,232

742,983

c

(17,198)

Corporate

Bonds

:

Multiline

Retail

......

—

c

—

—

—

—

—

—

—

—

c

—

Loan

Participations

and

Assignments

.......

464,984

c

14,039

—

—

—

21

—

(924)

478,120

(924)

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

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

$3,121,414

$14,039

$(972,733)

$—

$—

$21

$(290,628)

$68,587

$1,940,700

$(209,843)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

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

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Emerging

Markets

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Loan

Participations

and

Assignments

........

$478,120

Recovery

value

Weighted

probability

of

cash

flow

$4.4

mil

Increase

b

Discount

rate

25.0%

Decrease

b

Quasi-Sovereign

Bonds:

Diversified

Financial

Services

...........

742,983

Discounted

cash

flow

Discount

rate

13.1%

Decrease

b

Warrants:

Diversified

Financial

Services

...........

719,597

Market

comparables

Implied

recovery

4.8%

Increase

All

other

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

—

c

Total

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

$1,940,700

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

Includes

securities

determined

to

have

no

value

at

October

31,

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

COP

Colombian

Peso

DOP

Dominican

Peso

EUR

Euro

GEL

Georgian

Lari

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KES

Kenyan

Shilling

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

RUB

Russian

Ruble

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.