Franklin Global Trust NPORTP Franklin International Growth Fund (Apr 2024 report)

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

FGT-Q3PH

Schedules

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

Franklin

International

Growth

Fund

Notes

Schedules

Investments

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited),

April

30,

2024

Franklin

Emerging

Market

Debt

Opportunities

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Value

Common

Stocks

0.0%

Broadline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.

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

South

Africa

55,882,058

—

a,b,c

K2016470219

South

Africa

Ltd.

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

South

Africa

5,561,052

—

Financial

Services

0.0%

a,b,c

Astana

Finance

JSC

GDR

144A

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

Kazakhstan

193,625

—

Total

Common

Stocks

(Cost

433,378

)

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

—

Warrants

4.4%

Financial

Services

4.4%

d,e

Ukraine

Government

VRI,

GDP

Linked

Security

Senior

Bond

Reg

8/01/41

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

Ukraine

1,750,000

938,250

a,b,f

Venezuela

Government

Oil

Value

Recovery

4/15/20

...........

Venezuela

925,920

650,221

1,588,471

Total

Warrants

(Cost

18,312,756

)

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

1,588,471

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,f,g

Global

Distressed

Alpha

Fund

III

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

United

States

4,424,861

—

Total

Private

Limited

Partnership

Funds

(Cost

4,600,000

)

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

—

Principal

Amount

Quasi-Sovereign

Bonds

11.9%

Capital

Markets

0.7%

Huarong

Finance

Co.

Ltd.

Senior

Bond

Reg

4.625

6/03/26

China

250,000

238,580

Financial

Services

1.8%

Meridiam

Eastern

Europe

Investments

SAS

8.85

6/10/28

.....

Turkiye

607,143

EUR

648,003

a,c,e,h

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

Ghana)

PTN

Secured

Note

Reg

Zero

Cpn.,

2/05/09

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

Ghana

8,000,000

—

648,003

Municipal

Bonds

4.2%

Istanbul

Metropolitan

Municipality

Senior

Note

144A,

10.75

4/12/27

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

Turkiye

250,000

268,117

Senior

Note

144A,

10.5

12/06/28

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

Turkiye

275,000

295,254

Provincia

del

Chubut

Argentina

Senior

Secured

Bond

144A,

7.75

7/26/30

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

Argentina

1,067,769

960,392

1,523,763

Oil,

Gas

Consumable

Fuels

3.4%

CITGO

Petroleum

Corp.

Senior

Secured

Note

144A,

8.375

1/15/29

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

Venezuela

100,000

103,578

KazMunayGas

National

Co.

JSC

Senior

Bond

144A,

5.75

4/19/47

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

Kazakhstan

650,000

539,599

Petroleos

Mexicanos

Senior

Note

6.7

2/16/32

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

Mexico

700,000

572,835

1,216,012

Transportation

Infrastructure

1.8%

d,i

Autopista

Rio

Magdalena

Index

Linked,

Senior

Secured

Bond

144A,

6.05

6/15/36

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

Colombia

3,401,159,556

COP

654,569

Total

Quasi-Sovereign

Bonds

(Cost

7,514,223

)

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

4,280,927

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Corporate

Bonds

11.3%

Banks

0.9%

Fidelity

Bank

plc

Senior

Note

144A,

7.625

10/28/26

.........

Nigeria

350,000

333,252

Broadline

Retail

0.0%

a,d,e,j

K2016470219

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

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

South

Africa

4,842,864

—

a,d,e,j

K2016470260

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

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

South

Africa

2,133,302

—

Chemicals

0.9%

Braskem

Idesa

SAPI

Senior

Secured

Bond

144A,

6.99

2/20/32

Mexico

450,000

338,232

Commercial

Services

Supplies

0.9%

Ambipar

Lux

SARL

Senior

Note

144A,

9.875

2/06/31

........

Brazil

310,000

307,076

Electric

Utilities

1.0%

Adani

Electricity

Mumbai

Ltd.

Senior

Secured

Bond

144A,

3.949

2/12/30

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

India

436,000

360,535

Food

Products

1.2%

Frigorifico

Concepcion

Senior

Secured

Note

144A,

7.7

7/21/28

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

Paraguay

500,000

437,434

Metals

Mining

1.4%

d,j

Petra

Diamonds

Treasury

plc

Senior

Secured

Note

144A,

PIK,

9.75

3/08/26

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

South

Africa

655,047

491,285

Oil,

Gas

Consumable

Fuels

3.2%

Energo-Pro

A/S

Senior

Note

144A,

8.5

2/04/27

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

Czech

Republic

350,000

351,803

Kosmos

Energy

Ltd.

Senior

Note

144A,

7.75

5/01/27

........

Ghana

350,000

341,142

Brazil

Downstream

Trading

SARL

Senior

Secured

Note

144A,

7.25

6/30/31

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

Brazil

522,913

453,427

1,146,372

Real

Estate

Management

Development

0.2%

d,e

Country

Garden

Holdings

Co.

Ltd.

Senior

Secured

Note

Reg

7.25

4/08/26

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

China

1,180,000

79,650

Water

Utilities

0.6%

Aegea

Finance

SARL

Senior

Note

144A,

1/20/31

.........

Brazil

200,000

209,433

Wireless

Telecommunication

Services

1.0%

Telecommunications

Services

Trinidad

Tobago

Ltd.

Senior

Secured

Note

144A,

8.875

10/18/29

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

Trinidad

and

Tobago

370,000

358,950

Total

Corporate

Bonds

(Cost

11,024,266

)

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

4,062,219

Loan

Participations

and

Assignments

1.9%

Alfa

Bank

Via

Alfa

Bond

Issuance

plc

Sub.

Bond

144A,

5.95%

4/14/25,

FRN

thereafter

4/15/30

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

Russia

1,000,000

—

Global

Distressed

Alpha

Fund

III

PIK,

Perpetual

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

United

States

1,715,414

692,146

Total

Loan

Participations

and

Assignments

(Cost

2,370,348

)

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

692,146

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

56.9%

Angola

Government

Bond

Senior

Bond

144A,

8.75

4/14/32

...

Angola

850,000

770,990

Argentina

Government

Bond

Senior

Note

7/09/29

.........

Argentina

150,490

88,933

Armenia

Government

Bond

Senior

Bond

144A,

3.95

9/26/29

Armenia

300,000

255,047

Benin

Government

Bond

Senior

Bond

144A,

4.875

1/19/32

...

Benin

650,000

EUR

589,562

BOI

Finance

Senior

Note

144A,

7.5

2/16/27

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

Nigeria

400,000

EUR

406,398

Brazil

Notas

Tesouro

Nacional

1/01/29

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

Brazil

5,800,000

BRL

1,066,780

Cameroon

Government

Bond

Senior

Bond

144A,

5.95

7/07/32

Cameroon

750,000

EUR

628,969

Colombia

Government

Bond

Senior

Bond

9.85

6/28/27

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

Colombia

750,000,000

COP

183,356

Senior

Bond

7.5

2/02/34

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

Colombia

300,000

295,798

Dominican

Republic

Government

Bond

Senior

Bond

144A,

13.625

2/03/33

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

Dominican

Republic

31,000,000

DOP

633,234

Senior

Bond

144A,

6.4

6/05/49

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

Dominican

Republic

350,000

317,019

Egypt

Government

Bond

Senior

Bond

144A,

7.625

5/29/32

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

Egypt

300,000

249,538

Senior

Bond

144A,

7.5

2/16/61

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

Egypt

500,000

341,848

Salvador

Government

Bond

Senior

Bond

Reg

7.65

6/15/35

Salvador

770,000

558,036

Ethiopia

Government

Bond

Senior

Bond

144A,

6.625

12/11/24

Ethiopia

1,350,000

956,151

Gabon

Government

Bond

Senior

Bond

144A,

6.625

2/06/31

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

Gabon

300,000

237,189

Senior

Bond

144A,

11/24/31

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

Gabon

550,000

434,561

Grenada

Government

Bond

Senior

Bond

144A,

5/12/30

....

Grenada

726,899

653,118

Honduras

Government

Bond

Senior

Bond

144A,

5.625

6/24/30

Honduras

345,000

296,518

Hungary

Government

Bond

9.5

10/21/26

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

Hungary

196,300,000

HUF

561,263

Iraq

Government

Bond

Senior

Bond

Reg

5.8

1/15/28

......

Iraq

1,065,000

997,532

Ivory

Coast

Government

Bond

Senior

Bond

144A,

4.875

1/30/32

Ivory

Coast

800,000

EUR

714,101

Jamaica

Government

Bond

Senior

Note

9.625

11/03/30

......

Jamaica

50,000,000

JMD

339,103

Jordan

Government

Bond

Senior

Bond

144A,

5.85

7/07/30

...

Jordan

400,000

360,152

Kazakhstan

MEOKAM

14.5

4/28/25

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

Kazakhstan

400,000,000

KZT

930,854

13.9

9/16/26

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

Kazakhstan

12,678,000

KZT

30,001

Mexican

Bonos

Desarr

Fixed

Rate

7.75

5/29/31

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

Mexico

5,020,000

MXN

259,919

11/07/47

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

Mexico

9,800,000

MXN

468,941

Mozambique

Government

Bond

144A,

9/15/31

...........

Mozambique

500,000

422,187

North

Macedonia

Government

Bond

Senior

Note

144A,

6.96

3/13/27

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

North

Macedonia

250,000

EUR

279,464

Pakistan

Government

Bond

Senior

Bond

144A,

7.375

4/08/31

Pakistan

650,000

517,451

Peru

Bonos

Tesoreria

Senior

Bond

5.4

8/12/34

........

Peru

1,400,000

PEN

321,279

Romania

Government

Bond

Senior

Note

Reg

1.375

12/02/29

Romania

850,000

EUR

746,851

Saderea

DAC

Senior

Secured

Bond

Reg

12.5

11/30/26

....

Ghana

465,160

227,929

Serbia

Government

Bond

Senior

Bond

144A,

1.5

6/26/29

....

Serbia

720,000

EUR

645,007

South

Africa

Government

Bond

Senior

Bond

2/28/31

......

South

Africa

14,701,000

ZAR

627,495

Suriname

Government

Bond

Senior

Bond

144A,

FRN

12/31/50

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

Suriname

794,000

598,279

Senior

Note

144A,

PIK,

7.95

7/15/33

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

Suriname

437,975

402,754

Tunisia

Government

Bond

Senior

Bond

4.2

3/17/31

.........

Tunisia

190,000,000

JPY

742,700

Ukraine

Government

Bond

Senior

Bond

144A,

7.375

9/25/34

Ukraine

950,000

238,260

Uruguay

Government

Bond

Senior

Bond

8.25

5/21/31

.......

Uruguay

15,536,000

UYU

386,576

Uzbekistan

Government

Bond

Senior

Note

144A,

7/19/24

Uzbekistan

9,320,000,000

UZS

731,770

Total

Foreign

Government

and

Agency

Securities

(Cost

22,403,923

)

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

20,512,913

Supranational

4.5%

Asian

Development

Bank

Senior

Note

8.175

9/15/24

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

Supranational

650,000

PLN

161,221

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Principal

Amount

Value

Supranational

(continued)

Asian

Development

Bank,

(continued)

Senior

Note

Reg

8.3

10/18/24

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

Supranational

1,900,000

PLN

471,833

Corp.

Andina

Fomento

Senior

Bond

Reg

7.5

6/10/30

...

Supranational

6,300,000

MXN

299,841

European

Bank

for

Reconstruction

Development

Senior

Note

6.17

3/10/25

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

Supranational

11,150,000,000

IDR

681,275

Total

Supranational

(Cost

1,587,299

)

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

1,614,170

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

68,246,193

)

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

32,750,846

Short

Term

Investments

6.7%

Country

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

1.1%

Egypt

Treasury

Bills

3/18/25

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

Egypt

12,250,000

EGP

209,291

3/18/25

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

Egypt

12,250,000

EGP

209,291

418,582

Total

Foreign

Government

and

Agency

Securities

(Cost

407,786

)

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

418,582

Money

Market

Funds

5.6%

p,q

Institutional

Fiduciary

Trust

Money

Market

Portfolio

5.006

....

United

States

2,012,739

Total

Money

Market

Funds

(Cost

2,012,739

)

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

2,012,739

Total

Short

Term

Investments

(Cost

2,420,525

)

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

2,431,321

Total

Investments

(Cost

70,666,718

)

97.6

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

$35,182,167

Other

Assets,

less

Liabilities

2.4

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

866,758

Net

Assets

100.0%

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

$36,048,925

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

April

30,

2024,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviation

page

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Non-income

producing.

See

Note

regarding

restricted

securities.

Security

was

purchased

pursuant

Rule

144A

Regulation

under

the

Securities

Act

1933.

144A

securities

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

Regulation

securities

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

April

30,

2024,

the

aggregate

value

these

securities

was

$23,042,147,

representing

63.9%

net

assets.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

The

security

owned

Alternative

Strategies

(FT)

Ltd.,

wholly-owned

subsidiary

the

Fund.

See

Note

The

Global

Distressed

Alpha

Fund

III

fund

focused

the

purchase

and

the

recovery

private

distressed

commercial,

sovereign

and

sovereign-related

debt

claims

around

the

world,

principally

Africa

and

Asia.

Represents

claims

that

have

been

filed

with

Ghanaian

court

against

National

Investment

Bank

Ghana.

Principal

amount

security,

redemption

price

maturity,

and/or

coupon

payments

are

adjusted

for

inflation.

Income

may

received

additional

securities

and/or

cash.

Perpetual

security

with

stated

maturity

date.

Principal

amount

stated

100

Mexican

Peso

Units.

The

coupon

rate

shown

represents

the

rate

period

end.

supranational

organization

entity

formed

two

central

governments

through

international

treaties.

The

security

was

issued

discount

basis

with

stated

coupon

rate.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

Euro

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

CITI

Buy

451,000

481,453

6/12/24

899

(

170

)

Euro

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

CITI

Sell

5,900,000

6,431,608

6/12/24

123,678

—

Japanese

Yen

......

CITI

Sell

107,600,000

730,041

6/12/24

43,383

—

Total

Forward

Exchange

Contracts

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

$167,960

$(170)

Net

unrealized

appreciation

(depreciation)

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

$167,790

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Global

Trust

Schedule

Investments

(unaudited),

April

30,

2024

Franklin

International

Growth

Fund

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

Country

Value

Common

Stocks

98.0%

Aerospace

Defense

3.7%

MTU

Aero

Engines

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

Germany

155,000

37,345,631

Air

Freight

Logistics

3.4%

DSV

A/S

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

Denmark

245,000

34,807,005

Biotechnology

6.4%

CSL

Ltd.

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

United

States

166,000

29,491,962

Genmab

A/S

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

Denmark

127,000

35,259,025

64,750,987

Broadline

Retail

3.5%

MercadoLibre,

Inc.

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

Brazil

24,000

35,008,800

Capital

Markets

7.2%

Intermediate

Capital

Group

plc

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

United

Kingdom

1,400,503

36,505,504

Macquarie

Group

Ltd.

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

Australia

305,000

36,517,428

73,022,932

Chemicals

6.5%

DSM-Firmenich

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

Switzerland

260,000

29,162,899

Sika

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

Switzerland

130,000

36,982,018

66,144,917

Containers

Packaging

3.4%

SIG

Group

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

Switzerland

1,700,000

33,973,568

Entertainment

3.9%

CTS

Eventim

Co.

KGaA

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

Germany

440,933

38,994,808

Health

Care

Equipment

Supplies

9.4%

Alcon,

Inc.

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

Switzerland

478,800

36,714,867

Asahi

Intecc

Co.

Ltd.

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

Japan

1,900,000

27,840,101

Cochlear

Ltd.

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

Australia

147,000

30,663,005

95,217,973

Hotels,

Restaurants

Leisure

3.6%

Amadeus

Group

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

Spain

575,860

36,555,533

Services

6.2%

Keywords

Studios

plc

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

Ireland

2,105,991

30,074,231

Shopify,

Inc.

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

Canada

470,000

32,994,000

63,068,231

Life

Sciences

Tools

Services

5.2%

Evotec

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

Germany

2,450,000

25,250,119

Tecan

Group

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

Switzerland

78,000

27,518,837

52,768,956

Machinery

3.3%

Interroll

Holding

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

Switzerland

10,541

33,925,766

Pharmaceuticals

4.1%

Astellas

Pharma,

Inc.

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

Japan

250,000

2,399,476

Daiichi

Sankyo

Co.

Ltd.

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

Japan

1,150,000

38,706,368

41,105,844

Professional

Services

3.7%

Experian

plc

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

United

States

920,000

37,110,199

Semiconductors

Semiconductor

Equipment

5.9%

ASML

Holding

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

Netherlands

36,000

31,359,385

Franklin

Global

Trust

Schedule

Investments

(unaudited)

Franklin

International

Growth

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

See

bbreviations

page

Country

Value

Common

Stocks

(continued)

Semiconductors

Semiconductor

Equipment

(continued)

Disco

Corp.

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

Japan

100,000

28,484,577

59,843,962

Software

13.0%

CyberArk

Software

Ltd.

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

United

States

150,813

36,082,010

Kinaxis,

Inc.

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

Canada

354,700

37,766,823

Monday.com

Ltd.

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

United

States

130,000

24,612,900

Nice

Ltd.

ADR

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

Israel

150,000

33,526,500

131,988,233

Textiles,

Apparel

Luxury

Goods

3.0%

Puma

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

Germany

650,000

30,013,959

Trading

Companies

Distributors

2.6%

Group

plc

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

United

Kingdom

2,850,000

26,110,407

Total

Common

Stocks

(Cost

839,428,075

)

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

991,757,711

Short

Term

Investments

2.3%

Country

Value

Money

Market

Funds

2.3%

b,c

Institutional

Fiduciary

Trust

Money

Market

Portfolio

5.006

....

United

States

23,156,024

Total

Money

Market

Funds

(Cost

23,156,024

)

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

23,156,024

Total

Short

Term

Investments

(Cost

23,156,024

)

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

23,156,024

Total

Investments

(Cost

862,584,099

)

100.3

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

$1,014,913,735

Other

Assets,

less

Liabilities

(

0.3

)

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

(2,725,899)

Net

Assets

100.0%

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

$1,012,187,836

Non-income

producing.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Global

Trust

Quarterly

Schedules

Investments

Notes

Schedules

Investments

(unaudited)

Organization

Franklin

Global

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

of two

separate

funds

(Funds).

The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Securities

denominated

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

date

that

the

values

the

foreign

debt

securities

are

determined.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

Certain

derivative

financial

instruments

trade

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The Fund’s

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Funds

have procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds’ business

day.

Events

can

occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds’

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

at 4

p.m.

Eastern

time.

April

30,

2024,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds’

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds’

portfolio securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds for

financial

reporting

purposes.

Restricted

Securities

April

30,

2024,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

1933,

were

follows:

Principal

Amount

Units

Issuer

Acquisition

Date

Cost

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

1,000,000

Alfa

Bank

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

5.95%

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

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

10/11/12

1/22/16

4,600,000

—

1,715,414

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

4/30/24

1,364,403

692,146

55,882,058

K2016470219

South

Africa

Ltd.,

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

2/08/13

2/01/17

429,249

—

5,561,052

K2016470219

South

Africa

Ltd.,

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

2/01/17

4,129

—

8,000,000

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

Ghana),

PTN,

Secured

Note,

Reg

Zero

Cpn.,

2/05/09

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

10/12/09

10/13/11

3,100,000

—

Total

Restricted

Securities

(Value

1.9%

Net

Assets)

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

$10,503,726

$692,146

U.S.

dollars

unless

otherwise

indicated.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$—

April

30,

2024.

2. Financial

Instrument

Valuation

(continued)

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

April

30,

2024,

investments

affiliated

management

investment

companies

were

follows:

Investments

Alternative

Strategies

(FT)

Ltd.

(FT

Subsidiary)

Franklin

Emerging

Market

Debt

Opportunities

Fund

invests

certain

financial

instruments,

warrants

commodities

through

its

investment

the

Subsidiary.

The

Subsidiary

Cayman

Islands

exempted

company

with

limited

liability,

wholly-owned

subsidiary

the

Fund,

and

able

invest

certain

financial

instruments

consistent

with

the

investment

objective

the

Fund.

April

30,

2024,

the

Subsidiary

investments

well

any

other

assets

and

liabilities

the

Subsidiary

are

reflected

the

Fund's

Consolidated

Schedule

Investments.

April

30,

2024,

the

net

assets

the

Subsidiary

were

$1,376,568,

representing

3.8%

the

Fund's

consolidated

net

assets.

The

Fund's

investment

the

Subsidiary

limited

25%

consolidated

assets.

6. Fair

Value

Measurements

The

Funds

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

determining

the

value

the

Funds’

financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

• Level

–

quoted

prices

active

markets

for

identical

financial

instruments

• Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Emerging

Market

Debt

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.006%

$2,020,126

$24,341,087

$(24,348,474)

$—

$2,012,739

2,012,739

$59,203

Total

Affiliated

Securities

...

$2,020,126

$24,341,087

$(24,348,474)

$—

$2,012,739

$59,203

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

5.006%

$45,691,958

$341,528,354

$(364,064,288)

$—

$23,156,024

23,156,024

$847,901

Total

Affiliated

Securities

...

$45,691,958

$341,528,354

$(364,064,288)

$—

$23,156,024

$847,901

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

April

30,

2024,

valuing

the

Funds’

assets

and

liabilities

carried

fair

value,

follows:

Level

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

Securities:

Common

Stocks

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

—

Warrants

Financial

Services

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

—

938,250

650,221

1,588,471

Private

Limited

Partnership

Funds

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

—

Quasi-Sovereign

Bonds

Capital

Markets

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

—

238,580

—

238,580

Financial

Services

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

—

648,003

Municipal

Bonds

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

—

1,523,763

—

1,523,763

Oil,

Gas

Consumable

Fuels

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

—

1,216,012

—

1,216,012

Transportation

Infrastructure

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

—

654,569

—

654,569

Corporate

Bonds

Banks

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

—

333,252

—

333,252

Broadline

Retail

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

—

Chemicals

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

—

338,232

—

338,232

Commercial

Services

Supplies

...........

—

307,076

—

307,076

Electric

Utilities

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

—

360,535

—

360,535

Food

Products

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

—

437,434

—

437,434

Metals

Mining

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

—

491,285

—

491,285

Oil,

Gas

Consumable

Fuels

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

—

1,146,372

—

1,146,372

Real

Estate

Management

Development

....

—

79,650

—

79,650

Water

Utilities

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

—

209,433

—

209,433

Wireless

Telecommunication

Services

.......

—

358,950

—

358,950

Loan

Participations

and

Assignments

.........

—

692,146

Foreign

Government

and

Agency

Securities

....

—

20,512,913

—

20,512,913

Supranational

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

—

1,614,170

—

1,614,170

Escrows

and

Litigation

Trusts

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

—

Short

Term

Investments

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

2,012,739

418,582

—

2,431,321

Total

Investments

Securities

...........

$2,012,739

$31,179,058

$1,990,370

$35,182,167

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$167,960

$—

$167,960

Total

Other

Financial

Instruments

.........

$—

$167,960

$—

$167,960

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$170

$—

$170

Total

Other

Financial

Instruments

.........

$—

$170

$—

$170

Franklin

International

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

—

37,345,631

—

37,345,631

Air

Freight

Logistics

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

—

34,807,005

—

34,807,005

Biotechnology

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

—

64,750,987

—

64,750,987

Broadline

Retail

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

35,008,800

—

35,008,800

Capital

Markets

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

—

73,022,932

—

73,022,932

Chemicals

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

—

66,144,917

—

66,144,917

Containers

Packaging

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

—

33,973,568

—

33,973,568

Entertainment

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

—

38,994,808

—

38,994,808

Health

Care

Equipment

Supplies

.........

—

95,217,973

—

95,217,973

Hotels,

Restaurants

Leisure

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

—

36,555,533

—

36,555,533

6. Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

At April

30,

2024,

the

reconciliations

are

follows:

Level

Total

Franklin

International

Growth

Fund

(continued)

Assets:

(continued)

Investments

Securities:

Common

Stocks:

Services

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

32,994,000

30,074,231

—

63,068,231

Life

Sciences

Tools

Services

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

—

52,768,956

—

52,768,956

Machinery

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

—

33,925,766

—

33,925,766

Pharmaceuticals

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

—

41,105,844

—

41,105,844

Professional

Services

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

—

37,110,199

—

37,110,199

Semiconductors

Semiconductor

Equipment

—

59,843,962

—

59,843,962

Software

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

131,988,233

—

131,988,233

Textiles,

Apparel

Luxury

Goods

..........

—

30,013,959

—

30,013,959

Trading

Companies

Distributors

..........

—

26,110,407

—

26,110,407

Short

Term

Investments

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

23,156,024

—

23,156,024

Total

Investments

Securities

...........

$223,147,057

$791,766,678

$—

$1,014,913,735

Includes

financial

instruments

determined

have

value.

The

Valuation

Committee

determined

that

based

their

analysis

the

market

and

access

market

participants,

the

Russian

financial

instruments

held

the

Fund

had

little

value

at April

30,

2024.

Includes

foreign

securities

valued

$791,766,678,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(Amortiza-

tion)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

Securities:

Common

Stocks

Broadline

Retail

.....

—

Financial

Services

...

—

Warrants

Financial

Services

...

231,480

—

418,741

650,221

418,741

Private

Limited

Partnership

Funds

Capital

Markets

.....

—

Quasi-Sovereign

Bonds

741,927

—

(115,721)

—

(11,463)

33,260

648,003

17,365

Corporate

Bonds

Broadline

Retail

.....

—

Loan

Participations

and

Assignments

662,105

66,406

—

103

—

(36,468)

692,146

(36,468)

Escrows

and

Litigation

Trusts

—

Total

Investments

Securities

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

$1,635,512

$66,406

$(115,721)

$—

$103

$(11,463)

$415,533

$1,990,370

$399,638

Purchases

include

all

purchases

securities

and

securities

received

corporate

actions.

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Includes

financial

instruments

determined

have

value.

6. Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Significant

unobservable

valuation

inputs

for

material

Level

assets

and/or

liabilities

and

impact

fair

value

result

changes

unobservable

valuation

inputs

April

30,

2024,

are

follows:

Description

Fair

Value

End

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

Fair

Value

Input

Increases

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

Securities:

Loan

Participations

and

Assignments

........

$692,146

Recovery

value

Discount

for

lack

marketability

30.0%

Decrease

PIK

note

coverage

57.6%

Increase

Warrants:

Financial

Services

...

650,221

Recovery

value

Discount

for

lack

marketability

60.0%

Decrease

Implied

recovery

10.2%

Increase

All

other

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

648,003

b,c

Total

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

$1,990,370

Represents

the

directional

change

the

fair

value

the

Level

financial

instruments

that

would

result

from

significant

and

reasonable

increase

the

corresponding

input.

significant

and

reasonable

decrease

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

these

inputs

isolation

could

result

significantly

higher

lower

fair

value

measurements.

Includes

fair

value

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

recent

transactions,

private

transaction

prices

non-public

third-party

pricing

information

which

unobservable.

Includes

financial

instruments

determined

have

value.

6. Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Abbreviations

Counterparty

CITI

Citibank

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

rency

BRL

Brazilian

Real

COP

Colombian

Peso

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

JMD

Jamaican

Dollar

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

For

additional

information

the

Funds'

significant

accounting

policies,

please

refer

the Funds'

most

recent

semiannual

annual

shareholder

report.

Franklin Global Trust NPORT-PFranklin International Growth Fund (Apr 2024 report)