Franklin Global Trust NPORTP Franklin Emerging Market Debt Opportunities Fund (Oct 2024 report)

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

FGT-Q1PH

Schedules

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

Franklin

International

Growth

Fund

Notes

Schedules

Investments

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited),

October

31,

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

2.7%

Financial

Services

2.7%

d,e

Ukraine

Government

VRI,

GDP

Linked

Security

Senior

Bond

Reg

8/01/41

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

Ukraine

1,950,000

1,414,348

a,b,f

Venezuela

Government

Oil

Value

Recovery

4/15/20

.........

Venezuela

925,920

495,210

1,909,558

Total

Warrants

(Cost

18,406,656

)

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

1,909,558

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

10.5%

Financial

Services

0.8%

Meridiam

Eastern

Europe

Investments

SAS

8.85

6/10/28

...

Turkiye

535,714

EUR

593,344

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

Ghana)

PTN

Secured

Note

Reg

Zero

Cpn.,

2/05/09

.....

Ghana

8,000,000

—

593,344

Municipal

Bonds

3.7%

Istanbul

Metropolitan

Municipality

Senior

Note

144A,

10.75

4/12/27

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

Turkiye

250,000

270,186

Senior

Note

144A,

10.5

12/06/28

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

Turkiye

745,000

814,991

Provincia

Tierra

del

Fuego

Argentina

Senior

Secured

Bond

144A,

8.95

1/21/30

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

Argentina

367,500

359,782

Provincia

del

Chubut

Argentina

Senior

Secured

Bond

144A,

7.75

7/26/30

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

Argentina

1,239,747

1,190,157

2,635,116

Oil,

Gas

Consumable

Fuels

5.1%

CITGO

Petroleum

Corp.

Senior

Secured

Note

144A,

8.375

1/15/29

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

Venezuela

150,000

156,153

Ecopetrol

Senior

Bond

4.625

11/02/31

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

Colombia

700,000

577,622

Heritage

Petroleum

Co.

Ltd.

Senior

Secured

Note

144A,

8/12/29

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

Trinidad

and

Tobago

650,000

682,175

KazMunayGas

National

Co.

JSC

Senior

Bond

144A,

5.75

4/19/47

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

Kazakhstan

1,400,000

1,237,840

Petroleos

Mexicanos

Senior

Note

6.7

2/16/32

...........

Mexico

1,100,000

978,980

3,632,770

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

Quasi-Sovereign

Bonds

(continued)

Transportation

Infrastructure

0.9%

Autopista

Rio

Magdalena

Index

Linked,

Senior

Secured

Bond

144A,

6.05

6/15/36

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

Colombia

3,468,840,448

COP

662,374

Total

Quasi-Sovereign

Bonds

(Cost

10,586,117

)

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

7,523,604

Corporate

Bonds

12.3%

Banks

0.5%

Fidelity

Bank

plc

Senior

Note

144A,

7.625

10/28/26

.......

Nigeria

350,000

346,604

Broadline

Retail

0.0%

K2016470219

South

Africa

Ltd.

Senior

Secured

Note

144A,

PIK,

12/31/22

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

South

Africa

4,842,864

—

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

890,000

661,631

Commercial

Services

Supplies

0.7%

Ambipar

Lux

SARL

Senior

Note

144A,

9.875

2/06/31

......

Brazil

510,000

522,096

Electric

Utilities

3.8%

Adani

Electricity

Mumbai

Ltd.

Senior

Secured

Bond

144A,

3.949

2/12/30

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

India

1,176,000

1,037,622

Energo-Pro

A/S

Senior

Note

144A,

8.5

2/04/27

..........

Czech

Republic

960,000

967,107

GDZ

Elektrik

Dagitim

Senior

Note

144A,

10/15/29

....

Turkiye

700,000

671,647

2,676,376

Food

Products

1.0%

Frigorifico

Concepcion

Senior

Secured

Note

144A,

7.7

7/21/28

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

Paraguay

1,050,000

739,867

Metals

Mining

1.1%

Petra

Diamonds

Treasury

plc

Senior

Secured

Note

144A,

PIK,

9.75

3/08/26

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

South

Africa

949,654

779,995

Oil,

Gas

Consumable

Fuels

2.4%

Kosmos

Energy

Ltd.

Senior

Note

144A,

7.75

5/01/27

......

Ghana

1,100,000

1,080,140

Brazil

Downstream

Trading

SARL

Senior

Secured

Note

144A,

7.25

6/30/31

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

Brazil

701,846

595,065

1,675,205

Paper

Forest

Products

0.4%

Celulose

International

GmbH

Senior

Secured

Note

144A,

7.95

1/26/32

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

Brazil

300,000

307,238

Real

Estate

Management

Development

0.2%

Country

Garden

Holdings

Co.

Ltd.

Senior

Secured

Note

Reg

7.25

4/08/26

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

China

1,620,000

161,725

Water

Utilities

0.5%

Aegea

Finance

SARL

Senior

Note

144A,

1/20/31

.......

Brazil

325,000

346,728

Wireless

Telecommunication

Services

0.8%

Telecommunications

Services

Trinidad

Tobago

Ltd.

Senior

Secured

Bond

144A,

8.875

10/18/29

...........

Trinidad

and

Tobago

570,000

574,674

Total

Corporate

Bonds

(Cost

15,689,683

)

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

8,792,139

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

Loan

Participations

and

Assignments

0.8%

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

1,818,306

558,618

Total

Loan

Participations

and

Assignments

(Cost

2,401,491

)

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

558,618

Foreign

Government

and

Agency

Securities

62.5%

Angola

Government

Bond

Senior

Bond

144A,

8.75

4/14/32

Angola

2,120,000

1,926,126

Argentina

Government

Bond

Senior

Note

7/09/29

.......

Argentina

960,490

691,714

Armenia

Government

Bond

Senior

Bond

144A,

3.95

9/26/29

Armenia

1,030,000

914,007

Benin

Government

Bond

Senior

Bond

144A,

4.875

1/19/32

Benin

1,160,000

EUR

1,129,006

BOI

Finance

Senior

Note

144A,

7.5

2/16/27

..........

Nigeria

850,000

EUR

885,371

Brazil

Government

Bond

Senior

Bond

4.75

1/14/50

.......

Brazil

970,000

714,124

Brazil

Notas

Tesouro

Nacional

1/01/29

..........

Brazil

11,200,000

BRL

1,772,709

Bulgaria

Government

Bond

Senior

Bond

Reg

1.375

9/23/50

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

Bulgaria

1,050,000

EUR

688,081

Cameroon

Government

Bond

Senior

Bond

144A,

5.95

7/07/32

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

Cameroon

1,160,000

EUR

1,018,107

Colombia

Government

Bond

Senior

Bond

9.85

6/28/27

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

Colombia

2,500,000,000

COP

553,732

Senior

Bond

7.5

2/02/34

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

Colombia

700,000

694,526

Costa

Rica

Government

Bond

144A,

7.3

11/13/54

........

Costa

Rica

630,000

666,698

Dominican

Republic

Government

Bond

Senior

Bond

144A,

13.625

2/03/33

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

Dominican

Republic

54,650,000

DOP

1,095,351

Senior

Bond

144A,

6.4

6/05/49

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

Dominican

Republic

750,000

728,934

Senior

Note

144A,

9.75

6/05/26

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

Dominican

Republic

21,000,000

DOP

353,275

Egypt

Government

Bond

Senior

Bond

144A,

7.625

5/29/32

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

Egypt

250,000

219,843

Senior

Bond

144A,

7.5

2/16/61

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

Egypt

960,000

679,934

25.318

8/13/27

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

Egypt

23,000,000

EGP

466,064

24.458

10/01/27

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

Egypt

17,650,000

EGP

354,013

Salvador

Government

Bond

Senior

Bond

Reg

7.65

6/15/35

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

Salvador

1,710,000

1,494,099

Ethiopia

Government

Bond

Senior

Bond

144A,

6.625

12/11/24

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

Ethiopia

1,850,000

1,446,622

Gabon

Government

Bond

Senior

Bond

144A,

6.625

2/06/31

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

Gabon

750,000

599,928

Senior

Bond

144A,

11/24/31

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

Gabon

750,000

600,967

Grenada

Government

Bond

Senior

Bond

144A,

5/12/30

Grenada

670,983

603,214

Honduras

Government

Bond

Senior

Bond

144A,

5.625

6/24/30

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

Honduras

745,000

670,720

Hungary

Government

Bond

9.5

10/21/26

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

Hungary

117,310,000

HUF

329,972

Iraq

Government

Bond

Senior

Bond

Reg

5.8

1/15/28

....

Iraq

1,666,875

1,606,097

Ivory

Coast

Government

Bond

Senior

Bond

144A,

4.875

1/30/32

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

Ivory

Coast

1,340,000

EUR

1,278,631

Jamaica

Government

Bond

Senior

Note

9.625

11/03/30

....

Jamaica

78,500,000

JMD

526,313

Jordan

Government

Bond

Senior

Bond

144A,

5.85

7/07/30

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

Jordan

600,000

568,493

Senior

Bond

144A,

7.375

10/10/47

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

Jordan

700,000

639,028

Kazakhstan

MEOKAM

14.5

4/28/25

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

Kazakhstan

400,000,000

KZT

827,559

13.9

9/16/26

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

Kazakhstan

254,678,000

KZT

531,802

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

Foreign

Government

and

Agency

Securities

(continued)

Kazakhstan

MEUKAM

Senior

Bond

7.2

5/27/25

..........

Kazakhstan

90,666,000

KZT

180,650

Mexican

Bonos

Desarr

Fixed

Rate

7.75

5/29/31

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

Mexico

9,620,000

MXN

431,362

11/07/47

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

Mexico

27,100,000

MXN

1,082,561

Montenegro

Government

Bond

Senior

Note

144A,

7.25

3/12/31

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

Montenegro

650,000

676,272

Mozambique

Government

Bond

144A,

9/15/31

.........

Mozambique

1,230,000

1,030,921

Nigeria

Government

Bond

Senior

Bond

Reg

7.625

11/28/47

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

Nigeria

200,000

153,094

North

Macedonia

Government

Bond

Senior

Note

144A,

6.96

3/13/27

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

North

Macedonia

620,000

EUR

702,903

Pakistan

Government

Bond

Senior

Bond

144A,

7.375

4/08/31

Pakistan

1,160,000

983,854

Romania

Government

Bond

Senior

Note

Reg

1.375

12/02/29

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

Romania

2,080,000

EUR

1,953,799

Saderea

DAC

Senior

Secured

Bond

Reg

12.5

11/30/26

Ghana

637,270

350,498

Serbia

Government

Bond

Senior

Bond

144A,

1.5

6/26/29

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

Serbia

1,330,000

EUR

1,303,032

Senior

Bond

Reg

1.65

3/03/33

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

Serbia

210,000

EUR

182,909

South

Africa

Government

Bond

Senior

Bond

6.5

2/28/41

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

South

Africa

36,500,000

ZAR

1,362,821

Senior

Bond

5.75

9/30/49

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

South

Africa

850,000

665,954

Suriname

Government

Bond

Senior

Bond

144A,

FRN

12/31/50

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

Suriname

1,176,211

1,199,735

Senior

Note

144A,

PIK,

7.95

7/15/33

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

Suriname

606,944

572,601

Tunisia

Government

Bond

Senior

Bond

4.2

3/17/31

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

Tunisia

260,000,000

JPY

1,278,287

Senior

Note

Reg

6.375

7/15/26

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

Tunisia

250,000

EUR

252,226

Turkiye

Government

Bond

Senior

Bond

4.875

4/16/43

.....

Turkiye

500,000

360,480

Ukraine

Government

Bond

Senior

Bond

144A,

Zero

Cpn.,

2/01/35

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

Ukraine

265,892

130,287

Senior

Bond

144A,

1.75

2/01/35

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

Ukraine

539,491

251,396

Senior

Bond

144A,

Zero

Cpn.,

2/01/36

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

Ukraine

221,577

107,731

Senior

Bond

144A,

1.75

2/01/36

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

Ukraine

693,632

319,569

Senior

Note

144A,

Zero

Cpn.,

2/01/30

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

Ukraine

84,199

40,831

Senior

Note

144A,

Zero

Cpn.,

2/01/34

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

Ukraine

314,639

118,383

Senior

Note

144A,

1.75

2/01/34

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

Ukraine

308,281

147,405

Uruguay

Government

Bond

Senior

Bond

8.25

5/21/31

.....

Uruguay

11,696,000

UYU

267,442

Uzbekistan

Government

Bond

Senior

Note

144A,

16.625

5/29/27

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

Uzbekistan

17,130,000,000

UZS

1,328,925

Total

Foreign

Government

and

Agency

Securities

(Cost

44,688,514

)

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

44,710,988

Supranational

4.2%

Asian

Development

Bank

Senior

Note

5.55

9/12/25

.......

Supranational

5,000,000

PLN

1,250,007

Corp.

Andina

Fomento

Senior

Bond

Reg

7.5

6/10/30

Supranational

8,630,000

MXN

372,002

European

Bank

for

Reconstruction

Development

Senior

Note

6.17

3/10/25

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

Supranational

21,850,000,000

IDR

1,391,086

Total

Supranational

(Cost

3,088,913

)

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

3,013,095

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

99,894,752

)

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

66,508,002

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Short

Term

Investments

5.0%

Country

Principal

Amount

Value

Foreign

Government

and

Agency

Securities

0.6%

Egypt

Treasury

Bills

3/18/25

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

Egypt

12,250,000

EGP

226,361

3/18/25

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

Egypt

10,550,000

EGP

194,948

421,309

Total

Foreign

Government

and

Agency

Securities

(Cost

434,936

)

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

421,309

Money

Market

Funds

4.4%

p,q

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.582

United

States

3,172,209

Total

Money

Market

Funds

(Cost

3,172,209

)

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

3,172,209

Total

Short

Term

Investments

(Cost

3,607,145

)

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

3,593,518

Total

Investments

(Cost

103,501,897

)

98.0

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

$70,101,520

Other

Assets,

less

Liabilities

2.0

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

1,450,832

Net

Assets

100.0%

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

$71,552,352

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.

October

31,

2024,

the

aggregate

value

these

securities

was

$47,571,050,

representing

66.5%

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.

Franklin

Global

Trust

Consolidated

Schedule

Investments

(unaudited)

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

October

31,

2024,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Abbreviation

page

Forward

Exchange

Contracts

Currency

Counter-

party

Type

Quantity

Contract

Amount

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Forward

Exchange

Contracts

Euro

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

CITI

Buy

410,000

459,805

12/09/24

—

(

13,168

)

Euro

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

CITI

Sell

11,300,000

12,565,357

12/09/24

255,608

—

Japanese

Yen

......

CITI

Sell

183,000,000

1,291,033

12/09/24

80,924

—

Total

Forward

Exchange

Contracts

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

$336,532

$(13,168)

Net

unrealized

appreciation

(depreciation)

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

$323,364

U.S.

dollars

unless

otherwise

indicated.

May

comprised

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Global

Trust

Schedule

Investments

(unaudited),

October

31,

2024

Franklin

International

Growth

Fund

Quarterly

Schedule

Investments

See

Notes

Schedules

Investments.

Country

Value

Common

Stocks

97.4%

Aerospace

Defense

3.5%

MTU

Aero

Engines

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

Germany

100,000

32,684,117

Air

Freight

Logistics

4.3%

DSV

A/S

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

Denmark

185,000

40,497,507

Biotechnology

5.0%

CSL

Ltd.

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

United

States

150,000

28,159,018

Genmab

A/S

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

Denmark

82,000

18,364,500

46,523,518

Broadline

Retail

3.8%

MercadoLibre,

Inc.

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

Brazil

17,500

35,650,650

Capital

Markets

6.6%

Intermediate

Capital

Group

plc

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

United

Kingdom

1,220,503

32,416,914

Macquarie

Group

Ltd.

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

Australia

190,000

28,751,439

61,168,353

Chemicals

3.5%

Sika

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

Switzerland

118,000

32,868,837

Containers

Packaging

3.4%

SIG

Group

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

Switzerland

1,450,000

31,294,862

Entertainment

4.0%

CTS

Eventim

Co.

KGaA

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

Germany

355,933

37,378,387

Health

Care

Equipment

Supplies

6.5%

Alcon

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

United

States

395,800

36,359,557

Cochlear

Ltd.

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

Australia

132,000

24,434,570

60,794,127

Hotels,

Restaurants

Leisure

3.8%

Amadeus

Group

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

Spain

485,860

35,221,607

Interactive

Media

Services

2.0%

Scout24

144A

Reg

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

Germany

220,000

19,004,780

Services

3.9%

Shopify,

Inc.

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

Canada

460,000

35,976,600

Life

Sciences

Tools

Services

3.0%

Lonza

Group

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

Switzerland

13,000

8,000,191

Tecan

Group

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

Switzerland

78,000

19,710,719

27,710,910

Machinery

4.9%

Interroll

Holding

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

Switzerland

9,341

24,567,636

VAT

Group

144A

Reg

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

Switzerland

50,000

20,822,122

45,389,758

Pharmaceuticals

3.3%

Daiichi

Sankyo

Co.

Ltd.

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

Japan

942,500

30,679,747

Professional

Services

3.7%

Experian

plc

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

United

States

700,000

34,158,769

Semiconductors

Semiconductor

Equipment

9.2%

ASML

Holding

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

Netherlands

45,000

30,290,921

Disco

Corp.

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

Japan

128,000

36,424,051

Nova

Ltd.

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

Israel

105,000

19,456,500

86,171,472

Franklin

Global

Trust

Schedule

Investments

(unaudited)

Franklin

International

Growth

Fund

(continued)

See

Notes

Schedules

Investments.

Quarterly

Schedule

Investments

See

bbreviations

page

Country

Value

Common

Stocks

(continued)

Software

17.0%

CyberArk

Software

Ltd.

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

United

States

123,813

34,236,771

Kinaxis,

Inc.

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

Canada

334,700

37,173,130

Monday.com

Ltd.

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

United

States

120,000

35,264,400

Nice

Ltd.

ADR

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

Israel

150,000

26,055,000

SAP

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

Germany

110,000

25,683,361

158,412,662

Textiles,

Apparel

Luxury

Goods

3.4%

Puma

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

Germany

700,000

31,919,840

Trading

Companies

Distributors

2.6%

Group

plc

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

United

Kingdom

2,650,000

23,754,384

Total

Common

Stocks

(Cost

666,280,960

)

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

907,260,887

Short

Term

Investments

2.4%

Country

Value

Money

Market

Funds

2.4%

c,d

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.582

United

States

22,528,123

Total

Money

Market

Funds

(Cost

22,528,123

)

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

22,528,123

Total

Short

Term

Investments

(Cost

22,528,123

)

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

22,528,123

Total

Investments

(Cost

688,809,083

)

99.8

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

$929,789,010

Other

Assets,

less

Liabilities

0.2

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

1,809,476

Net

Assets

100.0%

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

$931,598,486

Non-income

producing.

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.

October

31,

2024,

the

aggregate

value

these

securities

was

$39,826,902,

representing

4.3%

net

assets.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

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.

October

31,

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

October

31,

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

10/31/14

4,600,000

—

1,818,306

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

10/30/24

1,395,546

558,618

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

0.8%

Net

Assets)

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

$10,534,869

$558,618

U.S.

dollars

unless

otherwise

indicated.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$—

October

31,

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

October

31,

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.

October

31,

2024,

the

Subsidiary

investments

well

any

other

assets

and

liabilities

the

Subsidiary

are

reflected

the

Fund's

Consolidated

Schedule

Investments.

October

31,

2024,

the

net

assets

the

Subsidiary

were

$1,085,577,

representing 1.5%

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,

4.582%

$4,436,272

$10,473,284

$(11,737,347)

$—

$3,172,209

3,172,209

$44,479

Total

Affiliated

Securities

...

$4,436,272

$10,473,284

$(11,737,347)

$—

$3,172,209

$44,479

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.582%

$8,423,880

$76,447,889

$(62,343,646)

$—

$22,528,123

22,528,123

$266,599

Total

Affiliated

Securities

...

$8,423,880

$76,447,889

$(62,343,646)

$—

$22,528,123

$266,599

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

October

31,

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

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

—

1,414,348

495,210

1,909,558

Private

Limited

Partnership

Funds

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

—

Quasi-Sovereign

Bonds

Financial

Services

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

—

593,344

Municipal

Bonds

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

—

2,635,116

—

2,635,116

Oil,

Gas

Consumable

Fuels

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

—

3,632,770

—

3,632,770

Transportation

Infrastructure

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

—

662,374

—

662,374

Corporate

Bonds

Banks

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

—

346,604

—

346,604

Broadline

Retail

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

—

Chemicals

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

—

661,631

—

661,631

Commercial

Services

Supplies

...........

—

522,096

—

522,096

Electric

Utilities

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

—

2,676,376

—

2,676,376

Food

Products

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

—

739,867

—

739,867

Metals

Mining

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

—

779,995

—

779,995

Oil,

Gas

Consumable

Fuels

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

—

1,675,205

—

1,675,205

Paper

Forest

Products

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

—

307,238

—

307,238

Real

Estate

Management

Development

....

—

161,725

—

161,725

Water

Utilities

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

—

346,728

—

346,728

Wireless

Telecommunication

Services

.......

—

574,674

—

574,674

Loan

Participations

and

Assignments

.........

—

558,618

Foreign

Government

and

Agency

Securities

....

—

44,710,988

—

44,710,988

Supranational

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

—

3,013,095

—

3,013,095

Escrows

and

Litigation

Trusts

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

—

Short

Term

Investments

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

3,172,209

421,309

—

3,593,518

Total

Investments

Securities

...........

$3,172,209

$65,282,139

$1,647,172

$70,101,520

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

—

336,532

—

336,532

Total

Other

Financial

Instruments

.........

$—

$336,532

$—

$336,532

Liabilities:

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$13,168

$—

$13,168

Total

Other

Financial

Instruments

.........

$—

$13,168

$—

$13,168

Franklin

International

Growth

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

—

32,684,117

—

32,684,117

Air

Freight

Logistics

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

—

40,497,507

—

40,497,507

Biotechnology

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

—

46,523,518

—

46,523,518

Broadline

Retail

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

35,650,650

—

35,650,650

Capital

Markets

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

—

61,168,353

—

61,168,353

Chemicals

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

—

32,868,837

—

32,868,837

Containers

Packaging

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

—

31,294,862

—

31,294,862

Entertainment

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

—

37,378,387

—

37,378,387

Health

Care

Equipment

Supplies

.........

—

60,794,127

—

60,794,127

Hotels,

Restaurants

Leisure

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

—

35,221,607

—

35,221,607

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 October

31,

2024,

the

reconciliations

are

follows:

Level

Total

Franklin

International

Growth

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Interactive

Media

Services

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

—

19,004,780

—

19,004,780

Services

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

35,976,600

—

35,976,600

Life

Sciences

Tools

Services

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

—

27,710,910

—

27,710,910

Machinery

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

—

45,389,758

—

45,389,758

Pharmaceuticals

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

—

30,679,747

—

30,679,747

Professional

Services

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

—

34,158,769

—

34,158,769

Semiconductors

Semiconductor

Equipment

19,456,500

66,714,972

—

86,171,472

Software

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

132,729,301

25,683,361

—

158,412,662

Textiles,

Apparel

Luxury

Goods

..........

—

31,919,840

—

31,919,840

Trading

Companies

Distributors

..........

—

23,754,384

—

23,754,384

Short

Term

Investments

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

22,528,123

—

22,528,123

Total

Investments

Securities

...........

$246,341,174

$683,447,836

$—

$929,789,010

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 October

31,

2024.

Includes

foreign

securities

valued

$683,447,836,

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

...

580,816

—

(85,606)

495,210

(85,606)

Private

Limited

Partnership

Funds

Capital

Markets

.....

—

Quasi-Sovereign

Bonds

620,346

—

(39,188)

—

(3,207)

15,393

593,344

11,770

Corporate

Bonds

Broadline

Retail

.....

—

Loan

Participations

and

Assignments

486,606

24,811

—

47,156

558,618

47,156

Escrows

and

Litigation

Trusts

—

Total

Investments

Securities

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

$1,687,768

$24,811

$(39,188)

$—

$45

$(3,207)

$(23,057)

$1,647,172

$(26,680)

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

October

31,

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

........

$558,618

Recovery

value

Discount

for

lack

marketability

30.0%

Decrease

PIK

note

coverage

43.9%

Increase

Quasi-Sovereign

Bonds:

Financial

Services

...

593,344

Discounted

cash

flow

Discount

rate

8.0%

Decrease

Warrants:

Financial

Services

...

495,210

Recovery

value

Discount

for

lack

marketability

60.0%

Decrease

Implied

recovery

7.6%

Increase

All

other

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

Total

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

$1,647,172

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

financial

instruments

determined

have

value.

6. Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

Schedules

Investments

(unaudited)

Quarterly

Schedules

Investments

Abbreviations

Counterparty

CITI

Citibank

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

PLN

Polish

Zloty

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

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

For

additional

information

the

Funds'

significant

accounting

policies,

please

refer

the Funds'

most

recent

semiannual

annual

shareholder

report.

Franklin Global Trust NPORT-PFranklin Emerging Market Debt Opportunities Fund (Oct 2024 report)