Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FGT-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
2
Franklin
International
Growth
Fund
8
Notes
to
Schedules
of
Investments
10
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited),
April
30,
2025
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%
Broadline
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
—
—
Financial
Services
0.0%
a,b,c
Astana
Finance
JSC,
GDR,
144A
.......................
Kazakhstan
193,625
—
Total
Common
Stocks
(Cost
$433,378)
.......................................
—
Warrants
Warrants
2.1%
Financial
Services
2.1%
d,e
Ukraine
Government,
VRI,
GDP
Linked
Security,
Senior
Bond,
Reg
S,
8/01/41
....................................
Ukraine
1,950,000
1,393,068
a,b,f
Venezuela
Government,
Oil
Value
Recovery,
4/15/20
.........
Venezuela
925,920
575,031
1,968,099
Total
Warrants
(Cost
$18,406,656)
...........................................
1,968,099
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,f,g
Global
Distressed
Alpha
Fund
III
LP
.....................
United
States
4,424,861
—
Total
Private
Limited
Partnership
Funds
(Cost
$4,600,000)
.....................
—
Principal
Amount
*
Quasi-Sovereign
Bonds
9.1%
Financial
Services
0.6%
a
Meridiam
Eastern
Europe
Investments
SAS
,
8.85
%
,
6/10/28
...
Turkiye
464,286
EUR
539,381
a,c,e,h
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana)
,
PTN
,
Secured
Note
,
Reg
S,
Zero
Cpn.,
2/05/09
.....
Ghana
8,000,000
—
539,381
Municipal
Bonds
3.1%
d
Argentina
Provincia
de
Tierra
del
Fuego
,
Senior
Secured
Bond
,
144A,
8.95
%
,
1/21/30
...............................
Argentina
352,800
349,272
d
Istanbul
Metropolitan
Municipality
,
Senior
Note,
144A,
10.75%,
4/12/27
...................
Turkiye
250,000
262,858
Senior
Note,
144A,
10.5%,
12/06/28
...................
Turkiye
945,000
1,007,649
d
Provincia
del
Chubut
Argentina
,
Senior
Secured
Bond
,
144A,
7.75
%
,
7/26/30
...................................
Argentina
1,328,213
1,288,367
2,908,146
Oil,
Gas
&
Consumable
Fuels
4.7%
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
.........................................
Venezuela
150,000
150,276
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
850,000
694,966
d
Heritage
Petroleum
Co.
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
8/12/29
.........................................
Trinidad
and
Tobago
650,000
658,892
d
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
.........................................
Kazakhstan
1,680,000
1,411,468
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
1,750,000
1,501,125
4,416,727
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
Quasi-Sovereign
Bonds
(continued)
Transportation
Infrastructure
0.7%
d,i
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
...............................
Colombia
3,576,360,035
COP
$
713,060
Total
Quasi-Sovereign
Bonds
(Cost
$11,776,803)
..............................
8,577,314
Corporate
Bonds
11.7%
Banks
0.2%
d
Ipoteka-Bank
ATIB
,
Senior
Note
,
Reg
S,
20.5
%
,
4/25/27
......
Uzbekistan
2,500,000,000
UZS
199,598
Broadline
Retail
0.0%
a,d,e,j
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.....................................
South
Africa
4,842,864
—
a,d,e,j
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
....................................
South
Africa
2,133,302
—
—
Chemicals
1.0%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
1,340,000
965,701
Commercial
Services
&
Supplies
1.1%
d
Ambipar
Lux
SARL
,
Senior
Note,
144A,
9.875%,
2/06/31
...................
Brazil
421,000
405,376
Senior
Note,
144A,
10.875%,
2/05/33
..................
Brazil
600,000
586,890
992,266
Diversified
Telecommunication
Services
0.4%
d
IHS
Holding
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
11/29/31
........
Nigeria
400,000
386,180
Electric
Utilities
3.6%
d
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...................................
India
1,406,000
1,218,118
d
Energo-Pro
A/S
,
Senior
Note
,
144A,
8.5
%
,
2/04/27
..........
Georgia
1,160,000
1,166,693
d
GDZ
Elektrik
Dagitim
A/S
,
Senior
Note
,
144A,
9
%
,
10/15/29
...
Turkiye
1,100,000
1,030,751
3,415,562
Food
Products
1.0%
d
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
.........................................
Paraguay
1,250,000
932,012
Metals
&
Mining
0.9%
d,j
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
PIK,
9.75
%
,
3/08/26
................................
South
Africa
1,415,350
799,825
Oil,
Gas
&
Consumable
Fuels
2.5%
d
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
8.75
%
,
10/01/31
.....
Ghana
1,150,000
929,764
d
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
...............................
Brazil
874,614
676,689
d
Uzbekneftegaz
JSC
,
Senior
Bond
,
144A,
8.75
%
,
5/07/30
......
Uzbekistan
700,000
700,000
2,306,453
Real
Estate
Management
&
Development
0.2%
d,e
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
...................................
China
1,940,000
168,547
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
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
0.8%
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
d
Senior
Secured
Bond,
144A,
8.875%,
10/18/29
...........
Trinidad
and
Tobago
770,000
$
764,933
764,933
Total
Corporate
Bonds
(Cost
$18,625,732)
....................................
10,931,077
Loan
Participations
and
Assignments
0.0%
†
a,d,e
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
5.95
%
,
4/15/30
...................................
Russia
1,000,000
—
a,f,j,k
Global
Distressed
Alpha
Fund
III
LP
,
PIK,
12%,
Perpetual
................................
United
States
1,949,932
14,850
Total
Loan
Participations
and
Assignments
(Cost
$2,459,059)
..................
14,850
Foreign
Government
and
Agency
Securities
65.1%
d
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
2,870,000
2,260,103
Argentina
Government
Bond
,
Senior
Bond,
4.125%,
7/09/35
........................
Argentina
985,000
659,343
Senior
Note,
1%,
7/09/29
............................
Argentina
1,044,441
842,342
d
Armenia
Government
Bond
,
Senior
Bond,
144A,
3.95%,
9/26/29
....................
Armenia
1,580,000
1,425,230
Senior
Bond,
144A,
3.6%,
2/02/31
.....................
Armenia
200,000
169,539
d
Benin
Government
Bond
,
Senior
Bond,
144A,
4.875%,
1/19/32
...................
Benin
433,000
EUR
430,404
Senior
Bond,
144A,
8.375%,
1/23/41
...................
Benin
1,000,000
915,525
d
BOI
Finance
BV
,
Senior
Note
,
144A,
7.5
%
,
2/16/27
..........
Nigeria
850,000
EUR
947,411
Brazil
Government
Bond
,
Senior
Bond,
4.75%,
1/14/50
.........................
Brazil
1,420,000
1,003,334
B,
6%,
5/15/35
....................................
Brazil
3,686,947
BRL
590,388
Brazil
Notas
do
Tesouro
Nacional
,
F
,
10
%
,
1/01/29
..........
Brazil
9,642,000
BRL
1,539,732
d
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
1.375
%
,
9/23/50
.........................................
Bulgaria
1,440,000
EUR
965,406
d
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
.........................................
Cameroon
1,630,000
EUR
1,353,370
Colombia
Government
Bond
,
Senior
Bond,
9.85%,
6/28/27
.........................
Colombia
3,000,000,000
COP
699,433
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
1,100,000
1,074,109
d
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
13.625%,
2/03/33
..................
Dominican
Republic
54,650,000
DOP
1,083,097
Senior
Bond,
144A,
6.4%,
6/05/49
.....................
Dominican
Republic
950,000
867,492
Egypt
Government
Bond
,
d
Senior
Bond,
144A,
7.625%,
5/29/32
...................
Egypt
450,000
384,131
d
Senior
Bond,
144A,
7.5%,
2/16/61
.....................
Egypt
1,510,000
986,146
25.318%,
8/13/27
..................................
Egypt
27,600,000
EGP
562,822
24.458%,
10/01/27
.................................
Egypt
56,275,000
EGP
1,132,816
d
El
Salvador
Government
Bond
,
Senior
Note,
144A,
0.25%,
4/17/30
.....................
El
Salvador
1,200,000
26,827
Senior
Bond,
Reg
S,
7.65%,
6/15/35
...................
El
Salvador
2,460,000
2,326,250
d,e
Ethiopia
Government
Bond
,
Senior
Bond,
144A,
6.625%,
12/11/24
..................
Ethiopia
1,850,000
1,555,038
Senior
Bond,
Reg
S,
6.625%,
12/11/24
..................
Ethiopia
370,000
311,008
d
Gabon
Government
Bond
,
Senior
Bond,
144A,
6.625%,
2/06/31
...................
Gabon
1,940,000
1,383,337
Senior
Bond,
144A,
7%,
11/24/31
......................
Gabon
750,000
532,087
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
..
Grenada
694,468
$
670,161
d
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/01/50
.........................................
Guatemala
1,000,000
890,625
d
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
.........................................
Honduras
1,145,000
1,047,103
d
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
2,546,250
2,472,248
d
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
2,040,000
EUR
2,001,419
Jamaica
Government
Bond
,
Senior
Note
,
9.625
%
,
11/03/30
....
Jamaica
78,500,000
JMD
516,664
d
Jordan
Government
Bond
,
Senior
Bond,
144A,
5.85%,
7/07/30
....................
Jordan
600,000
554,616
Senior
Bond,
144A,
7.375%,
10/10/47
..................
Jordan
1,450,000
1,219,287
Kazakhstan
MEOKAM
,
10.5%,
8/04/26
...................................
Kazakhstan
291,200,000
KZT
532,739
13.9%,
9/16/26
...................................
Kazakhstan
394,713,000
KZT
750,550
Kazakhstan
MEUKAM
,
Senior
Bond
,
7.2
%
,
5/27/25
..........
Kazakhstan
90,666,000
KZT
175,499
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
7.75%,
5/29/31
.................................
Mexico
9,620,000
l
MXN
464,230
M,
8%,
11/07/47
...................................
Mexico
44,450,000
l
MXN
1,880,730
d
Montenegro
Government
Bond
,
Senior
Note,
144A,
7.25%,
3/12/31
.....................
Montenegro
650,000
656,346
Senior
Note,
144A,
4.875%,
4/01/32
....................
Montenegro
600,000
EUR
660,620
d
Mozambique
Government
Bond
,
144A,
9
%
,
9/15/31
.........
Mozambique
1,480,000
1,137,639
d
Nigeria
Government
Bond
,
Senior
Bond
,
Reg
S,
7.625
%
,
11/28/47
........................................
Nigeria
1,200,000
854,102
d
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
6.96
%
,
3/13/27
.........................................
North
Macedonia
620,000
EUR
731,182
d
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
Pakistan
1,630,000
1,289,123
Panama
Government
Bond
,
Senior
Bond
,
8
%
,
3/01/38
.......
Panama
600,000
622,545
d
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
3.875%,
10/29/35
.................
Romania
1,150,000
EUR
1,049,863
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
850,000
EUR
884,226
d,e
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
..
Ghana
962,882
596,987
d
Serbia
Government
Bond
,
Senior
Bond,
144A,
1.5%,
6/26/29
.....................
Serbia
1,130,000
EUR
1,150,669
Senior
Bond,
Reg
S,
1.65%,
3/03/33
...................
Serbia
560,000
EUR
504,867
South
Africa
Government
Bond
,
Senior
Bond,
6.5%,
2/28/41
..........................
South
Africa
61,252,000
ZAR
2,115,756
Senior
Bond,
5.75%,
9/30/49
.........................
South
Africa
1,050,000
752,475
d
Suriname
Government
Bond
,
m
Senior
Bond,
144A,
FRN,
9%,
12/31/50
.................
Suriname
1,084,000
1,153,105
j
Senior
Note,
144A,
PIK,
7.95%,
7/15/33
.................
Suriname
766,048
700,679
Tunisia
Government
Bond
,
Senior
Bond,
4.2%,
3/17/31
..........................
Tunisia
260,000,000
1,488,163
d
Senior
Note,
Reg
S,
6.375%,
7/15/26
...................
Tunisia
250,000
EUR
274,872
Turkiye
Government
Bond
,
36%,
8/12/26
.....................................
Turkiye
53,090,000
TRY
1,263,138
Senior
Bond,
4.875%,
4/16/43
........................
Turkiye
1,000,000
677,639
d
Ukraine
Government
Bond
,
Senior
Bond,
144A,
2/01/35
..........................
Ukraine
265,892
134,899
Senior
Bond,
144A,
1.75%,
2/01/35
....................
Ukraine
539,491
267,055
Senior
Bond,
144A,
2/01/36
..........................
Ukraine
221,577
111,618
Senior
Bond,
144A,
1.75%,
2/01/36
....................
Ukraine
693,632
336,844
Senior
Note,
144A,
2/01/30
..........................
Ukraine
84,199
41,538
Senior
Note,
144A,
2/01/34
..........................
Ukraine
314,639
121,112
Senior
Note,
144A,
1.75%,
2/01/34
.....................
Ukraine
758,281
381,757
d
Uzbekistan
Government
Bond
,
Senior
Note,
144A,
16.625%,
5/29/27
...................
Uzbekistan
13,430,000,000
UZS
1,064,894
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
d
Uzbekistan
Government
Bond,
(continued)
Senior
Note,
144A,
15.5%,
2/25/28
.....................
Uzbekistan
8,100,000,000
UZS
$
631,856
d,e
Venezuela
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
4/21/25
.........................................
Venezuela
2,000,000
295,000
Total
Foreign
Government
and
Agency
Securities
(Cost
$61,993,114)
............
61,153,160
Supranational
4.5%
Asian
Development
Bank
,
Senior
Note
,
5.55
%
,
9/12/25
.......
Supranational
n
6,000,000
PLN
1,595,191
d
Banque
Ouest
Africaine
de
Developpement
,
Sub.
Bond
,
144A,
8.2%
to
2/12/30,
FRN
thereafter
,
2/13/55
................
Supranational
n
1,000,000
995,356
d
Corp.
Andina
de
Fomento
,
Senior
Bond
,
Reg
S,
7.5
%
,
6/10/30
.
Supranational
n
8,630,000
MXN
411,593
Inter-American
Development
Bank
,
Senior
Note
,
5.1
%
,
11/17/26
Supranational
n
7,000,000,000
IDR
415,615
International
Bank
for
Reconstruction
&
Development
,
Senior
Note
,
4.6
%
,
2/09/26
................................
Supranational
n
14,100,000,000
IDR
840,012
Total
Supranational
(Cost
$4,235,094)
........................................
4,257,767
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
275,106
3,899
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
.................................
3,899
Total
Long
Term
Investments
(Cost
$122,529,836)
.............................
86,906,166
a
Short
Term
Investments
4.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
1.0%
a,o
Nigeria
Treasury
Bills
,
26.36%,
2/24/26
...................................
Nigeria
900,000,000
NGN
460,417
25.24%,
3/03/26
...................................
Nigeria
900,000,000
NGN
462,084
922,501
Total
Foreign
Government
and
Agency
Securities
(Cost
$997,554)
..............
922,501
Shares
Money
Market
Funds
3.7%
p,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
..
United
States
3,497,885
3,497,885
Total
Money
Market
Funds
(Cost
$3,497,885)
.................................
3,497,885
Total
Short
Term
Investments
(Cost
$4,495,439
)
...............................
4,420,386
a
Total
Investments
(Cost
$127,025,275)
97.2%
.................................
$91,326,552
Other
Assets,
less
Liabilities
2.8%
...........................................
2,590,436
Net
Assets
100.0%
.........................................................
$93,916,988
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
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
7
At
April
30,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviation
s
on
page
16
.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$61,381,649,
representing
65.4%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
5.
g
The
Global
Distressed
Alpha
Fund
III
LP
is
a
fund
focused
on
the
purchase
of
and
the
recovery
on
private
distressed
commercial,
sovereign
and
sovereign-related
debt
claims
around
the
world,
principally
in
Africa
and
Asia.
h
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
i
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
j
Income
may
be
received
in
additional
securities
and/or
cash.
k
Perpetual
security
with
no
stated
maturity
date.
l
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
m
The
coupon
rate
shown
represents
the
rate
at
period
end.
n
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
o
The
rate
shown
represents
the
yield
at
period
end.
p
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
q
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
Brazilian
Real
......
CITI
Sell
6,389,000
1,133,726
5/07/25
$
9,292
$
—
Euro
.............
CITI
Buy
330,000
362,944
6/17/25
12,004
—
Euro
.............
CITI
Sell
11,950,000
12,935,255
6/17/25
—
(642,397)
Japanese
Yen
......
CITI
Sell
217,000,000
1,477,120
6/17/25
—
(48,616)
Total
Forward
Exchange
Contracts
...................................................
$21,296
$(691,013)
Net
unrealized
appreciation
(depreciation)
............................................
$(669,717)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Global
Trust
Schedule
of
Investments
(unaudited),
April
30,
2025
Franklin
International
Growth
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.9%
Aerospace
&
Defense
4.0%
MTU
Aero
Engines
AG
...............................
Germany
97,000
$
33,572,234
Air
Freight
&
Logistics
4.7%
DSV
A/S
..........................................
Denmark
185,000
39,212,581
Biotechnology
1.4%
a
BioNTech
SE
,
ADR
..................................
Germany
108,000
11,248,200
Broadline
Retail
4.5%
a
MercadoLibre,
Inc.
..................................
Brazil
16,200
37,759,770
Capital
Markets
6.5%
Intermediate
Capital
Group
plc
.........................
United
Kingdom
1,220,503
30,700,491
Macquarie
Group
Ltd.
................................
Australia
190,000
23,479,261
54,179,752
Chemicals
3.5%
Sika
AG
..........................................
Switzerland
118,000
29,489,097
Containers
&
Packaging
3.4%
SIG
Group
AG
.....................................
Switzerland
1,450,000
27,970,447
Electronic
Equipment,
Instruments
&
Components
0.6%
Inficon
Holding
AG
..................................
Switzerland
50,000
5,305,392
Entertainment
3.8%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
270,000
31,991,485
Health
Care
Equipment
&
Supplies
8.3%
Alcon
AG
.........................................
United
States
375,800
36,512,935
Cochlear
Ltd.
......................................
Australia
188,000
32,924,552
69,437,487
Hotels,
Restaurants
&
Leisure
3.3%
Amadeus
IT
Group
SA
...............................
Spain
350,000
27,549,543
Interactive
Media
&
Services
3.2%
b
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
220,000
26,218,896
IT
Services
3.4%
a
Shopify,
Inc.
,
A
.....................................
Canada
300,000
28,500,000
Life
Sciences
Tools
&
Services
1.8%
Lonza
Group
AG
....................................
Switzerland
21,000
15,088,695
Machinery
5.6%
Georg
Fischer
AG
...................................
Switzerland
60,000
4,338,284
Interroll
Holding
AG
..................................
Switzerland
10,841
23,791,950
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
50,000
18,049,515
46,179,749
Pharmaceuticals
2.7%
AstraZeneca
plc
....................................
United
Kingdom
155,000
22,206,342
Professional
Services
4.2%
Experian
plc
.......................................
United
States
700,000
34,825,726
Semiconductors
&
Semiconductor
Equipment
9.1%
ASML
Holding
NV
...................................
Netherlands
45,000
30,124,889
Disco
Corp.
........................................
Japan
128,000
24,765,382
a
Nova
Ltd.
.........................................
Israel
105,000
20,602,050
75,492,321
Software
18.0%
a
CyberArk
Software
Ltd.
...............................
United
States
101,813
35,854,466
Franklin
Global
Trust
Schedule
of
Investments
(unaudited)
Franklin
International
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
A
bbreviations
o
n
page
16
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Kinaxis,
Inc.
.......................................
Canada
219,700
$
29,665,715
a
Monday.com
Ltd.
....................................
United
States
111,000
31,189,890
a
Nice
Ltd.
,
ADR
.....................................
Israel
155,000
24,157,525
SAP
SE
..........................................
Germany
100,000
29,258,864
150,126,460
Specialty
Retail
1.4%
Fast
Retailing
Co.
Ltd.
................................
Japan
35,000
11,513,070
Trading
Companies
&
Distributors
2.5%
RS
Group
plc
......................................
United
Kingdom
3,050,000
21,029,760
Total
Common
Stocks
(Cost
$
583,338,395
)
...................................
798,897,007
Short
Term
Investments
3.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.6%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.052
%
..
United
States
30,318,559
30,318,559
Total
Money
Market
Funds
(Cost
$
30,318,559
)
................................
30,318,559
Total
Short
Term
Investments
(Cost
$
30,318,559
)
..............................
30,318,559
a
Total
Investments
(Cost
$
613,656,954
)
99.5
%
.................................
$829,215,566
Other
Assets,
less
Liabilities
0.5
%
...........................................
3,588,215
Net
Assets
100.0%
.........................................................
$832,803,781
a
a
a
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$44,268,411,
representing
5.3%
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
Notes
to
Schedules
of
Investments
(unaudited)
10
Quarterly
Schedules
of
Investments
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 two
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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.
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,
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
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
11
Quarterly
Schedules
of
Investments
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
April
30,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
April
30,
2025,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
April
30,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Emerging
Market
Debt
Opportunities
Fund
193,625
Astana
Finance
JSC,
GDR,
144A
................
5/22/15
$
—
$
—
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
—%
of
Net
Assets)
...............
$3,533,378
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
April
30,
2025.
2. Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
12
Quarterly
Schedules
of
Investments
5.
Investments
in
Alternative
Strategies
(FT)
Ltd.
(FT
Subsidiary)
Franklin
Emerging
Market
Debt
Opportunities
Fund
invests
in
certain
financial
instruments,
warrants
or
commodities
through
its
investment
in
the
FT
Subsidiary.
The
FT
Subsidiary
is
a
Cayman
Islands
exempted
company
with
limited
liability,
is
a
wholly-owned
subsidiary
of
the
Fund,
and
is
able
to
invest
in
certain
financial
instruments
consistent
with
the
investment
objective
of
the
Fund.
At
April
30,
2025,
the
FT
Subsidiary
investments
as
well
as
any
other
assets
and
liabilities
of
the
FT
Subsidiary
are
reflected
in
the
Fund's
Consolidated
Schedule
of
Investments.
At
April
30,
2025,
the
net
assets
of
the
FT
Subsidiary
were
$594,330,
representing 0.6%
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,
4.052%
$4,436,272
$41,385,144
$(42,323,531)
$—
$—
$3,497,885
3,497,885
$138,598
Total
Affiliated
Securities
...
$4,436,272
$41,385,144
$(42,323,531)
$—
$—
$3,497,885
$138,598
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$8,423,880
$222,553,871
$(200,659,192)
$—
$—
$30,318,559
30,318,559
$671,672
Total
Affiliated
Securities
...
$8,423,880
$222,553,871
$(200,659,192)
$—
$—
$30,318,559
$671,672
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
13
Quarterly
Schedules
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
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
:
Financial
Services
......................
—
1,393,068
575,031
1,968,099
Private
Limited
Partnership
Funds
............
—
—
—
a
—
Quasi-Sovereign
Bonds
:
Financial
Services
......................
—
—
539,381
a
539,381
Municipal
Bonds
.......................
—
2,908,146
—
2,908,146
Oil,
Gas
&
Consumable
Fuels
.............
—
4,416,727
—
4,416,727
Transportation
Infrastructure
..............
—
713,060
—
713,060
Corporate
Bonds
:
Banks
...............................
—
199,598
—
199,598
Broadline
Retail
.......................
—
—
—
a
—
Chemicals
...........................
—
965,701
—
965,701
Commercial
Services
&
Supplies
...........
—
992,266
—
992,266
Diversified
Telecommunication
Services
.....
—
386,180
—
386,180
Electric
Utilities
........................
—
3,415,562
—
3,415,562
Food
Products
........................
—
932,012
—
932,012
Metals
&
Mining
.......................
—
799,825
—
799,825
Oil,
Gas
&
Consumable
Fuels
.............
—
2,306,453
—
2,306,453
Real
Estate
Management
&
Development
....
—
168,547
—
168,547
Wireless
Telecommunication
Services
.......
—
764,933
—
764,933
Loan
Participations
and
Assignments
.........
—
—
14,850
b
14,850
Foreign
Government
and
Agency
Securities
....
—
61,153,160
—
61,153,160
Supranational
...........................
—
4,257,767
—
4,257,767
Escrows
and
Litigation
Trusts
...............
—
—
3,899
3,899
Short
Term
Investments
...................
3,497,885
—
922,501
4,420,386
Total
Investments
in
Securities
...........
$3,497,885
$85,773,005
$2,055,662
$91,326,552
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$21,296
$—
$21,296
Total
Other
Financial
Instruments
.........
$—
$21,296
$—
$21,296
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
—
691,013
—
691,013
Total
Other
Financial
Instruments
.........
$—
$691,013
$—
$691,013
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
33,572,234
—
33,572,234
Air
Freight
&
Logistics
...................
—
39,212,581
—
39,212,581
Biotechnology
.........................
11,248,200
—
—
11,248,200
Broadline
Retail
.......................
37,759,770
—
—
37,759,770
Capital
Markets
........................
—
54,179,752
—
54,179,752
Chemicals
...........................
—
29,489,097
—
29,489,097
Containers
&
Packaging
.................
—
27,970,447
—
27,970,447
Electronic
Equipment,
Instruments
&
Components
........................
—
5,305,392
—
5,305,392
Entertainment
.........................
—
31,991,485
—
31,991,485
Health
Care
Equipment
&
Supplies
.........
—
69,437,487
—
69,437,487
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At April
30,
2025,
the
reconciliations
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Hotels,
Restaurants
&
Leisure
.............
$
—
$
27,549,543
$
—
$
27,549,543
Interactive
Media
&
Services
..............
—
26,218,896
—
26,218,896
IT
Services
...........................
28,500,000
—
—
28,500,000
Life
Sciences
Tools
&
Services
............
—
15,088,695
—
15,088,695
Machinery
............................
—
46,179,749
—
46,179,749
Pharmaceuticals
.......................
—
22,206,342
—
22,206,342
Professional
Services
...................
—
34,825,726
—
34,825,726
Semiconductors
&
Semiconductor
Equipment
.
20,602,050
54,890,271
—
75,492,321
Software
.............................
120,867,596
29,258,864
—
150,126,460
Specialty
Retail
........................
—
11,513,070
—
11,513,070
Trading
Companies
&
Distributors
..........
—
21,029,760
—
21,029,760
Short
Term
Investments
...................
30,318,559
—
—
30,318,559
Total
Investments
in
Securities
...........
$249,296,175
$579,919,391
c
$—
$829,215,566
a
Includes
financial
instruments
determined
to
have
no
value.
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
April
30,
2025.
c
Includes
foreign
securities
valued
at
$579,919,391,
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
:
Broadline
Retail
.....
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Financial
Services
...
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Financial
Services
...
580,816
—
—
—
—
—
—
(5,785)
575,031
(5,785)
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
—
c
—
—
—
—
—
—
—
—
c
—
Quasi-Sovereign
Bonds
:
620,346
c
—
(115,125)
—
—
—
(12,060)
46,220
539,381
c
35,351
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Loan
Participations
and
Assignments
:
486,606
82,332
—
—
—
91
—
(554,179)
14,850
c
(554,17
9
)
Foreign
Government
and
Agency
Securities
:
—
968,180
—
—
—
29,374
—
(75,053)
922,501
(75,053)
Escrows
and
Litigation
Trusts
:
—
c
—
—
—
—
—
—
3,899
3,899
3,899
Total
Investments
in
Securities
............
$1,687,768
$1,050,512
$(115,125)
$—
$—
$29,465
$(12,060)
$(584,898)
$2,055,662
$(595,767)
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
April
30,
2025,
are
as
follows:
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
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Quasi-Sovereign
Bonds:
Financial
Services
.......
$539,381
Discounted
cash
flow
Discount
rate
7.4%
Decrease
All
Other
...................
1,516,281
b,c,d
Total
.........................
$2,055,662
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
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
the
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
c
Includes
financial
instruments
determined
to
have
no
value.
d
Includes
the
fair
value
of
assets
and/or
liabilities
derived
from
recent
transactions,
private
transaction
prices,
or
non-public
third-party
pricing
information
that
is
unobservable.
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
CITI
Citibank
NA
Cu
r
rency
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
IDR
Indonesian
Rupiah
JMD
Jamaican
Dollar
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
NGN
Nigerian
Naira
PLN
Polish
Zloty
TRY
Turkish
Lira
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
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.