Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FGT-Q3PH
1
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Schedules
of
Investments
(unaudited)
Franklin
Emerging
Market
Debt
Opportunities
Fund
2
Franklin
International
Growth
Fund
9
Notes
to
Schedules
of
Investments
11
Franklin
Global
Trust
Consolidated
Schedule
of
Investments
(unaudited),
April
30,
2026
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%
†
Financial
Services
0.0%
a,b,c
Astana
Finance
JSC
,
GDR
,
144A
.......................
Kazakhstan
193,625
$
—
Metals
&
Mining
0.0%
†
b
Petra
Diamonds
Ltd.
.................................
South
Africa
96,243
22,657
Real
Estate
Management
&
Development
0.0%
†
b
Country
Garden
Holdings
Co.
Ltd.
.......................
China
5,820
217
Total
Common
Stocks
(Cost
$
22,261
)
........................................
22,874
Warrants
Warrants
1.6%
Financial
Services
1.6%
a,b,d
Venezuela
Government
,
Oil
Value
Recovery
,
4/15/20
.........
Venezuela
925,920
2,299,154
Metals
&
Mining
0.0%
a,b
Petra
Diamonds
Ltd.
,
2/20/49
..........................
South
Africa
339,904
—
Total
Warrants
(Cost
$
17,796,506
)
...........................................
2,299,154
Units
Private
Limited
Partnership
Funds
0.0%
Capital
Markets
0.0%
a,b,d,e
Global
Distressed
Alpha
Fund
III
LP
.....................
United
States
4,424,861
—
Total
Private
Limited
Partnership
Funds
(Cost
$
4,600,000
)
.....................
—
Principal
Amount
*
Convertible
Bonds
0.1%
Real
Estate
Management
&
Development
0.1%
Country
Garden
Holdings
Co.
Ltd.
,
f
AI
,
Senior
Note
,
48
.37
%
,
12/31/31
.....................
China
719,660
76,932
AI
,
Senior
Secured
Note
,
Zero
Cpn.,
12/31/34
............
China
29,925
972
77,904
Total
Convertible
Bonds
(Cost
$
90,555
)
......................................
77,904
Quasi-Sovereign
Bonds
9.1%
Financial
Services
0.0%
a
,c
,g
,h
Sphynx
Capital
Markets
PCC
(National
Investment
Bank
of
Ghana)
,
PTN
,
Secured
Note
,
Reg
S,
Zero
Cpn.,
2/05/09
.....
Ghana
8,000,000
—
Municipal
Bonds
2.3%
i
Argentina
Provincia
de
Tierra
del
Fuego
,
Senior
Secured
Bond
,
144A,
8.95
%
,
1/21/30
...............................
Argentina
290,386
289,660
i
Argentina
Provincia
del
Chubut
,
Senior
Secured
Bond
,
144A,
9.45
%
,
4/29/36
...................................
Argentina
1,500,000
1,548,750
i
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
144A,
10.75
%
,
4/12/27
...................
Turkiye
250,000
261,777
Senior
Note
,
144A,
10.5
%
,
12/06/28
...................
Turkiye
1,245,000
1,349,631
3,449,818
Oil,
Gas
&
Consumable
Fuels
6.2%
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
950,000
856,476
i
Heritage
Petroleum
Co.
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
8/12/29
.........................................
Trinidad
and
Tobago
1,350,000
1,381,185
i
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
144A,
5.75
%
,
4/19/47
.........................................
Kazakhstan
1,450,000
1,386,172
a
Nigerian
Petroleum
Corp.
,
10.674
%
,
12/15/30
..............
Nigeria
2,000,000
1,969,761
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
2,050,000
$
2,057,964
i
Uzbekneftegaz
JSC
,
Senior
Note
,
144A,
8.75
%
,
5/07/30
......
Uzbekistan
1,350,000
1,455,077
9,106,635
Transportation
Infrastructure
0.6%
i
,j
PA
Autopista
Rio
Magdalena
,
Index
Linked,
Senior
Secured
Bond
,
144A,
6.05
%
,
6/15/36
...............................
Colombia
3,770,618,492
COP
862,732
Total
Quasi-Sovereign
Bonds
(Cost
$
16,043,537
)
..............................
13,419,185
Corporate
Bonds
9.7%
Banks
0.3%
i
Ipoteka-Bank
ATIB
,
Senior
Note
,
Reg
S,
20.5
%
,
4/25/27
...................
Uzbekistan
2,500,000,000
UZS
220,412
Senior
Note
,
Reg
S,
17.5
%
,
10/09/28
..................
Uzbekistan
2,510,000,000
UZS
217,348
437,760
Broadline
Retail
0.0%
a
,g
,i
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
3
%
,
12/31/22
........................................
South
Africa
4,842,864
—
a
,g
,i
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
25
%
,
12/31/22
....................................
South
Africa
2,133,302
—
—
Chemicals
1.4%
i
Braskem
America
Finance
Co.
,
Senior
Bond
,
Reg
S,
7.125
%
,
7/22/41
.........................................
Brazil
740,000
421,338
g
,i
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
1,640,000
1,153,633
i
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
Reg
S,
8
%
,
10/15/34
........................................
Brazil
770,000
450,943
2,025,914
Commercial
Services
&
Supplies
0.1%
g
,i
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
9.875
%
,
2/06/31
...................
Brazil
671,000
125,813
Senior
Note
,
144A,
10.875
%
,
2/05/33
..................
Brazil
600,000
90,750
216,563
Diversified
Telecommunication
Services
0.5%
i
IHS
Holding
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
11/29/31
........
Nigeria
650,000
680,491
Electric
Utilities
2.5%
i
Adani
Electricity
Mumbai
Ltd.
,
Senior
Secured
Bond
,
144A,
3.949
%
,
2/12/30
...................................
India
1,760,000
1,663,694
i
ADM
Elektrik
Dagitim
A/S
,
Senior
Note
,
144A,
9.5
%
,
2/05/31
...
Turkiye
700,000
688,749
i
GDZ
Elektrik
Dagitim
A/S
,
Senior
Note
,
144A,
9
%
,
10/15/29
...
Turkiye
700,000
680,533
i
Limak
Yenilenebilir
Enerji
A/S
,
Senior
Note
,
144A,
9.625
%
,
8/12/30
.........................................
Turkiye
700,000
700,244
3,733,220
Food
Products
0.3%
i
Frigorifico
Concepcion
SA
,
Senior
Secured
Note
,
144A,
7.7
%
,
7/21/28
.........................................
Paraguay
1,700,000
442,000
Metals
&
Mining
0.5%
i
Petra
Diamonds
US
Treasury
plc
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/08/30
...................................
South
Africa
1,415,350
810,552
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)
Oil,
Gas
&
Consumable
Fuels
2.0%
i
Kosmos
Energy
Ltd.
,
Senior
Note
,
144A,
8.75
%
,
10/01/31
.....
Ghana
2,100,000
$
1,941,996
i
MC
Brazil
Downstream
Trading
SARL
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/30/31
...............................
Brazil
1,087,402
1,017,615
2,959,611
Real
Estate
Management
&
Development
0.1%
k
Country
Garden
Holdings
Co.
Ltd.
,
AI
,
Senior
Secured
Bond
,
PIK,
1.25
%
,
12/31/36
...........
China
988,619
80,424
AI
,
Senior
Secured
Note
,
PIK,
5
%
,
12/31/32
.............
China
347,370
49,066
AI
,
Senior
Secured
Note
,
PIK,
2.25
%
,
12/31/34
...........
China
55,575
4,585
134,075
Transportation
Infrastructure
0.5%
i
Limak
Iskenderun
Uluslararasi
Liman
Isletmeciligi
A/S
,
Senior
Secured
Bond
,
144A,
9.5
%
,
7/10/36
....................
Turkiye
666,988
675,579
Wireless
Telecommunication
Services
1.5%
i
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
8/01/32
.........................
Jamaica
1,250,000
1,301,307
i
Telecommunications
Services
of
Trinidad
&
Tobago
Ltd.
,
Senior
Secured
Bond
,
144A,
8.875
%
,
10/18/29
.................
Trinidad
and
Tobago
970,000
991,321
2,292,628
Total
Corporate
Bonds
(Cost
$
21,981,378
)
....................................
14,408,393
Loan
Participations
and
Assignments
0.5%
a
,g
,i
,l
Alfa
Bank
AO
Via
Alfa
Bond
Issuance
plc
,
Sub.
Bond
,
144A,
FRN
,
5.95
%
,
(
5-year
CMT
T-Note
+
4.546
%
),
4/15/30
...........
Russia
1,000,000
—
i
Ardshinbank
CJSC
Via
Dilijan
Finance
BV
,
Senior
Note
,
144A,
6.6
%
,
1/22/31
....................................
Armenia
700,000
704,835
a
,d
,k
,m
Global
Distressed
Alpha
Fund
III
LP
,
PIK,
12
%
,
Perpetual
................................
United
States
2,041,337
—
Total
Loan
Participations
and
Assignments
(Cost
$
3,219,685
)
..................
704,835
Foreign
Government
and
Agency
Securities
68.6%
i
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
....................
Angola
1,697,000
1,770,421
Senior
Bond
,
144A,
9.375
%
,
5/08/48
...................
Angola
1,800,000
1,757,780
Argentina
Bonos
del
Tesoro
Nacional
Capitalizable
en
Pesos
,
24.08
%
,
6/30/26
...................................
Argentina
1,720,000,000
ARS
1,216,909
Argentina
Government
Bond
,
Senior
Bond
,
4.125
%
,
7/09/35
........................
Argentina
1,835,000
1,371,663
Senior
Note
,
1
%
,
7/09/29
............................
Argentina
882,343
788,374
i
Armenia
Government
Bond
,
Senior
Bond
,
144A,
3.6
%
,
2/02/31
.
Armenia
1,600,000
1,473,383
i
Benin
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/19/32
...................
Benin
683,000
EUR
772,428
Senior
Bond
,
144A,
7.96
%
,
2/13/38
....................
Benin
400,000
412,071
Senior
Bond
,
144A,
8.375
%
,
1/23/41
...................
Benin
1,600,000
1,668,238
Brazil
Government
Bond
,
Senior
Bond
,
4.75
%
,
1/14/50
.........................
Brazil
1,870,000
1,390,345
j
B
,
Index
Linked,
6
%
,
5/15/35
.........................
Brazil
15,614,505
BRL
2,883,582
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/35
............
Brazil
4,600,000
BRL
761,639
i
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
1.375
%
,
9/23/50
..................
Bulgaria
1,990,000
EUR
1,285,055
Senior
Note
,
Reg
S,
4.125
%
,
9/23/29
...................
Bulgaria
250,000
EUR
304,852
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
...................
Bulgaria
700,000
EUR
831,136
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)
i
Cameroon
Government
Bond
,
Senior
Bond
,
144A,
5.95
%
,
7/07/32
.........................................
Cameroon
2,130,000
EUR
$
2,231,076
Colombia
Government
Bond
,
Senior
Bond
,
7.5
%
,
2/02/34
..........................
Colombia
480,000
503,280
Senior
Note
,
5.75
%
,
11/26/34
.........................
Colombia
600,000
EUR
684,605
Colombia
Titulos
de
Tesoreria
,
B
,
11
%
,
8/22/29
...................................
Colombia
2,315,000,000
COP
587,789
B
,
13.25
%
,
2/09/33
................................
Colombia
1,932,400,000
COP
513,340
i
Congo
Government
Bond
,
Senior
Note
,
Reg
S,
9.875
%
,
11/07/32
Congo
1,600,000
1,603,610
i
Dominican
Republic
Government
Bond
,
Senior
Bond
,
144A,
13.625
%
,
2/03/33
..................
Dominican
Republic
70,650,000
DOP
1,422,224
Senior
Bond
,
144A,
6.95
%
,
3/15/37
....................
Dominican
Republic
800,000
835,880
Senior
Bond
,
144A,
6.4
%
,
6/05/49
.....................
Dominican
Republic
850,000
814,640
Egypt
Government
Bond
,
25.318
%
,
8/13/27
..................................
Egypt
41,000,000
EGP
774,383
24.458
%
,
10/01/27
.................................
Egypt
77,307,000
EGP
1,432,015
i
Senior
Bond
,
144A,
7.3
%
,
9/30/33
.....................
Egypt
875,000
849,117
i
Senior
Bond
,
144A,
7.5
%
,
2/16/61
.....................
Egypt
1,310,000
1,043,338
i
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
7.65
%
,
6/15/35
...................
El
Salvador
2,900,000
2,983,520
Senior
Note
,
144A,
0.25
%
,
4/17/30
.....................
El
Salvador
1,200,000
49,200
g
,i
Ethiopia
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
12/11/24
..................
Ethiopia
2,700,000
2,780,952
Senior
Bond
,
Reg
S,
6.625
%
,
12/11/24
..................
Ethiopia
620,000
638,589
i
Gabon
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
2/06/31
...................
Gabon
1,840,000
1,555,732
Senior
Bond
,
144A,
7
%
,
11/24/31
......................
Gabon
2,250,000
1,872,356
i
Ghana
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
7/03/35
...
Ghana
600,000
552,165
i
Grenada
Government
Bond
,
Senior
Bond
,
144A,
7
%
,
5/12/30
..
Grenada
646,897
625,873
i
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/01/50
.........................................
Guatemala
1,500,000
1,503,600
i
Honduras
Government
Bond
,
Senior
Bond
,
144A,
5.625
%
,
6/24/30
.........................................
Honduras
1,445,000
1,442,876
Hungary
Government
Bond
,
3
%
,
10/27/38
.................
Hungary
359,700,000
HUF
860,346
Iraq
Government
Bond
,
i
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....................
Iraq
3,500,000
3,432,941
i
Ivory
Coast
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
1/30/32
...................
Ivory
Coast
2,456,000
EUR
2,772,788
Senior
Bond
,
144A,
8.25
%
,
1/30/37
....................
Ivory
Coast
600,000
644,150
Jamaica
Government
Bond
,
Senior
Note
,
9.625
%
,
11/03/30
....
Jamaica
78,500,000
JMD
527,674
i
Jordan
Government
Bond
,
Senior
Bond
,
144A,
5.85
%
,
7/07/30
....................
Jordan
1,400,000
1,396,849
Senior
Bond
,
144A,
7.375
%
,
10/10/47
..................
Jordan
1,450,000
1,401,458
Kazakhstan
MEOKAM
,
10.5
%
,
8/04/26
...................................
Kazakhstan
319,489,000
KZT
678,651
13.9
%
,
9/16/26
...................................
Kazakhstan
394,713,000
KZT
842,180
Kazakhstan
MEUKAM
,
Senior
Bond
,
6.5
%
,
10/24/27
.........................
Kazakhstan
215,520,000
KZT
406,713
Senior
Bond
,
5
%
,
4/18/28
...........................
Kazakhstan
870,900,000
KZT
1,543,861
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.75
%
,
5/29/31
.................................
Mexico
16,120,000
n
MXN
886,348
M
,
8
%
,
11/07/47
...................................
Mexico
54,182,500
n
MXN
2,618,252
i
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
1,290,000
EUR
1,524,085
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)
Mozambique
Government
Bond
,
i
144A,
9
%
,
9/15/31
.................................
Mozambique
2,471,000
$
2,030,851
Nigeria
Government
Bond
,
17.95
%
,
6/25/32
...................................
Nigeria
2,479,414,000
NGN
1,899,337
i
Senior
Bond
,
Reg
S,
7.625
%
,
11/28/47
..................
Nigeria
900,000
880,210
i
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
360,000
EUR
412,145
i
Pakistan
Government
Bond
,
Senior
Bond
,
144A,
7.375
%
,
4/08/31
Pakistan
1,510,000
1,457,741
i
Romania
Government
Bond
,
Senior
Bond
,
Reg
S,
3.875
%
,
10/29/35
.................
Romania
1,450,000
EUR
1,462,198
Senior
Bond
,
Reg
S,
5.625
%
,
2/22/36
..................
Romania
1,370,000
EUR
1,568,061
Senior
Note
,
Reg
S,
5.25
%
,
5/30/32
....................
Romania
445,000
EUR
522,690
g
,i
Saderea
DAC
,
Senior
Secured
Bond
,
Reg
S,
12.5
%
,
11/30/26
..
Ghana
2,265,332
2,423,906
South
Africa
Government
Bond
,
8.75
%
,
2/28/48
...................................
South
Africa
39,690,000
ZAR
2,252,527
Senior
Bond
,
5.75
%
,
9/30/49
.........................
South
Africa
1,600,000
1,293,621
i
Sri
Lanka
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
6/15/35
Sri
Lanka
122,000
94,208
i
Srpska
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
4/02/31
.....................
Bosnia
and
Herzegovina
1,500,000
EUR
1,786,250
Senior
Note
,
144A,
6.375
%
,
5/08/33
....................
Bosnia
and
Herzegovina
350,000
EUR
402,402
i
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
1,400,000
1,521,380
Tunisia
Government
Bond
,
Senior
Bond
,
4.2
%
,
3/17/31
..........................
Tunisia
350,000,000
JPY
1,947,197
i
Senior
Note
,
Reg
S,
6.375
%
,
7/15/26
...................
Tunisia
700,000
EUR
818,883
Turkiye
Government
Bond
,
36
%
,
8/12/26
.....................................
Turkiye
120,998,000
TRY
2,659,356
Senior
Bond
,
4.875
%
,
4/16/43
........................
Turkiye
1,800,000
1,311,170
Uganda
Government
Bond
,
14.25
%
,
8/23/29
...............
Uganda
5,343,300,000
UGX
1,448,500
i
Ukraine
Government
Bond
,
Senior
Bond
,
144A,
2/01/35
..........................
Ukraine
265,892
135,860
Senior
Bond
,
144A,
4.5
%
,
2/01/35
.....................
Ukraine
639,491
387,161
Senior
Bond
,
144A,
2/01/36
..........................
Ukraine
221,577
113,314
Senior
Bond
,
144A,
4.5
%
,
2/01/36
.....................
Ukraine
693,632
412,416
Senior
Note
,
144A,
4
%
,
2/01/32
.......................
Ukraine
2,881,000
2,212,235
Senior
Note
,
144A,
4.5
%
,
2/01/34
.....................
Ukraine
758,281
466,083
i
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
16.625
%
,
5/29/27
...................
Uzbekistan
16,730,000,000
UZS
1,485,710
Senior
Note
,
144A,
15.5
%
,
2/25/28
.....................
Uzbekistan
8,100,000,000
UZS
729,154
g
,i
Venezuela
Government
Bond
,
Senior
Bond
,
Reg
S,
6
%
,
12/09/20
.....................
Venezuela
720,000
312,300
Senior
Bond
,
Reg
S,
7.65
%
,
4/21/25
...................
Venezuela
3,000,000
1,424,250
Total
Foreign
Government
and
Agency
Securities
(Cost
$
95,286,481
)
............
101,395,448
Supranational
3.5%
i
Asian
Infrastructure
Investment
Bank
(The)
,
Senior
Note
,
Reg
S,
7
%
,
3/01/29
......................................
Supranational
o
57,600,000
INR
592,157
i
Banque
Ouest
Africaine
de
Developpement
,
Sub.
Bond
,
144A,
8.2%
to
2/12/30,
FRN
thereafter
,
2/13/55
................
Supranational
o
700,000
699,910
i
Corp.
Andina
de
Fomento
,
Senior
Bond
,
Reg
S,
7.5
%
,
6/10/30
....................
Supranational
o
8,630,000
MXN
467,529
Senior
Note
,
144A,
10.2
%
,
5/07/29
.....................
Supranational
o
4,900,000,000
MNT
1,369,863
European
Bank
for
Reconstruction
&
Development
,
Senior
Bond
,
11
.09
%
,
1/30/46
........................
Supranational
o
115,600,000
ZAR
869,445
Senior
Note
,
8.5
%
,
6/26/28
..........................
Supranational
o
400,000
AZN
239,914
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Supranational
(continued)
Inter-American
Development
Bank
,
Senior
Note
,
7
%
,
1/25/29
............................
Supranational
o
47,000,000
INR
$
484,985
Senior
Note
,
7.35
%
,
10/06/30
.........................
Supranational
o
17,000,000
INR
177,880
International
Finance
Corp.
,
8
%
,
7/23/27
..................
Supranational
o
500,000
AZN
301,232
Total
Supranational
(Cost
$
5,462,662
)
........................................
5,202,915
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
............
South
Africa
275,106
4,354
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
4,354
Total
Long
Term
Investments
(Cost
$
164,503,065
)
.............................
137,535,062
a
Short
Term
Investments
5.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.5%
f
Egypt
Treasury
Bills
,
19
.86
%
,
7/21/26
....................
Egypt
18,500,000
EGP
330,086
f
Kazakhstan
MEKKAM
,
9
.81
%
,
5/15/26
...................
Kazakhstan
170,000,000
KZT
365,451
Total
Foreign
Government
and
Agency
Securities
(Cost
$
680,557
)
..............
695,537
Shares
Money
Market
Funds
5.1%
p,q
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.593
%
.........................................
United
States
7,527,949
7,527,949
Total
Money
Market
Funds
(Cost
$
7,527,949
)
.................................
7,527,949
Total
Short
Term
Investments
(Cost
$
8,208,506
)
...............................
8,223,486
a
Total
Investments
(Cost
$
172,711,571
)
98.7
%
.................................
$145,758,548
Other
Assets,
less
Liabilities
1.3
%
...........................................
2,045,202
Net
Assets
100.0%
.........................................................
$147,803,750
a
a
a
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.
8
At
April
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviation
s
on
page
18
.
*
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.
d
The
security
is
owned
by
Alternative
Strategies
(FT)
Ltd.,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
5.
e
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.
f
The
rate
shown
represents
the
yield
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Represents
claims
that
have
been
filed
with
a
Ghanaian
court
against
National
Investment
Bank
of
Ghana.
i
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,
2026,
the
aggregate
value
of
these
securities
was
$93,955,387,
representing
63.6%
of
net
assets.
j
Principal
amount
of
security,
redemption
price
at
maturity,
and/or
coupon
payments
are
adjusted
for
inflation.
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Perpetual
security
with
no
stated
maturity
date.
n
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
o
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
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
Euro
.............
CITI
Sell
15,600,000
18,191,412
6/11/26
$
—
$
(
150,826
)
Japanese
Yen
......
CITI
Sell
321,000,000
2,052,614
6/11/26
—
(
4,653
)
Total
Forward
Exchange
Contracts
...................................................
—
$(155,479)
Net
unrealized
appreciation
(depreciation)
............................................
$(155,479)
*
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,
2026
Franklin
International
Growth
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.4%
Aerospace
&
Defense
6.9%
Exosens
SAS
......................................
France
281,700
$
21,512,112
MTU
Aero
Engines
AG
...............................
Germany
65,000
22,292,172
43,804,284
Air
Freight
&
Logistics
3.5%
DSV
A/S
..........................................
Denmark
91,100
22,405,116
Banks
7.0%
DBS
Group
Holdings
Ltd.
.............................
Singapore
451,400
20,814,355
FinecoBank
Banca
Fineco
SpA
.........................
Italy
941,600
23,375,808
44,190,163
Biotechnology
5.6%
a
Argenx
SE
,
ADR
....................................
Netherlands
31,300
24,467,836
a
BioNTech
SE
,
ADR
..................................
Germany
106,400
11,007,080
35,474,916
Broadline
Retail
2.8%
a
MercadoLibre,
Inc.
..................................
Brazil
9,900
17,747,037
Building
Products
3.8%
Belimo
Holding
AG
..................................
Switzerland
26,000
23,809,744
Capital
Markets
6.8%
ICG
plc
...........................................
United
Kingdom
963,000
23,742,507
Swissquote
Group
Holding
SA
..........................
Switzerland
38,900
19,686,854
43,429,361
Chemicals
2.4%
Sika
AG
..........................................
Switzerland
82,000
15,126,231
Electronic
Equipment,
Instruments
&
Components
2.3%
Inficon
Holding
AG
..................................
Switzerland
77,400
14,326,766
Entertainment
2.8%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
268,900
17,748,414
Health
Care
Equipment
&
Supplies
3.9%
Alcon
AG
.........................................
United
States
333,200
24,874,162
Hotels,
Restaurants
&
Leisure
2.5%
Amadeus
IT
Group
SA
...............................
Spain
279,300
16,116,263
Household
Durables
3.3%
Sony
Group
Corp.
...................................
Japan
1,041,200
20,860,788
Interactive
Media
&
Services
3.1%
b
Scout24
SE
,
144A
,
Reg
S
.............................
Germany
239,394
19,932,508
IT
Services
2.4%
a
Shopify,
Inc.
,
A
.....................................
Canada
125,800
15,238,154
Life
Sciences
Tools
&
Services
3.9%
Lonza
Group
AG
....................................
Switzerland
40,100
24,654,339
Machinery
7.0%
Interroll
Holding
AG
..................................
Switzerland
10,500
21,958,149
b
VAT
Group
AG
,
144A
,
Reg
S
...........................
Switzerland
29,800
22,387,261
44,345,410
Oil,
Gas
&
Consumable
Fuels
1.5%
Secure
Waste
Infrastructure
Corp.
.......................
Canada
560,000
9,543,932
Pharmaceuticals
5.8%
AstraZeneca
plc
....................................
United
Kingdom
117,200
22,235,461
Franklin
Global
Trust
Schedule
of
Investments
(unaudited)
Franklin
International
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
a
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
.................
Israel
421,540
$
14,783,408
37,018,869
Professional
Services
2.5%
Experian
plc
.......................................
United
States
433,000
15,843,060
Semiconductors
&
Semiconductor
Equipment
12.6%
ASML
Holding
NV
...................................
Netherlands
13,500
19,514,875
Disco
Corp.
........................................
Japan
36,500
17,366,061
a
Nova
Ltd.
.........................................
Israel
40,000
20,017,200
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
.........
Taiwan
58,000
22,971,480
79,869,616
Software
3.2%
a,c
CyberArk
Software
Ltd.
...............................
United
States
34,000
1,530,000
a
Kinaxis,
Inc.
.......................................
Canada
179,000
18,493,658
20,023,658
Specialty
Retail
3.8%
Fast
Retailing
Co.
Ltd.
................................
Japan
51,000
24,008,012
Total
Common
Stocks
(Cost
$
486,096,942
)
...................................
630,390,803
Short
Term
Investments
1.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.1%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.593
%
.........................................
United
States
6,873,680
6,873,680
Total
Money
Market
Funds
(Cost
$
6,873,680
)
.................................
6,873,680
Total
Short
Term
Investments
(Cost
$
6,873,680
)
...............................
6,873,680
a
Total
Investments
(Cost
$
492,970,622
)
100.5
%
................................
$637,264,483
Other
Assets,
less
Liabilities
(
0.5
)
%
.........................................
(2,801,944)
Net
Assets
100.0%
.........................................................
$634,462,539
a
a
a
See
A
bbreviations
o
n
page
18
.
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,
2026,
the
aggregate
value
of
these
securities
was
$42,319,769,
representing
6.7%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Global
Trust
11
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Global
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of 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)
12
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,
2026,
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,
2026,
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,
2026,
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
$
—
$
—
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)
...............
$3,100,000
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
2. Financial
Instrument
Valuation
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
13
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,
2026,
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,
2026,
the
net
assets
of
the
FT
Subsidiary
were
$2,297,326,
representing 1.6%
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.)
    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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$6,669,994
$66,928,613
$(66,070,658)
$—
$—
$7,527,949
7,527,949
$162,516
Total
Affiliated
Securities
...
$6,669,994
$66,928,613
$(66,070,658)
$—
$—
$7,527,949
$162,516
Franklin
International
Growth
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$15,291,485
$222,138,092
$(230,555,897)
$—
$—
$6,873,680
6,873,680
$323,861
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.593%
............
$—
$12,340,000
$(12,340,000)
$—
$—
$—
—
$3,827
Total
Affiliated
Securities
...
$15,291,485
$234,478,092
$(242,895,897)
$—
$—
$6,873,680
$327,688
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
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,
2026,
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:
a
Common
Stocks
:
Financial
Services
......................
$
—
$
—
$
—
b
$
—
Metals
&
Mining
.......................
22,657
—
—
22,657
Real
Estate
Management
&
Development
....
—
217
—
217
Warrants
...............................
—
—
2,299,154
b
2,299,154
Private
Limited
Partnership
Funds
............
—
—
—
b
—
Convertible
Bonds
.......................
—
77,904
—
77,904
Quasi-Sovereign
Bonds
:
Financial
Services
......................
—
—
—
b
—
Municipal
Bonds
.......................
—
3,449,818
—
3,449,818
Oil,
Gas
&
Consumable
Fuels
.............
—
7,136,874
1,969,761
9,106,635
Transportation
Infrastructure
..............
—
862,732
—
862,732
Corporate
Bonds
:
Banks
...............................
—
437,760
—
437,760
Broadline
Retail
.......................
—
—
—
b
—
Chemicals
...........................
—
2,025,914
—
2,025,914
Commercial
Services
&
Supplies
...........
—
216,563
—
216,563
Diversified
Telecommunication
Services
.....
—
680,491
—
680,491
Electric
Utilities
........................
—
3,733,220
—
3,733,220
Food
Products
........................
—
442,000
—
442,000
Metals
&
Mining
.......................
—
810,552
—
810,552
Oil,
Gas
&
Consumable
Fuels
.............
—
2,959,611
—
2,959,611
Real
Estate
Management
&
Development
....
—
134,075
—
134,075
Transportation
Infrastructure
..............
—
675,579
—
675,579
Wireless
Telecommunication
Services
.......
—
2,292,628
—
2,292,628
Loan
Participations
and
Assignments
.........
—
704,835
—
b,c
704,835
Foreign
Government
and
Agency
Securities
....
—
101,395,448
—
101,395,448
Supranational
...........................
—
5,202,915
—
5,202,915
Escrows
and
Litigation
Trusts
...............
—
—
4,354
4,354
Short
Term
Investments
...................
7,527,949
695,537
—
8,223,486
Total
Investments
in
Securities
...........
$7,550,606
$133,934,673
d
$4,273,269
$145,758,548
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
155,479
$
—
$
155,479
Total
Other
Financial
Instruments
.........
$—
$155,479
$—
$155,479
Franklin
International
Growth
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
—
43,804,284
—
43,804,284
Air
Freight
&
Logistics
...................
—
22,405,116
—
22,405,116
Banks
...............................
—
44,190,163
—
44,190,163
Biotechnology
.........................
35,474,916
—
—
35,474,916
Broadline
Retail
.......................
17,747,037
—
—
17,747,037
Building
Products
......................
—
23,809,744
—
23,809,744
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
International
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Capital
Markets
........................
$
—
$
43,429,361
$
—
$
43,429,361
Chemicals
...........................
—
15,126,231
—
15,126,231
Electronic
Equipment,
Instruments
&
Components
........................
—
14,326,766
—
14,326,766
Entertainment
.........................
—
17,748,414
—
17,748,414
Health
Care
Equipment
&
Supplies
.........
—
24,874,162
—
24,874,162
Hotels,
Restaurants
&
Leisure
.............
—
16,116,263
—
16,116,263
Household
Durables
....................
—
20,860,788
—
20,860,788
Interactive
Media
&
Services
..............
—
19,932,508
—
19,932,508
IT
Services
...........................
15,238,154
—
—
15,238,154
Life
Sciences
Tools
&
Services
............
—
24,654,339
—
24,654,339
Machinery
............................
21,958,149
22,387,261
—
44,345,410
Oil,
Gas
&
Consumable
Fuels
.............
9,543,932
—
—
9,543,932
Pharmaceuticals
.......................
14,783,408
22,235,461
—
37,018,869
Professional
Services
...................
—
15,843,060
—
15,843,060
Semiconductors
&
Semiconductor
Equipment
.
42,988,680
36,880,936
—
79,869,616
Software
.............................
18,493,658
—
1,530,000
20,023,658
Specialty
Retail
........................
—
24,008,012
—
24,008,012
Short
Term
Investments
...................
6,873,680
—
—
6,873,680
Total
Investments
in
Securities
...........
$183,101,614
$452,632,869
e
$1,530,000
$637,264,483
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
c
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,
2026.
d
Includes
foreign
securities
valued
at
$217,
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.
e
Includes
foreign
securities
valued
at
$452,632,869,
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.
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
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,
2026,
the
reconciliations
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Emerging
Market
Debt
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
d
$
—
$
—
d
$
—
$
—
$
—
$
(433,379)
$
433,379
$
—
$
—
Financial
Services
...
—
d
—
—
—
—
—
—
—
—
d
—
Warrants
:
Financial
Services
...
691,095
—
—
—
—
—
—
1,608,059
2,299,154
1,608,059
Metals
&
Mining
.....
—
—
d
—
—
—
—
—
—
—
d
—
Private
Limited
Partnership
Funds
:
Capital
Markets
.....
—
d
—
—
—
—
—
—
—
—
d
—
Quasi-Sovereign
Bonds
:
502,464
d
1,990,000
(493,049)
—
—
490
(15,687)
(14,457)
1,969,761
d
(20,729)
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Loan
Participations
and
Assignments
:
—
d
38,115
d
110
—
—
—
(110)
(38,115)
—
d
—
Escrows
and
Litigation
Trusts
:
3,982
—
—
—
—
—
—
372
4,354
372
Supranational
:
532,174
—
—
—
(532,174)
—
—
—
—
—
Total
Investments
in
Securities
............
$1,729,715
$2,028,115
$(492,939)
$—
$(532,174)
$490
$(449,176)
$1,989,238
$4,273,269
$1,587,702
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
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
17
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,
2026,
are
as
follows:
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:
Warrants:
Financial
Services
.......
$2,299,154
Recovery
value
Implied
recovery
13.2%
Increase
Quasi-Sovereign
Bonds:
Oil,
Gas
&
Consumable
Fuels
...................
1,969,761
Discounted
cash
flow
Discount
rate
11.8%
Decrease
All
Other
...................
4,354
b,c
Total
.........................
$4,273,269
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.
6. Fair
Value
Measurements
(continued)
Franklin
Global
Trust
Notes
to
Schedules
of
Investments
(unaudited)
18
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
CITI
Citibank
NA
Cu
r
rency
ARS
Argentine
Peso
AZN
Azerbaijan
Manat
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EGP
Egyptian
Pound
EUR
Euro
HUF
Hungarian
Forint
INR
Indian
Rupee
JMD
Jamaican
Dollar
JPY
Japanese
Yen
KZT
Kazakhstani
Tenge
MNT
Mongolian
Tugrik
MXN
Mexican
Peso
NGN
Nigerian
Naira
TRY
Turkish
Lira
UGX
Ugandan
Shilling
UZS
Uzbekistani
Som
ZAR
South
African
Rand
Selected
Portfolio
ADR
American
Depositary
Receipt
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
FRN
Floating
Rate
Note
GDR
Global
Depositary
Receipt
PIK
Payment-In-Kind
PTN
Pass-through
Note
T-Note
Treasury
Note
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.