UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-10157

Franklin Global Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 7/31

Date of reporting period: 7/31/20

Item 1.  Reports to Stockholders.

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Global

Trust

July

31,

2020

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up

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International

Growth

Fund

Franklin

International

Small

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January

1,

2021,

as

permitted

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SEC,

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shareholder

reports

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sent

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mail,

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specifically

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the

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intermediary.

Instead,

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reports

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available

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franklintempleton.com

Not

part

of

the

annual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

12

months

ended

July

31,

2020,

global

economies

generally

grew

through

the

end

of

2019

amid

concerns

about

trade

but

contracted

in

2020’s

first

two

quarters

as

the

world

sought

to

slow

the

spread

of

the

novel

coronavirus

(COVID-19)

pandemic.

Many

equity

investors

shifted

to

government

bonds

and

cash

starting

in

early

2020,

and

major

central

banks

acted

swiftly

to

maintain

financial

stability

and

ease

monetary

policy.

The

European

Central

Bank

launched

its

Pandemic

Emergency

Purchase

Programme

in

April

2020,

and

the

U.S.

Federal

Reserve

(Fed),

which

lowered

the

federal

funds

target

rate

three

times

in

2019,

lowered

the

rate

twice

in

March

2020

in

response

to

the

pandemic

and

revived

programs

from

the

Great

Recession

designed

to

add

liquidity

to

credit

markets.

In

this

environment,

stocks

in

global

developed

markets

excluding

the

U.S.

and

Canada

ended

the

period

with

marginally

negative

returns,

as

measured

by

the

MSCI

Europe,

Australasia

and

Far

East

Index.

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

We

believe

active,

professional

investment

management

serves

investors

well.

We

also

recognize

the

important

role

of

financial

advisors

in

today’s

markets

and

encourage

investors

to

continue

to

seek

their

advice.

Amid

changing

markets

and

economic

conditions,

we

are

confident

investors

with

a

well-diversified

portfolio

and

a

patient,

long-term

outlook

should

be

well-positioned

for

the

years

ahead.

Franklin

Global

Trust’s

annual

report

includes

more

detail

about

prevailing

conditions

and

discussions

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Edward

Perks,

CFA

President

and

Chief

Executive

Officer

-

Investment

Management

Franklin

Global

Trust

This

letter

reflects

our

analysis

and

opinions

as

of

July

31,

2020,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

franklintempleton.com

Annual

Report

2

Contents

Annual

Report

Economic

and

Market

Overview

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

3

Franklin

International

Growth

Fund

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

4

Franklin

International

Small

Cap

Fund

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

11

Financial

Highlights

and

Statements

of

Investments

...

18

Financial

Statements

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

33

Notes

to

Financial

Statements

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

37

Report

of

Independent

Registered

Public

Accounting

Firm

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

51

Tax

Information

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

52

Board

Members

and

Officers

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

53

Shareholder

Information

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

58

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

ANNUAL

REPORT

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

World

Index,

advanced

during

the

12-month

period.

Stocks

posted

strong

returns

for

the

first

five

months

of

the

reporting

period,

but

fell

sharply

in

early

2020

amid

investor

fears

of

a

global

economic

slowdown

due

to

the

novel

coronavirus

(COVID-19)

pandemic,

which

drove

many

investors

to

sell

equity

holdings

in

favor

of

investments

perceived

as

safe,

such

as

government

bonds

and

cash.

During

the

last

four

months

of

the

period,

global

equities

rebounded

due

to

optimism

about

easing

lockdown

restrictions,

vaccine

development

and

government

stimulus

measures.

Nevertheless,

a

second

wave

of

infections

and

expected

restrictions,

as

well

as

renewed

tensions

between

the

U.S.

and

China,

weighed

on

investor

sentiment.

In

the

U.S.,

a

strong

labor

market

and

solid

consumer

spending

drove

economic

growth

through

February

2020.

However,

government

mandates

to

mitigate

the

pandemic

beginning

in

March

caused

stiff

headwinds

for

the

U.S.

economy

and

equity

markets.

As

a

result,

the

unemployment

rate

surged

to

14.7%

in

April

as

many

businesses,

particularly

those

involved

in

hospitality,

retail

and

travel,

announced

mass

layoffs.

1

According

to

the

National

Bureau

of

Economic

Research,

the

longest

U.S.

economic

expansion

in

history

ended

in

February

2020,

and

the

country

slipped

into

a

deep

recession.

Equities

began

to

rebound

in

the

spring

amid

declining

jobless

claims,

a

decreasing

unemployment

rate,

rising

retail

sales

and

optimism

about

treatments

and

potential

vaccines

for

COVID-19.

However,

surging

infection

rates

in

June

and

July

dampened

economic

activity,

weekly

jobless

claims

increased,

and

second-quarter

2020

gross

domestic

product

contracted

at

the

fastest

annualized

rate

on

U.S.

record.

The

U.S.

Federal

Reserve

(Fed)

supported

the

U.S.

economy

both

before

and

after

the

onset

of

the

pandemic,

lowering

the

federal

funds

target

rate

three

times

in

2019

to

a

range

of

1.50%–1.75%.

In

March

2020,

the

Fed

implemented

two

emergency

rate

cuts,

lowering

the

federal

funds

target

rate

to

a

range

of

0.00%–0.25%,

and

announced

sweeping

quantitative

easing

measures

aimed

at

ensuring

credit

flows

to

borrowers

and

supporting

credit

markets

with

unlimited

amounts

of

bond

purchasing.

In

the

eurozone,

some

analysts

forecasted

a

significant

contraction

in

2020,

particularly

in

southern

European

countries,

as

the

magnitude

of

the

pandemic’s

economic

disruption

became

apparent.

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index,

declined

slightly

for

the

period.

However,

easing

lockdowns

and

robust

fiscal

stimulus

measures

late

in

the

reporting

period

led

to

a

significant

rebound

from

the

March

2020

lows.

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index,

advanced

during

the

12-month

period.

Before

the

pandemic,

Asian

stocks

were

aided

by

easing

trade

tensions

and

the

U.S.-

China

phase

one

trade

agreement.

However,

the

pandemic

brought

dramatically

slower

economic

activity

in

Asia,

as

many

businesses

halted

operations,

and

manufacturing

and

export

activity

fell

sharply

in

the

region’s

major

economies.

Asian

markets

generally

advanced

late

in

the

period,

bolstered

by

COVID-19

vaccine

hopes,

fiscal

stimulus

measures

and

economies

reopening

throughout

the

region.

Emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index,

also

advanced

for

the

12-month

period

despite

severe

pandemic-related

declines

and

sharply

lower

commodity

prices,

which

hurt

emerging

market

economies

reliant

on

these

exports.

During

the

last

four

months

of

the

reporting

period,

however,

improving

economic

activity,

higher

oil

prices,

and

U.S.

dollar

weakness

led

to

strong

equity

performance.

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

July

31,

2020.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

U.S.

Bureau

of

Labor

Statistics.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

4

franklintempleton.com

Annual

Report

Franklin

International

Growth

Fund

This

annual

report

for

Franklin

International

Growth

Fund

covers

the

fiscal

year

ended

July

31,

2020

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation

by

investing

predominantly

in

equity

securities

of

mid-

and

large-

capitalization

companies,

generally

those

with

market

capitalizations

greater

than

$2

billion,

located

outside

of

the

U.S.,

including

developing

or

emerging

market

countries.

The

Fund

considers

international

companies

to

be

those

organized

under

the

laws

of

a

country

outside

of

the

U.S.

or

having

a

principal

office

in

a

country

outside

of

the

U.S.,

or

whose

securities

are

listed

or

traded

principally

on

a

recognized

stock

exchange

or

over-the-counter

market

outside

of

the

U.S.

Performance

Overview

For

the

12

months

ended

July

31,

2020,

the

Fund’s

Class

A

shares

posted

a

+25.52

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

Europe,

Australasia

and

Far

East

(EAFE)

Index-NR,

posted

a

-1.67%

total

return.

1

Also

for

comparison,

the

Fund’s

secondary

benchmark,

the

MSCI

EAFE

Index

posted

a

-1.24%

total

return.

1

Both

benchmarks

measure

global

developed

stock

market

performance

excluding

the

U.S.

and

Canada,

taking

into

account

the

impact

of

foreign

withholding

taxes

for

the

NR

benchmark.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

7

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Investment

Strategy

In

choosing

individual

equity

investments,

we

employ

a

disciplined,

bottom-up

approach

to

identify

attractive

investment

opportunities

that

have

higher

expected

revenue

and

earnings

growth

than

their

peers.

We

use

a

growth

investment

style

and

in-depth,

fundamental

research

to

identify

high-quality

companies,

across

all

industry

groups,

with

sustainable

business

models

that

offer

the

most

attractive

combination

of

growth,

quality

and

valuation.

The

investment

manager’s

process

generally

includes

an

assessment

of

the

potential

impacts

of

any

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

Manager’s

Discussion

The

Fund

outperformed

its

benchmark

as

an

overweighting

and

stock

selection

in

the

information

technology

(IT)

and

stock

selection

in

the

consumer

discretionary

sectors

contributed

to

relative

performance.

Stock

selection

and

an

underweighting

in

the

financials

sector

also

contributed.

In

contrast,

stock

selection

and

an

underweighting

in

the

consumer

staples

sector

detracted

from

relative

results,

as

did

stock

selection

in

health

care

and

a

lack

of

exposure

to

utilities.

Geographic

Composition

7/31/20

%

of

Total

Net

Assets

Europe

64.3%

North

America

10.7%

Asia

9.0%

Australia

&

New

Zealand

5.4%

Latin

America

&

Caribbean

3.8%

Middle East & Africa

2.7%

Short-Term

Investments

&

Other

Net

Assets

4.1%

Top

10

Countries

7/31/20

a

%

of

Total

Net

Assets

a

a

United

Kingdom

15.6%

Germany

14.6%

Netherlands

10.3%

Denmark

8.7%

United

States

7.2%

Australia

5.4%

Belgium

5.3%

Japan

5.2%

China

3.8%

Argentina

3.8%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

23

.

Franklin

International

Growth

Fund

5

franklintempleton.com

Annual

Report

In

IT,

the

continued

growth

in

e-commerce

during

the

global

pandemic

supported

shares

in

Canada-based

e-commerce

solutions

provider

Shopify

and

Netherlands-based

payments

processor

Adyen.

Shopify

has

continued

to

see

strong

demand

for

its

software

and

solutions,

as

retailers

look

to

move

more

of

their

business

online

to

meet

the

growing

demand

for

e-commerce

and

picking

up

online

orders

at

the

store.

Adyen

has

seen

an

increase

in

payment

volumes

for

online

purchases,

helping

offset

the

decline

in

travel

payment

volumes

and

reduced

in-person

shopping.

In

consumer

discretionary,

China-based

tutoring

services

company

TAL

Education

Group

and

Latin

American

online

marketplace

operator

MercadoLibre

supported

relative

performance

as

the

pandemic

has

led

to

increased

demand

for

their

online

services.

While

enrollment

in

TAL

Education

Group's

in-person

classes

has

declined,

online

tutoring

has

picked

up

significantly.

Similarly,

MercadoLibre

has

benefited

from

more

people

staying

home,

leading

to

an

increase

in

order

and

use

of

its

shipping

and

payment

services.

Elsewhere,

Belgium-based

clean

technologies

materials

firm

Umicore

boosted

relative

performance,

even

as

near-

term

results

likely

reflect

weakness

in

its

battery

materials

and

catalysis

businesses

due

to

the

temporary

drop

in

vehicle

production.

We

believe

Umicore's

clean

technology

businesses

should

benefit

from

the

increasing

emphasis

on

reducing

vehicle

emissions

globally.

Conversely,

in

health

care,

U.K.

medical

technology

company

LivaNova

hurt

relative

performance

due

to

weak

financials

in

recent

quarters.

However,

the

maker

of

cardiovascular

and

neurostimulation

equipment

may

see

increased

demand

as

the

ongoing

COVID-19

outbreak

could

lead

to

an

increase

in

people

needing

cardiac

and

respiratory

support.

Elsewhere,

Canada-based

flight

simulation

equipment

maker

CAE

and

Germany-based

aircraft

engine

manufacturer

MTU

Aero

Engines

detracted

from

relative

performance

due

to

concerns

about

the

drop-off

in

air

traffic

following

the

coronavirus

outbreak.

Both

companies

have

some

exposure

to

the

defense

sector,

which

could

provide

some

stability

even

as

civilian

air

travel

declines

over

the

coming

months.

U.K.-based

oilfield

services

provider

John

Wood

Group

hurt

relative

performance

due

to

low

oil

prices

reducing

industry

spending.

We

exited

the

position

during

the

12-month

period.

Ascential,

a

U.K.-based

trade

show

and

events

organizer,

also

detracted

from

relative

results.

The

company

was

hurt

by

canceled

conferences

due

to

the

coronavirus

outbreak,

but

we

expect

growth

will

resume

over

the

long

term

when

conferences

restart

once

it

is

safe

to

do

so.

In

the

meantime,

we

believe

Ascential

is

in

a

financially

strong

position

and

can

cope

with

the

current

downturn.

It

is

important

to

recognize

the

effect

of

currency

movements

on

the

Fund’s

performance.

In

general,

if

the

value

of

the

U.S.

dollar

goes

up

compared

with

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

go

down

in

value

because

it

will

be

worth

fewer

U.S.

dollars.

This

can

have

a

negative

effect

on

Fund

performance.

Conversely,

when

the

U.S.

dollar

weakens

in

relation

to

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

increase

in

value,

which

can

contribute

to

Fund

performance.

For

the

12

months

ended

July

31,

2020,

the

U.S.

dollar

declined

in

value

relative

to

many

currencies

in

which

the

Fund’s

investments

were

traded.

As

a

result,

the

Fund’s

performance

was

positively

affected

by

the

portfolio’s

Top

10

Industries

7/31/20

.

%

of

Total

Net

Assets

a

a

IT

Services

11.9%

Software

11.7%

Chemicals

9.5%

Health

Care

Equipment

&

Supplies

7.7%

Internet

&

Direct

Marketing

Retail

6.7%

Capital

Markets

6.0%

Banks

5.8%

Media

5.3%

Biotechnology

4.6%

Pharmaceuticals

4.5%

Top

10

Holdings

7/31/20

Company

Industry

,

Country

%

of

Total

Net

Assets

a

aa

Adyen

NV

3.9%

IT

Services

,

Netherlands

TAL

Education

Group

3.8%

Diversified

Consumer

Services

,

China

MercadoLibre

,

Inc.

3.8%

Internet

&

Direct

Marketing

Retail

,

Argentina

FinecoBank

Banca

Fineco

SpA

3.5%

Banks

,

Italy

DSV

PANALPINA

A/S

3.5%

Air

Freight

&

Logistics

,

Denmark

Keywords

Studios

plc

3.5%

IT

Services

,

Ireland

CyberAgent

,

Inc.

3.4%

Media

,

Japan

Koninklijke

DSM

NV

3.3%

Chemicals

,

Netherlands

Deutsche

Boerse

AG

3.3%

Capital

Markets

,

Germany

SAP

SE

3.3%

Software

,

Germany

Franklin

International

Growth

Fund

6

franklintempleton.com

Annual

Report

investment

predominantly

in

securities

with

non-U.S.

currency

exposure.

However,

one

cannot

expect

the

same

result

in

future

periods.

Thank

you

for

your

continued

participation

in

Franklin

International

Growth

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Donald

G.

Huber,

CFA

John

Remmert

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2020,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

July

31,

2020

Franklin

International

Growth

Fund

7

franklintempleton.com

Annual

Report

The

performance

table

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

7/31/20

1

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

A

4

1-Year

+25.52%

+18.63%

5-Year

+70.88%

+10.06%

10-Year

+135.06%

+8.31%

Advisor

1-Year

+25.90%

+25.90%

5-Year

+72.85%

+11.57%

10-Year

+141.48%

+9.22%

See

page

9

for

Performance

Summary

footnotes.

Franklin

International

Growth

Fund

Performance

Summary

8

franklintempleton.com

Annual

Report

See

page

9

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(8/1/10–7/31/20

)

Advisor

Class

(8/1/10–7/31/20

)

Franklin

International

Growth

Fund

Performance

Summary

9

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments.

Investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size

and

lesser

liquidity.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-

made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction

and

a

fee

waiver

associated

with

any

investments

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

11/30/20.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

without

these

reductions,

the

result

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Prior

to

9/10/18

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

5.

Source:

Morningstar.

The

MSCI

EAFE

Index

is

a

free

float-adjusted,

market

capitalization

weighted

index

designed

to

measure

equity

market

performance

in

global

devel-

oped

markets

excluding

the

U.S.

and

Canada.

The

NR

Index

reflects

the

deduction

of

withholding

taxes

on

reinvested

dividends.

6.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(8/1/19–7/31/20)

Share

Class

Net

Investment

Income

A

$0.0210

C

$0.0000

R

$0.000

0

R6

$0.0729

Advisor

$0.0504

Total

Annual

Operating

Expenses

6

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.13%

1.21%

Advisor

0.88%

0.96%

Your

Fund’s

Expenses

Franklin

International

Growth

Fund

10

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

182/366

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

2/1/20

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,102.80

$5.80

$1,019.34

$5.57

1.11%

C

$1,000

$1,098.80

$9.71

$1,015.61

$9.32

1.86%

R

$1,000

$1,101.30

$7.11

$1,018.10

$6.82

1.36%

R6

$1,000

$1,105.50

$3.72

$1,021.33

$3.57

0.71

%

Advisor

$1,000

$1,103.80

$4.50

$1,020.59

$4.32

0.86%

11

franklintempleton.com

Annual

Report

Franklin

International

Small

Cap

Fund

This

annual

report

for

Franklin

International

Small

Cap

Fund

covers

the

fiscal

year

ended

July

31,

2020.

Effective

June

3,

2013,

the

Fund

closed

to

new

investors,

with

limited

exceptions.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation

by

investing

at

least

80%

of

its

net

assets

in

a

diversified

portfolio

of

marketable

equity

and

equity-related

securities

of

smaller

international

companies

with

market

capitalizations

not

exceeding

$5

billion

(or

the

equivalent

in

local

currencies),

or

the

highest

market

capitalization

of

the

MSCI

Europe,

Australasia

and

Far

East

(EAFE)

Small

Cap

Index,

whichever

is

greater,

at

the

time

of

purchase.

The

Fund

considers

international

companies

to

be

those

organized

under

the

laws

of

a

country

outside

of

the

U.S.

or

having

a

principal

office

in

a

country

outside

of

the

U.S.,

or

whose

securities

are

listed

or

traded

principally

on

a

recognized

stock

exchange

or

over-the-counter

market

outside

of

the

U.S.

Performance

Overview

For

the

12

months

ended

July

31,

2020,

the

Fund’s

Class

A

shares

posted

a

-25.96%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

Europe,

Australasia

and

Far

East

(EAFE)

Small

Cap

Index-NR,

posted

a

+0.78%

total

return.

1

Also

for

comparison,

the

Fund’s

secondary

benchmark,

the

MSCI

EAFE

Small

Cap

Index

posted

a

+0.43%

total

return.

1

Both

benchmarks

track

small

cap

equity

performance

in

global

developed

markets

excluding

the

U.S.

and

Canada,

taking

into

account

the

impact

of

foreign

withholding

taxes

for

the

NR

benchmark.

You

can

find

the

Fund’s

long-term

performance

data

in

the

Performance

Summary

beginning

on

page

14

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Investment

Strategy

In

choosing

individual

equity

investments,

we

use

a

fundamental,

bottom-up

approach

involving

in-depth

proprietary

analysis

of

individual

equity

securities.

We

employ

a

quantitative

and

qualitative

approach

to

identify

smaller

international

companies

that

we

believe

have

the

potential

to

generate

attractive

returns

with

lower

downside

risk.

Such

companies

tend

to

have

proprietary

products

and

services,

which

can

sustain

a

longer-term

competitive

advantage,

and

they

tend

to

have

a

higher

probability

of

maintaining

a

strong

balance

sheet

and/or

generating

cash

flow.

After

we

identify

a

company,

we

conduct

a

thorough

analysis

to

establish

its

earnings

prospects

and

determine

its

value.

Overall,

we

seek

to

invest

in

quality

companies

with

attractive

valuations.

The

investment

manager’s

process

generally

includes

an

assessment

of

the

potential

impacts

of

any

material

environmental,

social

and

governance

(ESG)

factors

on

the

long-term

risk

and

return

profile

of

a

company.

We

do

not

select

investments

for

the

Fund

that

are

merely

representative

of

the

small

cap

asset

class

but

instead

aim

to

produce

a

portfolio

of

securities

of

exceptional

companies

operating

in

sectors

that

offer

attractive

growth

potential.

Although

we

seek

to

outperform

the

MSCI

EAFE

Small

Cap

Index-NR,

the

Fund

may

take

positions

that

are

not

represented

in

the

index.

Manager’s

Discussion

The

Fund

underperformed

its

benchmark

during

the

12-month

period

under

review.

Stock

selection

in

the

industrials,

communication

services

and

financials

sectors

detracted

from

relative

performance.

Conversely,

an

overweighting

in

consumer

staples

and

an

underweighting

in

real

estate

helped

relative

results.

Geographic

Composition

7/31/20

%

of

Total

Net

Assets

Europe

52.6%

Asia

20.8%

North

America

10.2%

Australia

&

New

Zealand

5.3%

Latin

America

&

Caribbean

3.9%

Short-Term

Investments

&

Other

Net

Assets

7.2%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).The

SOI

begins

on

page

30

.

Franklin

International

Small

Cap

Fund

12

franklintempleton.com

Annual

Report

In

industrials,

Spain-based

cash

management

and

transportation

business

Prosegur

Cash

hurt

relative

results.

Shares

declined

as

slower

global

economic

growth

due

to

the

global

pandemic

weighed

on

the

company's

first-quarter

revenues

and

challenges

in

the

Argentine

market

further

hurt

investor

sentiment.

Fundamentally,

we

believe

Prosegur

should

continue

to

benefit

from

its

recent

divestments

of

non-core

businesses

in

France

and

South

Africa,

along

with

improving

organic

growth

as

countries

begin

to

emerge

from

lockdown

and

cash

usage

picks

up.

In

communication

services,

U.K.-based

events

organizer

Hyve

Group

detracted

from

relative

results

as

the

firm

has

had

to

postpone

or

cancel

events

for

the

next

few

months

due

to

COVID-19.

However,

we

expect

that

once

lockdown

restrictions

are

lifted

and

travel

resumes,

Hyve’s

business

should

recover.

In

the

meantime,

the

company

has

been

cutting

costs

and

undertook

a

rights

issue

to

ensure

it

has

the

liquidity

to

ride

out

the

downturn

in

business.

In

financials,

Fairfax

India

Holdings

hindered

relative

performance.

The

Canada-based

investment

company,

with

a

focus

on

India,

was

hurt

by

concerns

about

the

impact

the

weak

Indian

economic

environment

and

global

lockdowns

would

have

on

some

of

its

investments,

such

as

the

Bangalore

Airport.

Over

the

longer

term

we

expect

the

Bangalore

Airport,

for

instance,

to

appreciate

in

value

as

more

travelers

to

India

pass

through

it.

Elsewhere,

U.K.-based

oilfield

services

firm

John

Wood

Group

was

a

significant

detractor

due

to

concerns

about

the

industry

spending

environment

over

the

near

term,

as

oil

prices

declined

following

the

price

war

between

Saudi

Arabia

and

Russia

and

global

economic

activity

weakened

due

to

the

COVID-19

outbreak.

Borr

Drilling

(not

held

at

period-end),

a

Norway-based

drillings

services

provider,

also

hampered

relative

performance

due

to

the

weaker

oil

price

environment

and

concerns

about

its

liquidity

during

the

past

12

months

Conversely,

in

consumer

staples

South

Korea-based

snack

foods

maker

Orion

and

Denmark-based

cigar

manufacturer

Scandinavian

Tobacco

Group

contributed

to

relative

returns,

as

more

defensive

companies

have

fared

better

during

the

global

pandemic.

We

expect

Orion's

snack

business

to

be

resilient

in

its

core

markets

of

South

Korea,

China

and

Vietnam

during

the

pandemic.

Scandinavian

Tobacco

Group

has

seen

robust

sales

ahead

of

some

excise

tax

increases

and

as

consumers

stocked

up

ahead

of

the

lockdowns.

While

the

second

quarter

of

2020

was

expected

to

be

challenging,

the

company

expects

earnings

will

begin

to

normalize

over

the

second

half

of

the

year.

Elsewhere,

France-based

small

appliances

manufacturer

SEB

contributed

to

relative

performance.

Although

the

company

had

shut

down

some

of

its

plants

in

Europe,

the

move

towards

home

cooking

during

the

national

lockdowns

around

the

world

could

lead

to

greater

demand

for

its

products.

We

believe

SEB

is

also

well-positioned

to

benefit

from

the

growing

Chinese

middle

class

over

the

longer

term.

Germany-based

Brenntag

and

Netherlands-based

IMCD,

both

chemicals

distributors,

also

boosted

relative

returns

following

better-than-expected

earnings

reports

late

in

the

reporting

period.

Brenntag's

European

business

was

strong,

with

growth

in

its

food

and

nutrition

and

cleaning

segments

doing

well

as

customers

stocked

up

ahead

of

the

various

regional

lockdowns.

IMCD

saw

strength

across

its

business

and

was

able

to

continue

to

operate

globally

despite

strict

lockdowns

in

many

markets.

However,

IMCD

did

caution

that

predicting

how

the

next

few

months

would

unfold

was

difficult,

given

the

unpredictable

nature

of

the

global

Top

10

Countries

7/31/20

a

%

of

Total

Net

Assets

a

a

United

Kingdom

13.4%

Sweden

8.6%

Spain

7.2%

France

6.2%

United

States

5.1%

Canada

5.0%

India

5.0%

Japan

4.5%

Ireland

4.0%

Chile

3.9%

Top

10

Industries

7/31/20

.

%

of

Total

Net

Assets

a

a

Commercial

Services

&

Supplies

14.0%

Insurance

7.7%

Food

Products

7.6%

Real

Estate

Management

&

Development

6.8%

Capital

Markets

5.0%

Machinery

4.5%

Health

Care

Providers

&

Services

4.5%

Trading

Companies

&

Distributors

4.3%

Pharmaceuticals

4.1%

Food

&

Staples

Retailing

4.0%

Franklin

International

Small

Cap

Fund

13

franklintempleton.com

Annual

Report

pandemic.

We

believe

the

company

is

well-diversified

and

has

a

strong

balance

sheet

that

can

allow

it

to

weather

the

current

economic

contraction.

It

is

important

to

recognize

the

effect

of

currency

movements

on

the

Fund’s

performance.

In

general,

if

the

value

of

the

U.S.

dollar

goes

up

compared

with

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

go

down

in

value

because

it

will

be

worth

fewer

U.S.

dollars.

This

can

have

a

negative

effect

on

Fund

performance.

Conversely,

when

the

U.S.

dollar

weakens

in

relation

to

a

foreign

currency,

an

investment

traded

in

that

foreign

currency

will

increase

in

value,

which

can

contribute

to

Fund

performance.

For

the

12

months

ended

July

31,

2020,

the

U.S.

dollar

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

investment

predominantly

in

securities

with

non-U.S.

currency

exposure.

Thank

you

for

your

continued

participation

in

Franklin

International

Small

Cap

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Edwin

Lugo,

CFA

Lead

Portfolio

Manager

Pankaj

Nevatia

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2020,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

state,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

7/31/20

Company

Industry

,

Country

%

of

Total

Net

Assets

a

aa

Biffa

plc

4.1%

Commercial

Services

&

Supplies

,

United

Kingdom

Total

Produce

plc

4.0%

Food

&

Staples

Retailing

,

Ireland

Liberty

Latin

America

Ltd.

3.9%

Diversified

Telecommunication

Services

,

Chile

SEB

SA

3.7%

Household

Durables

,

France

Orion

Corp.

3.7%

Food

Products

,

South

Korea

IMCD

NV

3.3%

Trading

Companies

&

Distributors

,

Netherlands

Arch

Capital

Group

Ltd.

3.0%

Insurance

,

United

States

Zardoya

Otis

SA

3.0%

Machinery

,

Spain

Shurgard

Self

Storage

SA

3.0%

Real

Estate

Management

&

Development

,

Belgium

Hansen

Technologies

Ltd.

2.9%

Software

,

Australia

Performance

Summary

as

of

July

31,

2020

Franklin

International

Small

Cap

Fund

14

franklintempleton.com

Annual

Report

The

performance

table

and

graphs

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

7/31/20

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

5.50%

and

the

minimum

is

0%.

Class

A

:

5.50%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3

1-Year

-25.96%

-30.03%

5-Year

-21.92%

-5.90%

10-Year

+31.52%

+2.20%

Advisor

1-Year

-25.74%

-25.74%

5-Year

-20.91%

-4.58%

10-Year

+35.07%

+3.05%

See

page

16

for

Performance

Summary

footnotes.

Franklin

International

Small

Cap

Fund

Performance

Summary

15

franklintempleton.com

Annual

Report

See

page

16

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

index

includes

reinvestment

of

any

income

or

distributions.

It

differs

from

the

Fund

in

composition

and

does

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

Class

A

(8/1/10–7/31/20

)

Advisor

Class

(8/1/10–7/31/20

)

Franklin

International

Small

Cap

Fund

Performance

Summary

16

franklintempleton.com

Annual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing,

including

currency

fluctuations,

economic

instability

and

political

developments.

Investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size

and

lesser

liquidity.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-

made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Prior

to

9/10/18

these

shares

were

offered

at

a

higher

initial

sales

charge

of

5.75%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

5.50%.

4.

Source:

Morningstar.

The

MSCI

EAFE

Small

Cap

Index

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

small

cap

equity

securities

of

global

developed

markets

excluding

the

U.S.

and

Canada.

The

NR

Index

reflects

the

deduction

of

withholding

taxes

on

reinvested

dividends.

5.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(8/1/19–7/31/20)

Share

Class

Long-Term

Capital

Gain

A

$0.8938

C

$0.8938

R

$0.8938

R6

$0.8938

Advisor

$0.8938

Total

Annual

Operating

Expenses

5

Share

Class

A

1.41%

Advisor

1.16%

Your

Fund’s

Expenses

Franklin

International

Small

Cap

Fund

17

franklintempleton.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

182/366

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

2/1/20

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$744.80

$7.28

$1,016.52

$8.42

1.68%

C

$1,000

$740.80

$10.43

$1,012.88

$12.07

2.41%

R

$1,000

$743.10

$8.04

$1,015.64

$9.30

1.86%

R6

$1,000

$745.80

$5.37

$1,018.71

$6.22

1.24%

Advisor

$1,000

$746.20

$5.56

$1,018.50

$6.43

1.28%

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Growth

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.62

$15.31

$13.18

$11.07

$11.16

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.04)

0.04

0.06

0.05

0.03

Net

realized

and

unrealized

gains

(losses)

...........

3.78

(0.50)

2.26

2.12

(0.12)

Total

from

investment

operations

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

3.74

(0.46)

2.32

2.17

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.02)

(0.03)

—

(0.06)

(—)

c

Net

realized

gains

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

—

(0.20)

(0.19)

—

—

Total

distributions

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

(0.02)

(0.23)

(0.19)

(0.06)

(—)

c

Net

asset

value,

end

of

year

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

$18.34

$14.62

$15.31

$13.18

$11.07

Total

return

d

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

25.52%

(2.62)%

17.73%

19.70%

(0.80)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.17%

1.19%

1.27%

1.54%

1.65%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

1.10%

1.05%

1.15%

1.31%

1.44%

Net

investment

income

(loss)

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

(0.25)%

0.32%

0.43%

0.37%

0.25%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$579,893

$289,944

$161,607

$185,680

$169,994

Portfolio

turnover

rate

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

37.51%

18.11%

58.36%

28.66%

27.27%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.00

$14.74

$12.80

$10.77

$10.94

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.15)

(0.06)

(0.03)

(0.04)

(0.05)

Net

realized

and

unrealized

gains

(losses)

...........

3.61

(0.48)

2.16

2.07

(0.12)

Total

from

investment

operations

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

3.46

(0.54)

2.13

2.03

(0.17)

Less

distributions

from:

Net

realized

gains

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

—

(0.20)

(0.19)

—

—

Net

asset

value,

end

of

year

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

$17.46

$14.00

$14.74

$12.80

$10.77

Total

return

c

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

24.63%

(3.34)%

16.76%

18.85%

(1.55)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.92%

1.94%

2.02%

2.29%

2.40%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.85%

1.80%

1.90%

2.06%

2.19%

Net

investment

income

(loss)

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

(0.98)%

(0.43)%

(0.32)%

(0.38)%

(0.50)%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$39,440

$27,397

$22,542

$8,702

$6,773

Portfolio

turnover

rate

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

37.51%

18.11%

58.36%

28.66%

27.27%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.50

$15.21

$13.16

$11.02

$11.15

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.07)

—

c

0.04

0.02

(—)

c

Net

realized

and

unrealized

gains

(losses)

...........

3.73

(0.48)

2.22

2.13

(0.12)

Total

from

investment

operations

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

3.66

(0.48)

2.26

2.15

(0.12)

Less

distributions

from:

Net

investment

income

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

—

(0.03)

(0.02)

(0.01)

(0.01)

Net

realized

gains

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

—

(0.20)

(0.19)

—

—

Total

distributions

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

—

(0.23)

(0.21)

(0.01)

(0.01)

Net

asset

value,

end

of

year

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

$18.16

$14.50

$15.21

$13.16

$11.02

Total

return

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

25.24%

(2.88)%

17.34%

19.54%

(1.10)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.41%

1.43%

1.49%

1.76%

1.90%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.35%

1.29%

1.37%

1.53%

1.69%

Net

investment

income

(loss)

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

(0.45)%

0.08%

0.21%

0.15%

(—)%

e

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$2,365

$1,848

$1,086

$371

$295

Portfolio

turnover

rate

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

37.51%

18.11%

58.36%

28.66%

27.27%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Growth

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

21

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.69

$15.34

$13.25

$11.15

$11.25

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.03

0.08

0.12

0.08

0.07

Net

realized

and

unrealized

gains

(losses)

...........

3.79

(0.48)

2.26

2.15

(0.12)

Total

from

investment

operations

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

3.82

(0.40)

2.38

2.23

(0.05)

Less

distributions

from:

Net

investment

income

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

(0.07)

(0.05)

(0.10)

(0.13)

(0.05)

Net

realized

gains

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

—

(0.20)

(0.19)

—

—

Total

distributions

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

(0.07)

(0.25)

(0.29)

(0.13)

(0.05)

Net

asset

value,

end

of

year

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

$18.44

$14.69

$15.34

$13.25

$11.15

Total

return

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

26.08%

(2.26)%

18.15%

20.26%

(0.39)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.81%

0.84%

0.85%

0.90%

1.01%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.71%

0.66%

0.71%

0.88%

1.00%

Net

investment

income

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

0.17%

0.71%

0.87%

0.80%

0.69%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$379,331

$344,257

$83,292

$54,347

$122,862

Portfolio

turnover

rate

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

37.51%

18.11%

58.36%

28.66%

27.27%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$14.66

$15.33

$13.24

$11.13

$11.24

Income

from

investment

operations

a

:

Net

investment

income

b

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

—

c

0.09

0.10

0.08

0.05

Net

realized

and

unrealized

gains

(losses)

...........

3.79

(0.51)

2.26

2.13

(0.12)

Total

from

investment

operations

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

3.79

(0.42)

2.36

2.21

(0.07)

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.05)

(0.08)

(0.10)

(0.04)

Net

realized

gains

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

—

(0.20)

(0.19)

—

—

Total

distributions

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

(0.05)

(0.25)

(0.27)

(0.10)

(0.04)

Net

asset

value,

end

of

year

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

$18.40

$14.66

$15.33

$13.24

$11.13

Total

return

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

25.90%

(2.45)%

17.98%

20.04%

(0.62)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.94%

1.02%

1.29%

1.40%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.85%

0.80%

0.90%

1.06%

1.19%

Net

investment

income

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

0.03%

0.57%

0.68%

0.62%

0.50%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,158,652

$863,973

$294,254

$147,926

$110,441

Portfolio

turnover

rate

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

37.51%

18.11%

58.36%

28.66%

27.27%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Statement

of

Investments,

July

31,

2020

Franklin

International

Growth

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

23

a

a

Country

Shares

a

Value

a

Common

Stocks

95.8%

Aerospace

&

Defense

3.5%

CAE,

Inc.

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

Canada

834,000

$

12,447,111

MTU

Aero

Engines

AG

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

Germany

365,000

63,280,988

75,728,099

Air

Freight

&

Logistics

3.5%

DSV

PANALPINA

A/S

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

Denmark

550,000

75,254,218

Banks

5.8%

a

FinecoBank

Banca

Fineco

SpA

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

Italy

5,230,000

$

76,235,220

KBC

Group

NV

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

Belgium

855,000

48,744,848

124,980,068

Biotechnology

4.6%

CSL

Ltd.

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

Australia

299,000

58,164,453

a

Genmab

A/S

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

Denmark

120,000

41,301,839

99,466,292

Capital

Markets

6.0%

Deutsche

Boerse

AG

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

Germany

395,000

71,861,722

Intermediate

Capital

Group

plc

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

United

Kingdom

3,256,000

56,997,472

128,859,194

Chemicals

9.5%

Koninklijke

DSM

NV

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

Netherlands

470,000

71,934,844

Symrise

AG

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

Germany

540,000

67,500,063

Umicore

SA

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

Belgium

1,380,000

65,167,860

204,602,767

Diversified

Consumer

Services

3.8%

a

TAL

Education

Group

,

ADR

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

China

1,050,000

82,078,500

a

Diversified

Telecommunication

Services

1.0%

b,c

Cellnex

Telecom

SA

,

144A

,

Reg

S

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

Spain

360,000

22,654,450

Entertainment

2.0%

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,080,000

42,867,523

Health

Care

Equipment

&

Supplies

7.7%

Cochlear

Ltd.

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

Australia

428,000

58,414,667

GN

Store

Nord

A/S

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

Denmark

1,150,000

70,714,228

a

LivaNova

plc

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

United

States

800,000

37,232,000

166,360,895

Internet

&

Direct

Marketing

Retail

6.7%

a

boohoo

Group

plc

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

United

Kingdom

18,600,000

62,935,799

a

MercadoLibre,

Inc.

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

Argentina

73,000

82,097,260

145,033,059

IT

Services

11.9%

a,b,c

Adyen

NV

,

144A

,

Reg

S

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

Netherlands

50,000

83,450,673

Amadeus

IT

Group

SA

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

Spain

700,860

34,994,659

Keywords

Studios

plc

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

Ireland

3,000,000

74,697,244

a

Shopify,

Inc.

,

A

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

Canada

62,000

63,488,000

256,630,576

Media

5.3%

b,c

Ascential

plc

,

144A

,

Reg

S

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

United

Kingdom

11,300,000

39,718,230

CyberAgent,

Inc.

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

Japan

1,305,000

73,811,964

113,530,194

Pharmaceuticals

4.5%

Hikma

Pharmaceuticals

plc

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

Jordan

2,100,000

58,848,459

Franklin

Global

Trust

Statement

of

Investments

Franklin

International

Growth

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

See

Abbreviations

on

page

50

.

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

Pharmaceuticals

(continued)

Santen

Pharmaceutical

Co.

Ltd.

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

Japan

2,300,000

38,803,014

97,651,473

Professional

Services

2.8%

Experian

plc

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

United

Kingdom

1,750,000

61,132,375

Semiconductors

&

Semiconductor

Equipment

3.1%

ASML

Holding

NV

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

Netherlands

190,000

67,546,418

Software

11.7%

AVEVA

Group

plc

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

United

Kingdom

1,160,000

62,608,087

a

CyberArk

Software

Ltd.

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

United

States

570,000

$

67,168,800

Sage

Group

plc

(The)

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

United

Kingdom

5,600,000

53,147,377

SAP

SE

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

Germany

445,000

70,238,765

253,163,029

Trading

Companies

&

Distributors

2.4%

Ferguson

plc

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

United

States

585,000

51,573,724

Total

Common

Stocks

(Cost

$

1,569,316,302

)

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

2,069,112,854

Rights

a

a

Rights

0.1%

Diversified

Telecommunication

Services

0.1%

a

Cellnex

Telecom

SA

,

8/07/20

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

Spain

360,000

1,505,292

Total

Rights

(Cost

$

–

)

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

1,505,292

Total

Long

Term

Investments

(Cost

$

1,569,316,302

)

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

2,070,618,146

a

Short

Term

Investments

3.7%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

3.7%

d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

0

%

........

United

States

79,852,720

79,852,720

Total

Money

Market

Funds

(Cost

$

79,852,720

)

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

79,852,720

Total

Short

Term

Investments

(Cost

$

79,852,720

)

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

79,852,720

a

Total

Investments

(Cost

$

1,649,169,022

)

99

.6

%

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

$2,150,470,866

Other

Assets,

less

Liabilities

0

.4

%

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

9,209,986

Net

Assets

100.0%

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

$2,159,680,852

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

July

31,

2020,

the

aggregate

value

of

these

securities

was

$145,823,353,

representing

6.8%

of

net

assets.

c

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

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

July

31,

2020,

the

aggregate

value

of

these

securities

was

$145,823,353,

representing

6.8%

of

net

assets.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Small

Cap

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

25

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.48

$19.68

$20.61

$17.55

$19.92

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.02

0.20

0.47

0.19

0.22

Net

realized

and

unrealized

gains

(losses)

...........

(4.05)

(2.87)

0.41

4.37

(1.98)

Total

from

investment

operations

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

(4.03)

(2.67)

0.88

4.56

(1.76)

Less

distributions

from:

Net

investment

income

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

—

(0.27)

(1.23)

(0.18)

(0.24)

Net

realized

gains

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

(0.89)

(0.26)

(0.58)

(1.32)

(0.37)

Total

distributions

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

(0.89)

(0.53)

(1.81)

(1.50)

(0.61)

Net

asset

value,

end

of

year

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

$11.56

$16.48

$19.68

$20.61

$17.55

Total

return

c

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

(25.96)%

(13.49)%

4.32%

28.31%

(8.93)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.59%

1.41%

1.38%

1.38%

1.38%

Expenses

net

of

expense

reduction

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

1.58%

d

1.41%

e

1.38%

e

1.38%

e

1.38%

e

Net

investment

income

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

0.13%

1.11%

2.32%

1.05%

1.14%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$48,963

$95,528

$142,505

$161,355

$169,943

Portfolio

turnover

rate

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

28.08%

11.86%

26.98%

21.71%

21.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.25

$19.42

$20.36

$17.32

$19.60

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.09)

0.06

0.32

0.05

0.07

Net

realized

and

unrealized

gains

(losses)

...........

(3.96)

(2.82)

0.39

4.33

(1.95)

Total

from

investment

operations

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

(4.05)

(2.76)

0.71

4.38

(1.88)

Less

distributions

from:

Net

investment

income

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

—

(0.15)

(1.07)

(0.02)

(0.03)

Net

realized

gains

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

(0.89)

(0.26)

(0.58)

(1.32)

(0.37)

Total

distributions

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

(0.89)

(0.41)

(1.65)

(1.34)

(0.40)

Net

asset

value,

end

of

year

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

$11.31

$16.25

$19.42

$20.36

$17.32

Total

return

c

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

(26.64)%

(14.10)%

3.50%

27.39%

(9.66)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

2.32%

2.16%

2.14%

2.13%

2.15%

Expenses

net

of

expense

reduction

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

2.31%

d

2.16%

e

2.14%

e

2.13%

e

2.15%

e

Net

investment

income

(loss)

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

(0.63)%

0.36%

1.56%

0.30%

0.37%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$3,692

$10,942

$19,184

$22,191

$22,699

Portfolio

turnover

rate

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

28.08%

11.86%

26.98%

21.71%

21.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

27

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.50

$19.72

$20.66

$17.56

$19.88

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.01)

0.17

0.42

0.13

0.17

Net

realized

and

unrealized

gains

(losses)

...........

(4.04)

(2.89)

0.40

4.41

(1.98)

Total

from

investment

operations

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

(4.05)

(2.72)

0.82

4.54

(1.81)

Less

distributions

from:

Net

investment

income

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

—

(0.24)

(1.18)

(0.12)

(0.14)

Net

realized

gains

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

(0.89)

(0.26)

(0.58)

(1.32)

(0.37)

Total

distributions

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

(0.89)

(0.50)

(1.76)

(1.44)

(0.51)

Net

asset

value,

end

of

year

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

$11.56

$16.50

$19.72

$20.66

$17.56

Total

return

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

(26.23)%

(13.67)%

3.97%

28.07%

(9.20)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.81%

1.66%

1.64%

1.64%

1.64%

Expenses

net

of

expense

reduction

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

1.80%

c

1.66%

d

1.64%

d

1.64%

d

1.64%

d

Net

investment

income

(loss)

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

(0.06)%

0.86%

2.06%

0.79%

0.88%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$809

$2,482

$3,450

$3,592

$4,735

Portfolio

turnover

rate

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

28.08%

11.86%

26.98%

21.71%

21.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.54

$19.74

$20.67

$17.61

$20.03

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08

0.29

0.56

0.27

0.30

Net

realized

and

unrealized

gains

(losses)

...........

(4.07)

(2.91)

0.40

4.37

(2.00)

Total

from

investment

operations

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

(3.99)

(2.62)

0.96

4.64

(1.70)

Less

distributions

from:

Net

investment

income

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

—

(0.32)

(1.31)

(0.26)

(0.35)

Net

realized

gains

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

(0.89)

(0.26)

(0.58)

(1.32)

(0.37)

Total

distributions

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

(0.89)

(0.58)

(1.89)

(1.58)

(0.72)

Net

asset

value,

end

of

year

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

$11.66

$16.54

$19.74

$20.67

$17.61

Total

return

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

(25.72)%

(13.12)%

4.70%

28.87%

(8.61)%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.12%

1.02%

1.01%

0.99%

0.99%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.09%

1.02%

c

1.01%

c

0.99%

c

0.99%

c

Net

investment

income

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

0.54%

1.50%

2.69%

1.44%

1.53%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$4,119

$125,218

$450,645

$492,010

$383,411

Portfolio

turnover

rate

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

28.08%

11.86%

26.98%

21.71%

21.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Financial

Highlights

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

29

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.53

$19.73

$20.67

$17.59

$20.00

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06

0.23

0.52

0.23

0.25

Net

realized

and

unrealized

gains

(losses)

...........

(4.06)

(2.87)

0.40

4.39

(1.97)

Total

from

investment

operations

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

(4.00)

(2.64)

0.92

4.62

(1.72)

Less

distributions

from:

Net

investment

income

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

—

(0.30)

(1.28)

(0.22)

(0.32)

Net

realized

gains

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

(0.89)

(0.26)

(0.58)

(1.32)

(0.37)

Total

distributions

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

(0.89)

(0.56)

(1.86)

(1.54)

(0.69)

Net

asset

value,

end

of

year

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

$11.64

$16.53

$19.73

$20.67

$17.59

Total

return

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

(25.74)%

(13.22)%

4.51%

28.68%

(8.74)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.27%

1.16%

1.14%

1.14%

1.14%

Expenses

net

of

expense

reduction

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

1.26

%

c

1.16%

d

1.14%

d

1.14%

d

1.14%

d

Net

investment

income

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

0.41%

1.36%

2.56%

1.29%

1.38%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$50,041

$439,650

$763,309

$749,573

$827,351

Portfolio

turnover

rate

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

28.08%

11.86%

26.98%

21.71%

21.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Statement

of

Investments,

July

31,

2020

Franklin

International

Small

Cap

Fund

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

a

a

Country

Shares

a

Value

a

Common

Stocks

92.8%

Air

Freight

&

Logistics

2.4%

Mainfreight

Ltd.

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

New

Zealand

82,228

$

2,570,412

Capital

Markets

5.0%

a,b,c

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

331,000

2,621,520

IIFL

Wealth

Management

Ltd.

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

India

196,100

2,791,528

5,413,048

Chemicals

1.6%

a

Hexpol

AB

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

Sweden

262,900

1,749,488

a

Commercial

Services

&

Supplies

14.0%

b,c

Biffa

plc,

144A,

Reg

S

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

United

Kingdom

1,640,579

4,363,694

a

Elis

SA

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

France

221,060

2,685,631

K-Bro

Linen,

Inc.

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

Canada

127,000

2,664,402

a

Loomis

AB

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

Sweden

127,636

3,050,237

b,c

Prosegur

Cash

SA,

144A,

Reg

S

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

Spain

2,752,100

2,270,247

15,034,211

Distributors

1.9%

Headlam

Group

plc

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

United

Kingdom

578,388

2,082,211

Diversified

Telecommunication

Services

3.9%

a

Liberty

Latin

America

Ltd.,

A

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

Chile

405,900

4,172,652

a

Energy

Equipment

&

Services

0.4%

John

Wood

Group

plc

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

United

Kingdom

195,075

484,945

Entertainment

2.6%

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

71,700

2,845,927

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Lar

Espana

Real

Estate

Socimi

SA

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

Spain

442,210

2,317,814

Food

&

Staples

Retailing

4.0%

d

Total

Produce

plc

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

Ireland

3,381,277

4,257,750

Food

Products

7.6%

a

Cloetta

AB,

B

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

Sweden

969,736

2,681,565

Devro

plc

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

United

Kingdom

721,700

1,534,318

Orion

Corp.

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

South

Korea

35,700

4,003,675

8,219,558

Health

Care

Providers

&

Services

4.5%

BML,

Inc.

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

Japan

119,100

2,965,700

Solasto

Corp.

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

Japan

193,900

1,876,419

4,842,119

Household

Durables

3.7%

SEB

SA

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

France

24,000

3,962,585

Insurance

7.7%

a

Arch

Capital

Group

Ltd.

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

United

States

105,421

3,241,696

Fairfax

Financial

Holdings

Ltd.

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

Canada

8,800

2,757,342

RenaissanceRe

Holdings

Ltd.

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

United

States

12,400

2,236,712

8,235,750

Internet

&

Direct

Marketing

Retail

1.7%

b,c

Dustin

Group

AB,

144A,

Reg

S

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

Sweden

300,251

1,824,235

Franklin

Global

Trust

Statement

of

Investments

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

31

a

a

Country

Shares

a

Value

a

Common

Stocks

(continued)

IT

Services

2.8%

TravelSky

Technology

Ltd.,

H

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

China

1,568,600

$

3,017,200

Machinery

4.5%

IMA

Industria

Macchine

Automatiche

SpA

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

Italy

3,761

299,018

Trifast

plc

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

United

Kingdom

1,002,400

1,402,608

Zardoya

Otis

SA

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

Spain

481,008

3,192,834

4,894,460

Marine

2.2%

Clarkson

plc

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

United

Kingdom

77,694

2,087,256

a

Diana

Shipping,

Inc.

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

Greece

167,205

232,415

2,319,671

Media

0.9%

Hyve

Group

plc

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

United

Kingdom

886,021

931,850

Metals

&

Mining

0.2%

Straits

Trading

Co.

Ltd.

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

Singapore

234,000

263,732

Pharmaceuticals

4.1%

Haw

Par

Corp.

Ltd.

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

Singapore

372,300

2,517,781

Recordati

SpA

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

Italy

35,200

1,890,439

4,408,220

Real

Estate

Management

&

Development

6.8%

a

Foxtons

Group

plc

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

United

Kingdom

2,339,700

1,089,281

Hang

Lung

Group

Ltd.

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

Hong

Kong

1,004,400

2,430,665

LSL

Property

Services

plc

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

United

Kingdom

197,100

492,825

Shurgard

Self

Storage

SA

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

Belgium

83,200

3,264,002

7,276,773

Software

2.9%

Hansen

Technologies

Ltd.

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

Australia

1,502,764

3,144,169

Tobacco

0.9%

b,c

Scandinavian

Tobacco

Group

A/S,

A,

144A,

Reg

S

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

Denmark

68,138

1,002,123

Trading

Companies

&

Distributors

4.3%

Brenntag

AG

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

Germany

17,000

1,049,032

IMCD

NV

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

Netherlands

34,400

3,556,919

4,605,951

Total

Common

Stocks

(Cost

$111,916,031)

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

99,876,854

Short

Term

Investments

2.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

2.8%

National

Bank

of

Canada,

0.05%,

8/03/20

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

Canada

3,000,000

3,000,000

Total

Time

Deposits

(Cost

$3,000,000)

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

3,000,000

Franklin

Global

Trust

Statement

of

Investments

Franklin

International

Small

Cap

Fund

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

See

Abbreviations

on

page

50

.

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

e

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.1%

Money

Market

Funds

0.1%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

96,000

$

96,000

Principal

Amount

*

e

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Repurchase

Agreements

0.0%

†

h

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.08%,

8/03/20

(Maturity

Value

$25,177)

Collateralized

by

U.S.

Treasury

Bonds,

8.75%,

8/15/20;

U.S.

Treasury

Notes,

1.125%

-

2.875%,

8/15/20

-

10/31/23;

and

U.S.

Treasury

Notes,

Index

Linked,

0.625%,

1/15/24

(valued

at

$25,681)

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

25,177

25,177

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$121,177)

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

121,177

Total

Short

Term

Investments

(Cost

$3,121,177

)

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

3,121,177

a

Total

Investments

(Cost

$115,037,208)

95.7%

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

$102,998,031

Other

Assets,

less

Liabilities

4.3%

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

4,625,404

Net

Assets

100.0%

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

$107,623,435

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

July

31,

2020,

the

aggregate

value

of

these

securities

was

$12,081,819,

representing

11.2%

of

net

assets.

c

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

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

July

31,

2020,

the

aggregate

value

of

these

securities

was

$12,081,819,

representing

11.2%

of

net

assets.

d

A

portion

or

all

of

the

security

is

on

loan

at

July

31,

2020.

See

Note

1(d).

e

See

Note

1(d)

regarding

securities

on

loan.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(c)

regarding

joint

repurchase

agreement.

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

July

31,

2020

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

33

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,569,316,302

$114,916,031

Cost

-

Non-controlled

affiliates

(Note

3

f

and

9

)

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

79,852,720

96,000

Cost

-

Unaffiliated

repurchase

agreements

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

—

25,177

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

$—

and

$114,986,

respectively)

...

$2,070,618,146

$102,876,854

Value

-

Non-controlled

affiliates

(Note

3

f

and

9

)

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

79,852,720

96,000

Value

-

Unaffiliated

repurchase

agreements

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

—

25,177

Cash

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

—

772,026

Receivables:

Investment

securities

sold

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

4,237,373

1,345,481

Capital

shares

sold

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

10,058,754

39,377

Dividends

and

interest

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

2,493,359

2

,632,821

European

Union

tax

reclaims

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

47,452

474,944

Other

assets

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

1,304

272

Total

assets

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

2,167,309,108

108,262,952

Liabilities:

Payables:

Investment

securities

purchased

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

3,425,304

1,328

Capital

shares

redeemed

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

2,431,323

241,170

Management

fees

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

1,237,402

84,638

Distribution

fees

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

153,143

14,399

Transfer

agent

fees

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

182,062

51,156

Professional

fees

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

68,153

81,128

Funds

advanced

by

custodian

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

12,138

—

Payable

upon

return

of

securities

loaned

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

—

121,177

Accrued

expenses

and

other

liabilities

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

118,731

44,521

Total

liabilities

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

7,628,256

639,517

Net

assets,

at

value

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

$2,159,680,852

$107,623,435

Net

assets

consist

of:

Paid-in

capital

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

$1,607,183,903

$300,345,631

Total

distributable

earnings

(losses)

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

552,496,949

(192,722,196)

Net

assets,

at

value

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

$2,159,680,852

$107,623,435

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2020

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Class

A:

Net

assets,

at

value

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

$579,892,713

$48,962,584

Shares

outstanding

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

31,617,814

4,234,480

Net

asset

value

per

share

a

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

$18.34

$11.56

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%

and

94.50%

,

respectively

)

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

$19.41

$12.23

Class

C:

Net

assets,

at

value

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

$39,440,387

$3,691,879

Shares

outstanding

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

2,259,409

326,556

Net

asset

value

and

maximum

offering

price

per

share

a

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

$17.46

$11.31

Class

R:

Net

assets,

at

value

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

$2,364,563

$808,963

Shares

outstanding

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

130,190

70,009

Net

asset

value

and

maximum

offering

price

per

share

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

$18.16

$11.56

Class

R6:

Net

assets,

at

value

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

$379,330,784

$4,118,781

Shares

outstanding

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

20,574,848

353,350

Net

asset

value

and

maximum

offering

price

per

share

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

$18.44

$11.66

Advisor

Class:

Net

assets,

at

value

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

$1,158,652,405

$50,041,228

Shares

outstanding

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

62,962,389

4,297,831

Net

asset

value

and

maximum

offering

price

per

share

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

$18.40

$11.64

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Global

Trust

Financial

Statements

Statements

of

Operations

for

the

year

ended

July

31,

2020

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

35

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,028,781

and

$796,841,

respectively)

Unaffiliated

issuers

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

$14,747,827

$5,781,167

Non-controlled

affiliates

(Note

3

f

and

9

)

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

671,488

—

Interest:

Unaffiliated

issuers

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

—

37,417

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

—

1,620

Non-controlled

affiliates

(Note

3

f

)

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

—

1,144

Total

investment

income

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

15,419,315

5,821,348

Expenses:

Management

fees

(Note

3

a

)

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

12,943,743

3,315,784

Distribution

fees:

(Note

3c

)

Class

A

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

1,083,751

182,206

Class

C

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

320,055

69,589

Class

R

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

9,331

10,811

Transfer

agent

fees:

(Note

3e

)

Class

A

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

627,895

141,738

Class

C

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

46,385

13,574

Class

R

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

2,747

4,200

Class

R6

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

127,133

9,358

Advisor

Class

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

1,383,998

479,088

Custodian

fees

(Note

4

)

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

165,193

120,015

Reports

to

shareholders

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

113,425

40,519

Registration

and

filing

fees

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

187,582

92,638

Professional

fees

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

106,799

158,163

Trustees'

fees

and

expenses

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

63,609

21,828

Other

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

38,055

36,343

Total

expenses

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

17,219,701

4,695,854

Expense

reductions

(Note

4

)

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

(520)

(24,185)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(1,256,576)

(5,670)

Net

expenses

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

15,962,605

4,665,999

Net

investment

income

(loss)

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

(543,290)

1,155,349

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

85,503,875

(146,858,194)

Non-controlled

affiliates

(Note

3

f

and

9

)

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

—

(11,725,565)

Foreign

currency

transactions

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

7,929

(253,580)

Net

realized

gain

(loss)

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

85,511,804

(158,837,339)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

328,846,172

41,679,561

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

109,518

353,786

Net

change

in

unrealized

appreciation

(depreciation)

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

328,955,690

42,033,347

Net

realized

and

unrealized

gain

(loss)

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

414,467,494

(116,803,992)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$413,924,204

$(115,648,643)

Franklin

Global

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Year

Ended

July

31,

2020

Year

Ended

July

31,

2019

Year

Ended

July

31,

2020

Year

Ended

July

31,

2019

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(543,290)

$5,058,851

$1,155,349

$13,625,647

Net

realized

gain

(loss)

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

85,511,804

(24,225,730)

(158,837,339)

34,477,315

Net

change

in

unrealized

appreciation

(depreciation)

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

328,955,690

57,121,808

42,033,347

(210,441,176)

Net

increase

(decrease)

in

net

assets

resulting

f

rom

operations

.

413,924,204

37,954,929

(115,648,643)

(162,338,214)

Distributions

to

shareholders:

Class

A

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

(583,191)

(3,419,430)

(4,656,796)

(3,615,239)

Class

C

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

—

(341,396)

(447,264)

(337,683)

Class

R

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

—

(24,774)

(140,313)

(82,207)

Class

R6

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

(1,649,415)

(2,237,447)

(355,953)

(9,249,294)

Advisor

Class

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

(2,923,733)

(7,947,860)

(17,447,793)

(18,744,843)

Total

distributions

to

shareholders

.....

(5,156,339)

(13,970,907)

(23,048,119)

(32,029,266)

Capital

share

transactions:

(Note

2

)

Class

A

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

182,045,351

128,841,303

(20,353,602)

(25,249,304)

Class

C

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

5,030,644

5,920,180

(4,831,150)

(5,476,260)

Class

R

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

70,865

763,393

(864,453)

(431,678)

Class

R6

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

(47,087,606)

257,160,944

(114,139,053)

(274,102,642)

Advisor

Class

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

83,434,176

547,968,186

(287,311,317)

(205,644,420)

Total

capital

share

transactions

.......

223,493,430

940,654,006

(427,499,575)

(510,904,304)

Net

increase

(decrease)

in

net

assets

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

632,261,295

964,638,028

(566,196,337)

(705,271,784)

Net

assets:

Beginning

of

year

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

1,527,419,557

562,781,529

673,819,772

1,379,091,556

End

of

year

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

$2,159,680,852

$1,527,419,557

$107,623,435

$673,819,772

Franklin

Global

Trust

37

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

Franklin

Global

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

three

separate

funds, two

of

which

are

included

in

this

report

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Funds

offer five classes

of

shares: Class

A,

Class

C,

Class

R,

Class

R6,

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

after

they

have

been

held

for

10

years. Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Franklin

International

Small

Cap

Fund

was

closed

to

new

investors

with

limited

exceptions

effective

June

3,

2013.

The

following

summarizes

the Funds'

significant

accounting

policies. 

a.

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

Funds' administrator

has

responsibility

for

oversight

of

valuation,

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. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

and

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

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 July

31,

2020,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

within

the

fair

value

hierarchy.

See

the

Fair

Value

Measurements

note

for

more

information.

Franklin

Global

Trust

Notes

to

Financial

Statements

38

franklintempleton.com

Annual

Report

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.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period. 

c.

Joint

Repurchase

Agreement

Certain

or

all

Funds

enter

into

a

joint

repurchase

agreement

whereby

their

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Funds'

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Funds,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Funds

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Funds

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the

Funds

at

year

end,

as

indicated

in

the

Statements

of

Investments,

had

been

entered

into

on

July

31,

2020.

d.

Securities

Lending

Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds,

and/or

a

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

joint

repurchase

agreement

as

included

in

the

Statements

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statements

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

e.

Income

and

Deferred

Taxes

It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims).

These

additional

filings

are

subject

to

various

administrative

proceedings

by

the

local

jurisdictions’

tax

authorities

within

the

European

Union,

as

well

as

a

number

of

related

judicial

proceedings.

Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amounts

of

foreign

taxes

Fund

shareholders

can

use

as

tax

credits

in

their

individual

income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

July

31,

2020, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Securities

Lending

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

40

franklintempleton.com

Annual

Report

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Funds,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

41

franklintempleton.com

Annual

Report

2.

Shares

of

Beneficial

Interest

At

July

31,

2020,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Funds’

shares

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Shares

Amount

Shares

Amount

Class

A

Class

A

Shares:

Year

ended

July

31,

2020

Shares

sold

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

20,440,895

$317,871,493

399,226

$5,855,089

Shares

issued

in

reinvestment

of

distributions

..........

27,191

447,558

281,052

4,578,338

Shares

redeemed

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

(8,678,459)

(136,273,700)

(2,243,743)

(30,787,029)

Net

increase

(decrease)

11,789,627

$182,045,351

(1,563,465)

$(20,353,602)

Year

ended

July

31,

2019

Shares

sold

a

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

13,452,761

$186,851,311

454,186

$7,950,234

Shares

issued

in

reinvestment

of

distributions

..........

275,313

3,402,876

226,177

3,555,510

Shares

redeemed

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

(4,456,618)

(61,412,884)

(2,124,199)

(36,755,048)

Net

increase

(decrease)

9,271,456

$128,841,303

(1,443,836)

$(25,249,304)

Class

C

Class

C

Shares:

Year

ended

July

31,

2020

Shares

sold

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

940,559

$14,461,467

25,853

$366,741

Shares

issued

in

reinvestment

of

distributions

..........

—

—

25,962

415,659

Shares

redeemed

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

(637,542)

(9,430,823)

(398,688)

(5,613,550)

Net

increase

(decrease)

303,017

$5,030,644

(346,873)

$(4,831,150)

Year

ended

July

31,

2019

Shares

sold

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

1,234,966

$16,656,114

24,420

$424,524

Shares

issued

in

reinvestment

of

distributions

..........

28,660

340,765

20,614

321,162

Shares

redeemed

a

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

(836,352)

(11,076,699)

(359,485)

(6,221,946)

Net

increase

(decrease)

427,274

$5,920,180

(314,451)

$(5,476,260)

Class

R

Class

R

Shares:

Year

ended

July

31,

2020

Shares

sold

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

71,453

$1,115,544

45,497

$620,017

Shares

issued

in

reinvestment

of

distributions

..........

—

—

8,608

140,313

Shares

redeemed

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

(68,759)

(1,044,679)

(134,481)

(1,624,783)

Net

increase

(decrease)

2,694

$70,865

(80,376)

$(864,453)

Year

ended

July

31,

2019

Shares

sold

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

82,357

$1,121,235

27,845

$491,911

Shares

issued

in

reinvestment

of

distributions

..........

2,019

24,774

5,213

82,207

Shares

redeemed

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

(28,249)

(382,616)

(57,568)

(1,005,796)

Net

increase

(decrease)

56,127

$763,393

(24,510)

$(431,678)

Class

R6

Franklin

Global

Trust

Notes

to

Financial

Statements

42

franklintempleton.com

Annual

Report

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers,

and/or

directors

of

the

following

subsidiaries:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Shares

Amount

Shares

Amount

Class

R6

Shares:

Year

ended

July

31,

2020

Shares

sold

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

7,293,980

$114,461,487

175,862

$2,471,173

Shares

issued

in

reinvestment

of

distributions

..........

94,434

1,559,108

21,718

355,953

Shares

redeemed

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

(10,252,205)

(163,108,201)

(7,413,810)

(116,966,179)

Net

increase

(decrease)

(2,863,791)

$(47,087,606)

(7,216,230)

$(114,139,053)

Year

ended

July

31,

2019

Shares

sold

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

21,178,748

$302,629,777

2,008,931

$34,310,291

Shares

issued

in

reinvestment

of

distributions

..........

155,508

1,925,193

582,814

9,173,488

Shares

redeemed

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

(3,324,427)

(47,394,026)

(17,855,740)

(317,586,421)

Net

increase

(decrease)

18,009,829

$257,160,944

(15,263,995)

$(274,102,642)

Advisor

Class

Advisor

Class

Shares:

Year

ended

July

31,

2020

Shares

sold

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

31,289,356

$494,640,659

2,151,343

$31,485,266

Shares

issued

in

reinvestment

of

distributions

..........

142,097

2,343,172

1,005,623

16,462,058

Shares

redeemed

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

(27,398,771)

(413,549,655)

(25,451,802)

(335,258,641)

Net

increase

(decrease)

4,032,682

$83,434,176

(22,294,836)

$(287,311,317)

Year

ended

July

31,

2019

Shares

sold

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

56,198,590

$774,168,536

11,136,216

$192,279,888

Shares

issued

in

reinvestment

of

distributions

..........

556,996

6,890,035

1,090,756

17,179,406

Shares

redeemed

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

(17,025,787)

(233,090,385)

(24,313,451)

(415,103,714)

Net

increase

(decrease)

39,729,799

$547,968,186

(12,086,479)

$(205,644,420)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Institutional,

LLC

(FT

Institutional)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Distributors,

Inc.

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

43

franklintempleton.com

Annual

Report

a.

Management

Fees

Franklin

International

Growth

Fund

pays

an

investment

management

fee

to

FT

Institutional

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

July

31,

2020,

the

gross

effective

investment

management

fee

rate

was

0.733%

of

the

Fund’s

average

daily

net

assets. 

Franklin

International

Small

Cap

Fund pays

an

investment

management

fee

to

Advisers

of

0.950%

per

year

of

the

average

daily

net

assets

of

the

Fund. 

Under

a

subadvisory

agreement,

FT

Institutional,

an

affiliate

of

Advisers,

provides

subadvisory

services

to

Franklin

International

Small

Cap

Fund.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

b.

Administrative

Fees

Under

an

agreement

with

FT

Institutional

and

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

FT

Institutional

and

Advisers

based

on

each

of

the

Fund’s

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds’

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds’

Class

C

and

R

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Annualized

Fee

Rate

Net

Assets

0.760%

Up

to

and

including

$500

million

0.740%

Over

$500

million,

up

to

and

including

$1

billion

0.720%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.700%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.675%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.655%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.635%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.615%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.600%

In

excess

of

$21.5

billion

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

44

franklintempleton.com

Annual

Report

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

e.

Transfer

Agent

Fees

Each

class

of

shares

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

year

ended

July

31,

2020,

the

Funds

paid

transfer

agent

fees

as

noted

in

the

Statements

of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

July

31,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Reimbursement

Plans:

Class

A

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

0.35%

0.35%

Compensation

Plans:

Class

C

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

1.00%

1.00%

Class

R

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

0.50%

0.50%

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$155,837

$2,918

CDSC

retained

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

$13,541

$175

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Transfer

agent

fees

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

$930,930

$267,405

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

45

franklintempleton.com

Annual

Report

g.

Waiver

and

Expense

Reimbursements

FT

Institutional

and

Investor

Services

have

contractually

agreed

in

advance

to

waive

or

limit

their

respective

fees

and

to

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

Franklin

International

Growth

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

Class

A,

Class

C,

Class

R

and

Advisor

Class

of

the

Fund

do

not

exceed

0.86%,

and

for

Class

R6

does

not

exceed

0.72%

based

on

the

average

net

assets

of

each

class

until

November

30,

2020.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds’

fiscal

year

end. 

Prior

to

December

1,

2019,

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

Class

R6

were

limited

to

0.69%

based

on

the

average

net

assets

of

the

class.

For

Franklin

International

Small

Cap

Fund,

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.02%

based

on

the

average

net

assets

of

the

class

until

November

30,

2020.

h.

Interfund

Transactions

Franklin

International

Small

Cap

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

year

ended

July

31,

2020,

these

purchase

and

sale

transactions

aggregated

$0

and

$6,132,011,

respectively.

i.

Other

Affiliated

Transactions

During

the

year

ended

July

31,

2020,

affiliated

parties

reimbursed

the

Franklin

International

Small

Cap

Fund

$485,005

for

losses

resulting

from

a

NAV

error.  This

reimbursement

is

reflected

in

capital

share

transactions

in

the

Statements

of

Changes

in

Net

Assets. 

a

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a

a

a

a

a

a

a

a

a

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$58,630,699

$656,918,379

$(635,696,358)

$

—

$

—

$

79,852,720

79,852,720

$

671,488

Total

Affiliated

Securities

....

$58,630,699

$656,918,379

$(635,696,358)

$—

$—

$79,852,720

$671,488

Franklin

International

Small

Cap

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$8,604,000

$(8,508,000)

$

—

$

—

$

96,000

96,000

$

1,144

Total

Affiliated

Securities

....

$—

$8,604,000

$(8,508,000)

$—

$—

$96,000

$1,144

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

46

franklintempleton.com

Annual

Report

4.

Expense

Offset

Arrangement

The

Funds

have entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the

year

ended

July

31,

2020,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

July

31,

2020,

Franklin

International

Growth

Fund

utilized

$22,685,440

of

capital

loss

carryforwards.

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

July

31,

2020,

Franklin

International

Small

Cap

Fund

deferred

post-October

capital

losses

of

$10,949,082.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2020

and

2019,

was

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

—

$

19,767,656

Long

term

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

—

150,025,089

Total

capital

loss

carryforwards

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

$—

$169,792,745

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

2020

2019

2020

2019

Distributions

paid

from:

Ordinary

income

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

$5,156,339

$4,271,560

$—

$32,020,604

Long

term

capital

gain

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

—

9,699,347

23,048,119

8,662

$5,156,339

$13,970,907

$23,048,119

$32,029,266

Franklin

Global

Trust

Notes

to

Financial

Statements

47

franklintempleton.com

Annual

Report

At

July

31,

2020,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

or

long

term

capital

gains

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

EU

reclaims,

passive

foreign

investment

company

shares

and

wash

sales.

The

Franklin

International

Growth

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2020,

were

as

follows:

At

July

31,

2020,

in

connection

with

securities

lending

transactions,

the

Franklin

International

Small

Cap

Fund

loaned

equity

investments

and

received

$121,177

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

7.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

a

a

a

Cost

of

investments

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

$1,653,722,233

$115,532,498

Unrealized

appreciation

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

$577,424,787

$10,705,998

Unrealized

depreciation

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

(80,676,154)

(23,240,465)

Net

unrealized

appreciation

(depreciation)

.......

$496,748,633

$(12,534,467)

Distributable

earnings:

Undistributed

ordinary

income

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

$1,993,728

$—

Undistributed

long

term

capital

gains

...........

53,594,788

—

Total

distributable

earnings

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

$55,588,516

$—

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Purchases

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

$827,170,202

$98,278,392

Sales

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

$637,049,090

$572,020,090

5.

Income

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

48

franklintempleton.com

Annual

Report

8. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

9.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

During

the

year

ended

July

31,

2020,

investments

in

“affiliated

companies”

were

as

follows:

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2

billion

(Global

Credit

Facility)

which

matures

on

February

5,

2021.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year

ended

July

31,

2020,

Franklin

International

Small

Cap

Fund

utilized

the

Global

Credit

Facility

by

drawing

down

$30,000,000

on

April

7,

2020.

The

drawdown

was

repaid

in

two

installments

with

the

final

payment

made

on

May

5,

2020.

The

average

borrowing

and

the

average

interest

rate

for

the

days

with

outstanding

borrowings

were

$22,857,143

and

1.40%,

respectively.

11.

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

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

Franklin

International

Small

Cap

Fund

Non-Controlled

Affiliates

Dividends

Diana

Shipping,

Inc

.......

$

26,571,852

$

—

$

(13,022,791)

$

(10,870,115)

$

—

a

$—

a

—

a

$

—

Headlam

Group

plc

.......

24,464,461

—

(7,146,744)

(855,450)

—

a

—

a

—

a

—

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

$51,036,313

$—

$(20,169,535)

$

(11,725,565)

$

—

$—

$—

a

As

of

July

31,

2020,

no

longer

an

affiliate.

Franklin

Global

Trust

Notes

to

Financial

Statements

49

franklintempleton.com

Annual

Report

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)

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

July

31,

2020,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

International

Growth

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

12,447,111

$

63,280,988

$

—

$

75,728,099

Air

Freight

&

Logistics

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

—

75,254,218

—

75,254,218

Banks

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

—

124,980,068

—

124,980,068

Biotechnology

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

—

99,466,292

—

99,466,292

Capital

Markets

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

—

128,859,194

—

128,859,194

Chemicals

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

—

204,602,767

—

204,602,767

Diversified

Consumer

Services

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

82,078,500

—

—

82,078,500

Diversified

Telecommunication

Services

.....

—

22,654,450

—

22,654,450

Entertainment

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

—

42,867,523

—

42,867,523

Health

Care

Equipment

&

Supplies

.........

37,232,000

129,128,895

—

166,360,895

Internet

&

Direct

Marketing

Retail

..........

82,097,260

62,935,799

—

145,033,059

IT

Services

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

221,635,917

34,994,659

—

256,630,576

Media

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

—

113,530,194

—

113,530,194

Pharmaceuticals

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

—

97,651,473

—

97,651,473

Professional

Services

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

—

61,132,375

—

61,132,375

Semiconductors

&

Semiconductor

Equipment

.

—

67,546,418

—

67,546,418

Software

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

67,168,800

185,994,229

—

253,163,029

Trading

Companies

&

Distributors

..........

—

51,573,724

—

51,573,724

Rights

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

1,505,292

—

—

1,505,292

Short

Term

Investments

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

79,852,720

—

—

79,852,720

Total

Investments

in

Securities

...........

$584,017,600

$1,566,453,266

$—

$2,150,470,866

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities

:

Common

Stocks

:

Air

Freight

&

Logistics

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

—

2,570,412

—

2,570,412

Capital

Markets

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

2,621,520

2,791,528

—

5,413,048

Chemicals

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

—

1,749,488

—

1,749,488

Commercial

Services

&

Supplies

...........

5,714,639

9,319,572

—

15,034,211

Distributors

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

2,082,211

—

—

2,082,211

Diversified

Telecommunication

Services

.....

4,172,652

—

—

4,172,652

Energy

Equipment

&

Services

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

—

484,945

—

484,945

Entertainment

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

—

2,845,927

—

2,845,927

Equity

Real

Estate

Investment

Trusts

(REITs)

.

2,317,814

—

—

2,317,814

Food

&

Staples

Retailing

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

—

4,257,750

—

4,257,750

Food

Products

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

1,534,318

6,685,240

—

8,219,558

Health

Care

Providers

&

Services

..........

—

4,842,119

—

4,842,119

Household

Durables

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

—

3,962,585

—

3,962,585

Insurance

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

8,235,750

—

—

8,235,750

Internet

&

Direct

Marketing

Retail

..........

—

1,824,235

—

1,824,235

IT

Services

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

—

3,017,200

—

3,017,200

Machinery

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

299,018

4,595,442

—

4,894,460

11.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

50

franklintempleton.com

Annual

Report

12.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

amendments

in

the

ASU

provides

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

The

ASU

is

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements. 

13.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Marine

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

$

232,415

$

2,087,256

$

—

$

2,319,671

Media

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

—

931,850

—

931,850

Metals

&

Mining

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

—

263,732

—

263,732

Pharmaceuticals

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

—

4,408,220

—

4,408,220

Real

Estate

Management

&

Development

....

492,825

6,783,948

—

7,276,773

Software

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

—

3,144,169

—

3,144,169

Tobacco

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

—

1,002,123

—

1,002,123

Trading

Companies

&

Distributors

..........

—

4,605,951

—

4,605,951

Short

Term

Investments

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

96,000

3,025,177

—

3,121,177

Total

Investments

in

Securities

...........

$27,799,162

$75,198,869

$—

$102,998,031

Selected

Portfolio

ADR

American

Depositary

Receipt

11.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

51

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Global

Trust

and

Shareholders

of

Franklin

International

Growth

Fund

and

Franklin

International

Small

Cap

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

Franklin

International

Growth

Fund

and

Franklin

International

Small

Cap

Fund

(two

of

the

funds

constituting

Franklin

Global

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2020,

the

related

statements

of

operations

for

the

year

ended

July

31,

2020,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2020

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

July

31,

2020,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2020

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2020

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

PricewaterhouseCoopers

LLP

San

Francisco,

California

September

21,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Global

Trust

Tax

Information

(unaudited)

52

franklintempleton.com

Annual

Report

Under

Section

852(b)(3)(C)

of

the

Internal

Revenue

Code,

the

Funds

hereby

report

the

maximum

amount

allowable

but

no

less

than

the

following

amounts

as

long

term

capital

gain

dividends

for

the

fiscal

year

ended

July

31,

2020:

Under

Section

854(b)(1)(B)

of

the

Internal

Revenue

Code,

the

Funds

hereby

report

the

maximum

amount

allowable

but

no

less

than

the

following

amounts

as

qualified

dividends

for

purposes

of

the

maximum

rate

under

Section

1(h)(11)

of

the

Internal

Revenue

Code

for

the

fiscal

year

ended

July

31,

2020:

Distributions,

including

qualified

dividend

income,

paid

during

calendar

year

2020

will

be

reported

to

shareholders

on

Form

1099-DIV

by

mid-February

2021.

Shareholders

are

advised

to

check

with

their

tax

advisors

for

information

on

the

treatment

of

these

amounts

on

their

individual

income

tax

returns.

At

July

31,

2020,

more

than

50%

of

the

Funds’

total

assets

were

invested

in

securities

of

foreign

issuers.

In

most

instances,

foreign

taxes

were

withheld

from

income

paid

to

the

Funds

on

these

investments.

The

Funds

elect

to

treat

foreign

taxes

paid

as

allowed

under

Section

853

of

the

Internal

Revenue

Code.

This

election

will

allow

shareholders

of

record

as

of

the

2020

distribution

date,

to

treat

their

proportionate

share

of

foreign

taxes

paid

by

the

Funds

as

having

been

paid

directly

by

them.

The

shareholder

shall

consider

these

amounts

as

foreign

taxes

paid

in

the

tax

year

in

which

they

receive

the

Fund

distribution.

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

$7,320,978

$23,048,119

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

$12,096,806

$3,561,856

Franklin

Global

Trust

Board

Members

and

Officers

53

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

2000

129

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

110

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

Board

of

Trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

Board

of

Trustees

of

the

Foreign

Policy

Association

(2005-present)

and

member

of

various

other

boards

of

trustees

and

advisory

boards;

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

129

Avis

Budget

Group

Inc.

(car

rental)

(2007-present),

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2000

and

Lead

Independent

Trustee

since

2019

129

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Canadian

National

Railway

(railroad)

(2001-present),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

formerly

,

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison–United

States

Treasury

Department

(1988-1989).

Franklin

Global

Trust

54

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

J.

Michael

Luttig

(1954)

Trustee

Since

2009

129

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Private

investor;

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(May

2019-January

1,

2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

129

The

Southern

Company

(energy

company)

(2014-present;

previously

2010-2012),

Graham

Holdings

Company

(education

and

media

organization)

(2011-present)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

**Gregory

E.

Johnson

(1961)

Trustee

Since

2007

140

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

39

of

the

investment

companies

in

Franklin

Templeton;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015),

Franklin

Resources,

Inc.

**Rupert

H.

Johnson,

Jr.

(1940)

Chairman

of

the

Board

and

Trustee

Since

2013

129

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

37

of

the

investment

companies

in

Franklin

Templeton.

Alison

E.

Baur

(1964)

Vice

President

Since

2012

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Deputy

General

Counsel,

Franklin

Templeton;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Independent

Board

Members

(continued)

Franklin

Global

Trust

55

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Breda

M.

Beckerle

(1958)

Interim

Chief

Compliance

Officer

Since

January

2020

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Compliance

Officer,

Fiduciary

Investment

Management

International,

Inc.,

Franklin

Advisers,

Inc.,

Franklin

Advisory

Services,

LLC,

Franklin

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Sonal

Desai,

Ph.D.

(1963)

Vice

President

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

17

of

the

investment

companies

in

Franklin

Templeton.

Gaston

Gardey

(1967)

Treasurer,

Chief

Financial

Officer

and

Chief

Accounting

Officer

Since

2009

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting

and

officer

of

24

of

the

investment

companies

in

Franklin

Templeton.

Steven

J.

Gray

(1955)

Vice

President

and

Co-Secretary

Vice

President

since

2009

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Vice

President,

Franklin

Templeton

Distributors,

Inc.

and

FASA,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Robert

Lim

(1948)

Vice

President

–

AML

Compliance

Since

2016

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Franklin

Templeton

Companies,

LLC;

Chief

Compliance

Officer,

Franklin

Templeton

Distributors,

Inc.

and

Franklin

Templeton

Investor

Services,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

56

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edward

D.

Perks

(1970)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Franklin

Advisers,

Inc.;

and

officer

of

eight

of

the

investment

companies

in

Franklin

Templeton

(since

December

2018).

Robert

C.

Rosselot

(1960)

Chief

Compliance

Officer

Since

2013

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director,

Global

Compliance,

Franklin

Templeton;

Senior

Vice

President,

Franklin

Templeton

Companies,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Senior

Associate

General

Counsel,

Franklin

Templeton

(2007-2013);

and

Secretary

and

Vice

President,

Templeton

Group

of

Funds

(2004-2013).

Navid

J.

Tofigh

(1972)

Vice

President

Since

2015

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Associate

General

Counsel

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Craig

S.

Tyle

(1960)

Vice

President

Since

2005

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

General

Counsel

and

Executive

Vice

President,

Franklin

Resources,

Inc.;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Lori

A.

Weber

(1964)

Vice

President

and

Co-Secretary

Vice

President

since

2011

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Assistant

Secretary,

Franklin

Resources,

Inc.;

Vice

President

and

Secretary,

Templeton

Investment

Counsel,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

57

franklintempleton.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

**Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund’s

investment

manager

and

distributor.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

major

shareholder

of

Resources.

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

currently

serves

as

a

director

of

Avis

Budget

Group,

Inc.

(2007-present)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

Shareholder

Information

58

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

GLOBAL

TRUST

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Growth

Fund

(each

a

Fund)

At

an

in-person

meeting

held

on

February

25,

2020

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Global

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Templeton

Institutional,

LLC

(FTI

LLC)

and

the

Trust,

on

behalf

of

the

Franklin

International

Growth

Fund,

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(FAI)

and

the

Trust,

on

behalf

of

the

Franklin

International

Small

Cap

Fund

and

the

investment

sub-advisory

agreement

between

FAI

and

FTI

LLC

on

behalf

of

the

Franklin

International

Small

Cap

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

FTI

LLC

and

FAI

are

each

referred

to

herein

as

a

Manager.

In

considering

the

continuation

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

each

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

each

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

telephonic

contract

renewal

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters

and,

in

some

cases,

requested

additional

information

from

each

Manager

relating

to

the

contract.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

each

Manager;

(ii)

the

investment

performance

of

each

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

each

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

each

Manager;

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

each

Manager

and

its

affiliates;

and

management

fees

charged

by

each

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements,

which

included

discussion

of

the

changing

distribution

landscape

for

the

Funds.

The

Board

noted

management’s

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

and

liquidity

risk

management.

Franklin

Global

Trust

Shareholder

Information

59

franklintempleton.com

Annual

Report

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers’

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

introduction

of

new

funds,

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Funds

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

enhancing

services

and

controlling

costs,

as

reflected

in

its

plan

to

outsource

certain

administrative

functions,

and

growth

opportunities,

as

evidenced

by

its

upcoming

acquisition

of

the

Legg

Mason

companies.

The

Board

acknowledged

the

change

in

leadership

at

FRI

and

the

opportunity

to

hear

from

Jennifer

Johnson,

President

and

Chief

Executive

Officer

of

FRI,

about

goals

she

has

for

the

company

that

will

benefit

the

Funds.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

each

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2019.

The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund’s

performance

results

is

below.

Franklin

International

Growth

Fund

-

The

Performance

Universe

for

this

Fund

included

the

Fund

and

all

retail

and

institutional

international

multi-cap

growth

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Franklin

International

Small

Cap

Fund

-

The

Performance

Universe

for

this

Fund

included

the

Fund

and

all

retail

and

institutional

international

small-/mid-cap

core

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

discussed

this

performance

with

management

and

noted

management’s

explanations

of

the

reasons

for

the

Fund’s

underperformance,

which

included,

in

part,

stock

selection

arising

out

of

the

Fund’s

bottom-up

driven

investment

approach

which

has

resulted

in

investment

exposures

that

are

materially

different

from

the

Fund’s

benchmark

index

and

Performance

Universe.

The

Board

also

noted

management’s

enhancements

to

its

investment

process,

and

that

the

Fund

is

currently

closed

to

new

investors.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

and

the

investment

process

enhancements

monitored.

In

doing

so,

the

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period,

while

below

the

median,

exceeded

12.60%.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

each

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for:

(i)

Class

A

shares

for

the

Franklin

International

Growth

Fund

and

for

the

other

funds

in

the

Expense

Group,

and

(ii)

Advisor

Class

shares

for

the

Franklin

International

Small

Cap

Fund

and

for

Advisor

Class

shares,

Institutional

Class

shares,

Class

I

shares,

Class

N

shares,

Class

R5

shares,

Retirement

Class

Franklin

Global

Trust

Shareholder

Information

60

franklintempleton.com

Annual

Report

shares

and

Class

Y

shares

for

certain

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

Franklin

International

Growth

Fund

-

The

Expense

Group

for

this

Fund

included

the

Fund

and

13

other

international

multi-

cap

growth

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

In

doing

so,

the

Board

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

a

fee

waiver

from

management.

Franklin

International

Small

Cap

Fund

-

The

Expense

Group

for

this

Fund

included

the

Fund,

two

other

international

small-/mid-cap

core

funds,

14

international

small-/mid-

cap

growth

funds,

and

one

international

small-/mid-cap

value

fund.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

below

the

median

of

its

Expense

Group,

but

its

actual

total

expense

ratio

was

slightly

above

the

median

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

In

doing

so,

the

Board

noted

that

FTI

LLC,

as

sub-adviser

to

the

Fund,

is

paid

by

FAI

out

of

the

management

fee

FAI

receives

from

the

Fund.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

each

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2019,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds’

profitability

report

presentations

from

prior

years.

Additionally,

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

was

engaged

to

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds’

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

each

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

the

initiative

currently

underway

to

outsource

certain

operations,

which

effort

would

require

considerable

upfront

expenditures

by

the

Managers

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements,

notably

in

the

area

of

cybersecurity

protections.

The

Board

also

considered

the

extent

to

which

each

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

each

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

each

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints

for

the

Franklin

International

Growth

Fund,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Managers’

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Managers

incur

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Franklin

International

Small

Cap

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

a

Manager

and

its

affiliates,

each

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Franklin

Global

Trust

Shareholder

Information

61

franklintempleton.com

Annual

Report

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940.

The

program

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

taking

into

consideration

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

The

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

as

the

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee

and

Product

Management

groups.

The

LRMP

Administrator

Annual

Report

was

presented

to

the

Fund(s)

Board

of

Trustees

at

their

meetings

in

May

2020.

The

report

covered

the

adequacy

and

effectiveness

of

the

program

during

the

period

December

1,

2018

to

December

31,

2019

(the

“covered

period”).

The

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

addition,

the

LRMP

Administrator

presented

the

Fund

Board

of

Trustees

an

update

on

liquidity

during

the

first

quarter

of

2020

in

relation

to

the

COVID-19

pandemic.

During

the

reporting

period,

the

Fund

maintained

a

high

level

of

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments."

As

a

result,

the

Fund

was

designated

a

“Primarily

Highly

Liquid

Fund”

as

defined

under

the

Liquidity

Rule

and

has

not

adopted

a

"Highly

Liquid

Investment

Minimum."

A

Highly

Liquid

Investment

is

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

There

can

be

no

assurance

that

the

program

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

Fund’s

exposure

to

liquidity

risk

and

other

principal

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Proxy

Voting

Policies

and

Procedures

The

Trust’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Trust’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Trust’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Trust

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive

each

Fund’s

financial

reports

every

six

months

as

well

as

an

annual

updated

summary

prospectus

(prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

Franklin

Global

Trust

Shareholder

Information

62

franklintempleton.com

Annual

Report

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

FGT3

A

09/20

©

2020

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

and

Shareholder

Letter

Franklin

Global

Trust

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisors,

Inc.

Franklin

Templeton

Institutional,

LLC

Franklin

Templeton

Distributors,

Inc.

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

A

Series

of

Franklin

Global

Trust

July

31,

2020

Internet

Delivery

of

Fund

Reports

Unless

You

Request

Paper

Copies

:

Effective

January

1,

2021,

as

permitted

by

the

SEC,

paper

copies

of

the

Fund’s

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

them

from

the

Fund

or

your

financial

intermediary.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

If

you

have

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signed

up

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delivery,

we

would

encourage

you

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join

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shareholders

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have.

You

may

elect

to

receive

shareholder

reports

and

other

communications

electronically

from

the

Fund

by

calling

(800)

321-8563

or

by

contacting

your

financial

intermediary.

You

may

elect

to

continue

to

receive

paper

copies

of

all

your

future

shareholder

reports

free

of

charge

by

contacting

your

financial

intermediary

or,

if

you

invest

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321-8563

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ftinstitutional.com

Annual

Report

1

Contents

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

....

2

Performance

Summary

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

6

Your

Fund’s

Expenses

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

9

Consolidated

Financial

Highlights

and

Consolidated

Statement

of

Investments

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

10

Consolidated

Financial

Statements

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

15

Notes

to

Consolidated

Financial

Statements

..........

19

Report

of

Independent

Registered

Public

Accounting

Firm

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

33

Tax

Information

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

34

Board

Members

and

Officers

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

35

Shareholder

Information

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

40

Visit

ftinstitutional.com

for

fund

updates,

to

access

your

account,

or

to

find

investment

insights.

2

ftinstitutional.com

Annual

Report

ANNUAL

REPORT

Franklin

Emerging

Market

Debt

Opportunities

Fund

This

annual

report

for

Franklin

Emerging

Market

Debt

Opportunities

Fund

covers

the

fiscal

year

ended

July

31,

2020

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

high

total

return

through

investing

at

least

80%

of

its

net

assets

in

debt

securities

of

emerging

market

countries—mainly

securities

issued

by

sovereign

and

subsovereign

government

entities,

but

also

including

securities

issued

by

corporate

entities

that

are

controlled

by

a

sovereign

entity,

and

corporate

emerging

markets

debt.

Performance

Overview

The

Fund

posted

a

-6.24%

cumulative

total

return

for

the

12

months

under

review.

In

comparison,

the

Fund’s

first

benchmark,

the

J.P.

Morgan

(JPM)

Emerging

Markets

Bond

Index

(EMBI)

Global

Diversified

Index,

which

tracks

total

returns

for

U.S.

dollar-denominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities,

posted

a

total

return

of

+2.97%.

1

The

Fund’s

second

benchmark,

the

JPM

EMBI

Global

Diversified

ex-GCC

Index,

which

tracks

total

returns

for

U.S.

dollar-denominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-

sovereign

entities,

excluding

Saudi

Arabia,

Qatar,

the

United

Arab

Emirates,

Bahrain

and

Kuwait,

posted

a

total

return

of

+1.60%.

1

The

Fund’s

third

benchmark,

the

JPM

Government

Bond

Index-Emerging

Markets

(GBI-EM)

Broad

Diversified

Index

(US$

Unhedged),

which

tracks

local

currency

bonds

issued

in

emerging

markets,

posted

a

-0.11%

total

return.

2

Also

for

comparison,

the

Fund’s

fourth

benchmark,

the

ICE

BofA

Emerging

Market

Corporate

Plus

Index

(EMCB)

(100%

US$

Hedged),

which

tracks

the

performance

of

U.S.

dollar-denominated

and

euro-denominated

emerging

market

non-sovereign

debt

publicly

issued

within

the

major

domestic

and

Eurobond

markets,

posted

a

+5.96%

total

return.

1

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

6.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

ftinstitutional.com

or

call

a

Franklin

Templeton

Institutional

Services

representative

at

(800)

321-8563

.

Economic

and

Market

Overview

The

year

under

review

started

much

differently

from

how

it

ended.

In

2019,

the

U.S.

Federal

Reserve

(Fed)

started

cutting

interest

rates

for

the

first

time

in

a

decade,

which

propelled

financial

markets

to

new

highs.

The

U.S.-China

trade

conflict

continued,

but

a

phase-one

trade

agreement

in

early

2020

lifted

investors’

spirits.

The

coronavirus

crisis

(COVID-19)

changed

things

radically.

Beginning

in

mid-February,

prices

for

risk

assets

started

to

fall

around

the

world.

In

March

2020,

the

Fed

enacted

two

emergency

rate

cuts,

totaling

150

basis

points

(bps),

and

provided

liquidity

in

the

form

of

central

bank

swap

lines

and

a

bond-buying

program.

Other

central

banks

followed

suit

with

similar

measures,

and

many

emerging-market

(EM)

central

banks

started

to

use

bond

purchases

as

a

policy

instrument

for

the

first

time.

Governments

around

the

world

intervened

with

some

of

the

largest

stimulus

programs

ever

witnessed.

Portfolio

Composition*

7/31/20

%

of

Total

Net

Assets

Foreign

Government

and

Agency

Securities

54.7%

Quasi-Sovereign

Bonds

17.1%**

Corporate

Bonds

9.2%

Warrants

3.0%

Loan

Participations

and

Assignments

2.5%**

Short-Term

Investments

&

Other

Net

Assets

13.5%

*Figures

reflect

certain

derivatives

held

in

the

portfolio

(or

their

underlying

reference

assets)

and

may

not

total

100%

or

may

be

negative

due

to

rounding,

use

of

deriva-

tives,

unsettled

trades

or

other

factors.

**Includes

securities

determined

to

have

no

value

at

7/31/20.

1.

Source:

Morningstar.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

2.

Source:

J.P.

Morgan.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Consolidated

Statement

of

Investments

(SOI).

The

Consolidated

SOI

begins

on

page

11

.

Franklin

Emerging

Market

Debt

Opportunities

Fund

3

ftinstitutional.com

Annual

Report

A

disagreement

between

Russia

and

Saudi

Arabia

at

the

end

of

February

led

to

weaker

oil

prices,

after

both

refused

to

cut

their

output

volumes.

Shortly

thereafter,

prices

plummeted

when

the

COVID-19

pandemic

slashed

economic

activity

and

oil

demand

around

the

world.

Brent

Crude

prices

briefly

fell

to

less

than

US$20

per

barrel

in

April,

and

prices

for

other

types

of

crude

oil

turned

negative

when

output

volumes

exceeded

storage

capacity.

At

the

end

of

the

period

under

review,

the

International

Monetary

Fund

(IMF)

expects

the

world

economy

to

shrink

by

4.9%

in

2020.

Largely

due

to

its

positive

outlook

for

China,

however,

the

IMF’s

projection

for

emerging

markets

(-3.0%)

continued

to

outrun

its

-8.0%

forecast

for

advanced

economies.

The

real

economy

is

operating

well

below

its

2019

level,

but

prices

for

bonds

and

stocks

have

more

or

less

recovered

from

their

falls,

mainly

thanks

to

coordinated

policy

intervention.

EM

bonds,

meanwhile,

have

posted

solid

returns

in

the

12

months

under

review.

Hard

currency-denominated

EM

sovereign

bonds

returned

+2.97%

over

the

12

months

under

review,

as

measured

by

the

JPM

EMBI

Global

Diversified

Index

(EMBIGD).

1

U.S.

10-

year

Treasury

yields

fell

146

bps

over

the

review

period,

to

0.55%

at

the

end

of

July

2020.

The

EMBIGD’s

spread

over

U.S.

Treasury

yields,

on

a

yield-to-worst

basis,

more

than

doubled

over

February

and

March,

but

ended

the

12

months

under

review

just

122

bps

higher

overall.

Local-currency

sovereign

EM

bonds

suffered

a

loss

of

0.11%,

as

measured

by

the

JPM

GBI-EM

Broad

Diversified

Index

(US$

Unhedged).

1

Local-currency

yields

fell

steeply,

but

EM

currencies

also

weakened

relative

to

the

U.S.

dollar

(USD).

U.S.

dollar-

and

euro-denominated

EM

corporate

bonds

delivered

a

return

of

+5.96%,

as

measured

by

the

ICE

BofA

EMCB

index

(100%

US$

Hedged).

Investment

Strategy

Our

portfolio

construction

process

can

be

summarized

in

three

integral

steps—country

allocation,

currency

allocation

and

issue

selection.

The

first

stage

of

our

emerging

market

debt

investment

process

is

identifying

the

countries

for

which

we

have

a

favorable

outlook,

which

we

manage

with

a

bottom-up,

research-driven

perspective.

Since

the

portfolio

is

constructed

through

bottom-up,

fundamental

research

and

not

relative

to

a

benchmark

index,

there

is

no

requirement

to

hold

issues

from

any

one

country.

The

next

decision

is

whether

to

take

exposure

in

the

form

of

“hard

currency”

or

local

currency

instruments.

Hard

currencies

are

currencies

in

which

investors

have

confidence

and

are

typically

currencies

of

economically

and

politically

stable

industrialized

nations.

The

last

decision

concerns

security

selection.

This

depends

on

a

number

of

factors,

including

the

type

of

the

security’s

coupon

(fixed

or

floating).

Geographic

Composition*

7/31/20

%

of

Total

Net

Assets

Azerbaijan

8.0%

South

Africa

4.8%

Belarus

4.8%

Grenada

4.5%

Argentina

4.1%

Tunisia

4.1%

Indonesia

4.1%

Iraq

4.0%

Turkey

3.7%

Egypt

1.6%

Paraguay

3.6%

Mexico

3.5%

Uruguay

3.4%

El

Salvador

2.8%

Angola

2.6%

Ghana

2.5%

Gabon

2.4%

Suriname

2.0%

Russia

1.9%

Venezuela

1.6%

Ukraine

1.6%

Nigeria

1.6%

Colombia

1.6%

Brazil

1.5%

Jordan

1.4%

Kazakhstan

1.3%

Dominican

Republic

1.2%

Cameroon

1.1%

Mozambique

1.1%

Other

4.1%

Short-Term

Investments

&

Other

Net

Assets

13.5%**

*Figures

reflect

certain

derivatives

held

in

the

portfolio

(or

their

underlying

reference

assets)

and

may

not

total

100%

or

may

be

negative

due

to

rounding,

use

of

any

deriv-

atives,

unsettled

trades

or

other

factors.

May

differ

from

the

Consolidated

SOI

due

to

the

underlying

currency

exposure

on

pass-thru

notes

and

currency

forward

contracts.

**Short-term

securities

denominated

in

US

Dollar.

Franklin

Emerging

Market

Debt

Opportunities

Fund

4

ftinstitutional.com

Annual

Report

Manager’s

Discussion

During

the

reporting

period,

Argentine

USD

bonds

detracted

from

Fund

performance.

Argentina’s

financial

and

economic

crisis

continued

during

the

12

months

under

review.

Peronist

candidate

Alberto

Fernández

won

the

presidential

election

in

October

2019,

and

in

December

2019

appointed

Martín

Guzmán,

a

U.S.-trained

economist,

to

be

Minister

of

Economy.

Guzmán

swiftly

restructured

the

domestic-law

dual-currency

bonds

held

by

the

portfolio,

which

pay

out

in

Argentine

pesos

but

at

a

rate

determined

by

the

peso’s

exchange

rate

with

the

USD.

The

government

then

formally

missed

a

first

interest

payment

on

its

foreign-law

bonds

in

May.

In

July,

at

the

end

of

the

review

period,

Guzmán‘s

discussions

with

holders

of

the

country’s

foreign-law

bonds

seemed

to

be

on

the

brink

of

success.

But

under

the

terms

of

the

proposed

agreement,

the

net

present

value

of

the

bonds

under

consideration

is

roughly

only

about

half

of

their

original

value.

The

Fund’s

position

in

USD

debt

of

Société

des

Hydrocarbures

du

Chad

also

detracted

from

Fund

returns.

This

debt

is

serviced

by

the

proceeds

of

oil

exports,

and

it

is

sold

by

an

intermediary

on

international

markets.

Under

the

terms

of

the

debt,

a

sale

price

for

this

oil

of

US$56

per

barrel

or

higher

triggers

periodic

early

repayments,

which

boosted

the

value

of

this

position

for

most

of

2019.

But

after

February

2020,

oil

prices

fell

to

historic

lows,

and

the

number

of

deliveries

decreased,

each

time

at

a

low

price.

In

June,

it

became

apparent

that

proceeds

from

oil

deliveries

would

be

insufficient

to

make

second-quarter

interest

and

principal

payments

on

the

facility.

No

default

event

occurred,

however,

as

the

terms

of

the

loan

allow

for

the

deferral

of

up

to

US$75

million

of

debt

service

under

such

circumstances.

The

Fund’s

exposure

to

weaker

EM

currencies,

in

first

instance

the

weaker

Argentine

peso,

also

hurt

Fund

returns.

The

Argentine

peso

continued

to

suffer

from

the

financial

and

economic

crisis

in

Argentina.

Its

weakness

started

in

2018,

when

monetary

policy

failed

to

quell

the

country’s

high

inflation,

and

inflation

continued

to

be

high

in

the

12

months

under

review.

Capital

controls

introduced

in

September

2019

led

to

the

rebirth

of

the

unofficial

“blue-chip

swap”

exchange

rate,

which

slumped

to

a

sizeable

discount

compared

to

the

official

exchange

rate.

In

addition,

the

COVID-19

pandemic

weighed

on

most

EM

currencies

in

2020,

triggering

a

flight

to

safety

into

the

stronger

USD.

In

contrast,

inflation-adjusted

Argentine

local-currency

bonds,

before

currency

effects,

was

a

major

contributor

to

the

Fund’s

performance.

Prices

for

Argentina’s

local-currency

domestic-law

bonds

rebounded

during

the

12

months

under

review,

as

their

treatment

by

the

new

government

was

more

favorable

than

some

investors

had

feared.

In

addition,

high

local-currency

yields

and

capital

controls

compelled

foreigners

to

reinvest

cashflows.

Argentina’s

so-called

“BONCER”

inflation-linked

bonds

did

particularly

well

as

local

inflation

rose

in

the

second

quarter

of

2020.

Higher

inflation,

however,

also

weakened

the

Argentine

peso

during

the

quarter,

which

offset

some

of

this

positive

effect.

The

Fund’s

position

in

Mexican

local-currency

bonds,

before

currency

effects,

also

contributed

to

returns.

The

COVID-19

pandemic

reached

Latin

America

relatively

late,

but

Banxico

was

one

of

the

most

activist

central

banks

during

the

crisis.

During

2020,

it

cut

interest

rates

in

March,

April,

May

and

June,

to

their

lowest

level

since

December

2016,

which

boosted

local-currency

bonds.

This

positive

impact

was

offset

somewhat,

in

USD

terms,

by

the

weaker

Mexican

peso.

Our

position

in

Angolan

USD

bonds

boosted

performance

as

well.

Prices

for

Angolan

bonds

fell

to

near-default

levels

after

oil

prices

plunged

in

April

2020,

because

the

Angolan

government

budget

depends

heavily

on

oil.

In

June,

however,

it

was

reported

that

China

had

agreed

to

grant

Angola

a

three-year

moratorium

on

interest

and

principal

payments.

This

reduced

the

risk

that

the

Angolan

government

might

default

on

its

Eurobonds

and

increased

the

likelihood

that

the

IMF

would

sign

off

on

future

lending

to

the

country.

Brent

Crude

oil

recovered

to

US$43.52

per

barrel

by

the

end

of

July,

which

also

helped

Angolan

bonds

in

their

recovery.

Franklin

Emerging

Market

Debt

Opportunities

Fund

5

ftinstitutional.com

Annual

Report

*Includes

Foreign

Government

and

Agency

Securities.

We

thank

you

for

your

confidence

in

Franklin

Emerging

Market

Debt

Opportunities

Fund

and

hope

to

serve

your

investment

needs

at

the

highest

level

of

expectations.

Nicholas

Hardingham,

CFA

Portfolio

Manager

and

Research

Analyst

of

FTIML

Stephanie

Ouwendijk,

CFA

Portfolio

Manager

and

Research

Analyst

of

FTIML

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2020,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

7/31/20

Issuer

Industry

,

Country

%

of

Total

Net

Assets

a

a

International

Bank

of

Azerbaijan

OJSC

8.0%

Banks

,

Azerbaijan

South

Africa

Government

Bond

4.8%*

Diversified

Financial

Services

,

South

Africa

Grenada

Government

Bond

4.5%*

Diversified

Financial

Services

,

Grenada

Banque

Centrale

de

Tunisie

International

Bond

4.1%*

Banks

,

Tunisia

Iraq

Government

Bond

4.0%*

Diversified

Financial

Services

,

Iraq

Frigorifico

Concepcion

SA

3.6%

Food

Products

,

Paraguay

Mexican

Bonos

3.5%*

Banks

,

Mexico

Development

Bank

of

the

Republic

of

Belarus

JSC

3.4%

Banks,

Belarus

Uruguay

Government

Bond

3.4%*

Diversified

Financial

Services,

Uruguay

El

Salvador

Government

Bond

2.8%

Diversified

Financial

Services

,

El

Salvador

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

July

31,

2020

Franklin

Emerging

Market

Debt

Opportunities

Fund

6

ftinstitutional.com

Annual

Report

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

7/31/20

1

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

ftinstitutional.com

or

call

(800)

321-8563

.

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

1-Year

-6.24%

-6.24%

5-Year

+22.68%

+4.17%

10-Year

+54.25%

+4.43%

See

page

8

for

Performance

Summary

footnotes.

Franklin

Emerging

Market

Debt

Opportunities

Fund

Performance

Summary

7

ftinstitutional.com

Annual

Report

See

page

8

for

Performance

Summary

footnotes.

Total

Return

Index

Comparison

for

a

Hypothetical

$50,000

Investment

1

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

8/1/10–

7/31/20

Franklin

Emerging

Market

Debt

Opportunities

Fund

Performance

Summary

8

ftinstitutional.com

Annual

Report

All

investments

involve

risks,

including

possible

loss

of

principal.

Special

risks

are

associated

with

foreign

investing

including

currency

volatility,

economic

instability,

and

social

and

political

developments

of

countries

where

the

Fund

invests.

Investments

in

emerging

markets

involve

heightened

risks

related

to

the

same

factors,

in

addition

to

those

associated

with

these

markets’

smaller

size,

lesser

liquidity

and

lack

of

established

legal,

political,

business

and

social

frameworks

to

support

securities

markets.

The

risks

associated

with

higher

yielding,

lower

rated

securities

include

higher

risk

of

default

and

loss

of

principal.

In

addition,

interest

rate

movements

will

affect

the

Fund’s

share

price

and

yield.

Prices

of

debt

securities

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

debt

securities

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

The

Fund

has

an

expense

reduction,

a

waiver

related

to

the

management

fee

paid

by

a

Fund

subsidiary

and

a

fee

waiver

associated

with

any

investments

it

makes

in

a

Franklin

Templeton

money

fund

and/or

other

Franklin

Templeton

fund,

contractually

guaranteed

through

11/30/20.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waivers;

without

these

reductions,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Source:

Morningstar:

The

JPM

EMBI

Global

Diversified

Index

is

a

uniquely

weighted

version

of

the

JPM

EMBI

Global

Index,

which

tracks

total

returns

for

U.S.

dollar-de-

nominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities:

Brady

bonds,

loans

and

Eurobonds.

The

index

includes

all

countries

except

those

that

have

been

classified

by

the

World

Bank

as

high

income

for

the

past

two

consecutive

years.

The

diversified

index

limits

the

weights

of

those

index

countries

with

larger

debt

stocks

by

only

including

specified

portions

of

these

countries’

eligible

current

face

amounts

of

debt

outstanding.

The

JPM

EMBI

Global

Diversified

ex-GCC

Index

tracks

total

returns

for

U.S.

dollar-denominated

debt

instruments

issued

by

emerging

market

sovereign

and

quasi-sovereign

entities,

excluding

Saudi

Arabia,

Qatar,

the

Unit-

ed

Arab

Emirates,

Bahrain

and

Kuwait.

Due

to

data

availability,

performance

for

the

JPM

Morgan

EMBI

Global

Diversified

ex-GCC

Index

is

shown

starting

12/31/15

using

the

Fund’s

value

on

that

date.

The

ICE

BofA

EMCB

(100%

US$

Hedged)

tracks

the

performance

of

U.S.

dollar-denominated

and

euro-denominated

emerging

market

non-sover-

eign

debt

publicly

issued

within

the

major

domestic

and

Eurobond

markets.

5.

Source:

J.P.

Morgan.

The

JPM

GBI-EM

Broad

Diversified

Index

(US$

Unhedged)

tracks

local

currency

bonds

issued

by

emerging

markets.

Weightings

among

countries

are

more

evenly

distributed

within

the

index

than

in

the

global

diversified

index.

6.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Consolidated

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(8/1/19–7/31/20)

Net

Investment

Income

$0.7965

Total

Annual

Operating

Expenses

6

With

Fee

Waiver

Without

Fee

Waiver

0.98%

1.00%

Your

Fund’s

Expenses

Franklin

Emerging

Market

Debt

Opportunities

Fund

9

ftinstitutional.com

Annual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration):

Divide

your

account

value

by

$1,000

(if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

182/366

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Beginning

Account

Value

2/1/20

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

Ending

Account

Value

7/31/20

Expenses

Paid

During

Period

2/1/20–7/31/20

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$926.30

$4.74

$1,019.94

$4.97

1.00

%

Franklin

Global

Trust

Consolidated

Financial

Highlights

Franklin

Emerging

Market

Debt

Opportunities

Fund

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

10

a

Year

Ended

July

31,

2020

2019

2018

2017

2016

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.66

$11.68

$11.68

$10.76

$10.72

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.97

0.97

0.86

0.83

0.89

Net

realized

and

unrealized

gains

(losses)

...........

(1.64)

(0.13)

(0.36)

0.17

(0.26)

Total

from

investment

operations

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

(0.67)

0.84

0.50

1.00

0.63

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

(0.80)

(0.86)

(0.47)

—

(0.59)

Net

realized

gains

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

—

—

(0.03)

(0.08)

—

Total

distributions

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

(0.80)

(0.86)

(0.50)

(0.08)

(0.59)

Net

asset

value,

end

of

year

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

$10.19

$11.66

$11.68

$11.68

$10.76

Total

return

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

(6.24)%

8.04%

4.04%

9.40%

6.41%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.15%

1.11%

1.09%

1.07%

1.06%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.00%

1.00%

1.00%

1.00%

1.00%

Net

investment

income

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

8.95%

8.58%

7.31%

7.43%

8.70%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$111,159

$387,888

$518,344

$514,406

$552,835

Portfolio

turnover

rate

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

34.71%

14.29%

33.70%

29.45%

21.61%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Consolidated

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

.

Franklin

Global

Trust

Consolidated

Statement

of

Investments,

July

31,

2020

Franklin

Emerging

Market

Debt

Opportunities

Fund

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

11

0

a

a

Country

Shares

a

Value

a

Common

Stocks

0.0%

Diversified

Financial

Services

0.0%

a,b,c

Astana

Finance

JSC,

GDR

,

144A

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

Kazakhstan

193,625

$

—

b

Multiline

Retail

0.0%

a,b,c

K2016470219

South

Africa

Ltd.,

A

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

South

Africa

55,882,058

—

a,b,c

K2016470219

South

Africa

Ltd.,

B

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

South

Africa

5,561,052

—

—

Total

Common

Stocks

(Cost

$433,378)

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

—

Warrants

a

a

a

a

a

Warrants

3.0%

Diversified

Financial

Services

3.0%

a,d,e

Central

Bank

of

Nigeria,

Reg

S,

11/15/20

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

Nigeria

64,000

736,000

b,d,f

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

1,765,900

a,b,c,e

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

798,950

3,300,850

Total

Warrants

(Cost

$30,104,666)

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

3,300,850

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,e,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

17.1%

Banks

12.7%

d

Development

Bank

of

Kazakhstan

JSC,

Senior

Note,

Reg

S,

9.5%,

12/14/20

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

Kazakhstan

600,000,000

KZT

1,424,480

h

Development

Bank

of

the

Republic

of

Belarus

JSC,

Senior

Note,

144A,

12%,

5/15/22

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

Belarus

8,900,000

BYN

3,827,706

a,c,i

International

Bank

of

Azerbaijan

OJSC,

Senior

Note,

Reg

S,

5.625%,

6/11/19

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

Azerbaijan

10,500,000

8,931,174

14,183,360

Diversified

Financial

Services

0.0%

†

a,c

Astana

Finance

JSC,

Secured

Note,

144A,

0%,

12/22/24

.......

Kazakhstan

136,566

1,366

a,c,i,j

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana),

PTN,

Secured

Note,

Reg

S,

Zero

Cpn

.,

2/05/09

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

Ghana

8,000,000

—

1,366

Municipal

Bonds

2.6%

h

Provincia

del

Chubut

Argentina,

144A,

7.75%,

7/26/26

..........

Argentina

5,700,000

2,892,750

Oil,

Gas

&

Consumable

Fuels

0.9%

h

Citgo

Holding,

Inc.,

Senior

Secured

Note,

144A,

9.25%,

8/01/24

..

Venezuela

1,000,000

1,002,500

Wireless

Telecommunication

Services

0.9%

h

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.,

Senior

Secured

Note,

144A,

8.875%,

10/18/29

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

Trinidad

and

Tobago

970,000

973,031

Total

Quasi-Sovereign

Bonds

(Cost

$25,758,212)

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

19,053,007

Franklin

Global

Trust

Consolidated

Statement

of

Investments

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

9.2%

Banks

1.2%

h

Akbank

T.A.S.,

Sub.

Bond,

144A,

6.797%

to

4/27/23,

FRN

thereafter,

4/27/28

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

Turkey

1,500,000

$

1,291,095

Capital

Markets

0.8%

h

Georgia

Capital

JSC,

Senior

Note,

144A,

6.125%,

3/09/24

.......

Georgia

1,000,000

940,000

Construction

&

Engineering

0.9%

h

IHS

Netherlands

Holdco

BV,

Senior

Note,

144A,

8%,

9/18/27

.....

Nigeria

1,000,000

1,025,000

Food

Products

3.6%

h

Frigorifico

Concepcion

SA,

Senior

Secured

Note,

144A,

10.25%,

1/29/25

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

Paraguay

4,000,000

3,948,760

Multiline

Retail

0.0%

†

a,h,k

K2016470219

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

3%,

12/31/22

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

South

Africa

4,562,870

—

a,h,k

K2016470260

South

Africa

Ltd.,

Senior

Secured

Note,

144A,

PIK,

25%,

12/31/22

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

South

Africa

1,331,810

6,659

6,659

Oil,

Gas

&

Consumable

Fuels

2.7%

h

Medco

Oak

Tree

Pte.

Ltd.,

Senior

Secured

Note,

144A,

7.375%,

5/14/26

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

Indonesia

2,250,000

2,234,781

h

Tullow

Oil

plc,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

1,202,000

718,934

2,953,715

Total

Corporate

Bonds

(Cost

$16,836,827)

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

10,165,229

l

Loan

Participations

and

Assignments

2.5%

h,m

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

2,100,000

2,118,123

a,c,e,k,n

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

.......

United

States

669,300

672,864

a,c,i

NK

Debt

Corp.

(The)

,

144A,

Zero

Cpn

.,

3/12/20

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

North

Korea

4,250,000

DEM

—

Reg

S,

Zero

Cpn

.,

3/12/20

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

North

Korea

2,000,000

CHF

—

Reg

S,

Zero

Cpn

.,

3/12/20

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

North

Korea

18,000,000

DEM

—

Total

Loan

Participations

and

Assignments

(Cost

$5,923,760)

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

2,790,987

Foreign

Government

and

Agency

Securities

54.7%

h

Angola

Government

Bond,

144A,

8%,

11/26/29

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

Angola

3,500,000

2,926,035

i

Argentina

Government

Bond,

Senior

Bond,

5.875%,

1/11/28

.....

Argentina

4,000,000

1,694,240

Banque

Centrale

de

Tunisie

International

Bond

,

Senior

Bond,

4.3%,

8/02/30

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

Tunisia

310,000,000

JPY

1,970,190

Senior

Bond,

4.2%,

3/17/31

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

Tunisia

420,000,000

JPY

2,602,639

h

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond,

144A,

4.7%,

10/22/31

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

Supranational

o

900,000

922,428

h

Belarus

Government

Bond,

Senior

Note,

144A,

6.875%,

2/28/23

..

Belarus

1,500,000

1,521,525

Brazil

Government

Bond,

4.5%,

5/30/29

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

Brazil

1,500,000

1,617,848

h

Cameroon

Government

Bond,

144A,

9.5%,

11/19/25

...........

Cameroon

1,200,000

1,275,802

Colombia

Government

Bond,

3%,

1/30/30

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

Colombia

1,700,000

1,752,488

h

Dominican

Republic

Government

Bond,

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

80,000,000

DOP

1,348,622

h

Egypt

Government

Bond,

Senior

Bond,

144A,

7.625%,

5/29/32

...

Egypt

1,800,000

1,766,430

d

El

Salvador

Government

Bond,

Senior

Bond,

Reg

S,

7.65%,

6/15/35

El

Salvador

3,450,000

3,105,000

h

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.95%,

6/16/25

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

Gabon

2,400,000

2,364,439

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

300,000

286,232

Ghana

Government

Bond,

18.25%,

7/25/22

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

Ghana

11,000,000

GHS

1,946,372

Franklin

Global

Trust

Consolidated

Statement

of

Investments

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Grenada

Government

Bond

,

h

144A,

7%,

5/12/30

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

Grenada

5,638,306

$

4,087,772

d

Reg

S,

7%,

5/12/30

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

Grenada

1,221,778

885,789

h

Honduras

Government

Bond,

144A,

5.625%,

6/24/30

..........

Honduras

1,000,000

1,057,500

d

Indonesia

Government

Bond,

Reg

S,

4.35%,

1/08/27

...........

Indonesia

2,000,000

2,299,720

d

Iraq

Government

Bond,

Reg

S,

5.8%,

1/15/28

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

Iraq

4,734,375

4,412,551

h

Jordan

Government

Bond,

144A,

5.85%,

7/07/30

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

Jordan

1,600,000

1,604,593

Mexican

Bonos

,

M

20,

Senior

Bond,

8.5%,

5/31/29

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

Mexico

727,809

p

MXN

3,907,282

h

Mozambique

Government

Bond,

144A,

5%

to

9/15/23,

9%

thereafter,

9/15/31

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

Mozambique

1,400,000

1,201,732

South

Africa

Government

Bond

,

Senior

Bond,

4.3%,

10/12/28

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

South

Africa

1,200,000

1,132,086

Senior

Bond,

7%,

2/28/31

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

South

Africa

87,900,000

ZAR

4,231,690

h

Suriname

Government

Bond

,

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

2,750,000

1,476,612

m

144A,

FRN,

12.875%,

12/30/23

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

Suriname

1,400,000

784,000

Turkey

Government

Bond

,

3.25%,

3/23/23

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

Turkey

1,200,000

1,113,336

4.875%,

4/16/43

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

Turkey

2,200,000

1,669,712

q

Uruguay

Government

Bond,

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

154,330,161

UYU

3,822,233

Total

Foreign

Government

and

Agency

Securities

(Cost

$71,489,645)

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

60,786,898

Total

Long

Term

Investments

(Cost

$155,146,488)

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

96,096,971

a

Short

Term

Investments

5.7%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

2.0%

r

Egypt

Treasury

Bill,

Strip,

9/15/20

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

Egypt

35,400,000

EGP

2,190,174

Total

Foreign

Government

and

Agency

Securities

(Cost

$2,124,845)

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

2,190,174

Shares

a

Money

Market

Funds

3.7%

s,t

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

4,131,221

4,131,221

Total

Money

Market

Funds

(Cost

$4,131,221)

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

4,131,221

Total

Short

Term

Investments

(Cost

$6,256,066

)

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

6,321,395

a

Total

Investments

(Cost

$161,402,554)

92.2%

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

$102,418,366

Other

Assets,

less

Liabilities

7.8%

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

8,740,355

Net

Assets

100.0%

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

$111,158,721

*

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

13

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

10

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

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

July

31,

2020,

the

aggregate

value

of

these

securities

was

$23,560,614,

representing

21.2%

of

net

assets.

e

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(f).

f

The

principal

represents

the

notional

amount.

See

Note

1(d)

regarding

value

recovery

instruments.

Franklin

Global

Trust

Consolidated

Statement

of

Investments

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

14

At

July

31,

2020,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c). 

See

Note 11

regarding

other

derivative

information.

See

Abbreviations

on

page

32

.

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

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

July

31,

2020,

the

aggregate

value

of

these

securities

was

$43,604,427,

representing

39.2%

of

net

assets.

i

See

Note

7

regarding

defaulted

securities.

j

Represents

claims

that

have

been

filed

with

a

Ghanaian

court

against

National

Investment

Bank

of

Ghana.

k

Income

may

be

received

in

additional

securities

and/or

cash.

l

See

Note

1(d)

regarding

loan

participations

and

assignments.

m

The

coupon

rate

shown

represents

the

rate

at

period

end.

n

Perpetual

security

with

no

stated

maturity

date.

o

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

p

Principal

amount

is

stated

in

100

Mexican

Peso

Units.

q

Principal

amount

of

security

is

adjusted

for

inflation.

See

Note

1(h).

r

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

s

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

t

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

Japanese

Yen

......

MSCO

Buy

286,000,000

2,670,348

9/15/20

$

32,588

$

—

Japanese

Yen

......

MSCO

Sell

630,000,000

5,878,419

9/15/20

—

(75,599)

Japanese

Yen

......

RBCCM

Buy

210,000,000

1,962,848

9/15/20

21,824

—

Japanese

Yen

......

RBCCM

Sell

700,000,000

6,529,425

9/15/20

—

(86,151)

Total

Forward

Exchange

Contracts

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

$54,412

$(161,750)

Net

unrealized

appreciation

(depreciation)

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

$(107,338)

*

In

U.S.

dollars

unless

otherwise

stated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

July

31,

2020

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

15

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$157,271,333

Cost

-

Non-controlled

affiliates

(Not

e

3d)

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

4,131,221

Value

-

Unaffiliated

issuers

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

$98,287,145

Value

-

Non-controlled

affiliates

(No

te

3d)

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

4,131,221

Cash

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

144,349

Restricted

currency,

at

value

(cost

$284,587)

(Note

1e

)

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

252,873

Foreign

currency,

at

value

(cost

$3,

241,787

)

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

3,278,994

Receivables:

Investment

securities

sold

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

3,904,775

Capital

shares

sold

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

200,302

Interest

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

1,444,465

Due

from

custodian

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

2,944,636

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

54,412

Other

assets

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

256

Total

assets

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

114,643,428

Liabilities:

Payables:

Investment

securities

purchased

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

2,944,636

Capital

shares

redeemed

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

200,878

Management

fees

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

13,663

Transfer

agent

fees

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

11,009

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

161,750

Deferred

tax

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

39,863

Accrued

expenses

and

other

liabilities

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

112,908

Total

liabilities

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

3,484,707

Net

assets,

at

value

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

$111,158,721

Net

assets

consist

of:

Paid-in

capital

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

$254,376,528

Total

distributable

earnings

(losses)

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

(143,217,807)

Net

assets,

at

value

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

$111,158,721

Shares

outstanding

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

10,908,873

Net

asset

value

and

maximum

offering

price

per

share

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

$10.19

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

year

ended

July

31,

2020

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

16

Franklin

Emerging

Market

Debt

Opportunities

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

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

$1,920,000

Non-controlled

affiliates

(Note

3d)

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

254,029

Interest:

(net

of

foreign

taxes

of

$128,339)

Unaffiliated

issuers

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

29,492,007

Total

investment

income

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

31,666,036

Expenses:

Management

fees

(Note

3

a

)

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

3,134,031

Transfer

agent

fees

(Note

3

c

)

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

110,315

Custodian

fees

(Note

4

)

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

74,319

Reports

to

shareholders

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

22,406

Registration

and

filing

fees

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

38,950

Professional

fees

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

223,757

Trustees'

fees

and

expenses

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

15,074

Interest

fees

and

expenses

(Note

12)

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

29,940

Other

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

32,529

Total

expenses

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

3,681,321

Expense

reductions

(Note

4

)

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

(13,100)

Expenses

waived/paid

by

affiliates

(Note

3d

and

3e)

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

(479,692)

Net

expenses

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

3,188,529

Net

investment

income

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

28,477,507

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

(net

of

foreign

taxes

of

$

110,399

)

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

(72,280,902)

Foreign

currency

transactions

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

(1,807,374)

Forward

exchange

contracts

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

517,426

Net

realized

gain

(loss)

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

(73,570,850)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

318,690

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

359,230

Forward

exchange

contracts

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

(336,147)

Change

in

deferred

taxes

on

unrealized

appreciation

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

(17,208)

Net

change

in

unrealized

appreciation

(depreciation)

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

324,565

Net

realized

and

unrealized

gain

(loss)

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

(73,246,285)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(44,768,778)

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

17

Franklin

Emerging

Market

Debt

Opportunities

Fund

Year

Ended

July

31,

2020

Year

Ended

July

31,

2019

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$28,477,507

$37,369,928

Net

realized

gain

(loss)

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

(73,570,850)

(18,961,286)

Net

change

in

unrealized

appreciation

(depreciation)

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

324,565

9,456,312

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(44,768,778)

27,864,954

Distributions

to

shareholders

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

(26,830,938)

(38,242,212)

Capital

share

transactions

(Not

e

2)

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

(205,129,644)

a

(120,078,898)

Net

increase

(decrease)

in

net

assets

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

(276,729,360)

(130,456,156)

Net

assets:

Beginning

of

year

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

387,888,081

518,344,237

End

of

year

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

$111,158,721

$387,888,081

a

Includes

reimbursement

from

affiliated

parties

of

$556,493.

See

Note

3(f).

Franklin

Global

Trust

Financial

Statements

Consolidated

Statement

of

Cash

Flows

for

the

year

ended

July

31,

2020

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

Franklin

Emerging

Market

Debt

Opportunities

Fund

Cash

flow

from

operating

activities:

Dividends,

interest

and

other

income

received

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

$

34,

053,619

Operating

expenses

paid

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

(3,

4

33,833

)

Interest

expenses

paid

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

 (29,940)

Due

from

custodian

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

 (2,944,636)

Realized

(loss)

on

foreign

currency

transactions

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

(

1

,289

,

948

)

Purchases

of

long-term

investments

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

(97,323,789)

Sales

and

maturities

of

long-term

investments

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

2

70,625,928

Net

sales

of

short-term

investments

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

2

6,579,210

Cash

provided

–

operating

activities

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

226,236,610

Cash

flow

from

financing

activities:

Proceeds

from

shares

sold

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

137,156,336

Payment

of

shares

redeemed

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

(362,315,756)

a

Cash

distributions

to

shareholders

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

(406,215)

Net

activity

from

Global

Credit

Facility

(Note

12)

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

—

Cash

used

-

financing

activities

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

(225,565,635)

Net

increase

(decrease)

in

cash

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

670,975

Cash,

restricted

cash

and

foreign

currency

at

beginning

of

year

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

3,004,576

Effect

of

exchange

rate

changes

on

foreign

currency

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

665

Cash,

restricted

cash

and

foreign

currency

at

end

of

year

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

$3,676,216

Reconciliation

of

Net

Increase

(Decrease)

in

Net

Assets

resulting

from

Operating

Activities

to

Net

Cash

Provided

by

Operating

Activities

for

the

year

ended

July

31,

2020

Net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

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

$

(44,

768,778

)

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operating

activities

to

net

cash

provided

by

operating

activities:

Net

amortization

income

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

(16,670)

Reinvested

dividends

from

non-controlled

affiliates

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

(254,029)

Interest

received

in

the

form

of

securities

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

(1,375,881)

Decrease

in

dividends

and

interest

receivable

and

other

assets

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

5,410,044

Decrease

in

payable

to

affiliates,

accrued

expenses,

and

other

liabilities

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

(275,244)

Increase

in

payable

for

investments

purchased

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

1,944,635

Increase

in

receivable

for

investments

sold

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

(3,904,775)

Decrease

in

cost

of

investments

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

272,746,509

Decrease

in

unrealized

depreciation

on

investments.

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

(324,565)

Net

decrease

in

cash

from

custodian.

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

(2,944,636)

Net

cash

provided

by

operating

activities

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

$226,236,610

Non-cash

financing

activities

-

reinvestment

of

dividends

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

$26,424,723

a

Includes

reimbursement

from

affiliated

parties

of

$556,493.

See

Note

3(f).

Franklin

Global

Trust

19

ftinstitutional.com

Annual

Report

Notes

to

Consolidated

Financial

Statements

Franklin

Emerging

Market

Debt

Opportunities

Fund

1.

Organization

and

Significant

Accounting

Policies

Franklin

Global

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

three

separate

funds

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

Franklin

Emerging

Market

Debt

Opportunities

Fund

(Fund)

is

included

in

this

report.

The

following

summarizes

the

Fund’s

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund's

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

Fund

calculates

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

Fund’s

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

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

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value. 

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

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

Fund's

business

day.

Events

can occur

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

20

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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

Fund's

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

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

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 Fund

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Consolidated

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Derivative

Financial

Instruments

The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Consolidated

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

21

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

July

31,

2020,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$43,011

for

such

contracts. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

terms

are

contract

specific

for

OTC

derivatives.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

the

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency

at

a

specific

exchange

rate

on

a

future

date.

The

Fund

invests

in

value

recovery

instruments

(VRI)

primarily

to

gain

exposure

to

economic

growth.

Periodic

payments

from

VRI

are

dependent

on

established

benchmarks

for

underlying

variables.

VRI

has

a

notional

amount,

which

is

used

to

calculate

amounts

of

payments

to

holders.

Payments

are

recorded

upon

receipt

as

realized

gains

in

the

Consolidated

Statement

of

Operations.

The

risks

of

investing

in

VRI

include

growth

risk,

liquidity,

and

the

potential

loss

of

investment.

See

Note 11

regarding

other

derivative

information.

d.

Loan

Participations

and

Assignments

The

Fund

may

invest

in

debt

instruments

which

are

interests

in

amounts

owed

to

lenders

or

lending

syndicates

by

corporate,

governmental,

or

other

borrowers.

The

Fund’s

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

Lender)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

The

Fund

may

invest

in

multiple

series

or

tranches

of

a

loan,

which

may

have

varying

terms

and

carry

different

associated

risks.

When

investing

in

a

loan

participation,

a

Fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

only

from

the

lender

selling

the

loan

and

only

upon

receipt

of

payments

from

the

borrower.

The

Fund

generally

has

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Fund

may

be

subject

to

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

loan.

When

the

Fund

purchases

assignments

from

lenders

it

acquires

direct

rights

against

the

borrower

of

the

loan.

e.

Restricted

Currency

At

July

31,

2020,

the

Fund

held

currencies

in

certain

markets

in

which

the

ability

to

repatriate

such

currency

is

limited.

As

a

result

of

such

limitations

on

repatriation,

the

Fund

may

incur

substantial

delays

in

gaining

access

to

these

assets

and

may

be

exposed

to

potential

adverse

movements

in

currency

value.

f.

Investments

in

Alternative

Strategies

(FT)

Ltd.

(FT

Subsidiary)

The

Fund

invests

in

certain

financial

instruments,

warrants

or

commodities

through

its

investments

in

FT

Subsidiary.

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

July

31,

2020,

FT

Subsidiary’s

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund’s

Consolidated

Statement

of

Investments

and

Consolidated

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

22

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

July

31,

2020,

the

net

assets

of

FT

Subsidiary

were

$2,242,504,

representing

2.0%

of

the

Fund's

consolidated

net

assets.

The

Fund’s

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

g.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

July

31,

2020,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

h.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income

in

the

Consolidated

Statement

of

Operations.

i.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

j.

Guarantees

and

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

1.

Organization

and

Significant

Accounting

Policies

(continued)

f.

Investments

in

Alternative

Strategies

(FT)

Ltd.

(FT

Subsidiary)

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

23

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

July

31,

2020,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

a

Includes

reimbursement

from

affiliated

parties

of

$556,493.

See

Note

3(f).

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Trust

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

Effective

May

1,

2020,

the

Fund

pays

an

investment

management

fee

to

FTIML

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Prior

to

May

1,

2020,

the

Fund

paid

investment

management

fees

to

FTIML

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Year

Ended

July

31,

2020

2019

Shares

Amount

Shares

Amount

Shares

sold

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

12,063,382

$130,641,046

21,020,588

$236,615,592

Shares

issued

in

reinvestment

of

distributions

..........

2,451,273

26,424,723

3,531,654

37,824,015

Shares

redeemed

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

(36,867,939)

(362,195,413)

a

(35,662,093)

(394,518,505)

Net

increase

(decrease)

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

(22,353,284)

$(205,129,644)

(11,109,851)

$(120,078,898)

Subsidiary

Affiliation

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.850%

Up

to

and

including

$500

million

0.800%

Over

$500

million,

up

to

and

including

$1

billion

0.750%

In

excess

of

$1

billion

Annualized

Fee

Rate

Net

Assets

1.000%

Up

to

and

including

$500

million

0.900%

Over

$500

million,

up

to

and

including

$1

billion

0.850%

In

excess

of

$1

billion

1.

Organization

and

Significant

Accounting

Policies

(continued)

j.

Guarantees

and

Indemnifications

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

24

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

FT

Subsidiary

pays

an

investment

management

fee

to

FTIML

based

on

the

average

daily

net

assets

of

FT

Subsidiary

as

follows:

Management

fees

paid

by

the

Fund

are

reduced

on

assets

invested

in

FT

Subsidiary,

in

an

amount

not

to

exceed

the

management

fees

paid

by

FT

Subsidiary.

For

the

year

ended

July

31,

2020,

the

gross

effective

investment

management

fee

rate

was

0.985%

of

the

Fund’s

average

daily

net

assets.

b.

Administrative

Fees

Under

an

agreement

with

FTIML,

FT

Services

provides

administrative

services

to

the

Fund

and

FT

Subsidiary.

The

fee

is

paid

by

FTIML

based

on

each

of

the

Fund's

and

FT

Subsidiary's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund

or

FT

Subsidiary.

c.

Transfer

Agent

Fees

The

Fund

pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

the

Fund

reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and

reimburses

shareholder

servicing

fees

paid

to

third

parties.

For

the

year

ended

July

31,

2020,

the

Fund

paid

transfer

agent

fees

of

$110,315,

of

which

$102,544

was

retained

by

Investor

Services.

d.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Consolidated

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

July

31,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Annualized

Fee

Rate

Net

Assets

1.000%

Up

to

and

including

$500

million

0.900%

Over

$500

million,

up

to

and

including

$1

billion

0.850%

In

excess

of

$1

billion

a

Value

at

Beginning

of

Year

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Year

Number

of

Shares

Held

at

End

of

Year

Investment

Income

a

a

a

a

a

a

a

a

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$32,128,458

$225,165,900

$(253,163,137)

$

—

$

—

$

4,131,221

4,131,221

$

254,029

Total

Affiliated

Securities

....

$32,128,458

$225,165,900

$(253,163,137)

$—

$—

$4,131,221

$254,029

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

25

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

e.

Waiver

and

Expense

Reimbursements

FTIML

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating

expenses

(excluding

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

of

the

Fund

do

not

exceed

1.00%,

based

on

the

average

net

assets

until

November

30,

2020.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

f.

Other

Affiliated

Transactions

During

the

year

ended

July

31,

2020,

affiliated

parties

reimbursed

the

Fund

$556,493

for

losses

resulting

from

a

NAV

error. This

reimbursement

is

reflected

in

capital

share

transactions

in

the

Consolidated

Statement

of

Changes

in

Net

Assets. 

4.

Expense

Offset

Arrangement

The

Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

year

ended

July

31,

2020,

the

custodian

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

July

31,

2020,

the

Fund

deferred

late-year

ordinary

losses

of

$18,041,974.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2020

and

2019,

was

as

follows:

At

July

31,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$12,980,387

Long

term

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

46,716,463

Total

capital

loss

carryforwards

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

$59,696,850

2020

2019

Distributions

paid

from:

Ordinary

income

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

$26,830,938

$38,242,212

Cost

of

investments

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

$167,794,550

Unrealized

appreciation

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

$1,797,964

Unrealized

depreciation

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

(67,174,148)

Net

unrealized

appreciation

(depreciation)

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

$(65,376,184)

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

26

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions,

payments-in-kind,

bond

discounts

and

premiums,

corporate

actions,

inflation

related

adjustments

on

foreign

securities,

investments

in

Alternative

Strategies

Fund,

and

wash

sales.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2020,

aggregated

$99,268,424

and

$271,907,472,

respectively.

7.

Credit Risk

and

Defaulted

Securities

At

July

31,

2020,

the

Fund

had

73.7%

of

its

portfolio

invested

in

high

yield

securities

or

other

securities

rated

below

investment

grade

and

unrated

securities,

if

any.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

July

31,

2020,

the

aggregate

value

of

these

securities

was

$10,625,414

representing

9.6%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Consolidated

Statement

of

Investments.

8.

Concentration

of

Risk

Investments

in

issuers

domiciled

or

with

significant

operations

in

developing

or

emerging

market

countries

may

be

subject

to

higher

risks

than

investments

in

developed

countries.

These

risks

include

fluctuation

currency

values,

underdeveloped

legal

or

business

systems,

and

changing

local

and

regional

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S

securities.

Currencies

of

developing

or

emerging

market

countries

may

be

subject

to

significantly

greater

risks

than

currencies

of

developed

countries,

including

the

potential

inability

to

repatriate

those

currencies

into

U.S.

dollars.

At

July

31,

2020,

the

Fund

had

0.2%

of

its

net

assets

denominated

in

Argentine

Pesos,

which

has

restricted

currency

repatriation

since

September

2019,

and

had

restructured

certain

issues

of

its

debt.

Political

and

economic

conditions

in

Argentina

could

continue

to

affect

the

value

of

the

Fund’s

holdings.

9. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

5.

Income

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

27

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

At

July

31,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

See

Abbreviations

on

page

32.

11.

Other

Derivative

Information

At

July

31,

2020,

investments

in

derivative

contracts

are

reflected

in

the

Consolidated

Statement of

Assets

and

Liabilities

as

follows:

a

VRI

are

included

in

investments

in

securities,

at

value

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Principal

Amount

*

/

Shares/

Warrants/Units

Issuer

Acquisition

Date

Cost

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

193,625

Astana

Finance

JSC,

GDR,

144A

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

5/22/15

$

—

$

—

136,566

Astana

Finance

JSC,

Secured

Note,

144A,

0%,

12/22/24

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

5/22/15

—

1,366

4,424,861

Global

Distressed

Alpha

Fund

III

LP

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

10/11/12

-

1/22/16

4,600,000

—

669,300

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

-

6/30/20

669,297

672,864

10,500,000

International

Bank

of

Azerbaijan

OJSC,

Senior

Note,

Reg

S,

5.625%,

6/11/19

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

8/05/14

-

10/09/15

10,197,746

8,931,174

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

—

4,250,000

DEM

NK

Debt

Corp.

(The),

144A,

Zero

Cpn

.,

3/12/20

.....

6/19/07

-

10/14/08

723,263

—

2,000,000

CHF

NK

Debt

Corp.

(The),

Reg

S,

Zero

Cpn

.,

3/12/20

....

6/17/11

388,830

—

18,000,000

DEM

NK

Debt

Corp.

(The),

Reg

S,

Zero

Cpn

.,

3/12/20

....

1/25/11

-

6/06/11

2,023,664

—

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

—

925,920

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

.

5/30/06

-

10/30/15

17,796,506

798,950

Total

Restricted

Securities

(Value

is

9.36%

of

Net

Assets)

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

$39,932,684

$10,404,354

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$-

as

of

July

31,

2020.

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Consolidated

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Consolidated

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Franklin

Emerging

Market

Debt

Opportunities

Fund

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

54,412

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

161,750

Value

recovery

instruments

Investments

in

securities,

at

value

1,765,900

a

—

Total

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

$1,820,312

$161,750

10.

Restricted

Securities

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

28

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

For

the

year

ended

July

31,

2020,

the

effect

of

derivative

contracts

in

the

Consolidated Statement

of

Operations

was

as

follows:

a

VRI

are

included

in

net

realized

gain

(loss)

from

investments

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

in

the

Consolidated

Statement

of

Operations.

For

the

year

ended

July

31,

2020,

the

average

month

end

contract

value

for

forward

exchange

contracts

and

average

month

end

fair

value

of

VRI,

was

$29,047,265

and

$4,632,234,

respectively.

See

Note

1(c)

regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

32.

12.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2

billion

(Global

Credit

Facility)

which

matures

on

February

5,

2021.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Consolidated

Statement

of

Operations.

During

the

year

ended

July

31,

2020,

the

Fund

utilized

the

Global

Credit

Facility

by

drawing

down

$30,000,000

on

April

8,

2020.

The

drawdown

was

repaid

in

two

installments

with

the

final

payment

made

on

May

7,

2020.

The

average

borrowing

and

the

average

interest

rate

for

the

days

with

outstanding

borrowings

were

$19,655,172

and

1.62%,

respectively.

13.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund’s

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Derivative

Contracts

Not

Accounted

for

as

Hedging

Instruments

Consolidated

Statement

of

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Year

Consolidated

Statement

of

Operations

Location

Net

Change

in

Unrealized

Appreciation

(Depreciation)

for

the

Year

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Franklin

Emerging

Market

Debt

Opportunities

Fund

Foreign

exchange

contracts

..

Forward

exchange

contracts

$517,426

Forward

exchange

contracts

$(336,147)

Value

recovery

instruments

...

Investments

2,249,115

a

Investments

(2,175,515)

Total

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

$2,766,541

$(2,511,662)

11.

Other

Derivative

Information

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

29

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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

Fund’s

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

July

31,

2020,

in

valuing

the

Fund’s

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

See

Abbreviations

on

page

32.

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Warrants

:

Diversified

Financial

Services

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

—

1,765,900

1,534,950

3,300,850

Private

Limited

Partnership

Funds

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

 —

 —

 —

a

 —

Quasi-Sovereign

Bonds:

Banks

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

 —

 5,252,186

 8,931,174

a

 14,183,360

Diversified

Financial

Services

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

 —

 —

 1,366

a

 1,366

Municipal

Bonds

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

 —

 2,892,750

 —

 2,892,750

Oil,

Gas

&

Consumable

Fuels

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

 —

 1,002,500

 —

 1,002,500

Wireless

Telecommunication

Services

.......

 —

973,031

  —

 973,031

Corporate

Bonds

:

Banks

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

—

1,291,095

—

1,291,095

Capital

Markets

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

—

940,000

—

940,000

Construction

&

Engineering

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

—

1,025,000

—

1,025,000

Food

Products

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

—

3,948,760

—

3,948,760

Multiline

Retail

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

—

—

6,659

a

6,659

Oil,

Gas

&

Consumable

Fuels

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

—

2,953,715

—

2,953,715

Loan

Participations

and

Assignments

.........

—

2,118,123

672,864

a

2,790,987

Foreign

Government

and

Agency

Securities

....

—

60,786,898

—

60,786,898

Short

Term

Investments

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

4,131,221

2,190,174

—

6,321,395

Total

Investments

in

Securities

...........

$4,131,221

$87,140,132

$11,147,013

$102,418,366

Restricted

Currency

(ARS)

$—

$—

$252,873

$252,873

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

54,412

$

—

$

54,412

Total

Other

Financial

Instruments

.........

$—

$54,412

$—

$54,412

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$—

$161,750

$—

$161,750

Total

Other

Financial

Instruments

.........

$—

$161,750

$—

$161,750

a

Includes

securities

determined

to

have

no

value

at

July

31,

2020.

13.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

30

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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 year.

At

July

31,

2020,

the

reconciliation is

as follows: 

Balance

at

Beginning

of

Year

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

Year

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Year

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Diversified

Financial

Services

.

$

—

c

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

c

$

—

Multiline

Retail

...

42,760

—

—

—

—

—

—

(42,760)

—

c

(42,760)

Warrants

:

Diversified

Financial

Services

.

2,656,000

—

—

1,157,400

—

—

—

(2,278,450)

1,534,950

(2,278,450)

Private

Limited

Partnership

Funds:

Capital

Markets

.

 —

c

 —

 —

 —

—

 —

 —

 —

 —

c

 —

Quasi-Sovereign

Bonds

:

Banks

....

 8,386,875

c

 —

 —

 —

 (6,659)

 (673,699)

 —

 1,224,657

 8,931,174

 1,224,657

Diversified

Financial

Services

.

 1,366

 —

 —

 —

 —

 —

 —

 —

 1,366

c

 —

Corporate

Bonds:

Multiline

Retail

...

 15,831

 —

 —

 —

 —

 (673,603)

 —

 664,431

 6,659

c

 664,431

Loan

Participations

and

Assignments

39,781,380

c

—

(31,165,544)

—

—

605,241

(10,841,310)

2,293,097

672,864

c

4,301

Total

Investments

in

Securities

.......

$50,884,212

$—

$(31,165,544)

$1,157,400

$(6,659)

$(

7

42,061

)

$(10,841,310)

$1,

8

60,975

$11,147,013

$(

4

27,821

)

Restricted

Currency

(ARS)

.........

$—

$2,951,395

$(2,567,273)

$—

$—

 $—

$(25,111)

 $(106,138)

$252,873

 $(31,714)

Receivables:

Interest

.......

$206,215

$—

$—

$—

$—

 $(206,215)

$—

 $—

$—

 $—

a

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

c

Includes

securities

determined

to

have

no

value.

13.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

31

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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

July

31,

2020,

are

as

follows:

14.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-

04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

amendments

in

the

ASU

provides

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

[the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

The

ASU

is

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022. Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements.

15.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Emerging

Markets

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Warrants:

Diversified

Financial

Services

...........

$798,950

Market

comparables

Implied

recovery

5.56%

Increase

b

Quasi-Sovereign

Bonds:

Banks

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

8,931,174

Probability

weighted

value

recovery

Free

cash

flow

c

$12.3

mil

Increase

b

Discount

for

lack

of

marketability

20.0%

Decrease

b

Loan

Participations

and

Assignments

672,864

Discounted

cash

flow

Free

cash

flow

$682,686

Increase

b

Discount

rate

10.4%

Decrease

Other

Financial

Instruments:

Restricted

Currency

(

ARS

)

252,873

Market

comparables

Implied

foreign

exchange

rate

125.17

ARS/USD

Decrease

All

other

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

744,025

d,e

a

Represents

the

directional

change

in

the

fair

value

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

and

net

assets.

c

Includes

probability

assumptions

for

various

recovery

outcomes.

d

Includes

securities

determined

to

have

no

value

at

July

31,

2020.

e

Includes

financial

instruments

with

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

13.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

32

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Abbreviations

Counterparty

MSCO

Morgan

Stanley

RBCCM

Royal

Bank

of

Canada

Currency

ARS

Argentine

Peso

BYN

Belarusian

Ruble

CHF

Swiss

Franc

DEM

Deutsche

Mark

DOP

Dominican

Peso

EGP

Egyptian

Pound

GHS

Ghanaian

Cedi

JPY

Japanese

Yen

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Selected

Portfolio

CMT

Constant

Maturity

Treasury

Index

FRN

Floating

Rate

Note

GDP

Gross

Domestic

Product

GDR

Global

Depositary

Receipt

PIK

Payment-In-Kind

PTN

Pass-Through

Note

T-Note

Treasury

Note

VRI

Value

Recovery

Instruments

Franklin

Global

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

33

ftinstitutional.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Global

Trust

and

Shareholders

of

Franklin

Emerging

Market

Debt

Opportunities

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities,

including

the

consolidated

statement

of

investments,

of

Franklin

Emerging

Market

Debt

Opportunities

Fund

(one

of

the

funds

constituting

Franklin

Global

Trust,

hereafter

referred

to

as

the

"Fund")

as

of

July

31,

2020,

the

related

consolidated

statement

of

operations

and

consolidated

statement

of

cash

flows

for

the

year

ended

July

31,

2020,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2020,

including

the

related

notes,

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2020

(collectively

referred

to

as

the

“consolidated

financial

statements”).

In

our

opinion,

the

consolidated

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2020,

the

results

of

their

consolidated

operations

and

their

consolidated

cash

flows

for

the

year

then

ended,

the

consolidated

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2020

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

consolidated

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

consolidated

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

consolidated

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

consolidated

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

consolidated

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

consolidated

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

consolidated

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2020

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

September

21,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Global

Trust

Tax

Information

(unaudited)

34

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

At

July

31,

2020,

more

than

50%

of

the

Fund's

total

assets

were

invested

in

securities

of

foreign

issuers.

In

most

instances,

foreign

taxes

were

withheld

from

income

paid

to

the

Fund

on

these

investments.

The

Fund

elects

to

treat

foreign

taxes

paid

as

allowed

under

Section

853

of

the

Internal

Revenue

Code.

This

election

will

allow

shareholders

of

record

as

of

the

2020

distribution

date,

to

treat

their

proportionate

share

of

foreign

taxes

paid

by

the

Fund

as

having

been

paid

directly

by

them.

The

shareholder

shall

consider

these

amounts

as

foreign

taxes

paid

in

the

tax

year

in

which

they

receive

the

Fu

nd

distribution.

Franklin

Global

Trust

Board

Members

and

Officers

35

ftinstitutional.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton

fund

complex,

are

shown

below.

Generally,

each

board

member

serves

until

that

person’s

successor

is

elected

and

qualified.

Independent

Board

Members

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Harris

J.

Ashton

(1932)

Trustee

Since

2000

129

Bar-S

Foods

(meat

packing

company)

(1981-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Director,

RBC

Holdings,

Inc.

(bank

holding

company)

(until

2002);

and

President,

Chief

Executive

Officer

and

Chairman

of

the

Board,

General

Host

Corporation

(nursery

and

craft

centers)

(until

1998).

Terrence

J.

Checki

(1945)

Trustee

Since

2017

110

Hess

Corporation

(exploration

of

oil

and

gas)

(2014-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Member

of

the

Council

on

Foreign

Relations

(1996-present);

Member

of

the

National

Committee

on

U.S.-China

Relations

(1999-present);

member

of

the

Board

of

Trustees

of

the

Economic

Club

of

New

York

(2013-present);

member

of

the

Board

of

Trustees

of

the

Foreign

Policy

Association

(2005-present)

and

member

of

various

other

boards

of

trustees

and

advisory

boards;

and

formerly

,

Executive

Vice

President

of

the

Federal

Reserve

Bank

of

New

York

and

Head

of

its

Emerging

Markets

and

Internal

Affairs

Group

and

Member

of

Management

Committee

(1995-2014);

and

Visiting

Fellow

at

the

Council

on

Foreign

Relations

(2014).

Mary

C.

Choksi

(1950)

Trustee

Since

2014

129

Avis

Budget

Group

Inc.

(car

rental)

(2007-present),

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(investment

management

group)

(2015-2017);

Founding

Partner

and

Senior

Managing

Director,

Strategic

Investment

Group

(1987-2015);

Founding

Partner

and

Managing

Director,

Emerging

Markets

Management

LLC

(investment

management

firm)

(1987-2011);

and

Loan

Officer/Senior

Loan

Officer/Senior

Pension

Investment

Officer,

World

Bank

Group

(international

financial

institution)

(1977-1987).

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2000

and

Lead

Independent

Trustee

since

2019

129

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Canadian

National

Railway

(railroad)

(2001-present),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

formerly

,

RTI

International

Metals,

Inc.

(manufacture

and

distribution

of

titanium)

(1999-2015)

and

H.J.

Heinz

Company

(processed

foods

and

allied

products)

(1994-2013).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

or

Trustee

of

various

companies

and

trusts;

and

formerly

,

Assistant

to

the

President

of

the

United

States

and

Secretary

of

the

Cabinet

(1990-1993);

General

Counsel

to

the

United

States

Treasury

Department

(1989-1990);

and

Counselor

to

the

Secretary

and

Assistant

Secretary

for

Public

Affairs

and

Public

Liaison–United

States

Treasury

Department

(1988-1989).

Franklin

Global

Trust

36

ftinstitutional.com

Annual

Report

Interested

Board

Members

and

Officers

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

J.

Michael

Luttig

(1954)

Trustee

Since

2009

129

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Private

investor;

and

formerly

,

Counselor

and

Senior

Advisor

to

the

Chairman,

CEO,

and

Board

of

Directors,

of

The

Boeing

Company

(aerospace

company),

and

member

of

the

Executive

Council

(May

2019-January

1,

2020);

Executive

Vice

President,

General

Counsel

and

member

of

the

Executive

Council,

The

Boeing

Company

(2006-2019);

and

Federal

Appeals

Court

Judge,

United

States

Court

of

Appeals

for

the

Fourth

Circuit

(1991-2006).

Larry

D.

Thompson

(1945)

Trustee

Since

2007

129

The

Southern

Company

(energy

company)

(2014-present;

previously

2010-2012),

Graham

Holdings

Company

(education

and

media

organization)

(2011-present)

and

Cbeyond,

Inc.

(business

communications

provider)

(2010-

2012).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

Counsel,

Finch

McCranie,

LLP

(law

firm)

(2015-present);

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-present);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Executive

Vice

President

-

Government

Affairs,

General

Counsel

and

Corporate

Secretary,

PepsiCo,

Inc.

(consumer

products)

(2012-2014);

Senior

Vice

President

-

Government

Affairs,

General

Counsel

and

Secretary,

PepsiCo,

Inc.

(2004-2011);

Senior

Fellow

of

The

Brookings

Institution

(2003-2004);

Visiting

Professor,

University

of

Georgia

School

of

Law

(2004);

and

Deputy

Attorney

General,

U.S.

Department

of

Justice

(2001-2003).

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

**Gregory

E.

Johnson

(1961)

Trustee

Since

2007

140

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Executive

Chairman,

Chairman

of

the

Board

and

Director,

Franklin

Resources,

Inc.;

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

39

of

the

investment

companies

in

Franklin

Templeton;

Vice

Chairman,

Investment

Company

Institute;

and

formerly

,

Chief

Executive

Officer

(2013-2020)

and

President

(1994-2015),

Franklin

Resources,

Inc.

**Rupert

H.

Johnson,

Jr.

(1940)

Chairman

of

the

Board

and

Trustee

Since

2013

129

None

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

(Vice

Chairman),

Franklin

Resources,

Inc.;

Director,

Franklin

Advisers,

Inc.;

and

officer

and/or

director

or

trustee,

as

the

case

may

be,

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

37

of

the

investment

companies

in

Franklin

Templeton.

Alison

E.

Baur

(1964)

Vice

President

Since

2012

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Deputy

General

Counsel,

Franklin

Templeton;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Independent

Board

Members

(continued)

Franklin

Global

Trust

37

ftinstitutional.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Breda

M.

Beckerle

(1958)

Interim

Chief

Compliance

Officer

Since

January

2020

Not

Applicable

Not

Applicable

280

Park

Avenue

New

York,

NY

10017

Principal

Occupation

During

at

Least

the

Past

5

Years:

Chief

Compliance

Officer,

Fiduciary

Investment

Management

International,

Inc.,

Franklin

Advisers,

Inc.,

Franklin

Advisory

Services,

LLC,

Franklin

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Sonal

Desai,

Ph.D.

(1963)

Vice

President

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

and

Executive

Vice

President,

Franklin

Advisers,

Inc.;

Executive

Vice

President,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

17

of

the

investment

companies

in

Franklin

Templeton.

Gaston

Gardey

(1967)

Treasurer,

Chief

Financial

Officer

and

Chief

Accounting

Officer

Since

2009

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting

and

officer

of

24

of

the

investment

companies

in

Franklin

Templeton.

Steven

J.

Gray

(1955)

Vice

President

and

Co-Secretary

Vice

President

since

2009

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Vice

President,

Franklin

Templeton

Distributors,

Inc.

and

FASA,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Matthew

T.

Hinkle

(1971)

Chief

Executive

Officer

–

Finance

and

Administration

Since

2017

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Vice

President,

Franklin

Templeton

Services,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Robert

Lim

(1948)

Vice

President

–

AML

Compliance

Since

2016

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Vice

President,

Franklin

Templeton

Companies,

LLC;

Chief

Compliance

Officer,

Franklin

Templeton

Distributors,

Inc.

and

Franklin

Templeton

Investor

Services,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

38

ftinstitutional.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

Edward

D.

Perks

(1970)

President

and

Chief

Executive

Officer

–

Investment

Management

Since

2018

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

President

and

Director,

Franklin

Advisers,

Inc.;

and

officer

of

eight

of

the

investment

companies

in

Franklin

Templeton

(since

December

2018).

Robert

C.

Rosselot

(1960)

Chief

Compliance

Officer

Since

2013

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director,

Global

Compliance,

Franklin

Templeton;

Senior

Vice

President,

Franklin

Templeton

Companies,

LLC;

officer

of

41

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Senior

Associate

General

Counsel,

Franklin

Templeton

(2007-2013);

and

Secretary

and

Vice

President,

Templeton

Group

of

Funds

(2004-2013).

Navid

J.

Tofigh

(1972)

Vice

President

Since

2015

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Associate

General

Counsel

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Craig

S.

Tyle

(1960)

Vice

President

Since

2005

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

General

Counsel

and

Executive

Vice

President,

Franklin

Resources,

Inc.;

and

officer

of

some

of

the

other

subsidiaries

of

Franklin

Resources,

Inc.

and

of

41

of

the

investment

companies

in

Franklin

Templeton.

Lori

A.

Weber

(1964)

Vice

President

and

Co-Secretary

Vice

President

since

2011

and

Co-Secretary

since

2019

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Associate

General

Counsel,

Franklin

Templeton;

Assistant

Secretary,

Franklin

Resources,

Inc.;

Vice

President

and

Secretary,

Templeton

Investment

Counsel,

LLC;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

39

ftinstitutional.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton

fund

complex.

These

portfolios

have

a

common

investment

manager

or

affiliated

investment

managers.

**Gregory

E.

Johnson

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

of

Franklin

Resources,

Inc.

(Resources),

which

is

the

parent

company

of

the

Fund’s

investment

manager

and

distributor.

Rupert

H.

Johnson,

Jr.

is

considered

to

be

an

interested

person

of

the

Fund

under

the

federal

securities

laws

due

to

his

position

as

an

officer

and

director

and

major

shareholder

of

Resources.

Note

1:

Rupert

H.

Johnson,

Jr.

is

the

uncle

of

Gregory

E.

Johnson.

Note

2:

Officer

information

is

current

as

of

the

date

of

this

report.

It

is

possible

that

after

this

date,

information

about

officers

may

change.

The

Sarbanes-Oxley

Act

of

2002

and

Rules

adopted

by

the

Securities

and

Exchange

Commission

require

the

Fund

to

disclose

whether

the

Fund’s

Audit

Committee

includes

at

least

one

member

who

is

an

audit

committee

financial

expert

within

the

meaning

of

such

Act

and

Rules.

The

Fund’s

Board

has

determined

that

there

is

at

least

one

such

financial

expert

on

the

Audit

Committee

and

has

designated

Mary

C.

Choksi

as

its

audit

committee

financial

expert.

The

Board

believes

that

Ms.

Choksi

qualifies

as

such

an

expert

in

view

of

her

extensive

business

background

and

experience.

She

currently

serves

as

a

director

of

Avis

Budget

Group,

Inc.

(2007-present)

and

formerly,

Founder

and

Senior

Advisor,

Strategic

Investment

Group

(1987

to

2017).

Ms.

Choksi

has

been

a

Member

of

the

Fund’s

Audit

Committee

since

2014.

As

a

result

of

such

background

and

experience,

the

Board

believes

that

Ms.

Choksi

has

acquired

an

understanding

of

generally

accepted

accounting

principles

and

financial

statements,

the

general

application

of

such

principles

in

connection

with

the

accounting

estimates,

accruals

and

reserves,

and

analyzing

and

evaluating

financial

statements

that

present

a

breadth

and

level

of

complexity

of

accounting

issues

generally

comparable

to

those

of

the

Fund,

as

well

as

an

understanding

of

internal

controls

and

procedures

for

financial

reporting

and

an

understanding

of

audit

committee

functions.

Ms.

Choksi

is

an

independent

Board

member

as

that

term

is

defined

under

the

relevant

Securities

and

Exchange

Commission

Rules

and

Releases.

The

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

board

members

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

(800)

DIAL

BEN/342-5236

to

request

the

SAI.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

Shareholder

Information

40

ftinstitutional.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

GLOBAL

TRUST

Franklin

Emerging

Market

Debt

Opportunities

Fund

(Fund)

At

an

in-person

meeting

held

on

February

25,

2020

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Global

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Templeton

Investment

Management

Limited

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

telephonic

contract

renewal

meeting

at

which

the

Independent

Trustees

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters

and,

in

some

cases,

requested

additional

information

from

the

Manager

relating

to

the

contract.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-

party

servicing

arrangements,

which

included

discussion

of

the

changing

distribution

landscape

for

the

Fund.

The

Board

noted

management’s

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

and

liquidity

risk

management.

The

Board

also

considered

the

investment

management

services

that

the

Manager

provides

to

the

Cayman

Islands-based

company,

which

is

wholly

owned

by

the

Fund

(Cayman

Subsidiary).

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

introduction

of

new

funds,

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

enhancing

services

and

controlling

costs,

as

reflected

in

its

plan

to

outsource

certain

administrative

Franklin

Global

Trust

Shareholder

Information

41

ftinstitutional.com

Annual

Report

functions,

and

growth

opportunities,

as

evidenced

by

its

upcoming

acquisition

of

the

Legg

Mason

companies.

The

Board

acknowledged

the

change

in

leadership

at

FRI

and

the

opportunity

to

hear

from

Jennifer

Johnson,

President

and

Chief

Executive

Officer

of

FRI,

about

goals

she

has

for

the

company

that

will

benefit

the

Fund.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2019.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

emerging

markets

hard

currency

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe,

but

for

the

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

second

quintile

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

acceptable.

In

doing

so,

the

Board

noted

that,

while

below

the

median,

the

Fund’s

one-year

annualized

total

return

was

9.90%.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Advisor

Class,

Class

F2,

Institutional

Class,

Class

I

and

Retirement

Class

shares

for

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Board

also

considered

the

investment

management

services

that

the

Manager

provides

to

the

Cayman

Subsidiary

and

the

related

fee

waivers

that

were

in

place.

The

Expense

Group

for

the

Fund

included

the

Fund

and

10

other

emerging

markets

hard

currency

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

acknowledged

management’s

explanation

that

there

are

additional

complexities

and

expenses

associated

with

the

management

of

the

specialized

portfolio.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable

in

light

of

management’s

explanation,

management’s

proposal

to

reduce

the

Management

Rate

fee

schedule

effective

May

1,

2020

in

response

to

a

request

from

the

Independent

Trustees,

the

Fund’s

second

quintile

performance

for

the

three-,

five-

and

10-year

periods

and

the

fee

waiver

from

management

on

the

Fund’s

actual

total

expense

ratio.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2019,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

Franklin

Global

Trust

Shareholder

Information

42

ftinstitutional.com

Annual

Report

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

Additionally,

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

was

engaged

by

the

Manager

to

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

the

initiative

currently

underway

to

outsource

certain

operations,

which

effort

would

require

considerable

upfront

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements,

notably

in

the

area

of

cybersecurity

protections.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

an

additional

one-year

period.

Liquidity

Risk

Management

Program

Each

of

the

Funds

has

adopted

and

implemented

a

written

Liquidity

Risk

Management

Program

(the

“LRMP”)

as

required

by

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”).

The

LRMP

is

designed

to

assess

and

manage

each

Fund’s

liquidity

risk,

which

is

defined

as

the

risk

that

the

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

In

accordance

with

the

Liquidity

Rule,

the

LRMP

includes

policies

and

procedures

that

provide

for:

(1)

assessment,

management,

and

review

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk;

(2)

classification

of

each

Fund’s

portfolio

holdings

into

one

of

four

liquidity

categories

(Highly

Liquid,

Moderately

Liquid,

Less

Liquid,

and

Illiquid);

(3)

for

Funds

that

do

not

primarily

hold

assets

that

are

Highly

Liquid,

establishing

and

maintaining

a

minimum

percentage

of

the

Fund’s

net

assets

in

Highly

Liquid

investments

(called

a

“Highly

Liquid

Investment

Minimum”

or

“HLIM”);

and

(4)

prohibiting

the

Fund’s

acquisition

of

Illiquid

investments

that

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

Illiquid

assets.

The

LRMP

also

requires

reporting

to

the

SEC

(on

a

non-public

basis)

and

to

the

Board

if

the

Fund’s

holdings

of

Illiquid

assets

exceed

15%

of

the

Fund’s

net

assets.

Funds

with

HLIMs

must

have

procedures

for

addressing

HLIM

shortfalls,

including

reporting

to

the

Board

and,

with

respect

to

HLIM

shortfalls

lasting

more

than

seven

consecutive

calendar

days,

reporting

to

the

Securities

and

Exchange

Commission

(“SEC”)

(on

a

non-public

basis).

The

Funds’

Board

of

Trustees

approved

the

appointment

of

the

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

as

the

Administrator

of

the

LRMP.

The

IRMG

maintains

the

Investment

Liquidity

Committee

(the

“ILC”)

to

provide

oversight

and

Franklin

Global

Trust

Shareholder

Information

43

ftinstitutional.com

Annual

Report

administration

of

policies

and

procedures

governing

liquidity

risk

management

for

FT

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Investment

Compliance,

Investment

Operations,

Valuation

Committee

and

Product

Management

groups.

In

assessing

and

managing

each

Fund’s

liquidity

risk,

the

ILC

considers,

as

relevant,

a

variety

of

factors,

including

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

its

short

and

long-term

cash

flow

projections;

and

its

cash

holdings

and

access

to

other

funding

sources

including

the

Funds’

interfund

lending

facility

and

line

of

credit.

Classification

of

the

Fund’s

portfolio

holdings

in

the

four

liquidity

categories

is

based

on

the

number

of

days

it

is

reasonably

expected

to

take

to

convert

the

investment

to

cash

(for

Highly

Liquid

and

Moderately

Liquid

holdings)

or

sell

or

dispose

of

the

investment

(for

Less

Liquid

and

Illiquid

investments),

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

The

Fund

primarily

holds

liquid

assets

that

are

defined

under

the

Liquidity

Rule

as

"Highly

Liquid

Investments,"

and

therefore

is

not

required

to

establish

an

HLIM.

Highly

Liquid

Investments

are

defined

as

cash

and

any

investment

reasonably

expected

to

be

convertible

to

cash

in

current

market

conditions

in

three

business

days

or

less

without

the

conversion

to

cash

significantly

changing

the

market

value

of

the

investment.

At

meetings

of

the

Funds’

Board

of

Trustees

held

in

May

2020,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

during

the

period

December

1,

2018

to

December

31,

2019.

The

Program

Administrator

report

concluded

that

(i.)

the

LRMP,

as

adopted

and

implemented,

remains

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk;

(ii.)

the

LRMP,

including

the

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

was

implemented

and

operated

effectively

to

achieve

the

goal

of

assessing

and

managing

each

Fund’s

liquidity

risk;

and

(iii.)

each

Fund

was

able

to

meet

requests

for

redemption

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

At

the

same

time,

the

Program

Administrator

also

presented

the

Fund

Board

of

Trustees

an

update

on

liquidity

during

the

first

quarter

of

2020

in

relation

to

the

COVID-19

pandemic.

The

fund

strategy

includes

investing

in

securities

that

may

be

considered

Less

Liquid

or

Illiquid

as

defined

in

the

Liquidity

Rule.

Illiquid

Investments

are

defined

as

investments

that

are

not

reasonably

be

expected

to

be

sold

in

seven

calendar

days

or

less

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

During

the

second

quarter

of

2020,

due

to

market

conditions

and

redemptions

the

Fund’s

holdings

of

Illiquid

Investments

exceeded

15%

of

its

net

assets.

In

accordance

with

the

LRMP,

the

Fund

reported

the

information

to

the

SEC

and

the

Program

Administrator

notified

the

Fund’s

Board

of

Trustees

with

a

remediation

plan.

The

remediation

plan

was

approved

by

the

Board

and

the

exceedance

was

remediated

prior

to

the

fiscal

year

end

(July

31,

2020).

Throughout

the

period

the

Fund

met

redemptions

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Consolidated

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

consolidated

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.

gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive

the

Fund’s

financial

reports

every

six

months

as

well

as

an

annual

updated

summary

prospectus

(prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

Franklin

Global

Trust

Shareholder

Information

44

ftinstitutional.com

Annual

Report

reports

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

699

A

09/20

©

2020

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

Investment

Manager

Distributor

Franklin

Templeton

Institutional

Services

Franklin

Templeton

Investment

Management

Limited

Franklin

Templeton

Distributors,

Inc.

(800)

321-8563

ftinstitutional.com

Item 2.  Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and

principal financial and accounting officer.

Item 3.  Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is

"independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.                   

a)      Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $162,369 for the fiscal year ended July 31, 2020 and $313,202 for the fiscal year ended July 31, 2019.

(b)      Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of Item 4.

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that are reasonably related to the performance of the audit of their financial statements.  

(c)      Tax Fees

There were no fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant for tax compliance, tax advice and tax planning were $131,226 for the fiscal year ended July 31, 2020 and $271,750 for the fiscal year ended July 31, 2019.  The services for which these fees were paid included tax compliance services related to year-end, professional fees in connection with tax treatment of equipment lease transactions, and professional fees in connection with an Indonesia withholding tax refund claim.

(d)      All Other Fees

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant not  reported in paragraphs (a)-(c) of Item 4 were $967 for the fiscal year ended July 31, 2020 and $0 for the fiscal year ended July 31, 2019.  The services for which these fees were paid included review of materials provided to the fund Board in connection with the investment management contract renewal process. 

The aggregate fees paid to the principal accountant for products and services rendered by the principal accountant to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant not reported in paragraphs (a)-(c) of Item 4 were $195,566 for the fiscal year ended July 31, 2020 and $14,500 for the fiscal year ended July 31, 2019.  The services for which these fees were paid included valuation services related to a fair value engagement, professional fees in connection with determining the feasibility of a U.S. direct lending structure, for the issuance of an Auditor's Certificate for South Korean regulatory shareholders disclosures, compliance examination for Investment Advisor Act rule 204-2 and 206-4 (2), and for the issuance of an Auditor's Certificate for South Korean regulatory shareholders disclosures.  

(e) (1) The registrant’s audit committee is directly responsible for approving the services to be provided by the auditors, including:

      (i)   pre-approval of all audit and audit related services;

      (ii)  pre-approval of all non-audit related services to be provided to the Fund by the auditors;

      (iii) pre-approval of all non-audit related services to be provided to the registrant by the auditors to the registrant’s investment adviser or to any entity that controls, is controlled by or is under common control with the registrant’s investment adviser and that provides ongoing services to the registrant where the non-audit services relate directly to the operations or financial reporting of the registrant; and

      (iv)  establishment by the audit committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of audit committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(e) (2) None of the services provided to the registrant described in paragraphs (b)-(d) of Item 4 were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of regulation S-X.

(f) No disclosures are required by this Item 4(f).

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the registrant and the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant were $327,759 for the fiscal year ended July 31, 2020 and $286,250 for the fiscal year ended July 31, 2019.

(h) The registrant’s audit committee of the board has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.                   N/A

Item 6.  Schedule of Investments.                                 N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                        N/A

Item 8.  Portfolio Managers of Closed-End Management Investment Companies. N/A

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.                       N/A

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

 Evaluation of Disclosure Controls and Procedures.

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)

 Changes in Internal Controls.

During

the period covered by this report

, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                                              N/A

Item 13. Exhibits.

(a) (1) Code of Ethics

Code of Ethics

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

Section 302

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

Section 906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN GLOBAL TRUST

By __S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle   

Chief Executive Officer - Finance and Administration

Date September

25, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By __S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle   

Chief Executive Officer - Finance and Administration

Date September

25, 2020

By _S\GASTON GARDEY________________________

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer

Date September 25, 2020