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: 7/31/21

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

ANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

Global

Trust

July

31,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

annual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

12

months

ended

July

31,

2021,

the

global

economy

continued

to

recover

from

the

disruptions

caused

by

the

onset

of

the

novel

coronavirus

(COVID-19)

pandemic

in

early

2020

and

subsequent

economic

lockdowns

imposed

by

many

governments

worldwide.

Global

stocks

advanced

during

the

period

amid

the

reopening

of

many

economies,

the

global

rollout

of

COVID-19

vaccines

and

generally

strong

corporate

earnings

reports.

Inflation

surged

in

many

countries

during

the

period’s

second

half,

driven

by

resurgent

economic

activity,

supply

bottlenecks

and

the

base

effects

of

the

pandemic

shocks

in

2020.

Many

central

banks

signaled

the

end

of

cutting

benchmark

interest

rates,

and

some

began

to

move

toward

policy

normalization,

but

the

U.S.

Federal

Reserve,

the

European

Central

Bank

and

the

Bank

of

Japan

kept

their

policy

rates

unchanged.

Near

period-end,

investor

concerns

that

the

swiftly

spreading

Delta

variant

of

COVID-19

could

hinder

the

economic

recovery

pressured

many

global

stock

markets.

In

this

environment,

stocks

in

global

developed

markets

excluding

the

U.S.

and

Canada,

as

measured

by

the

MSCI

Europe,

Australasia,

Far

East

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

+30.31%

total

return

for

the

period.

1

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

professionals

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,

2021,

unless

otherwise

indicated.

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.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

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

34

Notes

to

Financial

Statements

38

Report

of

Independent

Registered

Public

Accounting

Firm

52

Tax

Information

53

Board

Members

and

Officers

54

Shareholder

Information

59

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-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

+33.18%

total

return

for

the

12

months

ended

July

31,

2021.

1

Global

equities

benefited

from

monetary

and

fiscal

stimulus

measures,

easing

novel

coronavirus

(COVID-19)

pandemic

restrictions

in

certain

regions

and

the

development

of

treatments

and

vaccines.

Geopolitical

tensions

and

rising

infection

rates

in

the

fall

of

2020

reduced

stock

prices,

but

the

implementation

of

vaccination

programs

and

additional

fiscal

stimulus

measures

led

many

equity

markets

to

reach

new

price

highs

during

the

rest

of

the

period.

However,

the

Chinese

government’s

imposition

of

additional

restrictions

on

some

businesses

pressured

Asian

and

global

emerging

market

stocks

late

in

the

12-month

period.

In

the

U.S.,

the

economy

continued

to

recover

and

equities

rallied

amid

monetary

and

fiscal

stimulus

measures,

vaccine

development

and

the

beginning

of

vaccination

programs.

As

economic

conditions

improved,

gross

domestic

product

(GDP)

rebounded

at

a

record

annualized

pace

in

2020’s

third

quarter.

Although

GDP

growth

was

less

robust

in

the

three

subsequent

quarters,

the

lifting

of

many

COVID-19

restrictions

and

strong

consumer

spending

continued

to

support

the

economy.

A

rebound

in

corporate

earnings

and

progress

toward

a

bipartisan

infrastructure

plan

further

bolstered

investor

sentiment.

The

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-low

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

bond

purchases

to

help

keep

markets

functioning.

Year-

over-year

inflation

rose

late

in

the

12-month

period

amid

the

economic

reopening,

higher

consumer

demand

and

constraints

in

some

supply

chains.

In

its

July

2021

meeting

statement,

the

Fed

indicated

that

rising

inflation

largely

reflected

transitory

factors

and

it

would

monitor

incoming

information

and

adjust

its

monetary

policy

stance

as

needed

to

attain

its

employment

and

price

stability

goals.

The

economic

recovery

in

the

eurozone

was

relatively

weak,

as

quarter-over-quarter

GDP

growth

rebounded

in

2020’s

third

quarter

but

slightly

contracted

over

the

subsequent

two

quarters,

before

returning

to

growth

in

2021’s

second

quarter.

GDP

growth

rates

were

mostly

sluggish

among

the

region’s

largest

economies

amid

renewed

lockdowns,

delays

in

COVID-19

vaccine

distribution

and

weak

consumer

spending.

Nevertheless,

optimism

that

the

eventual

success

of

vaccination

programs

would

lift

global

growth

helped

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

to

post

a

+32.50%

total

return

for

the

12

months

under

review.

1

Asian

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

Asia

Index-NR,

posted

a

+21.28%

total

return

for

the

12-month

period.

1

China’s

economic

recovery

helped

the

region

rebound,

although

the

country’s

quarter-over-quarter

GDP

growth

in

2021’s

first

and

second

quarters

was

slower

than

2020’s

last

two

quarters,

pressured

by

higher

commodity

prices.

Asian

equity

markets

experienced

heightened

volatility

toward

period-end

due

to

investor

concerns

about

higher

inflation

and

rising

COVID-19

infection

rates

in

some

countries.

Unexpected

regulatory

changes

by

the

Chinese

government,

which

negatively

impacted

education-

and

technology-related

businesses,

led

some

foreign

investors

to

shift

capital

away

from

China.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

+20.64%

total

return

for

the

12

months

under

review.

1

Generally

improving

economic

activity,

increasing

oil

prices

and

U.S.

dollar

weakness

supported

global

emerging

market

equities.

During

the

latter

part

of

the

period,

higher

COVID-19

cases

in

some

countries,

limited

vaccine

rollouts

and

concerns

about

rising

interest

rates

and

higher

inflation

amid

rising

commodity

prices

dampened

investor

enthusiasm

in

global

emerging

market

equities.

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

July

31,

2021.

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:

Morningstar.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

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,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation

by

normally

investing

predominantly

in

equity

securities,

primarily

common

stock,

of

mid-

and

large-capitalization

companies,

generally

those

with

market

capitalizations

greater

than

$2

billion,

located

outside

the

U.S.,

and

may

invest

up

to

20%

of

its

net

assets

in

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,

2021,

the

Fund’s

Class

A

shares

posted

a

+26.98%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

Europe,

Australasia,

Far

East

(EAFE)

Index-NR,

which

measures

global

developed

stock

market

performance

excluding

the

U.S.

and

Canada,

posted

a

+30.31%

cumulative

total

return.

1

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

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.

Our

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

Over

the

12-month

period,

security

selection

in

the

health

care

sector,

a

lack

of

exposure

to

the

consumer

staples

sector

and

stock

selection

and

an

overweight

in

the

information

technology

(IT)

sector

contributed

to

relative

returns.

Conversely,

stock

selection

and

underweightings

in

the

consumer

discretionary

and

financials

sectors

detracted

from

relative

performance,

as

did

stock

selection

in

the

materials

sector.

In

the

IT

sector,

ASML

Holding,

a

Netherlands-based

semiconductor

equipment

manufacturer,

helped

relative

performance

after

reporting

strong

earnings

that

showed

significant

sales

growth

in

both

new

systems

and

services.

Its

guidance

for

2021

was

also

upbeat.

Other

contributors

included

Adyen,

a

Netherlands-based

payments

company,

and

Keywords

Studios,

an

Ireland-based

provider

of

outsourcing

services

to

the

video

game

industry.

Adyen

has

been

benefiting

from

strong

demand

for

its

payment

solutions,

while

Keywords

has

reported

robust

results

in

recent

quarters.

Industrials

company

DSV

PANALPINA

boosted

relative

performance

following

a

strong

set

of

financial

results

for

the

first

quarter.

The

Denmark-based

logistics

services

provider

experienced

robust

revenue

growth

across

its

sea

and

airfreight

businesses,

as

freight

rates

rose

strongly.

Profitability

also

improved

after

the

full

integration

of

a

Geographic

Composition

7/31/21

%

of

Total

Net

Assets

Europe

73.3%

North

America

9.5%

Australia

&

New

Zealand

5.8%

Middle East & Africa

3.1%

Latin

America

&

Caribbean

3.1%

Asia

2.7%

Short-Term

Investments

&

Other

Net

Assets

2.5%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

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

recent

acquisition

by

PANALPINA.

The

company

announced

another

acquisition

that

we

expect

should

further

enhance

its

exposure

to

Asia.

Intermediate

Capital

Group

(ICG),

a

U.K.-based

alternative

asset

manager,

partially

offset

negative

relative

results

in

the

financials

sector,

due

to

continued

inflows

into

its

strategies

in

recent

quarters.

ICG

is

well-positioned,

in

our

view,

to

benefit

from

ongoing

demand

for

private

assets

from

institutional

investors

over

the

longer

term.

Conversely,

TAL

Education

Group,

a

China-based

tutoring

services

provider,

was

a

significant

detractor

from

relative

results

in

the

consumer

discretionary

sector

following

strict

new

rules

that

would

bar

for-profit

companies

from

offering

tutoring

in

core

school

subjects

and

would

make

tutoring

companies

register

as

non-profits.

As

a

result

of

these

regulatory

changes,

we

exited

our

position.

In

the

financials

sector,

Germany-based

Deutsche

Boerse

held

back

relative

results.

Nonetheless,

we

expect

the

financial

exchange

operator

to

benefit

from

the

increased

market

volatility

in

recent

quarters.

Germany-based

enterprise

software

company

SAP

and

U.K.-

based

business

software

company

Sage

Group

hindered

positive

relative

performance

in

the

IT

sector,

as

earnings

at

both

companies

have

been

weaker

than

anticipated,

given

slower

progress

on

transitioning

their

respective

businesses

to

the

cloud.

We

exited

our

position

in

SAP

during

the

period,

but

we

continue

to

see

Sage

Group

make

progress

in

its

transition.

U.K.-based

Clarivate,

an

information

and

analytics

firm,

curbed

positive

relative

performance

in

industrials,

amid

lackluster

earnings

in

recent

quarters.

Additionally,

Clarivate

said

that

U.S.

regulators

were

taking

a

closer

look

at

a

proposed

acquisition

that

is

likely

to

delay

the

closing

of

the

deal.

We

expect

stronger

growth

over

the

longer

term

as

new

customers

sign

on

to

the

company's

services

for

academic

research,

drug

development

and

patents

and

trademarks.

Thank

you

for

your

continued

participation

in

Franklin

International

Growth

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Top

10

Countries

7/31/21

a

%

of

Total

Net

Assets

a

a

United

Kingdom

20.1%

Germany

11.6%

Denmark

11.4%

Netherlands

11.0%

United

States

6.6%

Australia

5.8%

Spain

5.6%

Switzerland

3.8%

Ireland

3.6%

Belgium

3.3%

Top

10

Industries

7/31/21

.

%

of

Total

Net

Assets

a

a

IT

Services

12.8%

Software

11.1%

Chemicals

10.8%

Health

Care

Equipment

&

Supplies

8.7%

Professional

Services

6.3%

Capital

Markets

5.7%

Biotechnology

5.6%

Internet

&

Direct

Marketing

Retail

5.4%

Media

5.3%

Semiconductors

&

Semiconductor

Equipment

3.7%

Top

10

Holdings

7/31/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Adyen

NV

3.8%

IT

Services,

Netherlands

ASML

Holding

NV

3.6%

Semiconductors

&

Semiconductor

Equipment,

Netherlands

Keywords

Studios

plc

3.6%

IT

Services,

Ireland

Koninklijke

DSM

NV

3.6%

Chemicals,

Netherlands

Intermediate

Capital

Group

plc

3.5%

Capital

Markets,

United

Kingdom

Ferguson

plc

3.5%

Trading

Companies

&

Distributors,

United

States

MTU

Aero

Engines

AG

3.4%

Aerospace

&

Defense,

Germany

Umicore

SA

3.3%

Chemicals,

Belgium

Experian

plc

3.3%

Professional

Services,

United

Kingdom

DSV

PANALPINA

A/S

3.2%

Air

Freight

&

Logistics,

Denmark

Franklin

International

Growth

Fund

6

franklintempleton.com

Annual

Report

Donald

G.

Huber,

CFA

John

Remmert

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2021,

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.

Performance

Summary

as

of

July

31,

2021

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

7/31/21

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

+26.98%

+19.98%

5-Year

+118.72%

+15.64%

10-Year

+154.37%

+9.17%

Advisor

1-Year

+27.31%

+27.31%

5-Year

+121.44%

+17.23%

10-Year

+161.31%

+10.08%

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

(8/1/11–7/31/21)

Advisor

Class

(8/1/11–7/31/21)

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

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

11/30/21.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

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.

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-NR

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

equity

market

performance

of

global

developed

markets

excluding

the

U.S.

and

Canada.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

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

(8/1/20–7/31/21)

Share

Class

Net

Investment

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

Total

A

–

$0.0079

$0.4688

$0.4767

C

–

$0.0079

$0.4688

$0.4767

R

–

$0.0079

$0.4688

$0.4767

R6

$0.0263

$0.0079

$0.4688

$0.5030

Advisor

$0.0057

$0.0079

$0.4688

$0.4824

Total

Annual

Operating

Expenses

6

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.12%

1.18%

Advisor

0.87%

0.93%

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

181/365

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

2/1/21

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,081.20

$5.74

$1,019.28

$5.57

1.11%

C

$1,000

$1,077.80

$9.59

$1,015.56

$9.30

1.86%

R

$1,000

$1,080.20

$6.98

$1,018.08

$6.78

1.35%

R6

$1,000

$1,083.60

$3.77

$1,021.18

$3.66

0.73%

Advisor

$1,000

$1,082.80

$4.47

$1,020.51

$4.33

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,

2021.

The

Fund

reopened

to

new

investors

on

June

1,

2021.

Prior

to

that

date

and

since

June

3,

2013,

the

Fund

was

closed

to

new

investors,

with

limited

exceptions.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

long-term

capital

appreciation

by

normally

investing

at

least

80%

of

its

net

assets

in

a

diversified

portfolio

of

marketable

equity

and

equity-related

securities

(primarily

common

stock)

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,

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,

2021,

the

Fund’s

Class

A

shares

posted

a

+43.17%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

EAFE

Small

Cap

Index-NR,

which

measures

small

cap

equity

performance

in

global

developed

markets

excluding

the

U.S.

and

Canada,

posted

a

+38.72%

cumulative

total

return.

1

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.

In

narrowing

down

the

universe

of

eligible

investments,

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.

These

companies

tend

to

have

proprietary

products

and

services,

which

can

sustain

a

longer-term

competitive

advantage,

and

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.

Our

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

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

During

the

12-month

period,

stock

selection

in

the

information

technology

(IT),

consumer

staples,

communication

services

and

real

estate

sectors

contributed

to

performance

relative

to

Fund’s

benchmark,

the

MSCI

EAFE

Small

Cap

Index-NR,

as

did

an

overweighted

allocation

to

the

industrials

sector.

In

contrast,

stock

selection

in

the

consumer

discretionary

and

financials

sectors,

and

overweighted

allocations

to

the

materials

and

energy

sectors

detracted

from

relative

performance.

Geographic

Composition

7/31/21

%

of

Total

Net

Assets

Europe

62.7%

Asia

24.4%

North

America

5.1%

Other

1.0%

Short-Term

Investments

&

Other

Net

Assets

6.8%

1.

Source:

Morningstar.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

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

Within

IT,

Hansen

Technologies

(not

held

at

period-end),

an

Australia-based

billing

and

customer

care

software

provider

that

offers

mission

critical

solutions

for

utility

and

communications

companies,

was

among

the

leading

individual

contributors

for

the

period.

The

company

is

a

high

cash

flow

generator

and

has

grown

both

organically

and

through

acquisitions.

Hansen

received

a

takeover

proposal

from

BGH

Capital

(not

a

Fund

holding)

during

2021’s

second

quarter

at

a

25%

premium

to

its

previous

share

price.

In

the

industrials

sector,

Mainfreight

(not

held

at

period-

end),

a

New

Zealand-based

logistics

company

with

a

well-balanced

revenue

base

across

New

Zealand,

Australia,

Europe

and

the

Americas,

was

another

strong

performer.

The

highly

profitable

company

continued

to

exceed

market

expectations

through

the

first

several

months

of

the

year

with

both

volumes

and

pricing

contributing

to

results.

In

the

communication

services

sector,

the

Fund

received

a

strong

contribution

from

CTS

Eventim

(not

held

at

period-

end).

The

Germany-based

online

platform

for

producing

and

distributing

tickets

for

sporting

events,

concerts,

and

theater

productions

is

beginning

to

see

some

light

at

the

end

of

the

COVID-19

pandemic

tunnel.

The

opening

up

of

economies

is

facilitating

the

reintroduction

of

live

events

and

the

market

is

anticipating

a

pickup

in

growth

for

the

company.

Among

individual

detractors,

South

Korea-based

snack

food

maker

Orion

(not

part

of

the

index)

underperformed

during

the

stock

market

rally

in

the

fourth

quarter

of

2020.

Although

we

saw

opportunities

for

Orion

to

continue

to

grow

in

its

home

and

regional

markets,

we

exited

our

position

during

the

period

to

pursue

better

opportunities.

RenaissanceRe

Holdings,

a

Bermuda-based

reinsurance

company

in

the

financials

sector,

saw

its

profits

come

under

pressure

due

to

the

winter

storm

that

hit

Texas,

and

we

exited

our

position

by

period-end.

In

health

care,

pharmaceutical

maker

Recordati

Industria

Chimica

e

Farmaceutica

(not

held

at

period-end)

also

detracted

meaningfully

from

performance.

Recordati,

an

Italian

drug

maker

developing

therapeutics

across

multiple

treatment

areas

and

indications,

has

a

strong

track

record

of

growing

via

strategic

acquisitions

and

has

a

presence

in

most

large

markets

globally.

The

company

is

continuing

to

recover

from

pandemic-related

challenges

and

lower-than-

normal

seasonal

flu

infections.

With

the

market

focusing

on

reopening

beneficiaries,

pharmaceutical

companies

have

generally

underperformed.

Effective

June

1,

2021,

under

an

agreement

with

Franklin

Advisers,

Inc.,

the

Fund's

investment

advisor,

ClearBridge

Investments,

LLC

serves

as

the

Fund's

subadvisor.

Pursuant

to

this

agreement,

the

Fund's

portfolio

management

team

Top

10

Countries

7/31/21

a

%

of

Total

Net

Assets

a

a

United

Kingdom

18.8%

Japan

13.5%

Italy

6.1%

Denmark

5.5%

Austria

5.4%

France

5.2%

Sweden

5.0%

South

Korea

4.6%

Canada

4.4%

Spain

4.0%

Top

10

Industries

7/31/21

.

%

of

Total

Net

Assets

a

a

Machinery

12.5%

Banks

7.7%

Trading

Companies

&

Distributors

7.2%

Construction

Materials

5.5%

Oil,

Gas

&

Consumable

Fuels

5.4%

Metals

&

Mining

5.3%

Construction

&

Engineering

4.8%

Household

Durables

4.5%

Electrical

Equipment

4.4%

Hotels,

Restaurants

&

Leisure

3.8%

Top

10

Holdings

7/31/21

Company

Industry,

Country

%

of

Total

Net

Assets

a

aa

Galliford

Try

Holdings

plc

2.2%

Construction

&

Engineering,

United

Kingdom

BAWAG

Group

AG

2.2%

Banks,

Austria

D/S

Norden

A/S

2.1%

Marine,

Denmark

Granges

AB

2.0%

Metals

&

Mining,

Sweden

Parex

Resources,

Inc.

2.0%

Oil,

Gas

&

Consumable

Fuels,

Canada

Morgan

Advanced

Materials

plc

1.9%

Machinery,

United

Kingdom

Metso

Outotec

OYJ

1.9%

Machinery,

Finland

Maire

Tecnimont

SpA

1.8%

Construction

&

Engineering,

Italy

Mersen

SA

1.7%

Electrical

Equipment,

France

Wincanton

plc

1.7%

Air

Freight

&

Logistics,

United

Kingdom

Franklin

International

Small

Cap

Fund

13

franklintempleton.com

Annual

Report

changed,

the

new

portfolio

management

team

implemented

trades

to

align

it

with

its

international

small

cap

strategy,

and

the

Fund

reopened

to

new

investors.

Thank

you

for

your

continued

participation

in

Franklin

International

Small

Cap

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Sean

M.

Bogda,

CFA

Paul

D.

Ehrlichman

Safa

R.

Muhtaseb,

CFA

Grace

Su

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2021,

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.

Performance

Summary

as

of

July

31,

2021

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

7/31/21

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

+43.17%

5

+35.29%

5-Year

+22.74%

+3.01%

10-Year

+70.45%

+4.88%

Advisor

1-Year

+43.56%

5

+43.56%

5-Year

+24.41%

+4.47%

10-Year

+74.96%

+5.75%

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

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

(8/1/11–7/31/21)

Advisor

Class

(8/1/11–7/31/21)

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.

The

Fund

is

intended

for

long-term

investors

who

are

comfortable

with

fluctuation

in

the

value

of

their

investment,

especially

over

the

short

term.

Smaller,

relatively

new

and/or

unseasoned

companies

can

be

particularly

sensitive

to

changing

economic

conditions,

and

their

prospects

for

growth

are

less

certain

than

those

of

larger,

more

established

companies.

Foreign

investing

involves

additional

risks

such

as

currency

and

market

volatility,

as

well

as

political

and

social

instability.

Investments

in

emerging

markets

involve

heightened

risks

relating

to

the

same

factors.

Because

the

Fund

may

invest

its

assets

in

companies

in

a

specific

region,

including

Europe,

it

is

subject

to

greater

risks

of

adverse

developments

in

that

region

and/or

the

surrounding

regions

than

a

fund

that

is

more

broadly

diversified

geographically.

Political,

social

or

economic

disruptions

in

the

region,

even

in

coun-

tries

in

which

the

Fund

is

not

invested,

may

adversely

affect

the

value

of

investments

held

by

the

Fund.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

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

11/30/22.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waiver;

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.

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.

Total

return

information

is

based

on

net

asset

values

calculated

for

shareholder

transactions.

Certain

adjustments

were

made

to

the

net

assets

of

the

Fund

at

7/31/21

for

financial

reporting

purposes.

Accordingly,

adjusted

total

returns

have

been

disclosed

in

the

Financial

Highlights

and

differ

from

those

reported

here.

6.

Source:

Morningstar.

The

MSCI

EAFE

Small

Cap

Index-NR

is

a

free

float-adjusted,

market

capitalization-weighted

index

designed

to

measure

the

performance

of

small

cap

equity

securities

in

global

developed

markets

excluding

the

U.S.

and

Canada.

Net

Returns

(NR)

include

income

net

of

tax

withholding

when

dividends

are

paid.

7.

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.

Total

Annual

Operating

Expenses

7

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.30%

1.37%

Advisor

1.05%

1.12%

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

181/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

3.

Effective

May

1,

2021,

the

expense

waivers

for

Classes

A,

C, R,

R6

and

Advisor

changed

and

the

new

annualized

net

expense

ratios

for

each

class

were:

Class

A

1.30%,

Class

C

2.05%,

Class

R

1.55%,

Class

R6

0.95%

and

Advisor

Class

1.05%.

Had

such

expense

waivers

been

in

effect

for

the

full

period,

the

Actual

expenses

paid

for

each

class

would

have

been:

A

$6.97,

C

$10.95,

R

$8.29,

R6

$5.09

and

Advisor

$5.62,

and

the

Hypothetical

expenses

paid

for

each

share

class

would

have

been:

A

$6.52,

C

$10.24,

R

$7.75,

R6

$4.76

and

Advisor

$5.26.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

2/1/21

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2,3

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2,3

a

Net

Annualized

Expense

Ratio

2,3

A

$1,000

$1,159.00

$6.97

$1,018.34

$6.52

1.30%

C

$1,000

$1,154.60

$10.88

$1,014.69

$10.17

2.04%

R

$1,000

$1,157.90

$8.01

$1,017.37

$7.49

1.50%

R6

$1,000

$1,160.10

$5.96

$1,019.28

$5.57

1.11%

Advisor

$1,000

$1,160.40

$5.49

$1,019.71

$5.14

1.03%

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,

2021

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.34

$14.62

$15.31

$13.18

$11.07

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.09)

(0.04)

0.04

0.06

0.05

Net

realized

and

unrealized

gains

(losses)

...........

4.99

3.78

(0.50)

2.26

2.12

Total

from

investment

operations

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

4.90

3.74

(0.46)

2.32

2.17

Less

distributions

from:

Net

investment

income

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

—

(0.02)

(0.03)

—

(0.06)

Net

realized

gains

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

(0.48)

—

(0.20)

(0.19)

—

Total

distributions

(0.48)

(0.02)

(0.23)

(0.19)

(0.06)

Net

asset

value,

end

of

year

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

$22.76

$18.34

$14.62

$15.31

$13.18

Total

return

c

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

26.98%

25.52%

(2.62)%

17.73%

19.70%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.13%

1.17%

1.19%

1.27%

1.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.11%

1.10%

1.05%

1.15%

1.31%

Net

investment

income

(loss)

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

(0.41)%

(0.25)%

0.32%

0.43%

0.37%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$961,676

$579,893

$289,944

$161,607

$185,680

Portfolio

turnover

rate

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

14.47%

37.51%

18.11%

58.36%

28.66%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

19

a

Year

Ended

July

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$17.46

$14.00

$14.74

$12.80

$10.77

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.23)

(0.15)

(0.06)

(0.03)

(0.04)

Net

realized

and

unrealized

gains

(losses)

...........

4.73

3.61

(0.48)

2.16

2.07

Total

from

investment

operations

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

4.50

3.46

(0.54)

2.13

2.03

Less

distributions

from:

Net

realized

gains

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

(0.48)

—

(0.20)

(0.19)

—

Net

asset

value,

end

of

year

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

$21.48

$17.46

$14.00

$14.74

$12.80

Total

return

c

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

26.04%

24.63%

(3.34)%

16.76%

18.85%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.88%

1.92%

1.94%

2.02%

2.29%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.86%

1.85%

1.80%

1.90%

2.06%

Net

investment

(loss)

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

(1.15)%

(0.98)%

(0.43)%

(0.32)%

(0.38)%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$62,560

$39,440

$27,397

$22,542

$8,702

Portfolio

turnover

rate

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

14.47%

37.51%

18.11%

58.36%

28.66%

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,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.16

$14.50

$15.21

$13.16

$11.02

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.12)

(0.07)

—

c

0.04

0.02

Net

realized

and

unrealized

gains

(losses)

...........

4.92

3.73

(0.48)

2.22

2.13

Total

from

investment

operations

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

4.80

3.66

(0.48)

2.26

2.15

Less

distributions

from:

Net

investment

income

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

—

—

(0.03)

(0.02)

(0.01)

Net

realized

gains

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

(0.48)

—

(0.20)

(0.19)

—

Total

distributions

(0.48)

—

(0.23)

(0.21)

(0.01)

Net

asset

value,

end

of

year

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

$22.48

$18.16

$14.50

$15.21

$13.16

Total

return

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

26.69%

25.24%

(2.88)%

17.34%

19.54%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.38%

1.41%

1.43%

1.49%

1.76%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.35%

1.35%

1.29%

1.37%

1.53%

Net

investment

income

(loss)

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

(0.58)%

(0.45)%

0.08%

0.21%

0.15%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$8,630

$2,365

$1,848

$1,086

$371

Portfolio

turnover

rate

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

14.47%

37.51%

18.11%

58.36%

28.66%

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

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,

2021

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.44

$14.69

$15.34

$13.25

$11.15

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.01)

0.03

0.08

0.12

0.08

Net

realized

and

unrealized

gains

(losses)

...........

5.01

3.79

(0.48)

2.26

2.15

Total

from

investment

operations

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

5.00

3.82

(0.40)

2.38

2.23

Less

distributions

from:

Net

investment

income

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

(0.02)

(0.07)

(0.05)

(0.10)

(0.13)

Net

realized

gains

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

(0.48)

—

(0.20)

(0.19)

—

Total

distributions

(0.50)

(0.07)

(0.25)

(0.29)

(0.13)

Net

asset

value,

end

of

year

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

$22.94

$18.44

$14.69

$15.34

$13.25

Total

return

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

27.44%

26.08%

(2.26)%

18.15%

20.26%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.78%

0.81%

0.84%

0.85%

0.90%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.73%

0.71%

0.66%

0.71%

0.88%

Net

investment

income

(loss)

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

(0.03)%

0.17%

0.71%

0.87%

0.80%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$548,647

$379,331

$344,257

$83,292

$54,347

Portfolio

turnover

rate

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

14.47%

37.51%

18.11%

58.36%

28.66%

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,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$18.40

$14.66

$15.33

$13.24

$11.13

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.04)

—

c

0.09

0.10

0.08

Net

realized

and

unrealized

gains

(losses)

...........

5.01

3.79

(0.51)

2.26

2.13

Total

from

investment

operations

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

4.97

3.79

(0.42)

2.36

2.21

Less

distributions

from:

Net

investment

income

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

(—)

c

(0.05)

(0.05)

(0.08)

(0.10)

Net

realized

gains

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

(0.48)

—

(0.20)

(0.19)

—

Total

distributions

(0.48)

(0.05)

(0.25)

(0.27)

(0.10)

Net

asset

value,

end

of

year

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

$22.89

$18.40

$14.66

$15.33

$13.24

Total

return

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

27.31%

25.90%

(2.45)%

17.98%

20.04%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.88%

0.92%

0.94%

1.02%

1.29%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.86%

0.85%

0.80%

0.90%

1.06%

Net

investment

income

(loss)

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

(0.17)%

0.03%

0.57%

0.68%

0.62%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,665,974

$1,158,652

$863,973

$294,254

$147,926

Portfolio

turnover

rate

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

14.47%

37.51%

18.11%

58.36%

28.66%

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,

2021

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

a

a

a

a

a

Common

Stocks

97.5%

Aerospace

&

Defense

3.4%

MTU

Aero

Engines

AG

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

Germany

440,000

$

110,065,107

Air

Freight

&

Logistics

3.2%

DSV

PANALPINA

A/S

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

Denmark

430,000

104,816,422

Banks

2.9%

a

FinecoBank

Banca

Fineco

SpA

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

Italy

5,300,000

94,908,091

Biotechnology

5.6%

CSL

Ltd.

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

Australia

420,000

89,407,985

a

Genmab

A/S

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

Denmark

206,000

93,105,488

182,513,473

Capital

Markets

5.7%

Deutsche

Boerse

AG

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

Germany

430,000

71,754,596

Intermediate

Capital

Group

plc

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

United

Kingdom

3,806,000

114,679,278

186,433,874

Chemicals

10.8%

Koninklijke

DSM

NV

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

Netherlands

580,000

116,922,250

Sika

AG

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

Switzerland

75,000

26,420,291

Symrise

AG

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

Germany

680,000

100,269,545

Umicore

SA

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

Belgium

1,740,000

108,000,804

351,612,890

Diversified

Telecommunication

Services

3.1%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

1,554,735

101,398,871

Entertainment

2.9%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,380,000

93,768,261

Health

Care

Equipment

&

Supplies

8.7%

Alcon,

Inc.

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

Switzerland

1,350,000

98,278,731

Cochlear

Ltd.

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

Australia

540,000

97,689,558

GN

Store

Nord

A/S

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

Denmark

1,000,000

87,631,278

283,599,567

Internet

&

Direct

Marketing

Retail

5.4%

a

boohoo

Group

plc

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

United

Kingdom

21,050,000

76,251,117

a

MercadoLibre,

Inc.

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

Argentina

64,000

100,396,800

176,647,917

IT

Services

12.8%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

45,000

121,957,460

a

Amadeus

IT

Group

SA

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

Spain

1,230,860

80,724,201

a

Keywords

Studios

plc

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

Ireland

2,900,000

118,171,912

a

Shopify,

Inc.,

A

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

Canada

62,000

92,995,660

413,849,233

Media

5.3%

a,b

Ascential

plc,

144A,

Reg

S

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

United

Kingdom

14,300,000

85,976,001

CyberAgent,

Inc.

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

Japan

4,820,000

86,752,512

172,728,513

Pharmaceuticals

3.1%

Hikma

Pharmaceuticals

plc

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

Jordan

2,750,000

101,106,860

Professional

Services

6.3%

a

Clarivate

plc

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

United

Kingdom

4,220,000

96,216,000

Experian

plc

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

United

Kingdom

2,450,000

107,847,727

204,063,727

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

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

3.7%

ASML

Holding

NV

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

Netherlands

155,000

$

118,484,620

Software

11.1%

AVEVA

Group

plc

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

United

Kingdom

1,909,997

104,198,408

a

CyberArk

Software

Ltd.

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

United

States

720,000

102,261,600

Sage

Group

plc

(The)

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

United

Kingdom

7,000,000

68,221,865

SimCorp

A/S

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

Denmark

610,000

84,755,088

359,436,961

Trading

Companies

&

Distributors

3.5%

Ferguson

plc

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

United

States

800,000

112,135,135

Total

Common

Stocks

(Cost

$1,996,672,087)

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

3,167,569,522

Short

Term

Investments

2.6%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

84,459,275

84,459,275

Total

Money

Market

Funds

(Cost

$84,459,275)

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

84,459,275

Total

Short

Term

Investments

(Cost

$84,459,275

)

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

84,459,275

a

Total

Investments

(Cost

$2,081,131,362)

100.1%

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

$3,252,028,797

Other

Assets,

less

Liabilities

(0.1)%

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

(4,542,040)

Net

Assets

100.0%

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

$3,247,486,757

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2021,

the

aggregate

value

of

these

securities

was

$309,332,332,

representing

9.5%

of

net

assets.

c

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

d

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,

2021

2020

2019

2018

2017

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.56

$16.48

$19.68

$20.61

$17.55

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.55

c

0.02

0.20

0.47

0.19

Net

realized

and

unrealized

gains

(losses)

...........

4.42

(4.05)

(2.87)

0.41

4.37

Total

from

investment

operations

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

4.97

(4.03)

(2.67)

0.88

4.56

Less

distributions

from:

Net

investment

income

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

—

—

(0.27)

(1.23)

(0.18)

Net

realized

gains

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

—

(0.89)

(0.26)

(0.58)

(1.32)

Total

distributions

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

—

(0.89)

(0.53)

(1.81)

(1.50)

Net

asset

value,

end

of

year

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

$16.53

$11.56

$16.48

$19.68

$20.61

Total

return

d

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

42.99%

e

(25.96)%

(13.49)%

4.32%

28.31%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.74%

1.59%

1.41%

1.38%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.62%

f

1.58%

g

1.41%

f

1.38%

f

1.38%

f

Net

investment

income

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

3.80%

c

0.13%

1.11%

2.32%

1.05%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$55,460

$48,963

$95,528

$142,505

$161,355

Portfolio

turnover

rate

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

114.68%

28.08%

11.86%

26.98%

21.71%

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

Net

investment

income

per

share

includes

approximately

$0.56

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.11)%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Includes

the

effect

of

a

payment

to

be

received

from

affiliated

parties

from

a

NAV

error

reimbursement.

In

the

absence

of

such

payment,

the

Fund's

total

return

would

have

been

42.91%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

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,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.31

$16.25

$19.42

$20.36

$17.32

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.46

c

(0.09)

0.06

0.32

0.05

Net

realized

and

unrealized

gains

(losses)

...........

4.26

(3.96)

(2.82)

0.39

4.33

Total

from

investment

operations

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

4.72

(4.05)

(2.76)

0.71

4.38

Less

distributions

from:

Net

investment

income

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

—

—

(0.15)

(1.07)

(0.02)

Net

realized

gains

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

—

(0.89)

(0.26)

(0.58)

(1.32)

Total

distributions

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

—

(0.89)

(0.41)

(1.65)

(1.34)

Net

asset

value,

end

of

year

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

$16.03

$11.31

$16.25

$19.42

$20.36

Total

return

d

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

41.73%

(26.64)%

(14.10)%

3.50%

27.39%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.49%

2.32%

2.16%

2.14%

2.13%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.39%

e

2.31%

f

2.16%

e

2.14%

e

2.13%

e

Net

investment

income

(loss)

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

3.30%

c

(0.63)%

0.36%

1.56%

0.30%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$3,039

$3,692

$10,942

$19,184

$22,191

Portfolio

turnover

rate

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

114.68%

28.08%

11.86%

26.98%

21.71%

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

Net

investment

income

per

share

includes

approximately

$0.56

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.61)%.

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%.

f

Benefit

of

waiver

and

payments

by

affiliates

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,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.56

$16.50

$19.72

$20.66

$17.56

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.61

c

(0.01)

0.17

0.42

0.13

Net

realized

and

unrealized

gains

(losses)

...........

4.30

(4.04)

(2.89)

0.40

4.41

Total

from

investment

operations

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

4.91

(4.05)

(2.72)

0.82

4.54

Less

distributions

from:

Net

investment

income

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

—

—

(0.24)

(1.18)

(0.12)

Net

realized

gains

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

—

(0.89)

(0.26)

(0.58)

(1.32)

Total

distributions

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

—

(0.89)

(0.50)

(1.76)

(1.44)

Net

asset

value,

end

of

year

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

$16.47

$11.56

$16.50

$19.72

$20.66

Total

return

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

42.47%

(26.23)%

(13.67)%

3.97%

28.07%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.00%

1.81%

1.66%

1.64%

1.64%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.91%

d

1.80%

e

1.66%

d

1.64%

d

1.64%

d

Net

investment

income

(loss)

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

4.27%

c

(0.06)%

0.86%

2.06%

0.79%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$607

$809

$2,482

$3,450

$3,592

Portfolio

turnover

rate

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

114.68%

28.08%

11.86%

26.98%

21.71%

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

Net

investment

income

per

share

includes

approximately

$0.56

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.37%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

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,

2021

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.66

$16.54

$19.74

$20.67

$17.61

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.95

c

0.08

0.29

0.56

0.27

Net

realized

and

unrealized

gains

(losses)

...........

4.08

(4.07)

(2.91)

0.40

4.37

Total

from

investment

operations

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

5.03

(3.99)

(2.62)

0.96

4.64

Less

distributions

from:

Net

investment

income

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

—

—

(0.32)

(1.31)

(0.26)

Net

realized

gains

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

—

(0.89)

(0.26)

(0.58)

(1.32)

Total

distributions

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

—

(0.89)

(0.58)

(1.89)

(1.58)

Net

asset

value,

end

of

year

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

$16.69

$11.66

$16.54

$19.74

$20.67

Total

return

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

43.14%

d

(25.72)%

(13.12)%

4.70%

28.87%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.51%

1.12%

1.02%

1.01%

0.99%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.35%

e

1.09%

1.02%

e

1.01%

e

0.99%

e

Net

investment

income

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

6.95%

c

0.54%

1.50%

2.69%

1.44%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,044

$4,119

$125,218

$450,645

$492,010

Portfolio

turnover

rate

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

114.68%

28.08%

11.86%

26.98%

21.71%

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

Net

investment

income

per

share

includes

approximately

$0.56

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

3.05%.

d

Includes

the

effect

of

a

payment

to

be

received

from

affiliated

parties

from

a

NAV

error

reimbursement.

In

the

absence

of

such

payment,

the

Fund's

total

return

would

have

been

43.05%.

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

29

a

Year

Ended

July

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.64

$16.53

$19.73

$20.67

$17.59

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.61

c

0.06

0.23

0.52

0.23

Net

realized

and

unrealized

gains

(losses)

...........

4.43

(4.06)

(2.87)

0.40

4.39

Total

from

investment

operations

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

5.04

(4.00)

(2.64)

0.92

4.62

Less

distributions

from:

Net

investment

income

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

—

—

(0.30)

(1.28)

(0.22)

Net

realized

gains

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

—

(0.89)

(0.26)

(0.58)

(1.32)

Total

distributions

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

—

(0.89)

(0.56)

(1.86)

(1.54)

Net

asset

value,

end

of

year

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

$16.68

$11.64

$16.53

$19.73

$20.67

Total

return

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

43.30%

d

(25.74)%

(13.22)%

4.51%

28.68%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.50%

1.27%

1.16%

1.14%

1.14%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.40%

e

1.26%

f

1.16%

e

1.14%

e

1.14%

e

Net

investment

income

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

4.23%

c

0.41%

1.36%

2.56%

1.29%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$31,002

$50,041

$439,650

$763,309

$749,573

Portfolio

turnover

rate

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

114.68%

28.08%

11.86%

26.98%

21.71%

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

Net

investment

income

per

share

includes

approximately

$0.56

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.32%.

d

Includes

the

effect

of

a

payment

to

be

received

from

affiliated

parties

from

a

NAV

error

reimbursement.

In

the

absence

of

such

payment,

the

Fund's

total

return

would

have

been

43.21%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Global

Trust

Statement

of

Investments,

July

31,

2021

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

a

a

a

a

a

Common

Stocks

93.4%

Air

Freight

&

Logistics

2.9%

SBS

Holdings,

Inc.

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

Japan

36,200

$

1,114,275

Wincanton

plc

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

United

Kingdom

267,940

1,541,666

2,655,941

Auto

Components

1.1%

a

Hella

GmbH

&

Co.

KGaA

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

Germany

14,860

1,040,394

Banks

7.7%

a,b

Banca

Sistema

SpA

,

144A,

Reg

S

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

Italy

445,670

1,125,531

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

35,460

2,014,550

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

994,270

937,163

Spar

Nord

Bank

A/S

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

Denmark

57,920

696,390

Sydbank

A/S

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

Denmark

38,020

1,163,942

Tisco

Financial

Group

PCL

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

Thailand

162,120

433,263

b

Unicaja

Banco

SA,

144A,

Reg

S

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

Spain

753,990

693,344

7,064,183

Beverages

0.8%

Stock

Spirits

Group

plc

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

United

Kingdom

191,630

684,461

Building

Products

2.5%

Inwido

AB

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

Sweden

69,140

1,281,297

Sanwa

Holdings

Corp.

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

Japan

84,600

1,029,529

2,310,826

Capital

Markets

2.1%

b

Anima

Holding

SpA

,

144A,

Reg

S

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

Italy

177,740

875,595

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

75,250

993,300

1,868,895

Chemicals

2.2%

Okamoto

Industries,

Inc.

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

Japan

25,050

946,032

Ube

Industries

Ltd.

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

Japan

26,500

532,240

Zeon

Corp.

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

Japan

38,100

520,571

1,998,843

Commercial

Services

&

Supplies

1.4%

a

Elis

SA

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

France

69,470

1,245,844

Construction

&

Engineering

4.8%

Galliford

Try

Holdings

plc

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

United

Kingdom

913,170

2,018,135

Maire

Tecnimont

SpA

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

Italy

447,010

1,653,328

Penta-Ocean

Construction

Co.

Ltd.

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

Japan

105,600

715,572

4,387,035

Construction

Materials

5.5%

Cementir

Holding

NV

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

Denmark

113,670

1,280,610

Krosaki

Harima

Corp.

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

Japan

17,100

763,116

RHI

Magnesita

NV

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

United

States

13,204

694,399

West

China

Cement

Ltd.

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

China

5,404,000

807,665

Wienerberger

AG

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

Austria

36,300

1,483,865

5,029,655

Diversified

Financial

Services

0.7%

b

doValue

SpA

,

144A,

Reg

S

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

Italy

59,390

680,858

Electrical

Equipment

4.4%

Mersen

SA

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

France

39,260

1,559,574

Nexans

SA

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

France

13,948

1,335,066

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

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Vitzrocell

Co.

Ltd.

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

South

Korea

79,197

$

1,145,568

4,040,208

Electronic

Equipment,

Instruments

&

Components

0.6%

Strix

Group

plc

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

Isle

of

Man

115,010

544,258

Energy

Equipment

&

Services

1.0%

Pason

Systems,

Inc.

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

Canada

140,120

891,469

Food

&

Staples

Retailing

1.4%

a

MARR

SpA

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

Italy

54,190

1,257,712

Health

Care

Equipment

&

Supplies

2.5%

i

-SENS,

Inc.

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

South

Korea

38,646

1,088,249

Value

Added

Technology

Co.

Ltd.

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

South

Korea

38,204

1,193,982

2,282,231

Hotels,

Restaurants

&

Leisure

3.8%

a

GreenTree

Hospitality

Group

Ltd.,

ADR

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

China

60,417

540,732

a

Marston's

plc

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

United

Kingdom

934,180

1,087,995

a

Melco

International

Development

Ltd.

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

Hong

Kong

560,000

894,290

a

Melia

Hotels

International

SA

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

Spain

132,420

913,720

3,436,737

Household

Durables

4.5%

Bellway

plc

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

United

Kingdom

29,350

1,339,850

DFS

Furniture

plc

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

United

Kingdom

369,830

1,364,643

Vistry

Group

plc

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

United

Kingdom

84,220

1,395,809

4,100,302

IT

Services

0.7%

Sopra

Steria

Group

SACA

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

France

3,000

596,361

Machinery

12.5%

Cargotec

OYJ,

B

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

Finland

28,245

1,518,382

a

Deutz

AG

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

Germany

119,590

1,015,809

Fuji

Corp.

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

Japan

37,500

882,470

Meidensha

Corp.

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

Japan

49,400

1,073,184

Metso

Outotec

OYJ

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

Finland

149,460

1,697,060

Morgan

Advanced

Materials

plc

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

United

Kingdom

330,453

1,768,165

Palfinger

AG

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

Austria

32,130

1,391,227

SFA

Engineering

Corp.

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

South

Korea

22,007

776,773

Sulzer

AG

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

Switzerland

8,790

1,289,832

11,412,902

Marine

3.5%

D/S

Norden

A/S

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

Denmark

65,760

1,878,063

Star

Bulk

Carriers

Corp.

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

Greece

66,960

1,274,249

3,152,312

Metals

&

Mining

5.3%

Alamos

Gold,

Inc.,

A

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

Canada

92,860

754,487

AMG

Advanced

Metallurgical

Group

NV

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

Netherlands

25,560

799,501

Granges

AB

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

Sweden

140,430

1,856,435

Jupiter

Mines

Ltd.

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

Australia

4,156,960

898,522

a

Orla

Mining

Ltd.

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

Canada

119,960

505,601

4,814,546

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

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

5.4%

b

Avance

Gas

Holding

Ltd.,

144A,

Reg

S

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

Norway

228,120

$

967,535

a

Parex

Resources,

Inc.

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

Canada

112,090

1,841,222

Serica

Energy

plc

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

United

Kingdom

343,170

745,930

Tethys

Oil

AB

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

Sweden

210,580

1,401,274

4,955,961

Personal

Products

1.3%

Chlitina

Holding

Ltd.

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

China

159,000

1,167,347

Professional

Services

2.0%

Applus

Services

SA

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

Spain

115,770

1,114,498

Tanseisha

Co.

Ltd.

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

Japan

95,500

738,216

1,852,714

Real

Estate

Management

&

Development

2.1%

b

Metrovacesa

SA,

144A,

Reg

S

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

Spain

106,150

883,652

Sun

Frontier

Fudousan

Co.

Ltd.

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

Japan

110,700

1,044,573

1,928,225

Semiconductors

&

Semiconductor

Equipment

1.2%

Optorun

Co.

Ltd.

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

Japan

23,843

480,470

a

u-

blox

Holding

AG

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

Switzerland

7,440

587,249

1,067,719

Specialty

Retail

1.0%

a

Wickes

Group

plc

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

United

Kingdom

256,420

892,357

Textiles,

Apparel

&

Luxury

Goods

1.3%

Coats

Group

plc

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

United

Kingdom

1,189,920

1,159,279

Trading

Companies

&

Distributors

7.2%

Howden

Joinery

Group

plc

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

United

Kingdom

65,890

820,975

Kanamoto

Co.

Ltd.

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

Japan

30,500

712,973

Kanematsu

Corp.

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

Japan

55,800

772,025

Lumax

International

Corp.

Ltd.

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

Taiwan

363,000

891,973

Nishio

Rent

All

Co.

Ltd.

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

Japan

37,983

1,039,345

a

Travis

Perkins

plc

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

United

Kingdom

49,970

1,181,723

a,b

Yellow

Cake

plc,

144A,

Reg

S

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

United

Kingdom

295,580

1,153,754

6,572,768

Total

Common

Stocks

(Cost

$88,270,208)

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

85,092,343

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

33

01

Short

Term

Investments

1.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Time

Deposits

1.0%

Royal

Bank

of

Canada,

0.06%,

8/02/21

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

United

States

900,000

$

900,000

Total

Time

Deposits

(Cost

$900,000)

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

900,000

Total

Short

Term

Investments

(Cost

$900,000

)

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

900,000

a

Total

Investments

(Cost

$89,170,208)

94.4%

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

$85,992,343

Other

Assets,

less

Liabilities

5.6%

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

5,159,854

Net

Assets

100.0%

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

$91,152,197

See

Abbreviations

on

page

48.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2021,

the

aggregate

value

of

these

securities

was

$9,388,119,

representing

10.3%

of

net

assets.

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

July

31,

2021

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

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,996,672,087

$89,170,208

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

84,459,275

—

Value

-

Unaffiliated

issuers

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

$3,167,569,522

$85,992,343

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

84,459,275

—

Cash

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

—

12,434

Foreign

currency,

at

value

(cost

$134

and

$231,

respectively)

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

134

233

Receivables:

Investment

securities

sold

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

4,625,547

749,638

Capital

shares

sold

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

6,435,241

21,230

Dividends

and

interest

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

4,340,876

1,175,606

European

Union

tax

reclaims

(Note

1

d

)

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

47,957

4,570,728

Affiliates

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

—

59,419

Total

assets

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

3,267,478,552

92,581,631

Liabilities:

Payables:

Investment

securities

purchased

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

11,408,705

197,903

Capital

shares

redeemed

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

5,605,386

141,324

Management

fees

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

1,866,273

—

Distribution

fees

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

260,444

14,701

Transfer

agent

fees

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

580,561

6,011

Trustees'

fees

and

expenses

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

—

18,192

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1

d

)

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

—

842,799

Accrued

expenses

and

other

liabilities

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

270,426

208,504

Total

liabilities

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

19,991,795

1,429,434

Net

assets,

at

value

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

$3,247,486,757

$91,152,197

Net

assets

consist

of:

Paid-in

capital

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

$2,113,189,216

$238,382,239

Total

distributable

earnings

(losses)

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

1,134,297,541

(147,230,042)

Net

assets,

at

value

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

$3,247,486,757

$91,152,197

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2021

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

Class

A:

Net

assets,

at

value

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

$961,675,733

$55,460,257

Shares

outstanding

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

42,245,396

3,354,995

Net

asset

value

per

share

a

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

$22.76

$16.53

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%

and

94.50%,

respectively)

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

$24.08

$17.49

Class

C:

Net

assets,

at

value

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

$62,560,264

$3,038,640

Shares

outstanding

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

2,912,746

189,511

Net

asset

value

and

maximum

offering

price

per

share

a

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

$21.48

$16.03

Class

R:

Net

assets,

at

value

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

$8,629,889

$607,325

Shares

outstanding

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

383,877

36,867

Net

asset

value

and

maximum

offering

price

per

share

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

$22.48

$16.47

Class

R6:

Net

assets,

at

value

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

$548,646,660

$1,044,018

Shares

outstanding

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

23,912,072

62,563

Net

asset

value

and

maximum

offering

price

per

share

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

$22.94

$16.69

Advisor

Class:

Net

assets,

at

value

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

$1,665,974,211

$31,001,957

Shares

outstanding

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

72,771,868

1,858,414

Net

asset

value

and

maximum

offering

price

per

share

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

$22.89

$16.68

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,

2021

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

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,183,525

and

$189,340,

respectively)

Unaffiliated

issuers

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

$19,767,546

$1,774,670

Non-controlled

affiliates

(Note

3

f

)

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

3,995

—

Interest:

Unaffiliated

issuers

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

—

776

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

2,470

4,491

Other

income

(Note

1d)

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

—

4,527,371

Less:

IRS

closing

agreement

fees

for

European

Union

tax

reclaims

(Note

1d)

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

—

(842,799)

Total

investment

income

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

19,774,011

5,464,509

Expenses:

Management

fees

(Note

3

a

)

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

20,444,678

893,850

Distribution

fees:

(Note

3c

)

    Class

A

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

2,027,009

133,855

    Class

C

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

528,407

35,070

    Class

R

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

28,169

3,761

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

1,132,175

86,436

    Class

C

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

73,829

5,681

    Class

R

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

7,673

1,239

    Class

R6

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

190,086

3,152

    Advisor

Class

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

2,058,661

60,981

Custodian

fees

(Note

4

)

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

122,377

48,017

Reports

to

shareholders

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

178,348

46,290

Registration

and

filing

fees

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

188,863

92,657

Professional

fees

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

101,802

134,590

Trustees'

fees

and

expenses

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

63,183

22,580

Other

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

50,089

67,877

Total

expenses

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

27,195,349

1,636,036

Expense

reductions

(Note

4

)

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

(7)

(275)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(885,289)

(109,972)

Net

expenses

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

26,310,053

1,525,789

Net

investment

income

(loss)

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

(6,536,042)

3,938,720

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(17,268,576)

22,611,004

Foreign

currency

transactions

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

24,077

28,646

Net

realized

gain

(loss)

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

(17,244,499)

22,639,650

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

669,595,591

8,861,312

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(66,901)

(25,991)

Net

change

in

unrealized

appreciation

(depreciation)

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

669,528,690

8,835,321

Net

realized

and

unrealized

gain

(loss)

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

652,284,191

31,474,971

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$645,748,149

$35,413,691

Franklin

Global

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

37

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(6,536,042)

$(543,290)

$3,938,720

$1,155,349

Net

realized

gain

(loss)

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

(17,244,499)

85,511,804

22,639,650

(158,837,339)

Net

change

in

unrealized

appreciation

(depreciation)

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

669,528,690

328,955,690

8,835,321

42,033,347

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

645,748,149

413,924,204

35,413,691

(115,648,643)

Distributions

to

shareholders:

Class

A

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

(17,840,182)

(583,191)

—

(4,656,796)

Class

C

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

(1,197,048)

—

—

(447,264)

Class

R

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

(91,405)

—

—

(140,313)

Class

R6

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

(11,536,930)

(1,649,415)

—

(355,953)

Advisor

Class

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

(32,378,752)

(2,923,733)

—

(17,447,793)

Total

distributions

to

shareholders

.....

(63,044,317)

(5,156,339)

—

(23,048,119)

Capital

share

transactions:

(Note

2

)

Class

A

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

217,611,008

182,045,351

(12,152,851)

(20,353,602)

Class

C

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

12,894,787

5,030,644

(1,921,505)

(4,831,150)

Class

R

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

5,301,908

70,865

(491,347)

(864,453)

Class

R6

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

66,578,434

(47,087,606)

(4,185,976)

(114,139,053)

Advisor

Class

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

202,715,936

83,434,176

(33,133,250)

(287,311,317)

Total

capital

share

transactions

.......

505,102,073

223,493,430

(51,884,929)

(427,499,575)

Net

increase

(decrease)

in

net

assets

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

1,087,805,905

632,261,295

(16,471,238)

(566,196,337)

Net

assets:

Beginning

of

year

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

2,159,680,852

1,527,419,557

107,623,435

673,819,772

End

of

year

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

$3,247,486,757

$2,159,680,852

$91,152,197

$107,623,435

Franklin

Global

Trust

Notes

to

Financial

Statements

38

franklintempleton.com

Annual

Report

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.

Effective

June

1,

2021,

Franklin

International

Small

Cap

Fund

reopened

to

new

investors.

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

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'

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

July

31,

2021,

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

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

Franklin

Global

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

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.

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

joint

repurchase

agreement.

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.

At

July

31,

2021,

the

Funds

had

no

securities

on

loan.

d.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

40

franklintempleton.com

Annual

Report

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). 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

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the

Funds during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Funds,

and

the Funds

previously

passed through

to

its

shareholders

foreign

taxes

incurred

by

the

Funds

to

be

used

as

a

credit

or

deduction

on

a

shareholder’s

income

tax

return,

the

Funds will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Funds'

shareholders.

During

the

fiscal

year

ended

July

31,

2021,

certain

or

all

Funds

received

EU

reclaims

in

excess

of

the

foreign

taxes

paid

during

the

year.

The

Franklin

International

Small

Cap

Fund

determined

to

enter

into

closing

agreements

with

the

IRS

and

recorded

the

estimated

fees

as

a

reduction

to

income,

as

reflected

in

the

Statements

of

Operations.

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,

2021, 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. 

e.

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.

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.

f.

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.

g.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

41

franklintempleton.com

Annual

Report

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.

2.

Shares

of

Beneficial

Interest

At

July

31,

2021,

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,

2021

Shares

sold

a

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

17,852,872

$370,168,450

270,918

$4,158,384

Shares

issued

in

reinvestment

of

distributions

..........

709,102

14,557,860

—

—

Shares

redeemed

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

(7,934,392)

(167,115,302)

(1,150,403)

(16,311,235)

Net

increase

(decrease)

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

10,627,582

$217,611,008

(879,485)

$(12,152,851)

Year

ended

July

31,

2020

Shares

sold

a

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

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)

Class

C

Class

C

Shares:

Year

ended

July

31,

2021

Shares

sold

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

1,230,609

$24,422,783

21,342

$330,431

Shares

issued

in

reinvestment

of

distributions

..........

61,338

1,193,633

—

—

Shares

redeemed

a

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

(638,610)

(12,721,629)

(158,387)

(2,251,936)

Net

increase

(decrease)

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

653,337

$12,894,787

(137,045)

$(1,921,505)

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

a

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

(637,542)

(9,430,823)

(398,688)

(5,613,550)

Net

increase

(decrease)

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

303,017

$5,030,644

(346,873)

$(4,831,150)

Class

R

1.

Organization

and

Significant

Accounting

Policies

(continued)

g.

Guarantees

and

Indemnifications

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

42

franklintempleton.com

Annual

Report

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Shares

Amount

Shares

Amount

Class

R

Shares:

Year

ended

July

31,

2021

Shares

sold

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

306,583

$6,422,782

7,125

$99,879

Shares

issued

in

reinvestment

of

distributions

..........

4,501

91,405

—

—

Shares

redeemed

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

(57,397)

(1,212,279)

(40,267)

(591,226)

Net

increase

(decrease)

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

253,687

$5,301,908

(33,142)

$(491,347)

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)

Class

R6

Class

R6

Shares:

Year

ended

July

31,

2021

Shares

sold

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

11,428,435

$239,148,993

44,234

$622,468

Shares

issued

in

reinvestment

of

distributions

..........

521,126

10,756,050

—

—

Shares

redeemed

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

(8,612,337)

(183,326,609)

(335,021)

(4,808,444)

Net

increase

(decrease)

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

3,337,224

$66,578,434

(290,787)

$(4,185,976)

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)

Advisor

Class

Advisor

Class

Shares:

Year

ended

July

31,

2021

Shares

sold

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

26,119,140

$547,331,184

267,426

$3,878,637

Shares

issued

in

reinvestment

of

distributions

..........

1,314,425

27,090,304

—

—

Shares

redeemed

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

(17,624,086)

(371,705,552)

(2,706,843)

(37,011,887)

Net

increase

(decrease)

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

9,809,479

$202,715,936

(2,439,417)

$(33,133,250)

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)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

43

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:

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:

Effective

May

1,

2021,

Franklin

International

Small

Cap

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows.

Prior

to

May

1,

2021,

the

Fund

paid

fees

to

Advisers

of

0.950%

per

year

of

the

average

daily

net

assets

of

the

Fund.

For

the

year

ended

July

31,

2021,

each

Fund’s

gross

effective

investment

management

fee

rate

based

on

the

average

daily

net

assets

was

as

follows: 

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Institutional,

LLC

(FT

Institutional)

Investment

manager

ClearBridge

Investments,

LLC

(ClearBridge)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

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

Annualized

Fee

Rate

Net

Assets

0.800%

Up

to

and

including

$1

billion

0.750%

Over

$1

billion,

up

to

and

including

$2

billion

0.700%

Over

$2

billion,

up

to

and

including

$5

billion

0.650%

Over

$5

billion,

up

to

and

including

$10

billion

0.600%

In

excess

of

$10

billion

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Gross

effective

investment

management

fee

rate

........

0.720%

0.917%

Franklin

Global

Trust

Notes

to

Financial

Statements

44

franklintempleton.com

Annual

Report

Effective

June

1,

2021,

under

a

subadvisory

agreement,

ClearBridge,

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.

Prior

to

June

1,

2021,

FT

Institutional,

an

affiliate

of

Advisers,

provided

subadvisory

services

to

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:

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:

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

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

$268,867

$2,642

CDSC

retained

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

$12,602

$69

3.

Transactions

with

Affiliates

(continued)

a.

Management

Fees

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

45

franklintempleton.com

Annual

Report

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,

2021,

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.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

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,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Transfer

agent

fees

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

$1,382,940

$77,842

    aa

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  

Franklin

International

Growth

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..

$79,852,720

$542,962,502

$(538,355,947)

$—

$—

$84,459,275

84,459,275

$3,995

Total

Affiliated

Securities

....

$79,852,720

$542,962,502

$(538,355,947)

$—

$—

$84,459,275

$3,995

Franklin

International

Small

Cap

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..

$96,000

$6,230,000

$(6,326,000)

$

—

$

—

$—

—

$—

Total

Affiliated

Securities

....

$96,000

$6,230,000

$(6,326,000)

$—

$—

$—

$—

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

46

franklintempleton.com

Annual

Report

g.

Waiver

and

Expense

Reimbursements

FT

Institutional

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

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

each

class

of

the

Fund

does

not

exceed

0.86%

based

on

the

average

net

assets

of

each

class

until

November

30,

2021.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

Effective

May

1,

2021,

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

International

Small

Cap

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

each

class

of

the

Fund

does

not

exceed

1.05%

based

on

the

average

net

assets

of

each

class

until

November

30,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

For

Franklin

International

Growth

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

0.01%

based

on

the

average

net

assets

of

the

class

until

November

30,

2021.

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,

2021.

h.

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.

During

the

year

ended

July

31,

2021,

a

reimbursement

receivable

from

affiliated

parties

of

$54,272

for

losses

resulting

from

a

NAV

error

was

recorded

in

the

Franklin

International

Small

Cap

Fund.

This

reimbursement

is

reflected

in

capital

share

transactions

in

the

Statements

of

Changes

in

Net

Assets.

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,

2021, the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

47

franklintempleton.com

Annual

Report

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

 At

July

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

July

31,

2021,

Franklin

International

Small

Cap

Fund

utilized

$21,387,919

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,

2021,

Franklin

International

Growth

Fund

deferred

post-October

capital

losses

of

$24,581,965.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2021

and

2020,

was

as

follows:

At

July

31,

2021,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income

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.

In

accordance

with

U.S.

GAAP

permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

At

the

year

ended

July

31,

2021,

such

reclassifications

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

—

$

12,040,437

Long

term

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

—

135,879,384

Total

capital

loss

carryforwards

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

$—

$147,919,821

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

2021

2020

2021

2020

Distributions

paid

from:

Ordinary

income

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

$2,014,258

$5,156,339

$—

$—

Long

term

capital

gain

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

61,030,059

—

—

23,048,119

$63,044,317

$5,156,339

$—

$23,048,119

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

a

a

a

Cost

of

investments

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

$2,123,810,377

$89,219,158

Unrealized

appreciation

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

$1,190,085,023

$1,984,980

Unrealized

depreciation

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

(61,866,603)

(5,211,795)

Net

unrealized

appreciation

(depreciation)

.......

$1,128,218,420

$(3,226,815)

Distributable

earnings:

Undistributed

ordinary

income

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

$30,561,048

$—

Total

distributable

earnings

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

$30,561,048

$—

Franklin

Global

Trust

Notes

to

Financial

Statements

48

franklintempleton.com

Annual

Report

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

net

investment

income

and

realized

capital

gains.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2021,

were

as

follows:

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.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

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.

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

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

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,

2021,

the

Funds

did

not

use

the

Global

Credit

Facility.

Franklin

International

Small

Cap

Fund

a

a

Paid-in

c

apital

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

$(10,078,463)

Total

distributable

earnings

(loss

es

)

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

$10,078,463

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Purchases

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

$849,190,009

$103,926,251

Sales

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

$391,688,507

$150,033,729

5.

Income

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

49

franklintempleton.com

Annual

Report

10.

Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

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,

2021,

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

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

$

—

$

110,065,107

$

—

$

110,065,107

Air

Freight

&

Logistics

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

—

104,816,422

—

104,816,422

Banks

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

—

94,908,091

—

94,908,091

Biotechnology

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

—

182,513,473

—

182,513,473

Capital

Markets

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

—

186,433,874

—

186,433,874

Chemicals

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

—

351,612,890

—

351,612,890

Diversified

Telecommunication

Services

.....

—

101,398,871

—

101,398,871

Entertainment

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

—

93,768,261

—

93,768,261

Health

Care

Equipment

&

Supplies

.........

—

283,599,567

—

283,599,567

Internet

&

Direct

Marketing

Retail

..........

100,396,800

76,251,117

—

176,647,917

IT

Services

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

211,167,572

202,681,661

—

413,849,233

Media

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

—

172,728,513

—

172,728,513

Pharmaceuticals

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

—

101,106,860

—

101,106,860

Professional

Services

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

96,216,000

107,847,727

—

204,063,727

Semiconductors

&

Semiconductor

Equipment

.

—

118,484,620

—

118,484,620

Software

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

102,261,600

257,175,361

—

359,436,961

Trading

Companies

&

Distributors

..........

—

112,135,135

—

112,135,135

Short

Term

Investments

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

84,459,275

—

—

84,459,275

Total

Investments

in

Securities

...........

$594,501,247

$2,657,527,550

a

$—

$3,252,028,797

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Air

Freight

&

Logistics

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

1,541,666

1,114,275

—

2,655,941

Auto

Components

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

—

1,040,394

—

1,040,394

Banks

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

696,390

6,367,793

—

7,064,183

Beverages

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

684,461

—

—

684,461

Building

Products

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

—

2,310,826

—

2,310,826

Capital

Markets

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

993,300

875,595

—

1,868,895

Chemicals

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

—

1,998,843

—

1,998,843

Commercial

Services

&

Supplies

...........

—

1,245,844

—

1,245,844

Construction

&

Engineering

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

—

4,387,035

—

4,387,035

Construction

Materials

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

694,399

4,335,256

—

5,029,655

Diversified

Financial

Services

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

—

680,858

—

680,858

Electrical

Equipment

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

—

4,040,208

—

4,040,208

Franklin

Global

Trust

Notes

to

Financial

Statements

50

franklintempleton.com

Annual

Report

11.

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.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and

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

and

2023.

The

ASUs

are

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

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements.

12.

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,

except

for

the

following:

On

July

14,

2021,

the

Board

approved

a

change

to

the

automatic

conversion

feature

for

Class

C

that

will

convert

shareholders’

Class

C

shares

into

Class

A

shares

after

they

have

been

held

for

8

years.

The

change

became

effective

August

2,

2021.

Further

details

are

disclosed

in

the

Funds'

Prospectus.

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Electronic

Equipment,

Instruments

&

Components

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

$

544,258

$

—

$

—

$

544,258

Energy

Equipment

&

Services

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

891,469

—

—

891,469

Food

&

Staples

Retailing

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

—

1,257,712

—

1,257,712

Health

Care

Equipment

&

Supplies

.........

—

2,282,231

—

2,282,231

Hotels,

Restaurants

&

Leisure

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

1,628,727

1,808,010

—

3,436,737

Household

Durables

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

2,760,452

1,339,850

—

4,100,302

IT

Services

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

—

596,361

—

596,361

Machinery

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

3,159,392

8,253,510

—

11,412,902

Marine

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

3,152,312

—

—

3,152,312

Metals

&

Mining

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

3,116,523

1,698,023

—

4,814,546

Oil,

Gas

&

Consumable

Fuels

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

2,587,152

2,368,809

—

4,955,961

Personal

Products

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

—

1,167,347

—

1,167,347

Professional

Services

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

1,114,498

738,216

—

1,852,714

Real

Estate

Management

&

Development

....

—

1,928,225

—

1,928,225

Semiconductors

&

Semiconductor

Equipment

.

587,249

480,470

—

1,067,719

Specialty

Retail

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

892,357

—

—

892,357

Textiles,

Apparel

&

Luxury

Goods

..........

1,159,279

—

—

1,159,279

Trading

Companies

&

Distributors

..........

—

6,572,768

—

6,572,768

Short

Term

Investments

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

—

900,000

—

900,000

Total

Investments

in

Securities

...........

$26,203,884

$59,788,459

b

$—

$85,992,343

a

Includes

foreign

securities

valued

at

$2,657,527,550,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$58,888,459,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

51

franklintempleton.com

Annual

Report

Abbreviations

Selected

Portfolio

ADR

American

Depositary

Receipt

Franklin

Global

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

52

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,

2021,

the

related

statements

of

operations

for

the

year

ended

July

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

(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,

2021,

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,

2021

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

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,

2021

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

23,

2021

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)

53

franklintempleton.com

Annual

Report

Under

Section

852(b)(3)(C)

of

the

Internal

Revenue

Code,

Franklin

International

Growth

Fund

hereby

reports

the

maximum

amount

allowable

but

no

less

than

$61,121,441

as

long

term

capital

gain

dividends

for

the

fiscal

year

ended

July

31,

2021.

Under

Section

871(k)(1)(C)

of

the

Internal

Revenue

Code,

Franklin

International

Growth

Fund

hereby

reports

the

maximum

amount

allowable

but

no

less

than

$1,015,599

as

a

short

term

capital

gain

dividend

for

purposes

of

the

tax

imposed

under

Section

871(a)(1)(A)

of

the

Internal

Revenue

Code

for

the

fiscal

year

ended

July

31,

2021

.

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,

2021:

Distributions,

including

qualified

dividend

income,

paid

during

calendar

year

2021

will

be

reported

to

shareholders

on

Form

1099-DIV

by

mid-February

2022.

Shareholders

are

advised

to

check

with

their

tax

advisors

for

information

on

the

treatment

of

these

amounts

on

their

individual

income

tax

returns.

Under

Section

853

of

the

Internal

Revenue

Code,

Franklin

International

Growth

Fund

intends

to

elect

to

pass

through

to

its

shareholders

$1,190,664

of

foreign

taxes

paid

and

$11,590,303

of

foreign

source

income

earned

by

the

fund,

or

amounts

as

finally

determined,

during

the

fiscal

year

ended

July

31,

2021.

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

$15,728,575

$1,707,653

Franklin

Global

Trust

Board

Members

and

Officers

54

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

125

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

107

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);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

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

126

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

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).

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

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2000

and

Lead

Independent

Trustee

since

2019

126

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-April

2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-May

2021),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).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

126

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

126

Graham

Holdings

Company

(education

and

media

organization)

(2011-present);

and

formerly

,

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-2012)

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);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

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).

Independent

Board

Members

(continued)

Franklin

Global

Trust

56

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

Valerie

M.

Williams

(1956)

Trustee

Since

May

2021

107

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(January

2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-January

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016),

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

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

137

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

126

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

44

of

the

investment

companies

in

Franklin

Templeton.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

October

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

39

of

the

investment

companies

in

Franklin

Templeton.

Independent

Board

Members

(continued)

Franklin

Global

Trust

57

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

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.

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,

FASA,

LLC;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

officer

of

44

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

44

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

July

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Global

Compliance,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Robert

G.

Kubilis

(1973)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

December

2020

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting

and

officer

of

39

of

the

investment

companies

in

Franklin

Templeton.

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).

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

44

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

58

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

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007-2020)

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.

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

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

44

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

44

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

Shareholder

Information

59

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

GLOBAL

TRUST

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

(each

a

Fund)

At

a

meeting

held

on

February

23,

2021

(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

best

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

in

the

current

work-from-home

environment

and

liquidity

risk

management.

Franklin

Global

Trust

Shareholder

Information

60

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

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

outsourcing

of

certain

administrative

functions,

and

growth

opportunities,

as

evidenced

by

its

recent

acquisition

of

the

Legg

Mason

companies.

The

Board

also

noted

FT’s

attention

focused

on

expanding

the

distribution

opportunities

for

all

funds

in

the

FT

family

of

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

November

30,

2020.

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

and

in

the

first

quintile

(best)

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-,

five-

and

ten-year

periods

was

below

the

median

and

in

the

fifth

quintile

(worst)

of

its

Performance

Universe.

Management

discussed

with

the

Board

management’s

intention

to

ask

the

Board

at

its

April

2021

Board

meeting

to

approve

a

new

investment

sub-adviser

for

the

Fund

and

open

the

Fund

to

new

investors.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

and

any

proposed

changes

closely

monitored.

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

Institutional

Class

shares,

Class

I

shares,

Class

IS,

Class

R5

shares,

Class

W

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

11

other

international

multi-

cap

growth

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

Franklin

Global

Trust

Shareholder

Information

61

franklintempleton.com

Annual

Report

the

medians

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

a

fee

waiver

from

management.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

International

Small

Cap

Fund

-

The

Expense

Group

for

this

Fund

included

the

Fund,

three

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

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

FTI

LLC,

as

sub-

adviser

to

the

Fund,

is

paid

by

FAI

out

of

the

management

fee

FAI

receives

from

the

Fund.

The

Board

discussed

with

management

the

expenses

of

the

Fund

in

light

of

the

Fund’s

below

median

performance

for

each

reporting

period

and

management

agreed

to

present

to

the

Board

a

reduction

in

the

Fund’s

Management

Rate

at

a

future

Board

meeting.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

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,

2020,

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.

The

Board

further

noted

management’s

representation

that

the

profitability

analysis

excluded

the

impact

of

the

recent

acquisition

of

the

Legg

Mason

companies

and

that

management

expects

to

incorporate

the

legacy

Legg

Mason

companies

into

the

profitability

analysis

beginning

next

year.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

to

periodically

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

management’s

outsourcing

of

certain

operations,

which

effort

has

required

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.

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

does

not

have

an

asset

size

that

would

likely

enable

the

Fund

to

achieve

economies

of

scale,

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

62

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-

Funds

no

HLIM

Each

Fund

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

Securities

and

Exchange

Commission

(“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

SEC

(on

a

non-public

basis).

The

Director

of

Liquidity

Risk

within

the

Investment

Risk

Management

Group

(the

“IRMG”)

is

the

appointed

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,

Product

Management

and

Global

Product

Strategy.

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.

Each

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

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

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.

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

Franklin

Global

Trust

Shareholder

Information

63

franklintempleton.com

Annual

Report

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,

or

receive

notice

of

the

availability

of,

each

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

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

(to

the

extent

received

by

mail)

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.

FGT3

A

09/21

©

2021

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

Advisers,

Inc.

Franklin

Templeton

Institutional,

LLC

Franklin

Distributors,

LLC

(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,

2021

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

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

16

Notes

to

Consolidated

Financial

Statements

19

Report

of

Independent

Registered

Public

Accounting

Firm

33

Board

Members

and

Officers

34

Shareholder

Information

39

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

J

uly

31,

2021

.

Your

Fund’s

Goal

and

Main

Investments

The

Fund

seeks

high

total

return.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

net

assets

in

debt

securities

of

emerging

market

countries.

The

Fund

invests

mainly

in

debt

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.

*Includes

securities

determined

to

have

no

value

at

7/31/21.

Performance

Overview

The

Fund

posted

a

+15.23%

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

cumulative

total

return

of

+4.11%.

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

cumulative

total

return

of

+4.41%.

2

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

+4.07%

cumulative

total

return.

3

Also

for

comparison,

the

Fund’s

fourth

benchmark,

the

ICE

BofA

Emerging

Market

Corporate

Plus

(EMCB)

Index

(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

+4.39%

cumulative

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

Many

governments

relaxed

their

novel

coronavirus

(COVID-19)

restrictions

in

the

second

half

of

2020.

Additionally,

in

August

2020,

the

U.S.

Federal

Reserve

(Fed)

launched

its

new

framework

for

targeting

“average”

inflation,

that

is,

it

would

allow

inflation

to

exceed

its

2%

target

for

longer

than

before.

Together,

fewer

restrictions

and

the

Fed’s

more

dovish

policy

during

the

12

months

under

review

made

for

rising

U.S.

Treasury

yields

and

narrower

risk

spreads

on

emerging

market

(EM)

hard-currency

bonds.

EM

currencies

also

strengthened,

relative

to

the

U.S.

dollar,

boosting

EM

local-currency

bonds.

Then,

in

early

2021,

a

second

wave

of

COVID-19

infections

hit

developed

countries

as

well

as

emerging

markets.

But

the

rollout

of

COVID-19

vaccines

was

a

game

changer

that

boosted

the

world’s

economic

outlook.

The

improved

economic

outlook

also

raised

inflation

expectations,

which

led

to

higher

U.S.

Treasury

yields

and

lower

prices

for

EM

bonds.

The

U.S.

dollar

regained

some

of

its

strength

in

early

2021,

relative

to

EM

currencies,

which

weighed

on

local-

currency

returns.

Prices

for

oil

and

most

commodities

rallied,

which

supported

commodities-based

EM

issuers.

Portfolio

Composition

7/31/21

%

of

Total

Net

Assets

Foreign

Government

and

Agency

Securities

65.1%

Corporate

Bonds

12.6%

*

Quasi-Sovereign

Bonds

7.0%

*

Loan

Participations

and

Assignments

3.0%

Warrants

2.6%

Short-Term

Investments

&

Other

Net

Assets

9.7%

1.

Source:

Morningstar.

2.

Source:

FactSet.

3.

Source:

J.P.

Morgan.

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.

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

In

the

final

months

under

review,

a

Delta

COVID-19

variant

has

had

investors

concerned.

A

halt

in

U.S.

inflation

expectations

has

led

to

falling

U.S.

Treasury

yields,

boosting

EM

hard-currency

bonds.

In

emerging

markets,

the

possibility

of

rising

inflation

has

led

some

policymakers

to

sharply

raise

interest

rates,

for

example

in

Brazil.

But

in

other

countries,

such

as

Mexico,

central

banks

still

consider

rising

inflation

to

be

transitory.

Differences

between

individual

countries–in

monetary

policy,

in

the

level

of

commodity

earnings

and

in

economic

structure

(that

is,

reliance

on

tourism)–made

for

a

wide

range

of

returns

across

emerging

markets

in

the

12

months

under

review.

But

on

the

whole,

EM

bonds

delivered

a

solid

performance.

Hard

currency-denominated

EM

government

bonds

returned

+4.11%

over

the

12

months

under

review,

as

measured

by

the

JPM

EMBI

Global

Diversified

Index.

1

U.S.

10-year

Treasury

yields

rose

from

0.55%

at

the

end

of

July

2020

to

1.74%

in

late

March

2021,

before

falling

back

to

1.24%

at

the

end

of

July

2021.

The

index’s

spread

over

U.S.

Treasury

yields,

on

a

yield-to-worst

basis,

fell

0.86%

during

that

time.

U.S.

dollar-

and

euro-denominated

EM

corporate

bonds

delivered

a

return

of

+4.39%,

as

per

the

ICE

BofA

EMCB

Index

(100%

US$

Hedged).

1

Despite

their

shorter

duration,

spreads

on

EM

corporate

bonds

narrowed

more

than

spreads

on

EM

government

bonds

during

the

12

months

under

review.

Local-currency

EM

government

bonds

returned

+4.07%,

as

measured

by

the

JPM

GBI-EM

Broad

Diversified

Index

(US$

Unhedged).

3

Local-currency

yields

rose,

from

an

average

4.60%

at

the

end

of

July

2020

to

5.29%

at

the

end

of

July

2021,

but

EM

currencies

also

strengthened,

relative

to

the

U.S.

dollar.

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

Geographic

Co

mposition

7/31/21

%

of

Total

Net

Assets

Mexico

5.6%

Supranational

5.5%

Argentina

4.2%

Grenada

3.9%

Colombia

3.7%

Ukraine

3.6%

Russia

3.5%

Belarus

3.4%

Iraq

3.3%

Brazil

3.0%

Ghana

3.0%

Uruguay

3.0%

Angola

2.9%

Dominican

Republic

2.9%

Turkey

2.9%

South

Africa

2.8%

Paraguay

2.0%

Suriname

2.0%

El

Salvador

1.9%

Uzbekistan

1.8%

Egypt

1.7%

Gabon

1.7%

Ethiopia

1.7%

Nigeria

1.7%

Indonesia

1.6%

Venezuela

1.6%

Tunisia

1.5%

Jordan

1.4%

Kenya

1.3%

Benin

1.2%

Jamaica

1.2%

Mozambique

1.1%

Trinidad

and

Tobago

1.1%

Other

6.6%

Short-Term

Investments

&

Other

Net

Assets

9.7%

Franklin

Emerging

Market

Debt

Opportunities

Fund

4

ftinstitutional.com

Annual

Report

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).

Manager’s

Discussion

During

the

reporting

period,

U.S.-dollar

bonds

of

International

Bank

of

Azerbaijan

(IBA)

were

a

major

contributor

to

the

Fund’s

performance.

We

sold

IBA’s

eurobonds,

on

which

they

defaulted

in

2017,

back

to

the

issuer

in

the

third

quarter

of

2020.

This

cash

settlement

was

equivalent

to

110.19%

of

the

notes’

face

value,

a

favorable

outcome

compared

with

the

80%

of

par

offered

by

IBA

in

its

original

restructuring

terms,

which

some

other

creditors

accepted

at

the

time.

U.S.-dollar

bonds

of

Argentina’s

province

of

Chubut

also

helped

the

Fund’s

results.

In

December

2020,

Chubut

achieved

an

extension

of

its

New

York-law

bonds,

due

2026,

to

2030.

The

restructuring

hardly

impaired

the

bonds’

value,

which

gained

more

than

10

percentage

points

during

December

2020.

In

addition,

these

bonds

are

collateralized

by

oil

and

gas

royalty

payments,

so

their

prices

went

up

as

oil

prices

rallied

during

the

12

months

under

review.

The

Fund’s

position

in

U.S.-dollar

bonds

of

the

government

of

Grenada

also

added

to

returns.

Grenada’s

economy

is

dependent

on

tourism,

which

came

to

a

halt

during

the

COVID-19

pandemic.

However,

Grenada’s

budget

surpluses

in

previous

years

allowed

it

to

absorb

this

shock.

As

a

result,

initial

concerns

over

a

December

2020

coupon

payment

on

this

bond

faded,

and

the

payment

was

made.

Similar

concerns

arose

in

the

run-up

to

a

May

2021

coupon

and

amortization

payment,

but

that

payment

was

made

as

well.

The

amortization

payment

boosted

returns

significantly,

since

these

bonds

were

trading

well

below

par.

In

contrast,

U.S.

dollar-denominated

Nigerian

oil

warrants

detracted

from

Fund

performance.

Payments

on

these

warrants

were

due

whenever

six-month

average

prices

for

Nigerian

crude

oil

exceeded

around

US$43

per

barrel.

But

no

payments

were

due

in

2020,

because

of

historically

low

oil

prices

in

the

first

half

of

the

year,

and

the

warrants

expired

in

November

2020.

This

was

the

first

time

since

2004

that

a

scheduled

payment

on

the

warrants

had

been

missed

in

its

entirety.

The

Fund’s

position

in

U.S.-dollar

bonds

of

Argentina’s

central

government

also

detracted

from

Fund

returns.

Prices

for

most

Argentine

U.S.-dollar

bonds

continued

to

fall

during

the

12

months

under

review,

as

difficult

negotiations

with

the

International

Monetary

Fund

(IMF)

dragged

on.

The

Argentine

government

wants

to

replace

an

existing

IMF

facility

under

which

Argentina

has

already

received,

but

which

it

cannot

repay.

The

Fund’s

exposure

to

long-dated

Mexican

local-currency

bonds

also

hurt

Fund

performance.

Mexico’s

central

bank

cut

rates

several

times

during

the

12

months

under

review.

But

prices

for

long-dated

Mexican

local-currency

bonds

fell

as

U.S.

Treasury

yields

rose

and

Mexico’s

inflation

rate

peaked

at

more

than

6%,

year-on-year.

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

Stephanie

Ouwendijk,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2021,

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

Top

10

Holdings

7/31/21

Issuer

Industry

,

Country

%

of

Total

Net

Assets

a

a

Mexico

Government

Bond

4.7%

Diversified

Financial

Services,

Mexico

Grenada

Government

Bond

3.9%

Diversified

Financial

Services,

Grenada

Colombia

Government

Bond

3.2%

Diversified

Financial

Services,

Colombia

Provincia

del

Chubut

Argentina

3.2%

Municipal

Bonds,

Argentina

Uruguay

Government

Bond

3.0%

Diversified

Financial

Services,

Uruguay

Angola

Government

Bond

2.9%

Diversified

Financial

Services,

Angola

Dominican

Republic

Government

Bond

2.9%

Diversified

Financial

Services,

Dominican

Republic

Development

Bank

of

the

Republic

of

Belarus

JSC

2.6%

Banks,

Belarus

Iraq

Government

Bond

2.6%

Diversified

Financial

Services,

Iraq

Russia

Government

Bond

2.5%

Diversified

Financial

Services,

Russia

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Franklin

Emerging

Market

Debt

Opportunities

Fund

5

ftinstitutional.com

Annual

Report

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.

Performance

Summary

as

of

July

31,

2021

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

/31/21

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

a

Franklin

Templeton

Institutional

Services

representative

at

(800)

321-8563

.

Cumulative

Total

Return

2

Average

Annual

Total

Return

3

–

1-Year

4

+15.23%

+15.23%

5-Year

+32.85%

+5.84%

10-Year

+59.55%

+4.78%

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.

8/1/11–7/31/21

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.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

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

11/30/21.

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.

Total

return

information

is

based

on

net

asset

values

calculated

for

shareholder

transactions.

Certain

adjustments

were

made

to

the

net

assets

of

the

Fund

at

07/31/20

for

financial

reporting

purposes.

Accordingly,

adjusted

total

returns

have

been

disclosed

in

the

Financial

Highlights

and

differ

from

those

reported

here.

5.

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-denominated

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

United

Arab

Emirates,

Bahrain

and

Kuwait.

Due

to

data

availability,

performance

for

the

JPM

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-

sovereign

debt

publicly

issued

within

the

major

domestic

and

Eurobond

markets.

6.

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.

7.

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.

Total

Annual

Operating

Expenses

7

With

Fee

Waiver

Without

Fee

Waiver

1.02%

1.06%

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,

if

applicable;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

if

applicable,

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”.

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

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

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

181/365

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

2/1/21

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2

Ending

Account

Value

7/31/21

Expenses

Paid

During

Period

2/1/21–7/31/21

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$1,026.25

$5.02

$1,019.84

$5.01

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,

2021

2020

2019

2018

2017

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.19

$11.66

$11.68

$11.68

$10.76

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.71

0.97

0.97

0.86

0.83

Net

realized

and

unrealized

gains

(losses)

...........

0.83

(1.64)

(0.13)

(0.36)

0.17

Total

from

investment

operations

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

1.54

(0.67)

0.84

0.50

1.00

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

—

(0.80)

(0.86)

(0.47)

—

Net

realized

gains

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

—

—

—

(0.03)

(0.08)

Total

distributions

—

(0.80)

(0.86)

(0.50)

(0.08)

Net

asset

value,

end

of

year

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

$11.73

$10.19

$11.66

$11.68

$11.68

Total

return

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

15.11%

(6.24)%

8.04%

4.04%

9.40%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.24%

1.15%

1.11%

1.09%

1.07%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.00%

1.00%

1.00%

1.00%

1.00%

Net

investment

income

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

6.34%

8.95%

8.58%

7.31%

7.43%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$135,374

$111,159

$387,888

$518,344

$514,406

Portfolio

turnover

rate

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

61.28%

34.71%

14.29%

33.70%

29.45%

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,

2021

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

a

a

a

a

a

Common

Stocks

0.0%

Diversified

Financial

Services

0.0%

a,b,c

Astana

Finance

JSC,

GDR,

144A

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

Kazakhstan

193,625

$

—

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

Warrants

2.6%

Diversified

Financial

Services

2.6%

d,e

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

2,335,990

a,b,f

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

1,126,258

3,462,248

Total

Warrants

(Cost

$18,386,506)

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

3,462,248

Units

Private

Limited

Partnership

Funds

0.0%

Capital

Markets

0.0%

a,b,c,f,g

Global

Distressed

Alpha

Fund

III

LP

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

United

States

4,424,861

—

Total

Private

Limited

Partnership

Funds

(Cost

$4,600,000)

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

—

Principal

Amount

*

Quasi-Sovereign

Bonds

7.0%

Banks

2.6%

d

Development

Bank

of

the

Republic

of

Belarus

JSC

,

Senior

Note

,

144A,

12

%

,

5/15/22

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

Belarus

8,900,000

BYN

3,546,600

Diversified

Financial

Services

0.0%

†

a,c

Astana

Finance

JSC

,

Secured

Note

,

144A,

Zero

Cpn

.,

12/22/24

..

Kazakhstan

136,566

1,366

a,c,h,i

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

3.2%

d

Provincia

del

Chubut

Argentina

,

144A,

7.75

%

,

7/26/26

..........

Argentina

5,377,000

4,315,042

Oil,

Gas

&

Consumable

Fuels

0.7%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

1,000,000

998,670

Transportation

Infrastructure

0.5%

d,j

PA

Autopista

Rio

Magdalena

,

Index

Linked,

Senior

Secured

Bond

,

144A,

6.05

%

,

6/15/36

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

Colombia

2,600,000,000

COP

645,307

Total

Quasi-Sovereign

Bonds

(Cost

$13,568,472)

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

9,506,985

Corporate

Bonds

12.6%

Airlines

0.9%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

1,200,000

1,271,615

Banks

1.9%

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/27/23,

FRN

thereafter

,

4/27/28

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

Turkey

1,300,000

1,317,563

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

Corporate

Bonds

(continued)

Banks

(continued)

d

Fidelity

Bank

plc

,

Senior

Note

,

144A,

10.5

%

,

10/16/22

..........

Nigeria

1,100,000

$

1,183,341

2,500,904

Capital

Markets

0.9%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

1,200,000

1,221,000

Chemicals

0.9%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

144A,

7.45

%

,

11/15/29

Mexico

1,200,000

1,243,704

Construction

&

Engineering

0.8%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

1,000,000

1,075,000

Food

Products

2.0%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

7.7

%

,

7/21/28

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

Paraguay

1,350,000

1,406,734

d

MHP

Lux

SA

,

Senior

Note

,

144A,

6.95

%

,

4/03/26

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

Ukraine

1,200,000

1,266,174

2,672,908

Metals

&

Mining

1.7%

d

CSN

Inova

Ventures

,

Senior

Note

,

144A,

6.75

%

,

1/28/28

........

Brazil

1,000,000

1,105,595

d,k

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

1,250,000

1,255,521

2,361,116

Multiline

Retail

0.0%

a,d,k

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,700,782

—

a,d,k

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

1,685,572

—

—

Oil,

Gas

&

Consumable

Fuels

2.4%

d

MC

Brazil

Downstream

Trading

SARL

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/30/31

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

Brazil

850,000

883,745

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

770,000

818,860

d

Tullow

Oil

plc

,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

1,402,000

1,218,058

Senior

Secured

Note,

144A,

10.25%,

5/15/26

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

Ghana

300,000

313,341

3,234,004

Wireless

Telecommunication

Services

1.1%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

1,370,000

1,469,804

Total

Corporate

Bonds

(Cost

$22,358,940)

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

17,050,055

a

l

Loan

Participations

and

Assignments

3.0%

d

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc,

Sub.

Bond,

144A,

5.95%

to

4/15/25,

FRN

thereafter,

4/15/30

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

Russia

1,350,000

1,416,396

Global

Distressed

Alpha

Fund

III

LP,

a,c,f,k,m

PIK,

12%,

Perpetual

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

United

States

854,422

373,057

d

Oilflow

SPV

1

DAC,

Senior

Secured

Note,

144A,

12%,

1/13/22

...

Iraq

1,003,144

1,018,191

d

State

Savings

Bank

of

Ukraine

Via

SSB

#1

plc,

Senior

Note,

144A,

9.625%,

3/20/25

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

Ukraine

1,160,000

1,258,037

Total

Loan

Participations

and

Assignments

(Cost

$4,397,544)

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

4,065,681

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

65.1%

d

Angola

Government

Bond,

Senior

Bond,

144A,

8%,

11/26/29

.....

Angola

3,780,000

$

3,922,695

Argentina

Government

Bond,

Senior

Note,

1%,

7/09/29

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

Argentina

150,490

58,089

Senior

Note,

0.125%,

7/09/30

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

Argentina

1,370,020

501,428

Senior

Bond,

0.125%,

7/09/35

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

Argentina

2,509,979

815,768

d

Armenia

Government

Bond,

Senior

Bond,

144A,

7.15%,

3/26/25

..

Armenia

1,100,000

1,253,980

d

Asian

Infrastructure

Investment

Bank

(The),

Senior

Note,

Reg

S,

16%,

9/14/21

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

Supranational

n

17,118,000

TRY

2,018,534

Banque

Centrale

de

Tunisie

International

Bond,

d

Senior

Note,

Reg

S,

6.375%,

7/15/26

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

Tunisia

550,000

EUR

554,775

Senior

Bond,

4.2%,

3/17/31

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

Tunisia

270,000,000

JPY

1,538,842

d

Banque

Ouest

Africaine

de

Developpement

,

Senior

Bond,

144A,

4.7%,

10/22/31

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

Supranational

n

1,150,000

1,251,443

d

Belarus

Government

Bond,

Senior

Note,

144A,

6.875%,

2/28/23

..

Belarus

1,000,000

1,006,080

d

Benin

Government

Bond,

Senior

Bond,

144A,

4.875%,

1/19/32

...

Benin

1,400,000

EUR

1,648,327

Brazil

Government

Bond,

Senior

Bond,

4.5%,

5/30/29

..........

Brazil

2,000,000

2,141,720

d

Cameroon

Government

Bond,

Senior

Bond,

144A,

5.95%,

7/07/32

Cameroon

300,000

EUR

351,932

Colombia

Government

Bond,

Senior

Bond,

9.85%,

6/28/27

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

Colombia

7,100,000,000

COP

2,183,204

Senior

Bond,

3%,

1/30/30

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

Colombia

2,200,000

2,160,939

d

Costa

Rica

Government

Bond,

Senior

Bond,

144A,

7.158%,

3/12/45

Costa

Rica

750,000

798,570

d

Dominican

Republic

Government

Bond,

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

134,000,000

DOP

2,480,618

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

1,300,000

1,415,063

d

Egypt

Government

Bond,

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

900,000

952,642

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

1,500,000

1,400,820

d

El

Salvador

Government

Bond,

Senior

Bond,

Reg

S,

7.65%,

6/15/35

El

Salvador

2,900,000

2,552,029

d

Ethiopia

Government

Bond,

Senior

Bond,

144A,

6.625%,

12/11/24

Ethiopia

2,550,000

2,281,875

European

Bank

for

Reconstruction

&

Development,

Senior

Note,

6.45%,

12/13/22

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

Supranational

n

7,600,000,000

IDR

539,817

d

Gabon

Government

Bond,

Senior

Bond,

144A,

6.95%,

6/16/25

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

Gabon

1,400,000

1,521,884

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

800,000

804,240

Ghana

Government

Bond,

18.25%,

7/25/22

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

Ghana

11,000,000

GHS

1,866,717

d

Grenada

Government

Bond,

144A,

7%,

5/12/30

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

Grenada

5,074,475

4,348,825

Reg

S,

7%,

5/12/30

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

Grenada

1,099,602

942,359

d

Honduras

Government

Bond,

Senior

Bond,

144A,

5.625%,

6/24/30

Honduras

1,200,000

1,258,500

d

Indonesia

Government

Bond,

Senior

Bond,

Reg

S,

4.35%,

1/08/27

Indonesia

1,150,000

1,307,296

Inter-American

Development

Bank,

GDP

Linked

Security,

Senior

Note,

7.875%,

3/14/23

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

Supranational

n

32,000,000,000

IDR

2,330,518

International

Finance

Corp.,

7.5%,

10/29/21

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

Supranational

n

3,900,000

GEL

1,255,650

d

Iraq

Government

Bond,

Reg

S,

5.8%,

1/15/28

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

Iraq

3,648,125

3,498,643

Jamaica

Government

Bond,

Senior

Bond,

7.875%,

7/28/45

......

Jamaica

1,150,000

1,607,125

d

Jordan

Government

Bond,

Senior

Bond,

144A,

5.85%,

7/07/30

...

Jordan

1,850,000

1,921,132

Kazakhstan

Government

Bond,

Senior

Bond,

5%,

5/15/23

.......

Kazakhstan

509,300,000

KZT

1,112,187

Kenya

Government

Bond,

12.5%,

5/12/25

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

Kenya

177,250,000

KES

1,751,408

Mexico

Government

Bond,

Senior

Bond,

3.75%,

1/11/28

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

Mexico

1,500,000

1,650,682

M,

8%,

11/07/47

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

Mexico

57,710,000

MXN

3,014,448

j

Mexico

Udibonos

,

S,

Index

Linked,

4%,

11/30/28

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

Mexico

30,930,726

MXN

1,714,783

d

Mozambique

Government

Bond,

144A,

5%

to

9/15/23,

9%

thereafter,

9/15/31

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

Mozambique

1,750,000

1,495,550

d

Pakistan

Government

Bond,

Senior

Bond,

144A,

7.375%,

4/08/31

.

Pakistan

1,300,000

1,309,133

d

Paraguay

Government

Bond,

Senior

Bond,

144A,

4.95%,

4/28/31

.

Paraguay

1,200,000

1,378,500

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

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Russia

Government

Bond,

7.65%,

4/10/30

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

Russia

139,927,000

RUB

$

2,030,738

d

Senior

Bond,

144A,

5.625%,

4/04/42

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

Russia

1,000,000

1,302,520

d

Saderea

DAC,

Senior

Secured

Bond,

Reg

S,

12.5%,

11/30/26

....

Ghana

597,349

649,616

South

Africa

Government

Bond,

Senior

Bond,

7%,

2/28/31

......

South

Africa

43,100,000

ZAR

2,536,185

d

Southern

Gas

Corridor

CJSC,

Senior

Bond,

144A,

6.875%,

3/24/26

Azerbaijan

1,050,000

1,247,925

d,h

Suriname

Government

Bond,

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

2,750,000

1,751,750

o

144A,

FRN,

12.875%,

12/30/23

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

Suriname

1,400,000

896,000

Turkey

Government

Bond,

Senior

Bond,

4.875%,

4/16/43

.......

Turkey

1,600,000

1,290,760

j

Uruguay

Government

Bond,

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

156,641,565

UYU

4,028,262

d

Uzbekistan

Government

Bond,

Senior

Note,

144A,

14.5%,

11/25/23

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

Uzbekistan

6,200,000,000

UZS

595,845

Senior

Note,

144A,

14%,

7/19/24

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

Uzbekistan

19,820,000,000

UZS

1,874,016

Total

Foreign

Government

and

Agency

Securities

(Cost

$92,805,169)

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

88,122,387

Total

Long

Term

Investments

(Cost

$156,550,009)

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

122,207,356

a

Short

Term

Investments

7.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Foreign

Government

and

Agency

Securities

2.5%

p

Egypt

Treasury

Bills

,

8/17/21

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

Egypt

14,000,000

EGP

889,988

8/31/21

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

Egypt

23,100,000

EGP

1,462,191

2,352,179

p

Kazakhstan

Treasury

Bills,

1/20/22

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

Kazakhstan

503,900,000

KZT

1,138,457

Total

Foreign

Government

and

Agency

Securities

(Cost

$3,488,369)

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

3,490,636

Shares

a

Money

Market

Funds

5.3%

q,r

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

7,120,269

7,120,269

Total

Money

Market

Funds

(Cost

$7,120,269)

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

7,120,269

Total

Short

Term

Investments

(Cost

$10,608,638

)

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

10,610,905

a

Total

Investments

(Cost

$167,158,647)

98.1%

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

$132,818,261

Other

Assets,

less

Liabilities

1.9%

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

2,555,460

Net

Assets

100.0%

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

$135,373,721

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

15

At

July

31,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c). 

See

Note 11 regarding

other

derivative

information.

*

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

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2021,

the

aggregate

value

of

these

securities

was

$84,577,405,

representing

62.5%

of

net

assets.

e

The

principal

represents

the

notional

amount.

See

Note

1(c)

regarding

value

recovery

instruments.

f

The

security

is

owned

by

Alternative

Strategies

(FT)

Ltd.,

a

wholly-owned

subsidiary

of

the

Fund.

See

Note

1(f).

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

See

Note

7

regarding

credit

risk

and

defaulted

securities.

i

Represents

claims

that

have

been

filed

with

a

Ghanaian

court

against

National

Investment

Bank

of

Ghana.

j

Principal

amount

of

security

is

adjusted

for

inflation.

See

Note

1(h).

k

Income

may

be

received

in

additional

securities

and/or

cash.

l

See

Note

1(d)

regarding

loan

participations

and

assignments.

m

Perpetual

security

with

no

stated

maturity

date.

n

A

supranational

organization

is

an

entity

formed

by

two

or

more

central

governments

through

international

treaties.

o

The

coupon

rate

shown

represents

the

rate

at

period

end.

p

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

q

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

r

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

A

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

CITI

Sell

2,180,000

2,638,967

9/14/21

$

53,068

$

(2,212)

Japanese

Yen

......

RBCCM

Sell

180,000,000

1,643,482

9/14/21

2,172

—

Total

Forward

Exchange

Contracts

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

$55,240

$(2,212)

Net

unrealized

appreciation

(depreciation)

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

$53,028

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

page

32

.

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

July

31,

2021

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

16

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$160,038,378

Cost

-

Non-controlled

affiliates

(Note

3

d

)

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

7,120,269

Value

-

Unaffiliated

issuers

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

$125,697,992

Value

-

Non-controlled

affiliates

(Note

3

d

)

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

7,120,269

Cash

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

81,547

Restricted

currency,

at

value

(cost

$284,587)

(Note

1e)

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

173,982

Foreign

currency,

at

value

(cost

$203,348)

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

203,068

Receivables:

Capital

shares

sold

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

265,969

Interest

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

2,053,655

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

55,240

Total

assets

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

135,651,722

Liabilities:

Payables:

Investment

securities

purchased

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

4,905

Capital

shares

redeemed

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

48,250

Management

fees

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

60,460

Transfer

agent

fees

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

9,633

Reports

to

shareholders

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

17,783

Professional

fees

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

57,313

Trustees'

fees

and

expenses

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

10,489

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

2,212

Deferred

tax

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

30,159

Accrued

expenses

and

other

liabilities

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

36,797

Total

liabilities

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

278,001

Net

assets,

at

value

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

$135,373,721

Net

assets

consist

of:

Paid-in

capital

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

$241,969,073

Total

distributable

earnings

(losses)

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

(106,595,352)

Net

assets,

at

value

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

$135,373,721

Shares

outstanding

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

11,545,322

Net

asset

value

and

maximum

offering

price

per

share

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

$11.73

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

year

ended

July

31,

2021

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

17

Franklin

Emerging

Market

Debt

Opportunities

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3

d

)

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

$285

Interest:

(net

of

foreign

taxes

of

$6,550)

Unaffiliated

issuers

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

8,199,118

Total

investment

income

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

8,199,403

Expenses:

Management

fees

(Note

3

a

)

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

948,461

Transfer

agent

fees

(Note

3

c

)

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

43,242

Custodian

fees

(Note

4

)

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

11,316

Reports

to

shareholders

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

23,262

Registration

and

filing

fees

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

39,078

Professional

fees

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

303,257

Trustees'

fees

and

expenses

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

15,702

Other

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

6,024

Total

expenses

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

1,390,342

Expense

reductions

(Note

4

)

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

(293)

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

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

(271,847)

Net

expenses

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

1,118,202

Net

investment

income

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

7,081,201

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(16,137,038)

Foreign

currency

transactions

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

(7,388)

Forward

exchange

contracts

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

(44,230)

Net

realized

gain

(loss)

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

(16,188,656)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

24,643,802

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(132,476)

Forward

exchange

contracts

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

160,366

Change

in

deferred

taxes

on

unrealized

appreciation

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

9,704

Net

change

in

unrealized

appreciation

(depreciation)

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

24,681,396

Net

realized

and

unrealized

gain

(loss)

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

8,492,740

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$15,573,941

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

18

Franklin

Emerging

Market

Debt

Opportunities

Fund

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$7,081,201

$28,477,507

Net

realized

gain

(loss)

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

(16,188,656)

(73,570,850)

Net

change

in

unrealized

appreciation

(depreciation)

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

24,681,396

324,565

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

15,573,941

(44,768,778)

Distributions

to

shareholders

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

—

(26,830,938)

Capital

share

transactions

(Note

2

)

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

8,641,059

(205,129,644)

a

Net

increase

(decrease)

in

net

assets

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

24,215,000

(276,729,360)

Net

assets:

Beginning

of

year

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

111,158,721

387,888,081

End

of

year

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

$135,373,721

$111,158,721

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,

2021,

the

Fund

had

no

OTC

derivatives

in

a

net

liability

position

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,

2021,

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,

2021,

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,

2021,

the

net

assets

of

FT

Subsidiary

were

$1,529,940,

representing

1.1%

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,

2021,

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.

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)

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

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,

2021,

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

The

Fund

pays

an

investment

management

fee

to

FTIML

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

FT

Subsidiary

pays

an

investment

management

fee

to

FTIML

based

on

the

average

daily

net

assets

of

FT

Subsidiary

as

follows:

Year

Ended

July

31,

2021

Year

Ended

July

31,

2020

Shares

Amount

Shares

Amount

Shares

sold

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

6,212,135

$70,317,466

12,063,382

$130,641,046

Shares

issued

in

reinvestment

of

distributions

..........

—

—

2,451,273

26,424,723

Shares

redeemed

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

(5,575,686)

(61,676,407)

(36,867,939)

(362,195,413)

a

Net

increase

(decrease)

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

636,449

$8,641,059

(22,353,284)

$(205,129,644)

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)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

24

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

For

the

year

ended

July

31,

2021,

the

gross

effective

investment

management

fee

rate

was

0.850%

of

the

Fund’s

average

daily

net

assets. 

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.

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,

2021,

the

Fund

paid

transfer

agent

fees

of

$43,242,

of

which $43,242

was

retained

by

Investor

Services.

d.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

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,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

    aa

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  

Franklin

Emerging

Market

Debt

Opportunities

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

..

$4,131,221

$79,074,384

$(76,085,336)

$—

$—

$7,120,269

7,120,269

$285

Total

Affiliated

Securities

....

$4,131,221

$79,074,384

$(76,085,336)

$—

$—

$7,120,269

$285

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,

2021.

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,

2021,

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,

2021,

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,

2021,

the

Fund

deferred

late-year

ordinary

losses

of

$785,629.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2021

and

2020,

was

as

follows:

At

July

31,

2021,

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

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

$12,521,030

Long

term

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

50,318,237

Total

capital

loss

carryforwards

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

$62,839,267

2021

2020

Distributions

paid

from:

Ordinary

income

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

—

$26,830,938

Cost

of

investments

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

$175,728,958

Unrealized

appreciation

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

$4,492,056

Unrealized

depreciation

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

(47,349,725)

Net

unrealized

appreciation

(depreciation)

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

$(42,857,669)

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,

paydown

losses,

payments-in-kind,

bond

discounts

and

premiums,

corporate

actions,

inflation

related

adjustments

on

foreign

securities,

investments

in

Alternative

Strategies

Fund,

and

wash

sales.

In

accordance

with

U.S.

GAAP

permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

At

the

year

ended

July

31,

2021,

such

reclassifications

were

as

follows:

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2021,

aggregated

$75,141,073

and

$61,607,400,

respectively.

7.

Credit Risk

and

Defaulted

Securities

At

July

31,

2021,

the

Fund

had

71.4%

of

its

portfolio

invested

in

high

yield

securities

or

other

securities

rated

below

investment

grade

and

unrated

securities.

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,

2021,

the

aggregate

value

of

these

securities

was

$2,647,750

representing

2.0%

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

fluctuating

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,

2021,

the

Fund

had

0.1%

of

its

net

assets

denominated

in

Argentine

Pesos. Argentina

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.

Paid-in

Capital

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

$(21,048,514)

Total

distributable

earnings

(loss)

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

$21,048,514

5.

Income

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

27

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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.

At

July

31,

2021,

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,

2021,

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

/

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,

Zero

Cpn

.,

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

—

854,422

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16-6/30/21

816,724

373,057

55,882,058

a

K2016470219

South

Africa

Ltd.,

A

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

2/08/13-2/01/17

429,249

—

5,561,052

a

K2016470219

South

Africa

Ltd.,

B

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

2/01/17

4,129

—

8,000,000

Sphynx

Capital

Markets

PCC

(National

Investment

Bank

of

Ghana),

PTN,

Secured

Note,

Reg

S,

Zero

Cpn

.,

2/05/09

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

10/12/09-10/13/11

3,100,000

—

Total

Restricted

Securities

(Value

is

0.3%

of

Net

Assets)

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

$8,950,102

$374,423

a

The

Fund

also

invests

in

unrestricted

securities

of

the

same

issuer,

valued

at

$-

as

of

July

31,

2021.

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

$

55,240

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

2,212

Value

recovery

instruments

...

Investments

in

securities,

at

value

2,335,990

a

Investments

in

securities,

at

value

—

Total

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

$2,391,230

$2,212

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,

2021,

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,

2021,

the

average

month

end

contract

value

for

forward

exchange

contracts

and

average

month

end

fair

value

of

VRI,

was

$6,146,184

and

$2,069,211,

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

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

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,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

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

Franklin

Emerging

Market

Debt

Opportunities

Fund

Net

realized

gain

(loss)

from:

Net

change

in

unrealized

  appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(44,230)

Forward

exchange

contracts

$160,366

Value

recovery

instruments

Investments

—

Investments

570,090

a

Total

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

$(44,230)

$730,456

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,

2021,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

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,

2021,

the

reconciliation is

as follows:

Level

1

Level

2

Level

3

Total

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Common

Stocks

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

$

—

$

—

$

—

a

$

—

Warrants

:

Diversified

Financial

Services

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

—

2,335,990

1,126,258

3,462,248

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

9,505,619

1,366

a

9,506,985

Corporate

Bonds

:

Airlines

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

—

1,271,615

—

1,271,615

Banks

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

—

2,500,904

—

2,500,904

Capital

Markets

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

—

1,221,000

—

1,221,000

Chemicals

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

—

1,243,704

—

1,243,704

Construction

&

Engineering

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

—

1,075,000

—

1,075,000

Food

Products

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

—

2,672,908

—

2,672,908

Metals

&

Mining

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

—

2,361,116

—

2,361,116

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

3,234,004

—

3,234,004

Wireless

Telecommunication

Services

.......

—

1,469,804

—

1,469,804

Loan

Participations

and

Assignments

.........

—

3,692,624

373,057

4,065,681

Foreign

Government

and

Agency

Securities

....

—

88,122,387

—

88,122,387

Short

Term

Investments

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

7,120,269

3,490,636

—

10,610,905

Total

Investments

in

Securities

...........

$7,120,269

$124,197,311

$1,500,681

$132,818,261

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

55,240

$

—

$

55,240

Restricted

Currency

(ARS)

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

—

—

173,982

173,982

Total

Other

Financial

Instruments

.........

$—

$55,240

$173,982

$229,222

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

2,212

$

—

$

2,212

a

Includes

securities

determined

to

have

no

value

at

July

31,

2021.

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)

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,

2021,

are

as

follows:

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

n

(

Depreciation

)

Balance

at

End

of

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

......

—

c

—

—

—

—

—

—

—

—

c

—

Warrants

:

Diversified

Financial

Services

........

1,534,950

—

(31,000)

—

—

—

(11,687,159)

11,309,467

1,126,258

327,307

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

c

—

—

—

—

—

—

—

—

c

—

Quasi-Sovereign

Bonds

.

8,932,540

c

—

(11,570,005)

—

—

—

1,372,260

1,266,571

1,366

c

—

Corporate

Bonds

:

Multiline

Retail

......

6,659

c

1,572

—

—

—

(237,275)

—

229,044

—

c

229,044

Loan

Participations

and

Assignments

.......

672,864

c

147,363

—

c

—

—

64

(3,135,756)

2,688,522

373,057

(447,234)

Total

Investments

in

Securities

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

$11,147,013

$148,935

$(11,601,005)

$—

$—

$(237,211)

$(13,450,655)

$15,493,604

$1,500,681

$109,117

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$252,873

$—

$—

$—

$—

$—

$—

$(78,891)

$173,982

$(110,605)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

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)

See

Abbreviations

on

page

32

.

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.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and

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

and

2023.

The

ASUs

are

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

these

ASUs

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

/

Range

(Weighted

Average)

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Loan

Participations

and

Assignments

........

$373,057

Recovery

value

Weighted

probability

of

cash

flow

$3.6

mil

Increase

 b

Discount

rate

25.0%

Decrease

 b

Warrants:

Diversified

Financial

Services

...........

1,126,258

Market

comparables

Implied

recovery

7.7%

Increase

c

Other

Financial

Instruments:

Restricted

Currency

(

ARS

)

173,982

Market

comparables

Implied

foreign

exchange

rate

181.93

ARS/USD

Decrease

 b

All

other

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

1,366

d,e

Total

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

$1,674,663

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

impacts,

if

any,

to

fair

value

and/or

net

assets

have

been

indicated.

b

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

d

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.

e

Includes

securities

determined

to

have

no

value

at

July

31,

2021.

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

CITI

Citibank

NA

RBCCM

Royal

Bank

of

Canada

Selected

Portfolio

FRN

Floating

Rate

Note

GDP

Gross

Domestic

Product

GDR

Global

Depositary

Receipt

PIK

Payment-In-Kind

PTN

Pass-through

Note

VRI

Value

Recovery

Instrument

Cu

r

rency

ARS

Argentine

Peso

BYN

Belarusian

Ruble

COP

Colombian

Peso

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GEL

Georgian

Lari

GHS

Ghanaian

Cedi

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KES

Kenyan

Shilling

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

RUB

Russian

Ruble

TRY

Turkish

Lira

USD

United

States

Dollar

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

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,

2021,

the

related

consolidated

statement

of

operations

for

the

year

ended

July

31,

2021,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2021,

including

the

related

notes,

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

(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,

2021,

the

results

of

their

consolidated

operations

for

the

year

then

ended,

the

consolidated

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2021

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2021

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,

2021

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

23,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Global

Trust

Board

Members

and

Officers

34

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

125

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

107

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);

member

of

the

board

of

directors

of

Council

of

the

Americas

(2007-present)

and

the

Tallberg

Foundation

(2018-present);

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

126

Omnicom

Group

Inc.

(advertising

and

marketing

communications

services)

(2011-present)

and

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2017-present);

and

formerly

,

Avis

Budget

Group

Inc.

(car

rental)

(2007-2020).

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).

Franklin

Global

Trust

35

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

Edith

E.

Holiday

(1952)

Lead

Independent

Trustee

Trustee

since

2000

and

Lead

Independent

Trustee

since

2019

126

Hess

Corporation

(exploration

of

oil

and

gas)

(1993-present),

Santander

Consumer

USA

Holdings,

Inc.

(consumer

finance)

(2016-present);

Santander

Holdings

USA

(holding

company)

(2019-present);

and

formerly

,

Canadian

National

Railway

(railroad)

(2001-April

2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-May

2021),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).

J.

Michael

Luttig

(1954)

Trustee

Since

2009

126

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

126

Graham

Holdings

Company

(education

and

media

organization)

(2011-present);

and

formerly

,

The

Southern

Company

(energy

company)

(2014-2020;

previously

2010-2012)

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);

John

A.

Sibley

Professor

of

Corporate

and

Business

Law,

University

of

Georgia

School

of

Law

(2015-present;

previously

2011-2012);

and

formerly

,

Independent

Compliance

Monitor

and

Auditor,

Volkswagen

AG

(manufacturer

of

automobiles

and

commercial

vehicles)

(2017-2020);

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).

Independent

Board

Members

(continued)

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

Valerie

M.

Williams

(1956)

Trustee

Since

May

2021

107

Omnicom

Group,

Inc.

(advertising

and

marketing

communications

services)

(2016-present),

DTE

Energy

Co.

(gas

and

electric

utility)

(2018-present),

Devon

Energy

Corporation

(exploration

and

production

of

oil

and

gas)

(January

2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-January

2021).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Director

of

various

companies;

and

formerly

,

Regional

Assurance

Managing

Partner,

Ernst

&

Young

LLP

(public

accounting)

(2005-2016),

various

roles

of

increasing

responsibility

at

Ernst

&

Young

(1981-2005).

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

137

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

126

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

44

of

the

investment

companies

in

Franklin

Templeton.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

October

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

39

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

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.

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,

FASA,

LLC;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

officer

of

44

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

44

of

the

investment

companies

in

Franklin

Templeton;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017).

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

July

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

Global

Compliance,

Franklin

Templeton;

Chief

Anti-Money

Laundering

Compliance

Officer,

Legg

Mason

&

Co.

or

its

affiliates;

Anti

Money

Laundering

Compliance

Officer;

Senior

Compliance

Officer,

LMIS;

and

officer

of

41

of

the

investment

companies

in

Franklin

Templeton.

Robert

G.

Kubilis

(1973)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

December

2020

Not

Applicable

Not

Applicable

300

S.E.

2nd

Street

Fort

Lauderdale,

FL

33301-

1923

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting

and

officer

of

39

of

the

investment

companies

in

Franklin

Templeton.

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).

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

44

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

38

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

served

as

a

director

of

Avis

Budget

Group,

Inc.

(2007-2020)

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.

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

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

44

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

44

of

the

investment

companies

in

Franklin

Templeton.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

Shareholder

Information

39

ftinstitutional.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

GLOBAL

TRUST

Franklin

Emerging

Market

Debt

Opportunities

Fund

(Fund)

At

a

meeting

held

on

February

23,

2021

(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

best

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

in

the

current

work-from-home

environment

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

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

outsourcing

of

Franklin

Global

Trust

Shareholder

Information

40

ftinstitutional.com

Annual

Report

certain

administrative

functions,

and

growth

opportunities,

as

evidenced

by

its

recent

acquisition

of

the

Legg

Mason

companies.

The

Board

also

noted

FT’s

attention

focused

on

expanding

the

distribution

opportunities

for

all

funds

in

the

FT

family

of

funds.

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

November

30,

2020.

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

a

representative

class/fund

from

each

retail

portfolio

in

the

emerging

markets

hard

currency

debt

classifications,

excluding

outliers.

The

Board

noted

that

the

Fund’s

annualized

total

return

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

five-year

period

was

equal

to

the

median

of

its

Performance

Universe

and

for

the

10-year

period

was

above

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund’s

performance

with

management

and

management

explained

that

the

Fund

had

a

meaningfully

shorter

duration

position

as

compared

to

the

Performance

Universe,

which

contributed

to

the

Fund’s

underperformance

in

2019

as

US

interest

rates

rallied

and

underperformance

in

the

spring

of

2020

during

a

period

of

extreme

risk

aversion.

Management

further

explained

that

during

this

time,

the

Fund,

on

average,

had

a

larger

exposure

to

smaller,

idiosyncratic

markets

that

sold

off

more

aggressively

than

larger,

higher

quality

emerging

market

issuers.

The

Board

noted

management’s

steps

to

address

the

underperformance

of

the

Fund,

including

changes

to

the

Fund’s

liquidity

profile.

The

Board

also

noted

that,

while

below

the

median,

the

Fund’s

one-

and

three-year

annualized

total

return

was

3.16%

and

3.43%,

respectively.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

and

management’s

efforts

should

continue

to

be

closely

monitored.

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,

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

15

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

and

in

the

fifth

quintile

(most

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund’s

actual

total

expense

ratio

reflected

a

fee

waiver

from

management.

The

Board

acknowledged

management’s

explanation

that

there

are

additional

complexities

and

expenses

associated

with

the

Franklin

Global

Trust

Shareholder

Information

41

ftinstitutional.com

Annual

Report

management

of

the

specialized

portfolio,

which

includes

a

wider

universe

and,

at

times,

smaller,

less

liquid

issuers

than

peers.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

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,

2020,

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

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

further

noted

management’s

representation

that

the

profitability

analysis

excluded

the

impact

of

the

recent

acquisition

of

the

Legg

Mason

companies

and

that

management

expects

to

incorporate

the

legacy

Legg

Mason

companies

into

the

profitability

analysis

beginning

next

year.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

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

management’s

outsourcing

of

certain

operations,

which

effort

has

required

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.

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

does

not

have

an

asset

size

that

would

likely

enable

the

Fund

to

achieve

economies

of

scale,

but

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,

Franklin

Global

Trust

Shareholder

Information

42

ftinstitutional.com

Annual

Report

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

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

2021,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2020.

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.

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.

Franklin

Global

Trust

Shareholder

Information

43

ftinstitutional.com

Annual

Report

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

an

annual

updated

summary

prospectus

(detail

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

(to

the

extent

received

by

mail)

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

09/21

©

2021

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

Distributors,

LLC

(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 $179,856 for the fiscal year ended July 31, 2021 and $212,931 for the fiscal year ended July 31, 2020.

(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 $204,469 for the fiscal year ended July 31, 2021 and $131,226 for the fiscal year ended July 31, 2020.  The services for which these fees were paid included tax compliance services related to year-end.

(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 $0 for the fiscal year ended July 31, 2021 and $967 for the fiscal year ended July 31, 2020.  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 $312,550 for the fiscal year ended July 31, 2021 and $311,066 for the fiscal year ended July 31, 2020.  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), assets under management certification, benchmarking services in connection with the ICI TA Survey
and SOC 1 report services.  

(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 $517,019 for the fiscal year ended July 31, 2021 and $443,259 for the fiscal year ended July 31, 2020.

(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.

There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

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

Item 13. Exhibits.

(a) (1) Code of Ethics

codeofethics

(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 Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

section302

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

section906

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

27, 2021

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

27, 2021

By S\Robert G. Kubilis ________________________

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

Date September 27, 2021