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)

Alison Baur, 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: 7/31/22

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,

2022

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

Annual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

12

months

ended

July

31,

2022,

global

economies

initially

benefited

from

ongoing

COVID-19

vaccination

programs

and

some

easing

of

restrictions

coupled

with

tourism

in

the

summer

of

2021.

However,

the

combination

of

resilient

consumer

demand

and

persistent

supply

chain

disruptions

contributed

to

higher

inflation

in

many

countries

that

had

already

experienced

significant

inflation

before

the

reporting

period.

This

inflationary

pressure

persuaded

many

of

the

world’s

central

banks

to

adopt

less

accommodative

monetary

policies

starting

in

early

2022,

leading

many

investors

to

anticipate

slower

global

economic

growth.

Asian

and

global

emerging

market

stocks

were

pressured

through

unexpected

regulations

by

China’s

government

targeting

education-

and

technology-related

businesses,

concerns

about

the

solvency

of

some

of

China’s

large

property

developers,

and

China’s

lockdowns

to

quell

COVID-19

outbreaks.

Additionally,

Russia’s

invasion

of

Ukraine

in

February

2022

increased

investor

uncertainty,

as

international

sanctions

on

Russia

hindered

companies

doing

business

with

that

country

and

disrupted

global

trade

and

commodity

markets,

causing

food

and

energy

prices

to

increase

further.

In

this

environment,

stocks

in

global

developed

markets

excluding

the

U.S.

and

Canada,

as

measured

by

the

MSCI

Europe,

Australasia

and

Far

East

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

-14.32%

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,

2022,

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

Schedules

of

Investments

18

Financial

Statements

34

Notes

to

Financial

Statements

38

Report

of

Independent

Registered

Public

Accounting

Firm

51

Tax

Information

52

Board

Members

and

Officers

53

Shareholder

Information

58

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Annual

Report

ANNUAL

REPORT

Economic

and

Market

Overview

Global

developed

and

emerging

market

equities,

as

measured

by

the

MSCI

All

Country

World

Index-NR

(net

of

tax

withholding

when

dividends

are

paid),

posted

a

-10.48%

total

return

for

the

12

months

ended

July

31,

2022.

1

Although

global

equities

benefited

earlier

in

the

period

from

ongoing

COVID-19

vaccination

programs

and

some

easing

of

restrictions,

the

combination

of

resilient

consumer

demand

and

persistent

supply

chain

disruptions

contributed

to

higher

inflation

in

many

countries.

This

inflationary

pressure

led

many

of

the

world’s

central

banks

to

adopt

less

accommodative

stances

regarding

monetary

policy

in

2022,

hindering

stocks.

The

Chinese

government’s

imposition

of

new

lockdowns

to

quell

the

spread

of

the

Omicron

variant

of

COVID-19

also

pressured

emerging

market

stocks,

especially

in

Asia.

Russia’s

invasion

of

Ukraine

also

increased

investor

uncertainty,

as

international

sanctions

on

Russia

disrupted

global

trade

and

commodity

markets.

In

the

U.S.,

after

robust

growth

earlier

in

the

period,

gross

domestic

product

(GDP)

slightly

contracted

in

the

first

two

quarters

of

2022

as

high

inflation,

supply

constraints

and

record

trade

deficits

weighed

on

economic

output.

Rising

prices

precipitated

a

notable

decline

in

consumer

confidence,

despite

high

spending

levels,

robust

job

growth

and

low

unemployment.

In

an

effort

to

control

inflation,

the

U.S.

Federal

Reserve

(Fed)

raised

the

federal

funds

target

rate

in

March

2022

for

the

first

time

since

2018.

The

Fed

raised

the

federal

funds

rate

again

at

its

subsequent

three

meetings

to

end

the

period

at

a

range

of

2.25%–2.50%.

Furthermore,

the

Fed

said

it

would

continue

to

reduce

its

bond

holdings

and

anticipated

additional

interest-rate

increases

at

future

meetings

to

curtail

inflation.

Economies

in

the

eurozone

decelerated

to

a

slightly

positive

growth

rate

during

the

year.

The

lifting

of

COVID-related

restrictions

in

some

European

countries

and

the

summer

tourism

season

strengthened

economies.

However,

the

war

in

Ukraine

disrupted

supply

chains,

weakened

the

economic

outlook

and

contributed

to

record

high

inflation

across

the

eurozone,

as

energy

prices

soared.

Electricity

prices

hit

record

highs

in

Germany

and

France

as

coal

futures

and

natural

gas

prices

climbed.

Consequently,

the

European

Central

Bank

raised

interest

rates

in

July

2022

for

the

first

time

in

11

years

to

curtail

growing

inflation.

In

this

environment,

European

developed

market

equities,

as

measured

by

the

MSCI

Europe

Index-NR,

posted

a

-15.10%

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

-17.94%

total

return

for

the

12-month

period.

1

Growth

in

Japan

remained

slow,

alternating

between

positive

quarterly

GDP

growth

and

contraction.

China’s

economy

contracted

sharply

in

2022’s

second

quarter

as

COVID-

related

restrictions

in

many

major

cities,

including

Shanghai,

weakened

consumer

demand.

Unexpected

regulatory

changes

by

the

Chinese

government,

which

negatively

impacted

education-

and

technology-related

businesses,

and

investor

concerns

about

the

solvency

of

several

large

Chinese

property

developers

further

pressured

Chinese

stocks.

Global

emerging

market

stocks,

as

measured

by

the

MSCI

Emerging

Markets

Index-NR,

posted

a

-20.09%

total

return

for

the

12

months

under

review.

1

The

index

declined

for

four

straight

quarters,

the

longest

downturn

since

2008,

weakened

by

central

bank

tightening

and

the

threat

of

recession.

Following

Russia’s

invasion

of

Ukraine,

climbing

food

and

energy

prices

kindled

inflationary

pressures

and

raised

concerns

over

the

possibility

of

government

debt

defaults

in

some

countries.

However,

some

countries,

particularly

in

Latin

America,

as

well

as

South

Africa

and

Saudi

Arabia,

benefited

from

rising

commodity

prices.

The

foregoing

information

reflects

our

analysis

and

opinions

as

of

July

31,

2022.

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.

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,

2022.

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,

2022,

the

Fund’s

Class

A

shares

posted

a

-30.19%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

Europe,

Australasia,

Far

East

(EAFE)

Index-NR,

which

measures

the

equity

market

performance

of

global

developed

markets

excluding

the

U.S.

and

Canada,

posted

a

-14.32%

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

investment

approach

to

identify

attractive

investment

opportunities

that

have

higher

expected

revenue

and

earnings

growth

than

their

peers.

We

use

a

growth

investment

style

and

in-depth,

fundamental

research

to

identify

high-quality

companies,

across

all

industry

groups,

with

sustainable

business

models

that

offer

the

most

attractive

combination

of

growth,

quality

and

valuation.

The

Fund,

from

time

to

time,

may

have

significant

investments

in

a

particular

sector

or

country,

such

as

technology.

Manager’s

Discussion

During

the

12-month

period,

the

Fund

underperformed

its

benchmark,

the

MSCI

EAFE

Index-NR,

as

stock

selection

in

the

health

care,

information

technology

(IT)

and

consumer

discretionary

sectors

hindered

relative

returns.

In

health

care,

GN

Store

Nord,

a

Denmark-based

hearing

aid

and

headset

manufacturer

hampered

results.

The

company’s

hearing-aid

segment

has

begun

to

lag

competitors

and,

recently,

management

issued

a

profit

warning

and

reduced

forward

guidance

on

both

the

audio

and

hearing-aid

segments.

As

such,

we

sold

the

position

in

favor

of

other

opportunities.

Shopify

(not

part

of

the

index),

a

Canada-based

e-commerce

solutions

provider,

hindered

results

in

IT.

The

stock

has

been

under

pressure

as

of

late

due

a

combination

of

contradictory

announcements

on

becoming

more

asset-

heavy,

establishing

a

logistics

network

that

helps

with

faster

free

shipping

as

well

as

reporting

disappointing

earnings.

We

believe

current

headwinds

are

near

term

in

nature,

and

we

maintain

confidence

in

the

company’s

long-term

prospects.

In

consumer

discretionary,

U.K.-based

online

apparel

retailer

boohoo

Group

(not

part

of

the

index)

held

back

relative

performance.

The

company

issued

a

profit

warning

for

the

full

year,

reflecting

the

impact

of

industry-wide

supply-chain

and

freight

cost

issues,

increased

return

rates

and

weakened

consumer

sentiment

in

the

U.K.

While

we

continue

to

believe

the

company

can

perform

well

over

the

long

term,

the

health

of

the

industry

in

the

medium

term

led

us

to

sell

the

position.

Geographic

Composition

7/31/22

%

of

Total

Net

Assets

Europe

70.3%

North

America

9.0%

Australia

&

New

Zealand

7.0%

Middle East & Africa

6.2%

Latin

America

&

Caribbean

3.5%

Asia

2.2%

Short-Term

Investments

&

Other

Net

Assets

1.8%

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

23

.

Franklin

International

Growth

Fund

5

franklintempleton.com

Annual

Report

Elsewhere

in

the

sector,

Latin

American

online

marketplace

operator

MercadoLibre

(not

part

of

the

index)

dampened

results.

The

company

underperformed

early

in

2022

despite

reporting

healthy

sales

trends

in

a

tough

e-commerce

landscape.

Toward

the

end

of

the

period,

e-commerce

stocks

including

MercadoLibre

began

to

rebound,

and

we

continue

to

believe

the

company

is

well-positioned

for

the

long

term.

In

materials,

Belgium-based

materials

technology

company

Umicore

weighed

on

relative

returns

after

it

downgraded

earnings

estimates

of

its

energy

and

surface

technology

segment

for

the

next

two

years.

Umicore

expects

growth

in

this

area

to

lag

that

of

its

competitors

after

a

rapid

change

in

the

type

of

batteries

required

by

customers

left

the

company

unprepared

to

meet

the

demand

quickly.

As

a

result

of

these

changes,

we

exited

the

position.

In

the

communication

services

sector,

Japan-based

digital

advertising

and

gaming

company

CyberAgent

detracted.

Despite

reporting

strong

revenue

growth

and

beating

management

guidance,

the

stock

underperformed

as

revenues

and

margins

fell

short

of

overall

market

expectations.

We

remain

optimistic

about

the

company’s

ability

to

develop

and

monetize

successful

video

games,

as

well

as

the

sustainability

and

growth

trajectory

of

its

advertising

business.

For

the

12

months

ended

July

31,

2022,

the

U.S.

dollar

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

investment

in

securities

with

non-U.S.

currency

exposure.

Conversely,

several

individual

holdings

across

sectors

supported

relative

performance.

Health

care

holding

Alcon,

a

Switzerland-based

medical

company

specializing

in

eye

care

products,

lifted

relative

returns

after

releasing

an

encouraging

set

of

financial

results,

with

strong

growth

in

the

surgical

segment

and

increased

market

share

for

PanOptix,

its

next-generation

intraocular

lens.

In

financials,

Germany-based

financial

marketplace

operator

Deutsche

Boerse

contributed

to

results.

The

stock

rose

as

increased

volatility

in

the

market

coupled

with

speculation

about

higher

interest

rates

suggested

strong

revenue

growth

for

the

company.

Additionally,

Deutsche

Boerse

rebounded

after

lagging

banks

and

other

financials

sector

stocks

during

2021.

Top

10

Countries

7/31/22

a

%

of

Total

Net

Assets

a

a

Germany

17.3%

United

Kingdom

11.2%

Netherlands

10.4%

Denmark

10.4%

Australia

7.1%

United

States

7.0%

Switzerland

6.5%

Spain

5.7%

Ireland

3.7%

Brazil

3.5%

Top

10

Industries

7/31/22

.

%

of

Total

Net

Assets

a

a

IT

Services

12.9%

Software

12.6%

Chemicals

9.6%

Media

7.1%

Biotechnology

7.1%

Capital

Markets

7.0%

Health

Care

Equipment

&

Supplies

6.4%

Professional

Services

6.2%

Aerospace

&

Defense

3.9%

Air

Freight

&

Logistics

3.7%

Top

10

Holdings

7/31/22

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

MTU

Aero

Engines

AG

3.9%

Aerospace

&

Defense,

Germany

Keywords

Studios

plc

3.7%

IT

Services,

Ireland

DSV

A/S

3.7%

Air

Freight

&

Logistics,

Denmark

Amadeus

IT

Group

SA

3.6%

IT

Services,

Spain

Adyen

NV

3.6%

IT

Services,

Netherlands

CyberArk

Software

Ltd.

3.6%

Software,

United

States

Genmab

A/S

3.6%

Biotechnology,

Denmark

Evotec

SE

3.6%

Life

Sciences

Tools

&

Services,

Germany

Alcon,

Inc.

3.5%

Health

Care

Equipment

&

Supplies,

Switzerland

CTS

Eventim

AG

&

Co.

KGaA

3.5%

Entertainment,

Germany

Franklin

International

Growth

Fund

6

franklintempleton.com

Annual

Report

U.K.-based

plumbing

products

distributor

Ferguson

supported

results

in

the

industrials

sector.

The

stock

advanced

after

the

company

released

earnings

that

were

slightly

higher

than

anticipated,

driven

by

COVID-related

cost

management.

While

we

still

believe

Ferguson

has

strong

growth

prospects,

the

company

sold

its

U.K.-based

business

in

2021,

becoming

a

U.S.-centric

business,

and

moved

its

primary

listing

from

London

to

the

U.S.

Therefore,

the

holding

no

longer

qualifies

for

our

non-U.S.

portfolios,

and

we

exited

our

position.

In

IT,

CyberArk

Software,

an

Israel-based

provider

of

IT

security

solutions,

aided

relative

returns.

The

company

reported

multiple

quarters

of

strong

financial

results,

notably

with

robust

growth

in

subscription

revenue

that

beat

consensus

estimates

in

the

most

recent

quarter.

Management

also

indicated

that

software

as

a

service

(SaaS)

subscription

conversions

were

progressing

at

a

faster

pace

than

previously

anticipated.

Australia-based

holding

CSL,

a

blood

products

company,

buoyed

results

in

health

care,

aided

by

better-than-expected

profitability

and

gross

margins.

CSL

gained

on

momentum

from

its

robust

fiscal

first-half

results,

with

revenue

beating

expectations

on

its

stronger

flu

vaccine

business

and

good

expense

leverage,

helping

offset

softer

immunoglobin

sales

and

margins.

IT

holding

Amadeus

IT

Group,

a

Spain-based

provider

of

software

for

the

airline

and

hospitality

industries,

contributed

to

relative

performance

as

an

easing

of

travel

restrictions

in

the

post-pandemic

era

led

to

an

increase

in

airline

bookings,

with

both

leisure

and

business

travel

seeing

partial

rebounds

toward

pre-pandemic

levels.

The

Fund

did

not

use

derivatives

during

the

period.

Thank

you

for

your

continued

participation

in

Franklin

International

Growth

Fund.

We

look

forward

to

serving

your

future

investment

needs.

John

Remmert

Lead

Portfolio

Manager

Patrick

McKeegan,

CFA

Donald

G.

Huber,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

July

31,

2022,

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,

2022

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

7/31/22

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

-30.19%

-34.02%

5-Year

+27.56%

+3.80%

10-Year

+89.83%

+6.02%

Advisor

1-Year

-30.04%

-30.04%

5-Year

+29.06%

+5.24%

10-Year

+94.88%

+6.90%

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

(8/1/12–7/31/22)

Advisor

Class

(8/1/12–7/31/22)

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.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

11/30/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

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

(8/1/21–7/31/22)

Share

Class

Net

Investment

Income

Long-Term

Capital

Gain

Total

A

$0.1733

$0.2108

$0.3841

C

$0.0275

$0.2108

$0.2383

R

$0.1644

$0.2108

$0.3752

R6

$0.2581

$0.2108

$0.4689

Advisor

$0.2330

$0.2108

$0.4438

Total

Annual

Operating

Expenses

6

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.11%

1.13%

Advisor

0.86%

0.88%

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

2/1/22

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$840.10

$5.08

$1,019.27

$5.58

1.11%

C

$1,000

$837.10

$8.48

$1,015.56

$9.31

1.86%

R

$1,000

$839.00

$6.23

$1,018.02

$6.83

1.37%

R6

$1,000

$841.50

$3.53

$1,020.96

$3.87

0.77%

Advisor

$1,000

$840.80

$3.94

$1,020.52

$4.32

0.86%

11

franklintempleton.com

Annual

Report

Franklin

International

Small

Cap

Fund

This

annual

report

for

Franklin

International

Small

Cap

Fund

covers

the

fiscal

year

ended

July

31,

2022.

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

and

Far

East

(EAFE)

Small

Cap

Index,

whichever

is

greater,

at

the

time

of

purchase.

The

Fund

considers

international

companies

to

be

those

organized

under

the

laws

of

a

country

outside

of

the

U.S.

or

having

a

principal

office

in

a

country

outside

of

the

U.S.,

or

whose

securities

are

listed

or

traded

principally

on

a

recognized

stock

exchange

or

over-the-counter

market

outside

of

the

U.S.

Performance

Overview

For

the

12

months

ended

July

31,

2022,

the

Fund’s

Class

A

shares

posted

a

-18.27%

cumulative

total

return.

In

comparison,

the

Fund’s

benchmark,

the

MSCI

EAFE

Small

Cap

Index-NR,

which

measures

the

performance

of

small-

cap

equity

securities

in

global

developed

markets

excluding

the

U.S.

and

Canada,

posted

a

-20.31%

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.

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

The

Franklin

International

Small

Cap

Fund

outperformed

its

MSCI

EAFE

Small

Cap

Index-NR

benchmark

for

the

12-month

period

ending

July

31,

2022.

On

an

absolute

basis,

the

Fund

had

losses

across

nine

of

the

11

sectors

in

which

it

was

invested.

The

industrials,

materials

and

consumer

discretionary

sectors

were

the

main

detractors

during

the

period,

while

the

energy

and

utilities

sectors

were

the

main

contributors.

Relative

to

the

benchmark

MSCI

EAFE

Small

Cap

Index-

NR,

sector

allocation

effects

contributed

to

performance

while

stock

selection

detracted.

Specifically,

stock

selection

in

the

energy,

information

technology

(IT),

health

care

and

real

estate

sectors,

overweight

allocations

to

the

energy

and

industrials

sectors

and

underweight

allocations

to

the

IT

and

health

care

sectors

had

positive

impacts

on

performance.

In

contrast,

stock

selection

in

the

materials,

consumer

discretionary,

industrials,

financials

and

communication

Geographic

Composition

7/31/22

%

of

Total

Net

Assets

Europe

52.0%

Asia

29.2%

North

America

8.9%

Latin

America

&

Caribbean

1.8%

Other

1.7%

Short-Term

Investments

&

Other

Net

Assets

6.4%

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

30

.

Franklin

International

Small

Cap

Fund

12

franklintempleton.com

Annual

Report

services

sectors

and

an

underweight

allocation

to

the

utilities

sector

detracted

from

relative

performance.

On

a

regional

basis,

stock

selection

in

North

America,

the

U.K.

and

Europe

ex

U.K.

as

well

as

overweight

allocations

to

emerging

markets

and

North

America

positively

contributed

to

relative

performance.

Stock

selection

in

Japan,

emerging

markets

and

Asia

ex

Japan

and

underweight

allocations

to

Asia

ex

Japan

and

Japan

weighed

on

performance.

The

U.S.

dollar

rose

in

value

relative

to

most

currencies

during

the

12

months

ended

July

31,

2022,

benefiting

Fund

performance.

The

Fund’s

performance

was

also

positively

affected

by

its

significant

underweight

to

Japan

versus

the

benchmark

index,

which

helped

drive

positive

relative

returns

due

to

the

decline

in

the

Japanese

yen

during

the

period.

Additionally,

the

Fund’s

investments

in

emerging

markets

and

Canada

also

were

positive

contributors

in

terms

of

overall

currency

impact

over

the

same

timeframe.

Leading

individual

contributors

included

Serica

Energy,

a

U.K.-listed

exploration

and

production

firm

focused

predominantly

on

the

North

Sea.

With

approximately

80%

of

its

fiscal

year

2021-2022

estimated

production

exposed

to

full

spot

prices,

Serica

was

a

prime

beneficiary

of

high

oil

and

gas

prices

due

to

supply

tightness

in

commodity

markets

over

the

past

year.

A

recent

takeover

offer

further

drove

the

shares

higher.

Pason

Systems,

a

Canadian

energy

services

and

technology

company

and

the

leading

global

provider

of

specialized

data

management

systems

for

onshore

and

offshore

oil

rigs,

was

another

primary

contributor.

The

shares

were

supported

by

tightness

in

the

commodity

markets,

strong

earnings

performance

resulting

from

positive

pricing

conditions

for

oil,

consistent

improvement

in

U.S.

and

Canadian

land

drilling

activity

and

strong

market

positioning.

Another

leading

contributor

to

performance

was

Star

Bulk

Carriers,

a

Greek

bulk

shipping

company

in

the

industrials

sector.

Star

Bulk

Carriers

has

benefited

from

continued

robust

demand

for

dry

commodities,

while

general

skepticism

around

the

sustainability

of

shipping

rates

has

kept

its

shipping

fleet

growth

muted.

While

we

remain

constructive

around

these

industry

dynamics,

the

share

price

hit

our

fair

value

price

targets

during

the

period,

prompting

us

to

exit

the

position.

Among

individual

detractors,

Marston’s,

a

British

pub

and

restaurant

operator

in

the

consumer

discretionary

sector,

saw

its

share

price

decline

in

tandem

with

the

broader

consumer

discretionary

sector

in

the

first

half

of

2022,

as

inflation

sparked

a

shift

in

consumer

spending

patterns

and

a

retreat

to

more

defensive

sectors.

Additionally,

the

company

faced

headwinds

due

to

the

inflationary

impacts

of

rising

input

costs

in

food,

alcoholic

beverages

and

energy,

and

rising

wages

in

the

face

of

weaker

demand.

Melco

International

Development,

also

in

the

consumer

discretionary

sector,

is

an

Asia-based

gaming

and

casino

operator

which

derives

almost

all

of

its

net

asset

value

from

its

57%

ownership

stake

in

Macau

casino

operator

Melco

Resorts

and

Entertainment

(not

a

Fund

holding).

The

company’s

stock

waivered

given

repeated

delays

in

the

casino

reopening

process

in

Macau

due

to

the

development

of

COVID-19

variants

and

the

Chinese

government’s

zero

tolerance

policy.

Additionally,

the

stock

was

hurt

by

fears

over

higher

government

involvement

in

the

Macau

casino

license

re-tendering

process.

Top

10

Countries

7/31/22

a

%

of

Total

Net

Assets

a

a

United

Kingdom

18.3%

Japan

15.3%

Canada

6.5%

Spain

5.6%

China

5.4%

France

5.2%

Italy

4.7%

South

Korea

3.2%

Denmark

2.6%

Switzerland

2.5%

Top

10

Industries

7/31/22

.

%

of

Total

Net

Assets

a

a

Machinery

9.0%

Banks

8.5%

Metals

&

Mining

6.9%

Trading

Companies

&

Distributors

6.5%

Oil,

Gas

&

Consumable

Fuels

5.6%

Hotels,

Restaurants

&

Leisure

3.4%

Construction

&

Engineering

3.3%

Electrical

Equipment

3.3%

Health

Care

Equipment

&

Supplies

3.2%

Air

Freight

&

Logistics

3.1%

Franklin

International

Small

Cap

Fund

13

franklintempleton.com

Annual

Report

Granges,

in

the

materials

sector,

is

a

Swedish

developer,

producer

and

distributor

for

rolled

aluminum

products,

with

about

half

of

sales

going

to

the

automotive

industry.

The

company

found

its

stock

price

heavily

impacted

by

constrained

automobile

production

due

to

semiconductor

shortages.

Additionally,

investors

were

concerned

that

soaring

input

costs

would

pressure

profit

margins.

While

we

believed

the

company

could

pass

on

aluminum

cost

increases,

we

realized

that

other

categories

of

inflation

such

as

freight

and

energy

would

continue

to

be

challenging.

Hence,

we

chose

to

exit

the

position.

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,

2022,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

7/31/22

Company

Industry,

Country

%

of

Total

Net

Assets

a

aa

BAWAG

Group

AG

2.2%

Banks,

Austria

Yellow

Cake

plc

2.2%

Trading

Companies

&

Distributors,

United

Kingdom

Pason

Systems,

Inc.

2.0%

Energy

Equipment

&

Services,

Canada

Parex

Resources,

Inc.

2.0%

Oil,

Gas

&

Consumable

Fuels,

Canada

Mersen

SA

2.0%

Electrical

Equipment,

France

Galliford

Try

Holdings

plc

1.9%

Construction

&

Engineering,

United

Kingdom

Morgan

Advanced

Materials

plc

1.9%

Machinery,

United

Kingdom

Wincanton

plc

1.9%

Air

Freight

&

Logistics,

United

Kingdom

Tethys

Oil

AB

1.8%

Oil,

Gas

&

Consumable

Fuels,

Sweden

Coats

Group

plc

1.7%

Textiles,

Apparel

&

Luxury

Goods,

United

Kingdom

Performance

Summary

as

of

July

31,

2022

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

7/31/22

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

-18.27%

-22.76%

5-Year

-21.91%

-5.90%

10-Year

+49.84%

+3.54%

Advisor

1-Year

-18.05%

-18.05%

5-Year

-20.90%

-4.58%

10-Year

+53.68%

+4.39%

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

(8/1/12–7/31/22)

Advisor

Class

(8/1/12–7/31/22)

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

countries

in

which

the

Fund

is

not

invested,

may

adversely

affect

the

value

of

investments

held

by

the

Fund.

The

manager’s

portfolio

selection

strategy

is

not

solely

based

on

ESG

considerations,

and

therefore

the

issuers

in

which

the

Fund

invests

may

not

be

considered

ESG-focused

companies.

Integrating

ESG

considerations

into

the

investment

process

is

not

a

guarantee

that

better

performance

will

be

achieved.

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

1.

The

Fund

has

an

expense

reduction

contractually

guaranteed

through

11/30/22.

Fund

investment

results

reflect

the

expense

reduction;

without

this

reduction,

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

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.

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.

Total

Annual

Operating

Expenses

6

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

1.30%

1.63%

Advisor

1.05%

1.38%

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.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

2/1/22

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$849.70

$5.96

$1,018.35

$6.50

1.30%

C

$1,000

$845.90

$9.39

$1,014.62

$10.25

2.05%

R

$1,000

$848.50

$7.10

$1,017.12

$7.74

1.55%

R6

$1,000

$851.10

$4.36

$1,020.08

$4.76

0.95%

Advisor

$1,000

$850.10

$4.82

$1,019.58

$5.27

1.05%

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,

2022

2021

2020

2019

2018

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.76

$18.34

$14.62

$15.31

$13.18

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.06)

(0.09)

(0.04)

0.04

0.06

Net

realized

and

unrealized

gains

(losses)

...........

(6.72)

4.99

3.78

(0.50)

2.26

Total

from

investment

operations

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

(6.78)

4.90

3.74

(0.46)

2.32

Less

distributions

from:

Net

investment

income

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

(0.17)

—

(0.02)

(0.03)

—

Net

realized

gains

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

(0.21)

(0.48)

—

(0.20)

(0.19)

Total

distributions

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

(0.38)

(0.48)

(0.02)

(0.23)

(0.19)

Net

asset

value,

end

of

year

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

$15.60

$22.76

$18.34

$14.62

$15.31

Total

return

c

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

(30.19)%

26.98%

25.52%

(2.62)%

17.73%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.15%

1.13%

1.17%

1.19%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.11%

1.11%

d

1.10%

d

1.05%

d

1.15%

d

Net

investment

income

(loss)

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

(0.32)%

(0.41)%

(0.25)%

0.32%

0.43%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$528,966

$961,676

$579,893

$289,944

$161,607

Portfolio

turnover

rate

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

17.92%

14.47%

37.51%

18.11%

58.36%

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,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$21.48

$17.46

$14.00

$14.74

$12.80

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.20)

(0.23)

(0.15)

(0.06)

(0.03)

Net

realized

and

unrealized

gains

(losses)

...........

(6.34)

4.73

3.61

(0.48)

2.16

Total

from

investment

operations

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

(6.54)

4.50

3.46

(0.54)

2.13

Less

distributions

from:

Net

investment

income

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

(0.03)

—

—

—

—

Net

realized

gains

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

(0.21)

(0.48)

—

(0.20)

(0.19)

Total

distributions

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

(0.24)

(0.48)

—

(0.20)

(0.19)

Net

asset

value,

end

of

year

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

$14.70

$21.48

$17.46

$14.00

$14.74

Total

return

c

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

(30.73)%

26.04%

24.63%

(3.34)%

16.76%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.90%

1.88%

1.92%

1.94%

2.02%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.86%

1.86%

d

1.85%

d

1.80%

d

1.90%

d

Net

investment

(loss)

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

(1.08)%

(1.15)%

(0.98)%

(0.43)%

(0.32)%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$32,663

$62,560

$39,440

$27,397

$22,542

Portfolio

turnover

rate

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

17.92%

14.47%

37.51%

18.11%

58.36%

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,

2022

2021

2020

2019

2018

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.48

$18.16

$14.50

$15.21

$13.16

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.10)

(0.12)

(0.07)

—

c

0.04

Net

realized

and

unrealized

gains

(losses)

...........

(6.64)

4.92

3.73

(0.48)

2.22

Total

from

investment

operations

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

(6.74)

4.80

3.66

(0.48)

2.26

Less

distributions

from:

Net

investment

income

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

(0.16)

—

—

(0.03)

(0.02)

Net

realized

gains

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

(0.21)

(0.48)

—

(0.20)

(0.19)

Total

distributions

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

(0.37)

(0.48)

—

(0.23)

(0.21)

Net

asset

value,

end

of

year

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

$15.37

$22.48

$18.16

$14.50

$15.21

Total

return

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

(30.37)%

26.69%

25.24%

(2.88)%

17.34%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.40%

1.38%

1.41%

1.43%

1.49%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.36%

1.35%

d

1.35%

d

1.29%

d

1.37%

d

Net

investment

income

(loss)

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

(0.55)%

(0.58)%

(0.45)%

0.08%

0.21%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$5,940

$8,630

$2,365

$1,848

$1,086

Portfolio

turnover

rate

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

17.92%

14.47%

37.51%

18.11%

58.36%

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,

2022

2021

2020

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.94

$18.44

$14.69

$15.34

$13.25

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.01

(0.01)

0.03

0.08

0.12

Net

realized

and

unrealized

gains

(losses)

...........

(6.76)

5.01

3.79

(0.48)

2.26

Total

from

investment

operations

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

(6.75)

5.00

3.82

(0.40)

2.38

Less

distributions

from:

Net

investment

income

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

(0.26)

(0.02)

(0.07)

(0.05)

(0.10)

Net

realized

gains

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

(0.21)

(0.48)

—

(0.20)

(0.19)

Total

distributions

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

(0.47)

(0.50)

(0.07)

(0.25)

(0.29)

Net

asset

value,

end

of

year

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

$15.72

$22.94

$18.44

$14.69

$15.34

Total

return

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

(29.93)%

27.44%

26.08%

(2.26)%

18.15%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.80%

0.78%

0.81%

0.84%

0.85%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.73%

c

0.71%

c

0.66%

c

0.71%

Net

investment

income

(loss)

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

0.04%

(0.03)%

0.17%

0.71%

0.87%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$346,328

$548,647

$379,331

$344,257

$83,292

Portfolio

turnover

rate

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

17.92%

14.47%

37.51%

18.11%

58.36%

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,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$22.89

$18.40

$14.66

$15.33

$13.24

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

(0.01)

(0.04)

—

c

0.09

0.10

Net

realized

and

unrealized

gains

(losses)

...........

(6.76)

5.01

3.79

(0.51)

2.26

Total

from

investment

operations

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

(6.77)

4.97

3.79

(0.42)

2.36

Less

distributions

from:

Net

investment

income

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

(0.23)

(—)

c

(0.05)

(0.05)

(0.08)

Net

realized

gains

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

(0.21)

(0.48)

—

(0.20)

(0.19)

Total

distributions

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

(0.44)

(0.48)

(0.05)

(0.25)

(0.27)

Net

asset

value,

end

of

year

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

$15.68

$22.89

$18.40

$14.66

$15.33

Total

return

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

(30.04)%

27.31%

25.90%

(2.45)%

17.98%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

0.90%

0.88%

0.92%

0.94%

1.02%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.86%

0.86%

d

0.85%

d

0.80%

d

0.90%

d

Net

investment

income

(loss)

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

(0.07)%

(0.17)%

0.03%

0.57%

0.68%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$975,415

$1,665,974

$1,158,652

$863,973

$294,254

Portfolio

turnover

rate

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

17.92%

14.47%

37.51%

18.11%

58.36%

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

Schedule

of

Investments,

July

31,

2022

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

98.2%

Aerospace

&

Defense

3.9%

MTU

Aero

Engines

AG

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

Germany

385,000

$

74,429,359

Air

Freight

&

Logistics

3.7%

DSV

A/S

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

Denmark

415,000

69,928,876

Banks

2.9%

FinecoBank

Banca

Fineco

SpA

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

Italy

4,450,000

55,307,169

Biotechnology

7.1%

CSL

Ltd.

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

Australia

325,000

66,175,504

a

Genmab

A/S

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

Denmark

189,000

67,250,919

133,426,423

Capital

Markets

7.0%

Deutsche

Boerse

AG

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

Germany

350,000

61,100,866

Intermediate

Capital

Group

plc

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

United

Kingdom

3,106,000

57,900,396

Macquarie

Group

Ltd.

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

Australia

100,000

12,798,339

131,799,601

Chemicals

9.6%

Koninklijke

DSM

NV

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

Netherlands

410,000

65,664,380

Sika

AG

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

Switzerland

230,000

56,815,192

Symrise

AG

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

Germany

500,000

58,345,676

180,825,248

Diversified

Telecommunication

Services

2.0%

b

Cellnex

Telecom

SA,

144A,

Reg

S

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

Spain

850,000

38,021,625

Entertainment

3.5%

a

CTS

Eventim

AG

&

Co.

KGaA

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

Germany

1,208,933

66,595,322

Health

Care

Equipment

&

Supplies

6.4%

Alcon,

Inc.

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

Switzerland

848,000

66,723,570

Cochlear

Ltd.

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

Australia

360,000

54,261,687

120,985,257

Internet

&

Direct

Marketing

Retail

3.5%

a

MercadoLibre

,

Inc.

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

Brazil

81,000

65,910,510

IT

Services

12.9%

a,b

Adyen

NV,

144A,

Reg

S

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

Netherlands

38,000

68,356,738

a

Amadeus

IT

Group

SA

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

Spain

1,180,860

68,859,591

Keywords

Studios

plc

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

Ireland

2,300,000

70,710,953

a

Shopify,

Inc.,

A

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

Canada

1,050,000

36,571,500

244,498,782

Life

Sciences

Tools

&

Services

3.6%

a

Evotec

SE

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

Germany

2,580,000

67,034,791

Media

7.1%

a,b

Ascential

plc,

Reg

S

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

United

Kingdom

14,800,000

52,913,416

CyberAgent

,

Inc.

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

Japan

4,160,000

41,508,617

a

Viaplay

Group

AB,

B

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

Sweden

1,352,975

40,179,578

134,601,611

Pharmaceuticals

2.9%

Hikma

Pharmaceuticals

plc

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

Jordan

2,570,000

54,322,128

Professional

Services

6.2%

a

Clarivate

plc

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

United

States

4,500,000

65,205,000

Franklin

Global

Trust

Schedule

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)

Professional

Services

(continued)

Experian

plc

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

United

Kingdom

1,460,000

$

51,117,937

116,322,937

Semiconductors

&

Semiconductor

Equipment

3.3%

ASML

Holding

NV

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

Netherlands

110,000

63,226,513

Software

12.6%

AVEVA

Group

plc

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

United

Kingdom

1,709,997

49,471,090

a

CyberArk

Software

Ltd.

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

United

States

520,000

67,667,600

a

Nice

Ltd.,

ADR

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

Israel

290,000

62,065,800

SimCorp

A/S

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

Denmark

800,000

59,711,455

238,915,945

Total

Common

Stocks

(Cost

$1,717,036,762)

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

1,856,152,097

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.7%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

1.445%

....

United

States

32,721,821

32,721,821

Total

Money

Market

Funds

(Cost

$32,721,821)

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

32,721,821

Total

Short

Term

Investments

(Cost

$32,721,821

)

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

32,721,821

a

Total

Investments

(Cost

$1,749,758,583)

99.9%

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

$1,888,873,918

Other

Assets,

less

Liabilities

0.1%

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

438,755

Net

Assets

100.0%

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

$1,889,312,673

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,

2022,

the

aggregate

value

of

these

securities

was

$159,291,779,

representing

8.4%

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,

2022

2021

2020

2019

2018

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.53

$11.56

$16.48

$19.68

$20.61

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.38

0.55

c

0.02

0.20

0.47

Net

realized

and

unrealized

gains

(losses)

...........

(3.40)

4.42

(4.05)

(2.87)

0.41

Total

from

investment

operations

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

(3.02)

4.97

(4.03)

(2.67)

0.88

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.27)

(1.23)

Net

realized

gains

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

—

—

(0.89)

(0.26)

(0.58)

Total

distributions

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

—

—

(0.89)

(0.53)

(1.81)

Net

asset

value,

end

of

year

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

$13.51

$16.53

$11.56

$16.48

$19.68

Total

return

d

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

(18.27)%

42.99%

e

(25.96)%

(13.49)%

4.32%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.62%

1.74%

1.59%

1.41%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.30%

f

1.62%

f

1.58%

g

1.41%

f

1.38%

f

Net

investment

income

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

2.42%

3.80%

c

0.13%

1.11%

2.32%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$41,420

$55,460

$48,963

$95,528

$142,505

Portfolio

turnover

rate

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

29.57%

114.68%

28.08%

11.86%

26.98%

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,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.03

$11.31

$16.25

$19.42

$20.36

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.22

0.46

c

(0.09)

0.06

0.32

Net

realized

and

unrealized

gains

(losses)

...........

(3.24)

4.26

(3.96)

(2.82)

0.39

Total

from

investment

operations

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

(3.02)

4.72

(4.05)

(2.76)

0.71

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.15)

(1.07)

Net

realized

gains

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

—

—

(0.89)

(0.26)

(0.58)

Total

distributions

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

—

—

(0.89)

(0.41)

(1.65)

Net

asset

value,

end

of

year

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

$13.01

$16.03

$11.31

$16.25

$19.42

Total

return

d

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

(18.84)%

41.73%

(26.64)%

(14.10)%

3.50%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.37%

2.49%

2.32%

2.16%

2.14%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

2.05%

e

2.39%

e

2.31%

f

2.16%

e

2.14%

e

Net

investment

income

(loss)

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

1.42%

3.30%

c

(0.63)%

0.36%

1.56%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,042

$3,039

$3,692

$10,942

$19,184

Portfolio

turnover

rate

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

29.57%

114.68%

28.08%

11.86%

26.98%

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,

2022

2021

2020

2019

2018

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.47

$11.56

$16.50

$19.72

$20.66

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.33

0.61

c

(0.01)

0.17

0.42

Net

realized

and

unrealized

gains

(losses)

...........

(3.36)

4.30

(4.04)

(2.89)

0.40

Total

from

investment

operations

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

(3.03)

4.91

(4.05)

(2.72)

0.82

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.24)

(1.18)

Net

realized

gains

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

—

—

(0.89)

(0.26)

(0.58)

Total

distributions

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

—

—

(0.89)

(0.50)

(1.76)

Net

asset

value,

end

of

year

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

$13.44

$16.47

$11.56

$16.50

$19.72

Total

return

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

(18.40)%

42.47%

(26.23)%

(13.67)%

3.97%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.87%

2.00%

1.81%

1.66%

1.64%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.55%

d

1.91%

d

1.80%

e

1.66%

d

1.64%

d

Net

investment

income

(loss)

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

2.10%

4.27%

c

(0.06)%

0.86%

2.06%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$378

$607

$809

$2,482

$3,450

Portfolio

turnover

rate

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

29.57%

114.68%

28.08%

11.86%

26.98%

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,

2022

2021

2020

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.69

$11.66

$16.54

$19.74

$20.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43

0.95

c

0.08

0.29

0.56

Net

realized

and

unrealized

gains

(losses)

...........

(3.40)

4.08

(4.07)

(2.91)

0.40

Total

from

investment

operations

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

(2.97)

5.03

(3.99)

(2.62)

0.96

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.32)

(1.31)

Net

realized

gains

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

—

—

(0.89)

(0.26)

(0.58)

Total

distributions

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

—

—

(0.89)

(0.58)

(1.89)

Net

asset

value,

end

of

year

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

$13.72

$16.69

$11.66

$16.54

$19.74

Total

return

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

(17.80)%

43.14%

d

(25.72)%

(13.12)%

4.70%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.38%

1.51%

1.12%

1.02%

1.01%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

0.95%

e

1.35%

e

1.09%

1.02%

e

1.01%

e

Net

investment

income

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

2.71%

6.95%

c

0.54%

1.50%

2.69%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$688

$1,044

$4,119

$125,218

$450,645

Portfolio

turnover

rate

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

29.57%

114.68%

28.08%

11.86%

26.98%

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

Include

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,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$16.68

$11.64

$16.53

$19.73

$20.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40

0.61

c

0.06

0.23

0.52

Net

realized

and

unrealized

gains

(losses)

...........

(3.41)

4.43

(4.06)

(2.87)

0.40

Total

from

investment

operations

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

(3.01)

5.04

(4.00)

(2.64)

0.92

Less

distributions

from:

Net

investment

income

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

—

—

—

(0.30)

(1.28)

Net

realized

gains

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

—

—

(0.89)

(0.26)

(0.58)

Total

distributions

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

—

—

(0.89)

(0.56)

(1.86)

Net

asset

value,

end

of

year

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

$13.67

$16.68

$11.64

$16.53

$19.73

Total

return

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

(18.05)%

43.30%

d

(25.74)%

(13.22)%

4.51%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.37%

1.50%

1.27%

1.16%

1.14%

Expenses

net

of

waiver

and

payments

by

affiliates

and

expense

reduction

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

1.05%

e

1.40%

e

1.26%

f

1.16%

e

1.14%

e

Net

investment

income

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

2.54%

4.23%

c

0.41%

1.36%

2.56%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$18,743

$31,002

$50,041

$439,650

$763,309

Portfolio

turnover

rate

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

29.57%

114.68%

28.08%

11.86%

26.98%

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

Schedule

of

Investments,

July

31,

2022

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

93.6%

Aerospace

&

Defense

1.0%

QinetiQ

Group

plc

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

United

Kingdom

134,987

$

628,677

Air

Freight

&

Logistics

3.1%

SBS

Holdings,

Inc.

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

Japan

36,200

759,957

Wincanton

plc

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

United

Kingdom

252,543

1,159,528

1,919,485

Airlines

1.4%

a

Chorus

Aviation,

Inc.

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

Canada

201,092

497,823

a

JET2

plc

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

United

Kingdom

33,228

372,431

870,254

Auto

Components

0.8%

SAF-Holland

SE

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

Germany

61,159

494,752

Banks

8.5%

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

29,756

1,373,896

BPER

Banca

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

Italy

213,782

296,769

a

Eurobank

Ergasias

Services

and

Holdings

SA

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

Greece

936,449

862,675

Spar

Nord

Bank

A/S

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

Denmark

57,920

663,658

Sydbank

A/S

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

Denmark

31,698

973,430

Tisco

Financial

Group

PCL

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

Thailand

162,120

397,120

Unicaja

Banco

SA

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

Spain

844,438

730,482

5,298,030

Building

Products

1.3%

Sanwa

Holdings

Corp.

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

Japan

74,400

803,685

Capital

Markets

2.0%

b

Anima

Holding

SpA

,

144A,

Reg

S

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

Italy

177,740

624,047

a,b

Fairfax

India

Holdings

Corp.,

144A,

Reg

S

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

India

56,380

600,447

1,224,494

Chemicals

1.8%

Essentra

plc

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

United

Kingdom

162,298

489,922

Okamoto

Industries,

Inc.

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

Japan

21,450

636,505

1,126,427

Commercial

Services

&

Supplies

2.5%

b

Befesa

SA,

144A,

Reg

S

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

Spain

5,951

275,667

b

Dynagreen

Environmental

Protection

Group

Co.

Ltd.,

H,

Reg

S

...

China

1,051,449

409,531

Elis

SA

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

France

57,643

860,414

1,545,612

Construction

&

Engineering

3.3%

Galliford

Try

Holdings

plc

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

United

Kingdom

568,222

1,185,319

Maire

Tecnimont

SpA

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

Italy

312,921

869,050

2,054,369

Construction

Materials

1.7%

Krosaki

Harima

Corp.

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

Japan

17,100

572,242

RHI

Magnesita

NV

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

United

States

18,108

499,190

1,071,432

Diversified

Financial

Services

0.6%

b

doValue

SpA

,

144A,

Reg

S

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

Italy

59,390

362,671

Franklin

Global

Trust

Schedule

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

3.3%

Mersen

SA

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

France

34,528

$

1,214,804

Nexans

SA

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

France

8,595

825,545

2,040,349

Electronic

Equipment,

Instruments

&

Components

0.5%

Strix

Group

plc

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

Isle

of

Man

159,421

310,240

Energy

Equipment

&

Services

2.0%

Pason

Systems,

Inc.

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

Canada

104,180

1,251,299

Entertainment

0.4%

a

Stillfront

Group

AB

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

Sweden

105,508

276,534

Food

&

Staples

Retailing

1.2%

MARR

SpA

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

Italy

54,190

750,025

Food

Products

1.8%

First

Pacific

Co.

Ltd.

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

Indonesia

701,338

279,860

JDE

Peet's

NV

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

Netherlands

16,866

489,179

Select

Harvests

Ltd.

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

Australia

114,573

370,249

1,139,288

Health

Care

Equipment

&

Supplies

3.2%

i

-SENS,

Inc.

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

South

Korea

38,646

1,027,803

Value

Added

Technology

Co.

Ltd.

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

South

Korea

38,204

971,653

1,999,456

Health

Care

Providers

&

Services

0.5%

Fagron

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

Belgium

22,205

338,705

Hotels,

Restaurants

&

Leisure

3.4%

a

Marston's

plc

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

United

Kingdom

1,026,353

596,699

a

Melco

International

Development

Ltd.

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

Hong

Kong

1,001,091

678,934

a

Melia

Hotels

International

SA

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

Spain

132,420

835,244

2,110,877

Household

Durables

1.5%

DFS

Furniture

plc

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

United

Kingdom

163,043

287,058

a

Victoria

plc

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

United

Kingdom

24,343

110,795

Vistry

Group

plc

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

United

Kingdom

45,016

507,462

905,315

IT

Services

1.3%

Bell

System24

Holdings,

Inc.

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

Japan

37,400

433,687

Sopra

Steria

Group

SACA

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

France

2,185

364,107

797,794

Leisure

Products

0.6%

a

Goodbaby

International

Holdings

Ltd.

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

China

3,057,003

358,442

Machinery

9.0%

Amada

Co.

Ltd.

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

Japan

37,600

303,485

Cargotec

OYJ,

B

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

Finland

26,748

946,039

Deutz

AG

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

Germany

148,152

618,550

Fuji

Corp.

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

Japan

42,600

660,153

Meidensha

Corp.

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

Japan

49,400

764,559

Metso

Outotec

OYJ

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

Finland

66,984

553,764

Morgan

Advanced

Materials

plc

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

United

Kingdom

304,128

1,179,619

Franklin

Global

Trust

Schedule

of

Investments

Franklin

International

Small

Cap

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(continued)

franklintempleton.com

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part

of

these

financial

statements.

32

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Sulzer

AG

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

Switzerland

9,061

$

607,238

5,633,407

Marine

0.3%

Eneti

,

Inc.

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

United

States

25,347

162,728

Media

0.8%

a

Mediaset

Espana

Comunicacion

SA

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

Spain

149,826

521,338

Metals

&

Mining

6.9%

Alamos

Gold,

Inc.,

A

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

Canada

92,860

733,888

AMG

Advanced

Metallurgical

Group

NV

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

Netherlands

25,560

717,544

Anglo

Pacific

Group

plc

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

United

Kingdom

421,437

809,871

a

ERO

Copper

Corp.

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

Brazil

58,052

574,400

Jupiter

Mines

Ltd.

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

Australia

1,484,426

206,637

Mitsui

Mining

&

Smelting

Co.

Ltd.

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

Japan

18,100

433,449

a

Orla

Mining

Ltd.

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

Canada

119,960

361,613

Sims

Ltd.

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

United

States

46,770

486,361

4,323,763

Oil,

Gas

&

Consumable

Fuels

5.6%

Harbour

Energy

plc

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

United

Kingdom

103,331

462,064

Parex

Resources,

Inc.

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

Canada

65,941

1,227,671

Serica

Energy

plc

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

United

Kingdom

141,552

655,172

Tethys

Oil

AB

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

Sweden

168,951

1,135,573

3,480,480

Personal

Products

1.2%

Chlitina

Holding

Ltd.

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

China

117,972

726,850

Pharmaceuticals

0.8%

Hikma

Pharmaceuticals

plc

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

Jordan

24,338

514,433

Professional

Services

2.8%

Applus

Services

SA

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

Spain

123,141

894,252

JAC

Recruitment

Co.

Ltd.

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

Japan

20,300

299,639

Tanseisha

Co.

Ltd.

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

Japan

95,500

577,178

1,771,069

Real

Estate

Management

&

Development

2.7%

b

Aedas

Homes

SA,

144A,

Reg

S

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

Spain

14,324

245,083

JHSF

Participacoes

SA

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

Brazil

472,744

520,970

Sun

Frontier

Fudousan

Co.

Ltd.

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

Japan

110,700

927,979

1,694,032

Semiconductors

&

Semiconductor

Equipment

2.3%

Optorun

Co.

Ltd.

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

Japan

33,243

471,696

a

u-

blox

Holding

AG

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

Switzerland

8,135

952,038

1,423,734

Specialty

Retail

1.7%

Luk

Fook

Holdings

International

Ltd.

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

Hong

Kong

201,657

492,369

Wickes

Group

plc

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

United

Kingdom

323,922

537,666

1,030,035

Textiles,

Apparel

&

Luxury

Goods

2.2%

Coats

Group

plc

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

United

Kingdom

1,189,920

1,076,179

Franklin

Global

Trust

Schedule

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

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

a,b

Samsonite

International

SA,

144A,

Reg

S

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

United

States

143,814

$

301,664

1,377,843

Trading

Companies

&

Distributors

6.5%

Kanamoto

Co.

Ltd.

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

Japan

30,500

469,589

Kanematsu

Corp.

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

Japan

55,800

581,654

Lumax

International

Corp.

Ltd.

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

Taiwan

363,000

827,635

Nishio

Rent

All

Co.

Ltd.

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

Japan

37,983

821,266

a,b

Yellow

Cake

plc,

144A,

Reg

S

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

United

Kingdom

295,580

1,354,774

4,054,918

Transportation

Infrastructure

2.3%

a

Beijing

Capital

International

Airport

Co.

Ltd.,

H

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

China

681,115

400,394

China

Merchants

Port

Holdings

Co.

Ltd.

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

China

339,990

548,349

Shenzhen

International

Holdings

Ltd.

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

China

504,872

465,031

1,413,774

Water

Utilities

0.8%

China

Water

Affairs

Group

Ltd.

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

China

529,604

475,378

Total

Common

Stocks

(Cost

$72,174,121)

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

58,281,994

a

Total

Investments

(Cost

$72,174,121)

93.6%

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

$58,281,994

Other

Assets,

less

Liabilities

6.4%

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

3,989,402

Net

Assets

100.0%

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

$62,271,396

See

Abbreviations

on

page

50

.

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,

2022,

the

aggregate

value

of

these

securities

was

$5,547,780,

representing

8.9%

of

net

assets.

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

July

31,

2022

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

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

$1,717,036,762

$72,174,121

Cost

-

Non-controlled

affiliates

(Note

3f)

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

32,721,821

—

Value

-

Unaffiliated

issuers

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

$1,856,152,097

$58,281,994

Value

-

Non-controlled

affiliates

(Note

3f)

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

32,721,821

—

Foreign

currency,

at

value

(cost

$–

and

$83,785

respectively)

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

—

83,785

Receivables:

Investment

securities

sold

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

6,970,209

—

Capital

shares

sold

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

1,282,819

1,157

Dividends

and

interest

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

4,274,790

1,068,451

European

Union

tax

reclaims

(Note

1

d

)

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

40,633

3,983,043

Total

assets

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

1,901,442,369

63,418,430

Liabilities:

Payables:

Investment

securities

purchased

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

7,395

—

Capital

shares

redeemed

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

10,007,979

33,327

Management

fees

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

1,113,350

13,257

Distribution

fees

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

134,863

9,414

Transfer

agent

fees

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

526,990

18,815

Reports

to

shareholders

fees

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

133,180

46,087

Professional

fees

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

87,107

85,752

Trustees'

fees

and

expenses

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

2,199

1,155

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

1

d

)

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

—

764,016

Funds

advanced

by

custodian

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

—

63,626

Accrued

expenses

and

other

liabilities

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

116,633

111,585

Total

liabilities

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

12,129,696

1,147,034

Net

assets,

at

value

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

$1,889,312,673

$62,271,396

Net

assets

consist

of:

Paid-in

capital

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

$1,762,821,673

$224,320,359

Total

distributable

earnings

(losses)

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

126,491,000

(162,048,963)

Net

assets,

at

value

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

$1,889,312,673

$62,271,396

Franklin

Global

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2022

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

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

$528,965,734

$41,419,553

Shares

outstanding

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

33,908,854

3,066,198

Net

asset

value

per

share

a

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

$15.60

$13.51

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%

and

94.50%,

respectively)

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

$16.51

$14.30

Class

C:

Net

assets,

at

value

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

$32,663,318

$1,042,403

Shares

outstanding

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

2,221,829

80,118

Net

asset

value

and

maximum

offering

price

per

share

a

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

$14.70

$13.01

Class

R:

Net

assets,

at

value

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

$5,940,118

$377,968

Shares

outstanding

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

386,476

28,132

Net

asset

value

and

maximum

offering

price

per

share

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

$15.37

$13.44

Class

R6:

Net

assets,

at

value

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

$346,328,396

$688,384

Shares

outstanding

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

22,034,397

50,190

Net

asset

value

and

maximum

offering

price

per

share

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

$15.72

$13.72

Advisor

Class:

Net

assets,

at

value

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

$975,415,107

$18,743,088

Shares

outstanding

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

62,191,066

1,371,032

Net

asset

value

and

maximum

offering

price

per

share

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

$15.68

$13.67

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,

2022

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

$1,991,033

and

$293,499,

respectively)

Unaffiliated

issuers

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

$20,772,116

$2,748,630

Non-controlled

affiliates

(Note

3f)

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

84,730

—

Interest:

Unaffiliated

issuers

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

—

388

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

93

—

Non-controlled

affiliates

(Note

3

f

)

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

62

—

Other

income

(Note

1

d

)

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

—

139,759

Total

investment

income

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

20,857,001

2,888,777

Expenses:

Management

fees

(Note

3

a

)

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

19,112,825

629,254

Distribution

fees:

(Note

3c

)

    Class

A

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

1,777,666

125,832

    Class

C

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

462,224

14,541

    Class

R

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

36,331

2,286

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

1,055,980

105,958

    Class

C

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

68,433

3,109

    Class

R

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

10,860

973

    Class

R6

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

197,102

1,930

    Advisor

Class

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

2,106,559

53,366

Custodian

fees

(Note

4

)

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

172,197

8,368

Reports

to

shareholders

fees

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

258,233

12,310

Registration

and

filing

fees

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

149,052

75,268

Professional

fees

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

91,453

86,333

Trustees'

fees

and

expenses

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

27,378

20,632

Other

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

91,925

80,952

Total

expenses

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

25,618,218

1,221,112

Expense

reductions

(Note

4

)

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

—

(530)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(1,101,535)

(252,880)

Net

expenses

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

24,516,683

967,702

Net

investment

income

(loss)

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

(3,659,682)

1,921,075

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

86,981,505

(5,158,103)

Foreign

currency

transactions

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

247,307

(23,768)

Net

realized

gain

(loss)

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

87,228,812

(5,181,871)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(1,031,782,100)

(10,714,262)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(259,083)

(767,068)

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,032,041,183)

(11,481,330)

Net

realized

and

unrealized

gain

(loss)

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

(944,812,371)

(16,663,201)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(948,472,053)

$(14,742,126)

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,

2022

Year

Ended

July

31,

2021

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(3,659,682)

$(6,536,042)

$1,921,075

$3,938,720

Net

realized

gain

(loss)

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

87,228,812

(17,244,499)

(5,181,871)

22,639,650

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,032,041,183)

669,528,690

(11,481,330)

8,835,321

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(948,472,053)

645,748,149

(14,742,126)

35,413,691

Distributions

to

shareholders:

Class

A

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

(14,061,063)

(17,840,182)

—

—

Class

C

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

(618,253)

(1,197,048)

—

—

Class

R

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

(141,213)

(91,405)

—

—

Class

R6

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

(11,070,606)

(11,536,930)

—

—

Advisor

Class

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

(34,285,765)

(32,378,752)

—

—

Total

distributions

to

shareholders

.....

(60,176,900)

(63,044,317)

—

—

Capital

share

transactions:

(Note

2

)

Class

A

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

(171,767,099)

217,611,008

(4,386,144)

(12,152,851)

Class

C

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

(12,556,814)

12,894,787

(1,762,750)

(1,921,505)

Class

R

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

60,984

5,301,908

(149,469)

(491,347)

Class

R6

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

(28,412,445)

66,578,434

(192,878)

(4,185,976)

Advisor

Class

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

(136,849,757)

202,715,936

(7,647,434)

(33,133,250)

Total

capital

share

transactions

.......

(349,525,131)

505,102,073

(14,138,675)

(51,884,929)

Net

increase

(decrease)

in

net

assets

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

(1,358,174,084)

1,087,805,905

(28,880,801)

(16,471,238)

Net

assets:

Beginning

of

year

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

3,247,486,757

2,159,680,852

91,152,197

107,623,435

End

of

year

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

$1,889,312,673

$3,247,486,757

$62,271,396

$91,152,197

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.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

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.

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'

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

July

31,

2022,

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.

Franklin

Global

Trust

Notes

to

Financial

Statements

39

franklintempleton.com

Annual

Report

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

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,

2022,

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.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

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

Fund,

and

the

Funds

previously

passed

through

to

its

shareholders

foreign

taxes

incurred

by

the

Fund

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.

The

Funds

previously

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

any

adjustments

to

estimated

payments

as

other

income

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,

2022, 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,

2022,

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,

2022

Shares

sold

a

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

5,610,497

$112,507,501

343,549

$5,433,029

Shares

issued

in

reinvestment

of

distributions

..........

674,836

13,989,341

—

—

Shares

redeemed

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

(14,621,875)

(298,263,941)

(632,346)

(9,819,173)

Net

increase

(decrease)

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

(8,336,542)

$(171,767,099)

(288,797)

$(4,386,144)

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)

Class

C

Class

C

Shares:

Year

ended

July

31,

2022

Shares

sold

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

351,033

$6,599,773

15,664

$241,926

Shares

issued

in

reinvestment

of

distributions

..........

31,378

615,936

—

—

Shares

redeemed

a

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

(1,073,328)

(19,772,523)

(125,057)

(2,004,676)

Net

increase

(decrease)

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

(690,917)

$(12,556,814)

(109,393)

$(1,762,750)

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)

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,

2022

Shares

sold

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

113,619

$2,121,088

2,623

$39,977

Shares

issued

in

reinvestment

of

distributions

..........

6,902

141,213

—

—

Shares

redeemed

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

(117,922)

(2,201,317)

(11,358)

(189,446)

Net

increase

(decrease)

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

2,599

$60,984

(8,735)

$(149,469)

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)

Class

R6

Class

R6

Shares:

Year

ended

July

31,

2022

Shares

sold

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

6,373,637

$123,725,583

13,375

$215,589

Shares

issued

in

reinvestment

of

distributions

..........

489,484

10,200,857

—

—

Shares

redeemed

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

(8,740,796)

(162,338,885)

(25,748)

(408,467)

Net

increase

(decrease)

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

(1,877,675)

$(28,412,445)

(12,373)

$(192,878)

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)

Advisor

Class

Advisor

Class

Shares:

Year

ended

July

31,

2022

Shares

sold

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

29,035,296

$569,225,162

65,175

$1,030,051

Shares

issued

in

reinvestment

of

distributions

..........

1,353,169

28,159,439

—

—

Shares

redeemed

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

(40,969,267)

(734,234,358)

(552,557)

(8,677,485)

Net

increase

(decrease)

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

(10,580,802)

$(136,849,757)

(487,382)

$(7,647,434)

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)

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,

calculated

daily

and

paid

monthly,

to

FT

Institutional

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

International

Small

Cap

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

has

follows:

For

the

year

ended

July

31,

2022,

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)

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

........

0.723%

0.800%

Franklin

Global

Trust

Notes

to

Financial

Statements

44

franklintempleton.com

Annual

Report

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.

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

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

$144,584

$4,662

CDSC

retained

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

$29,776

$1,182

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,

2022,

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,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows:

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

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Transfer

agent

fees

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

$1,466,864

$74,933

    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,

1.445%

$

84,459,275

$

496,577,077

$

(548,314,531)

$

—

$

—

$

32,721,821

32,721,821

$

84,730

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

1.445%

$—

$10,360,000

$(10,360,000)

$—

$—

$—

—

$62

Total

Affiliated

Securities

...

$84,459,275

$506,937,077

$(558,674,531)

$—

$—

$32,721,821

$84,792

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

46

franklintempleton.com

Annual

Report

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,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund’s

fiscal

year

end.

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

interest

expense,

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

0.02%

based

on

the

average

net

assets

of

the

class

until

November

30,

2022.

Prior

to

December

1,

2021,

the

Class

R6

transfer

agent

fees

were

limited

to

0.01%

based

on

the

average

net

assets

of

the

class.

For

Franklin

International

Small

Cap

Fund,

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

November

30,

2022.

Prior

to

December

1,

2021,

the

Class

R6

transfer

agent

fees

were

limited

to

0.02%

based

on

the

average

net

assets

of

the

class.

h.

Other

Affiliated

Transactions

During

the

year

ended

July

31,

2021,

affiliated

parties

reimbursed

the

Franklin

International

Small

Cap

Fund

$54,272

for

losses

resulting

from

a

NAV

error.

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

Fu

nds'

custodian

expenses.

D

uring

the

year

ended

July

31,

2022,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

 At

July

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

1

1

1

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

—

$

16,446,918

Long

term

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

—

136,603,064

Total

capital

loss

carryforwards

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

$—

$153,049,982

3.

Transactions

with

Affiliates

(continued)

g.

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

47

franklintempleton.com

Annual

Report

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,

2022,

Franklin

International

Growth

Fund

deferred

late-year

ordinary

losses

of

$30,506,235.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2022

and

2021,

was

as

follows:

At

July

31,

2022,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

EU

reclaims,

passive

foreign

investment

company

shares

and

wash

sales.

The

Funds,

except

for

Fund

Franklin

International

Small

Cap

Fund

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

realized

capital

gains.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2022,

were

as

follows:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

2022

2021

2022

2021

Distributions

paid

from:

Ordinary

income

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

$30,568,639

$2,014,258

$—

$—

Long

term

capital

gain

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

29,608,261

61,030,059

—

—

$60,176,900

$63,044,317

$—

$—

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

a

a

a

Cost

of

investments

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

$1,757,142,203

$72,399,910

Unrealized

appreciation

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

$367,712,580

$2,048,245

Unrealized

depreciation

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

(235,980,865)

(16,166,161)

Net

unrealized

appreciation

(depreciation)

.......

$131,731,715

$(14,117,916)

Distributable

earnings:

Undistributed

ordinary

income

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

$—

$3,564,984

Undistributed

long

term

capital

gains

...........

25,432,154

—

Total

distributable

earnings

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

$25,432,154

$3,564,984

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Purchases

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

$461,137,324

$21,684,229

Sales

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

$827,731,691

$32,614,026

5.

Income

Taxes

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

48

franklintempleton.com

Annual

Report

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.

Geopolitical

Risk

On

February

24,

2022,

Russia

engaged

in

military

actions

in

the

sovereign

territory

of

Ukraine.

The

current

political

and

financial

uncertainty

surrounding

Russia

and

Ukraine

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

these

countries

and

may

also

cause

uncertainty

for

the

global

economy

and

broader

financial

markets.

The

ultimate

fallout

and

long-term

impact

from

these

events

are

not

known.

The

Funds

will

continue

to

assess

the

impact

on

valuations

and

liquidity

and

will

take

any

potential

actions

needed

in

accordance

with

procedures

approved

by

the

Board.

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

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

10.

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

3,

2023.

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,

2022,

the

Funds

did

not

use

the

Global

Credit

Facility.

11.

Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

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)

Franklin

Global

Trust

Notes

to

Financial

Statements

49

franklintempleton.com

Annual

Report

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,

2022,

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

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

$

—

$

74,429,359

$

—

$

74,429,359

Air

Freight

&

Logistics

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

—

69,928,876

—

69,928,876

Banks

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

—

55,307,169

—

55,307,169

Biotechnology

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

—

133,426,423

—

133,426,423

Capital

Markets

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

—

131,799,601

—

131,799,601

Chemicals

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

—

180,825,248

—

180,825,248

Diversified

Telecommunication

Services

.....

—

38,021,625

—

38,021,625

Entertainment

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

—

66,595,322

—

66,595,322

Health

Care

Equipment

&

Supplies

.........

—

120,985,257

—

120,985,257

Internet

&

Direct

Marketing

Retail

..........

65,910,510

—

—

65,910,510

IT

Services

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

36,571,500

207,927,282

—

244,498,782

Life

Sciences

Tools

&

Services

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

—

67,034,791

—

67,034,791

Media

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

—

134,601,611

—

134,601,611

Pharmaceuticals

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

—

54,322,128

—

54,322,128

Professional

Services

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

65,205,000

51,117,937

—

116,322,937

Semiconductors

&

Semiconductor

Equipment

.

—

63,226,513

—

63,226,513

Software

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

129,733,400

109,182,545

—

238,915,945

Short

Term

Investments

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

32,721,821

—

—

32,721,821

Total

Investments

in

Securities

...........

$330,142,231

$1,558,731,687

a

$—

$1,888,873,918

Franklin

International

Small

Cap

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

628,677

—

628,677

Air

Freight

&

Logistics

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

—

1,919,485

—

1,919,485

Airlines

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

497,823

372,431

—

870,254

Auto

Components

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

—

494,752

—

494,752

Banks

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

—

5,298,030

—

5,298,030

Building

Products

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

—

803,685

—

803,685

Capital

Markets

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

600,447

624,047

—

1,224,494

Chemicals

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

—

1,126,427

—

1,126,427

Commercial

Services

&

Supplies

...........

—

1,545,612

—

1,545,612

Construction

&

Engineering

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

—

2,054,369

—

2,054,369

Construction

Materials

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

—

1,071,432

—

1,071,432

Diversified

Financial

Services

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

—

362,671

—

362,671

Electrical

Equipment

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

—

2,040,349

—

2,040,349

Electronic

Equipment,

Instruments

&

Components

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

310,240

—

—

310,240

Energy

Equipment

&

Services

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

1,251,299

—

—

1,251,299

Entertainment

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

—

276,534

—

276,534

Food

&

Staples

Retailing

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

—

750,025

—

750,025

Food

Products

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

—

1,139,288

—

1,139,288

Health

Care

Equipment

&

Supplies

.........

—

1,999,456

—

1,999,456

Health

Care

Providers

&

Services

..........

—

338,705

—

338,705

Hotels,

Restaurants

&

Leisure

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

596,699

1,514,178

—

2,110,877

Household

Durables

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

—

905,315

—

905,315

IT

Services

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

—

797,794

—

797,794

Leisure

Products

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

—

358,442

—

358,442

Machinery

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

1,179,619

4,453,788

—

5,633,407

11.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Financial

Statements

50

franklintempleton.com

Annual

Report

12.

New

Accounting

Pronouncements

In June

2022,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

is

currently

evaluating

the

impact,

if

any,

of

applying

this

ASU.

13.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

International

Small

Cap

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Marine

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

$

162,728

$

—

$

—

$

162,728

Media

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

—

521,338

—

521,338

Metals

&

Mining

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

2,479,772

1,843,991

—

4,323,763

Oil,

Gas

&

Consumable

Fuels

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

1,227,671

2,252,809

—

3,480,480

Personal

Products

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

—

726,850

—

726,850

Pharmaceuticals

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

—

514,433

—

514,433

Professional

Services

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

894,252

876,817

—

1,771,069

Real

Estate

Management

&

Development

....

766,053

927,979

—

1,694,032

Semiconductors

&

Semiconductor

Equipment

.

—

1,423,734

—

1,423,734

Specialty

Retail

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

537,666

492,369

—

1,030,035

Textiles,

Apparel

&

Luxury

Goods

..........

—

1,377,843

—

1,377,843

Trading

Companies

&

Distributors

..........

—

4,054,918

—

4,054,918

Transportation

Infrastructure

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

—

1,413,774

—

1,413,774

Water

Utilities

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

—

475,378

—

475,378

Total

Investments

in

Securities

...........

$10,504,269

$47,777,725

b

$—

$58,281,994

a

Includes

foreign

securities

valued

at

$1,558,731,687,

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

$47,777,725,

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.

Selected

Portfolio

ADR

American

Depositary

Receipt

11.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

51

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Global

Trust

and

Shareholders

of

Franklin

International

Growth

Fund

and

Franklin

International

Small

Cap

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedule

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,

2022,

the

related

statements

of

operations

for

the

year

ended

July

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

(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,

2022,

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,

2022

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

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,

2022

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

20,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Global

Trust

Tax

Information

(unaudited)

52

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amount

s

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

their

period.

The

Funds

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

year

ended

July

31,

2022:

Under

Section

853

of

the

Internal

Revenue

Code,

the

Fund

intends

to

elect

to

pass

through

to

their

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Fund

s

during

the

year

ended

J

ul

y

31,

202

2

:

Pursuant

to:

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$32,964,411

—

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$16,837,078

$2,548,189

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

Foreign

Taxes

Paid

$1,991,033

—

Franklin

Global

Trust

Board

Members

and

Officers

53

franklintempleton.com

Annual

Report

The

name,

year

of

birth

and

address

of

the

officers

and

board

members,

as

well

as

their

affiliations,

positions

held

with

the

Trust,

principal

occupations

during

at

least

the

past

five

years

and

number

of

U.S.

registered

portfolios

overseen

in

the

Franklin

Templeton/Legg

Mason

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

119

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

100

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

120

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

54

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

120

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)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

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

120

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

the

Coca-Cola

Company

(beverage

company)

(2021-present);

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

(2019-2020);

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

120

Graham

Holdings

Company

(education

and

media

organization)

(2011-2021);

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

55

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

2021

100

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)

(2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

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

131

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

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

120

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

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

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Independent

Board

Members

(continued)

Franklin

Global

Trust

56

franklintempleton.com

Annual

Report

Name,

Year

of

Birth

and

Address

Position

Length

of

Time

Served

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Board

Member*

Other

Directorships

Held

During

at

Least

the

Past

5

Years

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

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

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

January

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

57

franklintempleton.com

Annual

Report

*We

base

the

number

of

portfolios

on

each

separate

series

of

the

U.S.

registered

investment

companies

within

the

Franklin

Templeton/Legg

Mason

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

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:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Interested

Board

Members

and

Officers

(continued)

Franklin

Global

Trust

Shareholder

Information

58

franklintempleton.com

Annual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

GLOBAL

TRUST

Franklin

International

Growth

Fund

Franklin

International

Small

Cap

Fund

(each

a

Fund)

At

an

in-person

meeting

held

on

February

28,

2022

(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

ClearBridge

Investments,

LLC

(Sub-Adviser)

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,

FAI

and

Sub-

Adviser

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

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

at

the

Meeting.

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

acknowledged

the

ongoing

integration

of

the

Legg

Mason

family

of

funds

into

the

FT

family

of

funds

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

recent

geopolitical

concerns.

Franklin

Global

Trust

Shareholder

Information

59

franklintempleton.com

Annual

Report

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Managers’

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

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

being

a

global

leader

in

stewardship

and

sustainability

and

the

recent

addition

of

a

senior

executive

focused

on

environmental,

social

and

governance

and

climate

control

initiatives.

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,

2021.

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

three-,

five-

and

10-year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

and

in

the

fifth

quintile

(worst)

of

its

Performance

Universe.

The

Board

also

noted

that,

although

the

Fund’s

one-year

annualized

total

return

was

below

the

median

of

its

Performance

Universe,

the

return

exceeded

5.0%

for

the

one-year

period

and

exceeded

10.0%

for

each

other

reporting

period.

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

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

performance

of

the

Fund

with

management

and

management

reminded

the

Board

that

the

Sub-Adviser

was

retained

to

sub-advise

the

Fund

in

June

2021

and

explained

that

the

Sub-Adviser

has

been

actively

repositioning

the

Fund’s

portfolio

consistent

with

the

Sub-Adviser’s

value

investment

philosophy.

Management

further

explained

that

stock

selection

was

the

primary

detractor

of

the

Fund’s

longer-term

performance

in

sectors

such

as

communication

services,

financials

and

health

care,

among

others.

Management

discussed

with

the

Board

the

actions

that

are

being

taken

in

an

effort

to

improve

the

performance

of

the

Fund,

including

enhancements

to

the

Fund’s

portfolio

positioning.

The

Board

concluded

that

the

Fund’s

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management’s

efforts

continue

to

be

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

or

semi-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

P,

Class

R5

shares

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60

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and

Class

W

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

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,

two

other

international

small-/mid-cap

core

funds,

12

international

small-/mid-cap

growth

funds,

and

three

international

small-/

mid-cap

value

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

below

the

median

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group,

but

its

actual

total

expense

ratio

was

above

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

reflected

a

fee

waiver

from

management.

The

Board

noted

that

the

Fund’s

Sub-Adviser

is

paid

by

FAI

out

of

the

management

fee

FAI

receives

from

the

Fund

and

that

the

allocation

of

the

fee

between

FAI

and

the

Sub-Adviser

reflected

the

services

provided

by

each

to

the

Fund.

After

consideration

of

the

above,

the

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

and

the

sub-advisory

fee

paid

to

the

Sub-Adviser

are

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,

2021,

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

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

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61

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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.

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

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

for

the

Franklin

Templeton

and

Legg

Mason

Funds

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

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

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

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

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(954)

527-

7678

or

by

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Franklin

Templeton

Franklin

Global

Trust

Shareholder

Information

62

franklintempleton.com

Annual

Report

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

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Attention:

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Copies

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the

Trust’s

proxy

voting

records

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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

Schedule

of

Investments

The

Trust

files

a

complete

schedule

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

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the

Commission’s

Public

Reference

Room

in

Washington,

DC.

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the

operations

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Reports

and

Prospectuses

You

will

receive,

or

receive

notice

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availability

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financial

reports

every

six

months.

In

addition,

you

will

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annual

updated

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prospectus

(detail

prospectus

available

upon

request).

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Fund

expenses,

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“householding,”

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prospectuses

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you

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electronic

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A

09/22

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Templeton

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a

fund’s

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goals,

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charges

and

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A

prospectus

contains

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please

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and

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Letter

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Global

Trust

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Manager

Distributor

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Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

A

Series

of

Franklin

Global

Trust

July

31,

2022

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

5

Your

Fund’s

Expenses

8

Consolidated

Financial

Highlights

and

Consolidated

Schedule

of

Investments

9

Consolidated

Financial

Statements

15

Notes

to

Consolidated

Financial

Statements

18

Report

of

Independent

Registered

Public

Accounting

Firm

32

Tax

Information

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

July

31,

2022

.

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

7/31/22.

**For

detailed

categories,

see

accompanying

Consolidated

Schedule

of

Invest-

ments.

Performance

Overview

The

Fund

posted

a

-15.52%

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

-19.28%

cumulative

total

return.

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

-21.73%

cumulative

total

return.

2

The

Fund’s

third

benchmark,

the

JPM

Government

Bond

Index-

Emerging

Markets

(GBI-EM)

Broad

Diversified

Index

(USD

Unhedged),

which

tracks

local

currency

bonds

issued

in

emerging

markets,

posted

a

-15.94%

cumulative

total

return.

1

Also

for

comparison,

the

Fund’s

fourth

benchmark,

the

ICE

BofA

Emerging

Market

Corporate

Plus

(USD

Hedged)

Index,

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

-15.22%

cumulative

total

return.

1

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

5

.

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

During

the

12

months

under

review,

the

spread-to-worst

of

U.S.-dollar

(USD)

emerging

market

(EM)

government

bonds

widened

in

excess

of

100

basis

points

(bps)

to

533

bps

by

period-end.

The

main

drivers

of

spread

widening

were

the

escalation

of

geopolitical

tensions

between

Russia

and

Ukraine,

which

reached

outright

conflict

by

the

end

of

February

2022,

as

well

as

the

geopolitical

and

economic

repercussions

for

the

rest

of

the

world

as

a

result.

In

addition,

the

International

Monetary

Fund

(IMF)

downgraded

its

growth

forecast

for

emerging

market

and

developing

economies

in

2022

by

one

percentage

point

to

3.8%

in

its

April

2022

World

Economic

Outlook.

U.S.

inflation

rose

throughout

the

period,

accelerating

to

a

rate

of

9.1%

in

June

2022,

above

consensus

forecasts

of

8.8%,

which

was

the

highest

level

recorded

since

June

1981.

This

prompted

further

hawkish

rhetoric

from

the

U.S.

Federal

Reserve

(Fed).

Consequently,

U.S.

10-year

Treasury

yields

spiked

by

more

than

100

bps

to

reach

2.65%

at

the

end

of

July

2022,

having

challenged

the

3.5%

level

in

early

June.

Portfolio

Composition

7/31/22

%

of

Total

Net

Assets

Foreign

Government

and

Agency

Securities

57.6%

Corporate

Bonds

18.2%*

Quasi-Sovereign

Bonds

11.3%*

Supranational

5.5%

Warrants

2.6%

Other**

0.8%*

Short-Term

Investments

&

Other

Net

Assets

4.0%

1.

Source:

Morningstar.

2.

Source:

FactSet.

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

Schedule

of

Investments

(SOI).

The

Consolidated

SOI

begins

on

page

10

.

Franklin

Emerging

Market

Debt

Opportunities

Fund

3

ftinstitutional.com

Annual

Report

This

movement

placed

further

pressure

on

the

EM

debt

asset

class.

Oil

prices

surged

by

around

50%

over

the

period

under

review.

The

Brent

crude

benchmark

hit

a

peak

high

at

the

start

of

March

2022,

before

moderating

slightly

lower

by

the

end

of

the

period.

Investment

Strategy

Our

portfolio

construction

process

can

be

summarized

in

three

integral

steps—country

allocation,

currency

allocation

and

issue

selection.

The

first

stage

of

our

emerging

market

debt

investment

process

is

identifying

the

countries

for

which

we

have

a

favorable

outlook,

which

we

manage

with

a

bottom-up,

research-driven

perspective.

Since

the

portfolio

is

constructed

through

bottom-up,

fundamental

research

and

not

relative

to

a

benchmark

index,

there

is

no

requirement

to

hold

issues

from

any

one

country.

The

next

decision

is

whether

to

take

exposure

in

the

form

of

“hard

currency”

or

local

currency

instruments.

Hard

currencies

are

currencies

in

which

investors

have

confidence

and

are

typically

currencies

of

economically

and

politically

stable

industrialized

nations.

The

last

decision

concerns

security

selection.

This

depends

on

a

number

of

factors,

including

the

type

of

the

security’s

coupon

(fixed

or

floating).

Manager’s

Discussion

During

the

12

months

under

review,

the

key

geopolitical

event

was

an

escalation

in

tensions

between

Russia

and

Ukraine,

which

ultimately

gave

way

to

outright

conflict

in

late

February

2022.

Belarus

was

caught

up

in

the

fallout

due

to

its

geographical

proximity

and

its

strategic

use

by

Russian

forces

to

gain

access

to

Ukrainian

provinces.

As

such,

Belarus

became

subject

to

similar

sanctions

to

those

imposed

on

Russia.

However,

the

portfolio

retained

a

position

in

a

2022

local-currency

security

of

the

Development

Bank

of

the

Republic

of

Belarus.

Contrary

to

market

expectations,

this

bond

was

redeemed

at

par

value

in

May

2022,

having

traded

in

single

digits

in

the

run-up

to

maturity,

injecting

a

significantly

positive

influence

on

performance.

Geographic

Composition

7/31/22

%

of

Total

Net

Assets

Mexico

7.3%

Supranational

5.5%

Turkey

5.5%

South

Africa

4.4%

Kazakhstan

4.1%

Dominican

Republic

3.9%

Suriname

3.8%

Colombia

3.8%

Uzbekistan

3.1%

Angola

3.0%

Nigeria

2.9%

Venezuela

2.9%

Iraq

2.9%

Argentina

2.8%

Trinidad

and

Tobago

2.8%

Uruguay

2.7%

Egypt

2.7%

Ghana

2.6%

Gabon

2.2%

Grenada

2.1%

Ukraine

1.9%

Ethiopia

1.5%

Armenia

1.4%

Czech

Republic

1.4%

Benin

1.4%

Honduras

1.3%

Costa

Rica

1.3%

Tunisia

1.2%

Mozambique

1.2%

El

Salvador

1.1%

Georgia

1.1%

Kenya

1.1%

Brazil

1.1%

Peru

1.1%

Paraguay

1.0%

Other

5.9%

Short-Term

Investments

&

Other

Net

Assets

4.0%

Franklin

Emerging

Market

Debt

Opportunities

Fund

4

ftinstitutional.com

Annual

Report

Surinamese

bonds

delivered

a

resilient

performance

over

the

course

of

the

review

period.

During

the

first

quarter

of

2022,

Total

Energy

and

APA

Corporation

made

another

significant

new

oil

and

gas

discovery

at

the

Krabdagu-1

well,

in

the

central

area

of

Block

58,

offshore

Suriname.

The

successful

exploration

is

a

significant

addition

to

the

discovered

resources

in

the

central

area

of

Block

58

and

we

believe,

will

encourage

further

exploration.

In

our

opinion,

as

more

oil

and

gas

are

discovered

in

Suriname,

the

weaker

the

government’s

request

for

a

severe

haircut

on

its

bond

debt

becomes,

which

could

thereby

drive

up

the

price

of

these

securities.

A

further

factor

was

the

country’s

progress

under

its

International

Monetary

Fund

program,

a

sign

that

the

Surinamese

authorities

are

making

good

headway

in

implementing

the

ambitious

set

of

reforms

that

underpin

their

economic

recovery

strategy,

in

our

view.

As

mentioned

above,

an

extended

period

of

geopolitical

tensions

between

Russia

and

Ukraine

ultimately

led

to

conflict

in

the

latter

stages

of

the

review

period.

The

resilience,

or

lack

thereof,

of

Ukrainian

hard-currency

bonds

fluctuated

from

month-to-month

in

the

aftermath,

although

the

predominant

trend

proved

sharply

negative.

Initially,

it

was

feared

that

a

Russian

victory

would

jeopardize

Ukraine’s

sovereign

status.

However,

with

no

prospect

of

a

short-term

resolution,

rhetoric

quickly

shifted

towards

concerns

over

the

country’s

ability

to

meet

its

debt

repayment

schedule

during

the

third

quarter

of

2022

and

beyond,

which

was

confirmed

by

a

formal

request

by

authorities

for

a

two-year

grace

period

on

the

country’s

sovereign

external

debt

service

at

the

end

of

July

2022.

The

sweeping

financial

sanctions

that

have

been

implemented

by

the

U.S.

and

European

Union

against

Belarus

and

Russia,

most

significantly

the

freezing

of

Russia’s

international

reserves

held

in

the

U.S.

and

Europe,

made

it

increasingly

difficult

for

payments

made

by

Russia

to

service

its

external

debt

to

international

bondholders.

The

expiry

in

May

2022

of

an

Office

of

Foreign

Assets

Control

(OFAC)

license

that

allowed

for

debt

service

payments

to

be

processed

by

U.S.

banks

ultimately

resulted

in

Russia

formally

defaulting

on

its

external

debt

at

the

end

of

June

2022.

This

situation

impacted

most

other

Russian

borrowers,

causing

very

weak

performance

of

this

section

of

the

portfolio.

For

the

12

months

ended

July

31,

2022,

the

USD

rose

in

value

relative

to

most

currencies.

As

a

result,

the

Fund’s

performance

was

negatively

affected

by

the

portfolio’s

investment

in

securities

with

non-U.S.

currency

exposure.

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,

2022,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Top

10

Holdings

7/31/22

Issuer

Industry

,

Country

%

of

Total

Net

Assets

a

a

Mexico

Government

Bond

5.4%

Diversified

Financial

Services,

Mexico

Dominican

Republic

Government

Bond

3.9%

Diversified

Financial

Services,

Dominican

Republic

Suriname

Government

Bond

3.8%

Diversified

Financial

Services,

Suriname

Meridiam

Eastern

Europe

Investments

SAS

3.1%

Diversified

Financial

Services,

Turkey

Uzbekistan

Government

Bond

3.1%

Diversified

Financial

Services,

Uzbekistan

Kazakhstan

Government

Bond

3.0%

Diversified

Financial

Services,

Kazakhstan

Angola

Government

Bond

3.0%

Diversified

Financial

Services,

Angola

Iraq

Government

Bond

2.9%

Diversified

Financial

Services,

Iraq

Inter-American

Development

Bank

2.8%

Diversified

Financial

Services,

Supranational

Provincia

del

Chubut

Argentina

2.8%

Municipal

Bonds,

Argentina

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

July

31,

2022

Franklin

Emerging

Market

Debt

Opportunities

Fund

5

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

7/31/22

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

-15.52%

-15.52%

5-Year

+2.59%

+0.51%

10-Year

+29.94%

+2.65%

See

page

7

for

Performance

Summary

footnotes.

Franklin

Emerging

Market

Debt

Opportunities

Fund

Performance

Summary

6

ftinstitutional.com

Annual

Report

See

page

7

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.

8/1/12–7/31/22

Franklin

Emerging

Market

Debt

Opportunities

Fund

Performance

Summary

7

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

im-

posed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Fund

has

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Fund’s

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments

may

be

impaired.

The

Fund

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

zero

value.

In

addition,

any

exposure

that

the

Fund

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Fund’s

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impos-

sible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Fund’s

performance

and

the

value

of

an

investment

in

the

Fund,

even

beyond

any

direct

exposure

the

Fund

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

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

11/30/22.

Fund

investment

results

reflect

the

expense

reduction

and

fee

waivers;

without

these

reductions,

the

results

would

have

been

lower.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

4.

Source:

Morningstar.

The

J.P.

Morgan

(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

ICE

BofA

Emerging

Market

Corporate

Plus

(USD

Hedged)

Index

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.

The

JPM

GBI-EM

Broad

Diversified

Index

(USD

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.

5.

Source:

FactSet.

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.

6.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Consolidated

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Total

Annual

Operating

Expenses

6

With

Fee

Waiver

Without

Fee

Waiver

1.01%

1.26%

Your

Fund’s

Expenses

Franklin

Emerging

Market

Debt

Opportunities

Fund

8

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

2/1/22

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

Ending

Account

Value

7/31/22

Expenses

Paid

During

Period

2/1/22–7/31/22

1,2

a

Net

Annualized

Expense

Ratio

2

$1,000

$869.30

$4.64

$1,019.83

$5.02

1.00%

Franklin

Global

Trust

Consolidated

Financial

Highlights

Franklin

Emerging

Market

Debt

Opportunities

Fund

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

9

a

Year

Ended

July

31,

2022

2021

2020

2019

2018

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$11.73

$10.19

$11.66

$11.68

$11.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.77

0.71

0.97

0.97

0.86

Net

realized

and

unrealized

gains

(losses)

...........

(2.59)

0.83

(1.64)

(0.13)

(0.36)

Total

from

investment

operations

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

(1.82)

1.54

(0.67)

0.84

0.50

Less

distributions

from:

Net

investment

income

and

net

foreign

currency

gains

..

—

—

(0.80)

(0.86)

(0.47)

Net

realized

gains

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

—

—

—

—

(0.03)

Total

distributions

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

—

—

(0.80)

(0.86)

(0.50)

Net

asset

value,

end

of

year

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

$9.91

$11.73

$10.19

$11.66

$11.68

Total

return

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

(15.52)%

15.11%

(6.24)%

8.04%

4.04%

Ratios

to

average

net

assets

Expenses

before

waiver

and

payments

by

affiliates

......

1.14%

1.24%

1.15%

1.11%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.00%

1.00%

1.00%

1.00%

1.00%

Net

investment

income

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

6.90%

6.34%

8.95%

8.58%

7.31%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$55,697

$135,374

$111,159

$387,888

$518,344

Portfolio

turnover

rate

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

43.31%

61.28%

34.71%

14.29%

33.70%

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

Schedule

of

Investments,

July

31,

2022

Franklin

Emerging

Market

Debt

Opportunities

Fund

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

10

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%

b,d,e

Ukraine

Government,

VRI,

GDP

Linked

Security,

Senior

Bond,

Reg

S,

5/31/40

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

Ukraine

2,000,000

547,500

a,b,f

Venezuela

Government,

Oil

Value

Recovery,

4/15/20

...........

Venezuela

925,920

911,318

1,458,818

Total

Warrants

(Cost

$18,386,506)

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

1,458,818

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

11.3%

Diversified

Financial

Services

3.1%

a

Meridiam

Eastern

Europe

Investments

SAS

,

8.85

%

,

6/10/28

.....

Turkey

1,885,714

EUR

1,745,112

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

—

1,745,112

Municipal

Bonds

2.8%

d

Provincia

del

Chubut

Argentina

,

Senior

Secured

Bond

,

144A,

7.24

%

,

7/26/30

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

Argentina

2,142,200

1,544,445

Oil,

Gas

&

Consumable

Fuels

3.4%

d

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

Venezuela

700,000

698,670

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

600,000

494,946

d

Heritage

Petroleum

Co.

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

8/12/29

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

Trinidad

and

Tobago

650,000

672,425

1,866,041

Road

&

Rail

1.1%

d

Kazakhstan

Temir

Zholy

Finance

BV

,

Senior

Bond

,

144A,

6.95

%

,

7/10/42

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

Kazakhstan

700,000

595,388

Transportation

Infrastructure

0.9%

d,j

PA

Autopista

Rio

Magdalena

,

Index

Linked,

Senior

Secured

Bond

,

144A,

6.05

%

,

6/15/36

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

Colombia

2,868,825,700

COP

525,316

Total

Quasi-Sovereign

Bonds

(Cost

$10,696,410)

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

6,276,302

Franklin

Global

Trust

Consolidated

Schedule

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

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

18.2%

Airlines

1.3%

d

Pegasus

Hava

Tasimaciligi

A/S

,

Senior

Note

,

144A,

9.25

%

,

4/30/26

Turkey

800,000

$

729,696

Banks

3.3%

d

Access

Bank

plc

,

Senior

Note

,

144A,

6.125

%

,

9/21/26

..........

Nigeria

600,000

446,310

d

Akbank

TAS

,

Sub.

Bond

,

144A,

6.797%

to

4/26/23,

FRN

thereafter

,

4/27/28

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

Turkey

650,000

564,603

d

Fidelity

Bank

plc

,

Senior

Note,

144A,

10.5%,

10/16/22

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

Nigeria

400,000

394,400

Senior

Note,

144A,

7.625%,

10/28/26

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

Nigeria

550,000

435,215

1,840,528

Capital

Markets

1.1%

d

Georgia

Capital

JSC

,

Senior

Note

,

144A,

6.125

%

,

3/09/24

.......

Georgia

650,000

619,453

Chemicals

1.4%

d

Braskem

Idesa

SAPI

,

Senior

Secured

Bond,

144A,

6.99%,

2/20/32

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

Mexico

450,000

389,210

Senior

Secured

Note,

144A,

7.45%,

11/15/29

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

Mexico

400,000

365,094

754,304

Construction

&

Engineering

0.6%

d

IHS

Netherlands

Holdco

BV

,

Senior

Note

,

144A,

8

%

,

9/18/27

.....

Nigeria

400,000

356,748

Construction

Materials

0.6%

d

Cemex

SAB

de

CV

,

Senior

Bond

,

144A,

3.875

%

,

7/11/31

.......

Mexico

400,000

321,954

Food

Products

1.0%

d

Frigorifico

Concepcion

SA

,

Senior

Secured

Note

,

144A,

7.7

%

,

7/21/28

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

Paraguay

700,000

565,236

Metals

&

Mining

1.9%

d,k

Petra

Diamonds

US

Treasury

plc

,

Senior

Secured

Note

,

144A,

PIK,

10.5

%

,

3/08/26

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

South

Africa

1,086,439

1,038,273

Multiline

Retail

0.0%

a,d,k

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

3

%

,

12/31/22

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

South

Africa

4,842,864

—

a,d,k

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

PIK,

25

%

,

12/31/22

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

South

Africa

2,133,302

—

—

Oil,

Gas

&

Consumable

Fuels

4.8%

d

Energo-Pro

A/S

,

Senior

Note

,

144A,

8.5

%

,

2/04/27

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

Czech

Republic

800,000

766,780

d

Kosmos

Energy

Ltd.

,

Senior

Note

,

144A,

7.75

%

,

5/01/27

........

Ghana

350,000

297,556

d

MC

Brazil

Downstream

Trading

SARL

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/30/31

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

Brazil

750,000

602,756

d

Medco

Oak

Tree

Pte.

Ltd.

,

Senior

Secured

Note

,

144A,

7.375

%

,

5/14/26

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

Indonesia

270,000

251,964

d

Tullow

Oil

plc

,

Senior

Note,

144A,

7%,

3/01/25

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

Ghana

402,000

332,876

Senior

Secured

Note,

144A,

10.25%,

5/15/26

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

Ghana

420,000

394,311

2,646,243

Real

Estate

Management

&

Development

0.6%

d

Country

Garden

Holdings

Co.

Ltd.

,

Senior

Secured

Note

,

Reg

S,

7.25

%

,

4/08/26

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

China

980,000

361,404

Franklin

Global

Trust

Consolidated

Schedule

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)

Wireless

Telecommunication

Services

1.6%

d

Telecommunications

Services

of

Trinidad

&

Tobago

Ltd.

,

Senior

Secured

Note

,

144A,

8.875

%

,

10/18/29

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

Trinidad

and

Tobago

970,000

$

894,488

Total

Corporate

Bonds

(Cost

$17,588,740)

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

10,128,327

l

Loan

Participations

and

Assignments

0.8%

a,c,h

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc

,

Sub.

Bond

,

144A,

5.95%

to

4/14/25,

FRN

thereafter

,

4/15/30

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

Russia

1,000,000

—

Global

Distressed

Alpha

Fund

III

LP

,

a,c,f,k,m

PIK,

12%,

Perpetual

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

United

States

1,245,692

464,984

Total

Loan

Participations

and

Assignments

(Cost

$2,074,668)

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

464,984

Foreign

Government

and

Agency

Securities

57.6%

d

Angola

Government

Bond

,

Senior

Bond,

144A,

8%,

11/26/29

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

Angola

1,680,000

1,352,496

Senior

Bond,

144A,

8.75%,

4/14/32

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

Angola

400,000

323,992

Argentina

Government

Bond

,

Senior

Note

,

1

%

,

7/09/29

.........

Argentina

150,490

35,491

d

Armenia

Government

Bond

,

Senior

Bond

,

144A,

3.95

%

,

9/26/29

..

Armenia

1,050,000

787,553

d

Benin

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

1/19/32

...

Benin

1,050,000

EUR

762,780

d

Cameroon

Government

Bond

,

Senior

Bond

,

144A,

5.95

%

,

7/07/32

Cameroon

700,000

EUR

483,095

Colombia

Government

Bond

,

Senior

Bond

,

9.85

%

,

6/28/27

......

Colombia

5,000,000,000

COP

1,070,702

d

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

7.158

%

,

3/12/45

Costa

Rica

800,000

715,801

d

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.4%,

6/05/49

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

Dominican

Republic

900,000

740,361

Senior

Note,

144A,

8.9%,

2/15/23

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

Dominican

Republic

78,000,000

DOP

1,429,188

Egypt

Government

Bond

,

d

Senior

Bond,

144A,

7.625%,

5/29/32

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

Egypt

500,000

316,094

d

Senior

Bond,

144A,

7.5%,

2/16/61

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

Egypt

700,000

393,722

Senior

Note,

14.196%,

7/07/23

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

Egypt

5,100,000

EGP

266,197

Senior

Note,

13.659%,

9/07/23

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

Egypt

9,700,000

EGP

502,338

d

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

7.65

%

,

6/15/35

El

Salvador

1,900,000

629,270

d

Ethiopia

Government

Bond

,

Senior

Bond

,

144A,

6.625

%

,

12/11/24

Ethiopia

1,550,000

809,565

d

Gabon

Government

Bond

,

Senior

Bond,

144A,

6.625%,

2/06/31

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

Gabon

800,000

567,000

Senior

Bond,

144A,

7%,

11/24/31

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

Gabon

900,000

643,455

d

Grenada

Government

Bond

,

Senior

Bond,

144A,

7%,

5/12/30

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

Grenada

894,645

733,608

Senior

Bond,

Reg

S,

7%,

5/12/30

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

Grenada

529,424

434,128

d

Honduras

Government

Bond

,

Senior

Bond

,

144A,

5.625

%

,

6/24/30

Honduras

1,000,000

748,243

d

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

......

Iraq

1,842,500

1,595,283

Jamaica

Government

Bond

,

Senior

Bond

,

7.875

%

,

7/28/45

......

Jamaica

300,000

333,965

d

Jordan

Government

Bond

,

Senior

Bond

,

144A,

5.85

%

,

7/07/30

...

Jordan

600,000

510,030

d

Kazakhstan

Government

Bond

,

Senior

Bond

,

144A,

4.875

%

,

10/14/44

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

Kazakhstan

400,000

340,335

Kazakhstan

MEUKAM

,

Senior

Bond,

5.3%,

4/26/23

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

Kazakhstan

391,961,000

KZT

780,507

Senior

Bond,

5%,

5/15/23

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

Kazakhstan

290,000,000

KZT

573,544

Franklin

Global

Trust

Consolidated

Schedule

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

Foreign

Government

and

Agency

Securities

(continued)

Kenya

Government

Bond

,

Senior

Note

,

12.5

%

,

5/12/25

.........

Kenya

72,250,000

KES

$

619,144

Mexican

Bonos

Desarr

Fixed

Rate

,

M

,

Senior

Bond

,

8

%

,

11/07/47

.

Mexico

27,400,000

MXN

1,238,517

j

Mexican

Udibonos

,

S

,

Index

Linked,

Senior

Bond

,

4

%

,

11/30/28

..

Mexico

23,035,316

MXN

1,130,228

Mexico

Government

Bond

,

Senior

Bond

,

3.75

%

,

1/11/28

........

Mexico

650,000

638,876

d

Mozambique

Government

Bond

,

144A,

5%

to

9/15/23,

9%

thereafter

,

9/15/31

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

Mozambique

950,000

646,950

d

Pakistan

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

4/08/31

.

Pakistan

850,000

430,304

Peru

Bonos

de

la

Tesoreria

,

Senior

Bond

,

5.4

%

,

8/12/34

........

Peru

3,000,000

PEN

599,625

h

Russia

Government

Bond

,

Senior

Bond

,

7.65

%

,

4/10/30

........

Russia

118,425,000

RUB

446,170

d

Saderea

DAC

,

Senior

Secured

Bond

,

Reg

S,

12.5

%

,

11/30/26

....

Ghana

511,226

396,200

South

Africa

Government

Bond

,

Senior

Bond

,

7

%

,

2/28/31

......

South

Africa

30,900,000

ZAR

1,482,460

d,h

Suriname

Government

Bond

,

Senior

Bond,

144A,

9.25%,

10/26/26

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

Suriname

1,200,000

984,000

Senior

Note,

144A,

9.875%,

12/30/23

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

Suriname

1,400,000

1,155,700

Tunisia

Government

Bond

,

Senior

Bond

,

4.2

%

,

3/17/31

.........

Tunisia

190,000,000

JPY

682,469

d

Ukraine

Government

Bond

,

Senior

Bond

,

144A,

7.375

%

,

9/25/32

.

Ukraine

2,600,000

517,826

Uruguay

Government

Bond

,

Senior

Bond,

8.25%,

5/21/31

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

Uruguay

61,000,000

UYU

1,277,478

j

Index

Linked,

Senior

Bond,

3.7%,

6/26/37

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

Uruguay

9,734,241

UYU

236,674

d

Uzbekistan

Government

Bond

,

Senior

Note,

144A,

14.5%,

11/25/23

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

Uzbekistan

6,200,000,000

UZS

579,150

Senior

Note,

144A,

14%,

7/19/24

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

Uzbekistan

12,320,000,000

UZS

1,134,456

Total

Foreign

Government

and

Agency

Securities

(Cost

$43,611,203)

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

32,074,970

Supranational

5.5%

d

Asian

Infrastructure

Investment

Bank

(The)

,

Senior

Note

,

Reg

S,

17.5

%

,

9/14/22

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

Supranational

n

11,750,000

TRY

619,551

European

Investment

Bank

,

Senior

Note

,

8.5

%

,

12/01/23

.......

Supranational

n

2,600,000

GEL

896,289

Inter-American

Development

Bank

,

GDP

Linked

Security

,

Senior

Note

,

7.875

%

,

3/14/23

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

Supranational

n

23,000,000,000

IDR

1,573,288

Total

Supranational

(Cost

$3,801,463)

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

3,089,128

Shares

a

Escrows

and

Litigation

Trusts

0.0%

a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

South

Africa

275,106

—

Total

Escrows

and

Litigation

Trusts

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$101,192,368)

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

53,492,529

a

Franklin

Global

Trust

Consolidated

Schedule

of

Investments

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

14

At

July

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c). 

See

Note 11 regarding

other

derivative

information.

Short

Term

Investments

2.6%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.6%

o,p

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

1.445%

....

United

States

1,426,619

$

1,426,619

Total

Money

Market

Funds

(Cost

$1,426,619)

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

1,426,619

Total

Short

Term

Investments

(Cost

$1,426,619

)

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

1,426,619

a

Total

Investments

(Cost

$102,618,987)

98.6%

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

$54,919,148

Other

Assets,

less

Liabilities

1.4%

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

778,275

Net

Assets

100.0%

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

$55,697,423

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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,

2022,

the

aggregate

value

of

these

securities

was

$35,492,207,

representing

63.7%

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(e).

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(g).

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

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

p

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

Buy

300,000

302,887

9/13/22

$

4,671

$

—

Euro

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

CITI

Sell

3,300,000

3,556,773

9/13/22

173,630

—

Japanese

Yen

......

RBCCM

Sell

92,000,000

692,823

9/13/22

673

—

Total

Forward

Exchange

Contracts

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

$178,974

$—

Net

unrealized

appreciation

(depreciation)

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

$178,974

*

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

31

.

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Assets

and

Liabilities

July

31,

2022

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

15

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$101,192,368

Cost

-

Non-controlled

affiliates

(Note

3d)

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

1,426,619

Value

-

Unaffiliated

issuers

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

$53,492,529

Value

-

Non-controlled

affiliates

(Note

3d)

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

1,426,619

Cash

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

5,813

Foreign

currency,

at

value

(cost

$492,418)

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

482,305

Receivables:

Capital

shares

sold

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

10,152

Interest

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

1,179,860

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

178,974

Total

assets

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

56,776,252

Liabilities:

Payables:

Capital

shares

redeemed

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

862,805

Management

fees

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

28,178

Transfer

agent

fees

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

4,101

Professional

fees

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

101,894

Trustees'

fees

and

expenses

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

1,342

Accrued

expenses

and

other

liabilities

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

80,509

Total

liabilities

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

1,078,829

Net

assets,

at

value

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

$55,697,423

Net

assets

consist

of:

Paid-in

capital

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

$177,052,738

Total

distributable

earnings

(losses)

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

(121,355,315)

Net

assets,

at

value

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

$55,697,423

Shares

outstanding

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

5,619,487

Net

asset

value

and

maximum

offering

price

per

share

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

$9.91

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statement

of

Operations

for

the

year

ended

July

31,

2022

ftinstitutional.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

16

Franklin

Emerging

Market

Debt

Opportunities

Fund

Investment

income:

Dividends:

Non-controlled

affiliates

(Note

3d)

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

$6,320

Interest:

(net

of

foreign

taxes

of

$36,487)

Unaffiliated

issuers

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

8,128,908

Total

investment

income

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

8,135,228

Expenses:

Management

fees

(Note

3

a

)

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

874,996

Transfer

agent

fees

(Note

3

c

)

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

43,899

Custodian

fees

(Note

4

)

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

19,715

Reports

to

shareholders

fees

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

16,162

Registration

and

filing

fees

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

24,865

Professional

fees

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

176,635

Trustees'

fees

and

expenses

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

(8,174)

Other

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

24,261

Total

expenses

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

1,172,359

Expense

reductions

(Note

4

)

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

(76)

Expenses

waived/paid

by

affiliates

(Note

3

d

and

3

e

)

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

(141,944)

Net

expenses

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

1,030,339

Net

investment

income

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

7,104,889

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(9,936,197)

Foreign

currency

transactions

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

748,072

Forward

exchange

contracts

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

397,953

Net

realized

gain

(loss)

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

(8,790,172)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(13,359,453)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

78,518

Forward

exchange

contracts

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

125,946

Change

in

deferred

taxes

on

unrealized

appreciation

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

30,159

Net

change

in

unrealized

appreciation

(depreciation)

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

(13,124,830)

Net

realized

and

unrealized

gain

(loss)

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

(21,915,002)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(14,810,113)

Franklin

Global

Trust

Consolidated

Financial

Statements

Consolidated

Statements

of

Changes

in

Net

Assets

ftinstitutional.com

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

Annual

Report

17

Franklin

Emerging

Market

Debt

Opportunities

Fund

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$7,104,889

$7,081,201

Net

realized

gain

(loss)

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

(8,790,172)

(16,188,656)

Net

change

in

unrealized

appreciation

(depreciation)

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

(13,124,830)

24,681,396

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(14,810,113)

15,573,941

Capital

share

transactions

(Note

2

)

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

(64,866,185)

8,641,059

Net

increase

(decrease)

in

net

assets

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

(79,676,298)

24,215,000

Net

assets:

Beginning

of

year

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

135,373,721

111,158,721

End

of

year

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

$55,697,423

$135,373,721

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

Franklin

Emerging

Market

Debt

Opportunities

Fund

18

ftinstitutional.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

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

19

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

20

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,

2022,

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

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.

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,

2022,

FT

Subsidiary’s

investments,

as

well

as

any

other

assets

and

liabilities

of

FT

Subsidiary

are

reflected

in

the

Fund’s

Consolidated

Schedule

of

Investments

and

Consolidated

Statement

of

Assets

and

Liabilities.

All

intercompany

transactions

and

balances

have

been

eliminated.

At

July

31,

2022,

the

net

assets

of

FT

Subsidiary

were

$1,388,836,

representing

2.5%

of

the

Fund's

consolidated

net

assets.

The

Fund’s

investment

in

FT

Subsidiary

is

limited

to

25%

of

consolidated

assets.

1.

Organization

and

Significant

Accounting

Policies

(continued)

c.

Derivative

Financial

Instruments

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

21

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

f.

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,

2022,

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. 

g.

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.

h.

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.

i.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

22

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

July

31,

2022,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund’s

shares

were

as

follows:

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,

calculated

daily

and

paid

monthly, to

FTIML

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

FT

Subsidiary

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

FTIML

based

on

the

average

daily

net

assets

of

FT

Subsidiary

as

follows:

For

the

year

ended

July

31,

2022,

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.

Year

Ended

July

31,

2022

Year

Ended

July

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

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

4,180,738

$46,662,620

6,212,135

$70,317,466

Shares

redeemed

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

(10,106,573)

(111,528,805)

(5,575,686)

(61,676,407)

Net

increase

(decrease)

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

(5,925,835)

$(64,866,185)

636,449

$8,641,059

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

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

23

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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,

2022,

the

Fund

paid

transfer

agent

fees

of

$43,899,

which were

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,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

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

interest

expense,

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,

2022.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

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,

2022,

the

custodian

fees

were

reduced

as

noted

in

the

Consolidated

Statement

of

Operations. 

    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,

1.445%

$

7,120,269

$

70,860,351

$

(76,554,001)

$

—

$

—

$

1,426,619

1,426,619

$

6,320

Total

Affiliated

Securities

...

$7,120,269

$70,860,351

$(76,554,001)

$—

$—

$1,426,619

$6,320

3.

Transactions

with

Affiliates

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

24

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

July

31,

2022,

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

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.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

July

31,

2022,

aggregated

$40,599,052

and

$85,442,959,

respectively.

7.

Credit Risk

and

Defaulted

Securities

At

July

31,

2022,

the

Fund

had

72.2%

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,

2022,

the

aggregate

value

of

these

securities

was

$2,585,870

representing

4.6%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Consolidated Schedule

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

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$14,488,687

Long

term

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

53,950,268

Total

capital

loss

carryforwards

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

$68,438,955

Cost

of

investments

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

$115,314,020

Unrealized

appreciation

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

$373,725

Unrealized

depreciation

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

(60,589,623)

Net

unrealized

appreciation

(depreciation)

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

$(60,215,898)

Distributable

earnings:

Undistributed

ordinary

income

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

$7,309,075

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

25

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

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.

Russia’s

military

invasion

of

Ukraine

in

February

2022,

the

resulting

responses

by

the

United

States

and

other

countries,

and

the

potential

for

wider

conflict

could

increase

volatility

and

uncertainty

in

the

financial

markets

and

adversely

affect

regional

and

global

economies.

The

United

States

and

other

countries

have

imposed

broad-ranging

economic

sanctions

on

Russia

and

certain

Russian

individuals,

banking

entities

and

corporations

as

a

response

to

its

invasion

of

Ukraine.

The

United

States

and

other

countries

have

also

imposed

economic

sanctions

on

Belarus

and

may

impose

sanctions

on

other

countries

that

support

Russia’s

military

invasion.

These

sanctions,

as

well

as

any

other

economic

consequences

related

to

the

invasion,

such

as

additional

sanctions,

boycotts

or

changes

in

consumer

or

purchaser

preferences

or

cyberattacks

on

governments,

companies

or

individuals,

may

further

decrease

the

value

and

liquidity

of

certain

Russian

securities

and

securities

of

issuers

in

other

countries

that

are

subject

to

economic

sanctions

related

to

the

invasion.

To

the

extent

that

the

Fund

has

exposure

to

Russian

investments

or

investments

in

countries

affected

by

the

invasion,

the

Fund’s

ability

to

price,

buy,

sell,

receive

or

deliver

such

investments was

impaired.

The

Fund

could

determine

at

any

time

that

certain

of

the

most

affected

securities

have

little

or

no

value.

In

addition,

any

exposure

that

the

Fund

may

have

to

counterparties

in

Russia

or

in

countries

affected

by

the

invasion

could

negatively

impact

the

Fund’s

portfolio.

The

extent

and

duration

of

Russia’s

military

actions

and

the

repercussions

of

such

actions

(including

any

retaliatory

actions

or

countermeasures

that

may

be

taken

by

those

subject

to

sanctions)

are

impossible

to

predict,

but

could

result

in

significant

market

disruptions,

including

in

the

oil

and

natural

gas

markets,

and

may

negatively

affect

global

supply

chains,

inflation

and

global

growth.

These

and

any

related

events

could

significantly

impact

the

Fund’s

performance

and

the

value

of

an

investment

in

the

Fund,

even

beyond

any

direct

exposure

the

Fund

may

have

to

Russian

issuers

or

issuers

in

other

countries

affected

by

the

invasion.

At

July

31,

2022,

the

Fund

had

0.8%

of

its

net

assets

invested

in

securities

with

significant

economic

risk

or

exposure

to

Russia.

9.

Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

10.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

July

31,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

8.

Concentration

of

Risk

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

26

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

See

Abbreviations

on

page

31

.

11.

Other

Derivative

Information

At

July

31,

2022,

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

1,000,000

Alfa

Bank

AO

Via

Alfa

Bond

Issuance

plc

,

Sub.

Bond,

144A,

5.95%

to

4/14/25,

FRN

thereafter,

4/15/30

...

11/21/19

$

1,005,945

$

—

193,625

Astana

Finance

JSC,

GDR,

144A

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

5/22/15

—

—

4,424,861

Global

Distressed

Alpha

Fund

III

LP

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

10/11/12

-

1/22/16

4,600,000

—

1,245,692

Global

Distressed

Alpha

Fund

III

LP,

PIK,

12%,

Perpetual

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

12/28/16

-

7/30/22

1,068,723

464,984

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

0.8%

of

Net

Assets)

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

$10,208,046

$464,984

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

same

issuer,

valued

at

$-

as

of

July

31,

2022.

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

$

178,974

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

—

Value

recovery

instruments

...

Investments

in

securities,

at

value

547,500

a

Investments

in

securities,

at

value

—

Total

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

$726,474

$—

10.

Restricted

Securities

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

27

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

For

the

year

ended

July

31,

2022,

the

effect

of

derivative

contracts

in

the

Consolidated

Statement

of

Operations

was

as

follows:

For

the

year

ended

J

u

l

y

31,

202

2

,

the

average

month

end

contract

value

for

forward

excha

nge

contracts

and

average

month

end

fa

ir

value

of

VRI,

was

$

6

,

711

,

653

and

$

1,3

56

,

478

,

respectively.

See

Note

1(c)

regarding

derivative

financial

instruments. 

See

Abbreviations

on

page

31

.

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

3,

2023.

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,

2022,

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

$397,953

Forward

exchange

contracts

$125,946

Value

recovery

instruments

Investments

—

Investments

$(1,788,490)

a

Total

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

$397,953

$(1,662,544)

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.

11.

Other

Derivative

Information

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

28

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,

2022,

in

valuing

the

Fund's

assets

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,

2022,

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

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

—

547,500

911,318

1,458,818

Private

Limited

Partnership

Funds

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

—

—

—

a

—

Quasi-Sovereign

Bonds

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

—

4,531,190

1,745,112

a

6,276,302

Corporate

Bonds

:

Airlines

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

—

729,696

—

729,696

Banks

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

—

1,840,528

—

1,840,528

Capital

Markets

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

—

619,453

—

619,453

Chemicals

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

—

754,304

—

754,304

Construction

&

Engineering

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

—

356,748

—

356,748

Construction

Materials

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

—

321,954

—

321,954

Food

Products

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

—

565,236

—

565,236

Metals

&

Mining

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

—

1,038,273

—

1,038,273

Multiline

Retail

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

—

—

—

a

—

Oil,

Gas

&

Consumable

Fuels

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

—

2,646,243

—

2,646,243

Real

Estate

Management

&

Development

....

—

361,404

—

361,404

Wireless

Telecommunication

Services

.......

—

894,488

—

894,488

Loan

Participations

and

Assignments

.........

—

—

464,984

a

464,984

Foreign

Government

and

Agency

Securities

....

—

32,074,970

—

32,074,970

Supranational

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

—

3,089,128

—

3,089,128

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

1,426,619

—

—

1,426,619

Total

Investments

in

Securities

...........

$1,426,619

$50,371,115

$3,121,414

$54,919,148

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

178,974

$

—

$

178,974

Total

Other

Financial

Instruments

.........

$—

$178,974

$—

$178,974

a

Includes

securities

determined

to

have

no

value

at

July

31,

2022.

13.

Fair

Value

Measurements

(continued)

Franklin

Global

Trust

Notes

to

Consolidated

Financial

Statements

29

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

(continued)

Balance

at

Beginning

of

Year

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

d

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

........

$

—

e

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

e

$

—

Multiline

Retail

......

—

e

—

—

—

—

—

—

—

—

e

—

Warrants

:

Diversified

Financial

Services

........

1,126,258

—

—

—

—

—

—

(214,940)

911,318

(214,940)

Private

Limited

Partnership

Funds

:

Capital

Markets

.....

—

e

—

—

—

—

—

—

—

—

e

—

Quasi-Sovereign

Bonds

.

1,366

e

2,518,242

(253,695)

e

—

—

—

(26,111)

(494,690)

1,745,112

e

(493,325)

Corporate

Bonds

:

Multiline

Retail

......

—

e

—

e

—

—

—

—

—

—

—

e

—

Loan

Participations

and

Assignments

.......

373,057

362,899

(376,816)

1,416,396

—

(2,723)

(71,986)

(1,235,843)

464,984

e

(1,231,570)

Escrows

and

Litigation

Trusts

...........

—

—

e

(5,961)

—

—

—

5,961

—

—

e

—

Total

Investments

in

Securities

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

$1,500,681

$2,881,141

$(636,472)

$1,416,396

$—

$(2,723)

$(92,136)

$(1,945,473)

$3,121,414

$(1,939,835)

Other

Financial

Instruments:

Restricted

Currency

(ARS)

$173,982

$—

$—

$—

$(173,982)

$—

$—

$—

$—

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

d

Transfers

out

of

Level

3

were

as

a

result

of

changes

in

the

levels

of

observable

liquidity

and

the

improved

reliability

of

a

significant

input.

e

Includes

securities

determined

to

have

no

value.

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,

2022,

are

as

follows:

See

Abbreviations

on

page

31

.

14.

New

Accounting

Pronouncements

In June

2022,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

is

currently

evaluating

the

impact,

if

any,

of

applying

this

ASU.

15.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

consolidated financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

Description

Fair

Value

at

End

of

Year

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Emerging

Market

Debt

Opportunities

Fund

Assets:

Investments

in

Securities:

Loan

Participations

and

Assignments

$464,984

Recovery

value

Weighted

probability

of

cash

flow

$4.4

mil

Increase

b

Discount

rate

25.0%

Decrease

b

Quasi

Sovereign

Bonds:

Diversified

Financial

Services

1,745,112

Discounted

cash

flow

Discount

rate

13.4%

Decrease

b

Warrants:

Diversified

Financial

Services

...........

911,318

Market

comparables

Implied

recovery

6.1%

Increase

b

All

other

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

—

c

Total

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

$3,121,414

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

and

net

assets.

c

Includes

securities

determined

to

have

no

value

at

July

31,

2022.

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)

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

COP

Colombian

Peso

DOP

Dominican

Peso

EGP

Egyptian

Pound

EUR

Euro

GEL

Georgian

Lari

IDR

Indonesian

Rupiah

JPY

Japanese

Yen

KES

Kenyan

Shilling

KZT

Kazakhstani

Tenge

MXN

Mexican

Peso

PEN

Peruvian

Nuevo

Sol

RUB

Russian

Ruble

TRY

Turkish

Lira

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

Franklin

Global

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

32

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

schedule

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,

2022,

the

related

consolidated

statement

of

operations

for

the

year

ended

July

31,

2022,

the

consolidated

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2022,

including

the

related

notes,

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

(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,

2022,

the

results

of

its

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,

2022

and

the

consolidated

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2022

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,

2022

by

correspondence

with

the

custodian,

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

San

Francisco,

California

September

20,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Franklin

Templeton

Group

of

Funds

since

1948.

Franklin

Global

Trust

Tax

Information

(unaudited)

33

ftinstitutional.com

Annual

Report

Franklin

Emerging

Market

Debt

Opportunities

Fund

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

Under

Section

853

of

the

Internal

Revenue

Code,

the

Fund

intends

to

elect

to

pass

through

to

its

shareholders

the

following

amounts,

or

amounts

as

finally

determined,

of

foreign

taxes

paid

and

foreign

source

income

earned

by

the

Fund

during

the

fiscal

year

ended

July

31,

2022:

Amount

Reported

Foreign

Taxes

Paid

$77,418

Foreign

Source

Income

Earned

$9,571,441

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

/Legg

Mason

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

119

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

100

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

120

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

120

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)

(2001-2021),

White

Mountains

Insurance

Group,

Ltd.

(holding

company)

(2004-

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

120

Boeing

Capital

Corporation

(aircraft

financing)

(2006-2010).

One

Franklin

Parkway

San

Mateo,

CA

94403-1906

Principal

Occupation

During

at

Least

the

Past

5

Years:

Counselor

and

Special

Advisor

to

the

CEO

and

Board

of

Directors

of

the

Coca-Cola

Company

(beverage

company)

(2021-present);

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

(2019-2020);

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)

(2011-2021);

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

2021

100

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)

2021-present);

and

formerly

,

WPX

Energy,

Inc.

(exploration

and

production

of

oil

and

gas)

(2018-

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

131

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

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

120

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Breda

M.

Beckerle

(1958)

Chief

Compliance

Officer

Since

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

Mutual

Advisers,

LLC,

Franklin

Templeton

Institutional,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex

Susan

Kerr

(1949)

Vice

President

–

AML

Compliance

Since

2021

Not

Applicable

Not

Applicable

620

Eighth

Avenue

New

York,

NY

10018

Principal

Occupation

During

at

Least

the

Past

5

Years:

Senior

Compliance

Analyst,

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

Christopher

Kings

(1974)

Chief

Financial

Officer,

Chief

Accounting

Officer

and

Treasurer

Since

January

2022

Not

Applicable

Not

Applicable

One

Franklin

Parkway

San

Mateo,

CA

94403-1906.

Principal

Occupation

During

at

Least

the

Past

5

Years:

Treasurer,

U.S.

Fund

Administration

&

Reporting;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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;

Assistant

Secretary,

Franklin

Distributors,

LLC;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex;

and

formerly

,

Vice

President,

Global

Tax

(2012-April

2017)

and

Treasurer/Assistant

Treasurer,

Franklin

Templeton

(2009-2017)

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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:

Senior

Associate

General

Counsel,

Franklin

Templeton;

and

officer

of

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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/Legg

Mason

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

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

certain

funds

in

the

Franklin

Templeton/Legg

Mason

fund

complex.

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

an

in-person

meeting

held

on

February

28,

2022

(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

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

at

the

Meeting.

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

acknowledged

the

ongoing

integration

of

the

Legg

Mason

family

of

funds

into

the

FT

family

of

funds

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

recent

geopolitical

concerns.

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

Franklin

Global

Trust

Shareholder

Information

40

ftinstitutional.com

Annual

Report

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

being

a

global

leader

in

stewardship

and

sustainability

and

the

recent

addition

of

a

senior

executive

focused

on

environmental,

social

and

governance

and

climate

control

initiatives.

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,

2021.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

emerging

markets

hard

currency

debt

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe,

but

for

the

three-year

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

five-

and

10-

year

periods

was

above

the

median

and

in

the

first

quintile

(best)

of

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

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

or

semi-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

Institutional

Class,

Class

I,

Class

IS,

and

Class

P

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

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,

2021,

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

Franklin

Global

Trust

Shareholder

Information

41

ftinstitutional.com

Annual

Report

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

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

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

for

the

Franklin

Templeton

and

Legg

Mason

Funds

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

Franklin

Templeton

and

Legg

Mason

products

and

portfolios.

The

ILC

includes

Franklin

Global

Trust

Shareholder

Information

42

ftinstitutional.com

Annual

Report

representatives

from

Franklin

Templeton’s

Risk,

Trading,

Global

Compliance,

Legal,

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

2022,

the

Program

Administrator

provided

a

written

report

to

the

Board

addressing

the

adequacy

and

effectiveness

of

the

program

for

the

year

ended

December

31,

2021.

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

Schedule

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

consolidated

schedule

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,

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

09/22

©

2022

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 $158,808 for the fiscal year ended July 31, 2022 and $179,856 for the fiscal year ended July 31, 2021.

(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 $0 for the fiscal year ended July 31, 2022 and $204,469 for the fiscal year ended July 31, 2021.  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 $1,410 for the fiscal year ended July 31, 2022 and $0 for the fiscal year ended July 31, 2021.  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 $526,938 for the fiscal year ended July 31, 2022 and $30,550 for the fiscal year ended July 31, 2021.  The services for which these fees were paid included professional fees in connection with determining the feasibility of a U.S. direct lending structure, 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, SOC 1 report services, professional services relating to the readiness assessment over Greenhouse Gas Emissions and Energy, fees in connection with license for employee development tool ProEdge, and fees in connection with license for accounting and business knowledge platform Viewpoint.  

(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 $528,348 for the fiscal year ended July 31, 2022 and $235,019 for the fiscal year ended July 31, 2021.

(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.

(i) N/A

(j) N/A

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 Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer

section302

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

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

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, 2022

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, 2022

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  September 27, 2022