103 P1 03/22

SUPPLEMENT DATED MARCH 1, 2022

TO THE PROSPECTUS

DATED JANUARY 1, 2022

TEMPLETON GLOBAL SMALLER COMPANIES FUND

The prospectus is amended as follows:

I. The “Fund Summary - Portfolio Managers” section in the prospectus is replaced with following:

Harlan B. Hodes Executive Vice President/Portfolio Manager-Research Analyst of Investment Counsel and portfolio manager of the Fund since 2007.

David A. Tuttle, CFA Vice President/Portfolio Manager-Research Analyst of FTIC and portfolio manager of the Fund since 2015.

Kyle Denning, CFA Portfolio manager - Research Analyst of Investment Counsel and portfolio manager of the Fund since March 2022.

Katie Ylijoki, CFA Portfolio manager- Research Analyst of Investment Counsel and portfolio manager of the Fund since March 2022.

II. The portfolio management team under the “Fund Details – Management” section of the prospectus is replaced with the following:

Harlan B. Hodes  Executive Vice President/Portfolio Manager-Research Analyst of Investment Counsel 

Mr. Hodes has been a portfolio manager of the Fund since 2007 and assumed the duties of lead portfolio manager of the Fund in 2011. He has primary responsibility for the investments of the Fund. He has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. He joined Franklin Templeton in 2001.

David A. Tuttle, CFA  Vice President/Portfolio Manager-Research Analyst of FTIC

Mr. Tuttle has been a portfolio manager of the Fund since 2015, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton in 2002.

Kyle Denning, CFA Portfolio Manager-Research Analyst of Investment Counsel

Mr. Denning has been a portfolio manager of the Fund since March 2022, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton in 2019. Prior to joining, he was a senior research analyst at Hardman Johnston Global Advisors.

Katie Ylijoki, CFA Portfolio Manager-Research Analyst of Investment Counsel

Ms. Ylijoki has been a portfolio manager of the Fund since March 2022, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. She joined Franklin Templeton in 2006.

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