UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

Franklin Templeton

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: July 31

Date of reporting period: July 31, 2026

(a) The Report to Shareholders is filed herewith

Franklin Emerging Market Debt Opportunities Fund
Advisor Class [FEMDX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin Emerging Market Debt Opportunities Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 321-8563.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Advisor Class	$109	1.00%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Advisor Class shares of Franklin Emerging Market Debt Opportunities Fund returned 17.30%. The Fund compares its performance to the JP Morgan EMBI Global Diversified Index, the JP Morgan EMBI Global Diversified ex-GCC Index, the JP Morgan GBI-EM Broad Diversified Index and the ICE BofA Emerging Market Corporate Plus (USD Hedged) Index, which returned 8.81%, 10.04%, 8.98% and 4.31%, respectively, for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	An allocation to Venezuela was the largest contributor to Fund returns. Bond prices rallied in response to the  U.S. operation to remove President Nicolás Maduro in January 2026. Optimism increased about greater macroeconomic stabilization and multilateral financing support, potentially opening a debt restructuring path.
↑	The completion of the debt restructuring of Ukraine’s gross domestic product-linked warrants in December 2025 supported Fund returns, with sentiment further boosted by Hungary’s election result in April 2026, which unlocked European Union funding while driving accession optimism.
↑	Exposure to a quasi-sovereign public healthcare entity supported returns after Ghana secured full bondholder support for the exchange of the outstanding 2026 senior secured bonds. The restructuring outcome was favorable, with holders receiving new Government of Ghana Eurobonds due in 2035 and 2037.

Top detractors from performance:
↓	Exposure to a Paraguayan-based corporate bond issuer detracted from returns. Bond prices came under pressure on concerns over tight liquidity due to upcoming amortizations.
↓	Although the Turkish authorities have been pursuing a strategy of managed real appreciation of the TRY, oil-driven inflation and rising political risk triggered international investor outflows.
↓	The Egyptian pound came under pressure due to heightened regional geopolitical risk, leading to a period of significant foreign capital outflows.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $50,000 INVESTMENT – Advisor Class 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Advisor Class	17.30	7.82	6.83
Bloomberg Global Aggregate Index	1.60	-1.91	0.25
JP Morgan EMBI Global Diversified Index	8.81	2.20	3.38
JP Morgan EMBI Global Diversified ex-GCC Index	10.04	2.38	3.37
JP Morgan GBI-EM Broad Diversified Index	8.98	2.89	3.23
ICE BofA Emerging Market Corporate Plus (USD Hedged) Index	4.31	1.28	3.16

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 321-8563 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$161,843,360
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	158
Total Management Fee Paid	$1,085,617
Portfolio Turnover Rate	40.43%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 321-8563. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin International Growth Fund
Class A [FNGAX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class A	$109	1.11%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class A shares of Franklin International Growth Fund returned -3.41%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 24.33% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	VAT Group outperformed as booming artificial intelligence (AI)-related semiconductor investment drove record demand for its vacuum valves, a critical component in advanced chip manufacturing. Investors were encouraged by surging orders, a record backlog, strong exposure to leading-edge fabs and expectations for sustained wafer-fab equipment spending into 2027.
↑	Nova, an Israel-based metrology solutions provider for the semiconductor industry, rose as the demand outlook remained strong for memory chips, advanced packaging, and processors to support data centers. The company’s results showed further market share gains and pointed to continued momentum.
↑	Inficon, a Switzerland-based provider of vacuum instrumentation for semiconductor and industrial markets, outperformed as the semiconductor upcycle accelerated, driven by AI infrastructure, leading-edge logic, and high-bandwidth memory investment. It’s stock responded positively to record orders, rapid profit growth, improving margins, and repeated upgrades to the company’s 2026 sales and earnings guidance.

Top detractors from performance:
↓	Germany-based live entertainment and ticketing services provider CTS Eventim weakened after a one-off contract loss, reiteration of conservative guidance and venue financing uncertainties clouded first-quarter earnings results. The longer-term backdrop suggests end markets continue to be strong, and the competitive environment remains stable.
↓	Cochlear, an Australia-based hearing implant maker, weighed on relative performance as investors digested market deterioration during the period. Checks showed implants increasingly discretionary amid macro pressure, U.S. and Middle East disruptions, tighter hospital and payer priorities, and evolving China policies.
↓	Interroll, a Swiss intralogistics equipment maker, curbed portfolio returns as delays in U.S. ecommerce orders weakened bookings and conversions, its European-skewed mix faced cautious sentiment and concerns increased about a vertical-conveyance acquisition.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class A	-3.41	-4.15	5.87
Class A (with sales charge)	-8.71	-5.22	5.28
MSCI All Country World ex-U.S. Index-NR	28.46	9.22	9.44
MSCI EAFE Index-NR	24.33	9.31	9.33

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$600,614,066
Total Number of Portfolio Holdings	34
Total Management Fee Paid	$4,752,321
Portfolio Turnover Rate	46.51%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin International Growth Fund
Class C [FNGDX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class C	$182	1.86%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class C shares of Franklin International Growth Fund returned -4.14%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 24.33% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	VAT Group outperformed as booming artificial intelligence (AI)-related semiconductor investment drove record demand for its vacuum valves, a critical component in advanced chip manufacturing. Investors were encouraged by surging orders, a record backlog, strong exposure to leading-edge fabs and expectations for sustained wafer-fab equipment spending into 2027.
↑	Nova, an Israel-based metrology solutions provider for the semiconductor industry, rose as the demand outlook remained strong for memory chips, advanced packaging, and processors to support data centers. The company’s results showed further market share gains and pointed to continued momentum.
↑	Inficon, a Switzerland-based provider of vacuum instrumentation for semiconductor and industrial markets, outperformed as the semiconductor upcycle accelerated, driven by AI infrastructure, leading-edge logic, and high-bandwidth memory investment. It’s stock responded positively to record orders, rapid profit growth, improving margins, and repeated upgrades to the company’s 2026 sales and earnings guidance.

Top detractors from performance:
↓	Germany-based live entertainment and ticketing services provider CTS Eventim weakened after a one-off contract loss, reiteration of conservative guidance and venue financing uncertainties clouded first-quarter earnings results. The longer-term backdrop suggests end markets continue to be strong, and the competitive environment remains stable.
↓	Cochlear, an Australia-based hearing implant maker, weighed on relative performance as investors digested market deterioration during the period. Checks showed implants increasingly discretionary amid macro pressure, U.S. and Middle East disruptions, tighter hospital and payer priorities, and evolving China policies.
↓	Interroll, a Swiss intralogistics equipment maker, curbed portfolio returns as delays in U.S. ecommerce orders weakened bookings and conversions, its European-skewed mix faced cautious sentiment and concerns increased about a vertical-conveyance acquisition.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class C 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class C	-4.14	-4.87	5.08
Class C (with sales charge)	-5.07	-4.87	5.08
MSCI All Country World ex-U.S. Index-NR	28.46	9.22	9.44
MSCI EAFE Index-NR	24.33	9.31	9.33

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$600,614,066
Total Number of Portfolio Holdings	34
Total Management Fee Paid	$4,752,321
Portfolio Turnover Rate	46.51%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin International Growth Fund
Class R [FNGRX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class R	$134	1.36%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R shares of Franklin International Growth Fund returned -3.67%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 24.33% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	VAT Group outperformed as booming artificial intelligence (AI)-related semiconductor investment drove record demand for its vacuum valves, a critical component in advanced chip manufacturing. Investors were encouraged by surging orders, a record backlog, strong exposure to leading-edge fabs and expectations for sustained wafer-fab equipment spending into 2027.
↑	Nova, an Israel-based metrology solutions provider for the semiconductor industry, rose as the demand outlook remained strong for memory chips, advanced packaging, and processors to support data centers. The company’s results showed further market share gains and pointed to continued momentum.
↑	Inficon, a Switzerland-based provider of vacuum instrumentation for semiconductor and industrial markets, outperformed as the semiconductor upcycle accelerated, driven by AI infrastructure, leading-edge logic, and high-bandwidth memory investment. It’s stock responded positively to record orders, rapid profit growth, improving margins, and repeated upgrades to the company’s 2026 sales and earnings guidance.

Top detractors from performance:
↓	Germany-based live entertainment and ticketing services provider CTS Eventim weakened after a one-off contract loss, reiteration of conservative guidance and venue financing uncertainties clouded first-quarter earnings results. The longer-term backdrop suggests end markets continue to be strong, and the competitive environment remains stable.
↓	Cochlear, an Australia-based hearing implant maker, weighed on relative performance as investors digested market deterioration during the period. Checks showed implants increasingly discretionary amid macro pressure, U.S. and Middle East disruptions, tighter hospital and payer priorities, and evolving China policies.
↓	Interroll, a Swiss intralogistics equipment maker, curbed portfolio returns as delays in U.S. ecommerce orders weakened bookings and conversions, its European-skewed mix faced cautious sentiment and concerns increased about a vertical-conveyance acquisition.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class R	-3.67	-4.39	5.61
MSCI All Country World ex-U.S. Index-NR	28.46	9.22	9.44
MSCI EAFE Index-NR	24.33	9.31	9.33

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$600,614,066
Total Number of Portfolio Holdings	34
Total Management Fee Paid	$4,752,321
Portfolio Turnover Rate	46.51%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin International Growth Fund
Class R6 [FILRX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class R6	$74	0.75%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Class R6 shares of Franklin International Growth Fund returned -3.08%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 24.33% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	VAT Group outperformed as booming artificial intelligence (AI)-related semiconductor investment drove record demand for its vacuum valves, a critical component in advanced chip manufacturing. Investors were encouraged by surging orders, a record backlog, strong exposure to leading-edge fabs and expectations for sustained wafer-fab equipment spending into 2027.
↑	Nova, an Israel-based metrology solutions provider for the semiconductor industry, rose as the demand outlook remained strong for memory chips, advanced packaging, and processors to support data centers. The company’s results showed further market share gains and pointed to continued momentum.
↑	Inficon, a Switzerland-based provider of vacuum instrumentation for semiconductor and industrial markets, outperformed as the semiconductor upcycle accelerated, driven by AI infrastructure, leading-edge logic, and high-bandwidth memory investment. It’s stock responded positively to record orders, rapid profit growth, improving margins, and repeated upgrades to the company’s 2026 sales and earnings guidance.

Top detractors from performance:
↓	Germany-based live entertainment and ticketing services provider CTS Eventim weakened after a one-off contract loss, reiteration of conservative guidance and venue financing uncertainties clouded first-quarter earnings results. The longer-term backdrop suggests end markets continue to be strong, and the competitive environment remains stable.
↓	Cochlear, an Australia-based hearing implant maker, weighed on relative performance as investors digested market deterioration during the period. Checks showed implants increasingly discretionary amid macro pressure, U.S. and Middle East disruptions, tighter hospital and payer priorities, and evolving China policies.
↓	Interroll, a Swiss intralogistics equipment maker, curbed portfolio returns as delays in U.S. ecommerce orders weakened bookings and conversions, its European-skewed mix faced cautious sentiment and concerns increased about a vertical-conveyance acquisition.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R6 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Class R6	-3.08	-3.81	6.28
MSCI All Country World ex-U.S. Index-NR	28.46	9.22	9.44
MSCI EAFE Index-NR	24.33	9.31	9.33

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$600,614,066
Total Number of Portfolio Holdings	34
Total Management Fee Paid	$4,752,321
Portfolio Turnover Rate	46.51%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin International Growth Fund
Advisor Class [FNGZX]
Annual Shareholder Report | July 31, 2026

This annual shareholder report contains important information about Franklin International Growth Fund for the period August 1, 2025, to July 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Advisor Class	$85	0.86%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended July 31, 2026, Advisor Class shares of Franklin International Growth Fund returned -3.20%. The Fund compares its performance to the MSCI EAFE Index-NR, which returned 24.33% for the same period.

PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑	VAT Group outperformed as booming artificial intelligence (AI)-related semiconductor investment drove record demand for its vacuum valves, a critical component in advanced chip manufacturing. Investors were encouraged by surging orders, a record backlog, strong exposure to leading-edge fabs and expectations for sustained wafer-fab equipment spending into 2027.
↑	Nova, an Israel-based metrology solutions provider for the semiconductor industry, rose as the demand outlook remained strong for memory chips, advanced packaging, and processors to support data centers. The company’s results showed further market share gains and pointed to continued momentum.
↑	Inficon, a Switzerland-based provider of vacuum instrumentation for semiconductor and industrial markets, outperformed as the semiconductor upcycle accelerated, driven by AI infrastructure, leading-edge logic, and high-bandwidth memory investment. It’s stock responded positively to record orders, rapid profit growth, improving margins, and repeated upgrades to the company’s 2026 sales and earnings guidance.

Top detractors from performance:
↓	Germany-based live entertainment and ticketing services provider CTS Eventim weakened after a one-off contract loss, reiteration of conservative guidance and venue financing uncertainties clouded first-quarter earnings results. The longer-term backdrop suggests end markets continue to be strong, and the competitive environment remains stable.
↓	Cochlear, an Australia-based hearing implant maker, weighed on relative performance as investors digested market deterioration during the period. Checks showed implants increasingly discretionary amid macro pressure, U.S. and Middle East disruptions, tighter hospital and payer priorities, and evolving China policies.
↓	Interroll, a Swiss intralogistics equipment maker, curbed portfolio returns as delays in U.S. ecommerce orders weakened bookings and conversions, its European-skewed mix faced cautious sentiment and concerns increased about a vertical-conveyance acquisition.

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Advisor Class 7/31/2016 — 7/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended July 31, 2026

	1 Year	5 Year	10 Year
Advisor Class	-3.20	-3.91	6.14
MSCI All Country World ex-U.S. Index-NR	28.46	9.22	9.44
MSCI EAFE Index-NR	24.33	9.31	9.33

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of July 31, 2026)

Total Net Assets	$600,614,066
Total Number of Portfolio Holdings	34
Total Management Fee Paid	$4,752,321
Portfolio Turnover Rate	46.51%

WHAT DID THE FUND INVEST IN? (as of July 31, 2026)

Portfolio Composition^* (% of Total Investments)

	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING

You will receive the Fund’s shareholder 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 shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

(b) Not applicable

(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 19(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.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mary C. Choksi as the Audit Committee’s financial expert. Mary C. Choksi is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending July 31, 2025 and July 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $135,594 in July 31, 2025 and $141,445 in July 31, 2026.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in July 31, 2025 and $0 in July 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $20,750 in July 31, 2025 and $20,750 in July 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant’s investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2025 and $0 in July 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(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 Registrant by the Auditors;

(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates 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.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $416,052 in July 31, 2025 and $763,608 in July 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

Not applicable.