UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10157
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FRANKLIN GLOBAL TRUST
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(Exact name of registrant as specified in charter)

ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
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(Address of principal executive offices) (Zip code)

CRAIG S. TYLE, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
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(Name and address of agent for service)

Registrant's telephone number, including area code:(650) 312-2000
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Date of fiscal year end: 7/31
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Date of reporting period: 1/31/08
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ITEM 1. REPORTS TO STOCKHOLDERS.

[GRAPHIC OMITTED]

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[LOGO]

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FGT
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FUNDS
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SEMIANNUAL REPORT

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JANUARY 31, 2008

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Fiduciary
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Trust
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International
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Contents

SEMIANNUAL REPORT

President's Message ...................................................... 1

Economic and Market Overview ............................................. 2

Fiduciary Large Capitalization Growth and Income Fund .................... 4

Fiduciary Small Capitalization Equity Fund ............................... 9

Financial Highlights and Statements of Investments ....................... 14

Financial Statements ..................................................... 22

Notes to Financial Statements ............................................ 25

Shareholder Information .................................................. 32

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Semiannual Report

President's Message

Dear Shareholder:

I am pleased to present the enclosed FGT Funds' semiannual report covering the
period ended January 31, 2008. In each Fund report, the Fund's portfolio
managers discuss market conditions and Fund performance. A complete list of each
Fund's holdings, as well as the financial statements, is included in the
semiannual report.

/s/ Rupert H. Johnson, Jr.

Rupert H. Johnson, Jr.
President and Chief Executive Officer - Investment Management
Franklin Global Trust

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NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
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Semiannual Report | 1

Economic and Market Overview

During the six months ended January 31, 2008, the U.S. economy slowed. Gross
domestic product (GDP) grew an annualized 4.9% in the third quarter of 2007
despite a struggling housing market and the abrupt unraveling of the subprime
mortgage market. Increased federal defense spending, accelerating exports,
declining imports, nonresidential construction and greater business inventory
investment supported growth. However, the housing downturn negatively affected
the overall economy by fourth quarter 2007 as credit conditions worsened and the
pace of consumer spending slowed. GDP growth fell to an estimated 0.6%
annualized rate mainly due to decelerating inventory investment, exports and
federal government spending.

The unemployment rate increased from 4.7% at the beginning of the period to 4.9%
in January 2008. 1 Consumer confidence declined and remained fragile largely due
to rising mortgage and fuel costs, falling home prices and a weaker job market.
Volatile oil prices reached a historical high in early January, topping $100 per
barrel, before retreating to $92 by period-end. For the 12 months ended January
31, 2008, the core Consumer Price Index (CPI), which excludes food and energy
costs, rose 2.5%, which was higher than its 10-year average rate. 1

Faced with a deepening housing contraction and stressed financial markets, the
Federal Reserve Board made several expected and unexpected cuts to the federal
funds target rate during the period, including 125 basis points in January.
Overall, the federal funds target rate fell 225 basis points from 5.25% to
3.00%. As investors fled riskier, poorer-performing assets, U.S. Treasuries
rallied and the 10-year Treasury note yield fell from 4.78% at the beginning of
the period to 3.67% on January 31, 2008.

1. Source: Bureau of Labor Statistics.

2 | Semiannual Report

Stock markets were volatile during the period mainly due to investor concerns
about slowing economic growth. The major stock indexes recovered from a
late-summer sell-off and a November correction, but dropped to new lows in
January. The blue chip stocks of the Dow Jones Industrial Average had a
six-month total return of -3.06%, while the broader Standard & Poor's 500 Index
(S&P 500) had a -4.32% return, and the technology-heavy NASDAQ Composite Index
had a -5.83% return. 2 The utilities, consumer staples and materials sectors
performed relatively well. Large-capitalization stocks generally outperformed
small caps, and growth stocks fared better than their value counterparts.

2. Source: Standard & Poor's Micropal. The Dow Jones Industrial Average is price
weighted based on the average market price of 30 blue chip stocks of companies
that are generally industry leaders. The S&P 500 consists of 500 stocks chosen
for market size, liquidity and industry group representation. Each stock's
weight in the index is proportionate to its market value. The S&P 500 is one of
the most widely used benchmarks of U.S. equity performance. The NASDAQ Composite
Index measures all NASDAQ domestic and international based common type stocks
listed on The NASDAQ Stock Market. The index is market value weighted and
includes more than 3,000 companies.

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF JANUARY 31, 2008, THE END OF THE REPORTING PERIOD. 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.

Semiannual Report | 3

Fiduciary Large Capitalization
Growth and Income Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Fiduciary Large Capitalization Growth and
Income Fund seeks long-term growth of principal and income through investing at
least 80% of its net assets in large capitalization companies with market
capitalizations of more than $5 billion, or that are within the top 50% of the
Russell 1000(R) Index, at the time of purchase. 1 The Fund attempts to keep
taxable capital gains distributions relatively low.

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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.
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This semiannual report for Fiduciary Large Capitalization Growth and Income Fund
covers the period ended January 31, 2008.

PERFORMANCE OVERVIEW

Fiduciary Large Capitalization Growth and Income Fund had a cumulative total
return of -2.61% for the six months ended January 31, 2008. The Fund
outperformed its benchmark, the Standard & Poor's 500 Index (S&P 500), which had
- -4.32% return during the same period. 2

INVESTMENT STRATEGY

We are research-driven, fundamental investors, pursuing a blend of growth and
value strategies. We use a top-down analysis of macroeconomic trends, market
sectors (with some attention to the sector weightings in the Fund's comparative
index) and industries combined with a bottom-up analysis of individual
securities. In selecting investments for the Fund, we look for companies we
believe are positioned for growth in revenues, earnings or assets, and are
selling at reasonable prices. We employ a thematic approach to identify sectors
that may benefit from longer dynamic growth. Within these sectors, we consider
the basic financial and operating strength and quality of a company and company
management. The Fund, from time to time, may have significant positions in
particular sectors such as technology or industrials. We also seek to identify
companies that we believe are temporarily out of favor with investors, but have
a good intermediate- or long-term outlook.

1. The Russell 1000 Index is market capitalization weighted and measures
performance of the 1,000 largest companies in the Russell 3000(R) Index, which
represent approximately 92% of total market capitalization of the Russell 3000
Index.

2. Source: Standard & Poor's Micropal. The S&P 500 consists of 500 stocks chosen
for market size, liquidity and industry group representation. Each stock's
weight in the index is proportionate to its market value. The S&P 500 is one of
the most widely used benchmarks of U.S. equity performance. The index is
unmanaged and includes reinvested dividends. One cannot invest directly in an
index, nor is an index representative of the Fund's portfolio.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 15.

4 | Semiannual Report

MANAGER'S DISCUSSION

During the six months under review, the Fund's outperformance relative to its
benchmark, the S&P 500, was mainly due to individual stock selection and, to a
lesser degree, sector allocation decisions. In particular, global food product
conglomerate Nestle (not an index component), supplemental life and health
insurer Aflac and financial services firm Merrill Lynch were among the top three
contributors on absolute and relative bases. Nestle and Aflac benefited from
overseas growth, as Switzerland-based Nestle extended its global influence as
the number-one food product maker while Aflac conducted approximately 70% of its
business in Japan. Merrill Lynch, on the other hand, benefited from an internal
restructuring plan which included the replacement of its chief executive officer
(CEO) in 2007.

Some of the greatest detractors from Fund returns included dominant network
equipment provider Cisco Systems, Japanese construction equipment manufacturer
Komatsu, and Schlumberger, one of the world's largest oil and gas field services
companies. Cisco shares struggled following comments from CEO John Chambers that
hinted at the possible negative effects of a weakening 2008 business environment
and its subsequent impact on Cisco. Komatsu and Schlumberger, which performed
solidly for calendar year 2007 as a whole, fared poorly during the six-month
period partly due to investor concerns over potentially reduced earnings amid a
decelerating economy.

On a sector basis, the Fund's relative returns during the six-month period
benefited most from financials, telecommunication services and consumer staples
sector investments. 3 On the other hand, a lack of materials and utilities
sector investments hurt our overall results and were the largest detractors
relative to the S&P 500 as both sectors performed well.

It is important to recognize the effect of currency movements on the Fund's
performance. In general, if the value of the U.S. dollar goes up compared with a
foreign currency, an investment traded in that foreign currency will go down in
value because it will be worth fewer U.S. dollars. This can have a negative
effect on Fund performance. Conversely, when the U.S. dollar weakens in relation
to a foreign currency, an investment traded in that foreign currency will
increase in value, which can contribute to Fund performance. For the six months
ended January 31, 2008, the U.S. dollar declined in value relative to most
non-U.S. currencies. As a result, the Fund's performance was positively affected
by the portion of the portfolio's investments in securities with non-U.S.
currency exposure. However, one cannot expect the same result in future periods.

3. The financials sector comprises capital markets, insurance and real estate
investment trusts in the SOI. The telecommunication services sector comprises
diversified telecommunication services in the SOI. The consumer staples sector
comprises beverages, food and staples retailing, and food products in the SOI.

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MAIN RISKS
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While stocks have historically outperformed other asset classes over the long
term, they tend to fluctuate more dramatically over the short term. These price
movements may result from factors affecting individual companies, industries or
the securities market as a whole. The Fund may invest in stocks of foreign
companies, which involve special risks, including currency fluctuations and
economic as well as political uncertainty. The Fund's portfolio includes
technology stocks, a sector that has been one of the most volatile and involves
special risks. The Fund's prospectus also includes a description of the main
investment risks.
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Semiannual Report | 5

PORTFOLIO BREAKDOWN
Fiduciary Large Capitalization
Growth and Income Fund
1/31/08

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% OF TOTAL
SECTOR/INDUSTRY NET ASSETS
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Communications Equipment 12.8%
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Insurance 9.6%
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Machinery 9.3%
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Pharmaceuticals 8.7%
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Oil, Gas & Consumable Fuels 8.0%
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Aerospace & Defense 6.0%
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Energy Equipment & Services 5.4%
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Media 4.1%
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Food Products 3.2%
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Diversified Telecommunication Services 3.1%
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Beverages 3.0%
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Semiconductors & Semiconductor Equipment 2.8%
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Food & Staples Retailing 2.8%
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Industrial Conglomerates 2.6%
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Capital Markets 2.4%
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Other 2.8%
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Short-Term Investments & Other Net Assets 13.4%
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Thank you for your continued participation in Fiduciary Large Capitalization
Growth and Income Fund. We look forward to serving your future investment needs.

/s/ S. Mackintosh Pulsifer

S. Mackintosh Pulsifer
Vice President of Franklin Templeton Institutional, LLC (FT Institutional)

/s/ Kenneth J. Siegel

Kenneth J. Siegel
Vice President of FT Institutional

Portfolio Management Team
Fiduciary Large Capitalization Growth and Income Fund

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF JANUARY 31, 2008, 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.

6 | Semiannual Report

Your Fund's Expenses

FIDUCIARY LARGE CAPITALIZATION GROWTH AND INCOME FUND

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases, if
applicable, and redemption fees; and

o 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 following table 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 first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Information in the second line (Hypothetical) of the table can help you compare
ongoing costs of investing in the Fund with those of other mutual funds. This
information may not be used to estimate the actual ending account balance or
expenses you paid during the period. The hypothetical "Ending Account Value" is
based on the Fund's actual expense ratio and an assumed 5% annual rate of return
before expenses, which does not represent the Fund's actual return. The figure
under the heading "Expenses Paid During Period" shows the hypothetical expenses
your account would have incurred under this scenario. You can compare this
figure with the 5% hypothetical examples that appear in shareholder reports of
other funds.

Semiannual Report | 7

Your Fund's Expenses (CONTINUED)

PLEASE NOTE THAT EXPENSES SHOWN IN THE TABLE ARE MEANT TO HIGHLIGHT ONGOING
COSTS AND DO NOT REFLECT ANY TRANSACTION COSTS, SUCH AS SALES CHARGES OR
REDEMPTION FEES, IF APPLICABLE. Therefore, the second line of the table is
useful in comparing ongoing costs only, and will not help you compare total
costs of owning different funds. In addition, if transaction costs were
included, your total costs would have been higher. Please refer to the Fund
prospectus for additional information on operating expenses.

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BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
VALUE 8/1/07 VALUE 1/31/08 PERIOD* 8/1/07-1/31/08
- ---------------------------------------------------------------------------------------------------------

Actual $1,000 $ 973.90 $5.01
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Hypothetical (5% return before expenses) $1,000 $1,020.06 $5.13
- ----------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month annualized expense
ratio of 1.01%, multiplied by the average account value over the period,
multiplied by 184/366 to reflect the one-half year period.

8 | Semiannual Report

Fiduciary Small Capitalization Equity Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Fiduciary Small Capitalization Equity
Fund seeks growth of principal through investing at least 80% of its net assets
in marketable equity and equity-related securities of small capitalization
companies with market capitalizations not exceeding $2 billion or the highest
market capitalization in the Russell 2000(R) Index, whichever is greater, at the
time of purchase. 1

This semiannual report for Fiduciary Small Capitalization Equity Fund covers the
period ended January 31, 2008.

PERFORMANCE OVERVIEW

Fiduciary Small Capitalization Equity Fund had a -8.79% total return for the six
months ended January 31, 2008. The Fund underperformed its benchmark, the
Russell 2000 Growth Index, which had a -6.20% total return during the same
period. 2

INVESTMENT STRATEGY

Our U.S. small cap growth equity process is based on the application of a
disciplined bottom-up methodology. We believe that a diversified small cap
equity portfolio focused on companies we regard as having significant earnings
growth potential, managed within a disciplined framework of active sector
selection and valuation analysis, can provide long-term capital appreciation. We
seek companies that possess a relatively high rate of return on invested capital
and may offer the potential for accelerating earnings growth as they can offer
an opportunity to participate in new products, services and technologies.

1. The Russell 2000 Index is market capitalization weighted and measures
performance of the 2,000 smallest companies in the Russell 3000(R) Index, which
represent approximately 8% of total market capitalization of the Russell 3000
Index.

2. Source: Standard & Poor's Micropal. The Russell 2000 Growth Index is market
capitalization weighted and measures performance of those Russell 2000 Index
companies with higher price-to-book ratios and higher forecasted growth values.
The index is unmanaged and includes reinvested dividends. One cannot invest
directly in an index, nor is an index representative of the Fund's portfolio.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 18.

Semiannual Report | 9

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MAIN RISKS
- --------------------------------------------------------------------------------
The Fund's investments in smaller-company stocks involve certain risks as such
stocks have exhibited greater price volatility than larger-company stocks,
particularly over the short term. These price movements may result from factors
affecting individual companies, industries or the securities market as a whole.
The Fund may invest in stocks of foreign companies, which involve special risks,
including currency fluctuations and economic as well as political uncertainty.
The Fund's portfolio includes technology stocks, a sector that has been one of
the most volatile and involves special risks. The Fund's prospectus also
includes a description of the main investment risks.
- --------------------------------------------------------------------------------

MANAGER'S DISCUSSION

During the six months under review, growth stocks outpaced value stocks, and
small-cap growth stocks significantly underperformed their large-cap growth
counterparts. Large-cap growth stocks, as measured by the Russell 1000(R) Growth
Index, returned -3.15% for the six months ended January 31, 2008, compared with
a -6.20% total return for the Russell 2000 Growth Index for the same period. 3
In terms of style, growth outperformed value as the Russell 2000 Value Index
returned -8.89% for the six months under review. 4

In this reporting period, Fund performance relative to the Russell 2000 Growth
Index benefited from stock selection in the consumer discretionary and
industrials sectors and overweighting in the capital markets industry of the
financials sector. 5 A major contributor to performance within consumer
discretionary, as well as for the portfolio as a whole, was Gaiam, a lifestyle
media company and the leading distributor of fitness DVDs. The company reported
strong third quarter revenue and earnings growth, and management's plans to grow
its online subscription-based service was also positive for the stock. In the
industrials sector, Teledyne Technologies, a manufacturer of electronic
components, instruments and communications products used in the aerospace and
defense industry, was a strong performer during the period. The company posted
better-than-expected third quarter results, and management announced a solid
outlook for its defense electronics and instruments business. Within capital
markets, Investment Technology Group, a brokerage and trading technology
services provider, benefited Fund performance. The company's stock rose after
third quarter results exceeded expectations, driven primarily by its strong
international operations.

However, the Fund also had some detractors from performance. Stock selection and
overweighting in the information technology sector, as well as stock selection
in the consumer staples and energy sectors, weighed on relative

3. Source: Standard & Poor's Micropal. The Russell 1000 Growth Index is market
capitalization weighted and measures performance of those Russell 1000 Index
companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 1000 Index is market capitalization weighted and measures
performance of the 1,000 largest companies in the Russell 3000 Index, which
represent approximately 92% of total market capitalization of the Russell 3000
Index. See footnote 2 for a description of the Russell 2000 Growth Index.

4. Source: Standard & Poor's Micropal. The Russell 2000 Value Index is market
capitalization weighted and measures performance of those Russell 2000 Index
companies with lower price-to-book ratios and lower forecasted growth values.

5. The consumer discretionary sector comprises diversified consumer services;
hotels, restaurants and leisure; household durables; Internet and catalog
retail; media; specialty retail; and textiles, apparel and luxury goods in the
SOI. The industrials sector comprises aerospace and defense, air freight and
logistics, commercial services and supplies, and machinery in the SOI. The
financials sector comprises capital markets, commercial banks, diversified
financial services, and insurance in the SOI.

10 | Semiannual Report

performance during the review period. 6 In the information technology sector,
Advanced Analogic Technologies, a power-management semiconductors supplier for
mobile consumer electronic devices, negatively impacted the Fund. The company's
third quarter earnings beat consensus estimates, and management raised its
fourth quarter projections. Nevertheless, the stock declined sharply in December
and January as economic concerns hurt semiconductor equipment companies. We took
advantage of price weakness to add to the Fund's position in the stock. Within
the consumer staples sector, Central Garden & Pet, a consumer lawn, garden and
pet products supplier, hampered performance. The company faced continued
weakness in its garden and pet businesses and reported disappointing fiscal
fourth quarter results. We sold our position in the company by period-end.
Independent oil refiner Western Refining was a major detractor from performance
in the energy sector. The company fell short of earnings expectations, and
management indicated that higher refinery operating costs will continue
throughout 2008. We sold our position in the company in mid-October.

Thank you for your continued participation in Fiduciary Small Capitalization
Equity Fund. We look forward to serving your future investment needs.

/s/ Alison J. Schatz

Alison J. Schatz, CFA
Portfolio Manager of Franklin Templeton Institutional, LLC
Fiduciary Small Capitalization Equity Fund

6. The information technology sector comprises communications equipment,
computers and peripherals, electronic equipment and instruments, Internet
software and services, semiconductors and semiconductor equipment, and software
in the SOI. The consumer staples sector comprises food and staples retailing and
food products in the SOI. The energy sector comprises energy equipment and
services; and oil, gas and consumable fuels in the SOI.

PORTFOLIO BREAKDOWN
Fiduciary Small Capitalization Equity Fund
1/31/08

- --------------------------------------------------------------------------------
% OF TOTAL
SECTOR/INDUSTRY NET ASSETS
- --------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment 12.0%
- --------------------------------------------------------------------------------
Internet Software & Services 7.3%
- --------------------------------------------------------------------------------
Capital Markets 6.7%
- --------------------------------------------------------------------------------
Commercial Services & Supplies 6.3%
- --------------------------------------------------------------------------------
Communications Equipment 5.4%
- --------------------------------------------------------------------------------
Biotechnology 4.4%
- --------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods 4.1%
- --------------------------------------------------------------------------------
Aerospace & Defense 4.0%
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 4.0%
- --------------------------------------------------------------------------------
Health Care Technology 3.9%
- --------------------------------------------------------------------------------
Hotels, Restaurants & Leisure 3.6%
- --------------------------------------------------------------------------------
Health Care Providers & Services 3.3%
- --------------------------------------------------------------------------------
Electronic Equipment & Instruments 3.2%
- --------------------------------------------------------------------------------
Insurance 3.0%
- --------------------------------------------------------------------------------
Software 2.7%
- --------------------------------------------------------------------------------
Internet & Catalog Retail 2.3%
- --------------------------------------------------------------------------------
Energy Equipment & Services 2.1%
- --------------------------------------------------------------------------------
Other 18.3%
- --------------------------------------------------------------------------------
Short-Term Investments & Other Net Assets 3.4%
- --------------------------------------------------------------------------------

Semiannual Report | 11

Your Fund's Expenses

FIDUCIARY SMALL CAPITALIZATION EQUITY FUND

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases, if
applicable, and redemption fees; and

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

12 | Semiannual Report

Your Fund's Expenses (CONTINUED)

- ----------------------------------------------------------------------------------------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
VALUE 8/1/07 VALUE 1/31/08 PERIOD* 8/1/07-1/31/08
- ----------------------------------------------------------------------------------------------------------

Actual $ 1,000 $ 912.10 $ 6.63
- ----------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000 $ 1,018.20 $ 7.00
- ----------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month annualized expense
ratio of 1.38%, multiplied by the average account value over the period,
multiplied by 184/366 to reflect the one-half year period.

Semiannual Report | 13

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FIDUCIARY LARGE CAPITALIZATION GROWTH AND INCOME FUND

-------------------------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 2003 g
-------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period .......... $ 7.28 $ 6.63 $ 7.15 $ 6.77 $ 5.91 $ 5.65
-------------------------------------------------------------------------------
Income from investment operations a:
Net investment income b ................... 0.02 0.04 0.04 0.08 0.03 0.03
Net realized and unrealized gains (losses).. (0.18) 1.14 0.13 0.74 0.90 0.27
-------------------------------------------------------------------------------
Total from investment operations .............. (0.16) 1.18 0.17 0.82 0.93 0.30
-------------------------------------------------------------------------------
Less distributions from:
Net investment income ...................... (0.03) (0.04) (0.04) (0.08) (0.03) (0.04)
Net realized gains ......................... (0.59) (0.49) (0.65) (0.36) (0.04) --
-------------------------------------------------------------------------------
Total distributions ........................... (0.62) (0.53) (0.69) (0.44) (0.07) (0.04)
-------------------------------------------------------------------------------
Redemption fees ............................... -- -- f -- -- -- --
-------------------------------------------------------------------------------
Net asset value, end of period ................ $ 6.50 $ 7.28 $ 6.63 $ 7.15 $ 6.77 $ 5.91
===============================================================================

Total return c ................................ (2.61)% 18.27% 2.22% 12.38% 15.78% 5.30%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments
by affiliates .............................. 1.01% 1.03% 1.02% 1.01% 1.02% 1.21%
Expenses net of waiver and payments
by affiliates .............................. 1.01% e 1.03% e 1.02% e 1.01% e 0.98% 1.03%
Net investment income ......................... 0.56% 0.63% 0.57% 1.13% 0.43% 0.77%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ............. $ 83,105 $ 89,971 $ 91,915 $ 94,536 $82,921 $ 70,684
Portfolio turnover rate ....................... 4.76% 41.86% 54.63% 47.08% 48.04% 33.02%

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 shares in relation to income earned and/or
fluctuating market value of the investments of the Fund.

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f Amount rounds to less than $0.01 per share.

g For the period December 1, 2002 to July 31, 2003.

14 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ---------------------------------------------------------------------------------------------------------------------------
FIDUCIARY LARGE CAPITALIZATION GROWTH AND INCOME FUND COUNTRY SHARES VALUE
- ---------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS 86.6%
AEROSPACE & DEFENSE 6.0%
L-3 Communications Holdings Inc. ....................................... United States 22,000 $ 2,438,260
United Technologies Corp. .............................................. United States 35,000 2,569,350
------------
5,007,610
------------

BEVERAGES 3.0%
InBev NV ............................................................... Belgium 30,000 2,446,858
------------
CAPITAL MARKETS 2.4%
Merrill Lynch & Co. Inc. ............................................... United States 35,000 1,974,000
------------
COMMUNICATIONS EQUIPMENT 12.8%
a Cisco Systems Inc. ..................................................... United States 70,000 1,715,000
Corning Inc. ........................................................... United States 85,600 2,060,392
Harris Corp. ........................................................... United States 40,000 2,187,600
a Juniper Networks Inc. .................................................. United States 81,000 2,199,150
QUALCOMM Inc. .......................................................... United States 59,000 2,502,780
------------
10,664,922
------------
DIVERSIFIED TELECOMMUNICATION SERVICES 3.1%
Telenor ASA ............................................................ Norway 125,000 2,536,517
------------
ENERGY EQUIPMENT & SERVICES 5.4%
Schlumberger Ltd. ...................................................... United States 28,000 2,112,880
a Transocean Inc. ........................................................ United States 19,588 2,401,489
------------
4,514,369
------------
FOOD & STAPLES RETAILING 2.8%
CVS Caremark Corp. ..................................................... United States 60,000 2,344,200
------------
FOOD PRODUCTS 3.2%
Nestle SA .............................................................. Switzerland 6,000 2,682,216
------------
INDUSTRIAL CONGLOMERATES 2.6%
General Electric Co. ................................................... United States 60,000 2,124,600
------------
INSURANCE 9.6%
AFLAC Inc. ............................................................. United States 42,000 2,575,860
American International Group Inc. ...................................... United States 40,000 2,206,400
Fidelity National Financial Inc., A .................................... United States 76,000 1,496,440
Hartford Financial Services Group Inc. ................................. United States 21,000 1,696,170
------------
7,974,870
------------
IT SERVICES 0.9%
a Cognizant Technology Solutions Corp., A ................................ United States 28,000 781,200
------------
MACHINERY 9.3%
Danaher Corp. .......................................................... United States 28,000 2,084,600
Komatsu Ltd. ........................................................... Japan 80,000 1,926,079
Tata Motors Ltd., ADR .................................................. India 104,000 1,924,000
a Terex Corp. ............................................................ United States 30,300 1,780,428
------------
7,715,107
------------

Semiannual Report | 15

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- --------------------------------------------------------------------------------------------------------------------------
FIDUCIARY LARGE CAPITALIZATION GROWTH AND INCOME FUND COUNTRY SHARES VALUE
- --------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS (CONTINUED)
MEDIA 4.1%
News Corp., B .......................................................... United States 100,000 $ 1,944,000
Time Warner Inc. ....................................................... United States 95,000 1,495,300
-------------
3,439,300
-------------
OIL, GAS & CONSUMABLE FUELS 8.0%
Cameco Corp. ........................................................... Canada 41,000 1,387,850
ConocoPhillips ......................................................... United States 34,000 2,730,880
Exxon Mobil Corp. ...................................................... United States 29,000 2,505,600
-------------
6,624,330
-------------
PHARMACEUTICALS 8.7%
Johnson & Johnson ...................................................... United States 34,000 2,150,840
Roche Holding AG ....................................................... Switzerland 11,000 1,993,429
Sanofi-Aventis ......................................................... France 21,000 1,697,187
Wyeth .................................................................. United States 35,000 1,393,000
-------------
7,234,456
-------------
REAL ESTATE INVESTMENT TRUSTS 1.9%
CapitalSource Inc. ..................................................... United States 95,000 1,558,950
-------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.8%
Intel Corp. ............................................................ United States 111,000 2,353,200
-------------
TOTAL COMMON STOCKS (COST $55,307,657) ................................. 71,976,705
-------------
SHORT TERM INVESTMENT (COST $11,200,316) 13.5%
MONEY MARKET FUND 13.5%
b Franklin Institutional Fiduciary Trust Money Market Portfolio, 3.64% ... United States 11,200,316 11,200,316
-------------
TOTAL INVESTMENTS (COST $66,507,973) 100.1% ............................ 83,177,021
OTHER ASSETS, LESS LIABILITIES (0.1)% .................................. (71,532)
-------------
NET ASSETS 100.0% ...................................................... $ 83,105,489
=============

SELECTED PORTFOLIO ABBREVIATION

ADR - American Depository Receipt

a Non-income producing for the twelve months ended January 31, 2008.

b See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

16 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FIDUCIARY SMALL CAPITALIZATION EQUITY FUND

-------------------------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 2003 f
-------------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period .......... $ 21.41 $ 17.48 $ 18.16 $ 14.86 $ 14.25 $ 12.48
-------------------------------------------------------------------------------
Income from investment operations a:
Net investment income (loss) b .............. (0.12) (0.22) (0.20) (0.10) (0.16) (0.07)
Net realized and unrealized gains (losses) .. (1.54) 4.67 (0.48) 3.40 0.77 1.84
-------------------------------------------------------------------------------
Total from investment operations .............. (1.66) 4.45 (0.68) 3.30 0.61 1.77
-------------------------------------------------------------------------------
Less distributions from net realized gains .... (3.01) (0.52) -- -- -- --
-------------------------------------------------------------------------------
Net asset value, end of period ................ $ 16.74 $ 21.41 $ 17.48 $ 18.16 $ 14.86 $ 14.25
===============================================================================

Total return c ................................ (8.79)% 25.76% (3.74)% 22.21% 4.28% 14.18%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments
by affiliates ............................... 1.38% 1.38% 1.35% 1.30% 1.27% 1.43%
Expenses net of waiver and payments
by affiliates ............................... 1.38% e 1.38% e 1.35% e 1.30% 1.26% 1.30%
Net investment income (loss) .................. (1.11)% (1.12)% (1.07)% (0.66)% (1.01)% (0.89)%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ............. $26,720 $28,347 $37,233 $44,821 $62,786 $61,026
Portfolio turnover rate ....................... 23.18% 39.30% 97.79% 111.92% 130.22% 92.58%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f For the period December 1, 2002 to July 31, 2003.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 17

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- --------------------------------------------------------------------------------------------------------------------------------
FIDUCIARY SMALL CAPITALIZATION EQUITY FUND SHARES VALUE
- --------------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS 96.6%
AEROSPACE & DEFENSE 4.0%
a Orbital Sciences Corp. ....................................................................... 21,600 $ 503,280
a Teledyne Technologies Inc. ................................................................... 11,000 567,930
---------------
1,071,210
---------------
AIR FREIGHT & LOGISTICS 1.5%
a Hub Group Inc., A ............................................................................ 14,000 407,820
---------------
BIOTECHNOLOGY 4.4%
a Alexion Pharmaceuticals Inc. ................................................................. 5,400 352,728
a BioMarin Pharmaceutical Inc. ................................................................. 11,600 429,896
a Indevus Pharmaceuticals Inc. ................................................................. 60,100 382,837
---------------
1,165,461
---------------
CAPITAL MARKETS 6.7%
a GFI Group Inc. ............................................................................... 3,500 308,735
Greenhill & Co. Inc. ......................................................................... 3,800 256,614
a Investment Technology Group Inc. ............................................................. 12,100 568,337
optionsXpress Holdings Inc. .................................................................. 15,900 431,208
a Thomas Weisel Partners Group Inc. ............................................................ 18,000 230,400
---------------
1,795,294
---------------
COMMERCIAL BANKS 1.3%
a Signature Bank ............................................................................... 10,500 351,855
---------------
COMMERCIAL SERVICES & SUPPLIES 6.3%
a Clean Harbors Inc. ........................................................................... 8,500 471,580
a Fuel Tech Inc. ............................................................................... 19,000 361,760
a Huron Consulting Group Inc. .................................................................. 6,500 466,830
a TeleTech Holdings Inc. ....................................................................... 20,000 394,600
---------------
1,694,770
---------------
COMMUNICATIONS EQUIPMENT 5.4%
a ADC Telecommunications Inc. .................................................................. 17,000 251,430
a Arris Group Inc. ............................................................................. 35,000 307,650
a Ixia ......................................................................................... 48,700 360,380
a Sonus Networks Inc. .......................................................................... 56,100 229,449
a ViaSat Inc. .................................................................................. 14,500 301,165
---------------
1,450,074
---------------
COMPUTERS & PERIPHERALS 1.4%
a Emulex Corp. ................................................................................. 24,500 382,200
---------------
DIVERSIFIED CONSUMER SERVICES 1.6%
a INVESTools Inc. .............................................................................. 31,500 430,290
---------------
DIVERSIFIED FINANCIAL SERVICES 1.8%
a IntercontinentalExchange Inc. ................................................................ 1,600 223,936
a MarketAxess Holdings Inc. .................................................................... 28,000 264,600
---------------
488,536
---------------

18 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

COMMON STOCKS (CONTINUED)
ELECTRONIC EQUIPMENT & INSTRUMENTS 3.2%
a Digital Theater Systems Inc. ................................................................. 15,000 $ 327,150
a Itron Inc. ................................................................................... 6,400 527,360
---------------
854,510
---------------
ENERGY EQUIPMENT & SERVICES 2.1%
a Hercules Offshore Inc. ....................................................................... 10,800 248,940
a Hornbeck Offshore Services Inc. .............................................................. 8,300 321,044
---------------
569,984
---------------
FOOD & STAPLES RETAILING 1.2%
a United Natural Foods Inc. .................................................................... 13,000 311,740
---------------
FOOD PRODUCTS 1.4%
a Hain Celestial Group Inc. .................................................................... 13,700 369,900
---------------
HEALTH CARE EQUIPMENT & SUPPLIES 1.5%
a American Medical Systems Holdings Inc. ....................................................... 28,000 400,120
---------------
HEALTH CARE PROVIDERS & SERVICES 3.3%
a Healthways Inc. .............................................................................. 5,300 298,390
a Nighthawk Radiology Holdings Inc. ............................................................ 14,600 232,140
a Psychiatric Solutions Inc. ................................................................... 12,000 362,040
---------------
892,570
---------------
HEALTH CARE TECHNOLOGY 3.9%
a Omnicell Inc. ................................................................................ 17,500 438,900
a Phase Forward Inc. ........................................................................... 35,000 603,750
---------------
1,042,650
---------------
HOTELS RESTAURANTS & LEISURE 3.6%
a Chipotle Mexican Grill Inc., A ............................................................... 1,900 231,306
a LIFE TIME FITNESS Inc. ....................................................................... 7,600 336,984
a Vail Resorts Inc. ............................................................................ 8,100 383,454
---------------
951,744
---------------
HOUSEHOLD DURABLES 0.5%
a Jarden Corp. ................................................................................. 5,600 140,224
---------------
INSURANCE 3.0%
Max Capital Group Ltd. ....................................................................... 14,000 397,460
National Financial Partners Corp. ............................................................ 11,300 407,930
---------------
805,390
---------------
INTERNET & CATALOG RETAIL 2.3%
a Gaiam Inc., A ................................................................................ 25,000 609,250
---------------
INTERNET SOFTWARE & SERVICES 7.3%
a Art Technology Group Inc. .................................................................... 148,000 593,480
a Divx Inc. .................................................................................... 32,000 456,000
a Equinix Inc. ................................................................................. 5,400 407,862
a The Knot Inc. ................................................................................ 23,000 336,720
a Tumbleweed Communications Corp. .............................................................. 98,622 157,795
---------------
1,951,857
---------------

Semiannual Report | 19

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

COMMON STOCKS (CONTINUED)
LIFE SCIENCES TOOLS & SERVICES 0.7%
a AMAG Pharmaceuticals Inc. .................................................................... 3,400 $ 175,304
---------------
MACHINERY 1.4%
Kaydon Corp. ................................................................................. 8,300 362,627
---------------
MEDIA 1.8%
a Lions Gate Entertainment Corp. ............................................................... 50,000 474,500
---------------
METALS & MINING 1.1%
Metal Management Inc. ........................................................................ 6,000 298,080
---------------
OIL, GAS & CONSUMABLE FUELS 4.0%
a Bill Barrett Corp. ........................................................................... 7,800 325,806
a EXCO Resources Inc. .......................................................................... 23,000 344,770
a Petrohawk Energy Corp. ....................................................................... 24,855 391,467
---------------
1,062,043
---------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 12.0%
a Advanced Analogic Technologies Inc. .......................................................... 43,900 295,886
a ANADIGICS Inc. ............................................................................... 35,300 352,647
a Diodes Inc. .................................................................................. 10,525 243,654
a FormFactor Inc. .............................................................................. 6,500 157,430
a Microsemi Corp. .............................................................................. 21,000 477,120
a Microtune Inc. ............................................................................... 77,000 449,680
a Netlogic Microsystems Inc. ................................................................... 12,800 332,800
a Power Integrations Inc. ...................................................................... 10,469 266,750
a RF Micro Devices Inc. ........................................................................ 61,100 197,353
a Tessera Technologies Inc. .................................................................... 11,000 430,870
---------------
3,204,190
---------------
SOFTWARE 2.7%
a Ansoft Corp. ................................................................................. 15,600 331,344
a Nuance Communications Inc. ................................................................... 24,000 381,360
---------------
712,704
---------------
SPECIALTY RETAIL 1.1%
a Zumiez Inc. .................................................................................. 14,600 280,758
---------------
TEXTILES, APPAREL & LUXURY GOODS 4.1%
a Crocs Inc. ................................................................................... 8,200 285,277
a Lululemon Athletica Inc. (Canada) ............................................................ 2,100 71,169
a Volcom Inc. .................................................................................. 13,000 262,340
a The Warnaco Group Inc. ....................................................................... 13,000 466,570
---------------
1,085,356
---------------
TOTAL COMMON STOCKS (COST $23,339,494) ....................................................... 25,793,011
---------------

20 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

SHORT TERM INVESTMENT (COST $1,127,617) 4.2%
MONEY MARKET FUND 4.2%
b Franklin Institutional Fiduciary Trust Money Market Portfolio, 3.64% ......................... 1,127,617 $ 1,127,617
---------------
TOTAL INVESTMENTS (COST $24,467,111) 100.8% .................................................. 26,920,628
OTHER ASSETS, LESS LIABILITIES (0.8)% ........................................................ (200,543)
---------------
NET ASSETS 100.0% ............................................................................ $ 26,720,085
===============

a Non-income producing for the twelve months ended January 31, 2008.

b See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 21

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

--------------------------------
FIDUCIARY
LARGE FIDUCIARY
CAPITALIZATION SMALL
GROWTH AND CAPITALIZATION
INCOME FUND EQUITY FUND
--------------------------------

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................................ $ 55,307,657 $ 23,339,494
Cost - Sweep Money Fund (Note 7) ........................................... 11,200,316 1,127,617
--------------------------------
Total cost of investments .................................................. $ 66,507,973 $ 24,467,111
================================
Value - Unaffiliated issuers ............................................... $ 71,976,705 $ 25,793,011
Value - Sweep Money Fund (Note 7) .......................................... 11,200,316 1,127,617
--------------------------------
Total value of investments ................................................. 83,177,021 26,920,628
Receivables:
Investment securities sold ................................................. -- 260,273
Capital shares sold ........................................................ 600 250
Dividends .................................................................. 33,944 --
--------------------------------
Total assets ............................................................ 83,211,565 27,181,151
--------------------------------
Liabilities:
Payables:
Investment securities purchased ............................................ -- 408,560
Capital shares redeemed .................................................... 20,000 6,562
Affiliates ................................................................. 65,033 27,534
Reports to shareholders .................................................... 5,451 3,129
Professional fees .......................................................... 11,365 10,903
Accrued expenses and other liabilities ........................................ 4,227 4,378
--------------------------------
Total liabilities ....................................................... 106,076 461,066
--------------------------------
Net assets, at value ................................................. $ 83,105,489 $ 26,720,085
================================
Net assets consist of:
Paid-in capital ............................................................... $ 63,200,593 $ 24,241,873
Distributions in excess of net investment income .............................. (6,944) --
Undistributed net investment loss ............................................. -- (160,834)
Net unrealized appreciation (depreciation) .................................... 16,673,833 2,453,517
Accumulated net realized gain (loss) .......................................... 3,238,007 185,529
--------------------------------
Net assets, at value ................................................. $ 83,105,489 $ 26,720,085
================================
Shares outstanding ............................................................... 12,783,081 1,596,368
================================
Net asset value and maximum offering price per share a ........................... $ 6.50 $ 16.74
================================

a Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable, and redemption fees retained by the Fund.

22 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)

--------------------------------
FIDUCIARY
LARGE FIDUCIARY
CAPITALIZATION SMALL
GROWTH AND CAPITALIZATION
INCOME FUND EQUITY FUND
--------------------------------

Investment income:
Dividends:
Unaffiliated issuers ....................................................... $ 523,614 $ 18,303
Sweep Money Fund (Note 7) .................................................. 192,681 19,681
--------------------------------
Total investment income ................................................. 716,295 37,984
--------------------------------
Expenses:
Management fees (Note 3a) ..................................................... 327,449 142,841
Administrative fees (Note 3b) ................................................. 91,216 28,865
Transfer agent fees (Note 3d) ................................................. 543 828
Custodian fees (Note 4) ....................................................... 5,205 285
Reports to shareholders ....................................................... 6,501 3,332
Registration and filing fees .................................................. 11,263 8,254
Professional fees ............................................................. 11,834 10,804
Trustees' fees and expenses ................................................... 3,848 1,451
Other ......................................................................... 3,258 2,216
--------------------------------
Total expenses .......................................................... 461,117 198,876
Expense reductions (Note 4) ............................................. (1,217) (58)
--------------------------------
Net expenses ......................................................... 459,900 198,818
--------------------------------
Net investment income (loss) ...................................... 256,395 (160,834)
--------------------------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ................................................................ 3,743,720 975,609
Foreign currency transactions .............................................. 4,568 --
--------------------------------
Net realized gain (loss) .......................................... 3,748,288 975,609
--------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments ................................................................ (6,164,849) (3,441,895)
Translation of assets and liabilities denominated in foreign currencies .... 4,586 --
--------------------------------
Net change in unrealized appreciation (depreciation) .............. (6,160,263) (3,441,895)
--------------------------------
Net realized and unrealized gain (loss) .......................................... (2,411,975) (2,466,286)
--------------------------------
Net increase (decrease) in net assets resulting from operations .................. $ (2,155,580) $ (2,627,120)
================================

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 23

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

--------------------------------------------------------------------
FIDUCIARY FIDUCIARY
LARGE CAPITALIZATION SMALL CAPITALIZATION
GROWTH AND INCOME FUND EQUITY FUND
--------------------------------------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007 (UNAUDITED) JULY 31, 2007
--------------------------------------------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income (loss) .......................... $ 256,395 $ 590,930 $ (160,834) $ (357,949)
Net realized gain (loss) from investments and foreign
currency transactions .............................. 3,748,288 7,904,263 975,609 3,392,364
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currencies ...... (6,160,263) 7,271,182 (3,441,895) 5,166,733
--------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations .............................. (2,155,580) 15,766,375 (2,627,120) 8,201,148
--------------------------------------------------------------------
Distributions to shareholders from:
Net investment income ................................. (315,551) (494,689) -- --
Net realized gains .................................... (7,176,573) (6,451,080) (3,859,059) (762,125)
--------------------------------------------------------------------
Total distributions to shareholders ...................... (7,492,124) (6,945,769) (3,859,059) (762,125)
--------------------------------------------------------------------
Capital share transactions (Note 2) ...................... 2,781,741 (10,763,776) 4,859,391 (16,324,813)
--------------------------------------------------------------------
Redemption fees .......................................... -- 4 -- --
--------------------------------------------------------------------
Net increase (decrease) in net assets ........... (6,865,963) (1,943,166) (1,626,788) (8,885,790)
Net assets:
Beginning of period ...................................... 89,971,452 91,914,618 28,346,873 37,232,663
--------------------------------------------------------------------
End of period ............................................ $ 83,105,489 $ 89,971,452 $ 26,720,085 $ 28,346,873
====================================================================
Distributions in excess of net investment income included
in net assets:
End of period ......................................... $ (6,944) $ -- $ -- $ --
====================================================================
Undistributed net investment income (loss) included in
net assets:
End of period ......................................... $ -- $ 52,212 $ (160,834) $ --
====================================================================

24 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The following summarizes the Funds' significant accounting policies.

A. SECURITY VALUATION

Securities listed on a securities 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. Over-the-counter securities and listed securities for
which there is no reported sale 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. Investments in open-end mutual funds are valued at the closing net asset
value.

Foreign securities are valued as of the close of trading on the foreign stock
exchange on which the security is primarily traded, or the NYSE, whichever is
earlier. If no sale is reported at that time, the foreign security will be
valued within the range of the most recent quoted bid and ask prices. The value
is then converted into its U.S. dollar equivalent at the foreign exchange rate
in effect at the close of the NYSE on the day that the value of the foreign
security is determined.

The Trust has procedures to determine the fair value of individual securities
and other assets for which market prices are not readily available or which may
not be reliably priced. Methods for valuing these securities may include:
fundamental analysis, matrix pricing, discounts from market prices of similar
securities, or discounts applied due to the nature and duration of restrictions
on the disposition of the securities. Due to the inherent uncertainty of
valuations of such securities, the fair values may differ significantly from the
values that would have been used had a ready market for such investments
existed. Occasionally, events occur between the time at which trading in a
security is completed and the close of the NYSE that might call into question
the availability (including the reliability) of the value of a portfolio
security held by the Fund. The investment manager monitors price movements
following the close of trading in foreign stock markets through a series of
country specific market proxies (such as baskets of American Depository
Receipts, futures contracts and exchange traded funds). These price movements
are measured against established trigger thresholds for each specific market
proxy to assist in determining if an event has occurred. If such an event
occurs, the securities may be valued using fair value procedures, which may
include the use of independent pricing services. All security valuation
procedures are approved by the Trust's Board of Trustees.

Semiannual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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. 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. 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 Trust's Board of Trustees.

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 on the
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. FOREIGN CURRENCY CONTRACTS

When the Fiduciary Large Capitalization Growth and Income Fund purchases or
sells foreign securities it may enter into foreign exchange contracts to
minimize foreign exchange risk from the trade date to the settlement date of the
transactions. A foreign exchange contract is an agreement between two parties to
exchange different currencies at an agreed upon exchange rate at a future date.
Realized and unrealized gains and losses on these contracts are included in the
Statement of Operations.

The risks of these contracts include movement in the values of the foreign
currencies relative to the U.S. dollar and the possible inability of the
counterparties to fulfill their obligations under the contracts, which may be in
excess of the amount reflected in the Statement of Assets and Liabilities.

D. INCOME TAXES

No provision has been made for U.S. income taxes because it is each fund's
policy to qualify as a regulated investment company under the Internal Revenue
Code and to distribute to shareholders substantially all of its taxable income
and net realized gains.

26 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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.
Estimated expenses are accrued daily. Dividend income is recorded on the
ex-dividend date except that certain dividends from foreign securities are
recognized as soon as the Funds are notified of the ex-dividend date.
Distributions to shareholders are recorded on the ex-dividend date and are
determined according to income tax regulations (tax basis). Distributable
earnings determined on a tax basis may differ from earnings recorded in
accordance with accounting principles generally accepted in the United States of
America. 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. Fund
specific expenses are charged directly to the fund that incurred the expense.

F. ACCOUNTING ESTIMATES

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America 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. REDEMPTION FEES

A short term trading redemption fee will be imposed, with some exceptions, on
any fund shares that are redeemed or exchanged within seven calendar days
following their purchase date. The redemption fee is 2% of the amount redeemed.
Such fees are retained by the funds and accounted for as an addition to paid-in
capital. There were no redemption fees for the period.

H. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust, on behalf of the Funds, enters into contracts with service
providers that contain general indemnification clauses. The Trust's maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Trust that have not yet occurred. Currently, the
Trust expects the risk of loss to be remote.

Semiannual Report | 27

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Funds' shares were as follows:

----------------------------------------------------
FIDUCIARY FIDUCIARY
LARGE CAPITALIZATION SMALL CAPITALIZATION
GROWTH AND INCOME FUND EQUITY FUND
----------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------

Six months ended January 31, 2008
Shares sold ......................................... 140,922 $ 1,010,281 110,294 $ 2,131,201
Shares issued in reinvestment of distributions ...... 1,030,556 6,991,572 211,560 3,816,901
Shares redeemed ..................................... (740,618) (5,220,112) (49,190) (1,088,711)
----------------------------------------------------
Net increase (decrease) ............................. 430,860 $ 2,781,741 272,664 $ 4,859,391
====================================================
Year ended July 31, 2007
Shares sold ......................................... 232,000 $ 1,611,176 27,666 $ 570,692
Shares issued in reinvestment of distributions ...... 926,118 6,334,752 38,157 761,994
Shares redeemed ..................................... (2,668,541) (18,709,704) (872,468) (17,657,499)
----------------------------------------------------
Net increase (decrease) ............................. (1,510,423) $(10,763,776) (806,645) $(16,324,813)
====================================================

3. TRANSACTIONS WITH AFFILIATES

Franklin Resources, Inc. is the holding company for various subsidiaries that
together are referred to as Franklin Templeton Investments. Certain officers and
trustees of the Trust are also officers and/or directors of the following
subsidiaries:

- --------------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- --------------------------------------------------------------------------------------

Fiduciary International, Inc. (Fiduciary) Investment manager
Franklin Templeton Institutional, LLC (FT Institutional) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Distributors, Inc. (Distributors) Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services) Transfer agent

A. MANAGEMENT FEES

The Funds pay an investment management fee to Fiduciary based on the average
daily net assets of each of the Funds as follows:

- --------------------------------------------------------------------------
ANNUALIZED
FEE RATE
- --------------------------------------------------------------------------
Fiduciary Large Capitalization Growth and Income Fund 0.75%
Fiduciary Small Capitalization Equity Fund 1.00%

Under a subadvisory agreement, FT Institutional, an affiliate of Fiduciary,
provides subadvisory services to the Fiduciary Small Capitalization Equity Fund
and receives from Fiduciary fees based on the average daily net assets of the
Fund.

28 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

B. ADMINISTRATIVE FEES

The Funds pay an administrative fee to FT Services of 0.20% per year of the
average daily net assets of each of the Funds.

C. DISTRIBUTION FEES

The Trust's Board of Trustees has adopted a distribution plan pursuant to Rule
12b-1 under the 1940 Act. The Funds have not activated the plan.

D. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Funds paid transfer agent fees as
noted in the Statements of Operations of which the following amounts were
retained by Investor Services:

---------------------------------------
FIDUCIARY LARGE FIDUCIARY SMALL
CAPITALIZATION GROWTH CAPITALIZATION
AND INCOME FUND EQUITY FUND
---------------------------------------
Transfer agent fees ...... $155 $358

4. EXPENSE OFFSET ARRANGEMENT

The Funds have entered into an arrangement with their custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Funds' custodian expenses. During the period ended January 31, 2008, the
custodian fees were reduced as noted in the Statements of Operations.

5. INCOME TAXES

For tax purposes, realized currency losses occurring subsequent to October 31,
may be deferred and treated as occurring on the first day of the following
fiscal year. At July 31, 2007, the Fiduciary Large Capitalization Growth and
Income Fund deferred realized currency losses of $7,675.

At January 31, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

----------------------------------------
FIDUCIARY LARGE FIDUCIARY SMALL
CAPITALIZATION GROWTH CAPITALIZATION
AND INCOME FUND EQUITY FUND
----------------------------------------

Cost of investments ............................. $66,507,973 $24,519,586
========================================
Unrealized appreciation ......................... $19,149,829 $ 4,761,737
Unrealized depreciation ......................... (2,480,781) (2,360,695)
----------------------------------------
Net unrealized appreciation (depreciation) ...... $16,669,048 $ 2,401,042
========================================

Semiannual Report | 29

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

5. INCOME TAXES (CONTINUED)

Net investment income (loss) differs for financial statement and tax purposes
primarily due to differing treatment of foreign currency transactions.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales and foreign currency
transactions.

6. INVESTMENT TRANSACTIONS

Purchases and sales (excluding short term securities) for the period ended
January 31, 2008, were as follows:

----------------------------------------
FIDUCIARY LARGE FIDUCIARY SMALL
CAPITALIZATION GROWTH CAPITALIZATION
AND INCOME FUND EQUITY FUND
----------------------------------------
Purchases ........................... $ 3,948,175 $ 6,745,628
Sales ............................... $ 18,956,701 $ 6,527,179

7. INVESTMENTS IN FRANKLIN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

The Funds may invest in the Franklin Institutional Fiduciary Trust Money Market
Portfolio (Sweep Money Fund), an open-end investment company managed by Franklin
Advisers, Inc. (an affiliate of the investment manager). Management fees paid by
the Funds are reduced on assets invested in the Sweep Money Fund, in an amount
not to exceed the management and administrative fees paid by the Sweep Money
Fund.

8. REGULATORY AND LITIGATION MATTERS

As part of various investigations by a number of federal, state, and foreign
regulators and governmental entities, including the Securities and Exchange
Commission (SEC), relating to certain practices in the mutual fund industry,
including late trading, market timing and marketing support payments to
securities dealers who sell fund shares (marketing support), Franklin Resources,
Inc. and certain of its subsidiaries (collectively, the Company), entered into
settlements with certain of those regulators and governmental entities.
Specifically, the Company entered into settlements with the SEC, among others,
concerning market timing and marketing support.

On June 6, 2007, the SEC posted for public comment the proposed plan of
distribution for the market timing settlement. Once the SEC approves the final
plan of distribution, disbursements of settlement monies will be made promptly
to individuals who were shareholders of the designated funds during the relevant
period, in accordance with the terms and conditions of the settlement and plan.

30 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

8. REGULATORY AND LITIGATION MATTERS (CONTINUED)

In addition, the Company, as well as most of the mutual funds within Franklin
Templeton Investments and certain current or former officers, Company directors,
fund directors, and employees, have been named in private lawsuits (styled as
shareholder class actions, or as derivative actions on behalf of either the
named funds or Franklin Resources, Inc.). The lawsuits relate to the industry
practices referenced above.

The Company and fund management believe that the claims made in each of the
private lawsuits referenced above are without merit and intend to defend against
them vigorously. The Company cannot predict with certainty the eventual outcome
of these lawsuits, nor whether they will have a material negative impact on the
Company. If it is determined that the Company bears responsibility for any
unlawful or inappropriate conduct that caused losses to the Trust, it is
committed to making the Trust or its shareholders whole, as appropriate.

9. NEW ACCOUNTING PRONOUNCEMENTS

The Funds adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48), on January 31, 2008. FIN 48
clarifies the accounting for uncertainty in tax positions taken or expected to
be taken in a tax return. FIN 48 provides guidance on the measurement,
recognition, classification and disclosure of tax positions, along with
accounting for the related interest and penalties. The Funds have reviewed the
tax positions for each of the three open tax years as of January 31, 2008 and
have determined that the implementation of FIN 48 did not have a material impact
on the Funds' financial statements.

In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement"
(SFAS 157), which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements. SFAS 157 is
effective for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The Trust believes the adoption of SFAS 157
will have no material impact on its financial statements.

Semiannual Report | 31

Franklin Global Trust

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

The Trust has established Proxy Voting Policies and Procedures (Policies) that
the Trust uses to determine how to vote proxies relating to portfolio
securities. Shareholders may view the Trust's complete Policies online at
franklintempleton.com. Alternatively, shareholders may request copies of the
Policies free of charge by calling the Proxy Group collect at 1-954/527-7678 or
by sending a written request to: Franklin Templeton Companies, LLC, 500 East
Broward Boulevard, Suite 1500, Fort Lauderdale, FL 33394, Attention: Proxy
Group. Copies of the Trust's proxy voting records are also made available online
at franklintempleton.com and posted on the U.S. Securities and Exchange
Commission's website at sec.gov and reflect the most recent 12-month period
ended June 30.

QUARTERLY STATEMENT OF INVESTMENTS

The Trust files a complete statement of investments with the U.S. Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q 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
1-800/SEC-0330.

32 | Semiannual Report

[GRAPHIC OMITTED]

- --------------------------------------------------------------------------------

[LOGO]

-----
FGT
-----
FUNDS
-----

FGT FUNDS

----------

Fiduciary Large Capitalization Growth and Income Fund
Cusip 353533870

Fiduciary Small Capitalization Equity Fund
Cusip 353533862

Authorized for distribution only when accompanied or preceded by a current FGT
Funds prospectus. Investors should carefully consider a fund's investment goals,
risks, charges and expenses before investing. The prospectus contains this and
other information. Please carefully read the prospectus before you invest or
send money.

To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded and accessed. These calls can be
identified by the presence of a regular beeping tone.

INVESTMENT MANAGER

Fiduciary International, Inc.
600 5th Avenue
New York, NY 10020-2302

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

INVESTOR/SHAREHOLDER SERVICES

1-800/845-4514

FGT1 S2008 03/08

-------------

-------------
Fiduciary
-------------
Trust
-------------
International
-------------

-------------

[GRAPHIC OMITTED]

- --------------------------------------------------------------------------------
SEMIANNUAL REPORT 01 31 2008
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FRANKLIN GLOBAL TRUST
- --------------------------------------------------------------------------------

Franklin Templeton Core Fixed Income Fund

Franklin Templeton Core Plus Fixed Income Fund

[LOGO](R)
FRANKLIN TEMPLETON
INSTITUTIONAL

Contents

SEMIANNUAL REPORT

Economic and Market Overview .............................................. 1

Franklin Templeton Core Fixed Income Fund ................................. 3

Franklin Templeton Core Plus Fixed Income Fund ............................ 10

Financial Highlights and Statements of Investments ........................ 17

Financial Statements ...................................................... 29

Notes to Financial Statements ............................................. 32

Shareholder Information ................................................... 43

- --------------------------------------------------------------------------------

Semiannual Report

Economic and Market Overview

The pace of U.S. economic growth decelerated for the six-month period ended
January 31, 2008, as fourth quarter gross domestic product grew at an estimated
0.6% annualized rate, down from 4.9% annualized in the third quarter. Although
consumer spending and personal income continued to support the economy, signs of
a slowdown became evident during the six months under review. A number of
indicators reflected a housing market correction, financial market strains, and
softening business and consumer spending, as well as upward inflation pressures
from increasing food, energy and commodity prices, and a weaker dollar.

Volatile oil prices reached a historical high in early January, topping $100 per
barrel, before retreating to $92 by period-end. Core inflation, which excludes
food and energy costs, rose modestly for the period, signaling that inflation
risk remains. For January 2008, core inflation had a 12-month increase of 2.5%.
1 The Federal Reserve Board's (Fed's) preferred measure of inflation, the core
personal consumption expenditures price index, reported a 12-month increase of
2.2%. 2

As investor uncertainty persisted, the Fed remained committed to act in an
effort to restore normalcy to U.S. financial markets. After a broad-based
international stock sell-off near the end of the reporting period, the Fed cut
interest rates twice in January and brought the federal funds target rate to
3.0%. Likewise, President Bush and Congress hammered out the details of a $170
billion stimulus plan intended to boost the flagging U.S. economy.

1. Source: Bureau of Labor Statistics.

2. Source: Bureau of Economic Analysis.

- --------------------------------------------------------------------------------

- -------------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
- -------------------------------------------------------

Semiannual Report | 1

Over the period, investors sought relative safety in short-term U.S. Treasuries,
Treasury yields declined and the yield curve steepened. Short-term, two- and
five-year yields declined significantly, with the two-year bill yielding 2.17%
at the end of January, down from 4.56% six months earlier. The 10-year U.S.
Treasury note ended January yielding 3.67%, compared with 4.78% at the beginning
of the period.

2 | Semiannual Report

Franklin Templeton Core Fixed Income Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Templeton Core Fixed Income Fund
seeks total return by investing predominantly in debt securities of varying
maturities. The Fund invests mainly in investment-grade U.S. dollar-denominated
debt securities of U.S. issuers, with a focus on U.S. government securities,
mortgage- and asset-backed securities, and corporate debt securities.

- --------------------------------------------------------------------------------
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. PLEASE CALL A FRANKLIN TEMPLETON INSTITUTIONAL SERVICES
REPRESENTATIVE AT 1-800/321-8563 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

This semiannual report for Franklin Templeton Core Fixed Income Fund covers the
period ended January 31, 2008.

PERFORMANCE OVERVIEW

Franklin Templeton Core Fixed Income Fund posted a +3.61% cumulative total
return for the six months ended January 31, 2008. The Fund underperformed its
benchmark, the Lehman Brothers (LB) U.S. Aggregate Index, which returned +6.82%
during the same period. 1 You can find more of the Fund's performance data in
the Performance Summary beginning on page 6.

INVESTMENT STRATEGY

We allocate our investments among the various types of debt securities available
in the Fund's core investments, based on our assessment of the U.S. market,
industry and issuer conditions, and the opportunities presented within the
various sectors. We use a top-down/bottom-up selection process and rely on both
internal and external research to identify individual securities. Our credit
research process focuses on bottom-up credit selection that relies on our
independent investment analysis to evaluate the issuer's creditworthiness. We
consider a variety of factors, including the issuer's historical balance sheets,
income and cash flow statements, as well as projected earnings and the need for
future borrowings.

1. Source: Standard & Poor's Micropal. The LB U.S. Aggregate Index represents
securities that are SEC-registered, taxable and dollar denominated. The index
covers the U.S. investment-grade fixed-rate bond market, with index components
for government and corporate securities, mortgage pass-through securities and
asset-backed securities. All issues included must have at least one year to
final maturity and must be rated investment grade (Baa3 or better) by Moody's
Investors Service. They must also be dollar denominated and nonconvertible.
Total return includes price appreciation/depreciation and income as a percentage
of the original investment. The index is unmanaged and rebalanced monthly by
market capitalization. One cannot invest directly in an index, nor is an index
representative of the Fund's portfolio.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 18.

Semiannual Report | 3

PORTFOLIO BREAKDOWN
Franklin Templeton Core Fixed Income Fund Based on Total
Investments as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]

Mortgage-Backed Securities 29.2%
Thrifts & Mortgage Finance 16.2%
Consumer Finance 11.3%
U.S. Government & Agency Securities 11.0%
Diversified Financial Services 6.2%
Oil, Gas & Consumable Fuels 3.0%
Diversified Telecommunication Services 2.6%
Insurance 2.5%
Capital Markets 1.2%
Other 5.5%
Short-Term Investments 11.3%

MANAGER'S DISCUSSION

The six-month review period was an extremely difficult time for global financial
markets and the U.S. debt market in particular. The credit crunch that arose
from the meltdown in the U.S. subprime mortgage sector led to illiquidity and
significant volatility across the fixed income markets.

November was the worst month on record for high-quality investment-grade
corporate bonds as measured by excess returns against Treasuries of comparable
maturities. Treasury prices rose and yields fell as investors sought the safety
of U.S. government securities. Although in hindsight it is clear that a flight
to quality had occurred, the Fund did not fully participate in the Treasury
rally due to its slightly underweighted exposure to short-duration Treasuries
relative to its benchmark, the LB U.S. Aggregate Index. Issue selection within
the corporate bond sector also hindered Fund performance. For example, our
position in Residential Capital, a subsidiary of GMAC, was downgraded and
detracted from the Fund's results as spreads on all financial-related issuers
widened significantly during the reporting period. The mortgage sector declined
in the latter part of 2007 due to ongoing fallout from the subprime mortgage
crisis and spiking volatility. Concerns that the collapsing housing market would
spread to commercial real estate caused commercial mortgage-backed securities
(CMBS) to underperform significantly, which negatively impacted Fund performance
due to the overweighted allocation to CMBS. Lastly, our exposure to floating
rate asset-backed securities (primarily used as cash equivalents), some of which
included subprime borrowers, also hindered Fund returns.

As the reporting period came to a close we increased the portfolio's
investment-grade weightings as we believed wider spreads and market dislocations
related to the subprime mortgage crisis created some opportunities we considered
attractive. Additionally, we sought to diversify the portfolio into more stable
industrial credits where we thought valuations appeared attractive. Despite
recent market volatility, we remain committed to our overall investment
strategy.

4 | Semiannual Report

We thank you for your continued participation and look forward to serving your
investment needs.

[PHOTO OMITTED]

/s/ Michael Materasso

Michael Materasso
Executive Vice President of Franklin Templeton
Institutional, LLC (FT Institutional)

[PHOTO OMITTED]

/s/ Warren Keyser

Warren Keyser
Portfolio Manager of FT Institutional

[PHOTO OMITTED]

/s/ Robert Waldner

Robert Waldner
Portfolio Manager of FT Institutional

Portfolio Management Team
Franklin Templeton Core Fixed Income Fund

TOP 10 HOLDINGS
Franklin Templeton Core Fixed Income Fund 1/31/08

- --------------------------------------------------------------------------------
ISSUE/ISSUER % OF TOTAL
SECTOR INVESTMENTS
- --------------------------------------------------------------------------------
FHLMC Gold 30 Year 17.2%
MORTGAGE-BACKED SECURITIES
- --------------------------------------------------------------------------------
FNMA 14.0%
MORTGAGE-BACKED SECURITIES
- --------------------------------------------------------------------------------
U.S. Treasury Note 11.1%
U.S. GOVERNMENT & AGENCY SECURITIES
- --------------------------------------------------------------------------------
Citigroup/Deutsche Bank Commercial
Mortgage Trust 5.5%
THRIFTS & MORTGAGE FINANCE
- --------------------------------------------------------------------------------
LB-UBS Commercial Mortgage Trust 3.4%
THRIFTS & MORTGAGE FINANCE
- --------------------------------------------------------------------------------
Citibank Credit Card Issuance Trust 3.1%
THRIFTS & MORTGAGE FINANCE
- --------------------------------------------------------------------------------
U.S. Treasury Bond 2.0%
U.S. GOVERNMENT & AGENCY SECURITIES
- --------------------------------------------------------------------------------
SLM Student Loan Trust 2.0%
DIVERSIFIED FINANCIAL SERVICES
- --------------------------------------------------------------------------------
Bank of America Credit Card Trust 2.0%
CONSUMER FINANCE
- --------------------------------------------------------------------------------
American Express Credit Account
Master Trust 1.8%
CONSUMER FINANCE
- --------------------------------------------------------------------------------

Semiannual Report | 5

Performance Summary as of 1/31/08

FRANKLIN TEMPLETON CORE FIXED INCOME FUND

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. The performance table does 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 on the sale of Fund shares.

PRICE AND DISTRIBUTION INFORMATION

- ---------------------------------------------------------------------------------------------------
SYMBOL: FCFIX CHANGE 1/31/08 7/31/07
- ---------------------------------------------------------------------------------------------------

Net Asset Value (NAV) +$0.13 $ 9.70 $ 9.57
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- ---------------------------------------------------------------------------------------------------
Dividend Income $ 0.2118
- ---------------------------------------------------------------------------------------------------

PERFORMANCE 1

THE FUND MAY CHARGE A 2% FEE ON REDEMPTIONS MADE WITHIN SEVEN DAYS OF PURCHASE.

- ---------------------------------------------------------------------------------------------------
6-MONTH 1-YEAR 3-YEAR INCEPTION (8/29/03)
- ---------------------------------------------------------------------------------------------------

Cumulative Total Return 2 +3.61% +4.42% +10.88% +19.61%
- ---------------------------------------------------------------------------------------------------
Average Annual Total Return 3 +3.61% +4.42% +3.50% +4.13%
- ---------------------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $ 10,361 $ 10,442 $ 11,088 $ 11,961
- ---------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 +3.99% +3.57% +4.11%
- ---------------------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- ---------------------------------------------------------------------------------------------------
Without Waiver 0.79%
- ---------------------------------------------------------------------------------------------------
With Waiver 0.45%
- ---------------------------------------------------------------------------------------------------

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, PLEASE CALL A FRANKLIN
TEMPLETON INSTITUTIONAL SERVICES REPRESENTATIVE AT 1-800/321-8563.

THE FUND'S MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND
EXPENSES SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED 0.45% (OTHER
THAN CERTAIN NON-ROUTINE EXPENSES) UNTIL 11/30/08.

6 | Semiannual Report

Performance Summary (CONTINUED)

ENDNOTES

INTEREST RATE MOVEMENTS AND MORTGAGE PREPAYMENT RATES MAY AFFECT THE FUND'S
SHARE PRICE AND YIELD. BOND PRICES, AND THUS THE FUND'S SHARE PRICE, GENERALLY
MOVE IN THE OPPOSITE DIRECTION OF INTEREST RATES. THE FUND'S INVESTMENTS IN
FOREIGN COMPANIES, INCLUDING EMERGING MARKETS, CAN INVOLVE SPECIAL RISKS
INCLUDING CURRENCY VOLATILITY AND POLITICAL, ECONOMIC AND REGULATORY
UNCERTAINTY. THE FUND'S PROSPECTUS ALSO INCLUDES A DESCRIPTION OF THE MAIN
INVESTMENT RISKS.

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. These figures represent the value of a hypothetical $10,000 investment in the
Fund over the periods indicated.

5. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

6. Figures are as stated in the Fund's prospectus current as of the date of this
report.

Semiannual Report | 7

Your Fund's Expenses

FRANKLIN TEMPLETON CORE FIXED INCOME FUND

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

8 | Semiannual Report

Your Fund's Expenses (CONTINUED)

- -------------------------------------------------------------------------------------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
VALUE 8/1/07 VALUE 1/31/08 PERIOD* 8/1/07-1/31/08
- -------------------------------------------------------------------------------------------------------

Actual $ 1,000 $ 1,036.10 $ 2.30
- -------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000 $ 1,022.87 $ 2.29
- -------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month annualized expense
ratio, net of expense waiver, of 0.45%, multiplied by the average account value
over the period, multiplied by 184/366 to reflect the one-half year period.

Semiannual Report | 9

Franklin Templeton Core Plus Fixed Income Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Templeton Core Plus Fixed Income
Fund seeks total return by investing predominantly in debt securities of varying
maturities. The Fund will normally invest about 70% of its net assets in core
sectors of investment-grade U.S. dollar-denominated debt securities and other
securities, which may include municipal bonds and preferred stock. The Fund's
core investments generally include U.S. government securities, mortgage- and
asset-backed securities, and corporate debt securities.

- --------------------------------------------------------------------------------
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. PLEASE CALL A FRANKLIN TEMPLETON INSTITUTIONAL SERVICES
REPRESENTATIVE AT 1-800/321-8563 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

This semiannual report for Franklin Templeton Core Plus Fixed Income Fund covers
the period ended January 31, 2008.

PERFORMANCE OVERVIEW

Franklin Templeton Core Plus Fixed Income Fund posted a +5.03% cumulative total
return for the six months ended January 31, 2008. The Fund underperformed its
benchmark, the Lehman Brothers (LB) U.S. Aggregate Index, which returned +6.82%
during the same period. 1 You can find more of the Fund's performance data in
the Performance Summary beginning on page 13.

INVESTMENT STRATEGY

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 23.

10 | Semiannual Report

MANAGER'S DISCUSSION

PORTFOLIO BREAKDOWN
Franklin Templeton
Core Plus Fixed Income Fund
Based on Total Investments as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]

Mortgage-Backed Securities 30.7%
Thrifts & Mortgage Finance 15.8%
Consumer Finance 10.7%
U.S. Government & Agency Securities 8.7%
Foreign Government & Agency Securities 8.6%
Diversified Financial Services 5.3%
Media 2.7%
Diversified Telecommunication Services 2.7%
Other 11.3%
Short-Term Investments 3.5%

Semiannual Report | 11

TOP 10 HOLDINGS
Franklin Templeton
Core Plus Fixed Income Fund 1/31/08

- --------------------------------------------------------------------------------
ISSUE/ISSUER % OF TOTAL
SECTOR INVESTMENTS
- --------------------------------------------------------------------------------
FHLMC 18.5%
MORTGAGE-BACKED SECURITIES
- --------------------------------------------------------------------------------
FNMA 13.1%
MORTGAGE-BACKED SECURITIES
- --------------------------------------------------------------------------------
U.S. Treasury Note 6.7%
U.S. GOVERNMENT & AGENCY SECURITIES
- --------------------------------------------------------------------------------
Citibank Credit Card Issuance Trust 4.8%
THRIFTS & MORTGAGE FINANCE
- --------------------------------------------------------------------------------
GE Capital Commercial Mortgage Corp. 3.9%
THRIFTS & MORTGAGE FINANCE
- --------------------------------------------------------------------------------
U.S. Treasury Bond 3.0%
U.S. GOVERNMENT & AGENCY SECURITIES
- --------------------------------------------------------------------------------
SLM Student Loan Trust 2.5%
DIVERSIFIED FINANCIAL SERVICES
- --------------------------------------------------------------------------------
Bank of America Credit Card Trust 2.0%
CONSUMER FINANCE
- --------------------------------------------------------------------------------
American Express Credit Account
Master Trust 1.6%
CONSUMER FINANCE
- --------------------------------------------------------------------------------
Bank One Issuance Trust 1.6%
CONSUMER FINANCE
- --------------------------------------------------------------------------------

We thank you for your continued participation and look forward to serving your
investment needs.

[PHOTO OMITTED] /s/ Michael Materasso

Michael Materasso
Executive Vice President of Franklin Templeton
Institutional, LLC (FT Institutional)

[PHOTO OMITTED] /s/ Warren Keyser

Warren Keyser
Portfolio Manager of FT Institutional

[PHOTO OMITTED] /s/ Robert Waldner

Robert Waldner
Portfolio Manager of FT Institutional

Portfolio Management Team
Franklin Templeton Core Plus Fixed Income Fund

12 | Semiannual Report

Performance Summary as of 1/31/08

FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND

PRICE AND DISTRIBUTION INFORMATION

- --------------------------------------------------------------------------------
SYMBOL: FCPFX CHANGE 1/31/08 7/31/07
- --------------------------------------------------------------------------------
Net Asset Value (NAV) +$0.29 $ 10.41 $ 10.12
- --------------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- --------------------------------------------------------------------------------
Dividend Income $0.2149
- --------------------------------------------------------------------------------

PERFORMANCE 1

THE FUND MAY CHARGE A 2% FEE ON REDEMPTIONS MADE WITHIN SEVEN DAYS OF PURCHASE.

- -------------------------------------------------------------------------------------------------------
6-MONTH 1-YEAR 3-YEAR INCEPTION (8/4/03)
- -------------------------------------------------------------------------------------------------------

Cumulative Total Return 2 +5.03% +6.02% +14.46% +27.45%
- -------------------------------------------------------------------------------------------------------
Average Annual Total Return 3 +5.03% +6.02% +4.60% +5.55%
- -------------------------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $10,503 $10,602 $11,446 $12,745
- -------------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 +5.30% +4.60% +5.52%
- -------------------------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- -------------------------------------------------------------------------------------------------------
Without Waiver 0.61%
- -------------------------------------------------------------------------------------------------------
With Waiver 0.43%
- -------------------------------------------------------------------------------------------------------

THE FUND'S MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND
EXPENSES SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED 0.43% (OTHER
THAN CERTAIN NON-ROUTINE EXPENSES) UNTIL 11/30/08.

Semiannual Report | 13

Performance Summary (CONTINUED)

ENDNOTES

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. These figures represent the value of a hypothetical $10,000 investment in the
Fund over the periods indicated.

5. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

6. Figures are as stated in the Fund's prospectus current as of the date of this
report.

14 | Semiannual Report

Your Fund's Expenses

FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Semiannual Report | 15

Your Fund's Expenses (CONTINUED)

Actual $1,000 $1,050.30 $2.22
- -------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,022.97 $2.19
- -------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month annualized expense
ratio, net of expense waiver, of 0.43%, multiplied by the average account value
over the period, multiplied by 184/366 to reflect the one-half year period.

16 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN TEMPLETON CORE FIXED INCOME FUND

-------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 g
-------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ............................. $ 9.57 $ 9.62 $ 10.00 $ 9.97 $ 10.00
-------------------------------------------------------------
Income from investment operations a:
Net investment income b ....................................... 0.24 0.47 0.43 0.32 0.26
Net realized and unrealized gains (losses) .................... 0.10 (0.05) (0.32) 0.19 0.13
-------------------------------------------------------------
Total from investment operations ................................. 0.34 0.42 0.11 0.51 0.39
-------------------------------------------------------------
Less distributions from:
Net investment income ......................................... (0.21) (0.47) (0.49) (0.45) (0.39)
Net realized gains ............................................ -- -- -- (0.03) (0.03)
-------------------------------------------------------------
Total distributions .............................................. (0.21) (0.47) (0.49) (0.48) (0.42)
-------------------------------------------------------------
Net asset value, end of period ................................... $ 9.70 $ 9.57 $ 9.62 $ 10.00 $ 9.97
=============================================================

Total return c ................................................... 3.61% 4.44% 1.14% 5.13% 3.96%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments by affiliates ................ 0.65% 0.67% 0.70% 0.72% 0.99%
Expenses net of waiver and payments by affiliates e .............. 0.45% 0.45% 0.45% 0.45% 0.45%
Net investment income ............................................ 4.99% 4.81% 4.32% 3.19% 2.76%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ................................ $ 31,756 $ 29,671 $ 20,316 $ 26,720 $ 17,543
Portfolio turnover rate .......................................... 251.69% 512.24% 534.14% 473.05% 459.82%
Portfolio turnover rate excluding mortgage dollar rolls f ........ 45.28% 132.05% 213.90% 254.13% 259.85%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f See Note 1(f) regarding mortgage dollar rolls.

g For the period August 29, 2003 (commencement of operations) to July 31, 2004.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 17

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS 108.2%
CORPORATE BONDS 18.8%
CAPITAL MARKETS 1.5%
The Goldman Sachs Group Inc., junior sub. note, 6.345%, 2/15/34 ....... United States $ 145,000 $ 131,530
Morgan Stanley, sub. note, 4.75%, 4/01/14 ............................. United States 355,000 341,837
----------------
473,367
----------------
COMMERCIAL BANKS 1.7%
b,c HSBC Capital Funding LP, Reg S, 4.61%, Perpetual ...................... United Kingdom 330,000 306,834
c Wachovia Capital Trust III, 5.80%, Perpetual .......................... United States 300,000 237,159
----------------
543,993
----------------
CONSUMER FINANCE 2.0%
Residential Capital LLC, senior note,
8.00%, 6/01/12 ..................................................... United States 360,000 226,800
8.375%, 6/30/15 .................................................... United States 145,000 91,350
d FRN, 5.646%, 6/09/08 ............................................... United States 380,000 326,800
----------------
644,950
----------------
DIVERSIFIED FINANCIAL SERVICES 1.7%
e Capmark Financial Group Inc., 144A, 6.30%, 5/10/17 .................... United States 295,000 206,995
d General Electric Capital Corp., FRN, 5.171%, 3/04/08 .................. United States 345,000 345,516
----------------
552,511
----------------
DIVERSIFIED TELECOMMUNICATION SERVICES 1.7%
Ameritech Capital Funding Corp., 6.25%, 5/18/09 ....................... United States 250,000 260,213
Embarq Corp., senior note, 7.995%, 6/01/36 ............................ United States 110,000 110,202
Telecom Italia Capital, senior note, 4.95%, 9/30/14 ................... Italy 155,000 150,788
----------------
521,203
----------------
HEALTH CARE PROVIDERS & SERVICES 1.1%
Quest Diagnostics Inc., 6.40%, 7/01/17 ................................ United States 330,000 343,570
----------------
INSURANCE 3.1%
Chubb Corp., senior note, 6.00%, 5/11/37 .............................. United States 405,000 384,413
d Genworth Financial Inc., junior sub. note, FRN, 6.15%, 11/15/66 ....... United States 145,000 128,198
d Lincoln National Corp., FRN, 7.00%, 5/17/66 ........................... United States 285,000 283,881
d MetLife Inc., junior sub. note, FRN, 6.40%, 12/15/66 .................. United States 215,000 193,543
----------------
990,035
----------------
MEDIA 1.7%
News America Inc., 6.40%, 12/15/35 .................................... United States 305,000 301,984
TCI Communications Inc., senior note, 8.75%, 8/01/15 .................. United States 200,000 235,235
----------------
537,219
----------------
OIL, GAS & CONSUMABLE FUELS 3.6%
e Gaz Capital SA, 144A, 6.212%, 11/22/16 ................................ Luxembourg 245,000 239,488
e LUKOIL International Finance BV, 144A, 6.656%, 6/07/22 ................ Russia 320,000 296,000
e Petroleum Export Cayman, senior note, 144A, 5.265%, 6/15/11 ........... Egypt 309,485 308,107
Valero Energy Corp., 6.625%, 6/15/37 .................................. United States 310,000 307,194
----------------
1,150,789
----------------

18 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
CORPORATE BONDS (CONTINUED)
ROAD & RAIL 0.7%
Kazakhstan Temir Zholy, 6.50%, 5/11/11 ................................ Kazakhstan $ 230,000 $ 222,665
----------------
TOTAL CORPORATE BONDS (COST $6,459,172) ............................... 5,980,302
----------------
MUNICIPAL BOND (COST $473,409) 1.5%
Buckeye Tobacco Settlement Financing Authority Revenue, Asset-Backed,
Senior Current Interest Turbo Term Bond, Series A-2, 5.125%,
6/01/24 ........................................................... United States 490,000 472,889
----------------
MORTGAGE-BACKED SECURITIES 35.6%
FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) FIXED RATE 20.5%
FHLMC Gold 15 Year, 4.50%, 10/01/22 ................................... United States 919,003 918,313
FHLMC Gold 30 Year, 5.50%, 5/01/37 .................................... United States 1,901,854 1,926,089
f FHLMC Gold 30 Year, 6.50%, 2/01/28 .................................... United States 3,514,000 3,650,716
----------------
6,495,118
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) FIXED RATE 15.1%
f FNMA 30 Year, 5.00%, 2/01/34 .......................................... United States 4,816,000 4,795,681
----------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $11,157,685) ................... 11,290,799
----------------
ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES 36.4%
CONSUMER FINANCE 11.7%
d American Express Credit Account Master Trust, 2003-3, A, FRN, 4.346%,
11/15/10 ............................................................ United States 700,000 700,379
d Bank of America Credit Card Trust,
2007-A7, A7, FRN, 4.236%, 8/15/12 ................................ United States 365,000 361,057
2007-A13, A13, FRN, 4.456%, 4/15/12 .............................. United States 406,000 404,075
d Bank One Issuance Trust, 2003, A6, FRN, 4.346%, 2/15/11 ............... United States 612,000 611,954
Chase Issuance Trust, 2005, A5, 5.631%, 2/15/12 ....................... United States 612,000 608,335
d Ford Credit Auto Owner Trust, 2007-B, A2B, FRN, 4.566%, 6/15/10 ....... United States 367,000 366,124
d Household Credit Card Master Note Trust I, 2007-1, A, FRN, 4.286%,
4/15/13 ............................................................. United States 676,000 667,722
----------------
3,719,646
----------------
DIVERSIFIED FINANCIAL SERVICES 5.9%
d Bear Stearns Commercial Mortgage Securities Inc., 2005-PW10, A4, FRN,
5.405%, 12/11/40 .................................................... United States 475,000 486,144
d Ford Credit Floorplan Master Owner Trust, 2006, A, FRN, 4.416%,
6/15/11 ............................................................. United States 210,000 208,744
d Permanent Financing PLC, 4, 3A, FRN, 5.286%, 3/10/24 .................. United Kingdom 300,000 299,357
d Popular ABS Mortgage Pass-Through Trust,
2006-A, A1, FRN, 3.466%, 2/25/36 ................................. United States 43,017 42,908
2006-C, A1, FRN, 3.426%, 7/25/36 ................................. United States 53,327 52,885
d SLM Student Loan Trust,
2005-4, A1, FRN, 3.341%, 10/26/15 ................................ United States 62,267 62,290
2006-1, A2, FRN, 3.341%, 1/26/15 ................................. United States 68,515 68,539
2006-7, A2, FRN, 3.321%, 10/25/16 ................................ United States 220,110 220,580
2007-1, A2, FRN, 3.331%, 1/25/16 ................................. United States 429,098 429,508
----------------
1,870,955
----------------

Semiannual Report | 19

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES (CONTINUED)
THRIFTS & MORTGAGE FINANCE 18.8%
d Citibank Credit Card Issuance Trust,
2007-A2, A2, FRN, 4.972%, 5/21/12 ................................ United States $ 170,000 $ 168,044
2007-A6, A6, FRN, 4.367%, 7/12/12 ................................ United States 438,000 433,059
2007-A1, A1, FRN, 4.874%, 3/22/12 ................................ United States 605,000 600,299
Citigroup/Deutsche Bank Commercial Mortgage Trust,
d 2005-CD1, A4, FRN, 5.40%, 7/15/44 ................................ United States 475,000 481,305
2006-CD3, A4, 5.658%, 10/15/48 ................................... United States 1,018,000 1,006,183
sub. bond, 2006-CD3, C, 5.748%, 10/15/48 ......................... United States 745,000 641,325
d,e Countrywide Asset-Backed Certificates, 2004-SD3, A1, 144A, FRN, 3.826%,
9/25/34 ............................................................. United States 25,061 21,723
CS First Boston Mortgage Securities Corp., 2004-1, 5A1, 5.50%,
2/25/19 ............................................................. United States 14,762 14,705
GE Capital Commercial Mortgage Corp., 2001-3, A2, 6.07%, 6/10/38 ...... United States 538,000 557,149
d Impac CMB Trust, 2004-10, 2A, FRN, 3.696%, 3/25/35 .................... United States 272,954 267,035
d Indymac Index Mortgage Loan Trust, 2006-AR6, 2A1C, FRN, 3.586%,
6/25/47 ............................................................. United States 494,362 404,637
LB-UBS Commercial Mortgage Trust,
2004-C7, A1A, 4.475%, 10/15/29 ................................... United States 1,257,579 1,230,306
2006-C1, A4, 5.156%, 2/15/31 ..................................... United States 95,000 92,003
d Washington Mutual Inc., 2004-AR2, A, FRN, 6.062%, 4/25/44 ............. United States 49,911 49,219
----------------
5,966,992
----------------
TOTAL ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES (COST $11,745,396) ....................................... 11,557,593
----------------
U.S. GOVERNMENT AND AGENCY SECURITIES 13.4%
FNMA, 5.00%, 2/13/17 .................................................. United States 450,000 479,616
U.S. Treasury Bond,
7.25%, 8/15/22 ................................................... United States 38,000 50,635
5.375%, 2/15/31 .................................................. United States 304,000 348,484
5.00%, 5/15/37 ................................................... United States 355,000 393,301
U.S. Treasury Note,
3.875%, 7/15/10 .................................................. United States 1,443,000 1,501,961
3.375%, 11/30/12 ................................................. United States 370,000 379,366
3.625%, 12/31/12 ................................................. United States 518,000 537,466
4.625%, 11/15/16 ................................................. United States 521,000 562,273
----------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (COST $4,058,802) ......... 4,253,102
----------------

------------------
SHARES
------------------

PREFERRED STOCKS 2.5%
DIVERSIFIED TELECOMMUNICATION SERVICES 1.5%
e Centaur Funding Corp., 9.08%, pfd., B, 144A ........................... United States 448 494,620

20 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE FIXED INCOME FUND COUNTRY SHARES VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS (CONTINUED)
PREFERRED STOCKS (CONTINUED)
THRIFTS & MORTGAGE FINANCE 1.0%
g FHLMC, 8.375%, pfd. ................................................... United States 5,800 $ 155,730
----------------
FNMA, 8.25%, pfd. ..................................................... United States 6,000 158,520
----------------
314,250
----------------
TOTAL PREFERRED STOCKS (COST $867,951) ................................ 808,870
----------------
TOTAL LONG TERM INVESTMENTS (COST $34,762,415) ........................ 34,363,555
----------------

------------------
PRINCIPAL AMOUNT a
------------------

SHORT TERM INVESTMENTS 13.7%
U.S. GOVERNMENT AND AGENCY SECURITY (COST $1,324,365) 4.2%
U.S. Treasury Note, 5.50%, 2/15/08 .................................... United States $ 1,324,000 1,326,276
----------------
TOTAL INVESTMENTS BEFORE MONEY MARKET FUND (COST $36,086,780) ......... 35,689,831
----------------

------------------
SHARES
------------------

MONEY MARKET FUND (COST $3,033,765) 9.5%
h Franklin Institutional Fiduciary Trust Money Market Portfolio, 3.64% .. United States 3,033,765 3,033,765
----------------
TOTAL INVESTMENTS (COST $39,120,545) 121.9% ........................... 38,723,596
NET UNREALIZED LOSS ON CREDIT DEFAULT SWAPS (0.6)% .................... (198,508)
OTHER ASSETS, LESS LIABILITIES (21.3)% ................................ (6,769,415)
----------------
NET ASSETS 100.0% ..................................................... $ 31,755,673
================

See Selected Portfolio Abbreviations on page 28.

a The principal amount is stated in U.S. dollars unless otherwise indicated.

b Security was purchased pursuant to Regulation S under the Securities Act of
1933, which exempts from registration securities offered and sold outside of the
United States. Such a security cannot be sold in the United States without
either an effective registration statement filed pursuant to the Securities Act
of 1933, or pursuant to an exemption from registration. This security has been
deemed liquid under guidelines approved by the Trust's Board of Trustees. At
January 31, 2008, the value of this security was $306,834, representing 0.97% of
net assets.

c Perpetual bond with no stated maturity date.

d The coupon rate shown represents the rate at period end.

e Security was purchased pursuant to Rule 144A under the Securities Act of 1933
and may be sold in transactions exempt from registration only to qualified
institutional buyers or in a public offering registered under the Securities Act
of 1933. These securities have been deemed liquid under guidelines approved by
the Trust's Board of Trustees. At January 31, 2008, the aggregate value of these
securities was $1,566,933, representing 4.93% of net assets.

f A portion or all of the security purchased on a to-be-announced basis. See
Note 1(c).

g Non-income producing for the twelve months ended January 31, 2008.

h See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 21

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND

-------------------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 h
-------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ................... $ 10.12 $ 10.16 $ 10.46 $ 10.32 $ 10.00
-------------------------------------------------------------------------
Income from investment operations a:
Net investment income b ............................. 0.25 0.50 0.46 0.36 0.28
Net realized and unrealized gains (losses) .......... 0.25 0.01 (0.25) 0.23 0.41
-------------------------------------------------------------------------
Total from investment operations ....................... 0.50 0.51 0.21 0.59 0.69
-------------------------------------------------------------------------
Less distributions from:
Net investment income ............................... (0.21) (0.55) (0.51) (0.45) (0.30)
Net realized gains .................................. -- -- -- g -- (0.07)
-------------------------------------------------------------------------
Total distributions .................................... (0.21) (0.55) (0.51) (0.45) (0.37)
-------------------------------------------------------------------------
Net asset value, end of period ......................... $ 10.41 $ 10.12 $ 10.16 $ 10.46 $ 10.32
=========================================================================

Total return c ......................................... 5.03% 5.02% 2.10% 5.80% 6.97%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments by affiliates ...... 0.57% 0.57% 0.56% 0.58% 0.84%
Expenses net of waiver and payments by affiliates e .... 0.43% 0.43% 0.43% 0.43% 0.43%
Net investment income .................................. 4.90% 4.87% 4.47% 3.44% 2.76%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ...................... $ 111,414 $ 101,992 $ 97,272 $ 96,823 $ 54,132
Portfolio turnover rate ................................ 250.40% 479.36% 516.39% 465.89% 426.29%
Portfolio turnover rate excluding mortgage dollar
rolls f ............................................. 47.34% 143.61% 213.60% 244.29% 222.53%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f See Note 1(f) regarding mortgage dollar rolls.

g Amount rounds to less than $0.01 per share.

h For the period August 4, 2003 (commencement of operations) to July 31, 2004.

22 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS 123.3%
CORPORATE BONDS 21.5%
AUTOMOBILES 0.9%
Ford Motor Credit Co. LLC,
5.70%, 1/15/10 ................................................... United States 260,000 $ 237,969
7.875%, 6/15/10 .................................................. United States 275,000 259,014
8.625%, 11/01/10 ................................................. United States 500,000 470,163
--------------
967,146
--------------
CAPITAL MARKETS 2.1%
The Goldman Sachs Group Inc., junior sub. note, 6.345%, 2/15/34 ..... United States 1,250,000 1,133,880
Morgan Stanley, sub. note, 4.75%, 4/01/14............................ United States 1,220,000 1,174,763
--------------
2,308,643
--------------
CHEMICALS 0.2%
Nalco Co., senior sub. note, 8.875%, 11/15/13........................ United States 230,000 234,600
--------------
COMMERCIAL BANKS 2.4%
b Alfa MTN Markets for ABH Financial, 144A, 8.20%, 6/25/12............. Russia 545,000 520,475
c,d HSBC Capital Funding LP, Reg S, 4.61%, Perpetual..................... United Kingdom 1,085,000 1,008,833
d RBS Capital Trust III, 5.512%, Perpetual............................. United States 1,220,000 1,145,529
--------------
2,647,837
--------------
COMMERCIAL SERVICES & SUPPLIES 0.2%
ARAMARK Corp., senior note, 8.50%, 2/01/15........................... United States 258,000 258,000
--------------
CONSUMER FINANCE 1.7%
GMAC LLC, 6.75%, 12/01/14 ........................................... United States 1,025,000 845,779
e Residential Capital LLC, senior note, FRN, 5.646%, 6/09/08........... United States 1,200,000 1,032,000
--------------
1,877,779
--------------
DIVERSIFIED FINANCIAL SERVICES 1.8%
e General Electric Capital Corp., FRN, 5.171%, 3/04/08................. United States 2,040,000 2,043,052
--------------
DIVERSIFIED TELECOMMUNICATION SERVICES 1.7%
Embarq Corp., senior note, 7.995%, 6/01/36 .......................... United States 475,000 475,870
Sprint Capital Corp., 6.90%, 5/01/19................................. United States 245,000 224,358
Telecom Italia Capital, senior note, 4.95%, 9/30/14.................. Italy 1,220,000 1,186,850
--------------
1,887,078
--------------
ELECTRIC UTILITIES 0.9%
Consumers Energy Co., C, 4.25%, 4/15/08.............................. United States 985,000 984,334
--------------
FOOD PRODUCTS 0.1%
Smithfield Foods Inc., senior note, 7.75%, 5/15/13................... United States 90,000 88,650
--------------
HEALTH CARE PROVIDERS & SERVICES 0.6%
Coventry Health Care Inc., senior note, 6.30%, 8/15/14............... United States 470,000 489,228
HCA Inc., senior secured note, 9.125%, 11/15/14 ..................... United States 155,000 161,394
--------------
650,622
--------------
HOTELS RESTAURANTS & LEISURE 0.2%
Station Casinos Inc., senior sub. note, 6.875%, 3/01/16.............. United States 305,000 208,925
--------------
HOUSEHOLD DURABLES 0.2%
Jarden Corp., senior sub. note, 7.50%, 5/01/17....................... United States 320,000 275,200
--------------

Semiannual Report | 23

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS (CONTINUED)
CORPORATE BONDS (CONTINUED)
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.2%
NRG Energy Inc., senior note, 7.375%, 2/01/16 ............................ United States 240,000 $ 232,500
--------------
INSURANCE 1.6%
e Genworth Financial Inc., junior sub. note, FRN, 6.15%, 11/15/66 .......... United States 825,000 729,404
e Lincoln National Corp., FRN, 7.00%, 5/17/66 .............................. United States 1,000,000 996,074
--------------
1,725,478
--------------
MEDIA 3.5%
Lamar Media Corp., senior sub. note, 7.25%, 1/01/13 ...................... United States 200,000 198,500
LIN Television Corp., senior sub. note, 6.50%, 5/15/13 ................... United States 275,000 260,562
News America Inc., 6.40%, 12/15/35 ....................................... United States 1,170,000 1,158,432
R.H. Donnelley Corp., senior note, 8.875%, 1/15/16 ....................... United States 340,000 293,250
TCI Communications Inc., senior note, 8.75%, 8/01/15 ..................... United States 740,000 870,369
Viacom Inc., senior note, 6.875%, 4/30/36 ................................ United States 1,140,000 1,117,311
--------------
3,898,424
--------------
MULTI-UTILITIES 0.3%
e Dominion Resources Inc., junior sub. note, 06-B, FRN, 6.30%,
9/30/66 ................................................................. United States 375,000 356,435
--------------
OIL, GAS & CONSUMABLE FUELS 2.1%
b Gaz Capital SA, 144A, 6.212%, 11/22/16 ................................... Luxembourg 575,000 562,063
b Petroleum Export Cayman, senior note, 144A, 5.265%, 6/15/11 .............. Egypt 717,100 713,907
Valero Energy Corp., 6.625%, 6/15/37 ..................................... United States 1,110,000 1,099,952
--------------
2,375,922
--------------
REAL ESTATE INVESTMENT TRUSTS 0.2%
Host Marriott LP, senior note, K, 7.125%, 11/01/13 ....................... United States 195,000 194,025
--------------
ROAD & RAIL 0.3%
Kazakhstan Temir Zholy, 7.00%, 5/11/16 ................................... Kazakhstan 365,000 341,932
--------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.1%
Freescale Semiconductor Inc., senior note, 8.875%, 12/15/14 .............. United States 140,000 114,450
--------------
TOBACCO 0.2%
Reynolds American Inc., senior secured note, 7.625%, 6/01/16 ............. United States 185,000 196,850
--------------
TOTAL CORPORATE BONDS (COST $24,838,389) ................................. 23,894,882
--------------
MUNICIPAL BOND (COST $1,873,551) 1.7%
Buckeye Tobacco Settlement Financing Authority Revenue, Asset-Backed,
Senior Current Interest Turbo Term Bond, Series A-2, 5.125%,
6/01/24 ............................................................... United States 1,935,000 1,867,430
--------------
MORTGAGE-BACKED SECURITIES 39.2%
e FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) ADJUSTABLE RATE 0.7%
FHLMC, 5.488%, 9/01/24 ................................................... United States 789,596 799,838
--------------
FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) FIXED RATE 22.3%
FHLMC Gold 15 Year, 4.50%, 10/01/22 ...................................... United States 3,459,889 3,457,293
FHLMC Gold 30 Year, 5.50%, 5/01/37 ....................................... United States 7,628,207 7,725,413
f FHLMC Gold 30 Year, 6.50%, 2/01/28 ....................................... United States 13,202,000 13,715,637
--------------
24,898,343
--------------

24 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS (CONTINUED)
MORTGAGE-BACKED SECURITIES (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) FIXED RATE 16.2%
f FNMA 30 Year, 5.00%, 2/01/34 ............................................. United States 18,096,000 $ 18,019,653
--------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $43,198,281) ...................... 43,717,834
--------------
ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES 36.0%
CONSUMER FINANCE 11.9%
e American Express Credit Account Master Trust, 2003-3, A, FRN, 4.346%,
11/15/10 ................................................................ United States 2,300,000 2,301,246
e Bank of America Credit Card Trust,
2007-A7, A7, FRN, 4.236%, 8/15/12 ..................................... United States 1,275,000 1,261,225
2007-A13, A13, FRN, 4.456%, 4/15/12 ................................... United States 1,563,000 1,555,590
e Bank One Issuance Trust, 2003, A6, FRN, 4.346%, 2/15/11 .................. United States 2,284,000 2,283,829
Chase Issuance Trust, 2005, A5, 5.631%, 2/15/12 .......................... United States 2,284,000 2,270,320
e Ford Credit Auto Owner Trust, 2007-B, A2B, FRN, 4.566%, 6/15/10 .......... United States 1,362,000 1,358,748
e Household Credit Card Master Note Trust I, 2007-1, A, FRN, 4.286%,
4/15/13 ................................................................. United States 2,292,000 2,263,933
--------------
13,294,891
--------------
DIVERSIFIED FINANCIAL SERVICES 5.0%
e Ford Credit Floorplan Master Owner Trust, 2006, A, FRN, 4.416%,
6/15/11 ................................................................. United States 1,000,000 994,021
e Permanent Financing PLC, 4, 3A, FRN, 5.286%, 3/10/24 ..................... United Kingdom 610,000 608,692
e Popular ABS Mortgage Pass-Through Trust,
2006-A, A1, FRN, 3.466%, 2/25/36 ...................................... United States 159,574 159,167
2006-C, A1, FRN, 3.426%, 7/25/36 ...................................... United States 256,636 254,510
e SLM Student Loan Trust,
2002-3, A4, FRN, 3.321%, 10/25/16 ..................................... United States 178,240 178,836
2005-4, A1, FRN, 3.341%, 10/26/15 ..................................... United States 479,039 479,221
2006-1, A2, FRN, 3.341%, 1/26/15 ...................................... United States 254,158 254,246
2006-7, A2, FRN, 3.321%, 10/25/16 ..................................... United States 1,026,921 1,029,113
2007-1, A2, FRN, 3.331%, 1/25/16 ...................................... United States 1,643,940 1,645,517
--------------
5,603,323
--------------
THRIFTS & MORTGAGE FINANCE 19.1%
e Citibank Credit Card Issuance Trust,
2003-A9, A9, FRN, 5.029%, 11/22/10 .................................... United States 1,700,000 1,696,321
2007-A1, A1, FRN, 4.874%, 3/22/12 ..................................... United States 2,098,000 2,081,697
2007-A2, A2, FRN, 4.972%, 5/21/12 ..................................... United States 1,607,000 1,588,513
2007-A6, A6, FRN, 4.367%, 7/12/12 ..................................... United States 1,532,000 1,514,717
Citigroup/Deutsche Bank Commercial Mortgage Trust, sub. bond, 2006-CD3,
C, 5.748%, 10/15/48 ..................................................... United States 2,080,000 1,790,545
b,e Countrywide Asset-Backed Certificates, 2004-SD3, A1, 144A, FRN,
3.826%, 9/25/34 ......................................................... United States 12,531 10,862
GE Capital Commercial Mortgage Corp., 2001-3, A2, 6.07%, 6/10/38 ......... United States 5,303,000 5,491,746
Greenwich Capital Commercial Funding Corp., 2005-GG5, A5, 5.224%,
4/10/37 ................................................................. United States 1,117,000 1,127,225
e GS Mortgage Securities Corp. II, 2006-GG6, A4, FRN, 5.553%,
4/10/38 ................................................................. United States 951,000 947,135

Semiannual Report | 25

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS (CONTINUED)
ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES (CONTINUED)
THRIFTS & MORTGAGE FINANCE (CONTINUED)
e Impac CMB Trust, 2004-10, 2A, FRN, 3.696%, 3/25/35 ...................... United States 1,064,666 $ 1,041,581
e Indymac Index Mortgage Loan Trust, 2006-AR6, 2A1C, FRN, 3.586%,
6/25/47 ............................................................. United States 1,624,334 1,329,520
LB-UBS Commercial Mortgage Trust, 2006-C1, A4, 5.156%, 2/15/31 .......... United States 2,117,000 2,050,217
e Washington Mutual Inc., 2004-AR2, A, FRN, 6.062%, 4/25/44 ............... United States 563,468 555,662
--------------
21,225,741
--------------
TOTAL ASSET-BACKED SECURITIES AND COMMERCIAL MORTGAGE-BACKED
SECURITIES (COST $40,683,398) ......................................... 40,123,955
--------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES 11.0%
e Government of Japan, FRN, 1.20%, 3/20/21 ................................ Japan 119,000,000 JPY 1,125,760
Government of Malaysia, 3.756%, 4/28/11 ................................. Malaysia 5,300,000 MYR 1,655,841
Government of Norway, 5.50%, 5/15/09 .................................... Norway 11,653,000 NOK 2,175,406
c Government of Russia, Reg S, 12.75%, 6/24/28 ............................ Russia 557,000 1,023,836
Government of Singapore, 2.375%, 10/01/09 ............................... Singapore 3,004,000 SGD 2,154,196
Government of Sweden, 6.50%, 5/05/08 .................................... Sweden 12,260,000 SEK 1,937,909
c Government of Venezuela, Reg S, 6.00%, 12/09/20 ......................... Venezuela 565,000 436,462
Korea Treasury Bond, 5.25%, 9/10/12 ..................................... South Korea 1,100,000,000 KRW 1,173,106
Nota Do Tesouro Nacional, 9.762%, 1/01/17 ............................... Brazil 1,210g BRL 585,268
--------------
TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES
(COST $11,078,516) .................................................... 12,267,784
--------------
U.S. GOVERNMENT AND AGENCY SECURITIES 11.1%
U.S. Treasury Bond,
4.50%, 2/15/36 ...................................................... United States 1,029,000 1,051,831
5.00%, 5/15/37 ...................................................... United States 1,384,000 1,533,321
5.375%, 2/15/31 ..................................................... United States 848,000 972,087
7.25%, 8/15/22 ...................................................... United States 568,000 756,860
U.S. Treasury Note,
4.625%, 7/31/12 ..................................................... United States 3,764,000 4,061,887
3.375%, 11/30/12 .................................................... United States 956,000 980,199
3.625%, 12/31/12 .................................................... United States 2,925,000 3,034,919
--------------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
(COST $11,757,944) .................................................... 12,391,104
--------------

-------------
SHARES
-------------

PREFERRED STOCKS 2.8%
DIVERSIFIED TELECOMMUNICATION SERVICES 1.7%
b Centaur Funding Corp., 9.08%, pfd., B, 144A ............................. United States 1,683 1,858,137
--------------
THRIFTS & MORTGAGE FINANCE 1.1%
h FHLMC, 8.375%, pfd. ..................................................... United States 23,000 617,550
FNMA, 8.25%, pfd. ....................................................... United States 24,000 634,080
--------------
1,251,630
--------------
TOTAL PREFERRED STOCKS (COST $3,354,848) ................................ 3,109,767
--------------
TOTAL LONG TERM INVESTMENTS (COST $136,784,927) ......................... 137,372,756
--------------

26 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- -----------------------------------------------------------------------------------------------------------------------------------

SHORT TERM INVESTMENTS 4.5%
U.S. GOVERNMENT AND AGENCY SECURITY (COST $1,402,034) 1.2%
i U.S. Treasury Note, 5.50%, 2/15/08 ...................................... United States 1,400,000 $ 1,402,407
--------------
TOTAL INVESTMENTS BEFORE MONEY MARKET FUND
(COST $138,186,961) ................................................... 138,775,163
--------------

-------------
SHARES
-------------

MONEY MARKET FUND (COST $3,659,786) 3.3%
j Franklin Institutional Fiduciary Trust Money Market Portfolio, 3.64% .... United States 3,659,786 3,659,786
--------------
TOTAL INVESTMENTS (COST $141,846,747) 127.8% ............................ 142,434,949
NET UNREALIZED LOSS ON CREDIT DEFAULT SWAPS (0.9)% ...................... (1,029,988)
NET UNREALIZED GAIN ON FOREIGN EXCHANGE CONTRACTS 0.0% k ................ 2,968
OTHER ASSETS, LESS LIABILITIES (26.9)% .................................. (29,993,547)
--------------
NET ASSETS 100.0% ....................................................... $ 111,414,382
==============

See Currency and Selected Portfolio Abbreviations on page 28.

a The principal amount is stated in U.S. dollars unless otherwise indicated.

b Security was purchased pursuant to Rule 144A under the Securities Act of 1933
and may be sold in transactions exempt from registration only to qualified
institutional buyers or in a public offering registered under the Securities Act
of 1933. These securities have been deemed liquid under guidelines approved by
the Trust's Board of Trustees. At January 31, 2008, the aggregate value of these
securities was $3,665,444, representing 3.29% of net assets.

c Security was purchased pursuant to Regulation S under the Securities Act of
1933, which exempts from registration securities offered and sold outside of the
United States. Such a security cannot be sold in the United States without
either an effective registration statement filed pursuant to the Securities Act
of 1933, or pursuant to an exemption from registration. These securities have
been deemed liquid under guidelines approved by the Trust's Board of Trustees.
At January 31, 2008, the aggregate value of these securities was $2,469,131,
representing 2.22% of net assets.

d Perpetual bond with no stated maturity date.

e The coupon rate shown represents the rate at period end.

f A portion or all of the security purchased on a to-be-announced basis. See
Note 1(c).

g Principal amount is stated in 1000 Brazilian Real units.

h Non-income producing for the twelve months ended January 31, 2008.

i Security or a portion of the security has been segregated as collateral for
open swap agreements. At January 31, 2008, the value of the security pledged
amounted to $1,252,149.

j See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

k Rounds to less than 0.01%.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 27

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

CURRENCY ABBREVIATIONS

BRL - Brazilian Real
JPY - Japanese Yen
KRW - South Korean Won
MYR - Malaysian Ringgit
NOK - Norwegian Krone
SEK - Swedish Krona
SGD - Singapore Dollar

SELECTED PORTFOLIO ABBREVIATIONS

FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association
FRN - Floating Rate Note
MTN - Medium Term Note

28 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

--------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
--------------------------------

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................................................ $ 36,086,780 $ 138,186,961
Cost - Sweep Money Fund (Note 7) ........................................................... 3,033,765 3,659,786
--------------------------------
Total cost of investments .................................................................. $ 39,120,545 $ 141,846,747
================================
Value - Unaffiliated issuers ............................................................... $ 35,689,831 $ 138,775,163
Value - Sweep Money Fund (Note 7) .......................................................... 3,033,765 3,659,786
--------------------------------
Total value of investments ................................................................. 38,723,596 142,434,949
Foreign currency, at value (cost $929,548) ................................................... -- 937,083
Receivables:
Investment securities sold ................................................................. -- 12,225
Capital shares sold ........................................................................ 1,485,000 106
Interest ................................................................................... 231,295 1,021,243
Swap premiums paid ........................................................................... 846 13,636
Unrealized gain on forward exchange contracts (Note 9) ....................................... -- 52,364
Unrealized gain on swap agreements (Note 8) .................................................. 15,776 57,940
Other assets ................................................................................. 4,672 17,129
--------------------------------
Total assets ............................................................................. 40,461,185 144,546,675
================================
Liabilities:
Payables:
Investment securities purchased ............................................................ 8,399,356 31,559,187
Capital shares redeemed .................................................................... 126 165,113
Affiliates ................................................................................. 6,693 31,285
Accrued swap premium ....................................................................... 714 1,155
Swap premiums received ....................................................................... 59,884 229,075
Unrealized loss on forward exchange contracts (Note 9) ....................................... -- 49,396
Unrealized loss on swap agreements (Note 8) .................................................. 214,284 1,087,928
Accrued expenses and other liabilities ....................................................... 24,455 9,154
--------------------------------
Total liabilities ........................................................................ 8,705,512 33,132,293
--------------------------------
Net assets, at value ................................................................... $ 31,755,673 $ 111,414,382
================================
Net assets consist of:
Paid-in capital .............................................................................. $ 32,512,814 $ 110,894,198
Undistributed net investment income .......................................................... 189,330 1,141,403
Net unrealized appreciation (depreciation) ................................................... (595,457) (423,199)
Accumulated net realized gain (loss) ......................................................... (351,014) (198,020)
--------------------------------
Net assets, at value ................................................................... $ 31,755,673 $ 111,414,382
================================
Shares outstanding .............................................................................. 3,274,273 10,703,853
================================
Net asset value and maximum offering price per share a .......................................... $ 9.70 $ 10.41
================================

a Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable, and redemption fees retained by the Fund.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 29

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)

----------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
----------------------------------

Investment income:
Dividends:
Unaffiliated issuers ...................................................... $ 20,361 $ 76,408
Sweep Money Fund (Note 7) ................................................. 100,057 197,502
Interest ..................................................................... 692,630 2,794,264
----------------------------------
Total investment income ................................................ 813,048 3,068,174
----------------------------------
Expenses:
Management fees (Note 3a) .................................................... 38,556 160,271
Administrative fees (Note 3b) ................................................ 29,887 115,146
Transfer agent fees (Note 3c) ................................................ 67 254
Custodian fees (Note 4) ...................................................... 407 7,280
Reports to shareholders ...................................................... 2,812 8,315
Registration and filing fees ................................................. 8,647 17,339
Professional fees ............................................................ 11,432 11,456
Trustees' fees and expenses .................................................. 1,151 4,219
Other ........................................................................ 4,816 3,888
----------------------------------
Total expenses ......................................................... 97,775 328,168
Expense reductions (Note 4) ............................................ (100) (441)
Expenses waived/paid by affiliates (Note 3d) ........................... (30,449) (80,286)
----------------------------------
Net expenses ........................................................ 67,226 247,441
----------------------------------
Net investment income ............................................ 745,822 2,820,733
----------------------------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ............................................................... 599,376 2,669,029
Foreign currency transactions ............................................. 239 (85,720)
Swap agreements ........................................................... 5,544 (87,480)
----------------------------------
Net realized gain (loss) ......................................... 605,159 2,495,829
----------------------------------
Net change in unrealized appreciation (depreciation) on:
Investments ............................................................... (312,343) 314,706
Translation of assets and liabilities denominated in foreign currencies ... -- 14,364
----------------------------------
Net change in unrealized appreciation (depreciation) ............. (312,343) 329,070
----------------------------------
Net realized and unrealized gain (loss) ......................................... 292,816 2,824,899
----------------------------------
Net increase (decrease) in net assets resulting from operations ................. $ 1,038,638 $ 5,645,632
==================================

30 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

--------------------------------------------------------------------
FRANKLIN TEMPLETON FRANKLIN TEMPLETON
CORE FIXED INCOME FUND CORE PLUS FIXED INCOME FUND
--------------------------------------------------------------------
SIX MONTHS ENDED SIX MONTH ENDED
JANUARY 31, 2008 YEAR ENDED JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007 (UNAUDITED) JULY 31, 2007
--------------------------------------------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income ................................. $ 745,822 $ 1,286,820 $ 2,820,733 $ 4,853,665
Net realized gain (loss) from investments, foreign
currency transactions, and swap agreements ......... 605,159 (127,419) 2,495,829 74,313
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities denominated in foreign currencies ...... (312,343) (186,283) 329,070 (259,220)
--------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations .............................. 1,038,638 973,118 5,645,632 4,668,758
--------------------------------------------------------------------
Distributions to shareholders from net investment
income ................................................ (645,155) (1,294,491) (2,431,180) (5,160,935)
Capital share transactions (Note 2) ...................... 1,691,553 9,676,194 6,207,665 5,212,746
--------------------------------------------------------------------
Net increase (decrease) in net assets ........... 2,085,036 9,354,821 9,422,117 4,720,569
Net assets:
Beginning of period ...................................... 29,670,637 20,315,816 101,992,265 97,271,696
--------------------------------------------------------------------
End of period ............................................ $ 31,755,673 $ 29,670,637 $ 111,414,382 $ 101,992,265
====================================================================
Undistributed net investment income included in net assets:
End of period ............................................ $ 189,330 $ 88,663 $ 1,141,403 $ 751,850
====================================================================

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 31

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Franklin Global Trust (Trust) is registered under the Investment Company Act of
1940, as amended, (1940 Act) as an open-end investment company, consisting of
eight separate funds. The Franklin Templeton Core Fixed Income Fund is
diversified, and the Franklin Templeton Core Plus Fixed Income Fund is
non-diversified. The financial statements of the remaining funds in the Trust
are presented separately.

The following summarizes the Funds' significant accounting policies.

A. SECURITY VALUATION

Corporate debt securities, government securities, mortgage pass-through
securities, other mortgage-backed securities, collateralized mortgage
obligations and asset-backed securities generally trade in the over-the-counter
market rather than on a securities exchange. The Trust may utilize independent
pricing services, quotations from bond dealers, and information with respect to
bond and note transactions, to assist in determining a current market value for
each security. The Trust's pricing services may use valuation models or matrix
pricing which considers information with respect to comparable bond and note
transactions, quotations from bond dealers, or by reference to other securities
that are considered comparable in such characteristics as rating, interest rate
and maturity date, option adjusted spread models, prepayment projections,
interest rate spreads and yield curves, to determine current value.

32 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

fund. If such an event occurs, the securities may be valued using fair value
procedures, which may include the use of independent pricing services. All
security valuation procedures are approved by the Trust's Board of Trustees.

B. FOREIGN CURRENCY TRANSLATION

C. SECURITIES PURCHASED ON A TBA BASIS

The Funds may purchase securities on a to-be-announced (TBA) basis, with payment
and delivery scheduled for a future date. These transactions are subject to
market fluctuations and are subject to the risk that the value at delivery may
be more or less than the trade date purchase price. Although the Funds will
generally purchase these securities with the intention of holding the
securities, they may sell the securities before the settlement date. Sufficient
assets have been segregated for these securities.

D. FOREIGN CURRENCY CONTRACTS

When the Funds purchase or sell foreign securities they may enter into foreign
exchange contracts to minimize foreign exchange risk from the trade date to the
settlement date of the transactions. A foreign exchange contract is an agreement
between two parties to exchange different currencies at an agreed upon exchange
rate at a future date. Realized and unrealized gains and losses on these
contracts are included in the Statement of Operations.

Semiannual Report | 33

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. FOREIGN CURRENCY CONTRACTS (CONTINUED)

The Franklin Templeton Core Plus Fixed Income Fund may also enter into forward
exchange contracts to hedge against fluctuations in foreign exchange rates.
These contracts are valued daily by the Fund and the unrealized gains or losses
on the contracts, as measured by the difference between the contractual forward
foreign exchange rates and the forward rates at the reporting date, are included
in the Statement of Assets and Liabilities. Realized and unrealized gains and
losses on these contracts are included in the Statement of Operations.

E. CREDIT DEFAULT SWAPS

The Funds may purchase or sell credit default swap contracts to manage or gain
exposure to credit risk. Credit default swaps are agreements between two parties
whereby the buyer receives credit protection and the seller guarantees the
credit worthiness of a referenced debt obligation. The buyer pays the seller a
periodic stream of payments over the term of the contract provided that no event
of default has occurred. Such periodic payments are accrued daily and recorded
as realized gain or loss upon receipt or payment there of in the Statement of
Operations. In return, the buyer would be entitled to receive the par (or other
agreed-upon) value of a referenced debt obligation from the counterparty to the
contract in the event of a default by a third party, such as a U.S. or foreign
issuer, on the debt obligation.

Credit default swaps are marked to market daily based upon quotations from the
market makers and the change in value, if any, is recorded as an unrealized gain
or loss in the Statement of Operations. Any payment received or paid to initiate
a contract is recorded as a liability or asset in the Statement of Assets and
Liabilities and amortized over the life of the contract as a realized gain or
loss. When the swap contract is terminated early, the Funds record a realized
gain or loss for any payments received or paid.

The risks of credit default swaps include unfavorable changes in interest rates,
an illiquid secondary market and the possible inability of the counterparty to
fulfill its obligations under the agreement, which may be in excess of the
amount reflected in the Statement of Assets and Liabilities. Cash and/or
securities are maintained by the Funds' custodian in segregated accounts as
disclosed in the Statement of Investments.

34 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. MORTGAGE DOLLAR ROLLS

The Funds enter into mortgage dollar rolls, typically on a TBA basis. Mortgage
dollar rolls are agreements between the Funds and a financial institution to
simultaneously sell and repurchase mortgage-backed securities at a future date.
Gains or losses are realized on the initial sale, and the difference between the
repurchase price and the sale price is recorded as an unrealized gain or loss to
the Funds upon entering into the mortgage dollar roll. In addition, the Funds
may earn interest on the cash proceeds that are received from the initial sale.
During the period between the sale and repurchase, the Funds are not entitled to
principal and interest paid on the mortgage backed securities. The risks of
mortgage dollar roll transactions include the potential inability of the
counterparty to fulfill its obligations.

G. INCOME TAXES

H. SECURITY TRANSACTIONS, INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS

Security transactions are accounted for on trade date. Realized gains and losses
on security transactions are determined on a specific identification basis.
Interest income and estimated expenses are accrued daily. Amortization of
premium and accretion of discount on debt securities are included in interest
income. Dividend income is recorded on the ex-dividend date. Distributions to
shareholders are recorded on the ex-dividend date and are determined according
to income tax regulations (tax basis). Distributable earnings determined on a
tax basis may differ from earnings recorded in accordance with accounting
principles generally accepted in the United States of America. 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. Fund
specific expenses are charged directly to the fund that incurred the expense.

I. ACCOUNTING ESTIMATES

Semiannual Report | 35

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

J. REDEMPTION FEES

K. GUARANTEES AND INDEMNIFICATIONS

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Funds' shares were as follows:

--------------------------------------------------------
FRANKLIN TEMPLETON CORE FRANKLIN TEMPLETON CORE
FIXED INCOME FUND PLUS FIXED INCOME FUND
--------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------

Six Months ended January 31, 2008
Shares sold ...................... 470,782 $ 4,562,062 1,601,214 $ 16,372,718
Shares issued in reinvestment of
distributions ................. 7,248 69,622 74,292 761,795
Shares redeemed .................. (303,614) (2,940,131) (1,050,905) (10,926,848)
--------------------------------------------------------
Net increase (decrease) .......... 174,416 $ 1,691,553 624,601 $ 6,207,665
========================================================
Year ended July 31, 2007
Shares sold ...................... 2,303,611 $ 22,473,947 1,991,039 $ 20,551,715
Shares issued in reinvestment of
distributions ................. 23,247 225,620 140,433 1,436,888
Shares redeemed .................. (1,338,466) (13,023,373) (1,627,600) (16,775,857)
--------------------------------------------------------
Net increase (decrease) .......... 988,392 $ 9,676,194 503,872 $ 5,212,746
========================================================

36 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

3. TRANSACTIONS WITH AFFILIATES

- --------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- --------------------------------------------------------------------------------
Fiduciary International, Inc. (Fiduciary) Investment manager
Franklin Templeton Institutional, LLC (FT Institutional) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Investor Services, LLC (Investor
Services) Transfer agent

A. MANAGEMENT FEES

The Funds pay an investment management fee to Fiduciary of 0.30% per year of the
average daily net assets of each of the Funds.

Under a subadvisory agreement, FT Institutional, an affiliate of Fiduciary,
provides subadvisory services to the Funds and receives from Fiduciary fees
based on the average daily net assets of the Funds.

B. ADMINISTRATIVE FEES

The Funds pay an administrative fee to FT Services of 0.20% per year of the
average daily net assets of the Funds.

C. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Funds paid transfer agent fees as
noted in the Statements of Operations of which the following amounts were
retained by Investor Services:

-------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
-------------------------------
Transfer agent fees .......................... $ 23 $ 120

D. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and Fiduciary have agreed in advance to waive all or a portion of
their respective fees and to assume payment of other expenses through November
30, 2008. Total expenses waived or paid are not subject to reimbursement by the
Funds subsequent to the Funds' fiscal year end. After November 30, 2008, FT
Services and Fiduciary may discontinue this waiver at any time upon notice to
the Funds' Board of Trustees.

Semiannual Report | 37

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

4. EXPENSE OFFSET ARRANGEMENT

5. INCOME TAXES

For tax purposes, capital losses may be carried over to offset future capital
gains, if any. At July 31, 2007, the capital loss carryforwards were as follows:

-------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
-------------------------------
Capital loss carryforwards expiring in:
2014 ...................................... $ 156,633 $ 198,370
2015 ...................................... 431,590 1,351,118
-------------------------------
$ 588,223 $ 1,549,488
===============================

For tax purposes, realized capital losses occurring subsequent to October 31,
may be deferred and treated as occurring on the first day of the following
fiscal year. At July 31, 2007, the Franklin Templeton Core Fixed Income Fund and
the Franklin Templeton Core Plus Fixed Income Fund deferred realized capital
losses of $350,792 and 1,087,736, respectively.

At January 31, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

-------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
-------------------------------
Cost of investments .......................... $ 39,195,784 $ 142,060,944
===============================

Unrealized appreciation ...................... $ 429,437 $ 2,637,567
Unrealized depreciation ...................... (901,625) (2,263,562)
-------------------------------
Net unrealized appreciation (depreciation) ... $ (472,188) $ 374,005
===============================

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of foreign currency transactions, mortgage dollar
roll, paydown losses, credit default swaps, and bond discounts and premiums.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales, foreign currency
transactions, mortgage dollar roll, paydown losses, credit default swaps, and
bond discounts and premiums.

38 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

6. INVESTMENT TRANSACTIONS

Purchases and sales (excluding short term securities) for the period ended
January 31, 2008, were as follows:

-------------------------------
FRANKLIN FRANKLIN
TEMPLETON TEMPLETON
CORE FIXED CORE PLUS FIXED
INCOME FUND INCOME FUND
-------------------------------
Purchases .................................... $ 89,339,594 $ 357,326,694
Sales ........................................ $ 88,223,022 $ 357,665,506

7. INVESTMENTS IN FRANKLIN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET
PORTFOLIO

8. CREDIT DEFAULT SWAPS

At January 31, 2008, the Funds had the following credit default swap contracts
outstanding:

------------------------------------------------------------
PERIODIC
NOTIONAL PAYMENT EXPIRATION UNREALIZED UNREALIZED
AMOUNT RATE DATE GAIN LOSS
------------------------------------------------------------

FRANKLIN CORE FIXED INCOME FUND
CONTRACTS TO BUY PROTECTION
REFERENCED DEBT OBLIGATION (SWAP COUNTERPARTY)
Allstate Corp. (JP Morgan) ............................. $ 300,000 0.25% 9/20/17 $ 7,747 $ --
Centurytel, Inc.
(Credit Suisse International) ....................... 300,000 0.38% 9/20/12 8,029 --

CONTRACTS TO SELL PROTECTION
REFERENCED DEBT OBLIGATION (SWAP COUNTERPARTY)
CMBX.NA.BBB.2
(Credit Suisse International) ....................... 450,000 0.60% 3/15/49 -- (161,065)
CMBX.NA.BBB.2 (JP Morgan) .............................. 225,000 0.60% 3/15/49 -- (53,219)
------------------------
Unrealized gain (loss) on credit default swaps .......................................... 15,776 (214,284)
------------------------
Net unrealized gain (loss) on credit default swaps ................................... $ (198,508)
===========

Semiannual Report | 39

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

8. CREDIT DEFAULT SWAPS (CONTINUED)

---------------------------------------------------------------
PERIODIC
NOTIONAL PAYMENT EXPIRATION UNREALIZED UNREALIZED
AMOUNT RATE DATE GAIN LOSS
---------------------------------------------------------------

FRANKLIN CORE PLUS FIXED INCOME FUND
CONTRACTS TO BUY PROTECTION
REFERENCED DEBT OBLIGATION (SWAP COUNTERPARTY)
Allstate Corp. (JP Morgan) ............... $ 1,000,000 0.25% 9/20/17 $ 25,822 $ --
Centurytel, Inc.
(Credit Suisse International) ......... 1,200,000 0.38% 9/20/12 32,118 --

CONTRACTS TO SELL PROTECTION
REFERENCED DEBT OBLIGATION (SWAP COUNTERPARTY)
CMBX.NA.BBB.2
(Credit Suisse International) ......... 1,550,000 0.60% 3/15/49 -- (554,778)
CMBX.NA.BBB.2 (JP Morgan) ................ 855,000 0.60% 3/15/49 -- (202,150)
LCDX.NA.9 (JP Morgan) .................... 5,000,000 2.25% 12/20/12 -- (331,000)
-------------------------
Unrealized gain (loss) on credit default swaps .............................. 57,940 (1,087,928)
-------------------------
Net unrealized gain (loss) on credit default swaps ........................ $(1,029,988)
============

9. FORWARD EXCHANGE CONTRACTS

At January 31, 2008, the Franklin Templeton Core Plus Fixed Income Fund had the
following forward exchange contracts outstanding:

--------------------------------------------------
CONTRACT SETTLEMENT UNREALIZED UNREALIZED
AMOUNT a DATE GAIN (LOSS)
--------------------------------------------------

FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND
CONTRACTS TO BUY
45,572,000 Indian Rupee ............................ 1,154,306 2/19/08 $ 4,406 $ --
5,291,000 Malaysian Ringitt ....................... 1,627,750 3/14/08 6,668 --
76,000 Euro .................................... 111,462 3/17/08 1,403 --
246,660,000 Japanese Yen ............................ 2,300,933 3/31/08 28,142 --

CONTRACTS TO SELL
1,686,000 Singapore Dollar ........................ 1,159,361 2/19/08 -- (31,249)
2,978,000 Euro .................................... 4,434,242 3/17/08 11,745 --
119,000,000 Japanese Yen ............................ 1,109,040 3/17/08 -- (13,597)
620,000 Euro .................................... 915,740 3/31/08 -- (4,550)
-------------------------
Unrealized gain (loss) on forward exchange contracts ........................... 52,364 (49,396)
-------------------------
Net unrealized gain (loss) on forward exchange contracts .................... $ 2,968
==========

a In U.S. dollars unless otherwise indicated.

40 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

10. SHAREHOLDER CONCENTRATIONS

The Franklin Templeton Core Fixed Income Fund has a concentration of
shareholders holding a significant percentage of shares outstanding. Investment
activities of these shareholders could have a material impact on the fund. At
January 31, 2008, the fund had two unaffiliated shareholders, one holding 51%,
and the other holding 27% of the fund's outstanding shares.

11. CREDIT RISK

The Franklin Templeton Core Plus Fixed Income Fund has 5.33% of its portfolio
invested in below investment grade and comparable quality unrated high yield
securities, which tend to be more sensitive to economic conditions than higher
rated securities. The risk of loss due to default by the issuer may be
significantly greater for the holders of high yielding securities because such
securities are generally unsecured and are often subordinated to other creditors
of the issuer.

12. REGULATORY AND LITIGATION MATTERS

Semiannual Report | 41

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

12. REGULATORY AND LITIGATION MATTERS (CONTINUED)

13. NEW ACCOUNTING PRONOUNCEMENTS

The Funds adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48), on January 31, 2008. FIN 48
clarifies the accounting for uncertainty in tax positions taken or expected to
be taken in a tax return. FIN 48 provides guidance on the measurement,
recognition, classification and disclosure of tax positions, along with
accounting for the related interest and penalties. The Funds have reviewed the
tax positions for each of the three open tax years as of July 31, 2007 and have
determined that the implementation of FIN 48 did not have a material impact on
the Funds' financial statements.

In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement"
(SFAS 157), which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements. SFAS 157 is
effective for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The Fund believes the adoption of SFAS 157
will have no material impact on its financial statements.

42 | Semiannual Report

Franklin Global Trust

SHAREHOLDER INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

Semiannual Report | 43

This page intentionally left blank.

[LOGO](R) FRANKLIN TEMPLETON INSTITUTIONAL
FRANKLIN TEMPLETON
INSTITUTIONAL 600 Fifth Avenue
New York, NY 10020

SEMIANNUAL REPORT

FRANKLIN GLOBAL TRUST

FRANKLIN TEMPLETON CORE FIXED INCOME FUND
FRANKLIN TEMPLETON CORE PLUS FIXED INCOME FUND

INVESTMENT MANAGER

Fiduciary International, Inc.

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

FRANKLIN TEMPLETON INSTITUTIONAL SERVICES

1-800/321-8563
ftinstitutional.com

Authorized for distribution only when accompanied or preceded by a prospectus.
Investors should carefully consider a fund's investment goals, risks, charges
and expenses before investing. The prospectus contains this and other
information; please read it carefully before investing.

FGT2 S2008 03/08

[GRAPHIC OMITTED]

- --------------------------------------------------------------------------------
JANUARY 31, 2008
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
SEMIANNUAL REPORT AND SHAREHOLDER LETTER SECTOR
- --------------------------------------------------------------------------------

WANT TO RECEIVE
THIS DOCUMENT
FASTER VIA EMAIL?
FRANKLIN GLOBAL
REAL ESTATE FUND Eligible shareholders can
sign up for eDelivery at
franklintempleton.com.
See inside for details.
- --------------------------------------------------------------------------------

[LOGO](R)
FRANKLIN TEMPLETON
INVESTMENTS

FRANKLIN o Templeton o Mutual Series

Franklin Templeton Investments

GAIN FROM OUR PERSPECTIVE(R)

Franklin Templeton's distinct multi-manager
structure combines the specialized expertise of
three world-class investment management groups--
Franklin, Templeton and Mutual Series.

SPECIALIZED EXPERTISE Each of our portfolio management groups operates
autonomously, relying on its own research and
staying true to the unique investment disciplines
that underlie its success.

FRANKLIN. Founded in 1947, Franklin is a
recognized leader in fixed income investing and
also brings expertise in growth- and value-style
U.S. equity investing.

TEMPLETON. Founded in 1940, Templeton pioneered
international investing and, in 1954, launched
what has become the industry's oldest global
fund. Today, with offices in over 25 countries,
Templeton offers investors a truly global
perspective.

MUTUAL SERIES. Founded in 1949, Mutual Series is
dedicated to a unique style of value investing,
searching aggressively for opportunity among what
it believes are undervalued stocks, as well as
arbitrage situations and distressed securities.

TRUE DIVERSIFICATION Because our management groups work independently
and adhere to different investment approaches,
Franklin, Templeton and Mutual Series funds
typically have distinct portfolios. That's why
our funds can be used to build truly diversified
allocation plans covering every major asset
class.

RELIABILITY YOU CAN TRUST At Franklin Templeton Investments, we seek to
consistently provide investors with exceptional
risk-adjusted returns over the long term, as well
as the reliable, accurate and personal service
that has helped us become one of the most trusted
names in financial services.

- --------------------------------------------------------------------------------
MUTUAL FUNDS | RETIREMENT PLANS | 529 COLLEGE SAVINGS PLANS | SEPARATE ACCOUNTS
- --------------------------------------------------------------------------------

[GRAPHIC OMITTED]

Not part of the semiannual report

Contents

SHAREHOLDER LETTER ........................................................ 1

SEMIANNUAL REPORT

Franklin Global Real Estate Fund .......................................... 3

Performance Summary ....................................................... 8

Your Fund's Expenses ...................................................... 11

Financial Highlights and Statement of Investments ......................... 13

Financial Statements ...................................................... 19

Notes to Financial Statements ............................................. 23

Tax Designation ........................................................... 33

Shareholder Information ................................................... 34

- --------------------------------------------------------------------------------

Shareholder Letter

Dear Shareholder:

Global economic growth remained resilient during the six months under review
despite a credit crunch prompted by the deteriorating U.S. housing sector.
Robust economic growth in many emerging markets contrasted with more moderate
growth in developed markets where lack of financial liquidity had a larger
impact. Strong economic growth and rising interest rates in many economies
contrasted with the U.S.'s weak growth and falling interest rates, which caused
significant U.S. dollar depreciation during the year. U.S. equity market
volatility spread in August to global capital markets as concerns surfaced about
slower U.S. growth negatively impacting other parts of the world. Overall,
global stock markets posted tepid but positive total returns while emerging
markets reported double-digit gains.

In the enclosed semiannual report for Franklin Global Real Estate Fund, the
portfolio managers discuss market conditions, investment management decisions
and Fund performance during the period under review. You will also find
performance data and financial information. Please remember that all securities
markets fluctuate, as do mutual fund share prices.

If you would like more frequent updates, FRANKLINTEMPLETON.COM provides daily
prices, monthly performance figures, portfolio holdings and other information.
You can also access your account, buy and sell shares, read timely articles, and

- --------------------------------------------------------------------------------

eDELIVERY DETAILS

Log in at franklintempleton.com and click on eDelivery. Shareholders who are
registered at franklintempleton.com can receive these reports via email. Not all
accounts are eligible for eDelivery.

- -----------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
- -----------------------------------------------------

Not part of the semiannual report | 1

find helpful financial planning tools. We hope you will take advantage of these
online services.

As always, we recommend investors consult their financial advisors and review
their portfolios to design a long-term strategy and portfolio allocation that
meet their individual needs, goals and risk tolerance. We firmly believe that
most people benefit from professional advice, and that advice is invaluable as
investors navigate changing market environments.

We thank you for investing with Franklin Templeton, welcome your questions and
comments, and look forward to serving your investment needs in the years ahead.

Sincerely,

/s/ Rupert H. Johnson, Jr.

Rupert H. Johnson, Jr.
President and Chief Executive Officer - Investment Management
Franklin Global Trust

THIS LETTER REFLECTS OUR ANALYSIS AND OPINIONS AS OF JANUARY 31, 2008. 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.

2 | Not part of the semiannual report

Semiannual Report

Franklin Global Real Estate Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Global Real Estate Fund seeks
high total return. Under normal market conditions, the Fund will invest at least
80% of its net assets in securities of companies located anywhere in the world
that operate in the real estate sector, including mainly real estate investment
trusts (REITs) and REIT-like entities. 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. PLEASE VISIT FRANKLINTEMPLETON.COM OR CALL 1-800/342-5236 FOR
MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

Real Estate Investment Trusts ......................................... 91.7%
Real Estate Investment & Development .................................. 2.5%
Short-Term Investments & Other Net Assets ............................. 5.8%

- --------------------------------------------------------------------------------

This semiannual report for Franklin Global Real Estate Fund covers the period
ended January 31, 2008.

PERFORMANCE OVERVIEW

Franklin Global Real Estate Fund - Class A had a cumulative total return of
- -10.96% for the six months under review. The Fund underperformed its benchmark,
the Standard & Poor's (S&P)/Citigroup BMI Global REIT Index (hedged

1. REITs are real estate investment trust companies, usually with publicly
traded stock, that manage a portfolio of income-producing real estate properties
such as apartments, hotels, industrial properties, office buildings or shopping
centers. The Fund predominantly invests in "equity" REITs, which also take
ownership positions in real estate. Shareholders of equity REITs generally
receive income from rents received and receive capital gains when properties are
sold at a profit. REITs are generally operated by experienced property
management teams and typically concentrate on a specific geographic region or
property type.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 16.

Semiannual Report | 3

GEOGRAPHIC BREAKDOWN
Based on Total Net Assets as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]

U.S. 47.8%
Australia 17.5%
U.K. 10.0%
Japan 7.1%
France 3.8%
Canada 3.1%
Hong Kong 1.9%
Netherlands 1.8%
Singapore 1.1%
China 0.1%
Short-Term Investments & Other Net Assets 5.8%

into U.S. dollars), which returned -7.03% for the same period. 2 You can find
more of the Fund's performance data in the Performance Summary beginning on page
8.

ECONOMIC AND MARKET OVERVIEW

The reporting period was marked by volatility for the global real estate market
in general as concerns about fallout from the U.S. subprime mortgage crisis, the
liquidity crunch, and more recently, a U.S.-led economic slowdown, took a toll
on investor confidence. As a result, most major real estate investment trust
(REIT) markets declined, with the steepest losses occurring in major developed
countries where REITs have performed well over the past five years. In local
currency terms, as measured by the S&P/Citigroup BMI Global REIT Index, U.K.
REITs declined 9.10% for the six months ended January 31, 2008. 2 French and
U.S. REITs were also substantially lower, falling 12.66% and 3.95% for the
period. 2 REIT markets in Belgium and the Netherlands were generally more
resilient, but still ended the period with losses, returning -1.10% and -3.78%
in local currency. 2 Asian markets were mixed, with the Hong Kong market gaining
+13.68%, while in Japan and Singapore, REITs ended the period down 22.74% and
21.16%. 2 During the reporting period, property buying activity contracted
substantially. Private equity funds, which had previously represented a
significant portion of property market buyers, curtailed their purchases due to
deteriorating liquidity conditions and limited financial resources.

INVESTMENT STRATEGY

We are research-driven, fundamental investors. We seek to limit price volatility
by investing across markets and property types. We also seek to provide a
consistently high level of income. We center our active investment strategy on
the belief that unsynchronized regional economic activity within the global
economy can provide consistent, attractive return opportunities in the global
real

2. Source: Standard & Poor's Micropal. The S&P/Citigroup BMI Global REIT Index
is designed to measure performance of the investible universe of publicly traded
REITs. Index constituents generally derive more than 60% of revenue from real
estate development, management, rental, and/or direct investment in physical
property and with local REIT or property trust tax status. Local property
returns are from country subindexes of the S&P/Citigroup BMI Global REIT Index.
The index is unmanaged and includes reinvested dividends. One cannot invest
directly in an index, nor is an index representative of the Fund's portfolio.

4 | Semiannual Report

estate markets. We use a bottom-up, value-oriented stock selection process that
incorporates macro level views in the evaluation process. We use top-down macro
overlays to provide country/regional, property type, and company size
perspectives in identifying international/local cyclical and thematic trends
that highlight investment opportunities. We will seek to manage the Fund's
exposure to various currencies, and we will generally seek to hedge (protect)
against currency risk, largely by using forward currency exchange contracts.

MANAGER'S DISCUSSION

During the six-month reporting period, several Fund holdings performed well
relative to the S&P/Citigroup BMI Global REIT Index. Major contributors included
U.S. health care REITs Ventas, OMEGA Healthcare Investors and Nationwide Health
Properties. Health care REITs outperformed their peers as investors sought
refuge in defensive stocks with long duration leases. Their bond-like structures
fared well in an environment of decreasing U.S. Treasury yields and Federal
Reserve Board interest rate cuts.

Investors should note that we maintained our currency hedging position of being
hedged to the U.S. dollar versus most of our non-U.S. holdings. Since the dollar
was generally weaker against foreign currencies during the review period, the
portfolio returns would have been higher had we not hedged the foreign currency
exposure.

There were also some detractors from relative Fund performance such as Eurosic
(not part of the index; sold by period-end), Mapletree Logistics Trust and
Charter Hall Group. Eurosic suffered from expectations of price declines in the
Paris office market. Mapletree Logistics, an industrial REIT in Singapore, was
hurt by expectations of slowing world trade and an oversupply of equity
offerings from the first half of 2007. Shares of Australian property fund
management company Charter Hall declined sharply in January as investors became
wary of the company's property fund management model following the December 2007
collapse of Australia's Centro Properties Group.

TOP 10 HOLDINGS
1/31/08

- --------------------------------------------------------------------------------
COMPANY % OF TOTAL
SECTOR/INDUSTRY, COUNTRY NET ASSETS
- --------------------------------------------------------------------------------
Westfield Group 6.0%
EQUITY REIT - RETAIL, AUSTRALIA
- --------------------------------------------------------------------------------
Equity Residential 4.0%
EQUITY REIT - APARTMENTS, U.S.
- --------------------------------------------------------------------------------
Simon Property Group Inc. 4.0%
EQUITY REIT - RETAIL, U.S.
- --------------------------------------------------------------------------------
Unibail-Rodamco 3.8%
EQUITY REIT - RETAIL, FRANCE
- --------------------------------------------------------------------------------
Vornado Realty Trust 3.4%
EQUITY REIT - DIVERSIFIED PROPERTY, U.S.
- --------------------------------------------------------------------------------
Land Securities Group PLC 3.2%
EQUITY REIT - DIVERSIFIED PROPERTY, U.K.
- --------------------------------------------------------------------------------
Boston Properties Inc. 2.9%
EQUITY REIT - OFFICE, U.S.
- --------------------------------------------------------------------------------
ProLogis 2.7%
EQUITY REIT - INDUSTRIAL, U.S.
- --------------------------------------------------------------------------------
Kimco Realty Corp. 2.7%
EQUITY REIT - RETAIL, U.S.
- --------------------------------------------------------------------------------
Public Storage 2.5%
EQUITY REIT - STORAGE, U.S.
- --------------------------------------------------------------------------------

Semiannual Report | 5

Thank you for your continued participation in Franklin Global Real Estate Fund.
We look forward to serving your future investment needs.

[PHOTO OMITTED] /s/ John W. Foster

John W. Foster

[PHOTO OMITTED] /s/ Boris E. Pialloux

Boris E. Pialloux, CFA

[PHOTO OMITTED] /s/ David Levy

David Levy

Portfolio Management Team
Franklin Global Real Estate Fund

6 | Semiannual Report

- --------------------------------------------------------------------------------
BORIS PIALLOUX assumed portfolio manager responsibilities for Franklin Global
Real Estate Fund in October 2007. He focuses on the analysis of European
property stocks.

Prior to joining Franklin Templeton Investments in 2006, Mr. Pialloux was an
equity analyst with Deutsche Asset Management/Scudder, and held business
development and marketing positions with Mitchell Hutchins (UBS Paine Webber),
Weiss, Peck & Greer (Robeco Group), and Societe Generale Asset Management. He
holds an M.B.A. in finance from the University of Texas. He is a Chartered
Financial Analyst (CFA) Charterholder.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
DAVID LEVY assumed portfolio manager responsibilities for Franklin Global Real
Estate Fund in December 2007. He focuses on the analysis of U.S. real estate
stocks.

Prior to joining Franklin Templeton, Mr. Levy spent more than 16 years at New
York Life Investment Management where, since 1997, he was a portfolio manager
for New York Life's REIT portfolios. Mr. Levy's experience at New York Life
Investment Management also included portfolio management for convertible
securities and analysis of corporate bonds. Prior to this, Mr. Levy was employed
by Alexander & Alexander in Atlanta, Georgia, as a retirement plan manager. Mr.
Levy holds an M.B.A. with a concentration in finance and international business
from Columbia University's School of Business and a B.A. in mathematics from
Emory University.
- --------------------------------------------------------------------------------

Semiannual Report | 7

Performance Summary as of 1/31/08

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. The performance table does 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.

PRICE AND DISTRIBUTION INFORMATION

- --------------------------------------------------------------------------
CLASS A (SYMBOL: FAGRX) CHANGE 1/31/08 7/31/07
- --------------------------------------------------------------------------
Net Asset Value (NAV) -$1.49 $9.38 $10.87
- --------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- --------------------------------------------------------------------------
Dividend Income $0.2940
- --------------------------------------------------------------------------
Short-Term Capital Gain $0.0003
- --------------------------------------------------------------------------
Long-Term Capital Gain $0.0008
- --------------------------------------------------------------------------
TOTAL $0.2951
- --------------------------------------------------------------------------
CLASS C (SYMBOL: N/A) CHANGE 1/31/08 7/31/07
- --------------------------------------------------------------------------
Net Asset Value (NAV) -$1.47 $9.35 $10.82
- --------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- --------------------------------------------------------------------------
Dividend Income $0.2526
- --------------------------------------------------------------------------
Short-Term Capital Gain $0.0003
- --------------------------------------------------------------------------
Long-Term Capital Gain $0.0008
- --------------------------------------------------------------------------
TOTAL $0.2537
- --------------------------------------------------------------------------
ADVISOR CLASS (SYMBOL: FVGRX) CHANGE 1/31/08 7/31/07
- --------------------------------------------------------------------------
Net Asset Value (NAV) -$1.49 $9.40 $10.89
- --------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- --------------------------------------------------------------------------
Dividend Income $0.3169
- --------------------------------------------------------------------------
Short-Term Capital Gain $0.0003
- --------------------------------------------------------------------------
Long-Term Capital Gain $0.0008
- --------------------------------------------------------------------------
TOTAL $0.3180
- --------------------------------------------------------------------------

8 | Semiannual Report

Performance Summary (CONTINUED)

PERFORMANCE 1

CUMULATIVE TOTAL RETURN EXCLUDES SALES CHARGES. AVERAGE ANNUAL TOTAL RETURNS AND
VALUE OF $10,000 INVESTMENT INCLUDE MAXIMUM SALES CHARGES. CLASS A: 5.75%
MAXIMUM INITIAL SALES CHARGE; CLASS C: 1% CONTINGENT DEFERRED SALES CHARGE IN
FIRST YEAR ONLY; ADVISOR CLASS: NO SALES CHARGES. THE FUND MAY CHARGE A 2% FEE
ON REDEMPTIONS MADE WITHIN SEVEN DAYS OF PURCHASE.

- ------------------------------------------------------------------------------------
COMMENCEMENT
OF OPERATIONS
CLASS A 6-MONTH 1-YEAR (6/16/06)
- ------------------------------------------------------------------------------------

Cumulative Total Return 2 -10.96% -20.86% +0.08%
- ------------------------------------------------------------------------------------
Average Annual Total Return 3 -16.06% -25.40% -3.52%
- ------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $ 8,394 $ 7,460 $ 9,433
- ------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 -17.18% -0.16%
- ------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- ------------------------------------------------------------------------------------
Without Waiver 1.85%
- ------------------------------------------------------------------------------------
With Waiver 1.40%
- ------------------------------------------------------------------------------------
COMMENCEMENT
OF OPERATIONS
CLASS C 6-MONTH 1-YEAR (6/16/06)
- ------------------------------------------------------------------------------------
Cumulative Total Return 2 -11.29% -21.42% -1.00%
- ------------------------------------------------------------------------------------
Average Annual Total Return 3 -12.15% -22.18% -0.62%
- ------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $ 8,785 $ 7,782 $ 9,900
- ------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 -13.52% +3.09%
- ------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- ------------------------------------------------------------------------------------
Without Waiver 2.50%
- ------------------------------------------------------------------------------------
With Waiver 2.05%
- ------------------------------------------------------------------------------------
COMMENCEMENT
OF OPERATIONS
ADVISOR CLASS 6-MONTH 1-YEAR (6/16/06)
- ------------------------------------------------------------------------------------
Cumulative Total Return 2 -10.83% -20.63% +0.61%
- ------------------------------------------------------------------------------------
Average Annual Total Return 3 -10.83% -20.63% +0.37%
- ------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $ 8,917 $ 7,937 $10,061
- ------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 -11.79% +4.09%
- ------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- ------------------------------------------------------------------------------------
Without Waiver 1.50%
- ------------------------------------------------------------------------------------
With Waiver 1.05%
- ------------------------------------------------------------------------------------

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, SEE "FUNDS AND
PERFORMANCE" AT FRANKLINTEMPLETON.COM OR CALL 1-800/342-5236.

THE MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND EXPENSES
SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED THE AMOUNT SHOWN WITH
WAIVER (OTHER THAN CERTAIN NON-ROUTINE EXPENSES) FOR EACH SHARE CLASS UNTIL
11/30/08.

Semiannual Report | 9

Performance Summary (CONTINUED)

ENDNOTES

INVESTING IN A NONDIVERSIFIED GLOBAL FUND CONCENTRATING IN REAL ESTATE
SECURITIES INVOLVES SPECIAL RISKS, SUCH AS DECLINES IN THE VALUE OF REAL ESTATE
AS WELL AS INCREASED SUSCEPTIBILITY TO ADVERSE ECONOMIC, POLITICAL OR REGULATORY
DEVELOPMENTS AFFECTING THE INDUSTRY. FOREIGN INVESTING, ESPECIALLY IN EMERGING
MARKETS, INVOLVES ADDITIONAL RISKS SUCH AS CURRENCY AND MARKET VOLATILITY, AS
WELL AS POLITICAL AND SOCIAL INSTABILITY. THE FUND'S PROSPECTUS ALSO INCLUDES A
DESCRIPTION OF THE MAIN INVESTMENT RISKS.

CLASS C: These shares have higher annual fees and expenses than Class A
shares.

ADVISOR CLASS: Shares are available to certain eligible investors as described
in the prospectus.

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. These figures represent the value of a hypothetical $10,000 investment in the
Fund over the periods indicated.

5. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

6. Figures are as stated in the Fund's prospectus current as of the date of this
report.

10 | Semiannual Report

Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) for each share class listed in the table provides actual
account values and expenses. The "Ending Account Value" is derived from the
Fund's actual return, which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Information in the second line (Hypothetical) for each class in the table can
help you compare ongoing costs of investing in the Fund with those of other
mutual funds. This information may not be used to estimate the actual ending
account balance or expenses you paid during the period. The hypothetical "Ending
Account Value" is based on the actual expense ratio for each class and an
assumed 5% annual rate of return before expenses, which does not represent the
Fund's actual return. The figure under the heading "Expenses Paid During Period"
shows the hypothetical expenses your account would have incurred under this
scenario. You can compare this figure with the 5% hypothetical examples that
appear in shareholder reports of other funds.

Semiannual Report | 11

Your Fund's Expenses (CONTINUED)

PLEASE NOTE THAT EXPENSES SHOWN IN THE TABLE ARE MEANT TO HIGHLIGHT ONGOING
COSTS AND DO NOT REFLECT ANY TRANSACTION COSTS, SUCH AS SALES CHARGES OR
REDEMPTION FEES. Therefore, the second line for each class is useful in
comparing ongoing costs only, and will not help you compare total costs of
owning different funds. In addition, if transaction costs were included, your
total costs would have been higher. Please refer to the Fund prospectus for
additional information on operating expenses.

- --------------------------------------------------------------------------------------------------------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
CLASS A VALUE 8/1/07 VALUE 1/31/08 PERIOD* 8/1/07-1/31/08
- --------------------------------------------------------------------------------------------------------------------------

Actual $1,000 $ 890.40 $ 6.65
- --------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,018.10 $ 7.10
- --------------------------------------------------------------------------------------------------------------------------
CLASS C
- --------------------------------------------------------------------------------------------------------------------------
Actual $1,000 $ 887.10 $ 9.72
- --------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,014.83 $10.38
- --------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS
- --------------------------------------------------------------------------------------------------------------------------
Actual $1,000 $ 891.70 $ 4.99
- --------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,019.86 $ 5.33
- --------------------------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month expense ratio, net of
expense waivers, annualized for each class (A: 1.40%; C: 2.05%; and Advisor:
1.05%), multiplied by the average account value over the period, multiplied by
184/366 to reflect the one-half year period.

12 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN GLOBAL REAL ESTATE FUND

--------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31,
CLASS A (UNAUDITED) 2007 2006 g
--------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)

Net asset value, beginning of period ............ $ 10.87 $ 10.33 $ 10.00
--------------------------------------------
Income from investment operations a:

Net investment income b ...................... 0.12 0.35 0.03

Net realized and unrealized gains (losses) ... (1.32) 0.59 0.30
--------------------------------------------
Total from investment operations ................ (1.20) 0.94 0.33
--------------------------------------------
Less distributions from:

Net investment income ........................ (0.29) (0.37) --

Net realized gains ........................... -- e (0.03) --
--------------------------------------------
Total distributions ............................. (0.29) (0.40) --
--------------------------------------------
Redemption fees ................................. -- e -- e --
--------------------------------------------
Net asset value, end of period .................. $ 9.38 $ 10.87 $ 10.33
============================================

Total return c .................................. (10.96)% 8.81% 3.30%

RATIOS TO AVERAGE NET ASSETS d

Expenses before waiver and payments by affiliates
and expense reduction ........................ 1.58% 1.86% 6.25%

Expenses net of waiver and payments by
affiliates ................................... 1.40% 1.41% 2.09%

Expenses net of waiver and payments by affiliates
and expense reduction ........................ 1.40% f 1.40% 1.40%

Net investment income ........................... 2.25% 2.94% 2.21%

SUPPLEMENTAL DATA

Net assets, end of period (000's) ............... $ 27,925 $ 33,409 $ 5,488

Portfolio turnover rate ......................... 52.06% 81.30% 13.57%

b Based on average daily shares outstanding.

c Total return does not reflect sales commissions or contingent deferred sales
charges, if applicable, and is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Amount rounds to less than $0.01 per share.

f Benefit of expense reduction rounds to less than 0.01%.

g For the period June 16, 2006 (commencement of operations) to July 31, 2006.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 13

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

--------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31,
CLASS C (UNAUDITED) 2007 2006 g
--------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)

Net asset value, beginning of period ............ $ 10.82 $ 10.32 $ 10.00
--------------------------------------------
Income from investment operations a:

Net investment income b ...................... 0.09 0.29 0.01

Net realized and unrealized gains (losses) ... (1.31) 0.58 0.31
--------------------------------------------
Total from investment operations ................ (1.22) 0.87 0.32
--------------------------------------------
Less distributions from:

Net investment income ........................ (0.25) (0.34) --

Net realized gains ........................... -- e (0.03) --
--------------------------------------------
Total distributions ............................. (0.25) (0.37) --
--------------------------------------------
Redemption fees ................................. -- e -- e --
--------------------------------------------
Net asset value, end of period .................. $ 9.35 $ 10.82 $ 10.32
============================================

Total return c .................................. (11.29)% 8.13% 3.20%

RATIOS TO AVERAGE NET ASSETS d

Expenses before waiver and payments by affiliates
and expense reduction ........................ 2.23% 2.51% 6.90%

Expenses net of waiver and payments by
affiliates ................................... 2.05% 2.06% 2.74%

Expenses net of waiver and payments by affiliates
and expense reduction ........................ 2.05% f 2.05% 2.05%

Net investment income ........................... 1.60% 2.29% 1.56%

SUPPLEMENTAL DATA

Net assets, end of period (000's) ............... $ 7,671 $ 9,192 $ 140

Portfolio turnover rate ......................... 52.06% 81.30% 13.57%

b Based on average daily shares outstanding.

c Total return does not reflect sales commissions or contingent deferred sales
charges, if applicable, and is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Amount rounds to less than $0.01 per share.

f Benefit of expense reduction rounds to less than 0.01%.

g For the period June 16, 2006 (commencement of operations) to July 31, 2006.

14 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

--------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31,
ADVISOR CLASS (UNAUDITED) 2007 2006 g
--------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)

Net asset value, beginning of period ............ $ 10.89 $ 10.34 $ 10.00
--------------------------------------------
Income from investment operations a:

Net investment income b ...................... 0.13 0.39 0.02

Net realized and unrealized gains (losses) ... (1.30) 0.59 0.32
--------------------------------------------
Total from investment operations ................ (1.17) 0.98 0.34
--------------------------------------------
Less distributions from:

Net investment income ........................ (0.32) (0.40) --

Net realized gains ........................... -- e (0.03) --
--------------------------------------------
Total distributions ............................. (0.32) (0.43) --
--------------------------------------------
Redemption fees ................................. -- e -- e --
--------------------------------------------
Net asset value, end of period .................. $ 9.40 $ 10.89 $ 10.34
============================================

Total return c .................................. (10.83)% 9.12% 3.40%

RATIOS TO AVERAGE NET ASSETS d

Expenses before waiver and payments by affiliates
and expense reduction ........................ 1.23% 1.51% 5.90%

Expenses net of waiver and payments by
affiliates .................................. 1.05% 1.06% 1.74%

Expenses net of waiver and payments by affiliates
and expense reduction ........................ 1.05% f 1.05% 1.05%

Net investment income ........................... 2.60% 3.29% 2.56%

SUPPLEMENTAL DATA

Net assets, end of period (000's) ............... $ 70,593 $ 34,631 $ 1,221

Portfolio turnover rate ......................... 52.06% 81.30% 13.57%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Amount rounds to less than $0.01 per share.

f Benefit of expense reduction rounds to less than 0.01%.

g For the period June 16, 2006 (commencement of operations) to July 31, 2006.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 15

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------
FRANKLIN GLOBAL REAL ESTATE FUND COUNTRY SHARES VALUE
- ------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS 94.2%
COMMON STOCKS 93.9%
EQUITY REIT - APARTMENTS 9.6%
AvalonBay Communities Inc. ................................ United States 21,100 $ 1,982,345
Camden Property Trust ..................................... United States 31,000 1,529,850
Equity Residential ........................................ United States 114,400 4,279,704
Essex Property Trust Inc. ................................. United States 600 62,166
Nippon Accommodations Fund Inc. ........................... Japan 58 327,283
UDR Inc. .................................................. United States 89,200 2,036,436
-------------
10,217,784
-------------
EQUITY REIT - DIVERSIFIED PROPERTY 19.0%
British Land Co. PLC ...................................... United Kingdom 119,420 2,398,232
Canadian REIT ............................................. Canada 36,400 1,014,742
Challenger Diversified Property Group ..................... Australia 1,524,726 1,175,745
DB RREEF Trust ............................................ Australia 349,877 497,242
General Property Trust .................................... Australia 412,013 1,385,368
Hammerson PLC ............................................. United Kingdom 66,410 1,498,725
Japan Prime Realty Investment Co. ......................... Japan 108 339,246
Kenedix Realty Investment Corp. ........................... Japan 100 644,221
Land Securities Group PLC ................................. United Kingdom 106,880 3,385,361
Liberty Property Trust .................................... United States 3,400 109,174
Mirvac Group .............................................. Australia 214,298 954,987
Mori Hills REIT Investment Corp. .......................... Japan 65 437,694
Stockland ................................................. Australia 355,716 2,315,597
Vornado Realty Trust ...................................... United States 39,500 3,570,800
Wereldhave NV ............................................. Netherlands 4,180 463,688
-------------
20,190,822
-------------
EQUITY REIT - HEALTH CARE 5.5%
HCP Inc. .................................................. United States 61,900 1,882,379
Nationwide Health Properties Inc. ......................... United States 56,400 1,779,984
OMEGA Healthcare Investors Inc. ........................... United States 29,000 478,500
Ventas Inc. ............................................... United States 39,400 1,741,480
-------------
5,882,343
-------------
EQUITY REIT - HOTELS 2.8%
Hospitality Properties Trust .............................. United States 25,200 855,540
Host Hotels & Resorts Inc. ................................ United States 128,800 2,156,112
-------------
3,011,652
-------------
EQUITY REIT - INDUSTRIAL 6.4%
AMB Property Corp. ........................................ United States 20,200 1,022,120
Brixton PLC ............................................... United Kingdom 99,325 688,756
Goodman Group ............................................. Australia 265,082 1,041,064
ING Industrial Fund ....................................... Australia 145,224 263,034
Mapletree Logistics Trust ................................. Singapore 202,655 131,576
ProLogis .................................................. United States 47,600 2,825,060
Segro PLC ................................................. United Kingdom 81,300 815,539
-------------
6,787,149
-------------

16 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED)
EQUITY REIT - MANUFACTURED HOMES 0.9%
Equity Lifestyle Properties Inc. .......................... United States 12,000 $ 524,040
Sun Communities Inc. ...................................... United States 21,400 413,662
-------------
937,702
-------------
EQUITY REIT - OFFICE 11.9%
Boston Properties Inc. .................................... United States 33,200 3,051,744
CapitaCommercial Trust .................................... Singapore 215,000 315,596
Champion REIT ............................................. Hong Kong 785,886 431,257
Commonwealth Property Office Fund ......................... Australia 1,250,774 1,558,894
Corporate Office Properties Trust ......................... United States 400 12,812
Cousins Properties Inc. ................................... United States 25,800 686,280
a Douglas Emmett Inc. ....................................... United States 28,200 644,370
Highwoods Properties Inc. ................................. United States 17,600 526,768
Japan Real Estate Investment Co. .......................... Japan 121 1,399,699
Kilroy Realty Corp. ....................................... United States 10,800 529,524
MID REIT Inc. ............................................. Japan 77 285,319
Nippon Building Fund Inc. ................................. Japan 136 1,573,216
Nippon Commercial Investment Corp. ........................ Japan 126 533,246
Nomura Real Estate Office Fund Inc. ....................... Japan 80 638,014
ORIX JREIT Inc. ........................................... Japan 76 451,011
-------------
12,637,750
-------------
EQUITY REIT - OTHER 1.0%
Annaly Capital Management Inc. ............................ United States 26,900 530,468
Plum Creek Timber Co. Inc. ................................ United States 12,400 517,700
-------------
1,048,168
-------------
EQUITY REIT - RETAIL 31.8%
CapitaMall Trust .......................................... Singapore 322,589 673,863
CapitaRetail China Trust .................................. China 147,000 158,723
CFS Retail Property Trust ................................. Australia 659,548 1,247,819
Developers Diversified Realty Corp. ....................... United States 21,800 897,070
Eurocommercial Properties NV .............................. Netherlands 27,120 1,425,978
Federal Realty Investment Trust ........................... United States 12,800 944,640
Frontier Real Estate Investment Corp. ..................... Japan 30 194,959
General Growth Properties Inc. ............................ United States 29,400 1,073,688
Japan Retail Fund Investment Corp. ........................ Japan 117 736,133
Kimco Realty Corp. ........................................ United States 75,200 2,692,912
Liberty International PLC ................................. United Kingdom 66,300 1,410,555
Link REIT ................................................. Hong Kong 625,000 1,572,216
The Macerich Co. .......................................... United States 7,800 533,286
Regency Centers Corp. ..................................... United States 34,200 2,100,906
RioCan REIT ............................................... Canada 86,300 1,837,727
Simon Property Group Inc. ................................. United States 47,700 4,263,426
Taubman Centers Inc. ...................................... United States 30,600 1,534,590
Unibail-Rodamco ........................................... France 17,329 4,077,821
Westfield Group ........................................... Australia 383,392 6,359,716
-------------
33,736,028
-------------

Semiannual Report | 17

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

LONG TERM INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED)
EQUITY REIT - STORAGE 2.5%
Public Storage ............................................ United States 33,800 $ 2,644,850
-------------
REAL ESTATE INVESTMENT & DEVELOPMENT 2.5%
Australian Infrastructure Fund ............................ Australia 382,310 939,267
Charter Hall Group ........................................ Australia 196,350 279,051
Homburg Invest Inc. ....................................... Canada 105,700 433,301
Macquarie Airports ........................................ Australia 162,745 564,731
Songbird Estates PLC, B ................................... United Kingdom 120,563 383,554
-------------
2,599,904
-------------
TOTAL COMMON STOCKS (COST $108,523,602) ................... 99,694,152
-------------
PREFERRED STOCKS 0.3%
EQUITY REIT - OFFICE 0.2%
Highwoods Properties Inc., 8.00%, pfd., B ................. United States 9,466 227,657
-------------
EQUITY REIT - RETAIL 0.1%
Kimco Realty Corp., 7.75%, pfd., G ........................ United States 5,500 136,675
-------------
TOTAL PREFERRED STOCKS (COST $376,282) .................... 364,332
-------------
TOTAL LONG TERM INVESTMENTS (COST $108,899,884) ........... 100,058,484
-------------

----------------
PRINCIPAL AMOUNT
----------------

SHORT TERM INVESTMENT (COST $4,895,000) 4.6%
TIME DEPOSIT 4.6%
Dresdner Bank AG, 3.10%, 2/01/08 .......................... United States $4,895,000 4,895,000
-------------
TOTAL INVESTMENTS (COST $113,794,884) 98.8% ............... 104,953,484
NET UNREALIZED LOSS ON FORWARD EXCHANGE CONTRACTS (0.8)% .. (897,227)
OTHER ASSETS, LESS LIABILITIES 2.0% ....................... 2,133,319
-------------
NET ASSETS 100.0% ......................................... $106,189,576
=============

SELECTED PORTFOLIO ABBREVIATION

REIT - Real Estate Investment Trust

a Non-income producing for the twelve months ended January 31, 2008.

18 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

--------------
FRANKLIN
GLOBAL
REAL ESTATE
FUND
--------------
Assets:
Investments in securities:
Cost .................................................... $ 113,794,884
==============
Value ................................................... $ 104,953,484
Cash ....................................................... 97,306
Receivables:
Investment securities sold .............................. 7,757,831
Capital shares sold ..................................... 157,183
Dividends ............................................... 547,988
Unrealized gain on forward exchange contracts (Note 7) ..... 530,791
--------------
Total assets ......................................... 114,044,583
--------------
Liabilities:
Payables:
Investment securities purchased ......................... 6,186,186
Capital shares redeemed ................................. 105,726
Affiliates .............................................. 92,562
Foreign currency advanced by custodian ..................... 12,864
Unrealized loss on forward exchange contracts (Note 7) ..... 1,428,018
Accrued expenses and other liabilities ..................... 29,651
--------------
Total liabilities .................................... 7,855,007
--------------
Net assets, at value .............................. $ 106,189,576
==============
Net assets consist of:
Paid-in capital ............................................ $ 130,320,712
Distributions in excess of net investment income ........... (782,991)
Net unrealized appreciation (depreciation) ................. (9,706,680)
Accumulated net realized gain (loss) ....................... (13,641,465)
--------------
Net assets, at value .............................. $ 106,189,576
==============

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 19

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
January 31, 2008 (unaudited)
--------------
FRANKLIN
GLOBAL
REAL ESTATE
FUND
--------------
CLASS A:
Net assets, at value ....................................... $ 27,925,122
==============
Shares outstanding ......................................... 2,975,825
==============
Net asset value per share a ................................ $ 9.38
==============
Maximum offering price per share (net asset value per
share / 94.25%) ......................................... $ 9.95
==============
CLASS C:
Net assets, at value ....................................... $ 7,671,197
==============
Shares outstanding ......................................... 820,476
==============
Net asset value and maximum offering price per share a ..... $ 9.35
==============
ADVISOR CLASS:
Net assets, at value ....................................... $ 70,593,257
==============
Shares outstanding ......................................... 7,512,286
==============
Net asset value and maximum offering price per share a ..... $ 9.40
==============

a Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable, and redemption fees retained by the Fund.

20 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)

--------------
FRANKLIN
GLOBAL
REAL ESTATE
FUND
--------------
Investment income:
Dividends (net of foreign taxes of $153,924) ............... $ 1,724,916
Interest ................................................... 184,379
--------------
Total investment income .............................. 1,909,295
--------------
Expenses:
Management fees (Note 3a) .................................. 417,885
Administrative fees (Note 3b) .............................. 104,471
Distribution fees: (Note 3c)
Class A ................................................. 57,010
Class C ................................................. 44,318
Transfer agent fees (Note 3e) .............................. 50,543
Custodian fees (Note 4) .................................... 6,193
Reports to shareholders .................................... 10,514
Registration and filing fees ............................... 35,985
Professional fees .......................................... 13,768
Trustees' fees and expenses ................................ 3,172
Other ...................................................... 2,297
--------------
Total expenses ....................................... 746,156
Expense reductions (Note 4) .......................... (3,031)
Expenses waived/paid by affiliates (Note 3f) ......... (93,323)
--------------
Net expenses ...................................... 649,802
--------------
Net investment income .......................... 1,259,493
--------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ............................................. (8,990,380)
Foreign currency transactions ........................... (2,138,421)
--------------
Net realized gain (loss) ....................... (11,128,801)
--------------
Net change in unrealized appreciation (depreciation) on:
Investments ............................................. (5,725,692)
Translation of assets and liabilities denominated in
foreign currencies ................................... 29,870
--------------
Net change in unrealized appreciation
(depreciation) .............................. (5,695,822)
--------------
Net realized and unrealized gain (loss) ....................... (16,824,623)
--------------
Net increase (decrease) in net assets resulting from
operations ................................................. $ (15,565,130)
==============

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 21

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

FRANKLIN GLOBAL
REAL ESTATE FUND
---------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007
---------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income .............................................................. $ 1,259,493 $ 1,435,885
Net realized gain (loss) from investments and foreign currency transactions ........ (11,128,801) (1,454,797)
Net change in unrealized appreciation (depreciation) on investments
and translation of assets and liabilities denominated in foreign currencies ..... (5,695,822) (4,184,228)
---------------------------------
Net increase (decrease) in net assets resulting from operations .............. (15,565,130) (4,203,140)
---------------------------------
Distributions to shareholders from:
Net investment income:
Class A ......................................................................... (895,873) (552,979)
Class C ......................................................................... (211,384) (103,871)
Advisor Class ................................................................... (2,015,766) (742,547)
Net realized gains:
Class A ......................................................................... (3,379) (28,561)
Class C ......................................................................... (924) (5,471)
Advisor Class ................................................................... (8,301) (39,461)
---------------------------------
Total distributions to shareholders ................................................... (3,135,627) (1,472,890)
---------------------------------
Capital share transactions: (Note 2)
Class A ......................................................................... (879,139) 30,514,540
Class C ......................................................................... (254,826) 9,933,533
Advisor Class ................................................................... 48,791,645 35,611,602
---------------------------------
Total capital share transactions ...................................................... 47,657,680 76,059,675
---------------------------------
Redemption fees ....................................................................... 95 46
---------------------------------
Net increase (decrease) in net assets ........................................ 28,957,018 70,383,691
Net assets:
Beginning of period ................................................................... 77,232,558 6,848,867
---------------------------------
End of period ......................................................................... $ 106,189,576 $ 77,232,558
=================================
Undistributed net investment income (distributions in excess of net investment income)
included in net assets:
End of period ...................................................................... $ (782,991) $ 1,080,539
=================================

22 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Franklin Global Trust (Trust) is registered under the Investment Company Act of
1940, as amended, (1940 Act) as an open-end investment company, consisting of
eight separate funds. The Franklin Global Real Estate Fund (Fund) included in
this report is non-diversified. The financial statements of the remaining funds
in the Trust are presented separately. The Fund offers three classes of shares:
Class A, Class C, and Advisor Class. Each class of shares differs by its initial
sales load, contingent deferred sales charges, distribution fees, voting rights
on matters affecting a single class and its exchange privilege.

The following summarizes the Fund's significant accounting policies.

A. SECURITY VALUATION

Semiannual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. FOREIGN CURRENCY TRANSLATION

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 on the
Statement of Operations.

C. FOREIGN CURRENCY CONTRACTS

When the Fund purchases or sells foreign securities it may enter into foreign
exchange contracts to minimize foreign exchange risk from the trade date to the
settlement date of the transactions. A foreign exchange contract is an agreement
between two parties to exchange different currencies at an agreed upon exchange
rate at a future date. Realized and unrealized gains and losses on these
contracts are included in the Statement of Operations.

The Fund may also enter into forward exchange contracts to hedge against
fluctuations in foreign exchange rates. These contracts are valued daily by the
Fund and the unrealized gains or losses on the contracts, as measured by the
difference between the contractual forward foreign exchange rates and the
forward rates at the reporting date, are included in the Statement of Assets and
Liabilities. Realized and unrealized gains and losses on these contracts are
included in the Statement of Operations.

24 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. INCOME TAXES

No provision has been made for U.S. income taxes because it is the Fund's policy
to qualify as a regulated investment company under the Internal Revenue Code and
to distribute to shareholders substantially all of its taxable income and net
realized gains.

Foreign securities held by the Fund may be subject to foreign taxation on
dividend income received. Foreign taxes, if any, are recorded based on the tax
regulations and rates that exist in the foreign markets 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 that certain dividends from foreign
securities are recognized as soon as the Fund is notified of the ex-dividend
date. Distributions to shareholders are recorded on the ex-dividend date and are
determined according to income tax regulations (tax basis). Distributable
earnings determined on a tax basis may differ from earnings recorded in
accordance with accounting principles generally accepted in the United States of
America. 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.

Realized and unrealized gains and losses and net investment income, other than
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.

Distributions received by the Fund from certain securities may be a return of
capital (ROC). Such distributions reduce the cost basis of the securities, and
any distributions in excess of the cost basis are recognized as capital gains.

Semiannual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. ACCOUNTING ESTIMATES

G. REDEMPTION FEES

A short term trading redemption fee will be imposed, with some exceptions, on
any Fund shares that are redeemed or exchanged within seven calendar days
following their purchase date. The redemption fee is 2% of the amount redeemed.
Such fees are retained by the Fund and accounted for as an addition to paid-in
capital.

H. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust, on behalf of the Fund, enters into contracts with service
providers that contain general indemnification clauses. The Trust's maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Trust that have not yet occurred. Currently, the
Trust expects the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Fund's shares were as follows:

-------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
-------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------------------

CLASS A SHARES:
Shares sold ....................................... 821,821 $ 8,674,519 3,078,557 $36,862,501
Shares issued in reinvestment of distributions .... 69,904 697,069 30,384 358,403
Shares redeemed ................................... (989,451) (10,250,727) (566,717) (6,706,364)
-------------------------------------------------------
Net increase (decrease) ........................... (97,726) $ (879,139) 2,542,224 $30,514,540
=======================================================

26 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

2. SHARES OF BENEFICIAL INTEREST (CONTINUED)

CLASS C SHARES:
Shares sold ....................................... 205,209 $ 2,129,719 951,834 $11,306,579
Shares issued in reinvestment of distributions .... 19,136 190,327 8,109 94,890
Shares redeemed ................................... (253,337) (2,574,872) (124,044) (1,467,936)
-------------------------------------------------------
Net increase (decrease) ........................... (28,992) $ (254,826) 835,899 $ 9,933,533
=======================================================
ADVISOR CLASS SHARES:
Shares sold ....................................... 5,245,437 $ 58,373,321 3,195,707 $37,169,648
Shares issued in reinvestment of distributions .... 96,666 930,910 6,292 72,808
Shares redeemed ................................... (1,009,844) (10,512,586) (140,040) (1,630,854)
-------------------------------------------------------
Net increase (decrease) ........................... 4,332,259 $ 48,791,645 3,061,959 $35,611,602
=======================================================

3. TRANSACTIONS WITH AFFILIATES

- ----------------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- ----------------------------------------------------------------------------------------

Franklin Templeton Institutional, LLC (FT Institutional) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Distributors, Inc. (Distributors) Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services) Transfer agent

A. MANAGEMENT FEES

The Fund pays an investment management fee to FT Institutional based on the
average daily net assets of the Fund as follows:

- ----------------------------------------------------------------------------
ANNUALIZED FEE RATE NET ASSETS
- ----------------------------------------------------------------------------
0.800% Up to and including $500 million
0.700% Over $500 million, up to and including $1 billion
0.650% Over $1 billion, up to and including $1.5 billion
0.600% Over $1.5 billion, up to and including $6.5 billion
0.580% Over $6.5 billion, up to and including $11.5 billion
0.560% Over $11.5 billion, up to and including $16.5 billion
0.540% Over $16.5 billion, up to and including $19 billion
0.530% Over $19 billion, up to and including $21.5 billion
0.520% In excess of $21.5 billion

Semiannual Report | 27

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services of 0.20% per year of the
average daily net assets of the Fund.

C. DISTRIBUTION FEES

The Trust's Board of Trustees has adopted distribution plans for each share
class, with the exception of Advisor Class shares, pursuant to Rule 12b-1 under
the 1940 Act. Under the Fund's compensation distribution plans, the Fund pays
Distributors for costs incurred in connection with the servicing, sale and
distribution of the Fund's shares up to a certain percentage per year of its
average daily net assets of each class as follows:

Class A ....................................................... 0.35%
Class C ....................................................... 1.00%

D. SALES CHARGES/UNDERWRITING AGREEMENTS

Distributors has advised the Fund of the following commission transactions
related to the sales and redemptions of the Fund's shares for the period:

Sales charges retained net of commissions paid to unaffiliated
broker/dealers .......................................... $21,477
Contingent deferred sales charges retained ................. $ 3,781

E. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Fund paid transfer agent fees of
$50,543, of which $33,567 was retained by Investor Services.

F. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and FT Institutional have agreed in advance to waive all or a
portion of their respective fees and to assume payment of other expenses through
November 30, 2008. Total expenses waived or paid are not subject to
reimbursement by the Fund subsequent to the Fund's fiscal year end. After
November 30, 2008, FT Services and FT Institutional may discontinue this waiver
at any time upon notice to the Fund's Board of Trustees.

28 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

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 period ended January 31, 2008, the
custodian fees were reduced as noted in the Statement of Operations.

5. INCOME TAXES

For tax purposes, realized capital losses and realized currency losses occurring
subsequent to October 31, may be deferred and treated as occurring on the first
day of the following fiscal year. At July 31, 2007, the Fund deferred realized
capital losses and realized currency losses of $1,552,541 and $1,196,322,
respectively.

At January 31, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments .......................................... $ 120,483,262
===============

Unrealized appreciation ...................................... $ 1,330,038
Unrealized depreciation ...................................... (16,859,816)
---------------
Net unrealized appreciation (depreciation) ................... $ (15,529,778)
===============

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of foreign currency transactions and passive foreign
investment company shares.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales, foreign currency
transactions, and passive foreign investment company shares.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
period ended January 31, 2008, aggregated $96,555,087 and $51,097,813,
respectively.

Semiannual Report | 29

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

7. FORWARD EXCHANGE CONTRACTS

At January 31, 2008, the Fund had the following forward exchange contracts
outstanding:

----------------------------------------------------
CONTRACT SETTLEMENT UNREALIZED UNREALIZED
AMOUNT a DATE GAIN LOSS
----------------------------------------------------

CONTRACTS TO BUY
686,777 Australian Dollar ............. 594,000 3/17/08 $ 18,758 --
736,353 Australian Dollar ............. 629,000 3/17/08 27,991 --
869,060 Australian Dollar ............. 747,000 3/17/08 28,395 --
869,883 Australian Dollar ............. 762,000 3/17/08 14,130 --
946,358 Australian Dollar ............. 823,000 3/17/08 21,362 --
963,178 Australian Dollar ............. 853,000 3/17/08 6,369 --
1,180,116 Australian Dollar ............. 1,055,000 3/17/08 -- (2,073)
1,239,415 Australian Dollar ............. 1,067,000 3/17/08 38,835 --
2,494,890 Australian Dollar ............. 2,136,000 3/17/08 89,998 --
276,806 British Pound ................. 541,000 3/17/08 7,863 --
303,611 British Pound ................. 610,000 3/17/08 -- (7,986)
551,040 Canadian Dollar ............... 552,000 3/17/08 -- (2,969)
562,904 Canadian Dollar ............... 563,000 3/17/08 -- (2,147)
392,590 Euro .......................... 576,000 3/17/08 7,018 --
538,959 Euro .......................... 794,000 3/17/08 6,385 --
59,780,050 Japanese Yen .................. 550,000 3/17/08 13,960 --
81,677,048 Japanese Yen .................. 766,000 3/17/08 4,535 --
2,990,051 Norwegian Krone ............... 542,000 3/17/08 9,184 --
738,370 Singapore Dollar .............. 516,000 3/17/08 5,992 --
812,683 Singapore Dollar .............. 560,000 3/17/08 14,528 --
849,479 Singapore Dollar .............. 594,000 3/17/08 6,541 --
CONTRACTS TO SELL
1,037,561 Australian Dollar ............. 916,000 3/17/08 -- (9,736)
34,445,199 Australian Dollar ............. 30,044,825 3/17/08 -- (687,977)
316,846 British Pound ................. 622,000 3/17/08 -- (6,256)
452,910 British Pound ................. 890,000 3/17/08 -- (8,051)
576,666 British Pound ................. 1,137,000 3/17/08 -- (6,439)
4,107,829 British Pound ................. 8,349,779 3/17/08 204,586 --
4,826,112 Canadian Dollar ............... 4,730,555 3/17/08 -- (77,968)
377,688 Euro .......................... 553,000 3/17/08 -- (7,888)
4,603,586 Euro .......................... 6,732,284 3/17/08 -- (104,299)
4,561,929 Hong Kong Dollar .............. 587,000 3/17/08 1,433 --
10,067,500 Hong Kong Dollar .............. 1,295,189 3/17/08 2,928 --
401,476,826 Japanese Yen .................. 3,612,677 3/17/08 -- (174,825)
558,353,429 Japanese Yen .................. 4,992,877 3/19/08 -- (275,267)
3,498,409 Norwegian Krone ............... 641,733 3/17/08 -- (3,161)
4,059,890 Singapore Dollar .............. 2,819,172 3/17/08 -- (50,976)
--------------------------
Unrealized gain (loss) on forward exchange contracts ................. 530,791 (1,428,018)
--------------------------
Net unrealized gain (loss) on forward exchange contracts .......... $ (897,227)
=============

a In U.S. dollars unless otherwise indicated.

30 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

8. 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 and regional economic, political and social
conditions, which may result in greater market volatility. In addition, certain
foreign securities may not be as liquid as U.S. securities.

9. REGULATORY AND LITIGATION MATTERS

10. NEW ACCOUNTING PRONOUNCEMENTS

The Fund adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement

Semiannual Report | 31

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

10. NEW ACCOUNTING PRONOUNCEMENTS (CONTINUED)

No. 109" (FIN 48), on January 31, 2008. FIN 48 clarifies the accounting for
uncertainty in tax positions taken or expected to be taken in a tax return. FIN
48 provides guidance on the measurement, recognition, classification and
disclosure of tax positions, along with accounting for the related interest and
penalties. The Fund has reviewed the tax positions for each of the two open tax
years as of July 31, 2007 and has determined that the implementation of FIN 48
did not have a material impact on the Fund's financial statements.

32 | Semiannual Report

Franklin Global Trust

TAX DESIGNATION (UNAUDITED)

FRANKLIN GLOBAL REAL ESTATE FUND

At July 31, 2007, more than 50% of the Fund's total assets were invested in
securities of foreign issuers. In most instances, foreign taxes were withheld
from income paid to the Fund on these investments. As shown in the table below,
the Fund designates to shareholders the foreign source income and foreign taxes
paid, pursuant to Section 853 of the Internal Revenue Code (Code). This
designation will allow shareholders of record on September 14, 2007, to treat
their proportionate share of foreign taxes paid by the Fund as having been paid
directly by them. The shareholder shall consider these amounts as foreign taxes
paid in the tax year in which they receive the Fund distribution.

The following table provides a detailed analysis of foreign tax paid, foreign
source income, and foreign qualified dividends as designated by the Fund, to
Class A, Class C, and Advisor Class shareholders of record.

- ----------------------------------------------------------------------------------------
FOREIGN TAX PAID FOREIGN SOURCE INCOME FOREIGN QUALIFIED
CLASS PER SHARE PER SHARE DIVIDENDS PER SHARE
- ----------------------------------------------------------------------------------------

Class A .............. $ 0.0114 $ 0.4669 $ 0.0512
Class C .............. 0.0114 0.4436 0.0488
Advisor Class ........ 0.0114 0.4848 0.0533

Foreign Tax Paid Per Share (Column 1) is the amount per share available to you,
as a tax credit (assuming you held your shares in the Fund for a minimum of 16
days during the 31-day period beginning 15 days before the ex-dividend date of
the Fund's distribution to which the foreign taxes relate), or, as a tax
deduction.

Foreign Source Income Per Share (Column 2) is the amount per share of income
dividends paid to you that is attributable to foreign securities held by the
Fund, plus any foreign taxes withheld on these dividends. The amounts reported
include foreign source qualified dividends that have not been adjusted for the
rate differential applicable to such dividend income. 1

Foreign Qualified Dividends Per Share (Column 3) is the amount per share of
foreign source qualified dividends the Fund paid to you, plus any foreign taxes
withheld on these dividends. These amounts represent the portion of the Foreign
Source Income reported to you in column 2 that were derived from qualified
foreign securities held by the Fund. 1

In January 2008, shareholders received Form 1099-DIV which included their share
of taxes paid and foreign source income distributed during the calendar year
2007. The Foreign Source Income reported on Form 1099-DIV has not been adjusted
for the rate differential on foreign source qualified dividend income.
Shareholders are advised to check with their tax advisors for information on the
treatment of these amounts on their 2007 individual income tax returns.

1 Qualified dividends are taxed at a maximum rate of 15% (5% for those in the
10% and 15% income tax bracket). In determining the amount of foreign tax credit
that may be applied against the U.S. tax liability of individuals receiving
foreign source qualified dividends, adjustments may be required to the foreign
tax credit limitation calculation to reflect the rate differential applicable to
such dividend income. The rules however permit certain individuals to elect not
to apply the rate differential adjustments for capital gains and/or dividends
for any taxable year. Please consult your tax advisor and the instructions to
Form 1116 for more information.

Semiannual Report | 33

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN GLOBAL REAL ESTATE FUND

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

34 | Semiannual Report

[LOGO](R)
FRANKLIN TEMPLETON One Franklin Parkway
INVESTMENTS San Mateo, CA 94403-1906

o WANT TO RECEIVE THIS DOCUMENT FASTER VIA EMAIL?

Eligible shareholders can sign up for eDelivery at
franklintempleton.com. See inside for details.

SEMIANNUAL REPORT AND SHAREHOLDER LETTER

FRANKLIN GLOBAL REAL ESTATE FUND

INVESTMENT MANAGER

Franklin Templeton Institutional, LLC

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
1-800/DIAL BEN(R)
franklintempleton.com

SHAREHOLDER SERVICES

1-800/632-2301

To ensure the highest quality of service, telephone calls to and from our
service departments may be monitored, recorded and accessed. These calls can be
identified by the presence of a regular beeping tone.

495 S2008 03/08

[GRAPHIC OMITTED]

- --------------------------------------------------------------------------------

SEMIANNUAL REPORT | 01 31 2008
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

FRANKLIN GLOBAL TRUST

- --------------------------------------------------------------------------------

Franklin Templeton Emerging Market Debt Opportunities Fund

[LOGO](R)
FRANKLIN TEMPLETON
INSTITUTIONAL

Contents

SEMIANNUAL REPORT

Franklin Templeton Emerging Market Debt Opportunities Fund ................ 1

Performance Summary ....................................................... 6

Your Fund's Expenses ...................................................... 8

Financial Highlights and Statement of Investments ......................... 10

Financial Statements ...................................................... 15

Notes to Financial Statements ............................................. 18

Tax Designation ........................................................... 28

Shareholder Information ................................................... 29

- --------------------------------------------------------------------------------

Semiannual Report

Franklin Templeton Emerging Market Debt Opportunities Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Templeton Emerging Market Debt
Opportunities Fund seeks high total return through investing in debt securities
of emerging market countries, mainly securities issued by sovereign and
sub-sovereign government entities, but also including securities issued by
corporate entities.

- --------------------------------------------------------------------------------

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

Foreign Government & Agency Securities ................................. 53.1%
Corporate Bonds ........................................................ 23.3%
Warrants ............................................................... 6.2%
Short-Term Investments & Other Net Assets .............................. 17.4%

- --------------------------------------------------------------------------------

This semiannual report for Franklin Templeton Emerging Market Debt Opportunities
Fund covers the period ended January 31, 2008.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 11.

- --------------------------------------------------------------------------------

-----------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
-----------------------------------------------------

Semiannual Report | 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. PLEASE CALL A FRANKLIN TEMPLETON INSTITUTIONAL SERVICES
REPRESENTATIVE AT 1-800/321-8563 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

PERFORMANCE OVERVIEW

Franklin Templeton Emerging Market Debt Opportunities Fund posted a +2.69%
cumulative total return for the six months ended January 31, 2008. The Fund
underperformed its benchmarks, the J.P. Morgan (JPM) Emerging Markets Bond Index
(EMBI) Global Diversified Index and JPM Global Bond Index (GBI) Emerging Markets
(EM) Broad Diversified Index, which returned +7.20% and +8.76% during the same
period. 1 You can find more performance data in the Performance Summary
beginning on page 6.

ECONOMIC AND MARKET OVERVIEW

Economic conditions surrounding emerging market debt transformed over the past
six months. As financial markets in the U.S. and Europe seized up during August,
severe weaknesses in leading financial institutions were exposed in the
subsequent months. As a result, the U.S. Federal Reserve Board substantially
eased monetary policy during the period under review and lowered its federal
funds target rate from 5.25% to 3.00%, a reduction of 225 basis points. The cuts
were significantly larger than had been expected at the end of July 2007.
Consequently, U.S. Treasury yields declined substantially during the reporting
period, and the 10-year Treasury yield fell 111 basis points to 3.67%. In
addition, the U.S. dollar depreciated 7.6% against the euro and 10.7% against
the yen. 2

Against this backdrop, emerging market debt performed surprisingly well. For the
six months under review, U.S. dollar-denominated emerging market debt, as
measured by the JPM EMBI Global Diversified Index, returned +7.20%. 3 The return
was lower than the +8.86% return from U.S. Treasuries, as measured by the Lehman
Brothers (LB) U.S. Treasury Index, as the yield premium over Treasuries widened
61 basis points to 297 basis points, but was significantly

1. Source: J.P. Morgan. The JPM EMBI Global Diversified Index is a uniquely
weighted version of the JPM EMBI Global Index, which tracks total returns for
U.S. dollar-denominated debt instruments issued by emerging market sovereign and
quasi-sovereign entities: Brady bonds, loans and Eurobonds. The index includes
all countries except those that have been classified by the World Bank as high
income for the past two consecutive years. The diversified index limits the
weights of those index countries with larger debt stocks by only including
specified portions of these countries' eligible current face amounts of debt
outstanding. Both indexes cover the same countries. The JPM GBI EM Broad
Diversified Index tracks local currency government bonds issued by emerging
markets. The index limits the weights of those index countries with larger debt
stocks and redistributes those weights to the countries with smaller weights,
with a maximum 10% country weight allowed. The indexes are unmanaged and include
reinvested interest. One cannot invest directly in an index, nor is an index
representative of the Fund's portfolio.

2. Source: Exshare (via Compustat via Factset).

3. Source: J.P. Morgan. See footnote 1 for descriptions of the JPM EMBI Global
Diversified Index and the JPM GBI EM Broad Diversified Index.

2 | Semiannual Report

better than returns of some other fixed income sub-sectors. 4 Local
currency-denominated emerging market debt, as measured by the JPM GBI EM Broad
Diversified Index, performed slightly better than its U.S. dollar-denominated
counterpart and returned +8.76%. 3 The outperformance was mostly due to U.S.
dollar depreciation, especially against four central European currencies that
traded off the euro, the Czech koruna, the Slovak koruna, the Polish zloty and
the Hungarian forint.

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 in 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 the
shape of the sovereign spread curve and the type of the issue's coupon (fixed or
floating). We may seek to manage the Fund's exposure to various currencies, and
may from time to time seek to hedge (protect) against currency risk, largely by
using forward currency exchange contracts.

MANAGER'S DISCUSSION

At period-end, the Fund held securities representing 30 emerging market
countries. The largest single country exposure was to Kazakhstan, at 8.2% of
total net assets. Securities denominated in G7 currencies constituted 75.1% of
total net assets, of which 54.7% were denominated in the U.S. dollar, 12.4% in
the euro and 8.0% in the Japanese yen. 5 The Fund's exposure to the euro and the
yen was fully hedged back into U.S. dollars. Twenty-five Fund holdings had an
underlying currency risk in local currencies of Brazil, Colombia, Ghana, Ivory

GEOGRAPHIC BREAKDOWN
1/31/08

- --------------------------------------------------------------------------------
% OF TOTAL
COUNTRY NET ASSETS
- --------------------------------------------------------------------------------
Kazakhstan 8.2%
- --------------------------------------------------------------------------------
South Africa 8.2%
- --------------------------------------------------------------------------------
Ghana 8.0%
- --------------------------------------------------------------------------------
Iraq 7.9%
- --------------------------------------------------------------------------------
Mexico 5.9%
- --------------------------------------------------------------------------------
Russia 4.1%
- --------------------------------------------------------------------------------
Venezuela 4.1%
- --------------------------------------------------------------------------------
Brazil 4.0%
- --------------------------------------------------------------------------------
Ivory Coast 3.8%
- --------------------------------------------------------------------------------
Peru 3.8%
- --------------------------------------------------------------------------------
Ukraine 3.7%
- --------------------------------------------------------------------------------
Nigeria 3.3%
- --------------------------------------------------------------------------------
Zambia 3.0%
- --------------------------------------------------------------------------------
Argentina 2.6%
- --------------------------------------------------------------------------------
Ecuador 2.5%
- --------------------------------------------------------------------------------
El Salvador 2.3%
- --------------------------------------------------------------------------------
Jordan 2.3%
- --------------------------------------------------------------------------------
Trinidad & Tobago 2.3%
- --------------------------------------------------------------------------------
Serbia 2.0%
- --------------------------------------------------------------------------------
Turkey 2.0%
- --------------------------------------------------------------------------------
Netherlands 1.7%
- --------------------------------------------------------------------------------
Vietnam 1.5%
- --------------------------------------------------------------------------------
Moldova 1.0%
- --------------------------------------------------------------------------------
North Korea 1.0%
- --------------------------------------------------------------------------------
Dominican Republic 0.9%
- --------------------------------------------------------------------------------
Malawi 0.8%
- --------------------------------------------------------------------------------
Fiji 0.8%
- --------------------------------------------------------------------------------
Grenada 0.7%
- --------------------------------------------------------------------------------
Mauritius 0.2%
- --------------------------------------------------------------------------------
Short-Term Investments & Other Net Assets 7.4%
- --------------------------------------------------------------------------------

4. Source: Standard & Poor's Micropal. The LB U.S. Treasury Index includes
public obligations of the U.S. Treasury with a remaining maturity of one year or
more. All issues must have at least one year to final maturity regardless of
call features, have at least $250 million par amount outstanding and be rated
investment grade (Baa3 or better). They must also be dollar denominated,
nonconvertible and publicly issued.

5. The G7, or Group of Seven, is an informal but exclusive body that seeks to
boost cooperation over trade and finance, strengthen the global economy, promote
peace and democracy, and prevent and resolve conflicts. The G7 includes Canada,
France, Germany, Italy, Japan, the U.K. and the U.S. It is now known as the G8,
or Group of Eight, after the addition of Russia in 1997.

Semiannual Report | 3

CURRENCY BREAKDOWN*
1/31/08

- --------------------------------------------------------------------------------
% OF TOTAL
CURRENCY NET ASSETS
- --------------------------------------------------------------------------------
U.S. Dollar 69.2%
- --------------------------------------------------------------------------------
Mexican Peso 5.9%
- --------------------------------------------------------------------------------
South African Rand 5.7%
- --------------------------------------------------------------------------------
Brazilian Real 4.0%
- --------------------------------------------------------------------------------
Zambian Kwacha 3.0%
- --------------------------------------------------------------------------------
Ghanian Cedi 2.9%
- --------------------------------------------------------------------------------
Ukrainian Hryvna 2.1%
- --------------------------------------------------------------------------------
Turkish Lira 2.0%
- --------------------------------------------------------------------------------
Colombian Peso 1.8%
- --------------------------------------------------------------------------------
Vietnamese Dong 1.5%
- --------------------------------------------------------------------------------
West African Franc 1.4%
- --------------------------------------------------------------------------------
Malawian Kwacha 0.8%
- --------------------------------------------------------------------------------
Mauritian Rupee 0.2%
- --------------------------------------------------------------------------------

* May differ from the SOI due to the underlying currency exposure on
credit-linked notes, pass-through securities and forward currency exchange
contracts. Japanese yen = -0.1% and euro = -0.4% because of the Fund's holdings
in forward currency exchange contracts.

- --------------------------------------------------------------------------------
WHAT IS A CARRY TRADE?
- --------------------------------------------------------------------------------
Carry trade is a strategy in which an investor sells a certain currency with a
relatively low interest rate and uses the funds to purchase a different currency
yielding a higher interest rate. A trader using this strategy attempts to
capture the difference between the rates, which can often be substantial,
depending on the amount of leverage the investor chooses to use.
- --------------------------------------------------------------------------------

Coast, Malawi, Mauritius, Mexico, Nigeria, South Africa, Turkey, Ukraine,
Vietnam and Zambia. The Fund's overall exposure to local currencies was 31.3% of
total net assets at period-end, with the largest exposure to the Mexican peso at
5.9%.

During the reporting period, the Fund's exposure to two euro-denominated South
African corporate bonds significantly detracted from performance. Holdings of
Edcon Proprietary, a large clothing and footwear retailer, and Foodcorp, a food
manufacturing company, fell substantially in value. Another poor performer was
the Japanese yen-denominated Iraqi government bond, which declined in value
during the period.

Some securities in the Fund's portfolio had better results during the period.
The Turkish lira-denominated bond did well in U.S. dollar terms, largely due to
the lira's high carry trade and currency appreciation. Ecuadorean U.S.
dollar-denominated bonds performed well as fears of an unfriendly debt
restructuring dissipated. Ivory Coast's defaulted Brady bonds continued to rise
as the market grew more confident that the long-standing default (since 2000)
would be resolved sometime in 2008.

During the reporting period, we added several new securities, mainly denominated
in G7 currencies, to the portfolio: AK Bars Bank, a Russian commercial bank; New
World Resources, a Czech coal mining company; Foodcorp; Republic of Ghana; Ghana
Telecommunications; and City of Kyiv, the capital of Ukraine. To make way for
these additions, we sold a number of lower-yielding securities in whole
(Colombia, Russian Federation and Dominican Republic) and in part (El Salvador,
Serbia and Kazakhstan Temir Zholy). In addition, securities of Elektrownia
Turow, a Polish electricity generator, were bought back by the issuer at the end
of December.

4 | Semiannual Report

We initiated only one new local currency position in the Colombian peso in
September. We eliminated the Fund's exposure to the Egyptian pound and
significantly reduced exposure to the Mauritian rupee during the reporting
period.

We thank you for your confidence in Franklin Templeton Emerging Market Debt
Opportunities Fund and hope to serve your future investment needs at the highest
level of expectations.

[PHOTO OMITTED] /s/ William Ledward

William Ledward
Portfolio Manager and Research Analyst of
Franklin Templeton Investment Management Ltd.
Fixed Income Group

[PHOTO OMITTED] /s/ Claire Husson

Claire Husson
Portfolio Manager and Research Analyst of
Franklin Templeton Investment Management Ltd.
Fixed Income Group

Portfolio Management Team
Franklin Templeton Emerging Market Debt
Opportunities Fund

TOP 10 HOLDINGS
1/31/08

- --------------------------------------------------------------------------------
ISSUE % OF TOTAL
SECTOR, COUNTRY NET ASSETS
- --------------------------------------------------------------------------------
Government of Iraq 7.9%
FOREIGN GOVERNMENT & AGENCY
SECURITIES, IRAQ
- --------------------------------------------------------------------------------
Government of Mexico 4.7%
FOREIGN GOVERNMENT & AGENCY
SECURITIES, MEXICO
- --------------------------------------------------------------------------------
Nota Do Tesouro Nacional, Index Linked 4.0%
FOREIGN GOVERNMENT & AGENCY
SECURITIES, BRAZIL
- --------------------------------------------------------------------------------
Government of Ghana 3.5%
FOREIGN GOVERNMENT & AGENCY
SECURITIES, GHANA
- --------------------------------------------------------------------------------
Central Bank of Nigeria 3.3%
WARRANTS, NIGERIA
- --------------------------------------------------------------------------------
Astana-Finance 3.2%
THRIFTS & MORTGAGE FINANCE,
KAZAKHSTAN
- --------------------------------------------------------------------------------
Government of Peru 3.0%
FOREIGN GOVERNMENT & AGENCY
SECURITIES, PERU
- --------------------------------------------------------------------------------
Alfa MTN Markets for ABH Financial, 144A 3.0%
CONSUMER FINANCE, RUSSIA
- --------------------------------------------------------------------------------
Government of Venezuela, Oil Value Recovery 3.0%
WARRANTS, VENEZUELA
- --------------------------------------------------------------------------------
HSBK (Europe) BV, Reg S 2.9%
COMMERCIAL BANKS, KAZAKHSTAN
- --------------------------------------------------------------------------------

Semiannual Report | 5

Performance Summary as of 1/31/08

PRICE AND DISTRIBUTION INFORMATION

- -----------------------------------------------------------------------------------
SYMBOL: FEMDX CHANGE 1/31/08 7/31/07
- -----------------------------------------------------------------------------------

Net Asset Value (NAV) -$0.42 $10.83 $11.25
- -----------------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- -----------------------------------------------------------------------------------
Dividend Income $0.6530
- -----------------------------------------------------------------------------------
Short-Term Capital Gain $0.0595
- -----------------------------------------------------------------------------------
TOTAL $0.7125
- -----------------------------------------------------------------------------------

PERFORMANCE 1

THE FUND MAY CHARGE A 2% FEE ON REDEMPTIONS MADE WITHIN SEVEN DAYS OF PURCHASE.

- -----------------------------------------------------------------------------------------
6-MONTH 1-YEAR INCEPTION (5/24/06)
- -----------------------------------------------------------------------------------------

Cumulative Total Return 2 +2.69% +9.82% +19.02%
- -----------------------------------------------------------------------------------------
Average Annual Total Return 3 +2.69% +9.82% +10.85%
- -----------------------------------------------------------------------------------------
Value of $50,000 Investment 4 $51,343 $54,909 $59,513
- -----------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 +11.15% +12.03%
- -----------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- -----------------------------------------------------------------------------------------
Without waiver 1.34%
- -----------------------------------------------------------------------------------------
With waiver 1.10%
- -----------------------------------------------------------------------------------------

THE MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND EXPENSES
SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED 1.10% (OTHER THAN
CERTAIN NON-ROUTINE EXPENSES) UNTIL 11/30/08.

6 | Semiannual Report

Performance Summary (CONTINUED)

ENDNOTES

SPECIAL RISKS ARE ASSOCIATED WITH FOREIGN INVESTING, INCLUDING CURRENCY
VOLATILITY, ECONOMIC INSTABILITY AND SOCIAL AND POLITICAL DEVELOPMENTS OF
COUNTRIES WHERE THE FUND INVESTS. EMERGING MARKETS INVOLVE HEIGHTENED RISKS
RELATED TO THE SAME FACTORS, IN ADDITION TO THOSE ASSOCIATED WITH THEIR
RELATIVELY SMALL SIZE AND LESSER LIQUIDITY. ALSO, AS A NONDIVERSIFIED INVESTMENT
COMPANY, THE FUND MAY INVEST IN A RELATIVELY SMALL NUMBER OF ISSUERS AND, AS A
RESULT, BE SUBJECT TO A GREATER RISK OF LOSS WITH RESPECT TO ITS PORTFOLIO
SECURITIES. THE FUND'S PROSPECTUS ALSO INCLUDES A DESCRIPTION OF THE MAIN
INVESTMENT RISKS.

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. This figure represents the value of a hypothetical $50,000 investment in the
Fund over the periods indicated.

5. In accordance with SEC rules, we provide standardized total return
information through the latest calendar quarter.

6. Figures are as stated in the Fund's prospectus current as of the date of this
report.

Semiannual Report | 7

Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

8 | Semiannual Report

Your Fund's Expenses (CONTINUED)

Actual $1,000 $1,026.90 $5.60
- -------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,019.61 $5.58
- -------------------------------------------------------------------------------------------------------

*Expenses are calculated using the most recent six-month annualized expense
ratio, net of expense waiver, of 1.10%, multiplied by the average account value
over the period, multiplied by 184/366 to reflect the one-half year period.

Semiannual Report | 9

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

--------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31,
(UNAUDITED) 2007 2006 e
--------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ...................................... $ 11.25 $ 10.19 $ 10.00
--------------------------------------
Income from investment operations a:
Net investment income b ................................................ 0.39 0.76 0.08
Net realized and unrealized gains (losses) ............................. (0.10) 0.63 0.11
--------------------------------------
Total from investment operations .......................................... 0.29 1.39 0.19
--------------------------------------
Less distributions from:
Net investment income .................................................. (0.65) (0.32) --
Net realized gains ..................................................... (0.06) (0.01) --
--------------------------------------
Total distributions ....................................................... (0.71) (0.33) --
--------------------------------------
Net asset value, end of period ............................................ $ 10.83 $ 11.25 $ 10.19
======================================

Total return c ............................................................ 2.69% 13.75% 1.90%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments by affiliates and expense reduction ... 1.21% 1.35% 4.34%
Expenses net of waiver and payments by affiliates ......................... 1.10% 1.11% 1.10%
Expenses net of waiver and payments by affiliates and expense reduction ... 1.10% 1.10% 1.10%
Net investment income ..................................................... 6.93% 7.03% 4.07%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ......................................... $ 70,572 $ 56,822 $ 9,377
Portfolio turnover rate ................................................... 21.96% 65.54% 38.29%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e For the period May 24, 2006 (commencement of operations) to July 31, 2006.

10 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND COUNTRY WARRANTS VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS 82.6%
WARRANTS 6.2%
Central Bank of Nigeria, wts., 11/15/20 ........................... Nigeria 10,000 $ 2,330,000
Government of Venezuela, Oil Value Recovery wts., 4/15/20 ......... Venezuela 55,000 2,090,000
-------------
TOTAL WARRANTS (COST $4,296,750) .................................. 4,420,000
-------------

--------------------
PRINCIPAL AMOUNT a
--------------------

CORPORATE BONDS 23.3%
COMMERCIAL BANKS 4.0%
AK Bars Bank, senior note, 8.25%, 6/28/10 ......................... Russia 800,000 793,360
b HSBK (Europe) BV, Reg S, 7.25%, 5/03/17 ........................... Kazakhstan 2,348,000 2,057,552
-------------
2,850,912
-------------
CONSUMER FINANCE 3.0%
c Alfa MTN Markets for ABH Financial, 144A, 8.20%, 6/25/12 .......... Russia 2,200,000 2,101,000
-------------
ELECTRICAL EQUIPMENT 0.9%
c Ege Haina Finance Co., senior note, 144A, 9.50%, 4/26/17 .......... Dominican Republic 700,000 672,000
-------------
FOOD PRODUCTS 1.1%
b Foodcorp Ltd., Reg S, 8.875%, 6/15/12 ............................. South Africa 850,000 EUR 789,969
-------------
METALS & MINING 1.7%
b New World Resources BV, senior bond, Reg S, 7.375%, 5/15/15 ....... Netherlands 1,010,000 EUR 1,178,968
-------------
OIL, GAS & CONSUMABLE FUELS 2.3%
Petro Co. Trin/Tobago Ltd.,
b Reg S, 6.00%, 5/08/22 ....................................... Trinidad and Tobago 400,000 401,400
c senior note, 144A, 6.00%, 5/08/22 ........................... Trinidad and Tobago 1,200,000 1,204,200
-------------
1,605,600
-------------
ROAD & RAIL 2.1%
Kazakhstan Temir Zholy, 7.00%, 5/11/16 ............................ Kazakhstan 1,600,000 1,498,880
-------------
SPECIALTY RETAIL 1.4%
b,d Edcon Proprietary Ltd., senior secured note, Reg S, FRN,
8.198%, 6/15/14 ................................................ South Africa 1,000,000 EUR 973,985
-------------
TELECOMMUNICATIONS 3.6%
d,e Ghana Telecommunications Co. Ltd., FRN, 15.80%, 12/20/10 .......... Ghana 565,000 GHS 575,936
Sphynx Ghana Telecom, 8.50%, 10/29/12 ............................. Ghana 2,000,000 1,995,000
-------------
2,570,936
-------------
THRIFTS & MORTGAGE FINANCE 3.2%
Astana-Finance, 7.875%, 6/08/10 ................................... Kazakhstan 1,600,000 EUR 2,232,046
-------------
TOTAL CORPORATE BONDS (COST $16,713,579) .......................... 16,474,296
-------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES 53.1%
c City of KYIV, 144A, 8.25%, 11/26/12 ............................... Ukraine 1,100,000 1,106,380
Development & Investment Projects Jordan Armed Forces,
senior note, 6.14%, 12/16/19 ................................... Jordan 1,700,000 1,621,375

Semiannual Report | 11

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

LONG TERM INVESTMENTS (CONTINUED)
FOREIGN GOVERNMENT AND AGENCY SECURITIES (CONTINUED)
f,g Government of Argentina, 11.75%, 5/20/11 .......................... Argentina 2,688,000 DEM $ 650,906
Government of Ecuador,
d FRN, 6.250%, 2/27/15 ........................................ Ecuador 602,779 467,154
b Reg S, 10.00%, 8/15/30 ...................................... Ecuador 1,300,000 1,264,250
Government of Ghana,
13.67%, 6/15/12 ............................................. Ghana 850,000 GHS 881,854
b Reg S, 8.50%, 10/04/17 ...................................... Ghana 1,500,000 1,593,750
b Government of Grenada, Reg S, 1.00% to 9/15/08, 2.50% to
9/15/11, 4.50% to 9/15/13, 6.00% to 9/15/15, 8.00% to
9/15/17, 8.50% to 9/15/18, 9.00% thereafter, 9/15/25 ........ Grenada 921,000 497,340
d,e Government of Iraq,
FRN, 1.50%, 1/01/28 ......................................... Iraq 1,429,984,628 JPY 3,563,866
Tranche A3, Sumitomo Corp. Loan, FRN, 1.50%, 1/01/28 ........ Iraq 817,134,072 JPY 2,036,495
d,f,g Government of Ivory Coast, FRN, 1.90%, 3/30/18 .................... Ivory Coast 19,000,000 FRF 1,658,250
Government of Mexico, 9.00%, 12/20/12 ............................. Mexico 340,000 h MXN 3,329,437
d Government of Moldova, FRN, 9.98%, 10/29/09 ....................... Moldova 731,200 720,232
Government of Peru, 7.35%, 7/21/25 ................................ Peru 1,850,000 2,108,168
b Government of Serbia, Reg S, 3.75% to 11/01/09,
6.75% thereafter, 11/01/24 ..................................... Serbia 1,500,000 1,401,975
d Government of Turkey, FRN, 19.28%, 2/26/14 ........................ Turkey 1,600,000 TRY 1,405,834
b Government of Venezuela, Reg S, 6.00%, 12/09/20 ................... Venezuela 1,000,000 772,500
d,i HSBC Bank PLC, cvt., FRN,
8.345%, 11/15/11 ............................................ Vietnam 287,356 285,129
7.571%, 2/07/12 ............................................. Vietnam 329,326 318,790
7.855%, 10/23/12 ............................................ Vietnam 485,226 473,409
i ING Bank NV, 11.89%, 12/30/09 ..................................... Ukraine 7,000,000 UAH 1,485,322
g NK Debt Corp., zero cpn., 3/12/10 ................................. North Korea 3,000,000 DEM 712,773
j Nota Do Tesouro Nacional, Index Linked, 6.00%, 5/15/15 ............ Brazil 3,200 k BRL 2,834,572
c Peru Enhanced Pass-Through Finance Ltd., senior secured bond,
A-1, 144A, zero cpn., 5/31/18 .................................. Peru 810,000 554,850
Province Del Neuquen, senior note,
c 144A, 8.656%, 10/18/14 ...................................... Argentina 600,000 593,250
8.656%, 10/18/14 ............................................ Argentina 100,000 98,875
b Reg S, 8.656%, 10/18/14 ..................................... Argentina 500,000 494,375
b Republic of El Salvador, Reg S, 7.65%, 6/15/35 .................... El Salvador 1,450,000 1,631,250
Republic of Fiji, 6.875%, 9/13/11 ................................. Fiji 600,000 558,068
Sphynx Capital Markets,
10.25%, 1/30/10 ............................................. Ivory Coast 406,609 EUR 603,115
d cvt., FRN, 13.00%, 8/11/10 .................................. Ghana 600,000 GHS 610,767
d,i Standard Chartered Bank, cvt., FRN, 11.341%, 3/02/12 .............. Zambia 1,000,000 1,081,898
-------------
TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES
(COST $36,086,060) ............................................. 37,416,209
-------------
TOTAL LONG TERM INVESTMENTS (COST $57,096,389) .................... 58,310,505
-------------

12 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

SHORT TERM INVESTMENTS 12.3%
FOREIGN GOVERNMENT AND AGENCY SECURITIES 10.0%
e,i Citigroup Funding Inc., cvt., zero cpn.,
3/07/08 ..................................................... Malawi 313,873 $ 336,095
3/08/08 ..................................................... Malawi 266,000 255,174
Government of South Africa, 10.00%, 2/28/08 ....................... South Africa 14,000,000 ZAR 1,872,659
l Mauritius Treasury Bill, 2/22/08 .................................. Mauritius 3,900,000 MUR 136,207
l Mexico Treasury Bill, 12/18/08 .................................... Mexico 1,000,000 m MXN 865,568
l South Africa Treasury Bill,
2/06/08 ..................................................... South Africa 6,000,000 ZAR 801,250
2/20/08 ..................................................... South Africa 10,000,000 ZAR 1,329,672
i Standard Bank PLC, zero cpn., 9/11/08 ............................. Ivory Coast 200,000,000 XOF 419,362
l Zambia Treasury Bill,
2/11/08 ..................................................... Zambia 2,000,000,000 ZMK 525,030
2/18/08 ..................................................... Zambia 500,000,000 ZMK 130,913
7/21/08 ..................................................... Zambia 1,000,000,000 ZMK 248,817
7/28/08 ..................................................... Zambia 500,000,000 ZMK 124,124
-------------
TOTAL FOREIGN GOVERNMENT AND AGENCY SECURITIES
(COST $7,321,710) .............................................. 7,044,871
-------------
TOTAL INVESTMENTS BEFORE MONEY MARKET FUND AND REPURCHASE
AGREEMENT (COST $64,418,099) ................................... 65,355,376
-------------

--------------------
SHARES
--------------------

MONEY MARKET FUND (COST $501,756) 0.7%
n Franklin Institutional Fiduciary Trust Money Market Portfolio,
3.64% .......................................................... United States 501,756 501,756
-------------

--------------------
PRINCIPAL AMOUNT a
--------------------

REPURCHASE AGREEMENT (COST $1,119,493) 1.6%
o Joint Repurchase Agreement, 2.599%, 2/01/08 ....................... United States 1,119,493 1,119,493
(Maturity Value $1,119,574)
ABN AMRO Bank NV, New York Branch (Maturity Value $94,682)
Banc of America Securities LLC (Maturity Value $94,682)
Barclays Capital Inc. (Maturity Value $94,682)
BNP Paribas Securities Corp. (Maturity Value $94,682)
Credit Suisse Securities (USA) LLC (Maturity Value $94,682)
Deutsche Bank Securities Inc. (Maturity Value $94,682)
Dresdner Kleinwort Wasserstein Securities LLC
(Maturity Value $94,682)
Goldman, Sachs & Co. (Maturity Value $94,682)
Greenwich Capital Markets Inc. (Maturity Value $94,682)
Lehman Brothers Inc. (Maturity Value $78,072)
Merrill Lynch Government Securities Inc.
(Maturity Value $94,682)
UBS Securities LLC (Maturity Value $94,682)
Collateralized by U.S. Government Agency Securities,
2.96% - 7.25%, 2/15/08 - 12/12/12; l U.S. Government
Agency Discount Notes, 2/08/08 - 8/01/12; and
U.S. Treasury Notes, 4.375% - 5.75%, 8/15/10 - 2/15/12

Semiannual Report | 13

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

TOTAL INVESTMENTS (COST $66,039,348) 94.9% ........................ $ 66,976,625
NET UNREALIZED LOSS ON FORWARD EXCHANGE CONTRACTS (0.0)% p ........ (11,993)
OTHER ASSETS, LESS LIABILITIES 5.1% ............................... 3,607,592
-------------
NET ASSETS 100.0% ................................................. $ 70,572,224
=============

CURRENCY ABBREVIATIONS

BRL - Brazilian Real
DEM - German Mark
EUR - Euro
FRF - French Franc
GHS - Ghanaian Cedi New
JPY - Japanese Yen
MUR - Mauritius Rupee
MXN - Mexican Peso
TRY - Turkish Lira
UAH - Ukraine Hryvna
XOF - West African Franc
ZAR - South African Rand
ZMK - Zambia Kwacha

SELECTED PORTFOLIO ABBREVIATIONS

FRN - Floating Rate Note
MTN - Medium Term Note

a The principal amount is stated in U.S. dollars unless otherwise indicated.

b Security was purchased pursuant to Regulation S under the Securities Act of
1933, which exempts from registration securities offered and sold outside of the
United States. Such a security cannot be sold in the United States without
either an effective registration statement filed pursuant to the Securities Act
of 1933, or pursuant to an exemption from registration. These securities have
been deemed liquid under guidelines approved by the Trust's Board of Trustees.
At January 31, 2008, the aggregate value of these securities was $13,057,314,
representing 18.5% of net assets.

c Security was purchased pursuant to Rule 144A under the Securities Act of 1933
and may be sold in transactions exempt from registration only to qualified
institutional buyers or in a public offering registered under the Securities Act
of 1933. These securities have been deemed liquid under guidelines approved by
the Trust's Board of Trustees. At January 31, 2008, the aggregate value of these
securities was $6,231,680, representing 8.83% of net assets.

d The coupon rate shown represents the rate at period end.

e Security has been deemed illiquid because it may not be able to be sold within
seven days. At January 31, 2007, the aggregate value of these securities was
$6,767,566, representing 9.59% of net assets.

f The principal amount is stated in original face, and scheduled paydowns are
reflected in the market price on ex-date.

g See Note 10 regarding defaulted securities.

h Principal amount is stated in 100 Mexican Peso Units.

i See Note 1(e) regarding credit linked notes.

j Principal amount of security is adjusted for inflation. See Note 1(g).

k Principal amount is stated in 1,000 Brazilian Real Units.

l The security is traded on a discount basis with no stated coupon rate.

m Principal amount is stated in 10 Mexican Peso Units.

n See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

o See Note 1(c) regarding joint repurchase agreements.

p Rounds to less than 0.1% of net assets.

14 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

----------------
FRANKLIN
TEMPLETON
EMERGING MARKET
DEBT
OPPORTUNITIES
FUND
----------------

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................................... $ 64,418,099
Cost - Sweep Money Fund (Note 7) .............................................. 501,756
Cost - Repurchase agreements .................................................. 1,119,493
----------------
Total cost of investments ..................................................... $ 66,039,348
================
Value - Unaffiliated issuers .................................................. $ 65,355,376
Value - Sweep Money Fund (Note 7) ............................................. 501,756
Value - Repurchase agreements ................................................. 1,119,493
----------------
Total value of investments .................................................... 66,976,625
Foreign currency, at value (cost $2,949,332) ..................................... 2,996,442
Receivables:
Investment securities sold .................................................... 150,086
Interest ...................................................................... 1,063,854
Unrealized gain on forward exchange contracts (Note 8) ........................... 160,522
----------------
Total assets ............................................................... 71,347,529
----------------
Liabilities:
Payables:
Investment securities purchased ............................................... 498,658
Affiliates .................................................................... 56,644
Unrealized loss on forward exchange contracts (Note 8) ........................... 172,515
Accrued expenses and other liabilities ........................................... 47,488
----------------
Total liabilities .......................................................... 775,305
----------------
Net assets, at value .................................................... $ 70,572,224
================
Net assets consist of:
Paid-in capital .................................................................. $ 69,411,795
Undistributed net investment income .............................................. 231,899
Net unrealized appreciation (depreciation) ....................................... 973,298
Accumulated net realized gain (loss) ............................................. (44,768)
----------------
Net assets, at value .................................................... $ 70,572,224
================
Shares outstanding .................................................................. 6,516,400
================
Net asset value and maximum offering price per share a .............................. $ 10.83
================

a Redemption price is equal to net asset value less any applicable redemption
fees retained by the Fund.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 15

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)

----------------
FRANKLIN
TEMPLETON
EMERGING MARKET
DEBT
OPPORTUNITIES
FUND
----------------

Investment income:
Dividends:
Unaffiliated issuers .......................................................... $ 337,701
Sweep Money Fund (Note 7) ..................................................... 10,691
Interest ......................................................................... 2,283,295
----------------
Total investment income .................................................... 2,631,687
----------------
Expenses:
Management fees (Note 3a) ........................................................ 260,637
Administrative fees (Note 3b) .................................................... 65,361
Transfer agent fees (Note 3c) .................................................... 455
Custodian fees (Note 4) .......................................................... 18,253
Reports to shareholders .......................................................... 10,301
Registration and filing fees ..................................................... 18,765
Professional fees ................................................................ 18,415
Trustees' fees and expenses ...................................................... 1,667
Other ............................................................................ 1,952
----------------
Total expenses ............................................................. 395,806
Expense reductions (Note 4) ................................................ (1,041)
Expenses waived/paid by affiliates (Note 3d) ............................... (35,281)
----------------
Net expenses ............................................................ 359,484
----------------
Net investment income ................................................ 2,272,203
----------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ................................................................... 257,062
Foreign currency transactions ................................................. (309,865)
----------------
Net realized gain (loss) ............................................. (52,803)
----------------
Net change in unrealized appreciation (depreciation) on:
Investments ...................................................................... (784,421)
Translation of assets and liabilities denominated in foreign currencies .......... 137,281
----------------
Net change in unrealized appreciation (depreciation) ................. (647,140)
----------------
Net realized and unrealized gain (loss) ............................................. (699,943)
----------------
Net increase (decrease) in net assets resulting from operations ..................... $ 1,572,260
================

16 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

---------------------------------
FRANKLIN TEMPLETON
EMERGING MARKET
DEBT OPPORTUNITIES FUND
---------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007
---------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income ................................................................... $ 2,272,203 $ 2,949,163
Net realized gain (loss) from investments and foreign currency transactions ............. (52,803) 509,398
Net change in unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currencies .............. (647,140) 1,554,805
---------------------------------
Net increase (decrease) in net assets resulting from operations ................... 1,572,260 5,013,366
---------------------------------
Distributions to shareholders from:
Net investment income ................................................................... (3,950,011) (1,247,540)
Net realized gains ...................................................................... (359,917) (26,883)
---------------------------------
Total distributions to shareholders ........................................................ (4,309,928) (1,274,423)
---------------------------------
Capital share transactions (Note 2) ........................................................ 16,487,973 43,705,881
---------------------------------
Net increase (decrease) in net assets ............................................. 13,750,305 47,444,824
Net assets:
Beginning of period ........................................................................ 56,821,919 9,377,095
---------------------------------
End of period .............................................................................. $ 70,572,224 $ 56,821,919
=================================
Undistributed net investment income included in net assets:
End of period .............................................................................. $ 231,899 $ 1,909,707
=================================

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 17

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The following summarizes the Fund's significant accounting policies.

A. SECURITY VALUATION

Corporate debt securities and government securities generally trade in the
over-the-counter market rather than on a securities exchange. The Trust may
utilize independent pricing services, quotations from bond dealers, and
information with respect to bond and note transactions, to assist in determining
a current market value for each security. The Trust's pricing services may use
valuation models or matrix pricing which considers information with respect to
comparable bond and note transactions, quotations from bond dealers, or by
reference to other securities that are considered comparable in such
characteristics as rating, interest rate and maturity date, option adjusted
spread models, prepayment projections, interest rate spreads and yield curves,
to determine current value.

18 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

time at which trading in a security is completed and the close of the NYSE that
might call into question the availability (including the reliability) of the
value of a portfolio security held by the Fund. The investment manager monitors
price movements following the close of trading in foreign stock markets through
a series of country specific market proxies (such as baskets of American
Depository Receipts, futures contracts and exchange traded funds). These price
movements are measured against established trigger thresholds for each specific
market proxy to assist in determining if an event has occurred. If such an event
occurs, the securities may be valued using fair value procedures, which may
include the use of independent pricing services. All security valuation
procedures are approved by the Trust's Board of Trustees.

B. FOREIGN CURRENCY TRANSLATION

C. JOINT REPURCHASE AGREEMENT

The Fund may enter into a joint repurchase agreement whereby its uninvested cash
balance is deposited into a joint cash account with other funds managed by the
investment manager or an affiliate of the investment manager and is used to
invest in one or more repurchase agreements. The value and face amount of the
joint repurchase agreement are allocated to the funds based on their pro-rata
interest. A repurchase agreement is accounted for as a loan by the Fund to the

Semiannual Report | 19

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. JOINT REPURCHASE AGREEMENT (CONTINUED)

seller, collateralized by securities which are delivered to the Fund's
custodian. The market value, including accrued interest, of the initial
collateralization is required to be at least 102% of the dollar amount invested
by the funds, with the value of the underlying securities marked to market daily
to maintain coverage of at least 100%. The joint repurchase agreement held by
the Fund at period end had been entered into on January 31, 2008. The joint
repurchase agreement is valued at cost.

D. FOREIGN CURRENCY CONTRACTS

The Fund may also enter into forward exchange contracts to hedge against
fluctuations in foreign exchange rates or to gain exposure to certain foreign
currencies. These contracts are valued daily by the Fund and the unrealized
gains or losses on the contracts, as measured by the difference between the
contractual forward foreign exchange rates and the forward rates at the
reporting date, are included in the Statement of Assets and Liabilities.
Realized and unrealized gains and losses on these contracts are included in the
Statement of Operations.

E. CREDIT LINKED NOTES

The Fund may purchase credit linked notes. Credit linked notes are intended to
replicate the economic effects that would apply had the Fund directly purchased
the underlying reference asset. The risks of credit linked notes include the
potential default of the underlying reference asset, the movement in the value
of the currency of the underlying reference assets relative to the credit linked
note, the potential inability of the Fund to dispose of the credit linked note
in the normal course of business, and the possible inability of the
counterparties to fulfill their obligations under the contracts.

20 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. INCOME TAXES

Foreign securities held by the Fund may be subject to foreign taxation on
dividend and interest income received. Foreign taxes, if any, are recorded based
on the tax regulations and rates that exist in the foreign markets in which the
Fund invests.

The Fund may be subject to a tax imposed on net realized gains on securities of
certain foreign countries. The Fund records an estimated deferred tax liability
for net unrealized gains on these securities in an amount that would be payable
if the securities were disposed of on the valuation date.

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 that certain
dividends from foreign securities are recognized as soon as the Fund is notified
of the ex-dividend date. Distributions to shareholders are recorded on the
ex-dividend date and are determined according to income tax regulations (tax
basis). Distributable earnings determined on a tax basis may differ from
earnings recorded in accordance with accounting principles generally accepted in
the United States of America. 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.

Inflation-indexed bonds provide an inflation hedge through periodic increases in
the security's interest accruals and principal redemption value, by amounts
corresponding to the current rate of inflation. Any such adjustments, including
adjustments to principal redemption value, are recorded as interest income.

Semiannual Report | 21

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. ACCOUNTING ESTIMATES

I. REDEMPTION FEES

A short term trading redemption fee will be imposed, with some exceptions, on
any fund shares that are redeemed or exchanged within seven calendar days
following their purchase date. The redemption fee is 2% of the amount redeemed.
Such fees are retained by the Fund and accounted for as an addition to paid-in
capital. There were no redemption fees for the period.

J. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and directors are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust, on behalf of the Fund, enters into contracts with service
providers that contain general indemnification clauses. The Trust's maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Trust that have not yet occurred. Currently, the
Trust expects the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Fund's shares were as follows:

--------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
--------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------

Shares sold ........................................... 1,119,134 $ 12,740,692 4,039,595 $ 42,746,596
Shares issued in reinvestment of distributions ........ 345,785 3,748,276 91,622 959,285
Shares redeemed. ...................................... (86) (995) -- --
--------------------------------------------------
Net increase (decrease). .............................. 1,464,833 $ 16,487,973 4,131,217 $ 43,705,881
==================================================

22 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

3. TRANSACTIONS WITH AFFILIATES

- -----------------------------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- -----------------------------------------------------------------------------------------------------

Franklin Templeton Investment Management Limited (Investment Management) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Investor Services, LLC (Investor Services) Transfer agent

A. MANAGEMENT FEES

The Fund pays an investment management fee to Investment Management based on the
average daily net assets of the Fund as follows:

- -------------------------------------------------------------------------
ANNUALIZED FEE RATE NET ASSETS
- -------------------------------------------------------------------------
0.800% Up to and including $500 million
0.700% Over $500 million, up to and including $1 billion
0.650% In excess of $1 billion

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services of 0.20% per year of the
average daily net assets of the Fund.

C. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Fund paid transfer agent fees of
$455, of which $357 was retained by Investor Services.

D. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and Investment Management have agreed in advance to waive all or a
portion of their respective fees and to assume payment of other expenses through
November 30, 2008. Total expenses waived or paid are not subject to
reimbursement by the Fund subsequent to the Fund's fiscal year end. After
November 30, 2008, FT Services and Investment Management may discontinue this
waiver at any time upon notice to the Fund's Board of Trustees.

E. OTHER AFFILIATED TRANSACTIONS

At January 31, 2008, Franklin Advisers, Inc. (Advisers) owned 7.67% of the
Fund's outstanding shares.

Semiannual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

4. EXPENSE OFFSET ARRANGEMENT

5. INCOME TAXES

At January 31, 2008, the cost of investments, net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments .................................. $ 66,173,197
=============

Unrealized appreciation .............................. $ 2,735,636
Unrealized depreciation .............................. (1,932,208)
-------------
Net unrealized appreciation (depreciation) ........... $ 803,428
=============

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of foreign currency transactions, bond discounts and
premiums and inflation related adjustments on foreign securities.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales, foreign currency
transactions, bond discounts and premiums and inflation related adjustments on
foreign securities.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
period ended January 31, 2008, aggregated $26,202,958 and $11,941,867,
respectively.

7. INVESTMENTS IN FRANKLIN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

The Fund may invest in the Franklin Institutional Fiduciary Trust Money Market
Portfolio (Sweep Money Fund), an open-end investment company managed by
Advisers. Management fees paid by the Fund are reduced on assets invested in the
Sweep Money Fund, in an amount not to exceed the management and administrative
fees paid by the Sweep Money Fund.

24 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

8. FORWARD EXCHANGE CONTRACTS

At January 31, 2008, the Fund had the following forward exchange contracts
outstanding:

---------------------------------------------------------
CONTRACT SETTLEMENT UNREALIZED UNREALIZED
AMOUNT a DATE GAIN LOSS
---------------------------------------------------------

CONTRACTS TO SELL
300,000 U.S. Dollar ............. 673,500,000 COP 3/11/08 $ 44,504 $ --
400,000 U.S. Dollar ............. 894,800,000 COP 3/11/08 57,702 --
400,000 U.S. Dollar ............. 896,000,000 COP 3/11/08 58,316 --
600,000,000 Japanese Yen ............ 5,667,890 4/21/08 -- (5,332)
8,000,000 Euro .................... 11,698,000 4/21/08 -- (167,183)
--------------------------
Unrealized gain (loss) on forward exchange contracts ............... 160,522 (172,515)
==========================
Net unrealized gain (loss) on forward exchange contracts ......... $ (11,993)
===========

a In U.S. dollars unless otherwise indicated.

CURRENCY ABBREVIATION

COP - Columbian Peso

9. SHAREHOLDER CONCENTRATIONS

The Fund has a concentration of shareholders holding a significant percentage of
shares outstanding. Investment activities of these shareholders could have a
material impact on the Fund. At January 31, 2008, there were four unaffiliated
shareholders, holding 41%, 13%, 12% and 8% of the Fund's outstanding shares.

10. CREDIT RISK AND DEFAULTED SECURITIES

The Fund has 77.23% of its portfolio invested in below investment grade and
comparable quality rated securities. The risk of loss due to default by the
issuer may be significantly greater for the holders of high yielding securities
because such securities are generally unsecured and are often subordinated to
other creditors of the issuer.

The Fund held defaulted securities and/or other securities for which the income
has been deemed uncollectible. At January 31, 2008, the aggregate value of these
securities was $3,021,929, representing 4.28% 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 on the accompanying Statement of Investments.

Semiannual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

11. CONCENTRATION OF RISK

12. REGULATORY AND LITIGATION MATTERS

26 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

13. NEW ACCOUNTING PRONOUNCEMENTS

The Fund adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48), on January 31, 2008. FIN 48
clarifies the accounting for uncertainty in tax positions taken or expected to
be taken in a tax return. FIN 48 provides guidance on the measurement,
recognition, classification and disclosure of tax positions, along with
accounting for the related interest and penalties. The Fund has reviewed the tax
positions for each of the two open tax years as of July 31, 2007 and has
determined that the implementation of FIN 48 did not have a material impact on
the Fund's financial statements.

Semiannual Report | 27

Franklin Global Trust

TAX DESIGNATION (UNAUDITED)

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

At July 31, 2007, more than 50% of the Fund's total assets were invested in
securities of foreign issuers. In most instances, foreign taxes were withheld
from income paid to the Fund on these investments. As shown in the table below,
the Fund designates to shareholders the foreign source income and foreign taxes
paid, pursuant to Section 853 of the Internal Revenue Code (Code). This
designation will allow shareholders of record on December 14, 2007, to treat
their proportionate share of foreign taxes paid by the Fund as having been paid
directly by them. The shareholder shall consider these amounts as foreign taxes
paid in the tax year in which they receive the Fund distribution.

The following table provides a detailed analysis of foreign tax paid and foreign
source income as designated by the Fund, to Advisor Class shareholders of
record.

- --------------------------------------------------------------------------------
FOREIGN TAX PAID FOREIGN SOURCE INCOME
CLASS PER SHARE PER SHARE
- --------------------------------------------------------------------------------
Advisor Class ...................... 0.0047 0.5139

28 | Semiannual Report

FRANKLIN GLOBAL TRUST

SHAREHOLDER INFORMATION

FRANKLIN TEMPLETON EMERGING MARKET DEBT OPPORTUNITIES FUND

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

Semiannual Report | 29

This page intentionally left blank.

[LOGO](R) FRANKLIN TEMPLETON INSTITUTIONAL
FRANKLIN TEMPLETON
INSTITUTIONAL 600 Fifth Avenue
New York, NY 10020

SEMIANNUAL REPORT

FRANKLIN TEMPLETON EMERGING MARKET
DEBT OPPORTUNITIES FUND

INVESTMENT MANAGER

Franklin Templeton Investment Management Limited

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

FRANKLIN TEMPLETON INSTITUTIONAL SERVICES

1-800/321-8563
ftinstitutional.com

699 S2008 03/08

SEMIANNUAL REPORT | 01 31 2008
- --------------------------------------------------------------------------------

---------------------------------------
FRANKLIN GLOBAL TRUST
---------------------------------------

Franklin Templeton High Income Fund

[LOGO](R)
FRANKLIN TEMPLETON
INSTITUTIONAL

Contents

SEMIANNUAL REPORT

Franklin Templeton High Income Fund ....................................... 1

Performance Summary ....................................................... 5

Your Fund's Expenses ...................................................... 7

Financial Highlights and Statement of Investments ......................... 9

Financial Statements ...................................................... 14

Notes to Financial Statements ............................................. 17

Shareholder Information ................................................... 23

- --------------------------------------------------------------------------------

Semiannual Report

Franklin Templeton High Income Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: Franklin Templeton High Income Fund seeks
total return by investing primarily in debt securities offering high yield and
expected total return. The Fund may invest up to 100% of its assets in high
yield, lower-quality debt securities.

- --------------------------------------------------------------------------------
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. PLEASE CALL A FRANKLIN TEMPLETON INSTITUTIONAL SERVICES
REPRESENTATIVE AT 1-800/321-8563 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

We are pleased to bring you Franklin Templeton High Income Fund's semiannual
report for the period ended January 31, 2008.

PERFORMANCE OVERVIEW

Franklin Templeton High Income Fund posted a +3.04% cumulative total return for
the six months ended January 31, 2008. The Fund outperformed its benchmark, the
Credit Suisse (CS) High Yield Index - Developed Countries Only, which returned
+0.55% during the same period. 1 You can find the Fund's long-term performance
data in the Performance Summary beginning on page 5.

1. Source: Credit Suisse. The CS High Yield Index - Developed Countries Only is
designed to mirror the investible universe of the U.S. dollar denominated high
yield debt market. The index is unmanaged and includes reinvested distributions.
One cannot invest directly in an index, nor is an index representative of the
Fund's portfolio.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 10.

- --------------------------------------------------------------------------------

- -----------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
- -----------------------------------------------------

Semiannual Report | 1

ECONOMIC AND MARKET OVERVIEW

The pace of U.S. economic growth decelerated for the six-month period ended
January 31, 2008, as fourth quarter gross domestic product grew at an estimated
0.6% annualized rate, down from 4.9% annualized in the third quarter. Although
consumer spending and personal income continued to support the economy, signs of
a slowdown became evident during the six months under review as a number of
indicators reflected a housing market correction, financial market strains, and
softening business and consumer spending, as well as upward inflation pressures
from increasing food, energy and commodity prices, and a weaker dollar.

Volatile oil prices reached a historical high in early January, topping $100 per
barrel, before retreating to $92 by period-end. Core inflation, which excludes
food and energy costs, rose modestly for the period, signaling that inflation
risk remains. For January 2008, core inflation had a 12-month increase of
2.5%. 2 The Federal Reserve Board's (Fed's) preferred measure of inflation, the
core personal consumption expenditures price index, reported a 12-month increase
of 2.2%. 3

As investor uncertainty persisted, the Fed remained committed to act in an
effort to restore normalcy to U.S. financial markets. After a broad-based
international stock sell-off near the end of the reporting period, the Fed
aggressively cut interest rates twice in January and brought the federal funds
target rate to 3.0%. Likewise, President Bush and Congress hammered out the
details of a $170 billion stimulus plan intended to boost the flagging U.S.
economy.

The high yield corporate bond market experienced significant pressure during the
six months under review. In early summer 2007, the subprime mortgage market
began to collapse. Although the high yield market had relatively little direct
exposure to the subprime and residential housing sectors, it could not withstand
the financial markets' resulting equity market volatility and broader risk
aversion. In addition, a pending supply of lower-quality, high yield bonds,
which were to finance many large, leveraged buyout (LBO) transactions, weighed
heavily on the secondary market as demand for such transactions

2. Source: Bureau of Labor Statistics.

3. Source: Bureau of Economic Analysis.

2 | Semiannual Report

waned. Greater concerns surrounding slower U.S. economic growth increased
worries about the credit outlook for more cyclical high yield issuers. High
yield spread premiums over U.S. Treasury securities widened by approximately 250
basis points during the period, from 4.4 percentage points to 6.9 percentage
points. 4 Consequently, even with the aforementioned decline in Treasury yields,
the high yield market delivered only flat results for the period.

Despite some reduction in upcoming new high yield supply due to completed deals
and certain canceled LBO transactions, a significant lower-quality supply
remained as of January 2008. Overall high yield market valuations were the
widest since 2003; however, it is important to note that credit fundamentals
were relatively solid, with default rates near 25-year lows. Thus, valuation
levels at period-end priced in a meaningful increase in default rates going
forward, driven largely by a combination of weaker corporate earnings and the
lower quality of new high yield issuance that came to market over the past few
years.

INVESTMENT STRATEGY

We are research-driven, fundamental investors who rely on a team of analysts to
provide in-depth industry expertise, using both qualitative and quantitative
analysis to evaluate companies. As "bottom-up" investors, we focus primarily on
individual securities. In selecting securities for the Fund's investment
portfolio, we do not rely principally on the ratings assigned by rating
agencies; we perform our own independent investment analysis to evaluate the
credit-worthiness of the issuer.

In addition to our fundamental analysis, yield and expected return are also
considered in selecting securities. We focus primarily on individual securities
but also consider industry sectors. Because issuers of high yield bonds tend to
be heavily represented in particular sectors, the Fund may, from time to time,
have significant investments in one or more sectors.

MANAGER'S DISCUSSION

During recent high yield market weakness, we maintained a slightly conservative
positioning, from a risk perspective, relative to the benchmark CS High Yield
Index - Developed Countries Only. Given a significant supply of pending LBO and
other merger and acquisition-related transactions scheduled to come to market,
as well as growing concerns about the domestic economic outlook, valuations fell
considerably during the reporting period. As a result, the Fund's somewhat
defensive positioning benefited the Fund's relative performance.

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]

Media 13.1%
Materials 10.8%
Energy 10.7%
Utilities 8.3%
Telecommunication Services 8.2%
Health Care Equipment & Services 7.9%
Capital Goods 6.9%
Consumer Services 5.5%
Automobiles & Components 5.0%
Software & Services 3.3%
Food, Beverage & Tobacco 3.3%
Consumer Durables & Apparel 3.0%
Commercial Services & Supplies 2.9%
Diversified Financials 2.1%
Real Estate 2.0%
Other 3.4%
Short-Term Investments & Other Net Assets 3.6%

4. Source: Credit Suisse. See footnote 1 for a description of the CS High Yield
Index - Developed Countries Only.

Semiannual Report | 3

Notably, the Fund did not experience any defaults on the bonds held in the
portfolio during the reporting period.

Regarding industry positioning, our relative weightings had a slightly positive
impact on performance compared with that of the index. For example, the Fund's
overweighted exposure to certain segments of the health care sector, such as
acute care (hospitals) and alternative site service providers, helped relative
performance given the sector's more defensive nature. 5 The Fund's holdings in
the utilities sector, another defensive area of the market, also contributed to
the Fund's outperformance during the period. On the other hand, the Fund's lack
of exposure to the medical products industry was a detractor from relative
performance given the industry's positive performance. Similarly, the Fund's
lower weighting in the energy exploration and development industry hindered
relative performance as high energy prices supported that industry's
performance. 6

We thank you for your continued participation in Franklin Templeton High Income
Fund, and we look forward to serving your future investment needs.

Sincerely,

[PHOTO OMITTED] /s/ Christopher J. Molumphy

Christopher J. Molumphy, CFA
Executive Vice President
Portfolio Manager
Franklin Advisers, Inc.

[PHOTO OMITTED] /s/ Eric G. Takaha

Eric G. Takaha, CFA
Senior Vice President
Portfolio Manager
Franklin Advisers, Inc.

5. The Fund's acute care and alternative site service providers holdings are
part of health care equipment and services in the SOI.

6. The energy exploration and development industry is part of energy in the SOI.

4 | Semiannual Report

Performance Summary as of 1/31/08

PRICE AND DISTRIBUTION INFORMATION

- -------------------------------------------------------------------------------------------------
SYMBOL: N/A CHANGE 1/31/08 7/31/07
- -------------------------------------------------------------------------------------------------

Net Asset Value (NAV) -$0.23 $9.52 $9.75
- -------------------------------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- -------------------------------------------------------------------------------------------------
Dividend Income $0.3798
- -------------------------------------------------------------------------------------------------
Short-Term Capital Gain $0.0775
- -------------------------------------------------------------------------------------------------
Long-Term Capital Gain $0.0745
- -------------------------------------------------------------------------------------------------
TOTAL $0.5318
- -------------------------------------------------------------------------------------------------

PERFORMANCE 1

- -------------------------------------------------------------------------------------------------
6-MONTH 1-YEAR 3-YEAR INCEPTION (8/25/03)
- -------------------------------------------------------------------------------------------------

Cumulative Total Return 2 +3.04% +1.44% +16.89% +44.05%
- -------------------------------------------------------------------------------------------------
Average Annual Total Return 3 +3.04% +1.44% +5.34% +8.58%
- -------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 4 +3.51% +5.78% +9.06%
- -------------------------------------------------------------------------------------------------
Total Annual Operating Expenses 5
- -------------------------------------------------------------------------------------------------
Without waiver 1.50%
- -------------------------------------------------------------------------------------------------
With waiver 0.50%
- -------------------------------------------------------------------------------------------------

THE MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND EXPENSES
SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED 0.50% (OTHER THAN
CERTAIN NON-ROUTINE EXPENSES) UNTIL 11/30/08.

Semiannual Report | 5

Performance Summary (CONTINUED)

ENDNOTES

INTEREST RATE MOVEMENTS WILL AFFECT THE FUND'S SHARE PRICE AND YIELD. BOND
PRICES GENERALLY MOVE IN THE OPPOSITE DIRECTION OF INTEREST RATES. THUS, AS
PRICES OF BONDS IN THE FUND ADJUST TO A RISE IN INTEREST RATES, THE FUND'S SHARE
PRICE MAY DECLINE. THE RISKS ASSOCIATED WITH HIGHER-YIELDING, LOWER-RATED
SECURITIES INCLUDE HIGHER RISK OF DEFAULT AND LOSS OF PRINCIPAL. THE FUND'S
INVESTMENTS IN FOREIGN COUNTRIES, INCLUDING EMERGING MARKETS, CAN INVOLVE
SPECIAL RISKS INCLUDING CURRENCY VOLATILITY AND POLITICAL, ECONOMIC AND
REGULATORY UNCERTAINTY. THE FUND'S PROSPECTUS ALSO INCLUDES A DESCRIPTION OF THE
MAIN INVESTMENT RISKS.

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

5. Figures are as stated in the Fund's prospectus current as of the date of this
report.

6 | Semiannual Report

Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Semiannual Report | 7

Your Fund's Expenses (CONTINUED)

Actual $1,000 $1,030.40 $2.55
- -------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,022.62 $2.54
- -------------------------------------------------------------------------------------------------------

* Expenses are calculated using the most recent six-month annualized expense
ratio, net of expense waiver, of 0.50%, multiplied by the average account value
over the period, multiplied by 184/366 to reflect the one-half year period.

8 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN TEMPLETON HIGH INCOME FUND

-------------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 f
-------------------------------------------------------------------

ADVISOR CLASS
PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ................. $ 9.75 $ 9.95 $ 10.58 $ 10.51 $ 10.00
-------------------------------------------------------------------
Income from investment operations a:
Net investment income b ........................... 0.37 0.75 0.73 0.75 0.72
Net realized and unrealized gains (losses) ........ (0.07) (0.12) (0.37) 0.45 0.61
-------------------------------------------------------------------
Total from investment operations ..................... 0.30 0.63 0.36 1.20 1.33
-------------------------------------------------------------------
Less distributions from:
Net investment income ............................. (0.38) (0.77) (0.75) (0.78) (0.77)
Net realized gains ................................ (0.15) (0.06) (0.24) (0.35) (0.05)
-------------------------------------------------------------------
Total distributions .................................. (0.53) (0.83) (0.99) (1.13) (0.82)
-------------------------------------------------------------------
Net asset value, end of period ....................... $ 9.52 $ 9.75 $ 9.95 $ 10.58 $ 10.51
===================================================================

Total return c ....................................... 3.04% 6.26% 3.61% 11.86% 13.53%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments by affiliates .... 1.54% 1.48% 1.33% 1.31% 1.36%
Expenses net of waiver and payments by affiliates .... 0.50% e 0.50% e 0.50% e 0.50% e 0.50%
Net investment income ................................ 7.50% 7.29% 7.13% 7.07% 7.33%

SUPPLEMENTAL DATA
Net assets, end of period (000's) .................... $ 6,012 $ 6,062 $ 7,069 $ 8,161 $ 7,337
Portfolio turnover rate .............................. 15.02% 48.08% 54.31% 53.77% 82.00%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f For the period August 25, 2003 (commencement of operations) to July 31, 2004.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 9

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON HIGH INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

CORPORATE BONDS 96.4%
AUTOMOBILES & COMPONENTS 5.0%
b Allison Transmission Inc., senior note, 144A, 11.00%, 11/01/15 ............. United States $ 50,000 $ 42,250
Ford Motor Credit Co. LLC, senior note,
5.80%, 1/12/09 .......................................................... United States 100,000 97,288
9.875%, 8/10/11 ......................................................... United States 75,000 72,012
General Motors Corp., senior deb., 7.70%, 4/15/16 .......................... United States 25,000 20,813
b TRW Automotive Inc., senior note, 144A, 7.25%, 3/15/17 ..................... United States 75,000 67,125
-----------
299,488
-----------
CAPITAL GOODS 6.9%
DRS Technologies Inc., senior sub. note, 7.625%, 2/01/18 ................... United States 50,000 49,625
Greenbrier Cos. Inc., senior note, 8.375%, 5/15/15 ......................... United States 50,000 45,625
L-3 Communications Corp., senior sub. note, 5.875%, 1/15/15 ................ United States 50,000 48,875
Nortek Inc., senior sub. note, 8.50%, 9/01/14 .............................. United States 75,000 58,875
RBS Global & Rexnord Corp., senior note, 9.50%, 8/01/14 .................... United States 75,000 68,062
Terex Corp., senior sub. note, 8.00%, 11/15/17 ............................. United States 50,000 49,375
TransDigm Inc., senior sub. note, 7.75%, 7/15/14 ........................... United States 50,000 50,500
United Rentals North America Inc., senior sub. note, 7.75%, 11/15/13 ....... United States 50,000 41,063
-----------
412,000
-----------
COMMERCIAL SERVICES & SUPPLIES 2.9%
Allied Waste North America Inc., senior secured note, 6.875%, 6/01/17 ...... United States 50,000 48,750
ARAMARK Corp., senior note, 8.50%, 2/01/15 ................................. United States 75,000 75,000
b Ceva Group PLC, senior note, 144A, 10.00%, 9/01/14 ......................... United Kingdom 50,000 47,500
------------
171,250
------------
CONSUMER DURABLES & APPAREL 3.0%
Jarden Corp., senior sub. note, 7.50%, 5/01/17 ............................. United States 75,000 64,500
Jostens IH Corp., senior sub. note, 7.625%, 10/01/12 ....................... United States 50,000 49,625
KB Home, senior note, 6.25%, 6/15/15 ....................................... United States 75,000 68,625
------------
182,750
------------
CONSUMER SERVICES 5.5%
b Fontainebleau Las Vegas, 144A, 10.25%, 6/15/15 ............................. United States 50,000 37,750
MGM MIRAGE, senior note, 6.625%, 7/15/15 ................................... United States 100,000 92,750
b Outback Steakhouse Inc., senior note, 144A, 10.00%, 6/15/15 ................ United States 50,000 31,750
Pinnacle Entertainment Inc., senior sub. note, 8.75%, 10/01/13 ............. United States 50,000 49,000
Royal Caribbean Cruises Ltd., senior deb., 7.25%, 3/15/18 .................. United States 75,000 70,600
Station Casinos Inc., senior sub. note, 6.875%, 3/01/16 .................... United States 75,000 51,375
------------
333,225
------------
DIVERSIFIED FINANCIALS 2.1%
GMAC LLC, 6.875%, 8/28/12 .................................................. United States 150,000 127,476
------------
ENERGY 10.7%
Chesapeake Energy Corp., senior note, 6.25%, 1/15/18 ....................... United States 100,000 96,500
Compagnie Generale de Geophysique-Veritas, senior note, 7.75%,
5/15/17 .................................................................. France 50,000 49,750
Copano Energy LLC, senior note, 8.125%, 3/01/16 ............................ United States 50,000 50,875
El Paso Corp., senior note, 6.875%, 6/15/14 ................................ United States 75,000 75,134

10 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON HIGH INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- ------------------------------------------------------------------------------------------------------------------------------------

CORPORATE BONDS (CONTINUED)
ENERGY (CONTINUED)
Mariner Energy Inc., senior note, 7.50%, 4/15/13 ........................... United States $ 50,000 $ 48,125
Markwest Energy Partners LP, senior note, 6.875%, 11/01/14 ................. United States 50,000 47,500
Peabody Energy Corp., senior note, 7.375%, 11/01/16 ........................ United States 50,000 51,375
b Petroplus Finance Ltd., senior note, 144A, 6.75%, 5/01/14 .................. Switzerland 75,000 69,000
Tesoro Corp., senior note, 6.50%, 6/01/17 .................................. United States 75,000 73,500
The Williams Cos. Inc., senior note, 7.625%, 7/15/19 ....................... United States 75,000 81,188
------------
642,947
------------
FOOD, BEVERAGE & TOBACCO 3.3%
Dean Foods Inc., senior note, 7.00%, 6/01/16 ............................... United States 50,000 45,750
Reynolds American Inc., senior secured note, 7.625%, 6/01/16 ............... United States 75,000 79,804
Smithfield Foods Inc., senior note, 7.75%, 7/01/17 ......................... United States 75,000 71,250
------------
196,804
------------
HEALTH CARE EQUIPMENT & SERVICES 7.9%
DaVita Inc., senior sub. note, 7.25%, 3/15/15 .............................. United States 75,000 75,000
b FMC Finance III SA, senior note, 144A, 6.875%, 7/15/17 ..................... Germany 75,000 75,375
HCA Inc.,
senior note, 6.50%, 2/15/16 ............................................. United States 50,000 42,688
senior secured note, 9.125%, 11/15/14 ................................... United States 75,000 78,094
Tenet Healthcare Corp., senior note, 6.375%, 12/01/11 ...................... United States 75,000 69,187
c U.S. Oncology Holdings Inc., senior note, FRN, PIK, 10.759%, 3/15/12 ....... United States 50,000 37,875
United Surgical Partners International Inc., senior sub. note, PIK, 9.25%,
5/01/17 .................................................................. United States 50,000 47,750
Vanguard Health Holding Co. II LLC, senior sub. note, 9.00%, 10/01/14 ...... United States 50,000 47,625
------------
473,594
------------
MATERIALS 10.8%
Crown Americas Inc., senior note, 7.75%, 11/15/15 .......................... United States 50,000 51,125
Freeport-McMoRan Copper & Gold Inc., senior note, 8.375%, 4/01/17 .......... United States 75,000 79,875
Huntsman International LLC, senior sub. note, 7.875%, 11/15/14 ............. United States 50,000 52,250
b Ineos Group Holdings PLC, 144A, 8.50%, 2/15/16 ............................. United Kingdom 75,000 58,875
JSG Funding PLC, senior sub. note, 7.75%, 4/01/15 .......................... Ireland 75,000 69,375
b MacDermid Inc., senior sub. note, 144A, 9.50%, 4/15/17 ..................... United States 50,000 43,250
Nalco Co., senior sub. note, 8.875%, 11/15/13 .............................. United States 75,000 76,500
b New Page Corp., senior secured note, 144A, 10.00%, 5/01/12 ................. United States 75,000 75,000
Novelis Inc., senior note, 7.25%, 2/15/15 .................................. Canada 75,000 69,563
Owens-Brockway Glass Container Inc., senior note, 6.75%, 12/01/14 .......... United States 75,000 74,812
------------
650,625
------------
MEDIA 13.1%
CSC Holdings Inc.,
senior note, B, 7.625%, 4/01/11 ......................................... United States 25,000 24,875
senior deb., 7.625%, 7/15/18 ............................................ United States 50,000 45,000
CanWest Media Inc., senior sub. note, 8.00%, 9/15/12 ....................... Canada 50,000 47,625
CCH I LLC, senior secured note, 11.00%, 10/01/15 ........................... United States 25,000 18,031
CCH II LLC, senior note, 10.25%, 9/15/10 ................................... United States 100,000 95,250
Dex Media West LLC, senior sub. note, 9.875%, 8/15/13 ...................... United States 100,000 102,250
Dish Network Corp., senior note, 6.375%, 10/01/11 .......................... United States 50,000 49,375

Semiannual Report | 11

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON HIGH INCOME FUND COUNTRY PRINCIPAL AMOUNT a VALUE
- -----------------------------------------------------------------------------------------------------------------------------------

CORPORATE BONDS (CONTINUED)
MEDIA (CONTINUED)
Idearc Inc., senior note, 8.00%, 11/15/16 .................................. United States $ 75,000 $ 67,500
Lamar Media Corp., senior sub. note, 7.25%, 1/01/13 ........................ United States 50,000 49,625
Liberty Media Corp., senior note, 5.70%, 5/15/13 ........................... United States 75,000 69,856
LIN Television Corp., senior sub. note, 6.50%, 5/15/13 ..................... United States 50,000 47,375
Quebecor Media Inc., senior note, 7.75%, 3/15/16 ........................... Canada 75,000 69,937
R.H. Donnelley Corp., senior note, 8.875%, 1/15/16 ......................... United States 25,000 21,563
Radio One Inc., senior sub. note, 6.375%, 2/15/13 .......................... United States 50,000 39,562
b Univision Communications Inc., senior note, 144A, PIK, 9.75%, 3/15/15 ...... United States 50,000 37,625
------------
785,449
------------
REAL ESTATE 2.0%
Forest City Enterprises Inc., senior note, 7.625%, 6/01/15 ................. United States 50,000 48,250
Host Marriott LP, senior note, K, 7.125%, 11/01/13 ......................... United States 75,000 74,625
------------
122,875
------------
RETAILING 1.9%
b Dollar General Corp., senior note, 144A, 10.625%, 7/15/15 .................. United States 75,000 69,750
Michaels Stores Inc., senior note, 10.00%, 11/01/14 ........................ United States 50,000 44,750
------------
114,500
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.7%
Freescale Semiconductor Inc., senior note, 8.875%, 12/15/14 ................ United States 50,000 40,875
------------
SOFTWARE & SERVICES 3.3%
b First Data Corp., senior note, 144A, 9.875%, 9/24/15 ....................... United States 50,000 44,313
Iron Mountain Inc., senior sub. note, 8.75%, 7/15/18 ....................... United States 50,000 52,750
SunGard Data Systems Inc.,
senior note, 9.125%, 8/15/13 ............................................ United States 75,000 76,500
senior sub. note, 10.25%, 8/15/15 ....................................... United States 25,000 25,125
------------
198,688
------------
TECHNOLOGY HARDWARE & EQUIPMENT 0.8%
b,c Sanmina-SCI Corp., senior note, 144A, FRN, 7.741%, 6/15/14 ................. United States 50,000 48,250
------------
TELECOMMUNICATION SERVICES 8.2%
b American Tower Corp., senior note, 144A, 7.00%, 10/15/17 ................... United States 50,000 49,750
Inmarsat Finance II PLC, senior note, zero cpn. to 11/15/08,
10.375% thereafter, 11/15/12 ............................................. United Kingdom 75,000 73,500
Intelsat Intermediate, senior note, zero cpn. to 2/01/10, 9.25% thereafter,
2/01/15 .................................................................. Bermuda 25,000 20,625
Intelsat Subsidiary Holding Co. Ltd., senior note, 8.25%, 1/15/13 .......... Bermuda 75,000 74,625
MetroPCS Wireless Inc., senior note, 9.25%, 11/01/14 ....................... United States 75,000 69,375
Millicom International Cellular SA, senior note, 10.00%, 12/01/13 .......... Luxembourg 50,000 52,875
Qwest Communications International Inc., senior note, 7.50%, 2/15/14 ....... United States 100,000 99,500
b Wind Acquisition Finance SA, senior note, 144A, 10.75%, 12/01/15 ........... Italy 50,000 53,250
------------
493,500
------------
UTILITIES 8.3%
AES Corp., senior note, 8.00%, 10/15/17 .................................... United States 50,000 51,250
Aquila Inc., senior note, 9.95%, 2/01/11 ................................... United States 75,000 82,286

12 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

CORPORATE BONDS (CONTINUED)
UTILITIES (CONTINUED)
Dynegy Holdings Inc., senior note, 8.375%, 5/01/16 ......................... United States $ 75,000 $ 73,313
Edison Mission Energy, senior note, 7.00%, 5/15/17 ......................... United States 50,000 48,875
Mirant North America LLC, senior note, 7.375%, 12/31/13 .................... United States 50,000 50,250
NRG Energy Inc., senior note, 7.375%, 2/01/16 .............................. United States 100,000 96,875
b Texas Competitive Electric Holdings Co. LLC, senior note,
144A, 10.25%, 11/01/15 .................................................. United States 75,000 74,062
B, 144A, 10.25%, 11/01/15 ............................................... United States 25,000 24,688
------------
501,599
------------
TOTAL CORPORATE BONDS (COST $6,040,409) .................................... 5,795,895
------------

---------
SHARES
---------

SHORT TERM INVESTMENT (COST $282,352) 4.7%
MONEY MARKET FUND 4.7%
d Franklin Institutional Fiduciary Trust Money Market Portfolio, 3.64% ....... United States 282,352 282,352
------------
TOTAL INVESTMENTS (COST $6,322,761) 101.1% ................................. 6,078,247
OTHER ASSETS, LESS LIABILITIES (1.1)% ...................................... (65,886)
------------
NET ASSETS 100.0% .......................................................... $ 6,012,361
============

SELECTED PORTFOLIO ABBREVIATIONS

FRN - Floating Rate Note
PIK - Payment-In-Kind

a The principal amount is stated in U.S. dollars unless otherwise indicated.

c The coupon rate shown represents the rate at period end.

d See Note 7 regarding investments in the Franklin Institutional Fiduciary Trust
Money Market Portfolio. The rate shown is the annualized seven-day yield at
period end.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 13

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

------------
FRANKLIN
TEMPLETON
HIGH INCOME
FUND
------------
Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................. $ 6,040,409
Cost - Sweep Money Fund (Note 7) ............................ 282,352
------------
Total cost of investments ................................... $ 6,322,761
============
Value - Unaffiliated issuers ................................ $ 5,795,895
Value - Sweep Money Fund (Note 7) ........................... 282,352
------------
Total value of investments .................................. 6,078,247
Receivables:
Interest .................................................... 126,323
Affiliates .................................................. 16,881
------------
Total assets ............................................ 6,221,451
------------
Liabilities:
Payables:
Investment securities purchased ............................. 139,082
Distributions to shareholders ............................... 39,479
Professional fees ........................................... 13,725
Accrued expenses and other liabilities ........................ 16,804
------------
Total liabilities ....................................... 209,090
============
Net assets, at value .................................. $ 6,012,361
============
Net assets consist of:
Paid-in capital ............................................... $ 6,289,625
Distributions in excess of net investment income .............. (14,513)
Net unrealized appreciation (depreciation) .................... (244,514)
Accumulated net realized gain (loss) .......................... (18,237)
------------
Net assets, at value .................................. $ 6,012,361
============
Shares outstanding .............................................. 631,661
============
Net asset value and maximum offering price per share a .......... $ 9.52
============

a Redemption price is equal to net asset value less any applicable redemption
fees retained by the Fund.

14 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)

-----------
FRANKLIN
TEMPLETON
HIGH INCOME
FUND
-----------
Investment income:
Dividends from Sweep Money Fund (Note 7) ........................ $ 3,153
Interest ........................................................ 244,969
-----------
Total investment income ................................... 248,122
-----------
Expenses:
Management fees (Note 3a) ....................................... 9,104
Administrative fees (Note 3b) ................................... 6,206
Transfer agent fees (Note 3d) ................................... 184
Custodian fees (Note 4) ......................................... 40
Reports to shareholders ......................................... 6,785
Registration and filing fees .................................... 7,081
Professional fees ............................................... 14,001
Trustees' fees and expenses ..................................... 294
Other ........................................................... 4,026
-----------
Total expenses ............................................ 47,721
Expense reductions (Note 4) ............................... (26)
Expenses waived/paid by affiliates (Note 3e) .............. (32,195)
-----------
Net expenses ............................................ 15,500
-----------
Net investment income ................................. 232,622
-----------
Realized and unrealized losses:
Net realized gain (loss) from investments ...................... (15,489)
Net change in unrealized appreciation (depreciation)
on investments .............................................. (29,999)
-----------
Net realized and unrealized gain (loss) ........................... (45,488)
-----------
Net increase (decrease) in net assets resulting from operations ... $ 187,134
===========

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 15

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

----------------------------------
FRANKLIN TEMPLETON
HIGH INCOME FUND
----------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007
----------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income ................................................. $ 232,622 $ 500,593
Net realized gain (loss) from investments ............................. (15,489) 103,523
Net change in unrealized appreciation (depreciation) on investments ... (29,999) (126,710)
----------------------------------
Net increase (decrease) in net assets resulting from operations ... 187,134 477,406
----------------------------------
Distributions to shareholders from:
Net investment income ................................................. (236,813) (507,847)
Net realized gains .................................................... (94,531) (44,509)
----------------------------------
Total distributions to shareholders ..................................... (331,344) (552,356)
----------------------------------
Capital share transactions (Note 2) ..................................... 94,531 (932,051)
----------------------------------
Net increase (decrease) in net assets ............................. (49,679) (1,007,001)
Net assets:
Beginning of period ..................................................... 6,062,040 7,069,041
----------------------------------
End of period ........................................................... $ 6,012,361 $ 6,062,040
==================================
Distributions in excess of net investment income included in net assets:
End of period ........................................................... $ (14,513) $ (10,322)
==================================

16 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FRANKLIN TEMPLETON HIGH INCOME FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The following summarizes the Fund's significant accounting policies.

A. SECURITY VALUATION

Corporate debt securities generally trade in the over-the-counter market rather
than on a securities exchange. The Trust may utilize independent pricing
services, quotations from bond dealers, and information with respect to bond and
note transactions, to assist in determining a current market value for each
security. The Trust's pricing services may use valuation models or matrix
pricing which considers information with respect to comparable bond and note
transactions, quotations from bond dealers, or by reference to other securities
that are considered comparable in such characteristics as rating, interest rate
and maturity date, option adjusted spread models, prepayment projections,
interest rate spreads and yield curves, to determine current value.

Semiannual Report | 17

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON HIGH INCOME FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

the use of independent pricing services. All security valuation procedures are
approved by the Trust's Board of Trustees.

B. INCOME TAXES

C. 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. Distributions to shareholders are recorded on the ex-dividend date and
are determined according to income tax regulations (tax basis). Distributable
earnings determined on a tax basis may differ from earnings recorded in
accordance with accounting principles generally accepted in the United States of
America. 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.

D. ACCOUNTING ESTIMATES

E. REDEMPTION FEES

18 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON HIGH INCOME FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust, on behalf of the Fund, enters into contracts with service
providers that contain general indemnification clauses. The Trust's maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Trust that have not yet occurred. Currently, the
Trust expects the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Fund's shares were as follows:

-------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
-------------------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------------------------------------

Shares sold ...................................... -- $ -- 28,854 $ 302,000
Shares issued in reinvestment of distributions ... 9,746 94,531 4,338 44,509
Shares redeemed .................................. -- -- (122,000) (1,278,560)
-------------------------------------------
Net increase (decrease) .......................... 9,746 $ 94,531 (88,808) $ (932,051)
===========================================

3. TRANSACTIONS WITH AFFILIATES

- --------------------------------------------------------------------------------
SUBSIDIARY AFFILIATION
- --------------------------------------------------------------------------------
Fiduciary International, Inc. (Fiduciary) Investment manager
Franklin Advisers, Inc. (Advisers) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Distributors, Inc. (Distributors) Principal underwriter
Franklin Templeton Investor Services, LLC (Investor
Services) Transfer agent

A. MANAGEMENT FEES

The Fund pays an investment management fee to Fiduciary of 0.30% per year of the
average daily net assets of the Fund.

Under a subadvisory agreement, Advisers, an affiliate of Fiduciary, provides
subadvisory services to the Fund and receives from Fiduciary fees based on the
average daily net assets of the Fund.

Semiannual Report | 19

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON HIGH INCOME FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services of 0.20% per year of the
average daily net assets of the Fund.

C. DISTRIBUTION FEES

The Trust's Board of Trustees has adopted a distribution plan pursuant to Rule
12b-1 under the 1940 Act. The Fund has not activated the plan.

D. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Fund paid transfer agent fees of
$184, of which $33 was retained by Investor Services.

E. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and Fiduciary have agreed in advance to waive all or a portion of
their respective fees and to assume payment of other expenses through November
30, 2008. Total expenses waived or paid are not subject to reimbursement by the
Fund subsequent to the Fund's fiscal year end. After November 30, 2008, FT
Services and Fiduciary may discontinue this waiver at any time upon notice to
the Fund's Board of Trustees.

4. EXPENSE OFFSET ARRANGEMENT

5. INCOME TAXES

At January 31, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ............................................. $ 6,334,916
============

Unrealized appreciation ......................................... $ 42,780
Unrealized depreciation ......................................... (299,449)
------------
Net unrealized appreciation (depreciation) ...................... $ (256,669)
============

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of bond discounts and premiums.

20 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON HIGH INCOME FUND

5. INCOME TAXES (CONTINUED)

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales, bond discounts and
premiums.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
period ended January 31, 2008, aggregated $892,093 and $915,725, respectively.

7. INVESTMENTS IN FRANKLIN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

8. SHAREHOLDER CONCENTRATIONS

The Fund has a concentration of shareholders holding a significant percentage of
shares outstanding. Investment activities of these shareholders could have a
material impact on the Fund. At January 31, 2008, there were three unaffiliated
shareholders, holding 44%, 39% and 15% of the Fund's outstanding shares.

9. CREDIT RISK

The Fund has 95.4% of its portfolio invested in below investment grade and
comparable quality unrated high yield securities, which tend to be more
sensitive to economic conditions than higher rated securities. The risk of loss
due to default by the issuer may be significantly greater for the holders of
high yielding securities because such securities are generally unsecured and are
often subordinated to other creditors of the issuer.

10. REGULATORY AND LITIGATION MATTERS

Semiannual Report | 21

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN TEMPLETON HIGH INCOME FUND

10. REGULATORY AND LITIGATION MATTERS (CONTINUED)

of those regulators and governmental entities. Specifically, the Company entered
into settlements with the SEC, among others, concerning market timing and
marketing support.

11. NEW ACCOUNTING PRONOUNCEMENTS

The Fund adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48), on January 31, 2008. FIN 48
clarifies the accounting for uncertainty in tax positions taken or expected to
be taken in a tax return. FIN 48 provides guidance on the measurement,
recognition, classification and disclosure of tax positions, along with
accounting for the related interest and penalties. The Fund has reviewed the tax
positions for each of the three open tax years as of July 31, 2007 and has
determined that the implementation of FIN 48 did not have a material impact on
the Fund's financial statements.

22 | Semiannual Report

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN TEMPLETON HIGH INCOME FUND

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

Semiannual Report | 23

This page intentionally left blank.

[LOGO](R) FRANKLIN TEMPLETON INSTITUTIONAL
FRANKLIN TEMPLETON
INSTITUTIONAL 600 Fifth Avenue
New York, NY 10020

SEMIANNUAL REPORT

FRANKLIN TEMPLETON HIGH INCOME FUND

INVESTMENT MANAGER

Fiduciary International, Inc.

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

FRANKLIN TEMPLETON INSTITUTIONAL SERVICES

1-800/321-8563

067 S2008 03/08

[GRAPHIC OMITTED]

- --------------------------------------------------------------------------------
SEMIANNUAL REPORT 01 31 2008
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FRANKLIN GLOBAL TRUST
- --------------------------------------------------------------------------------

Franklin International Smaller Companies Growth Fund

[LOGO](R)
FRANKLIN TEMPLETON
INSTITUTIONAL

Contents

SEMIANNUAL REPORT

Franklin International Smaller Companies Growth Fund ...................... 1

Performance Summary ....................................................... 7

Your Fund's Expenses ...................................................... 9

Financial Highlights and Statement of Investments ......................... 11

Financial Statements ...................................................... 15

Notes to Financial Statements ............................................. 18

Tax Designation ........................................................... 25

Shareholder Information ................................................... 26

- --------------------------------------------------------------------------------

Semiannual Report

Franklin International Smaller Companies Growth Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: The Fund seeks long-term capital
appreciation by investing at least 80% of its net assets in a diversified
portfolio of marketable equity and equity-related securities of smaller
international companies with market capitalizations not exceeding $2 billion (or
the equivalent in local currencies), or the highest market capitalization of the
Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE)
Small Cap Index, whichever is greater at the time of purchase. 1 The Fund
considers international companies to be those organized under the laws of a
country outside North America or having a principal office in a country outside
of North America, or whose securities are listed or traded principally on a
recognized stock exchange or over the counter outside of North America.

This semiannual report for Franklin International Smaller Companies Growth Fund
covers the period ended January 31, 2008.

1. The MSCI EAFE Small Cap Index is a float-adjusted, market
capitalization-weighted index designed to measure equity market small cap sector
performance in the global developed markets, excluding the U.S. and Canada.

THE DOLLAR VALUE, NUMBER OF SHARES OR PRINCIPAL AMOUNT, AND NAMES OF ALL
PORTFOLIO HOLDINGS ARE LISTED IN THE FUND'S STATEMENT OF INVESTMENTS (SOI). THE
SOI BEGINS ON PAGE 12.

- --------------------------------------------------------------------------------

- -----------------------------------------------------
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
- -----------------------------------------------------

Semiannual Report | 1

- --------------------------------------------------------------------------------

GEOGRAPHIC BREAKDOWN
Based on Total Investments as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]

Europe .................................................. 64.3%
Asia .................................................... 33.8%
Middle East & Africa .................................... 1.9%

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
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. PLEASE CALL A FRANKLIN TEMPLETON INSTITUTIONAL SERVICES
REPRESENTATIVE AT 1-800/321-8563 FOR MOST RECENT MONTH-END PERFORMANCE.
- --------------------------------------------------------------------------------

PERFORMANCE OVERVIEW

The Fund had a -12.79% cumulative total return for the six months ended January
31, 2008. The Fund outperformed its benchmarks, the S&P/Citigroup <$2 Billion
Cap Range EPAC Index, which returned -16.62%, and the MSCI EAFE Small Cap Index,
which returned -17.58%, for the same period. 2 The MSCI EAFE Small Cap Index
replaced the S&P/Citigroup <$2 Billion Cap Range EPAC Index because the manager
believes it is more representative of the Fund's investment style. You can find
more performance data in the Performance Summary beginning on page 7.

ECONOMIC AND MARKET OVERVIEW

In spite of elevated energy prices, slowing U.S. economic growth and widespread
concerns over ripple effects from the U.S. housing market, the global economy
remained resilient during the six months ended January 31, 2008. Consumer and
corporate demand strength, particularly in China and other developing economies,
generally favorable employment and accommodative monetary policies continued to
underpin the current expansionary period that began in 2002.

2. Source: Standard & Poor's Micropal. The S&P/Citigroup <$2 Billion Cap Range
EPAC Index is a float-adjusted, market capitalization-weighted index designed to
measure performance of European and Asian equity securities with market
capitalizations of less than $2 billion. The index is rebalanced monthly by
market capitalization. See footnote 1 for a description of the MSCI EAFE Small
Cap Index. The indexes are unmanaged and include reinvested distributions. One
cannot invest directly in an index, nor is an index representative of the Fund's
portfolio.

2 | Semiannual Report

Worries about slower growth and declining asset quality, though initially
centered on the U.S. subprime mortgage market, quickly spread in August to
global capital markets. Difficulties in assessing risk and the value of
collateral in the structured finance industry also contributed to declining risk
appetite among lenders and investors. Merger and acquisition activity, which had
boomed during the first half of 2007 due to the availability of cheap credit,
dried up substantially in the second half of the year and early 2008.
Significantly slower money flows from private equity weighed on market
performance.

To alleviate the deepening credit crisis and restore investor confidence, the
world's major central banks infused capital into the system, and the U.S.
Federal Reserve Board reduced its target interest rate 2.25 percentage points.
U.S. policymakers also announced a $170 billion fiscal stimulus package designed
to encourage growth and forestall the possibility of recession. However, global
credit and equity markets continued to face headwinds as write-downs and losses
from subprime mortgage financing affected many large financial institutions
during the period, and equity prices remained volatile.

For the six months under review, most global stock markets, including emerging
markets, fell in value and were especially weak during the final three months.
Notable exceptions were the "emerging giant" economies of Brazil, Russia and
India, which led emerging markets and had positive stock market returns for the
reporting period. These economies, along with China's, continued to grow at
accelerated rates, supporting elevated prices for oil and other commodities.
Although emerging markets were not immune to the contagion of a U.S. slowdown,
many exhibited an increased level of resilience and likely benefited from
historically higher volumes of intraregional and intra-emerging market trade.
Many emerging economies' internal growth was also supported by stronger
infrastructure and consumer spending from within. At the same time, investment
inflows from developed economies also bolstered equity prices in emerging
markets. In addition, U.S. dollar weakness versus the currencies of many major
trading partners enhanced equity returns for U.S.-based investors holding stocks
denominated in these currencies.

INVESTMENT STRATEGY

In choosing individual equity investments, we utilize a fundamental, "bottom-up"
approach involving in-depth 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 may
benefit from longer-term dynamic growth. Such companies tend to have proprietary
products and services, which can sustain a longer-term competitive advantage.
Additionally, the companies we invest in tend to also have a strong

PORTFOLIO BREAKDOWN
Based on Total Investments as of 1/31/08

[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]

Food Products 12.3%

Media 12.1%

Diversified Financial Services 8.2%

Commercial Services & Supplies 6.7%

Health Care Providers & Services 5.4%

Leisure Equipment & Products 5.2%

Insurance 4.6%

Hotels, Restaurants & Leisure 4.4%

Health Care Equipment & Supplies 4.1%

Office Electronics 3.7%

Tobacco 3.4%

Biotechnology 3.4%

Textiles, Apparel & Luxury Goods 3.0%

Diversified Consumer Services 2.6%

Beverages 2.4%

Metals & Mining 2.4%

Road & Rail 2.1%

Machinery 2.1%

Other 11.9%

Semiannual Report | 3

TOP 10 COUNTRIES
1/31/08

- ---------------------------------------------------------
% OF TOTAL
INVESTMENTS
- ---------------------------------------------------------
U.K. 31.0%
- ---------------------------------------------------------
Japan 23.3%
- ---------------------------------------------------------
France 9.4%
- ---------------------------------------------------------
Hong Kong 6.8%
- ---------------------------------------------------------
Belgium 5.6%
- ---------------------------------------------------------
Singapore 3.7%
- ---------------------------------------------------------
Netherlands 2.9%
- ---------------------------------------------------------
Greece 2.5%
- ---------------------------------------------------------
Germany 2.4%
- ---------------------------------------------------------
Denmark 2.1%
- ---------------------------------------------------------

balance sheet and/or have the ability to generate cash flow over the next five
years. After we identify a company, we conduct thorough analysis to establish
the earning prospects and determine the value of the company. Overall, we seek
to invest in growth 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 growth
potential. While we seek to outperform the MSCI EAFE Small Cap Index, the Fund
may take positions that are not represented in the index.

MANAGER'S DISCUSSION

During the six months under review, Fund performance relative to its benchmark
index benefited from stock selection in the consumer discretionary and consumer
staples sectors. 3 Within the consumer discretionary sector, Megastudy (not an
index component; sold by period-end), a leading South Korean online educational
services company, was a standout performer. The company has grown with strong
demand for its middle and high school education products. Another positive
performer was Signet Group (not an index component), a U.K.-based retailer of
jewelry, watches and accessories. Within consumer staples, our investment in
UNICHARM PETCARE, a Japanese producer of healthy, low-calorie food and toiletry
goods for dogs and cats, was the Fund's top contributor to total returns on
absolute and relative bases.

Conversely, stock selection in the materials and energy sectors detracted from
relative performance. 4 Specific to the materials sector, the share price of
Century Sunshine Ecological Technology Holdings, a Hong Kong producer of organic
fertilizer, fell during the period after the company announced that the bacteria
it uses in converting organic waste into organic fertilizer was less effective
than previously believed. Thus, the processing time for Century's fertilizer
increased beyond the normal 12-day fermentation period. We continue to closely
monitor the issues with the company given management's recently poor operational
record. Within the energy sector, the Fund's shares of SBM Offshore (not an
index component), a Netherlands-based company offering floating production
storage and offloading (FPSO) platforms to the offshore oil industry, fell in

3. The Fund's consumer discretionary holdings are in the auto components;
diversified consumer services; household durables; hotels, restaurants and
leisure; household durables; leisure equipment and products; media; specialty
retail; and textiles, apparel and luxury goods industries in the SOI. Consumer
staples holdings are in the beverages, food products, food and staples
retailing, personal products, and tobacco industries in the SOI.

4. The Fund's materials holdings are in the chemicals, and metals and mining
industries in the SOI. Energy holdings are in the energy equipment and services
industry in the SOI.

4 | Semiannual Report

value as the company suffered from higher material costs, especially for steel,
and tight supply in shipyard capacity. Therefore, SBM Offshore expected lower
profitability in 2008 despite strong demand.

From a geographic perspective, the U.K. was a key contributor by country, due to
stock selection. Gyrus Group, a manufacturer and marketer of advanced surgical
systems, was the Fund's top U.K.-based contributor in absolute terms. Olympus, a
Japanese electronics and imaging devices manufacturer, made a $1.9 billion bid
for Gyrus on November 19, 2007. This was at a 57% premium to Gyrus' market price
the day before. Separately, our underweighting in Japan also benefited the
Fund's relative results. Finally, our European exposure hindered Fund returns
primarily due to stock selection. In particular, two Belgian holdings weighed on
absolute and relative performance: Omega Pharma, a Belgium-based medical
supplier, and RHJ International, a Belgian holding company that acquires
interests in various Japanese companies.

It is important to recognize the effect of currency movements on the Fund's
performance. In general, if the value of the U.S. dollar goes up compared with a
foreign currency, an investment traded in that foreign currency will go down in
value because it will be worth fewer U.S. dollars. This can have a negative
effect on Fund performance. Conversely, when the U.S. dollar weakens in relation
to a foreign currency, an investment traded in that foreign currency will
increase in value, which can contribute to Fund performance. For the six months
ended January 31, 2008, the U.S. dollar declined in value relative to most
non-U.S. currencies. As a result, the Fund's performance was positively affected
by the portfolio's investment predominantly in securities with non-U.S. currency
exposure. However, one cannot expect the same result in future periods.

We continue to execute our consistent, disciplined methodology of seeking
exceptional smaller growth companies with attractive valuations outside the
U.S., particularly in banking, retailing and leisure industries. These areas
have recently come under pressure due to the higher probability of economic
slowdown stemming from the credit crisis. Consistent with our strategy, we
believe this volatility can allow us to purchase attractively priced growth
companies, and we believe these areas offer opportunities for strong long-term
returns.

TOP 10 EQUITY HOLDINGS
1/31/08

- ----------------------------------------------------------
COMPANY % OF TOTAL
SECTOR/INDUSTRY, COUNTRY NET ASSETS
- ----------------------------------------------------------
NETeller PLC 5.9%
DIVERSIFIED FINANCIAL SERVICES, U.K.
- ----------------------------------------------------------
Unibet Group PLC 5.6%
HOTELS, RESTAURANTS & LEISURE, U.K.
- ----------------------------------------------------------
Vitasoy International Holdings Ltd. 5.4%
FOOD PRODUCTS, HONG KONG
- ----------------------------------------------------------
UNICHARM PETCARE Corp. 5.3%
FOOD PRODUCTS, JAPAN
- ----------------------------------------------------------
Homeserve PLC 4.8%
COMMERCIAL SERVICES & SUPPLIES, U.K.
- ----------------------------------------------------------
Neopost SA 4.7%
OFFICE ELECTRONICS, FRANCE
- ----------------------------------------------------------
Parkway Holdings, Ltd. 4.7%
HEALTH CARE PROVIDERS & SERVICES,
SINGAPORE
- ----------------------------------------------------------
ASATSU-DK Inc. 4.7%
MEDIA, JAPAN
- ----------------------------------------------------------
RHJ International 4.5%
DIVERSIFIED FINANCIAL SERVICES, BELGIUM
- ----------------------------------------------------------
Japan Tobacco Inc. 4.3%
TOBACCO, JAPAN
- ----------------------------------------------------------

Semiannual Report | 5

Thank you for your continued participation in Franklin International Smaller
Companies Growth Fund. We look forward to serving your future investment needs.

[PHOTO OMITTED]

/s/ Edwin Lugo

Edwin Lugo, CFA
Portfolio Manager
Franklin International Smaller Companies Growth Fund

6 | Semiannual Report

Performance Summary as of 1/31/08

PRICE AND DISTRIBUTION INFORMATION

- --------------------------------------------------------------------------------
SYMBOL: FKSCX CHANGE 1/31/08 7/31/07
- --------------------------------------------------------------------------------
Net Asset Value (NAV) -$10.75 $20.95 $31.70
- --------------------------------------------------------------------------------
DISTRIBUTIONS (8/1/07-1/31/08)
- --------------------------------------------------------------------------------
Dividend Income $0.2023
- --------------------------------------------------------------------------------
Short-Term Capital Gain $0.5876
- --------------------------------------------------------------------------------
Long-Term Capital Gain $6.2963
- --------------------------------------------------------------------------------
TOTAL $7.0862
- --------------------------------------------------------------------------------

PERFORMANCE 1

THE FUND MAY CHARGE A 2% FEE ON REDEMPTIONS MADE WITHIN SEVEN DAYS OF PURCHASE.

- ----------------------------------------------------------------------------------------------------
6-MONTH 1-YEAR 5-YEAR INCEPTION (10/15/02)
- ----------------------------------------------------------------------------------------------------

Cumulative Total Return 2 -12.79% -1.33% +250.60% +251.48%
- ----------------------------------------------------------------------------------------------------
Average Annual Total Return 3 -12.79% -1.33% +28.52% +26.79%
- ----------------------------------------------------------------------------------------------------
Value of $10,000 Investment 4 $ 8,721 $ 9,867 $ 35,060 $ 35,148
- ----------------------------------------------------------------------------------------------------
Avg. Ann. Total Return (12/31/07) 5 +8.48% +30.05% +29.18%
- ----------------------------------------------------------------------------------------------------
Total Annual Operating Expenses 6
- ----------------------------------------------------------------------------------------------------
Without Waiver 1.25%
- ----------------------------------------------------------------------------------------------------
With Waiver 0.95%
- ----------------------------------------------------------------------------------------------------

THE MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO LIMIT FUND EXPENSES
SO THAT TOTAL ANNUAL FUND OPERATING EXPENSES DO NOT EXCEED 0.95% (OTHER THAN
CERTAIN NON-ROUTINE EXPENSES) UNTIL 11/30/08.

Semiannual Report | 7

Performance Summary (CONTINUED)

ENDNOTES

THE FUND'S INVESTMENTS IN SMALLER COMPANY STOCKS INVOLVE CERTAIN RISKS AS SUCH
STOCKS HAVE EXHIBITED GREATER PRICE VOLATILITY THAN LARGER COMPANY STOCKS,
PARTICULARLY OVER THE SHORT TERM. THE FUND'S INVESTMENTS IN STOCKS OF FOREIGN
COMPANIES INVOLVE SPECIAL RISKS, INCLUDING CURRENCY FLUCTUATIONS AND ECONOMIC AS
WELL AS POLITICAL UNCERTAINTY. EMERGING MARKETS INVOLVE HEIGHTENED RISKS RELATED
TO THE SAME FACTORS IN ADDITION TO THEIR RELATIVELY SMALLER SIZE AND LESSER
LIQUIDITY. BY HAVING SIGNIFICANT INVESTMENTS IN PARTICULAR SECTORS SUCH AS
TECHNOLOGY, OR IN ONE OR MORE COUNTRIES, FROM TIME TO TIME, THE FUND CARRIES
GREATER RISK OF ADVERSE DEVELOPMENTS IN A SECTOR OR COUNTRY THAN A FUND THAT
ALWAYS INVESTS IN A WIDE VARIETY OF SECTORS OR COUNTRIES. THE FUND'S PROSPECTUS
ALSO INCLUDES A DESCRIPTION OF THE MAIN INVESTMENT RISKS.

1. If the manager and administrator had not waived fees, the Fund's total
returns 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. Six-month return has not been
annualized.

4. These figures represent the value of a hypothetical $10,000 investment in the
Fund over the periods indicated.

5. In accordance with SEC rules, we provide standardized average annual total
return information through the latest calendar quarter.

6. Figures are as stated in the Fund's prospectus current as of the date of this
report.

8 | Semiannual Report

Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs:

o Transaction costs, including sales charges (loads) on Fund purchases and
redemption fees; and

o 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.

ACTUAL FUND EXPENSES

The first line (Actual) of the table provides actual account values and
expenses. The "Ending Account Value" is derived from the Fund's actual return,
which includes the effect of Fund expenses.

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:

1. Divide your account value by $1,000.
IF AN ACCOUNT HAD AN $8,600 VALUE, THEN $8,600 / $1,000 = 8.6.

2. Multiply the result by the number under the heading "Expenses Paid During
Period."
IF EXPENSES PAID DURING PERIOD WERE $7.50, THEN 8.6 X $7.50 = $64.50.

In this illustration, the estimated expenses paid this period are $64.50.

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

Semiannual Report | 9

Your Fund's Expenses (CONTINUED)

- -----------------------------------------------------------------------------------------------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
VALUE 8/1/07 VALUE 1/31/08 PERIOD* 8/1/07-1/31/08
- -----------------------------------------------------------------------------------------------------------------

Actual $1,000 $ 872.10 $4.47
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000 $1,020.36 $4.82
- -----------------------------------------------------------------------------------------------------------------

*Expenses are calculated using the most recent six-month annualized expense
ratio of 0.95%, net of expense waiver, multiplied by the average account value
over the period, multiplied by 184/366 to reflect the one-half year period.

10 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

-------------------------------------------------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED JULY 31,
(UNAUDITED) 2007 2006 2005 2004 2003 f
-------------------------------------------------------------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period .................. $ 31.70 $ 24.45 $ 19.11 $ 15.70 $ 12.06 $ 10.00
-------------------------------------------------------------------------
Income from investment operations a:
Net investment income b ............................. 0.24 0.17 0.23 0.16 0.02 0.07
Net realized and unrealized gains (losses) .......... (3.91) 7.58 6.94 5.12 4.07 2.02
-------------------------------------------------------------------------
Total from investment operations ...................... (3.67) 7.75 7.17 5.28 4.09 2.09
-------------------------------------------------------------------------
Less distributions from:
Net investment income ............................... (0.20) (0.09) (0.22) (0.03) (0.08) (0.03)
Net realized gains .................................. (6.88) (0.41) (1.61) (1.84) (0.37) --
-------------------------------------------------------------------------
Total distributions ................................... (7.08) (0.50) (1.83) (1.87) (0.45) (0.03)
-------------------------------------------------------------------------
Net asset value, end of period ........................ $ 20.95 $ 31.70 $ 24.45 $ 19.11 $ 15.70 $ 12.06
=========================================================================

Total return c ........................................ (12.79)% 32.04% 38.39% 35.86% 34.25% 20.92%

RATIOS TO AVERAGE NET ASSETS d
Expenses before waiver and payments by affiliates
and expense reduction ............................... 1.21% 1.26% 1.21% 1.48% 1.53% 5.06%
Expenses net of waiver and payments
by affiliates ....................................... 0.96% 0.96% 0.96% 0.95% 0.95% 0.75%
Expenses net of waiver and payments by affiliates
and expense reduction ............................... 0.95% 0.95% 0.95% 0.95% e 0.95% e 0.75%
Net investment income ................................. 1.68% 0.63% 0.93% 0.95% 0.13% 0.65%

SUPPLEMENTAL DATA
Net assets, end of period (000's) ..................... $ 26,436 $ 43,518 $ 55,646 $ 16,382 $ 8,653 $ 2,411
Portfolio turnover rate ............................... 44.24% 51.78% 78.53% 113.27% 108.64% 126.43%

b Based on average daily shares outstanding.

c Total return is not annualized for periods less than one year.

d Ratios are annualized for periods less than one year.

e Benefit of expense reduction rounds to less than 0.01%.

f For the period October 15, 2002 (commencement of operations) to July 31, 2003
and ratios are not annualized.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 11

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED)

- -----------------------------------------------------------------------------------------------------------------------
FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND COUNTRY SHARES VALUE
- -----------------------------------------------------------------------------------------------------------------------

COMMON STOCKS 126.5%
AUTO COMPONENTS 1.7%
NIPPON SEIKI Co. Ltd. ............................................ Japan 27,000 $ 445,641
---------------
BEVERAGES 3.0%
Diageo PLC ....................................................... United Kingdom 39,900 803,665
---------------
BIOTECHNOLOGY 4.2%
Genus PLC ........................................................ United Kingdom 79,563 1,120,841
---------------
CAPITAL MARKETS 1.6%
Man Group PLC .................................................... United Kingdom 38,237 415,496
---------------
CHEMICALS 1.7%
Century Sunshine Ecological Technology Holdings Ltd. ............. Hong Kong 10,142,266 461,633
---------------
COMMERCIAL SERVICES & SUPPLIES 8.5%
Homeserve PLC .................................................... United Kingdom 39,000 1,281,054
Park24 Co. Ltd. .................................................. Japan 51,900 431,483
Seche Environnement .............................................. France 3,300 536,837
---------------
2,249,374
---------------
DIVERSIFIED CONSUMER SERVICES 3.3%
Dignity PLC ...................................................... United Kingdom 60,020 881,928
---------------
DIVERSIFIED FINANCIAL SERVICES 10.4%
a NETeller PLC ..................................................... United Kingdom 1,207,600 1,560,735
a RHJ International ................................................ Belgium 97,520 1,180,400
---------------
2,741,135
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS 2.5%
a Orbotech Ltd. .................................................... Israel 37,882 649,298
---------------
ENERGY EQUIPMENT & SERVICES 1.3%
SBM Offshore NV .................................................. Netherlands 12,310 353,469
---------------
FOOD & STAPLES RETAILING 1.6%
SEIJO Corp. ...................................................... Japan 20,000 411,925
---------------
FOOD PRODUCTS 15.6%
IAWS Group PLC ................................................... Ireland 31,700 648,193
L.D.C. SA ........................................................ France 6,400 651,425
UNICHARM PETCARE Corp. ........................................... Japan 26,100 1,391,771
Vitasoy International Holdings Ltd. .............................. Hong Kong 3,498,600 1,435,415
---------------
4,126,804
---------------
HEALTH CARE EQUIPMENT & SUPPLIES 5.2%
a Gyrus Group PLC .................................................. United Kingdom 90 1,126
Omega Pharma SA .................................................. Belgium 15,030 702,001
Straumann Holding AG ............................................. Switzerland 2,600 664,168
---------------
1,367,295
---------------
HEALTH CARE PROVIDERS & SERVICES 6.8%
Amplifon SpA ..................................................... Italy 108,108 549,385
Parkway Holdings Ltd. ............................................ Singapore 493,000 1,242,068
---------------
1,791,453
---------------

12 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

COMMON STOCKS (CONTINUED)
HOTELS RESTAURANTS & LEISURE 5.6%
Unibet Group PLC ................................................. United Kingdom 47,000 $ 1,477,267
---------------
HOUSEHOLD DURABLES 1.7%
D & M Holdings Inc. .............................................. Japan 121,000 438,117
---------------
INSURANCE 5.8%
April Group ...................................................... France 11,950 721,448
Lancashire Holdings Ltd. ......................................... United Kingdom 141,160 816,765
---------------
1,538,213
---------------
LEISURE EQUIPMENT & PRODUCTS 6.5%
Jumbo SA ......................................................... Greece 26,970 842,192
Vitec Group PLC .................................................. United Kingdom 97,800 889,657
---------------
1,731,849
---------------
MACHINERY 2.6%
Whatman PLC ...................................................... United Kingdom 147,400 701,201
---------------
MEDIA 15.2%
ASATSU-DK Inc. ................................................... Japan 40,900 1,238,578
CTS Eventim AG ................................................... Germany 19,530 799,211
HAKUHODO DY HOLDINGS Inc. ........................................ Japan 15,270 794,161
Modern Times Group MTG AB ........................................ Sweden 9,000 539,595
Sky Perfect JSAT Corp. ........................................... Japan 2,000 653,626
---------------
4,025,171
---------------
METALS & MINING 3.0%
Osaka Titanium Technologies Co. Ltd. ............................. Japan 6,400 402,671
Tubacex SA ....................................................... Spain 45,054 383,883
---------------
786,554
---------------
OFFICE ELECTRONICS 4.7%
Neopost SA ....................................................... France 12,334 1,244,047
---------------
PERSONAL PRODUCTS 1.7%
Milbon Co. Ltd. .................................................. Japan 23,980 440,900
---------------
ROAD & RAIL 2.7%
DSV AS, B ........................................................ Denmark 36,300 701,648
---------------
SPECIALTY RETAIL 1.5%
Signet Group PLC ................................................. United Kingdom 305,100 397,353
---------------

Semiannual Report | 13

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2008 (UNAUDITED) (CONTINUED)

- ----------------------------------------------------------------------------------------------------------------------
FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND COUNTRY SHARES VALUE
- ----------------------------------------------------------------------------------------------------------------------

COMMON STOCKS (CONTINUED)
TEXTILES, APPAREL & LUXURY GOODS 3.8%
Koninklijke Ten Cate NV .......................................... Netherlands 22,250 $ 627,967
Peace Mark (Holdings) Ltd. ....................................... Hong Kong 318,000 366,947
---------------
994,914
---------------
TOBACCO 4.3%
Japan Tobacco Inc. ............................................... Japan 217 1,138,776
---------------
TOTAL INVESTMENTS (COST $34,745,519) 126.5% ...................... 33,435,967
OTHER ASSETS, LESS LIABILITIES (26.5)% ........................... (7,000,302)
---------------
NET ASSETS 100.0% ................................................ $ 26,435,665
===============

a Non-income producing for the twelve months ended January 31, 2008.

14 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2008 (unaudited)

--------------
FRANKLIN
INTERNATIONAL
SMALLER
COMPANIES
GROWTH FUND
--------------
Assets:
Investments in securities:
Cost .................................................... $ 34,745,519
==============
Value ................................................... $ 33,435,967
Receivables:
Investment securities sold .............................. 326,176
Capital shares sold ..................................... 10,830
Dividends ............................................... 32,860
--------------
Total assets ......................................... 33,805,833
--------------
Liabilities:
Payables:
Capital shares redeemed ................................. 9,045
Affiliates .............................................. 23,344
Funds advanced by custodian ................................ 7,305,723
Accrued expenses and other liabilities ..................... 32,056
--------------
Total liabilities .................................... 7,370,168
--------------
Net assets, at value .............................. $ 26,435,665
==============
Net assets consist of:
Paid-in capital ............................................ $ 22,135,961
Undistributed net investment income ........................ 196,147
Net unrealized appreciation (depreciation) ................. (1,308,326)
Accumulated net realized gain (loss) ....................... 5,411,883
--------------
Net assets, at value .............................. $ 26,435,665
==============
Shares outstanding ............................................ 1,262,009
==============
Net asset value and maximum offering price per share a ......... $ 20.95
==============

a Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable, and redemption fees retained by the Fund.

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 15

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2008 (unaudited)
--------------
FRANKLIN
INTERNATIONAL
SMALLER
COMPANIES
GROWTH FUND
--------------
Investment income:
Dividends .................................................. $ 498,121
Interest ................................................... 44,249
--------------
Total investment income ................................. 542,370
--------------
Expenses:
Management fees (Note 3a) .................................. 155,064
Administrative fees (Note 3b) .............................. 41,350
Transfer agent fees (Note 3c) .............................. 1,074
Custodian fees (Note 4) .................................... 7,329
Reports to shareholders .................................... 7,703
Registration and filing fees ............................... 10,494
Professional fees .......................................... 20,885
Trustees' fees and expenses ................................ 1,888
Other ...................................................... 4,571
--------------
Total expenses .......................................... 250,358
Expense reductions (Note 4) ............................. (2,263)
Expenses waived/paid by affiliates (Note 3d) ............ (51,680)
--------------
Net expenses ......................................... 196,415
--------------
Net investment income ............................. 345,955
--------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ............................................. 7,741,318
Foreign currency transactions ........................... (7,408)
--------------
Net realized gain (loss) .......................... 7,733,910
--------------
Net change in unrealized appreciation (depreciation) on:
Investments ............................................. (13,750,317)
Translation of assets and liabilities denominated in
foreign currencies ................................... (1,601)
--------------
Net change in unrealized appreciation
(depreciation) ................................. (13,751,918)
--------------
Net realized and unrealized gain (loss) ....................... (6,018,008)
--------------
Net increase (decrease) in net assets resulting from
operations ................................................. $ (5,672,053)
==============

16 | The accompanying notes are an integral part of these financial statements.
| Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

---------------------------------
FRANKLIN INTERNATIONAL
SMALLER COMPANIES
GROWTH FUND
---------------------------------
SIX MONTHS ENDED
JANUARY 31, 2008 YEAR ENDED
(UNAUDITED) JULY 31, 2007
---------------------------------

Increase (decrease) in net assets:
Operations:
Net investment income .......................................................... $ 345,955 $ 250,357
Net realized gain (loss) from investments and foreign currency transactions .... 7,733,910 7,504,583
Net change in unrealized appreciation (depreciation) on investments and
translation of assets and liabilities denominated in foreign currencies ..... (13,751,918) 3,036,449
---------------------------------
Net increase (decrease) in net assets resulting from operations .......... (5,672,053) 10,791,389
---------------------------------
Distributions to shareholders from:
Net investment income .......................................................... (275,061) (128,792)
Net realized gains ............................................................. (9,359,816) (554,205)
---------------------------------
Total distributions to shareholders ............................................... (9,634,877) (682,997)
---------------------------------
Capital share transactions (Note 2) ............................................... (1,775,472) (22,235,847)
---------------------------------
Net increase (decrease) in net assets .................................... (17,082,402) (12,127,455)
Net assets:
Beginning of period ............................................................... 43,518,067 55,645,522
---------------------------------
End of period ..................................................................... $ 26,435,665 $ 43,518,067
=================================
Undistributed net investment income included in net assets:
End of period ..................................................................... $ 196,147 $ 125,253
=================================

Semiannual Report |
The accompanying notes are an integral part of these financial statements. | 17

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The following summarizes the Fund's significant accounting policies.

A. SECURITY VALUATION

18 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. FOREIGN CURRENCY TRANSLATION

C. FOREIGN CURRENCY CONTRACTS

D. INCOME TAXES

Semiannual Report | 19

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. INCOME TAXES (CONTINUED)

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 that certain dividends from foreign
securities are recognized as soon as the Fund is notified of the ex-dividend
date. Distributions to shareholders are recorded on the ex-dividend date and are
determined according to income tax regulations (tax basis). Distributable
earnings determined on a tax basis may differ from earnings recorded in
accordance with accounting principles generally accepted in the United States of
America. 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.

F. ACCOUNTING ESTIMATES

G. REDEMPTION FEES

A short term trading redemption fee will be imposed, with some exceptions, on
any fund shares that are redeemed or exchanged within seven calendar days
following their purchase date. The redemption fee is 2% of the amount redeemed.
Such fees are retained by the fund and accounted for as an addition to paid-in
capital. There were no redemption fees for the period.

20 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. Additionally, in the normal course of
business, the Trust, on behalf of the Fund, enters into contracts with service
providers that contain general indemnification clauses. The Trust's maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Trust that have not yet occurred. Currently, the
Trust expects the risk of loss to be remote.

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2008, there were an unlimited number of shares authorized
(without par value). Transactions in the Fund's shares were as follows:

------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------

Shares sold .......................................... 153,257 $ 3,846,525 259,373 $ 7,509,459
Shares issued in reinvestment of distributions ....... 311,055 6,896,048 15,896 429,179
Shares redeemed ...................................... (575,205) (12,518,045) (1,178,446) (30,174,485)
------------------------------------------------------
Net increase (decrease) .............................. (110,893) $ (1,775,472) (903,177) $ (22,235,847)
======================================================

3. TRANSACTIONS WITH AFFILIATES

Franklin Resources, Inc. is the holding company for various subsidiaries that
together are referred to as Franklin Templeton Investments. Certain officers and
trustees of the Fund are also officers and/or directors of the following
subsidiaries:

Franklin Advisers, Inc. (Advisers) Investment manager
Franklin Templeton Institutional, LLC (FT Institutional) Investment manager
Franklin Templeton Services, LLC (FT Services) Administrative manager
Franklin Templeton Investor Services, LLC (Investor Services) Transfer agent

A. MANAGEMENT FEES

The Fund pays an investment management fee to Advisers of 0.75% per year of the
average daily net assets of the Fund.

Semiannual Report | 21

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

A. MANAGEMENT FEES (CONTINUED)

Under a subadvisory agreement, FT Institutional, an affiliate of Advisers,
provides subadvisory services to the Fund and receives from Advisers fees based
on the average daily net assets of the Fund.

B. ADMINISTRATIVE FEES

The Fund pays an administrative fee to FT Services of 0.20% per year of the
average daily net assets of the Fund.

C. TRANSFER AGENT FEES

For the period ended January 31, 2008, the Fund paid transfer agent fees of
$1,074, of which $318 was retained by Investor Services.

D. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and Advisers have agreed in advance to waive all or a portion of
their respective fees and to assume payment of other expenses through November
30, 2008. Total expenses waived or paid are not subject to reimbursement by the
Fund subsequent to the Fund's fiscal year end. After November 30, 2008, FT
Services and Advisers may discontinue this waiver at any time upon notice to the
Fund's Board of Trustees.

E. OTHER AFFILIATED TRANSACTIONS

At January 31, 2008, Advisers or an affiliate owned 24.69% of the Fund's
outstanding shares.

4. EXPENSE OFFSET ARRANGEMENT

5. INCOME TAXES

22 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

5. INCOME TAXES (CONTINUED)

At January 31, 2008, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ............................................ $ 34,815,737
=============

Unrealized appreciation ........................................ $ 3,058,457
Unrealized depreciation ........................................ (4,438,227)
-------------
Net unrealized appreciation (depreciation) ..................... $ (1,379,770)
=============

Net investment income differs for financial statement and tax purposes primarily
due to differing treatments of foreign currency transactions and passive foreign
investment company shares.

Net realized gains (losses) differ for financial statement and tax purposes
primarily due to differing treatments of wash sales and foreign currency
transactions.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
period ended January 31, 2008, aggregated $17,302,143 and $18,548,072,
respectively.

7. CONCENTRATION OF RISK

8. REGULATORY AND LITIGATION MATTERS

Semiannual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

8. REGULATORY AND LITIGATION MATTERS (CONTINUED)

9. NEW ACCOUNTING PRONOUNCEMENTS

The Fund adopted Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48), on January 31, 2008. FIN 48
clarifies the accounting for uncertainty in tax positions taken or expected to
be taken in a tax return. FIN 48 provides guidance on the measurement,
recognition, classification and disclosure of tax positions, along with
accounting for the related interest and penalties. The Fund has reviewed the tax
positions for each of the three open tax years as of July 31, 2007 and has
determined that the implementation of FIN 48 did not have a material impact on
the Fund's financial statements.

24 | Semiannual Report

Franklin Global Trust

TAX DESIGNATION (UNAUDITED)

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

At July 31, 2007, more than 50% of the Fund's total assets were invested in
securities of foreign issuers. In most instances, foreign taxes were withheld
from income paid to the Fund on these investments. As shown in the table below,
the Fund designates to shareholders the foreign source income and foreign taxes
paid, pursuant to Section 853 of the Internal Revenue Code (Code). This
designation will allow shareholders of record on December 14, 2007, to treat
their proportionate share of foreign taxes paid by the Fund as having been paid
directly by them. The shareholder shall consider these amounts as foreign taxes
paid in the tax year in which they receive the Fund distribution.

The following table provides a detailed analysis of foreign tax paid, foreign
source income, and foreign qualified dividends as designated by the Fund, to
Advisor Class shareholders of record.

- -------------------------------------------------------------------------------------------
FOREIGN TAX PAID FOREIGN SOURCE INCOME FOREIGN QUALIFIED
CLASS PER SHARE PER SHARE DIVIDENDS PER SHARE
- -------------------------------------------------------------------------------------------

Advisor Class ............ $0.0315 $0.3463 $0.2555

Semiannual Report | 25

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN INTERNATIONAL SMALLER COMPANIES GROWTH FUND

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

26 | Semiannual Report

This page intentionally left blank.

FRANKLIN TEMPLETON INSTITUTIONAL
[LOGO](R)
FRANKLIN TEMPLETON 600 Fifth Avenue
INSTITUTIONAL New York, NY 10020

SEMIANNUAL REPORT

FRANKLIN INTERNATIONAL
SMALLER COMPANIES GROWTH FUND

INVESTMENT MANAGER

Franklin Advisers, Inc.

DISTRIBUTOR

Franklin Templeton Distributors, Inc.
One Franklin Parkway
San Mateo, CA 94403-1906

FRANKLIN TEMPLETON INSTITUTIONAL SERVICES

1-800/321-8563
ftinstitutional.com

681 S2008 03/08

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.

(d) N/A

(f) Pursuant to Item 12(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 John B. Wilson and he is
"independent" as defined under the relevant Securities and Exchange Commission
Rules and Releases.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 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 ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 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 significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Shareholder Report on Form N-CSR.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
of Galen G. Vetter, Chief Executive Officer - Finance and Administration, and
Laura F. Fergerson, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of
Galen G. Vetter, Chief Executive Officer - Finance and Administration, and Laura
F. Fergerson, Chief Financial Officer and Chief Accounting Officer

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/GALEN G. VETTER
------------------
Galen G. Vetter
Chief Executive Officer - Finance and Administration
Date March 27, 2008

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/GALEN G. VETTER
------------------
Galen G. Vetter
Chief Executive Officer - Finance and Administration
Date March 27, 2008

By /S/LAURA F. FERGERSON
---------------------
Laura F. Fergerson
Chief Financial Officer and Chief Accounting Officer
Date March 27, 2008