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
---------------------
(Exact name of registrant as specified in charter)

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

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

Registrant's telephone number, including area code:(650) 312-2000
-------------

Date of fiscal year end: 7/31
----

Date of reporting period: 1/31/09
-------

ITEM 1. REPORTS TO STOCKHOLDERS.

FRANKLIN LARGE CAP EQUITY FUND

JANUARY 31, 2009

SEMIANNUAL REPORT AND SHAREHOLDER LETTER

A series of Franklin Global Trust

Log onto franklintempleton.com and click "My Profile"

(GRAPHIC)

BLEND

FRANKLIN
LARGE CAP EQUITY FUND
(FORMERLY, FIDUCIARY LARGE CAPITALIZATION GROWTH AND INCOME FUND)

(FRANKLIN TEMPLETON INVESTMENTS(R) LOGO)

FRANKLIN - Templeton - 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)

Not part of the semiannual report

Contents

SHAREHOLDER LETTER ....................................................... 1
SEMIANNUAL REPORT
Franklin Large Cap Equity Fund ........................................... 3
Performance Summary ...................................................... 8
Your Fund's Expenses ..................................................... 11
Financial Highlights and Statement of Investments ........................ 13
Financial Statements ..................................................... 20
Notes to Financial Statements ............................................ 24
Shareholder Information .................................................. 33

Shareholder Letter

Dear Shareholder:

The six-month period ended January 31, 2009, was an extraordinary and stressful
time for investors and those of us who have worked in financial markets for many
years. During this turbulent period, the U.S. recession deepened, the
unemployment rate surged and consumer spending fell. Most stocks suffered major
losses as investors worried about an uncertain future. With a new president,
Barack Obama, and a new administration, the country was eager to see how
effectively the government could address these problems. Although this
environment is bound to provoke great concern, we think it is important to put
short-term market developments in perspective. Keep in mind that as daunting as
current conditions may be, we have navigated through other periods of high
market volatility, such as the stock market's severe decline of 1987 and the
bursting of the technology bubble in 2000. We remain committed to our long-term
perspective and our disciplined investment philosophy. Therefore, we view recent
declines as potential opportunities to find bargains that we believe may be well
positioned to become eventual winners. Although conditions remain challenging,
our experience gives us ample reason to be optimistic about future market
stabilization and recovery.

In the enclosed semiannual report for Franklin Large Cap Equity 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
find helpful financial planning tools. We hope you will take advantage of these
online services.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Not part of the semiannual report | 1

Although market conditions are constantly changing, we remain committed to our
disciplined strategy as we manage the Fund, keeping in mind the trust you have
placed in us. 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 current market conditions.

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, 2009. 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 Large Cap Equity Fund
(formerly, Fiduciary Large Capitalization Growth and Income Fund)

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

This semiannual report for Franklin Large Cap Equity Fund covers the period
ended January 31, 2009.

PERFORMANCE OVERVIEW

Franklin Large Cap Equity Fund - Advisor Class had a cumulative total return of
- -36.84% for the six months ended January 31, 2009. The Fund under-performed its
benchmark, the Standard & Poor's 500 Index (S&P 500), which had a -33.95% total
return during the same period.(2) On September 30, 2008, the Fund began offering
Class A, C and R shares. The Fund's Class A shares had a -27.71% cumulative
total return from their inception through January 31, 2009. For this period, the
S&P 500 had a -28.52% total return.(2) You can find other Fund performance data
in the Performance Summary beginning on page 8.

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 (800) 342-5236 FOR
MOST RECENT MONTH-END PERFORMANCE.

ECONOMIC AND MARKET OVERVIEW

During the six-month period ended January 31, 2009, economic conditions
deteriorated. The Conference Board's Consumer Confidence Index fell to an
all-time low since it began in 1967 as the U.S. economy faltered and stock
markets

(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: (C) 2009 Morningstar. All Rights Reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied or distributed; and (3) is not warranted
to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of
this information. 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 17.

Semiannual Report | 3

declined. The government's abrupt conservatorship of Fannie Mae and Freddie Mac
and the failure of several blue chip banks and financial institutions roiled
equity markets. Despite government interventions and massive emergency funding,
the nation's economic troubles were exacerbated as manufacturing activity
weakened at its fastest pace in nearly 30 years and as home prices continued to
fall. Jobless claims mounted and the unemployment rate rose to 7.6% by
period-end.(3) Economic growth, as measured by gross domestic product (GDP),
fell in the third and fourth quarters of 2008 at annualized rates of 0.5% and an
estimated 6.2%, reflecting a broad-based contraction in consumer spending,
falling corporate profits and slowing export growth.

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 1/31/09

(BAR CHART)

Pharmaceuticals 10.1%
Communications Equipment 6.6%
Food Products 6.5%
Energy Equipment & Services 6.2%
Oil, Gas & Consumable Fuels 6.0%
Electrical Equipment 5.4%
Capital Markets 3.7%
Insurance 3.7%
Diversified Telecommunication Services 3.5%
Biotechnology 3.5%
Food & Staples Retailing 3.5%
Software 3.3%
Electronic Equipment, Instruments & Components 3.3%
Aerospace & Defense 2.8%
Specialty Retail 2.7%
Diversified Financial Services 2.5%
Other 18.5%
Short-Term Investments & Other Net Assets 8.2%

Oil prices stood at $124 per barrel at the beginning of the period, but
retreated dramatically to $42 by period-end. Many other commodities such as
agricultural products and precious and base metals followed similar trends.
Partially as a result of the steep price corrections, inflation declined
significantly during the period, and January's inflation rate was an annualized
0.0%.(3) Core inflation, which excludes food and energy costs, rose at a 1.7%
annual rate, which was within the Federal Reserve Board's (Fed's) informal
target range of 1.5%-2.0%.(3)

A slowing economy and decelerating inflation prompted policymakers to further
lower interest rates and enact stimulus plans. During the six months under
review, the Fed lowered the federal funds target rate to a range of 0% to 0.25%
from 2.00% at the start of the reporting period. The Fed and U.S. Treasury
Department also introduced new programs intended to enhance market liquidity.

Market volatility intensified during the reporting period as stocks fluctuated
wildly and Treasury prices soared. This period was among the worst in history
for U.S. stock market performance. For the six months under review, the blue
chip stocks of the Dow Jones Industrial Average had a total return of -28.52%,
the broader S&P 500 a -33.95% total return, and the technology-heavy NASDAQ
Composite Index a -36.21% total return.(2) All sectors lost value, and the
financials, materials and industrials sectors had the largest declines.

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

(3.) Source: Bureau of Labor Statistics.

4 | Semiannual Report

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 also consider the level of dividends a
company has paid. We employ a thematic approach to identify sectors that may
benefit from longer-term 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.

TOP 10 EQUITY HOLDINGS
1/31/09

COMPANY % OF TOTAL
SECTOR/INDUSTRY NET ASSETS
- --------------- ----------

Exxon Mobil Corp. 4.0%
OIL, GAS & CONSUMABLE FUELS
Harris Corp. 2.8%
COMMUNICATIONS EQUIPMENT
United Technologies Corp. 2.8%
AEROSPACE & DEFENSE
Teva Pharmaceutical Industries Ltd., ADR (Israel) 2.8%
PHARMACEUTICALS
Johnson & Johnson 2.7%
PHARMACEUTICALS
The Home Depot Inc. 2.7%
SPECIALTY RETAIL
Nestle SA (Switzerland) 2.7%
FOOD PRODUCTS
Chubb Corp. 2.6%
INSURANCE
JPMorgan Chase & Co. 2.5%
DIVERSIFIED FINANCIAL SERVICES
Schering-Plough Corp. 2.4%
PHARMACEUTICALS

MANAGER'S DISCUSSION

During the six months under review, the Fund's underperformance relative to its
benchmark, the S&P 500, was mainly due to stock selection in the industrials and
energy sectors.(4) In particular, the Fund's industrials holdings in diversified
equipment manufacturer Terex (sold by period-end) and turbine manufacturer
Vestas Wind Systems (not an index component) were negatively impacted by the
onset of the deep recession as well as falling oil prices and the decline in
demand for energy.

In the energy sector, major detractors from performance during the review period
included oil and gas services companies Schlumberger, Transocean and National
Oilwell Varco. According to our research, the values of energy sector stocks
have been more volatile than the underlying change in oil prices. Although these
holdings contributed greatly to return during the upswing in oil prices, they
detracted as much or more from performance as oil prices plummeted during the
review period.

On a more positive note, stock selection and an underweighted allocation in the
troubled financials sector aided the Fund's relative return.(5) Our stake in
Chubb, which declined less than the sector and the market, and our decision to
sell Bank of America contributed to relative performance.

On an absolute basis, major contributors to performance included oil and gas
company Exxon Mobil, wireless communications provider Verizon Communications and
media conglomerate Time Warner. Exxon Mobil benefited

(4.) The industrials sector comprises aerospace and defense, electrical
equipment, industrial conglomerates, and machinery in the SOI. The energy
sector comprises energy equipment and services and oil, gas and consumable
fuels in the SOI.

(5.) The financials sector comprises capital markets, commercial banks,
diversified financial services and insurance in the SOI.

Semiannual Report | 5

from its numerous upstream (oil exploration, extraction, shipping and wholesale
operations) and downstream (marketing, refining and retail operations) business
assets. Verizon's shares pulled back sharply in the first half of 2008 but then
stabilized during the review period, in our view, largely because of the
company's high dividend and low cyclicality. We sold our holdings in Time Warner
at a gain during the period.

Thank you for your continued participation in Franklin Large Cap Equity Fund. We
look forward to serving your future investment needs.

(PHOTO OF S. MACKINTOSH PULSIFER)

/s/ S. Mackintosh Pulsifer

S. Mackintosh Pulsifer

(PHOTO OF KENNETH J. SIEGEL)

/s/ Kenneth J. Siegel

Kenneth J. Siegel

(PHOTO OF LINDA KROUNER)

/S/ Linda Krouner

Linda Krouner

Portfolio Management Team
Franklin Large Cap Equity Fund

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF JANUARY 31, 2009, 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

S. MACKINTOSH PULSIFER is vice president and chief investment officer of
Fiduciary International, Inc. (Fiduciary). He manages individual, foundation and
trust portfolios. He is co-chairman of the Asset Allocation Committee and a
member of Fiduciary's Management Committee. Mr. Pulsifer joined Fiduciary Trust
Company International (Fiduciary Trust) in 1988 after 15 years managing
portfolios at a private, independent investment counsel firm based in New York
City. Mr. Pulsifer earned an A.B. from Bowdoin College and an M.B.A. from New
York University Graduate School of Business Administration.

KENNETH J. SIEGEL is vice president of Fiduciary and is responsible for managing
core equity portfolios. Mr. Siegel is a member of Fiduciary's Equity Strategy
Committee. Prior to joining Fiduciary Trust in 1996, Mr. Siegel was with Fuji
Bank and Trust Company for two years where he managed balanced institutional
portfolios. He was also with The Bank of Tokyo Trust Company for five years,
where he managed a commingled convertible securities fund as well as
institutional portfolios. Mr. Siegel earned a B.S. from Rider University and an
M.B.A. from Fairleigh Dickinson University. He is a member of the New York
Society of Security Analysts.

LINDA KROUNER is portfolio manager of Fiduciary for individual and trust
portfolios. She is a member of the firm's Equity Strategy Committee. Prior to
joining Fiduciary Trust in 2001, Ms. Krouner was a portfolio manager at
Neuberger Berman, Prudential Securities and BT Alex Brown. Ms. Krouner earned a
B.A. in mathematics from New York University, and master's degrees in
mathematics from Cornell University and in business administration from Columbia
University.

Semiannual Report | 7

Performance Summary as of 1/31/09

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: N/A) CHANGE 1/31/09 9/30/08
- --------------------- ------ ------- -------

Net Asset Value (NAV) -$1.65 $3.76 $5.41
DISTRIBUTIONS (9/30/08-1/31/09)
Dividend Income $0.0110
Long-Term Capital Gain $0.1470
TOTAL $0.1580

CLASS C (SYMBOL: N/A) CHANGE 1/31/09 9/30/08
- --------------------- ------ ------- -------

Net Asset Value (NAV) -$1.65 $3.76 $5.41
DISTRIBUTIONS (9/30/08-1/31/09)
Dividend Income $0.0052
Long-Term Capital Gain $0.1470
TOTAL $0.1522

CLASS R (SYMBOL: N/A) CHANGE 1/31/09 9/30/08
- --------------------- ------ ------- -------

Net Asset Value (NAV) -$1.65 $3.76 $5.41
DISTRIBUTIONS (9/30/08-1/31/09)
Dividend Income $0.0076
Long-Term Capital Gain $0.1470
TOTAL $0.1546

ADVISOR CLASS (SYMBOL: FLCIX) CHANGE 1/31/09 7/31/08
- ----------------------------- ------ ------- -------

Net Asset Value (NAV) -$2.44 $3.76 $6.20
DISTRIBUTIONS (8/1/08-1/31/09)
Dividend Income $0.0180
Long-Term Capital Gain $0.1470
TOTAL $0.1650

8 | Semiannual Report

Performance Summary (CONTINUED)

PERFORMANCE(1)

CUMULATIVE TOTAL RETURN EXCLUDES SALES CHARGES. AGGREGATE AND 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; CLASS R/ADVISOR CLASS: NO SALES CHARGES.

CLASS A INCEPTION (9/30/08)
- ------- -------------------

Cumulative Total Return(2) -27.71%
Aggregate Total Return(3) -31.87%
Value of $10,000 Investment(4) $ 6,813
Aggregate Total Return (12/31/08)(5) -26.25%
Total Annual Operating Expenses(6)
Without Waiver 1.44%
With Waiver 1.30%

CLASS C INCEPTION (9/30/08)
- ------- -------------------

Cumulative Total Return(2) -27.81%
Aggregate Total Return(3) -28.51%
Value of $10,000 Investment(4) $ 7,149
Aggregate Total Return (12/31/08)(5) -22.62%
Total Annual Operating Expenses(6)
Without Waiver 2.09%
With Waiver 1.95%

CLASS R INCEPTION (9/30/08)
- ------- -------------------

Cumulative Total Return(2) -27.77%
Aggregate Total Return(3) -27.77%
Value of $10,000 Investment(4) $ 7,223
Aggregate Total Return (12/31/08)(5) -21.82%
Total Annual Operating Expenses(6)
Without Waiver 1.59%
With Waiver 1.45%

ADVISOR CLASS 6-MONTH 1-YEAR 5-YEAR 10-YEAR
- ------------- ------- ------- ------- -------

Cumulative Total Return(2) -36.84% -39.46% -20.42% -23.32%
Average Annual Total Return(7) -36.84% -39.46% -4.47% -2.62%
Value of $10,000 Investment(4) $ 6,316 $ 6,054 $ 7,958 $ 7,668
Avg. Ann. Total Return (12/31/08)(5) -38.80% -2.45% -1.79%
Total Annual Operating Expenses(6)
Without Waiver 1.09%
With Waiver 0.95%

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 (800) 342-5236.

THE INVESTMENT MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO WAIVE OR
LIMIT THEIR RESPECTIVE FEES AND TO ASSUME AS THEIR OWN EXPENSE CERTAIN EXPENSES
OTHERWISE PAYABLE BY THE FUND SO THAT COMMON EXPENSES (I.E., A COMBINATION OF
INVESTMENT MANAGEMENT FEES, FUND ADMINISTRATION FEES, AND OTHER EXPENSES, BUT
EXCLUDING RULE 12B-1 FEES AND ACQUIRED FUND FEES AND EXPENSES) FOR EACH CLASS OF
THE FUND DO NOT EXCEED 0.95% (OTHER THAN CERTAIN NON-ROUTINE EXPENSES OR COSTS,
INCLUDING THOSE RELATING TO LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND
LIQUIDATIONS) UNTIL 11/30/09.

Semiannual Report | 9

Performance Summary (CONTINUED)

ENDNOTES

WHILE STOCKS HAVE HISTORICALLY OUTPERFORMED OTHER ASSET CLASSES OVER THE LONG
TERM, THEY TEND TO FLUCTUATE MORE DRAMATICALLY OVER THE SHORT TERM. THERE ARE
SPECIAL RISKS INVOLVED WITH SIGNIFICANT EXPOSURE TO A PARTICULAR SECTOR,
INCLUDING INCREASED SUSCEPTIBILITY RELATED TO ECONOMIC, BUSINESS OR OTHER
DEVELOPMENTS AFFECTING THAT SECTOR, WHICH MAY RESULT IN INCREASED VOLATILITY.
THE FUND'S INVESTMENTS IN FOREIGN COMPANY STOCKS INVOLVE SPECIAL RISKS INCLUDING
CURRENCY FLUCTUATIONS AND POLITICAL UNCERTAINTY. 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.

CLASS R: Shares are available to certain eligible investors as described
in the prospectus. These shares have higher annual fees 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.) Aggregate total return represents the change in value of an investment over
the period indicated. Since Classes A, C and R have existed for less than
one year, average annual total returns are not available.

(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 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.

(7.) Average annual total return represents the average annual change in value
of an investment over the periods indicated.

10 | Semiannual Report

Your Fund's Expenses

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

- - Transaction costs, including sales charges (loads) on Fund purchases; and

- - 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 | 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.
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.

BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
VALUE 8/1/08 VALUE 1/31/09 PERIOD* 8/1/08-1/31/09
----------------- -------------- ----------------------

CLASS A
Actual (9/30/08-1/31/09) $1,000 $ 722.90 $ 3.78
Hypothetical (5% return before expenses) $1,000 $1,018.70 $ 6.56
CLASS C
Actual (9/30/08-1/31/09) $1,000 $ 721.90 $ 5.82
Hypothetical (5% return before expenses) $1,000 $1,015.17 $10.11
CLASS R
Actual (9/30/08-1/31/09) $1,000 $ 722.30 $ 4.36
Hypothetical (5% return before expenses) $1,000 $1,017.69 $ 7.58
ADVISOR CLASS
Actual $1,000 $ 631.60 $ 4.07
Hypothetical (5% return before expenses) $1,000 $1,020.21 $ 5.04

* Expenses are calculated using the most recent six-month expense ratio, net
of expense waivers, annualized for each class (A: 1.29%; C: 1.99%; R:
1.49%; and Advisor: 0.99%), multiplied by the average account value over
the period, multiplied by 184/365 (Hypothetical for all share classes;
Actual for Advisor Class) to reflect the one-half year period. For actual
Class A, C and R expenses, the multiplier is 124/365 to reflect the number
of days since inception.

12 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JANUARY 31, 2009(a)
CLASS A (UNAUDITED)
- ------- -------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ..................... $ 5.41
-------
Income from investment operations(b):
Net investment income(c) .............................. --(d)
Net realized and unrealized gains (losses) ............ (1.49)
-------
Total from investment operations ......................... (1.49)
-------
Less distributions from:
Net investment income ................................. (0.01)
Net realized gains .................................... (0.15)
-------
Total distributions ...................................... (0.16)
-------
Net asset value, end of period ........................... $ 3.76
=======
Total return(e) .......................................... (27.71)%
RATIOS TO AVERAGE NET ASSETS(f)
Expenses before waiver and payments by affiliates ........ 1.57%
Expenses net of waiver and payments by affiliates(g) ..... 1.29%
Net investment income .................................... 0.40%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ........................ $ 976
Portfolio turnover rate .................................. 44.40%

(a) For the period September 30, 2008 (effective date) to January 31, 2009.

(b) 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.

(d) Amount rounds to less than $0.01 per share.

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

(f) Ratios are annualized for periods less than one year.

(g) Benefit of expense reduction rounds to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 13

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JANUARY 31, 2009(a)
CLASS C (UNAUDITED)
- ------- -------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ..................... $ 5.41
-------
Income from investment operations(b):
Net investment income (loss)(c) ....................... (--)(d)
Net realized and unrealized gains (losses) ............ (1.49)
-------
Total from investment operations ......................... (1.49)
-------
Less distributions from:
Net investment income ................................. (0.01)
Net realized gains .................................... (0.15)
-------
Total distributions ...................................... (0.16)
-------
Net asset value, end of period ........................... $ 3.76
=======
Total return(e) .......................................... (27.81)%
RATIOS TO AVERAGE NET ASSETS(f)
Expenses before waiver and payments by affiliates ........ 2.27%
Expenses net of waiver and payments by affiliates(g) ..... 1.99%
Net investment income (loss) ............................. (0.30)%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ........................ $ 30
Portfolio turnover rate .................................. 44.40%

(a) For the period September 30, 2008 (effective date) to January 31, 2009.

(d) Amount rounds to less than $0.01 per share.

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

(f) Ratios are annualized for periods less than one year.

(g) Benefit of expense reduction rounds to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

14 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JANUARY 31, 2009(a)
CLASS R (UNAUDITED)
- ------- -------------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ..................... $ 5.41
-------
Income from investment operations(b):
Net investment income(c) .............................. --(d)
Net realized and unrealized gains (losses) ............ (1.49)
-------
Total from investment operations ......................... (1.49)
-------
Less distributions from:
Net investment income ................................. (0.01)
Net realized gains .................................... (0.15)
-------
Total distributions ...................................... (0.16)
-------
Net asset value, end of period ........................... $ 3.76
=======
Total return(e) .......................................... (27.77)%
RATIOS TO AVERAGE NET ASSETS(f)
Expenses before waiver and payments by affiliates ........ 1.77%
Expenses net of waiver and payments by affiliates(g) ..... 1.49%
Net investment income .................................... 0.20%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ........................ $ 3
Portfolio turnover rate .................................. 44.40%

(a) For the period September 30, 2008 (effective date) to January 31, 2009.

(d) Amount rounds to less than $0.01 per share.

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

(f) Ratios are annualized for periods less than one year.

(g) Benefit of expense reduction rounds to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 15

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

SIX MONTHS ENDED YEAR ENDED JULY 31,
JANUARY 31, 2009 -------------------------------------------------------
ADVISOR CLASS (UNAUDITED) 2008 2007 2006 2005 2004
- ------------- ---------------- ------- ------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ................. $ 6.20 $ 7.28 $ 6.63 $ 7.15 $ 6.77 $ 5.91
------- ------- ------- ------- ------- -------
Income from investment operations(a):
Net investment income(b) .......................... 0.02 0.05 0.04 0.04 0.08 0.03
Net realized and unrealized gains (losses) ........ (2.29) (0.48) 1.14 0.13 0.74 0.90
------- ------- ------- ------- ------- -------
Total from investment operations ..................... (2.27) (0.43) 1.18 0.17 0.82 0.93
------- ------- ------- ------- ------- -------
Less distributions from:
Net investment income ............................. (0.02) (0.06) (0.04) (0.04) (0.08) (0.03)
Net realized gains ................................ (0.15) (0.59) (0.49) (0.65) (0.36) (0.04)
------- ------- ------- ------- ------- -------
Total distributions .................................. (0.17) (0.65) (0.53) (0.69) (0.44) (0.07)
------- ------- ------- ------- ------- -------
Redemption fees(c) ................................... -- -- --(d) -- -- --
------- ------- ------- ------- ------- -------
Net asset value, end of period ....................... $ 3.76 $ 6.20 $ 7.28 $ 6.63 $ 7.15 $ 6.77
======= ======= ======= ======= ======= =======
Total return(e) ...................................... (36.84)% (6.66)% 18.27% 2.22% 12.38% 15.78%
RATIOS TO AVERAGE NET ASSETS(f)
Expenses before waiver and payments by
affiliates ........................................ 1.27% 1.03% 1.03% 1.02% 1.01% 1.02%
Expenses net of waiver and payments by
affiliates ........................................ 0.99%(g) 1.03%(g) 1.03%(g) 1.02%(g) 1.01%(g) 0.98%
Net investment income ................................ 0.70% 0.67% 0.63% 0.57% 1.13% 0.43%
SUPPLEMENTAL DATA
Net assets, end of period (000's) .................... $43,323 $75,891 $89,971 $91,915 $94,536 $82,921
Portfolio turnover rate .............................. 44.40% 51.54% 41.86% 54.63% 47.08% 48.04%

(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.

(d) Amount rounds to less than $0.01 per share.

(e) Total return is not annualized for periods less than one year.

(f) Ratios are annualized for periods less than one year.

(g) Benefit of expense reduction rounds to less than 0.01%.

The accompanying notes are an integral part of these financial statements.

16 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED)

FRANKLIN LARGE CAP EQUITY FUND COUNTRY SHARES VALUE
------------------------------ -------------- --------- -----------

COMMON STOCKS 91.8%
AEROSPACE & DEFENSE 2.8%
United Technologies Corp. ............................................... United States 26,000 $ 1,247,740
-----------
BEVERAGES 1.6%
Diageo PLC, ADR ......................................................... United Kingdom 12,900 700,986
-----------
BIOTECHNOLOGY 3.5%
(a) Celgene Corp. ........................................................... United States 18,000 953,100
(a) Genentech Inc. .......................................................... United States 7,200 584,928
-----------
1,538,028
-----------
CAPITAL MARKETS 3.7%
The Bank of New York Mellon Corp. ....................................... United States 16,200 416,988
BlackRock Inc. .......................................................... United States 2,100 228,480
Invesco Ltd. ............................................................ United States 85,000 1,002,150
-----------
1,647,618
-----------
CHEMICALS 1.9%
Air Products and Chemicals Inc. ......................................... United States 8,000 402,400
Monsanto Co. ............................................................ United States 6,000 456,360
-----------
858,760
-----------
COMMERCIAL BANKS 1.1%
Wells Fargo & Co. ....................................................... United States 26,000 491,400
-----------
COMMUNICATIONS EQUIPMENT 6.6%
(a) Cisco Systems Inc. ...................................................... United States 56,200 841,314
Harris Corp. ............................................................ United States 29,000 1,255,410
QUALCOMM Inc. ........................................................... United States 24,400 843,020
-----------
2,939,744
-----------
COMPUTERS & PERIPHERALS 2.1%
(a) EMC Corp. ............................................................... United States 83,000 916,320
-----------
DIVERSIFIED FINANCIAL SERVICES 2.5%
JPMorgan Chase & Co. .................................................... United States 44,000 1,122,440
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES 3.5%
Singapore Telecommunications Ltd. ....................................... Singapore 597,000 1,052,192
Verizon Communications Inc. ............................................. United States 17,000 507,790
-----------
1,559,982
-----------
ELECTRIC UTILITIES 1.0%
Exelon Corp. ............................................................ United States 7,900 428,338
-----------
ELECTRICAL EQUIPMENT 5.4%
ABB Ltd. ................................................................ Switzerland 81,000 1,057,144
(a) SunPower Corp., A ....................................................... United States 19,200 644,352
(a) Vestas Wind Systems AS .................................................. Denmark 13,800 673,685
-----------
2,375,181
-----------
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 3.3%
(a) Agilent Technologies Inc. ............................................... United States 42,000 759,360
(a) Trimble Navigation Ltd. ................................................. United States 46,000 681,720
-----------
1,441,080
-----------

Semiannual Report | 17

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND COUNTRY SHARES VALUE
------------------------------ -------------- --------- -----------

COMMON STOCKS (CONTINUED)
ENERGY EQUIPMENT & SERVICES 6.2%
(a) National Oilwell Varco Inc. ............................................. United States 37,000 $ 978,280
Schlumberger Ltd. ....................................................... United States 23,000 938,630
(a) Transocean Ltd. ......................................................... United States 15,000 819,300
-----------
2,736,210
-----------
FOOD & STAPLES RETAILING 3.5%
Costco Wholesale Corp. .................................................. United States 14,400 648,432
CVS Caremark Corp. ...................................................... United States 33,000 887,040
-----------
1,535,472
-----------
FOOD PRODUCTS 6.5%
Cadbury PLC ............................................................. United Kingdom 104,700 848,735
Kellogg Co. ............................................................. United States 19,500 851,955
Nestle SA ............................................................... Switzerland 34,000 1,177,639
-----------
2,878,329
-----------
HEALTH CARE EQUIPMENT & SUPPLIES 1.0%
Becton Dickinson and Co. ................................................ United States 6,000 436,020
-----------
INDUSTRIAL CONGLOMERATES 1.4%
General Electric Co. .................................................... United States 52,200 633,186
-----------
INSURANCE 3.7%
AFLAC Inc. .............................................................. United States 21,400 496,694
Chubb Corp. ............................................................. United States 27,000 1,149,660
-----------
1,646,354
-----------
INTERNET SOFTWARE & SERVICES 1.1%
(a) Google Inc., A .......................................................... United States 1,500 507,795
-----------
IT SERVICES 1.0%
Accenture Ltd., A ....................................................... United States 14,000 441,840
-----------
MACHINERY 1.9%
Danaher Corp. ........................................................... United States 15,000 838,950
-----------
METALS & MINING 1.0%
Rio Tinto PLC ........................................................... United Kingdom 20,000 437,757
-----------
OIL, GAS & CONSUMABLE FUELS 6.0%
ConocoPhillips .......................................................... United States 19,000 903,070
Exxon Mobil Corp. ....................................................... United States 23,000 1,759,040
-----------
2,662,110
-----------
PHARMACEUTICALS 10.1%
Johnson & Johnson ....................................................... United States 21,000 1,211,490
Roche Holding AG ........................................................ Switzerland 6,900 971,906
Schering-Plough Corp. ................................................... United States 60,400 1,060,624
Teva Pharmaceutical Industries Ltd., ADR ................................ Israel 30,000 1,243,500
-----------
4,487,520
-----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.7%
Intel Corp. ............................................................. United States 60,100 775,290
-----------

18 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND COUNTRY SHARES VALUE
------------------------------ -------------- --------- -----------

COMMON STOCKS (CONTINUED)
SOFTWARE 3.3%
Nintendo Co. Ltd. ....................................................... Japan 3,200 $ 1,006,614
(a) Oracle Corp. ............................................................ United States 26,000 437,580
-----------
1,444,194
-----------
SPECIALTY RETAIL 2.7%
The Home Depot Inc. ..................................................... United States 55,900 1,203,527
-----------
TEXTILES, APPAREL & LUXURY GOODS 1.7%
NIKE Inc., B . .......................................................... United States 16,600 751,149
-----------
TOTAL COMMON STOCKS (COST $48,807,086) .................................. 40,683,320
-----------
SHORT TERM INVESTMENTS (COST $3,598,808) 8.1%
MONEY MARKET FUNDS 8.1%
(b) Franklin Institutional Fiduciary Trust Money Market Portfolio, 0.39% .... United States 3,598,808 3,598,808
-----------
TOTAL INVESTMENTS (COST $52,405,894) 99.9% .............................. 44,282,128
OTHER ASSETS, LESS LIABILITIES 0.1% ..................................... 51,015
-----------
NET ASSETS 100.0% ....................................................... $44,333,143
===========

See Abbreviations on page 32.

(a) Non-income producing for the twelve months ended January 31, 2009.

(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.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 19

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2009 (unaudited)

FRANKLIN
LARGE CAP
EQUITY FUND
-----------

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................................. $48,807,086
Cost - Sweep Money Fund (Note 7) ............................................ 3,598,808
-----------
Total cost of investments ................................................... $52,405,894
===========
Value - Unaffiliated issuers ................................................ $40,683,320
Value - Sweep Money Fund (Note 7) ........................................... 3,598,808
-----------
Total value of investments .................................................. 44,282,128
Receivables:
Investment securities sold .................................................. 722,678
Capital shares sold ......................................................... 23,100
Dividends ................................................................... 65,051
Affiliates .................................................................. 28,886
-----------
Total assets ............................................................. 45,121,843
-----------
Liabilities:
Payables:
Investment securities purchased ............................................. 717,588
Capital shares redeemed ..................................................... 49,050
Accrued expenses and other liabilities ......................................... 22,062
-----------
Total liabilities ........................................................ 788,700
-----------
Net assets, at value .................................................. $44,333,143
===========
Net assets consist of:
Paid-in capital ................................................................ $57,219,869
Distributions in excess of net investment income ............................... (9,850)
Net unrealized appreciation (depreciation) ..................................... (8,128,910)
Accumulated net realized gain (loss) ........................................... (4,747,966)
-----------
Net assets, at value .................................................. $44,333,143
===========

The accompanying notes are an integral part of these financial statements.

20 | Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
January 31, 2009 (unaudited)

FRANKLIN
LARGE CAP
EQUITY FUND
-----------

CLASS A:
Net assets, at value ........................................................... $ 975,840
===========
Shares outstanding ............................................................. 259,402
===========
Net asset value per share(a) ................................................... $ 3.76
===========
Maximum offering price per share (net asset value per share / 94.25%)........... $ 3.99
===========
CLASS C:
Net assets, at value ........................................................... $ 30,488
===========
Shares outstanding ............................................................. 8,109
===========
Net asset value and maximum offering price per share(a) ........................ $ 3.76
===========
CLASS R:
Net assets, at value ........................................................... $ 3,478
===========
Shares outstanding ............................................................. 924
===========
Net asset value and maximum offering price per share ........................... $ 3.76
===========
ADVISOR CLASS:
Net assets, at value ........................................................... $43,323,337
===========
Shares outstanding ............................................................. 11,514,485
===========
Net asset value and maximum offering price per share ........................... $ 3.76
===========

(a) Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 21

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2009 (unaudited)

FRANKLIN
LARGE CAP
EQUITY FUND
------------

Investment income:
Dividends:
Unaffiliated issuers ........................................................ $ 449,905
Sweep Money Fund (Note 7) ................................................... 35,903
------------
Total investment income .................................................. 485,808
------------
Expenses:
Management fees (Note 3a) ...................................................... 207,471
Administrative fees (Note 3b) .................................................. 57,458
Distribution fees: (Note 3c)
Class A ..................................................................... 502
Class C ..................................................................... 83
Class R ..................................................................... 7
Transfer agent fees (Note 3e) .................................................. 403
Custodian fees (Note 4) ........................................................ 3,727
Reports to shareholders ........................................................ 6,164
Registration and filing fees ................................................... 68,496
Professional fees .............................................................. 12,858
Trustees' fees and expenses .................................................... 3,272
Other .......................................................................... 4,451
------------
Total expenses ........................................................... 364,892
Expense reductions (Note 4) .............................................. (9)
Expenses waived/paid by affiliates (Note 3f) ............................. (79,887)
------------
Net expenses .......................................................... 284,996
------------
Net investment income .............................................. 200,812
------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ................................................................. (4,727,901)
Foreign currency transactions ............................................... 13,389
------------
Net realized gain (loss) ........................................... (4,714,512)
------------
Net change in unrealized appreciation (depreciation) on:
Investments ................................................................. (22,661,781)
Translation of other assets and liabilities denominated in
foreign currencies ....................................................... (8,093)
------------
Net change in unrealized appreciation (depreciation) ............... (22,669,874)
------------
Net realized and unrealized gain (loss) ........................................... (27,384,386)
------------
Net increase (decrease) in net assets resulting from operations ................... $(27,183,574)
============

The accompanying notes are an integral part of these financial statements.

22 | Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

FRANKLIN
LARGE CAP EQUITY FUND
--------------------------------
SIX MONTHS ENDED
JANUARY 31, 2009 YEAR ENDED
(UNAUDITED) JULY 31, 2008
---------------- -------------

Increase (decrease) in net assets:
Operations:
Net investment income ...................................................................... $ 200,812 $ 577,356
Net realized gain (loss) from investments and foreign currency transactions ................ (4,714,512) 2,263,992
Net change in unrealized appreciation (depreciation) on investments and translation of other
assets and liabilities denominated in foreign currencies ................................ (22,669,874) (8,293,132)
------------ ------------
Net increase (decrease) in net assets resulting from operations ...................... (27,183,574) (5,451,784)
------------ ------------
Distributions to shareholders from:
Net investment income:
Class A ................................................................................. (1,013) --
Class C ................................................................................. (38) --
Class R ................................................................................. (7) --
Advisor Class ........................................................................... (209,604) (709,461)
Net realized gains:
Class A ................................................................................. (13,539) --
Class C ................................................................................. (1,084) --
Class R ................................................................................. (136) --
Advisor Class ........................................................................... (1,692,513) (7,176,573)
------------ ------------
Total distributions to shareholders ........................................................... (1,917,934) (7,886,034)
------------ ------------
Capital share transactions: (Note 2)
Class A ................................................................................. 1,061,290 --
Class C ................................................................................. 36,171 --
Class R ................................................................................. 5,000 --
Advisor Class ........................................................................... (3,558,574) (742,870)
------------ ------------
Total capital share transactions .............................................................. (2,456,113) (742,870)
------------ ------------
Net increase (decrease) in net assets ................................................ (31,557,621) (14,080,688)
Net assets:
Beginning of period ........................................................................... 75,890,764 89,971,452
------------ ------------
End of period ................................................................................. $ 44,333,143 $ 75,890,764
============ ============
Distributions in excess of net investment income included in net assets:
End of period ................................................................................. $ (9,850) $ --
============ ============

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FRANKLIN LARGE CAP EQUITY 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
six separate funds. The Franklin Large Cap Equity Fund (Fund) is included in
this report. The financial statements of the remaining funds in the Trust are
presented separately. The Fund offers four classes of shares: Class A, Class C,
Class R, and Advisor Class. Effective September 30, 2008, the Fiduciary Large
Capitalization Growth and Income Fund was renamed the Franklin Large Cap Equity
Fund and began offering three new classes of shares, Class A, Class C, and Class
R. 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

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

24 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

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

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 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.

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 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.

Semiannual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY 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.

The Fund has reviewed the tax positions, taken on federal income tax returns,
for each of the three open tax years and as of January 31, 2009, and has
determined that no provision for income tax is required in the Fund's financial
statements.

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 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.

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.

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.

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.

26 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

G. REDEMPTION FEES

A short term trading redemption fee was imposed, with some exceptions, on any
fund shares that were redeemed or exchanged within seven calendar days following
their purchase date. The redemption fee was 2% of the amount redeemed. Such fees
were retained by the fund and accounted for as an addition to paid-in capital.
Effective September 1, 2008, the redemption fee was eliminated.

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, 2009, there were an unlimited number of shares authorized
(without par value). Transactions in the Fund's shares were as follows:

PERIOD ENDED
JANUARY 31, 2009(a)
--------------------
SHARES AMOUNT
------- ----------

CLASS A SHARES:
Shares sold ........................................ 274,453 $1,122,566
Shares issued in reinvestment of distributions ..... 3,636 14,324
Shares redeemed .................................... (18,687) (75,600)
------- ----------
Net increase (decrease) ............................ 259,402 $1,061,290
------- ----------
CLASS C SHARES:
Shares sold ........................................ 7,873 $ 35,241
Shares issued in reinvestment of distributions ..... 236 930
------- ----------
Net increase (decrease) ............................ 8,109 $ 36,171
======= ==========
CLASS R SHARES:
Shares sold ........................................ 924 $ 5,000
------- ----------
Net increase (decrease) ............................ 924 $ 5,000
======= ==========

(a) For the period September 30, 2008 (effective date) to January 31, 2009 for
Class A, C, and R.

Semiannual Report | 27

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

2. SHARES OF BENEFICIAL INTEREST (CONTINUED)

PERIOD ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
------------------------ -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ----------- ---------- ------------

ADVISOR CLASS SHARES:
Shares sold ........................................ 321,281 $ 1,480,201 347,053 $ 2,339,800
Shares issued in reinvestment of distributions ..... 425,867 1,678,078 1,031,069 6,994,922
Shares redeemed .................................... (1,479,666) (6,716,853) (1,483,340) (10,077,592)
---------- ----------- ---------- ------------
Net increase (decrease) ............................ (732,518) $(3,558,574) (105,218) $ (742,870)
========== =========== ========== ============

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:

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

Fiduciary International, Inc. (Fiduciary) 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

Effective September 30, 2008, the Fund pays an investment management fee to
Fiduciary based on the average daily net assets of the Fund as follows:

ANNUALIZED FEE RATE NET ASSETS
- ------------------- ----------------------------------------------------

0.75% Up to and including $500 million
0.65% Over $500 million, up to and including $1 billion
0.60% Over $1 billion, up to and including $1.5 billion
0.55% Over $1.5 billion, up to and including $6.5 billion
0.53% Over $6.5 billion, up to and including $11.5 billion
0.50% In excess of $11.5 billion

Prior to September 30, 2008, the Fund paid fees to Fiduciary of 0.75% per year
of the average daily net assets of the Fund.

28 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY 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 Fund'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%
Class R ............................................................... 0.50%

The Board of Trustees has set the current rate at 0.30% per year for Class A
shares until further notice and approval by the Board.

On December 1, 2008, the Trust's Board of Trustees approved a modification to
the Class A distribution plan, changing the form of the plan from a compensation
distribution plan to a reimbursement distribution plan. This change is effective
February 1, 2009.

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 ..................................................... $76

E. TRANSFER AGENT FEES

For the period ended January 31, 2009, the Fund paid transfer agent fees of
$403, of which $335 was retained by Investor Services.

F. 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, 2009. Total expenses waived or paid are not subject to reimbursement by the
Fund subsequent to the Fund's fiscal year end. After November 30, 2009, FT
Services and Fiduciary may discontinue this waiver at any time upon notice to
the Fund's Board of Trustees.

Semiannual Report | 29

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY 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, 2009, the
custodian fees were reduced as noted in the Statement 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, 2008, the Fund deferred realized currency losses of
$32,520.

At January 31, 2009, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ............................................. $ 52,405,894
============
Unrealized appreciation ......................................... $ 4,566,090
Unrealized depreciation ......................................... (12,689,856)
------------
Net unrealized appreciation (depreciation) ...................... $ (8,123,766)
============

Net investment income 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 of investments (excluding short term securities) for the
period ended January 31, 2009, aggregated $24,149,011 and $29,183,937,
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 Franklin
Advisers, Inc. (an affiliate of the investment manager). 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.

30 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

8. CREDIT FACILITY

Effective, January 23, 2009, the Fund, together with other U.S. registered and
foreign investment funds managed by Franklin Templeton Investments
(individually, "Borrower"; collectively "Borrowers"), entered into a joint
syndicated senior unsecured credit facility totaling $725 million (Global Credit
Facility) to provide a source of funds to the Borrowers for temporary and
emergency purposes, including the ability to meet future unanticipated or
unusually large redemption requests.

Under the terms of the Global Credit Facility, the Fund shall, in addition to
interest charged on any borrowings made by the Fund and other costs incurred by
the Fund, pay its share of fees and expenses incurred in connection with the
implementation and maintenance of the Global Credit Facility, based upon its
relative share of the aggregate net assets of all of the Borrowers, including an
annual commitment fee based upon the unused portion of the Global Credit
Facility. During the period ended January 31, 2009, the Fund did not utilize the
Global Credit Facility.

9. FAIR VALUE MEASUREMENTS

The Fund adopted Financial Accounting Standards Board (FASB) Statement No. 157,
"Fair Value Measurement" (SFAS 157), on August 1, 2008. SFAS 157 defines fair
value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The Fund has determined that the implementation
of SFAS 157 did not have a material impact on the Fund's financial statements.

SFAS 157 establishes a fair value hierarchy that distinguishes between market
data obtained from independent sources (observable inputs) and the Fund's own
market assumptions (unobservable inputs). These inputs are used in determining
the value of the Fund's investments and are summarized in the following fair
value hierarchy:

- Level 1 - quoted prices in active markets for identical securities

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speed, credit risk,
etc.)

- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities.

At January 31, 2009, all of the Fund's investments in securities carried at fair
value were in Level 1 inputs.

Semiannual Report | 31

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

10. NEW ACCOUNTING PRONOUNCEMENT

In March 2008, FASB issued FASB Statement No. 161, "Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB Statement No. 133"
(SFAS 161), which expands disclosures about derivative investments and hedging
activities. SFAS 161 is effective for fiscal years and interim periods beginning
after November 15, 2008. The Fund believes applying the various provisions of
SFAS 161 will not have a material impact on its financial statements.

ABBREVIATIONS

SELECTED PORTFOLIO

ADR - American Depository Receipt

32 | Semiannual Report

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN LARGE CAP EQUITY FUND

PROXY VOTING POLICIES AND PROCEDURES

The Trust's investment manager has established Proxy Voting Policies and
Procedures (Policies) that the Trust uses to determine how to vote proxies
relating to portfolio securities. Shareholders may view the Trust's complete
Policies online at franklintempleton.com. Alternatively, shareholders may
request copies of the Policies free of charge by calling the Proxy Group collect
at (954) 527-7678 or by sending a written request to: Franklin Templeton
Companies, LLC, 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 (800)
SEC-0330.

Semiannual Report | 33

This page intentionally left blank.

Literature Request

LITERATURE REQUEST. TO RECEIVE A BROCHURE AND PROSPECTUS, PLEASE CALL US AT
(800) DIAL BEN/(800) 342-5236 OR VISIT franklintempleton.com. 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 INVESTING. TO ENSURE THE HIGHEST QUALITY OF SERVICE,
WE MAY MONITOR, RECORD AND ACCESS TELEPHONE CALLS TO OR FROM OUR SERVICE
DEPARTMENTS. THESE CALLS CAN BE IDENTIFIED BY THE PRESENCE OF A REGULAR BEEPING
TONE.

FRANKLIN TEMPLETON FUNDS

VALUE
Franklin All Cap Value Fund
Franklin Balance Sheet Investment Fund
Franklin Large Cap Value Fund
Franklin MicroCap Value Fund(1)
Franklin MidCap Value Fund
Franklin Small Cap Value Fund
Mutual Beacon Fund
Mutual Qualified Fund
Mutual Recovery Fund(2)
Mutual Shares Fund

BLEND
Franklin Focused Core Equity Fund
Franklin Large Cap Equity Fund
Franklin Rising Dividends Fund

GROWTH
Franklin Capital Growth Fund(1)
Franklin Flex Cap Growth Fund
Franklin Growth Fund
Franklin Growth Opportunities Fund(3)
Franklin Small Cap Growth Fund(4)
Franklin Small-Mid Cap Growth Fund

SECTOR
Franklin Biotechnology Discovery Fund
Franklin DynaTech Fund
Franklin Global Real Estate Fund
Franklin Gold and Precious Metals Fund
Franklin Natural Resources Fund
Franklin Real Estate Securities Fund
Franklin Utilities Fund
Mutual Financial Services Fund

GLOBAL
Mutual Discovery Fund
Templeton Global Long-Short Fund
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Growth Fund
Templeton World Fund

INTERNATIONAL
Franklin India Growth Fund
Franklin International Growth Fund
Franklin International Small Cap Growth Fund
Mutual European Fund
Templeton BRIC Fund
Templeton China World Fund
Templeton Developing Markets Trust
Templeton Emerging Markets Small Cap Fund
Templeton Foreign Fund
Templeton Foreign Smaller Companies Fund
Templeton Frontier Markets Fund

HYBRID
Franklin Balanced Fund
Franklin Convertible Securities Fund
Franklin Equity Income Fund
Franklin Income Fund
Templeton Income Fund

ASSET ALLOCATION
Franklin Templeton Corefolio(R) Allocation Fund
Franklin Templeton Founding Funds Allocation Fund
Franklin Templeton Perspectives Allocation Fund
Franklin Templeton Conservative Target Fund
Franklin Templeton Growth Target Fund
Franklin Templeton Moderate Target Fund
Franklin Templeton 2015 Retirement Target Fund
Franklin Templeton 2025 Retirement Target Fund
Franklin Templeton 2035 Retirement Target Fund
Franklin Templeton 2045 Retirement Target Fund

FIXED INCOME
Franklin Adjustable U.S. Government Securities Fund(5)
Franklin Floating Rate Daily Access Fund
Franklin High Income Fund
Franklin Limited Maturity U.S. Government Securities Fund(5)
Franklin Low Duration Total Return Fund
Franklin Real Return Fund
Franklin Strategic Income Fund
Franklin Strategic Mortgage Portfolio
Franklin Templeton Hard Currency Fund
Franklin Total Return Fund
Franklin U.S. Government Securities Fund(5)
Templeton Global Bond Fund
Templeton Global Total Return Fund
Templeton International Bond Fund

TAX-FREE INCOME(6)

NATIONAL FUNDS
Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund(7)

LIMITED-/INTERMEDIATE-TERM FUNDS
California Intermediate-Term Tax-Free Income Fund
Federal Intermediate-Term Tax-Free Income Fund
Federal Limited-Term Tax-Free Income Fund
New York Intermediate-Term Tax-Free Income Fund

STATE-SPECIFIC
Alabama
Arizona
California(8)
Colorado
Connecticut
Florida
Georgia
Kentucky
Louisiana
Maryland
Massachusetts(7)
Michigan(7)
Minnesota(7)
Missouri
New Jersey
New York(8)
North Carolina
Ohio(7)
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS
Franklin Templeton Variable Insurance Products Trust(9)

(1.) The fund is closed to new investors. Existing shareholders and select
retirement plans can continue adding to their accounts.

(2.) The fund is a continuously offered, closed-end fund. Shares may be
purchased daily; there is no daily redemption. However, each quarter,
pending board approval, the fund will authorize the repurchase of 5%-25% of
the outstanding number of shares. Investors may tender all or a portion of
their shares during the tender period.

(3.) Effective 11/1/07, Franklin Aggressive Growth Fund changed its name to
Franklin Growth Opportunities Fund. The fund's investment goal and strategy
remained the same.

(4.) Effective 3/31/08, Franklin Small Cap Growth Fund II changed its name to
Franklin Small Cap Growth Fund. The fund's investment goal and strategy
remained the same.

(5.) An investment in the fund is neither insured nor guaranteed by the U.S.
government or by any other entity or institution.

(6.) For investors subject to the alternative minimum tax, a small portion of
fund dividends may be taxable. Distributions of capital gains are generally
taxable.

(7.) The fund invests primarily in insured municipal securities.

(8.) These funds are available in four or more variations, including long-term
portfolios, intermediate-term portfolios, portfolios of insured securities,
a high-yield portfolio (CA only) and money market portfolios.

(9.) The funds of the Franklin Templeton Variable Insurance Products Trust are
generally available only through insurance company variable contracts.

12/08 Not part of the semiannual report

(FRANKLIN TEMPLETON INVESTMENTS(R) LOGO)

One Franklin Parkway
San Mateo, CA 94403-1906

SEMIANNUAL REPORT AND SHAREHOLDER LETTER
FRANKLIN LARGE CAP EQUITY FUND

INVESTMENT MANAGER
Fiduciary International, Inc.

DISTRIBUTOR
Franklin Templeton Distributors, Inc.
(800) DIAL BEN(R)
franklintempleton.com

SHAREHOLDER SERVICES
(800) 632-2301

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.

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.

428 S2009 03/09

FRANKLIN GLOBAL REAT ESTATE FUND

(GRAPHIC)

JANUARY 31, 2009

SEMIANNUAL REPORT AND SHAREHOLDER LETTER

A series of Franklin Global Trust

Log onto franklintempleton.com and click "My Profile"

SECTOR

FRANKLIN GLOBAL REAL ESTATE FUND

(FRANKLIN TEMPLETON INVESTMENTS(R) LOGO)

FRANKLIN - Templeton - 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)

Not part of the semiannual report

Contents

SHAREHOLDER LETTER ....................................................... 1
SEMIANNUAL REPORT
Franklin Global Real Estate Fund ......................................... 3
Performance Summary ...................................................... 7
Your Fund's Expenses ..................................................... 10
Financial Highlights and Statement of Investments ........................ 12
Financial Statements ..................................................... 18
Notes to Financial Statements ............................................ 22
Shareholder Information .................................................. 32

Shareholder Letter

Dear Shareholder:

World economies entered into a significant slowdown spawned by the unfolding
credit market crisis. Despite coordinated efforts by many governments to address
these problems, severe economic conditions and a high degree of uncertainty
fueled market volatility. Most major equity indexes suffered double-digit losses
for the reporting period. Although this difficult environment is bound to
provoke great concern, we think it is important to put short-term market
developments in perspective. Keep in mind that as daunting as current conditions
may be, we have navigated through other periods of high market volatility, such
as the stock market's severe decline of 1987 and the bursting of the technology
bubble in 2000. We remain committed to our long-term perspective and our
disciplined investment philosophy. Therefore, we view recent declines as
potential opportunities to find bargains that we believe may be well positioned
to become eventual winners. Although conditions remain challenging, our
experience gives us ample reason to be optimistic about future market
stabilization and recovery.

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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Not part of the semiannual report | 1

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

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)

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 1/31/09

(BAR CHART)

Retail REITs 34.8%
Office REITs 16.4%
Diversified REITs 13.0%
Specialized REITs 11.9%
Residential REITs 9.5%
Industrial REITs 4.0%
Diversified Real Estate Activities 0.3%
Short-Term Investments & Other Net Assets 10.1%

This semiannual report for Franklin Global Real Estate Fund covers the period
ended January 31, 2009.

PERFORMANCE OVERVIEW

Franklin Global Real Estate Fund - Class A had a cumulative total return of
- -41.91% for the six months under review. The Fund performed comparably to its
benchmark, the Standard & Poor's (S&P)/Citigroup BMI Global REIT Index (hedged
into U.S. dollars), which had a -41.77% total return for the same period.(2) You
can find more of the Fund's performance data in the Performance Summary
beginning on page 7.

ECONOMIC AND MARKET OVERVIEW

During the period under review, a global economic slowdown led many businesses
and consumers to cut spending. Commercial real estate markets suffered from
deteriorating credit markets and fundamentals. In local currency terms, as
measured by the S&P/Citigroup BMI Global REIT Index (hedged into U.S.

(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.

(2.) Source: (C) 2009 Morningstar. All Rights Reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied or distributed; and (3) is not warranted
to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of
this information. 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.

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.

Semiannual Report | 3

GEOGRAPHIC BREAKDOWN
Based on Total Net Assets as of 1/31/09

(BAR CHART)

U.S. 46.3%
Australia 11.5%
Japan 9.5%
France 6.5%
U.K. 5.2%
Netherlands 2.9%
Hong Kong 2.0%
Canada 2.0%
Belgium 1.4%
Singapore 1.3%
New Zealand 1.0%
South Africa 0.3%
Short-Term Investments & Other Net Assets 10.1%

dollars), the worst performing real estate market was Germany's, with a -53.18%
total return, followed by the U.S. with a -48.91% total return and the U.K. with
a -47.90% total return.(3) Other markets also suffered precipitous drops,
including Italy (-47.15%) and Singapore (-46.70%).(3) The only market
represented by the index that posted positive results was South Africa, with a
total return of +8.62%.(3) Several markets performed better than the overall
index, including Malaysia (-5.49%), Belgium (-7.89%), New Zealand (-12.62%) and
Taiwan (-13.40%).(3)

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 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, significant detractors from Fund
performance relative to the benchmark S&P/Citigroup BMI Global REIT Index
(hedged into U.S. dollars) included ProLogis, Valad Property Group and SL Green
Realty. During the period, ProLogis, a U.S. industrial REIT, was

(3.) Source: Standard & Poor's. See footnote 1 for a description of the
S&P/Citigroup BMI Global REIT Index. Local property returns are from
country subindexes of the index.

4 | Semiannual Report

hurt by impending debt refinancing needs and massive short covering in December
following a management restructuring and a successful effort to raise cash.
Valad, an Australia-based listed property trust with a fund platform, suffered
from less local investor interest in overseas funds, especially those invested
in the U.K., where commercial property values declined substantially. We sold
Valad by period-end. SL Green Realty, a U.S.-based office REIT specializing in
Manhattan properties, suffered from an increase in commercial vacancy rates in
New York City and from debt refinancing issues. By country, the U.S. was a major
detractor from relative Fund performance, largely due to stock selection and an
overweighted position in office space.

On a positive note, contributors to relative performance included Growthpoint
Properties, Nippon Building Fund and Equity Lifestyle. Our only South African
position, Growthpoint Properties, owns a diversified portfolio of shopping
centers, offices and warehouses. In our analysis, Growthpoint had defensive
characteristics such as a reduced development pipeline and historically high
property yields. The Fund's stake in Japanese REIT Nippon Building Fund held up
relatively well compared to the rest of the market, largely due to defensive
characteristics. These included a portfolio of well-positioned office buildings
in Tokyo and a relationship with real estate giant Mitsui Fudosan, which reduced
loan refinancing risk. Equity Lifestyle, a U.S. REIT, owns and operates a
portfolio of around 300 resort communities located in key locations in the U.S.
and British Columbia. Its core manufactured home business has performed well,
with occupancy levels flat and rental rates up. The Fund's cash position
(short-term investments and other net assets), at 10.1% of total net assets on
January 31, 2009, also contributed to relative performance and mitigated the
effect of the overall market's decline. By country, South Africa and New Zealand
helped relative results.

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. Because the
benchmark index is also hedged, the Fund gained no significant benefit from
hedging relative to the index.

TOP 10 HOLDINGS
1/31/09

COMPANY % OF TOTAL
SECTOR/INDUSTRY, COUNTRY NET ASSETS
- ------------------------ ----------

Westfield Group
RETAIL REITS, AUSTRALIA 5.8%
Unibail-Rodamco
RETAIL REITS, FRANCE 4.9%
Vornado Realty Trust
DIVERSIFIED REITS, U.S. 3.9%
Simon Property Group Inc.
RETAIL REITS, U.S. 3.7%
Public Storage
SPECIALIZED REITS, U.S. 3.5%
Nippon Building Fund Inc.
OFFICE REITS, JAPAN 3.1%
Equity Residential
RESIDENTIAL REITS, U.S. 2.5%
Japan Real Estate Investment Co.
OFFICE REITS, JAPAN 2.3%
HCP Inc.
SPECIALIZED REITS, U.S. 2.3%
Health Care REIT Inc.
SPECIALIZED REITS, U.S. 2.1%

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 OF JOHN W. FOSTER)

/s/ John W. Foster

John W. Foster

(PHOTO OF BORIS E. PIALLOUX)

/s/ Boris E. Pialloux

Boris E. Pialloux, CFA

(PHOTO OF DAVID LEVY)

/s/ David Levy

David Levy

Portfolio Management Team
Franklin Global Real Estate Fund

6 | Semiannual Report

Performance Summary as of 1/31/09

PRICE AND DISTRIBUTION INFORMATION

CLASS A (SYMBOL: FAGRX) CHANGE 1/31/09 7/31/08
- ----------------------- ------ ------- -------

Net Asset Value (NAV) -$3.98 $4.54 $8.52
DISTRIBUTIONS (8/1/08-1/31/09)
Dividend Income $0.4624

CLASS C (SYMBOL: N/A) CHANGE 1/31/09 7/31/08
- --------------------- ------ ------- -------

Net Asset Value (NAV) -$3.95 $4.53 $8.48
DISTRIBUTIONS (8/1/08-1/31/09)
Dividend Income $0.4291

ADVISOR CLASS (SYMBOL: FVGRX) CHANGE 1/31/09 7/31/08
- ----------------------------- ------ ------- -------

Net Asset Value (NAV) -$3.99 $4.54 $8.53
DISTRIBUTIONS (8/1/08-1/31/09)
Dividend Income $0.4757

Semiannual Report | 7

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.

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

Cumulative Total Return(2) -41.91% -47.00% -46.96%
Average Annual Total Return(3) -45.25% -50.04% -23.19%
Value of $10,000 Investment(4) $ 5,475 $ 4,996 $ 4,999
Avg. Ann. Total Return (12/31/08)(5) -45.82% -19.63%
Total Annual Operating Expenses(6)
Without Waiver 1.61%
With Waiver 1.38%

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

Cumulative Total Return(2) -42.08% -47.31% -47.84%
Average Annual Total Return(3) -42.61% -47.80% -21.94%
Value of $10,000 Investment(4) $ 5,739 $ 5,220 $ 5,216
Avg. Ann. Total Return (12/31/08)(5) -43.40% -18.27%
Total Annual Operating Expenses(6)
Without Waiver 2.27%
With Waiver 2.04%

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

Cumulative Total Return(2) -41.85% -46.88% -46.55%
Average Annual Total Return(3) -41.85% -46.88% -21.21%
Value of $10,000 Investment(4) $ 5,815 $ 5,312 $ 5,345
Avg. Ann. Total Return (12/31/08)(5) -42.24% -17.43%
Total Annual Operating Expenses(6)
Without Waiver 1.28%
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 (800) 342-5236.

THE INVESTMENT MANAGER AND ADMINISTRATOR HAVE CONTRACTUALLY AGREED TO WAIVE OR
LIMIT THEIR RESPECTIVE FEES AND TO ASSUME AS THEIR OWN EXPENSE CERTAIN EXPENSES
OTHERWISE PAYABLE BY THE FUND SO THAT COMMON EXPENSES (I.E., A COMBINATION OF
INVESTMENT MANAGEMENT FEES, FUND ADMINISTRATION FEES, AND OTHER EXPENSES, BUT
EXCLUDING RULE 12B-1 FEES) FOR EACH CLASS OF THE FUND DO NOT EXCEED 1.05% (OTHER
THAN CERTAIN NON-ROUTINE EXPENSES OR COSTS, INCLUDING THOSE RELATING TO
LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND LIQUIDATIONS) UNTIL 11/30/09.

8 | Semiannual Report

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.

Semiannual Report | 9

Your Fund's Expenses

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

- - Transaction costs, including sales charges (loads) on Fund purchases; and

- - 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.

10 | Semiannual Report

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.
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
VALUE 8/1/08 VALUE 1/31/09 PERIOD* 8/1/08-1/31/09
----------------- -------------- ----------------------

CLASS A
Actual $1,000 $ 580.90 $ 5.38
Hypothetical (5% return before expenses) $1,000 $1,018.40 $ 6.87
CLASS C
Actual $1,000 $ 579.20 $ 8.08
Hypothetical (5% return before expenses) $1,000 $1,014.97 $10.31
ADVISOR CLASS
Actual $1,000 $ 581.50 $ 4.19
Hypothetical (5% return before expenses) $1,000 $1,019.91 $ 5.35

* Expenses are calculated using the most recent six-month expense ratio, net
of expense waivers, annualized for each class (A: 1.35%; C: 2.03%; and
Advisor: 1.05%), multiplied by the average account value over the period,
multiplied by 184/365 to reflect the one-half year period.

Semiannual Report | 11

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN GLOBAL REAL ESTATE FUND

SIX MONTHS ENDED YEAR ENDED JULY 31,
JANUARY 31, 2009 -------------------------------
CLASS A (UNAUDITED) 2008 2007 2006(a)
- ------- ---------------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ......................................... $ 8.52 $ 10.87 $ 10.33 $10.00
------- ------- ------- ------
Income from investment operations(b):
Net investment income(c) .................................................. 0.07 0.26 0.35 0.03
Net realized and unrealized gains (losses) ................................ (3.59) (2.27) 0.59 0.30
------- ------- ------- ------
Total from investment operations ............................................. (3.52) (2.01) 0.94 0.33
------- ------- ------- ------
Less distributions from:
Net investment income ..................................................... (0.46) (0.34) (0.37) --
Net realized gains ........................................................ -- --(d) (0.03) --
------- ------- ------- ------
Total distributions .......................................................... (0.46) (0.34) (0.40) --
------- ------- ------- ------
Redemption fees(e) ........................................................... --(d) --(d) --(d) --
------- ------- ------- ------
Net asset value, end of period ............................................... $ 4.54 $ 8.52 $ 10.87 $10.33
======= ======= ======= ======
Total return(f) .............................................................. (41.91)% (18.77)% 8.81% 3.30%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ...... 1.71% 1.61% 1.86% 6.25%
Expenses net of waiver and payments by affiliates ............................ 1.36% 1.39% 1.41% 2.09%
Expenses net of waiver and payments by affiliates and expense reduction ...... 1.35% 1.38% 1.40% 1.40%
Net investment income ........................................................ 2.01% 2.69% 2.94% 2.21%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ............................................ $13,425 $29,038 $33,409 $5,488
Portfolio turnover rate ...................................................... 31.91% 92.64% 81.30% 13.57%

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

(d) Amount rounds to less than $0.01 per share.

(e) Effective September 1, 2008, the redemption fee was eliminated.

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

(g) Ratios are annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

12 | Semiannual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

SIX MONTHS ENDED YEAR ENDED JULY 31,
JANUARY 31, 2009 ------------------------------
CLASS C (UNAUDITED) 2008 2007 2006(a)
- ------- ---------------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ......................................... $ 8.48 $ 10.82 $10.32 $10.00
------- ------- ------ ------
Income from investment operations(b):
Net investment income(c) .................................................. 0.05 0.20 0.29 0.01
Net realized and unrealized gains (losses) ................................ (3.57) (2.26) 0.58 0.31
------- ------- ------ ------
Total from investment operations ............................................. (3.52) (2.06) 0.87 0.32
------- ------- ------ ------
Less distributions from:
Net investment income ..................................................... (0.43) (0.28) (0.34) --
Net realized gains ........................................................ -- --(d) (0.03) --
------- ------- ------ ------
Total distributions .......................................................... (0.43) (0.28) (0.37) --
------- ------- ------ ------
Redemption fees(e) ........................................................... --(d) --(d) --(d) --
------- ------- ------ ------
Net asset value, end of period ............................................... $ 4.53 $ 8.48 $10.82 $10.32
======= ======= ====== ======
Total return(f) .............................................................. (42.08)% (19.31)% 8.13% 3.20%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ...... 2.39% 2.27% 2.51% 6.90%
Expenses net of waiver and payments by affiliates ............................ 2.04% 2.05% 2.06% 2.74%
Expenses net of waiver and payments by affiliates and expense reduction ...... 2.03% 2.04% 2.05% 2.05%
Net investment income ........................................................ 1.33% 2.03% 2.29% 1.56%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ............................................ $ 3,198 $ 8,008 $9,192 $ 140
Portfolio turnover rate ...................................................... 31.91% 92.64% 81.30% 13.57%

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

(d) Amount rounds to less than $0.01 per share.

(e) Effective September 1, 2008, the redemption fee was eliminated.

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

(g) Ratios are annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 13

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

SIX MONTHS ENDED YEAR ENDED JULY 31,
JANUARY 31, 2009 -------------------------------
ADVISOR CLASS (UNAUDITED) 2008 2007 2006(a)
- ------------- ---------------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of period ......................................... $ 8.53 $ 10.89 $ 10.34 $10.00
------- ------- ------- ------
Income from investment operations(b):
Net investment income(c) .................................................. 0.07 0.29 0.39 0.02
Net realized and unrealized gains (losses) ................................ (3.58) (2.27) 0.59 0.32
------- ------- ------- ------
Total from investment operations ............................................. (3.51) (1.98) 0.98 0.34
------- ------- ------- ------
Less distributions from:
Net investment income ..................................................... (0.48) (0.38) (0.40) --
Net realized gains ........................................................ -- --(d) (0.03) --
------- ------- ------- ------
Total distributions .......................................................... (0.48) (0.38) (0.43) --
------- ------- ------- ------
Redemption fees(e) ........................................................... --(d) --(d) --(d) --
------- ------- ------- ------
Net asset value, end of period ............................................... $ 4.54 $ 8.53 $ 10.89 $10.34
------- ------- ------- ------
Total return(f) .............................................................. (41.85)% (18.55)% 9.12% 3.40%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ...... 1.41% 1.28% 1.51% 5.90%
Expenses net of waiver and payments by affiliates ............................ 1.06% 1.06% 1.06% 1.74%
Expenses net of waiver and payments by affiliates and expense reduction ...... 1.05% 1.05% 1.05% 1.05%
Net investment income ........................................................ 2.31% 3.02% 3.29% 2.56%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ............................................ $32,102 $59,675 $34,631 $1,221
Portfolio turnover rate ...................................................... 31.91% 92.64% 81.30% 13.57%

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

(d) Amount rounds to less than $0.01 per share.

(e) Effective September 1, 2008, the redemption fee was eliminated.

(f) Total return is not annualized for periods less than one year.

(g) Ratios are annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

14 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED)

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

COMMON STOCKS 89.9%
DIVERSIFIED REAL ESTATE ACTIVITIES 0.3%
Growthpoint Properties Ltd. ...................................... South Africa 116,617 $ 165,812
-----------
DIVERSIFIED REITS 13.0%
British Land Co. PLC ............................................. United Kingdom 139,820 918,311
Canadian REIT .................................................... Canada 16,000 262,919
Dexus Property Group ............................................. Australia 597,081 288,356
GPT Group ........................................................ Australia 820,101 396,061
Kiwi Income Property Trust ....................................... New Zealand 529,205 274,078
Liberty Property Trust ........................................... United States 25,300 506,000
Mirvac Group ..................................................... Australia 363,939 264,798
PS Business Parks Inc. ........................................... United States 4,300 184,470
Stockland ........................................................ Australia 284,646 658,397
Tokyu REIT Inc. .................................................. Japan 39 254,466
Vornado Realty Trust ............................................. United States 37,800 1,920,618
Wereldhave NV .................................................... Netherlands 5,620 403,816
-----------
6,332,290
-----------
INDUSTRIAL REITS 4.0%
AMB Property Corp. ............................................... United States 23,600 380,432
Ascendas REIT .................................................... Singapore 270,000 261,189
EastGroup Properties Inc. ........................................ United States 6,500 197,470
Goodman Group .................................................... Australia 536,669 243,834
Japan Logistics Fund Inc. ........................................ Japan 33 183,405
ProLogis ......................................................... United States 48,300 483,483
Segro PLC ........................................................ United Kingdom 89,200 207,151
-----------
1,956,964
-----------
OFFICE REITS 16.4%
Alexandria Real Estate Equities Inc. ............................. United States 7,900 468,786
AMP NZ Office Trust .............................................. New Zealand 395,999 189,004
Befimmo SCA ...................................................... Belgium 2,700 258,983
Boston Properties Inc. ........................................... United States 22,200 961,260
Cofinimmo ........................................................ Belgium 3,440 417,174
Commonwealth Property Office Fund ................................ Australia 457,683 250,118
Corporate Office Properties Trust ................................ United States 22,700 598,826
Douglas Emmett Inc. .............................................. United States 35,700 332,010
Highwoods Properties Inc. ........................................ United States 24,400 550,464
ING Office Fund .................................................. Australia 403,748 126,998
Japan Real Estate Investment Co. ................................. Japan 123 1,126,571
Nippon Building Fund Inc. ........................................ Japan 137 1,489,313
Nomura Real Estate Office Fund Inc. .............................. Japan 49 313,177
ORIX JREIT Inc. .................................................. Japan 86 412,961
Silic ............................................................ France 3,250 284,344
SL Green Realty Corp. ............................................ United States 11,800 185,378
-----------
7,965,367
-----------

Semiannual Report | 15

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED) (CONTINUED)

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

COMMON STOCKS (CONTINUED)
RESIDENTIAL REITS 9.5%
AvalonBay Communities Inc. ....................................... United States 18,500 $ 958,485
Camden Property Trust ............................................ United States 11,700 308,412
Equity Lifestyle Properties Inc. ................................. United States 15,400 581,042
Equity Residential ............................................... United States 51,100 1,222,823
Essex Property Trust Inc. ........................................ United States 8,000 528,400
Home Properties Inc. ............................................. United States 6,300 226,107
Nippon Accommodations Fund Inc. .................................. Japan 54 232,891
UDR Inc. ......................................................... United States 50,200 588,846
-----------
4,647,006
-----------
RETAIL REITS 34.8%
CapitaMall Trust ................................................. Singapore 232,589 246,574
Cedar Shopping Centers Inc. ...................................... United States 23,300 142,829
CFS Retail Property Trust ........................................ Australia 474,557 542,803
Corio NV ......................................................... Netherlands 15,400 660,282
Developers Diversified Realty Corp. .............................. United States 23,400 112,320
Eurocommercial Properties NV ..................................... Netherlands 11,350 328,828
Federal Realty Investment Trust .................................. United States 14,000 708,820
Frontier Real Estate Investment Corp. ............................ Japan 59 306,919
Hammerson PLC .................................................... United Kingdom 65,210 384,039
Japan Retail Fund Investment Corp. ............................... Japan 68 303,851
Kimco Realty Corp. ............................................... United States 49,300 708,934
Klepierre ........................................................ France 15,290 365,529
Land Securities Group PLC ........................................ United Kingdom 76,380 764,392
Liberty International PLC ........................................ United Kingdom 50,400 272,495
Link REIT ........................................................ Hong Kong 524,000 993,391
The Macerich Co. ................................................. United States 14,500 213,730
Mercialys ........................................................ France 4,360 128,826
Realty Income Corp. .............................................. United States 21,900 422,013
Regency Centers Corp. ............................................ United States 17,200 607,160
RioCan REIT ...................................................... Canada 58,200 689,419
Simon Property Group Inc. ........................................ United States 42,500 1,826,650
Suntec REIT ...................................................... Singapore 286,000 125,069
Tanger Factory Outlet Centers Inc. ............................... United States 22,900 693,870
Taubman Centers Inc. ............................................. United States 9,500 188,575
Unibail-Rodamco .................................................. France 17,659 2,376,331
Westfield Group .................................................. Australia 370,789 2,836,839
-----------
16,950,488
-----------
SPECIALIZED REITS 11.9%
HCP Inc. ......................................................... United States 47,700 1,113,318
Health Care REIT Inc. ............................................ United States 27,000 1,020,870
Host Hotels & Resorts Inc. ....................................... United States 121,300 652,594
Nationwide Health Properties Inc. ................................ United States 18,600 474,858
Public Storage ................................................... United States 27,200 1,682,864
Ventas Inc. ...................................................... United States 30,900 861,183
-----------
5,805,687
-----------
TOTAL COMMON STOCKS (COST $74,144,465) ........................... 43,823,614
-----------

16 | Semiannual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JANUARY 31, 2009 (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND COUNTRY PRINCIPAL AMOUNT VALUE
- -------------------------------- -------------- ---------------- -----------

SHORT TERM INVESTMENTS (COST $4,270,000) 8.8%
TIME DEPOSITS 8.8%
Dresdner Bank AG, 0.21%, 2/02/09 ................................. United States $4,270,000 $ 4,270,000
-----------
TOTAL INVESTMENTS (COST $78,414,465) 98.7% ....................... 48,093,614
NET UNREALIZED APPRECIATION ON FORWARD EXCHANGE CONTRACTS 1.8% ... 885,677
OTHER ASSETS, LESS LIABILITIES (0.5)% ............................ (253,419)
-----------
NET ASSETS 100.0% ................................................ $48,725,872
===========

See Abbreviations on page 31.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 17

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
January 31, 2009 (unaudited)

FRANKLIN
GLOBAL
REAL ESTATE
FUND
------------

Assets:
Investments in securities:
Cost - Unaffiliated issuers ................................ $ 78,414,465
============
Value - Unaffiliated issuers ............................... $ 48,093,614
Cash .......................................................... 19,157
Foreign currency, at value (cost $11,802) ..................... 11,134
Receivables:
Capital shares sold ........................................ 20,985
Dividends .................................................. 331,517
Unrealized appreciation on forward exchange contracts
(Note 7) ................................................... 1,027,880
------------
Total assets ............................................ 49,504,287
------------
Liabilities:
Payables:
Investment securities purchased ............................ 507,206
Capital shares redeemed .................................... 22,225
Affiliates ................................................. 33,343
Unrealized depreciation on forward exchange contracts
(Note 7) ................................................... 142,203
Accrued expenses and other liabilities ........................ 73,438
------------
Total liabilities ....................................... 778,415
------------
Net assets, at value ................................. $ 48,725,872
============
Net assets consist of:
Paid-in capital ............................................... $124,500,566
Distributions in excess of net investment income .............. (4,682,714)
Net unrealized appreciation (depreciation) .................... (29,448,078)
Accumulated net realized gain (loss) .......................... (41,643,902)
------------
Net assets, at value .................................. $ 48,725,872
============

The accompanying notes are an integral part of these financial statements.

18 | Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
January 31, 2009 (unaudited)

FRANKLIN
GLOBAL
REAL ESTATE
FUND
-----------

CLASS A:
Net assets, at value .......................................... $13,425,302
===========
Shares outstanding ............................................ 2,956,963
===========
Net asset value per share(a) .................................. $ 4.54
===========
Maximum offering price per share (net asset value per
share / 94.25%) ............................................ $ 4.82
===========
CLASS C:
Net assets, at value .......................................... $ 3,198,085
===========
Shares outstanding ............................................ 706,527
===========
Net asset value and maximum offering price per share(a) ....... $ 4.53
===========
ADVISOR CLASS:
Net assets, at value .......................................... $32,102,485
===========
Shares outstanding ............................................ 7,064,523
===========
Net asset value and maximum offering price per share .......... $ 4.54
===========

(a) Redemption price is equal to net asset value less contingent deferred sales
charges, if applicable.

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 19

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the six months ended January 31, 2009 (unaudited)

FRANKLIN
GLOBAL
REAL ESTATE
FUND
------------

Investment income:
Dividends (net of foreign taxes of $128,108) ..................................... $ 1,157,319
Interest ......................................................................... 20,811
------------
Total investment income .................................................... 1,178,130
------------
Expenses:
Management fees (Note 3a) ........................................................ 280,847
Administrative fees (Note 3b) .................................................... 70,212
Distribution fees: (Note 3c)
Class A ....................................................................... 30,587
Class C ....................................................................... 26,072
Transfer agent fees (Note 3e) .................................................... 53,121
Custodian fees (Note 4) .......................................................... 8,356
Reports to shareholders .......................................................... 20,415
Registration and filing fees ..................................................... 37,883
Professional fees ................................................................ 15,147
Trustees' fees and expenses ...................................................... 4,210
Other ............................................................................ 4,396
------------
Total expenses ............................................................. 551,246
Expense reductions (Note 4) ................................................ (498)
Expenses waived/paid by affiliates (Note 3f) ............................... (125,432)
------------
Net expenses ............................................................ 425,316
------------
Net investment income ................................................ 752,814
------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ................................................................... (27,109,349)
Foreign currency transactions ................................................. 6,280,010
------------
Net realized gain (loss) .............................................. (20,829,339)
------------
Net change in unrealized appreciation (depreciation) on:
Investments ................................................................... (17,819,282)
Translation of other assets and liabilities denominated in foreign
currencies ................................................................. 1,404,677
------------
Net change in unrealized appreciation (depreciation) ................. (16,414,605)
------------
Net realized and unrealized gain (loss) .......................................... (37,243,944)
------------
Net increase (decrease) in net assets resulting from operations .................. $(36,491,130)
============

The accompanying notes are an integral part of these financial statements.

20 | Semiannual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

FRANKLIN GLOBAL
REAL ESTATE FUND
--------------------------------
SIX MONTHS ENDED
JANUARY 31, 2009 YEAR ENDED
(UNAUDITED) JULY 31, 2008
---------------- -------------

Increase (decrease) in net assets:
Operations:
Net investment income ............................................................. $ 752,814 $ 2,982,848
Net realized gain (loss) from investments and foreign currency transactions ....... (20,829,339) (19,272,514)
Net change in unrealized appreciation (depreciation) on investments and translation
of other assets and liabilities denominated in foreign currencies .............. (16,414,605) (9,022,615)
------------ ------------
Net increase (decrease) in net assets resulting from operations ............. (36,491,130) (25,312,281)
------------ ------------
Distributions to shareholders from:
Net investment income:
Class A ........................................................................ (1,424,247) (1,061,149)
Class C ........................................................................ (315,813) (237,011)
Advisor Class .................................................................. (3,020,978) (2,468,263)
Net realized gains:
Class A ........................................................................ -- (3,379)
Class C ........................................................................ -- (924)
Advisor Class .................................................................. -- (8,301)
------------ ------------
Total distributions to shareholders ................................................ (4,761,038) (3,779,027)
------------ ------------
Capital share transactions: (Note 2)
Class A ........................................................................ (3,137,444) 3,211,419
Class C ........................................................................ (1,876,672) 981,285
Advisor Class .................................................................. (1,728,879) 44,386,866
------------ ------------
Total capital share transactions ................................................... (6,742,995) 48,579,570
------------ ------------
Redemption fees .................................................................... 84 131
------------ ------------
Net increase (decrease) in net assets ....................................... (47,995,079) 19,488,393
Net assets:
Beginning of period .................................................................. 96,720,951 77,232,558
------------ ------------
End of period ........................................................................ $ 48,725,872 $ 96,720,951
============ ============
Distributions in excess of net investment income included in net assets:
End of period ........................................................................ $ (4,682,714) $ (674,490)
============ ============

The accompanying notes are an integral part of these financial statements.

Semiannual Report | 21

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
six separate funds. The Franklin Global Real Estate Fund (Fund) is included in
this report. 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

22 | Semiannual Report

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

C. FOREIGN CURRENCY CONTRACTS

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 appreciation or depreciation 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.

Semiannual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. INCOME TAXES

The Fund has reviewed the tax positions, taken on federal income tax returns,
for each of the two open tax years and as of January 31, 2009, and has
determined that no provision for income tax is required in the Fund's financial
statements.

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, not
including 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 Trust 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.

24 | Semiannual Report

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

H. GUARANTEES AND INDEMNIFICATIONS

2. SHARES OF BENEFICIAL INTEREST

At January 31, 2009, 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, 2009 JULY 31, 2008
---------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- ---------- ------------

CLASS A SHARES:
Shares sold ............................ 319,515 $ 1,972,160 1,690,403 $ 16,736,881
Shares issued in reinvestment of
distributions ....................... 208,531 1,082,888 84,109 826,755
Shares redeemed ........................ (980,723) (6,192,492) (1,438,423) (14,352,217)
-------- ----------- ---------- ------------
Net increase (decrease) ................ (452,677) $(3,137,444) 336,089 $ 3,211,419
======== =========== ========== ============

Semiannual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

2. SHARES OF BENEFICIAL INTEREST (CONTINUED)

SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
---------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
-------- ----------- ---------- ------------

CLASS C SHARES:
Shares sold ............................ 58,098 $ 388,512 491,196 $ 4,822,799
Shares issued in reinvestment of
distributions ....................... 55,084 286,010 21,748 214,097
Shares redeemed ........................ (351,407) (2,551,194) (417,660) (4,055,611)
-------- ----------- ---------- ------------
Net increase (decrease) ................ (238,225) $(1,876,672) 95,284 $ 981,285
======== =========== ========== ============
ADVISOR CLASS SHARES:
Shares sold ............................ 673,525 $ 3,416,113 5,282,074 $ 58,719,079
Shares issued in reinvestment of
distributions ....................... 382,351 1,983,211 125,710 1,196,375
Shares redeemed ........................ (986,611) (7,128,203) (1,592,553) (15,528,588)
-------- ----------- ---------- ------------
Net increase (decrease) ................ 69,265 $(1,728,879) 3,815,231 $ 44,386,866
======== =========== ========== ============

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

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

26 | Semiannual Report

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%

The Board of Trustees has set the current rate at 0.30% per year for Class A
shares until further notice and approval by the Board.

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 .................................................... $3,540
Contingent deferred sales charges retained ........................... $3,880

E. TRANSFER AGENT FEES

For the period ended January 31, 2009, the Fund paid transfer agent fees of
$53,121, of which $34,716 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, 2009. Total expenses waived or paid are not subject to
reimbursement by the Fund subsequent to the Fund's fiscal year end. After
November 30, 2009, FT Services and FT Institutional may discontinue this waiver
at any time upon notice to the Fund's Board of Trustees.

Semiannual Report | 27

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

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, 2008, the Fund had tax basis capital losses of
$2,794,727 expiring in 2016.

For tax purposes, realized capital losses, realized currency losses, and
ordinary income 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,
2008, the Fund deferred realized capital losses, realized currency losses, and
ordinary income losses of $10,832,852, $584,666 and $3,862,865, respectively.

At January 31, 2009, the cost of investments and net unrealized appreciation
(depreciation) for income tax purposes were as follows:

Cost of investments ............................................ $ 87,617,894
============
Unrealized appreciation ........................................ $ 48,367
Unrealized depreciation ........................................ (39,572,647)
------------
Net unrealized appreciation (depreciation) ..................... $(39,524,280)
============

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, 2009, aggregated $21,510,692 and $25,495,851,
respectively.

28 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

7. FORWARD EXCHANGE CONTRACTS

At January 31, 2009, the Fund had the following forward exchange contracts
outstanding:

CONTRACT SETTLEMENT UNREALIZED UNREALIZED
AMOUNT(a) DATE APPRECIATION DEPRECIATION
--------- ---------- ------------ ------------

CONTRACTS TO BUY
2,698,772 Australian Dollar ............................. 1,803,000 3/19/09 $ -- $ (93,525)
864,188 British Pound Sterling ........................ 1,209,00 3/19/09 44,608 --
446,506 British Pound Sterling ........................ 651,000 3/19/09 -- (3,290)
586,331 Euro .......................................... 768,000 3/19/09 -- (18,505)
47,722,380 Japanese Yen .................................. 535,000 3/19/09 -- (4,070)
CONTRACTS TO SELL
11,464,254 Australian Dollar ............................. 7,648,996 3/19/09 387,226 --
3,061,817 British Pound Sterling ........................ 4,637,440 3/19/09 195,910 --
1,147,186 Canadian Dollar ............................... 936,173 3/19/09 1,836 --
4,544,301 Euro .......................................... 6,158,681 3/19/09 349,790 --
7,205,691 Hong Kong Dollar .............................. 930,163 3/19/09 726 --
443,943,980 Japanese Yen .................................. 4,920,323 3/19/09 -- (18,730)
27,123,650 Japanese Yen .................................. 305,000 3/19/09 3,239 --
573,239 New Zealand Dollar ............................ 315,511 3/19/09 25,559 --
1,206,960 Singapore Dollar .............................. 818,409 3/19/09 18,986 --
3,985,538 South African Rand ............................ 381,588 3/19/09 -- (4,083)
---------- ---------
Unrealized appreciation (depreciation) on forward exchange contracts ............. 1,027,880 (142,203)
---------- ---------
Net unrealized appreciation (depreciation) on forward exchange contracts ...... $ 885,677
==========

(a) In U.S. dollars unless otherwise indicated.

8. CREDIT FACILITY

Under the terms of the Global Credit Facility, the Fund shall, in addition to
interest charged on any borrowings made by the Fund and other costs incurred by
the Fund, pay its share of fees and expenses incurred in connection with the
implementation and maintenance of the Global Credit Facility, based upon its
relative share of the aggregate net assets of all the Borrowers, including an
annual commitment fee based upon the unused portion of the Global Credit
Facility. During the period ended January 31, 2009, the Fund did not utilize the
Global Credit Facility.

Semiannual Report | 29

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

9. FAIR VALUE MEASUREMENTS

SFAS 157 establishes a fair value hierarchy that distinguishes between market
data obtained from independent sources (observable inputs) and the Trust's own
market assumptions (unobservable inputs). These inputs are used in determining
the value of the Fund's investments and are summarized in the following fair
value hierarchy:

- Level 1 - quoted prices in active markets for identical securities

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speed, credit risk,
etc.)

- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities.

The following is a summary of the inputs used as of January 31, 2009, in valuing
the Fund's assets and liabilities carried at fair value:

LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
----------- ---------- ------- -----------

ASSETS:
Investments in Securities $43,823,614 $4,270,000 $-- $48,093,614
Other Financial Instruments(a) -- 1,027,880 -- 1,027,880
LIABILITIES:
Other Financial Instruments(a) -- 142,203 -- 142,203

(a) Other financial instruments includes net unrealized appreciation
(depreciation) on forward exchange contracts.

10. NEW ACCOUNTING PRONOUNCEMENT

In March 2008, FASB issued FASB Statement No. 161, "Disclosures about Derivative
Instruments and Hedging Activities, an amendment of FASB Statement No. 133"
(SFAS 161), which expands disclosures about derivative investments and hedging
activities. SFAS 161 is effective for fiscal years and interim periods beginning
after November 15, 2008. The Trust believes applying the various provisions of
SFAS 161 will not have a material impact on its financial statements.

30 | Semiannual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

ABBREVIATIONS

SELECTED PORTFOLIO

REIT - Real Estate Investment Trust

Semiannual Report | 31

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN GLOBAL REAL ESTATE FUND

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

32 | Semiannual Report

Literature Request

FRANKLIN TEMPLETON FUNDS

BLEND
Franklin Focused Core Equity Fund
Franklin Large Cap Equity Fund
Franklin Rising Dividends Fund

GROWTH
Franklin Capital Growth Fund(1)
Franklin Flex Cap Growth Fund
Franklin Growth Fund
Franklin Growth Opportunities Fund(3)
Franklin Small Cap Growth Fund(4)
Franklin Small-Mid Cap Growth Fund

GLOBAL
Mutual Discovery Fund
Templeton Global Long-Short Fund
Templeton Global Opportunities Trust
Templeton Global Smaller Companies Fund
Templeton Growth Fund
Templeton World Fund

HYBRID
Franklin Balanced Fund
Franklin Convertible Securities Fund
Franklin Equity Income Fund
Franklin Income Fund
Templeton Income Fund

TAX-FREE INCOME(6)
NATIONAL FUNDS
Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund(7)