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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10157
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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: 7/31/09
-------

ITEM 1. REPORTS TO STOCKHOLDERS.

JULY 31, 2009

ANNUAL REPORT
AND SHAREHOLDER LETTER

A series of Franklin Global Trust

(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 annual report

Contents

Shareholder Letter.................................. 1
ANNUAL REPORT
Franklin Large Cap Equity Fund...................... 3
Performance Summary................................. 8
Your Fund's Expenses................................ 13
Financial Highlights and Statement of Investments... 15
Financial Statements................................ 22
Notes to Financial Statements....................... 26
Report of Independent Registered Public
Accounting Firm.................................. 35
Tax Designation..................................... 36
Board Members and Officers.......................... 37
Shareholder Information............................. 42

Shareholder Letter

Dear Shareholder:

The one-year period ended July 31, 2009, was an extraordinary and stressful time
for investors and those of us who have worked in financial markets for many
years. During much of this turbulent period, the U.S. recession deepened, the
unemployment rate surged and consumer spending fell. In the past four months,
the U.S. economy, while still in a downturn, became marginally "less worse" as
the recession seemed to loosen its grip. The results of government "stress
tests" of major financial institutions were generally positive, enabling those
institutions to raise capital in the public markets and avoid a worst-case
scenario of government takeovers and/or failures of major banks. For most of the
reporting period, stocks suffered major losses as investors worried about an
uncertain future. After reaching cyclical lows in March, the stock indexes began
a rally as many investors reentered the market. At the same time, U.S. Treasury
yields rose from multi-year lows as investor risk aversion waned.

Amid recent events, we think it is important to put short-term market
developments in perspective. Keep in mind that we have navigated through past
periods of high market volatility by remaining committed to our long-term
perspective and disciplined investment philosophy. During such times, we search
for 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 annual 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.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Not part of the annual report | 1

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.

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 changing 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 JULY 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 annual report

Annual 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.

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.

This annual report for Franklin Large Cap Equity Fund covers the fiscal year
ended July 31, 2009.

PERFORMANCE OVERVIEW

For the 12 months under review, Franklin Large Cap Equity Fund - Advisor Class
had a -21.07% cumulative total return. The Fund underperformed its benchmark,
the Standard & Poor's 500 Index (S&P 500), which had a -19.96% 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 -9.78% cumulative total
return from their inception through July 31, 2009. For this period, the S&P 500
had a -13.38% total return.(2) You can find other Fund performance data in the
Performance Summary beginning on page 8.

ECONOMIC AND MARKET OVERVIEW

During the 12-month period ended July 31, 2009, the U.S. economy and stock
markets reached historical extremes, declining dramatically until tentative
signs of stabilization emerged in the latter half of the period and equity
markets staged

(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, and an index is not 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 19.

Annual Report | 3

GEOGRAPHIC BREAKDOWN
Based on Total Net Assets as of 7/31/09

(BAR CHART)

U.S. 72.2%
Switzerland 8.3%
U.K. 6.1%
Singapore 2.2%
Israel 2.0%
Japan 1.7%
Brazil 1.4%
Hong Kong 1.4%
Denmark 1.2%
China 1.0%
Short-Term Investments & Other Net Assets 2.5%

a robust rally. Early in the period, the U.S. recession deepened, several blue
chip banks and financial institutions failed or sought government assistance,
credit markets seized up and housing prices plummeted. With a new president,
Barack Obama, the country and financial markets were eager to see how
effectively the government could address these problems.

Despite the government's swift interventions, novel policy responses and massive
emergency funding, the nation's economic travails continued. Although home sales
declined for most of the period, they edged higher near period-end, but prices
remained depressed in light of persistent mortgage defaults and weak demand.
Jobless claims mounted and the unemployment rate surged from 5.8% to 9.4% during
the year, led by steep losses in manufacturing, construction and business
services.(3) Cumulative job losses since the recession began in December 2007
increased to 6.7 million, the biggest drop in any post-World War II economic
slump.(3) As consumers grew more frugal, retail and auto sales plummeted. The
Conference Board's Consumer Confidence Index fell to the lowest level since it
began in 1967 before rebounding in 2009's second quarter due to improved
expectations. Economic activity as measured by gross domestic product (GDP)
declined 3.9% in the second quarter of 2009 compared with the second quarter of
2008, the biggest year-over-year contraction in 27 years.

Oil prices stood at an elevated level of $124 per barrel at the beginning of the
period but retreated to a four-year low of $31 in December as demand waned amid
an intensifying global recession. Prices rose to $69 by period-end as
commodities fluctuated in tandem with investor sentiment and vacillations in
equity markets. Other commodity prices, including those for industrial metals
and agricultural products, were also driven by optimism that a global recovery
could revive demand. Partially as a result of the steep price correction for
energy products and reduced consumer spending, deflationary pressures surfaced
and July's inflation rate was an annualized -2.1%, representing the steepest
yearly decline in the cost of living in nearly six decades.(3) Core inflation,
which excludes food and energy costs, rose at a 1.5% annualized rate, which was
within the Federal Reserve Board's (Fed's) informal target range of 1.5% to
2.0%.(3)

A slowing economy and decelerating inflation prompted Washington policy-makers
to further lower interest rates and enact stimulus plans. During the 12 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 period. Toward period-end the Fed stated
the economy and financial system were still too weak for it to begin tightening
monetary policy. The government introduced various new

(3.) Source: Bureau of Labor Statistics.

4 | Annual Report

measures to shore up financial markets and enhance market liquidity and outlined
details of its Public-Private Investment Program, with an objective of removing
devalued real estate-related assets from banks' balance sheets.

Most stocks and bonds suffered major losses through early March as investors
worried about an uncertain future. Following an extended wave of extreme
volatility and panic selling, stocks partially recovered from 12-year lows as
investors found many bargains among the bear market fallout and data indicated
the economy's pace of contraction was moderating. For the 12 months under
review, the blue chip stocks of the Dow Jones Industrial Average had a total
return of -16.62%, the broader S&P 500 a -19.96% total return, and the
technology-heavy NASDAQ Composite Index a -14.05% total return.(4) All sectors
lost value with the financials, industrials and materials sectors posting 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 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.

MANAGER'S DISCUSSION

During the year under review, the Fund lagged its benchmark, the S&P 500, mainly
due to stock selection in the information technology and industrials

(4.) Source: (C) 2009 Morningstar. The Dow Jones Industrial Average is price
weighted based on the average market price of 30 blue chip stocks of
companies that are generally industry leaders. See footnote 2 for a
description of the S&P 500. The NASDAQ Composite Index measures all NASDAQ
domestic and international based common type stocks listed on The NASDAQ
Stock Market. The index is market value weighted and includes more than
3,000 companies.

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 7/31/09

(BAR CHART)

Pharmaceuticals 11.3%
Food Products 6.7%
Capital Markets 6.3%
Energy Equipment & Services 6.2%
Oil, Gas & Consumable Fuels 6.0%
Computers & Peripherals 6.0%
Electrical Equipment 4.9%
Communications Equipment 4.6%
Insurance 4.1%
Electronic Equipment, Instruments & Components 4.0%
Beverages 3.4%
Aerospace & Defense 2.9%
Specialty Retail 2.8%
Software 2.8%
Chemicals 2.6%
Other 22.9%
Short-Term Investments & Other Net Assets 2.5%

Annual Report | 5

TOP 10 EQUITY HOLDINGS
7/31/09

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

Exxon Mobil Corp. 3.1%
OIL, GAS & CONSUMABLE FUELS, U.S.
ABB Ltd. 2.9%
ELECTRICAL EQUIPMENT, SWITZERLAND
The Home Depot Inc. 2.8%
SPECIALTY RETAIL, U.S.
Roche Holding AG 2.7%
PHARMACEUTICALS, SWITZERLAND
Nestle SA 2.7%
FOOD PRODUCTS, SWITZERLAND
Celgene Corp. 2.5%
BIOTECHNOLOGY, U.S.
Johnson & Johnson 2.5%
PHARMACEUTICALS, U.S.
Rio Tinto PLC 2.5%
METALS & MINING, U.K.
Cisco Systems Inc. 2.4%
COMMUNICATIONS EQUIPMENT, U.S.
General Electric Co. 2.4%
INDUSTRIAL CONGLOMERATES, U.S.

sectors.(5) Among the Fund's information technology holdings, Nintendo,(6) the
Japanese maker of gaming devices and related software, and Corning (sold by
period-end), which manufactures glass panels and optical fiber for the
telecommunications industry, were particularly detrimental. In general, these
companies' sales were hurt by the pullback in demand from consumer end markets.

In the industrials sector, major detractors from relative performance included
Terex (sold by period-end), a manufacturer of construction and mining equipment
that saw a reduction in orders as the recession deepened and as demand for mined
commodities and new construction generally decelerated; and Vestas Wind Systems,
a wind turbine manufacturer that suffered along with several other alternative
energy companies impacted by the poor credit environment. Historically, the
industrials sector has been sensitive to changes in global economic cycles, and
by comparison suffered one of its worst cycles ever during the current economic
downturn.

In a very difficult year for equities of any kind, the Fund's performance
improved greatly in the second half of the reporting period as the stock market
rebounded from multi-year lows. Moreover, a combination of stock selection and
our greater commitment to equities over cash as the markets improved allowed the
Fund to almost fully recover its relative losses from earlier in the fiscal
year. Overall for the year, our investments in the health care and financials
sectors were the most supportive to Fund results versus the S&P 500.(7) Standout
contributors from the health care sector included pharmaceuticals giant
Schering-Plough, which benefited from further industry consolidation and Merck's
planned acquisition; Teva Pharmaceuticals, the world's largest generic drug
maker,(6) which improved as more prescriptions became available in generic form;
and Genentech,(6) a large biotechnology firm which was fully acquired by Swiss
drug maker Roche during the reporting period.

Our underweighted allocation to financials stocks aided relative performance, as
financials were the equity market's worst-performing sector during the year
under review. Furthermore, well timed purchases of BlackRock,(6) a diversified
investment management firm, and Goldman Sachs, the investment bank, provided
strong relative returns. In general, these stocks performed well as confidence
returned to the financial markets and credit conditions eased during the latter
half of the reporting period.

(5.) The information technology sector comprises communications equipment;
computers and peripherals; electronic equipment, instruments and
components; Internet software and services; IT services; and software in
the SOI. The industrials sector comprises aerospace and defense, electrical
equipment, energy equipment and services, and industrial conglomerates in
the SOI.

(6.) This holding is not an index component.

(7.) The health care sector comprises biotechnology, health care equipment and
supplies, and pharmaceuticals in the SOI. The financials sector comprises
capital markets, diversified financial services and insurance in the SOI.

6 | Annual Report

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

Porfolio Management Team
Franklin Large Cap Equity Fund

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS, OPINIONS AND PORTFOLIO HOLDINGS
AS OF JULY 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.

Annual Report | 7

Performance Summary as of 7/31/09

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 and graphs do not reflect any taxes
that a shareholder would pay on Fund dividends, capital gain distributions, if
any, or any realized gains on the sale of Fund shares. Total return reflects
reinvestment of the Fund's dividends and capital gain distributions, if any, and
any unrealized gains or losses.

PRICE AND DISTRIBUTION INFORMATION

CLASS A (SYMBOL: n/a) CHANGE 7/31/09 9/30/08
- -------------------- ------ ------- -------

Net Asset Value (NAV) -$0.74 $4.67 $5.41
DISTRIBUTIONS (9/30/08-7/31/09)
Dividend Income $0.0307
Long-Term Capital Gain $0.1470
TOTAL $0.1777

CLASS C (SYMBOL: n/a) CHANGE 7/31/09 9/30/08
- -------------------- ------ ------- -------

Net Asset Value (NAV) -$0.75 $4.66 $5.41
DISTRIBUTIONS (9/30/08-7/31/09)
Dividend Income $0.0170
Long-Term Capital Gain $0.1470
TOTAL $0.1640

CLASS R (SYMBOL: n/a) CHANGE 7/31/09 9/30/08
- -------------------- ------ ------- -------

Net Asset Value (NAV) -$0.74 $4.67 $5.41
DISTRIBUTIONS (9/30/08-7/31/09)
Dividend Income $0.0248
Long-Term Capital Gain $0.1470
TOTAL $0.1718

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

Net Asset Value (NAV) -$1.53 $4.67 $6.20
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.0426
Long-Term Capital Gain $0.1470
TOTAL $0.1896

8 | Annual 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) -9.78%
Aggregate Total Return(3) -14.97%
Value of $10,000 Investment(4) $ 8,503
Aggregate Total Return (6/30/09)(5) -21.71%
Total Annual Operating Expenses(6)
Without Waiver 1.44%
With Waiver 1.30%

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

Cumulative Total Return(2) -10.28%
Aggregate Total Return(3) -11.14%
Value of $10,000 Investment(4) $ 8,886
Aggregate Total Return (6/30/09)(5) -18.20%
Total Annual Operating Expenses(6)
Without Waiver 2.09%
With Waiver 1.95%

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

Cumulative Total Return(2) -9.91%
Aggregate Total Return(3) -9.91%
Value of $10,000 Investment(4) $ 9,009
Aggregate Total Return (6/30/09)(5) -17.05%
Total Annual Operating Expenses(6)
Without Waiver 1.59%
With Waiver 1.45%

ADVISOR CLASS 1-YEAR 5-YEAR 10-YEAR
- ------------- ------- ------- -------

Cumulative Total Return(2) -21.07% +0.10% -7.61%
Average Annual Total Return(7) -21.07% +0.02% -0.79%
Value of $10,000 Investment(4) $ 7,893 $10,010 $9,239
Avg. Ann. Total Return (6/30/09)(5) -29.04% -2.13% -1.82%
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 FEE, 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 NONROUTINE EXPENSES OR COSTS,
INCLUDING THOSE RELATING TO LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND
LIQUIDATIONS) UNTIL 11/30/09.

Annual Report | 9

Performance Summary (CONTINUED)

TOTAL RETURN INDEX COMPARISON FOR A HYPOTHETICAL $10,000 INVESTMENT

Total return represents the change in value of an investment over the periods
shown. It includes any applicable maximum sales charge, Fund expenses, account
fees and reinvested distributions. The unmanaged index includes reinvestment of
any income or distributions. It differs from the Fund in composition and does
not pay management fees or expenses. One cannot invest directly in an index.

AGGREGATE TOTAL RETURN

CLASS A 7/31/09
- ------- -------

Since Inception (9/30/08) -14.97%

CLASS A (9/30/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN LARGE
CAP EQUITY
DATE FUND - CLASS A S&P 500 INDEX
- ------------- -------------- -------------

9/30/2008 $9,425 $10,000
10/31/2008 $7,944 $ 8,321
11/30/2008 $7,300 $ 7,723
12/31/2008 $7,375 $ 7,806
1/31/2009 $6,813 $ 7,148
2/28/2009 $6,324 $ 6,387
3/31/2009 $6,824 $ 6,946
4/30/2009 $7,351 $ 7,611
5/31/2009 $7,786 $ 8,037
6/30/2009 $7,829 $ 8,053
7/31/2009 $8,503 $ 8,662

AGGREGATE TOTAL RETURN

CLASS C 7/31/09
- ------- -------

Since Inception (9/30/08) -11.14%

CLASS C (9/30/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN LARGE
CAP EQUITY
DATE FUND - CLASS C S&P 500 INDEX
- ------------- -------------- -------------

9/30/2008 $10,000 $10,000
10/31/2008 $ 8,429 $ 8,321
11/30/2008 $ 7,745 $ 7,723
12/31/2008 $ 7,814 $ 7,806
1/31/2009 $ 7,219 $ 7,148
2/28/2009 $ 6,700 $ 6,387
3/31/2009 $ 7,228 $ 6,946
4/30/2009 $ 7,766 $ 7,611
5/31/2009 $ 8,228 $ 8,037
6/30/2009 $ 8,266 $ 8,053
7/31/2009 $ 8,886 $ 8,662

10 | Annual Report

Performance Summary (CONTINUED)

AGGREGATE TOTAL RETURN

CLASS R 7/31/09
- ------- -------

Since Inception (9/30/08) -9.91%

CLASS R (9/30/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN LARGE
CAP EQUITY
DATE FUND - CLASS R S&P 500 INDEX
- ------------- -------------- -------------

9/30/2008 $10,000 $10,000
10/31/2008 $ 8,429 $ 8,321
11/30/2008 $ 7,745 $ 7,723
12/31/2008 $ 7,818 $ 7,806
1/31/2009 $ 7,223 $ 7,148
2/28/2009 $ 6,704 $ 6,387
3/31/2009 $ 7,232 $ 6,946
4/30/2009 $ 7,790 $ 7,611
5/31/2009 $ 8,252 $ 8,037
6/30/2009 $ 8,295 $ 8,053
7/31/2009 $ 9,009 $ 8,662

AVERAGE ANNUAL TOTAL RETURN

ADVISOR CLASS 7/31/09
- ------------- -------

1-Year -21.07%
5-Year +0.02%
10-Year -0.79%

ADVISOR CLASS (8/1/99-7/31/09)

(PERFORMANCE GRAPH)

(PLOT POINTS TO COME)

Annual Report | 11

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. In periods of market volatility, assets may decline
significantly, causing total annual Fund operating expenses to become
higher than the figures shown.

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

(8.) Source: (C) 2009 Morningstar. 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.

12 | Annual 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) for each class listed in 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) 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.

Annual Report | 13

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 2/1/09 VALUE 7/31/09 PERIOD* 2/1/09-7/31/09
----------------- -------------- ----------------------

Class A
Actual $1,000 $1,248.00 $ 6.97
Hypothetical (5% return before expenses) $1,000 $1,018.60 $ 6.26
Class C
Actual $1,000 $1,242.90 $10.79
Hypothetical (5% return before expenses) $1,000 $1,015.17 $ 9.69
Class R
Actual $1,000 $1,247.30 $ 8.08
Hypothetical (5% return before expenses) $1,000 $1,017.60 $ 7.25
Advisor Class
Actual $1,000 $1,249.60 $ 5.30
Hypothetical (5% return before expenses) $1,000 $1,020.08 $ 4.76

* Expenses are calculated using the most recent six-month expense ratio, net
of expense waivers, annualized for each class (A: 1.25%; C: 1.94%; R:
1.45%; and Advisor: 0.95%), multiplied by the average account value over
the period, multiplied by 181/365 to reflect the one-half year period.

14 | Annual Report

Franklin Global Trust
FINANCIAL HIGHLIGHTS

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JULY 31,
2009(a)
-------------

CLASS A
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) ....................................... 0.04
Net realized and unrealized gains (losses) ..................... (0.60)
------
Total from investment operations .................................. (0.56)
------
Less distributions from:
Net investment income .......................................... (0.03)
Net realized gains ............................................. (0.15)
------
Total distributions ............................................... (0.18)
------
Net asset value, end of period .................................... $ 4.67
======
Total return(d) ................................................... (9.78)%
RATIOS TO AVERAGE NET ASSETS(e)
Expenses before waiver and payments by affiliates ................. 1.51%
Expenses net of waiver and payments by affiliates(f) .............. 1.27%
Net investment income 0.74%
SUPPLEMENTAL DATA
Net assets, end of period (000's) ................................. $1,412
Portfolio turnover rate ........................................... 70.93%

(a) For the period September 30, 2008 (effective date) to July 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) Total return does not reflect sales commissions or contingent deferred
sales charges, if applicable, and is not annualized for periods less than
one year.

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

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

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

Annual Report | 15

Franklin Global Trust
FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JULY 31,
2009(a)
-------------

CLASS C
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) .................................... 0.01
Net realized and unrealized gains (losses) .................. (0.59)
-------
Total from investment operations ............................... (0.58)
-------
Less distributions from:
Net investment income ....................................... (0.02)
Net realized gains .......................................... (0.15)
-------
Total distributions ............................................ (0.17)
-------
Net asset value, end of period ................................. $ 4.66
=======
Total return(d) ................................................ (10.28)%
RATIOS TO AVERAGE NET ASSETS(e)
Expenses before waiver and payments by affiliates .............. 2.20%
Expenses net of waiver and payments by affiliates(f) ........... 1.96%
Net investment income .......................................... 0.05%
SUPPLEMENTAL DATA
Net assets, end of period (000's) .............................. $ 76
Portfolio turnover rate ........................................ 70.93%

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

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

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

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

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

16 | Annual Report

Franklin Global Trust
FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

PERIOD ENDED
JULY 31,
CLASS R 2009(a)
- ------- ------------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the period)
Net asset value, beginning of year ......................... $ 5.41
------
Income from investment operations(b):
Net investment income(c) ................................ 0.03
Net realized and unrealized gains (losses) .............. (0.60)
------
Total from investment operations ........................... (0.57)
------
Less distributions from:
Net investment income ................................... (0.02)
Net realized gains ...................................... (0.15)
------
Total distributions ........................................ (0.17)
------
Net asset value, end of period ............................. $ 4.67
======
Total return(d) ............................................ (9.91)%
RATIOS TO AVERAGE NET ASSETS(e)
Expenses before waiver and payments by affiliates .......... 1.71%
Expenses net of waiver and payments by affiliates(f) ....... 1.47%
Net investment income ...................................... 0.54%
SUPPLEMENTAL DATA
Net assets, end of period (000's) .......................... $ 4
Portfolio turnover rate .................................... 70.93%

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

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

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

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

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

Annual Report | 17

Franklin Global Trust
FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

YEAR ENDED JULY 31,
--------------------------------------------------
ADVISOR CLASS 2009 2008 2007 2006 2005
- ------------- ------- ------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the year)
Net asset value, beginning of year ....................... $ 6.20 $ 7.28 $ 6.63 $ 7.15 $ 6.77
------- ------- ------- ------- -------
Income from investment operations(a):
Net investment income(b) .............................. 0.05 0.05 0.04 0.04 0.08
Net realized and unrealized gains (losses) ............ (1.39) (0.48) 1.14 0.13 0.74
------- ------- ------- ------- -------
Total from investment operations ......................... (1.34) (0.43) 1.18 0.17 0.82
------- ------- ------- ------- -------
Less distributions from:
Net investment income ................................. (0.04) (0.06) (0.04) (0.04) (0.08)
Net realized gains .................................... (0.15) (0.59) (0.49) (0.65) (0.36)
------- ------- ------- ------- -------
Total distributions ...................................... (0.19) (0.65) (0.53) (0.69) (0.44)
------- ------- ------- ------- -------
Redemption fees(c) ....................................... -- -- --(d) -- --
------- ------- ------- ------- -------
Net asset value, end of year ............................. $ 4.67 $ 6.20 $ 7.28 $ 6.63 $ 7.15
======= ======= ======= ======= =======
Total return ............................................. (21.07)% (6.66)% 18.27% 2.22% 12.38%
RATIOS TO AVERAGE NET ASSETS
Expenses before waiver and payments by affiliates ........ 1.21% 1.03% 1.03% 1.02% 1.01%
Expenses net of waiver and payments by affiliates(e) ..... 0.97% 1.03% 1.03% 1.02% 1.01%
Net investment income .................................... 1.04% 0.67% 0.63% 0.57% 1.13%
SUPPLEMENTAL DATA
Net assets, end of year (000's) .......................... $50,123 $75,891 $89,971 $91,915 $94,536
Portfolio turnover rate .................................. 70.93% 51.54% 41.86% 54.63% 47.08%

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

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

18 | Annual Report

Franklin Global Trust
STATEMENT OF INVESTMENTS, JULY 31, 2009

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

COMMON STOCKS 97.5%
AEROSPACE & DEFENSE 2.9%
Precision Castparts Corp. .................................... United States 6,400 $ 510,783
United Technologies Corp. .................................... United States 18,300 996,801
-----------
1,507,584
-----------
BEVERAGES 3.4%
Diageo PLC, ADR .............................................. United Kingdom 12,900 804,702
PepsiCo Inc. ................................................. United States 16,700 947,725
-----------
1,752,427
-----------
BIOTECHNOLOGY 2.5%
(a) Celgene Corp. ................................................ United States 23,100 1,315,776
-----------
CAPITAL MARKETS 6.3%
The Bank of New York Mellon Corp. ............................ United States 16,200 442,908
BlackRock Inc. ............................................... United States 6,300 1,200,402
The Goldman Sachs Group Inc. ................................. United States 3,300 538,890
Invesco Ltd. ................................................. United States 53,700 1,060,575
-----------
3,242,775
-----------
CHEMICALS 2.6%
Air Products and Chemicals Inc. .............................. United States 8,000 596,800
Monsanto Co. ................................................. United States 9,100 764,400
-----------
1,361,200
-----------
COMMUNICATIONS EQUIPMENT 4.6%
(a) Cisco Systems Inc. ........................................... United States 56,200 1,236,962
QUALCOMM Inc. ................................................ United States 24,400 1,127,524
-----------
2,364,486
-----------
COMPUTERS & PERIPHERALS 6.0%
(a) Apple Inc. ................................................... United States 3,300 539,187
(a) EMC Corp. .................................................... United States 71,700 1,079,802
Hewlett-Packard Co. .......................................... United States 14,000 606,200
International Business Machines Corp. ........................ United States 7,200 849,096
-----------
3,074,285
-----------
DISTRIBUTORS 1.4%
Li & Fung Ltd. ............................................... Hong Kong 244,000 719,420
-----------
DIVERSIFIED FINANCIAL SERVICES 2.3%
JPMorgan Chase & Co. ......................................... United States 30,200 1,167,230
-----------
DIVERSIFIED TELECOMMUNICATION SERVICES 2.2%
Singapore Telecommunications Ltd. ............................ Singapore 469,000 1,140,327
-----------
ELECTRIC UTILITIES 0.8%
Exelon Corp. ................................................. United States 7,900 401,794
-----------
ELECTRICAL EQUIPMENT 4.9%
ABB Ltd. ..................................................... Switzerland 81,000 1,479,341
(a) SunPower Corp., A ............................................ United States 13,600 437,920
(a) Vestas Wind Systems AS ....................................... Denmark 8,500 598,706
-----------
2,515,967
-----------

Annual Report | 19

Franklin Global Trust
STATEMENT OF INVESTMENTS, JULY 31, 2009 (CONTINUED)

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

COMMON STOCKS (CONTINUED)
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 4.0%
(a) Agilent Technologies Inc. .................................... United States 42,000 $ 975,240
(a) Trimble Navigation Ltd. ...................................... United States 46,000 1,090,660
-----------
2,065,900
-----------
ENERGY EQUIPMENT & SERVICES 6.2%
(a) National Oilwell Varco Inc. .................................. United States 27,500 988,350
Schlumberger Ltd. ............................................ United States 20,800 1,112,800
(a) Transocean Ltd. .............................................. United States 13,600 1,083,784
-----------
3,184,934
-----------
FOOD & STAPLES RETAILING 2.1%
CVS Caremark Corp. ........................................... United States 33,000 1,104,840
-----------
FOOD PRODUCTS 6.7%
Cadbury PLC .................................................. United Kingdom 112,500 1,111,281
Kellogg Co. .................................................. United States 19,500 926,250
Nestle SA .................................................... Switzerland 34,000 1,399,064
-----------
3,436,595
-----------
HEALTH CARE EQUIPMENT & SUPPLIES 1.6%
Becton Dickinson and Co. ..................................... United States 13,000 846,950
-----------
INDUSTRIAL CONGLOMERATES 2.3%
General Electric Co. ......................................... United States 90,700 1,215,380
-----------
INSURANCE 4.1%
ACE Ltd. ..................................................... United States 10,800 529,848
Aflac Inc. ................................................... United States 27,400 1,037,364
(a) Markel Corp. ................................................. United States 1,800 568,026
-----------
2,135,238
-----------
INTERNET SOFTWARE & SERVICES 1.3%
(a) Google Inc., A ............................................... United States 1,500 664,575
-----------
IT SERVICES 1.1%
Accenture Ltd., A ............................................ United States 15,700 550,599
-----------
METALS & MINING 2.5%
Rio Tinto PLC ................................................ United Kingdom 30,500 1,267,518
-----------
OIL, GAS & CONSUMABLE FUELS 6.0%
Devon Energy Corp. ........................................... United States 13,400 778,406
Exxon Mobil Corp. ............................................ United States 23,000 1,618,970
Petroleo Brasileiro SA, ADR .................................. Brazil 17,600 725,824
-----------
3,123,200
-----------
PHARMACEUTICALS 11.3%
Abbott Laboratories .......................................... United States 15,300 688,347
Johnson & Johnson ............................................ United States 21,000 1,278,690
Merck & Co. Inc. ............................................. United States 16,900 507,169
Roche Holding AG ............................................. Switzerland 8,900 1,403,116
Schering-Plough Corp. ........................................ United States 35,600 943,756
Teva Pharmaceutical Industries Ltd., ADR ..................... Israel 19,000 1,013,460
-----------
5,834,538
-----------

20 | Annual Report

Franklin Global Trust
STATEMENT OF INVESTMENTS, JULY 31, 2009 (CONTINUED)

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

COMMON STOCKS (CONTINUED)
SOFTWARE 2.8%
Nintendo Co. Ltd. ............................................ Japan 3,200 $ 865,166
Oracle Corp. ................................................. United States 26,000 575,380
-----------
1,440,546
-----------
SPECIALTY RETAIL 2.8%
The Home Depot Inc. .......................................... United States 55,900 1,450,046
-----------
TEXTILES, APPAREL & LUXURY GOODS 1.8%
NIKE Inc., B ................................................. United States 16,600 940,224
-----------
WIRELESS TELECOMMUNICATION SERVICES 1.0%
China Mobile Ltd. ............................................ China 50,000 525,172
-----------
TOTAL COMMON STOCKS (COST $47,281,483) ....................... 50,349,526
-----------
SHORT TERM INVESTMENTS (COST $1,384,689) 2.7%
MONEY MARKET FUNDS 2.7%
(b) Institutional Fiduciary Trust Money Market Portfolio, 0.00% .. United States 1,384,689 1,384,689
-----------
TOTAL INVESTMENTS (COST $48,666,172) 100.2% .................. 51,734,215
OTHER ASSETS, LESS LIABILITIES (0.2)% ........................ (119,549)
-----------
NET ASSETS 100.0%............................................. $51,614,666
===========

See Abbreviations on page 34.

(a) Non-income producing.

(b) See Note 7 regarding investments in the 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.

Annual Report | 21

Franklin Global Trust
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
July 31, 2009

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

Assets:
Investments in securities:
Cost - Unaffiliated issuers .................... $ 47,281,483
Cost - Sweep Money Fund (Note 7) ............... 1,384,689
------------
Total cost of investments ...................... $ 48,666,172
============
Value - Unaffiliated issuers ................... $ 50,349,526
Value - Sweep Money Fund (Note 7) .............. 1,384,689
------------
Total value of investments ..................... 51,734,215
Foreign currency, at value (cost $36,339) ......... 36,377
Receivables:
Capital shares sold ............................ 464
Dividends ...................................... 86,833
Other assets ....................................... 58
------------
Total assets ................................ 51,857,947
------------
Liabilities:
Payables:
Capital shares redeemed ........................ 164,429
Affiliates ..................................... 42,548
Professional fees .............................. 25,854
Accrued expenses and other liabilities ............ 10,334
------------
Total liabilities ........................... 243,165
------------
Net assets, at value ....................... $ 51,614,666
------------
Net assets consist of:
Paid-in capital ................................... $ 54,581,720
Undistributed net investment income ............... 34,343
Net unrealized appreciation (depreciation) ........ 3,067,052
Accumulated net realized gain (loss) .............. (6,068,449)
------------
Net assets, at value ....................... $ 51,614,666
------------

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

22 | Annual Report

Franklin Global Trust
FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
July 31, 2009

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

CLASS A:
Net assets, at value .................................................... $ 1,411,996
-----------
Shares outstanding ...................................................... 302,605
-----------
Net asset value per share(a) ............................................ $ 4.67
-----------
Maximum offering price per share (net asset value per share / 94.25%) ... $ 4.95
-----------
CLASS C:
Net assets, at value .................................................... $ 75,677
-----------
Shares outstanding ...................................................... 16,257
-----------
Net asset value and maximum offering price per share(a) ................. $ 4.66
-----------
CLASS R:
Net assets, at value .................................................... $ 4,312
-----------
Shares outstanding ...................................................... 924
-----------
Net asset value and maximum offering price per share .................... $ 4.67
-----------
ADVISOR CLASS:
Net assets, at value .................................................... $50,122,681
-----------
Shares outstanding ...................................................... 10,738,654
-----------
Net asset value and maximum offering price per share .................... $ 4.67
-----------

(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.

Annual Report | 23

Franklin Global Trust
FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the year ended July 31, 2009

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

Investment income:
Dividends:
Unaffiliated issuers ............................................. $ 993,924
Sweep Money Fund (Note 7) ........................................ 37,301
------------
Total investment income ....................................... 1,031,225
------------
Expenses:
Management fees (Note 3a) ........................................... 372,761
Administrative fees (Note 3b) ....................................... 102,583
Distribution fees: (Note 3c)
Class A .......................................................... 2,263
Class C .......................................................... 325
Class R .......................................................... 16
Transfer agent fees (Note 3e) ....................................... 2,113
Custodian fees (Note 4) ............................................. 3,735
Reports to shareholders ............................................. 20,183
Registration and filing fees ........................................ 75,302
Professional fees ................................................... 30,641
Trustees' fees and expenses ......................................... 6,487
Other ............................................................... 7,505
------------
Total expenses ................................................ 623,914
Expense reductions (Note 4) ................................... (113)
Expenses waived/paid by affiliates (Note 3f) .................. (122,450)
------------
Net expenses ............................................... 501,351
------------
Net investment income ................................... 529,874
------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ...................................................... (6,052,652)
Foreign currency transactions .................................... 8,667
------------
Net realized gain (loss) ................................ (6,043,985)
------------
Net change in unrealized appreciation (depreciation) on:
Investments ...................................................... (11,469,972)
Translation of other assets and liabilities denominated in foreign
currencies .................................................... (3,940)
------------
Net change in unrealized appreciation (depreciation) .... (11,473,912)
------------
Net realized and unrealized gain (loss) ................................ (17,517,897)
------------
Net increase (decrease) in net assets resulting from operations ........ $(16,988,023)
============

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

24 | Annual Report

Franklin Global Trust
FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

FRANKLIN
LARGE CAP EQUITY FUND
YEAR ENDED JULY 31,
---------------------------
2009 2008
------------ ------------

Increase (decrease) in net assets:
Operations:
Net investment income ..................................................... $ 529,874 $ 577,356
Net realized gain (loss) from investments and foreign currency
transactions ........................................................... (6,043,985) 2,263,992
Net change in unrealized appreciation (depreciation) on investments and
translation of other assets and liabilities denominated in foreign
currencies ............................................................. (11,473,912) (8,293,132)
------------ ------------
Net increase (decrease) in net assets resulting from operations ..... (16,988,023) (5,451,784)
------------ ------------
Distributions to shareholders from:
Net investment income:
Class A ................................................................ (6,734) --
Class C ................................................................ (202) --
Class R ................................................................ (23) --
Advisor Class .......................................................... (479,582) (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 .......................................... (2,193,813) (7,886,034)
------------ ------------
Capital share transactions: (Note 2)
Class A ................................................................ 1,217,681 --
Class C ................................................................ 69,424 --
Class R ................................................................ 5,000 --
Advisor Class .......................................................... (6,386,367) (742,870)
------------ ------------
Total capital share transactions ............................................. (5,094,262) (742,870)
------------ ------------
Net increase (decrease) in net assets ............................... (24,276,098) (14,080,688)
------------ ------------
Net assets:
Beginning of year ......................................................... 75,890,764 89,971,452
------------ ------------
End of year ............................................................... $ 51,614,666 $ 75,890,764
============ ============
Undistributed net investment income included in net assets:
End of year ............................................................... $ 34,343 $ --
============ ============

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

Annual Report | 25

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS

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
five 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

Equity and other 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. Certain equity securities are valued based upon
fundamental characteristics or relationships to similar securities. Investments
in open-end mutual funds are valued at the closing net asset value.

Foreign equity 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 equity 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 security is determined.

The Fund 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 based upon the underlying investment book value,
anticipated future cash flows, market changes in comparable or similar
securities, 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

26 | Annual Report

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

A. SECURITY VALUATION (CONTINUED)

close of trading in foreign stock markets through a series of country specific
market proxies (such as baskets of American Depository Receipts, futures
contracts and exchange traded funds). These price movements are measured against
established trigger thresholds for each specific market proxy to assist in
determining if an event has occurred. If such an event occurs, the securities
may be valued using fair value procedures, which may include the use of
independent pricing services. All security valuation procedures are approved by
the Fund'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 Fund'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. 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 July 31, 2009, and has determined
that no provision for income tax is required in the Fund's financial statements.

Annual Report | 27

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. 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, 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.

E. 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.

F. 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.

28 | Annual Report

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

G. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, its officers and trustees are
indemnified by the Trust against certain liabilities arising out of the
performance of their duties to the Trust. 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 July 31, 2009, there were an unlimited number of shares authorized (without
par value). Transactions in the Fund's shares were as follows:

YEAR ENDED YEAR ENDED
JULY 31, 2009(a) JULY 31, 2008
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------

CLASS A SHARES:
Shares sold ....................... 370,387 $ 1,502,034
Shares issued in reinvestment of
distributions .................. 4,988 19,836
Shares redeemed ................... (72,770) (304,189)
---------- ------------
Net increase (decrease) ........... 302,605 $ 1,217,681
========== ============
CLASS C SHARES:
Shares sold ....................... 16,446 $ 70,098
Shares issued in reinvestment of
distributions .................. 272 1,082
Shares redeemed ................... (461) (1,756)
---------- ------------
Net increase (decrease) ........... 16,257 $ 69,424
========== ============
CLASS R SHARES:
Shares sold ....................... 924 $ 5,000
---------- ------------
Net increase (decrease) ........... 924 $ 5,000
========== ============
ADVISOR CLASS SHARES:
Shares sold ....................... 720,022 $ 3,088,735 347,053 $ 2,339,800
Shares issued in reinvestment of
distributions .................. 426,293 1,679,804 1,031,069 6,994,922
Shares redeemed ................... (2,654,664) (11,154,906) (1,483,340) (10,077,592)
---------- ------------ ---------- ------------
Net increase (decrease) ........... (1,508,349) $ (6,386,367) (105,218) $ (742,870)
========== ============ ========== ============

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

Annual Report | 29

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

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

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.

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.

On December 1, 2008, the Trust's Board of Trustees approved a modification to
the Class A distribution plan, for those funds that had a Class A compensation
plan, changing the form of the plan from a compensation to a reimbursement
distribution plan. Under the distribution plan, the Fund reimburses Distributors
for costs incurred in connection with the servicing, sale and distribution of
the Fund's shares up to the maximum annual plan rate. This change was effective
February 1, 2009. Under the Class A reimbursement distribution plan, costs
exceeding the maximum for the current plan year cannot be reimbursed in
subsequent periods. Prior to February 1, 2009, under the Fund's Class A
compensation distribution plan, the Fund paid

30 | Annual Report

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

C. DISTRIBUTION FEES (CONTINUED)

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.

In addition, under the Fund's Class C and R 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 the maximum annual plan rate for
each class.

The maximum annual plan rates, based on the average daily net assets, for each
class, are as follows:

Reimbursement Plan:
Class A ........... 0.35%
Compensation Plans:
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.

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 year:

Sales charges retained net of commissions paid to unaffiliated
broker/dealers ............................................... $1,263

E. TRANSFER AGENT FEES

For the year ended July 31, 2009, the Fund paid transfer agent fees of $2,113,
of which $1,357 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, 2010. Total expenses waived or paid are not subject to reimbursement by the
Fund subsequent to the Fund's fiscal year end. After November 30, 2010, FT
Services and Fiduciary may discontinue this waiver at any time upon notice to
the Fund's Board of Trustees.

Annual Report | 31

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (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 year ended July 31, 2009, the
custodian fees were reduced as noted in the Statement of Operations.

5. INCOME TAXES

For tax purposes, capital losses may be carried over to offset future capital
gains, if any. At July 31, 2009, the Fund had tax basis capital losses of
$247,546 expiring in 2017.

For tax purposes, realized capital losses and realized currency losses occurring
subsequent to October 31, may be deferred and treated as occurring on the first
day of the following fiscal year. At July 31, 2009, the Fund deferred realized
capital losses and realized currency losses of $5,804,721 and $16,182,
respectively.

The tax character of distributions paid during the years ended July 31, 2009 and
2008, was as follows:

2009 2008
---------- ----------

Distributions paid from:
Ordinary income ............. $ 487,476 $ 739,530
Long term capital gain ...... 1,706,337 7,146,504
---------- ----------
$2,193,813 $7,886,034
========== ==========

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

Cost of investments ......................................... $ 48,666,172
============
Unrealized appreciation ..................................... $ 7,544,561
Unrealized depreciation ..................................... (4,476,518)
------------
Net unrealized appreciation (depreciation) .................. $ 3,068,043
============
Distributable earnings - undistributed ordinary income ...... $ 34,343
============

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.

32 | Annual Report

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments (excluding short term securities) for the
year ended July 31, 2009, aggregated $35,122,354 and $40,400,363, respectively.

7. INVESTMENTS IN INSTITUTIONAL FIDUCIARY TRUST MONEY MARKET PORTFOLIO

The Fund may invest in the 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.

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, the Fund incurred commitment fees of $63 of its pro
rata portion of the Global Credit Facility, which is reflected in other expenses
on the Statement of Operations. During the year ended July 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.

Annual Report | 33

Franklin Global Trust
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

9. FAIR VALUE MEASUREMENTS (CONTINUED)

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 July 31, 2009, all of the Fund's investments in securities carried at fair
value were in Level 1 inputs. For detailed industry descriptions, see the
accompanying Statement of Investments.

10. SUBSEQUENT EVENTS

The Fund has evaluated subsequent events through September 17, 2009, the
issuance date of the financial statements, and determined that no events have
occurred that require disclosure.

ABBREVIATIONS

SELECTED PORTFOLIO

ADR - American Depository Receipt

34 | Annual Report

Franklin Global Trust
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF FRANKLIN GLOBAL TRUST

In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Franklin Large Cap Equity Fund
(formerly Fiduciary Large Capitalization Growth and Income Fund, one of the
funds constituting Franklin Global Trust, hereafter referred to as the "Fund")
at July 31, 2009, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for the periods presented, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at July 31, 2009 by
correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California
September 17, 2009

Annual Report | 35

Franklin Global Trust
TAX DESIGNATION (UNAUDITED)

Under Section 852(b)(3)(C) of the Internal Revenue Code (Code), the Fund
designates the maximum amount allowable but no less than $1,706,337 as a long
term capital gain dividend for the fiscal year ended July 31, 2009.

Under Section 854(b)(2) of the Code, the Fund designates 100% of the ordinary
income dividends as income qualifying for the dividends received deduction for
the fiscal year ended July 31, 2009.

Under Section 854(b)(2) of the Code, the Fund designates the maximum amount
allowable but no less than $934,232 as qualified dividends for purposes of the
maximum rate under Section 1(h)(11) of the Code for the fiscal year ended July
31, 2009. Distributions, including qualified dividend income, paid during
calendar year 2009 will be reported to shareholders on Form 1099-DIV in January
2010. Shareholders are advised to check with their tax advisors for information
on the treatment of these amounts on their individual income tax returns.

36 | Annual Report

Franklin Global Trust

BOARD MEMBERS AND OFFICERS

The name, year of birth and address of the officers and board members, as well
as their affiliations, positions held with the Fund, principal occupations
during the past five years and number of portfolios overseen in the Franklin
Templeton Investments fund complex are shown below. Generally, each board member
serves until that person's successor is elected and qualified.

INDEPENDENT BOARD MEMBERS

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
- ------------------- --------------- ----------------- ----------------------- ------------------------------------

HARRIS J. ASHTON (1932) Trustee Since 2000 135 Bar-S Foods (meat packing company).
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director of various companies; and FORMERLY, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President, Chief
Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).

ROBERT F. CARLSON (1928) Trustee Since 2000 112 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Retired; and FORMERLY, Vice President, senior member and President, Board of Administration, California Public Employees Retirement
Systems (CALPERS) (1971-2008); member and Chairman of the Board, Sutter Community Hospitals; member, Corporate Board, Blue Shield of
California; and Chief Counsel, California Department of Transportation.

SAM GINN (1937) Trustee Since 2007 112 Chevron Corporation (global energy
One Franklin Parkway company) and ICO Global
San Mateo, CA 94403-1906 Communications (Holdings) Limited
(satellite company).
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Private investor; and FORMERLY, Chairman of the Board, Vodafone AirTouch, PLC (wireless company); Chairman of the Board and Chief
Executive Officer, AirTouch Communications (cellular communications) (1993-1998) and Pacific Telesis Groups (telephone holding
company) (1988-1994).

EDITH E. HOLIDAY (1952) Trustee Since 2000 135 Hess Corporation (exploration and
One Franklin Parkway refining of oil and gas), H.J. Heinz
San Mateo, CA 94403-1906 Company (processed foods and allied
products), RTI International Metals,
Inc. (manufacture and distribution
of titanium), Canadian National
Railway (railroad) and White
Mountains Insurance Group, Ltd.
(holding company).
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director or Trustee of various companies and trusts; and FORMERLY, Assistant to the President of the United States and Secretary of
the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to the Secretary and
Assistant Secretary for Public Affairs and Public Liaison - United States Treasury Department (1988-1989).

Annual Report | 37

FRANK W.T. LAHAYE (1929) Trustee Since 2000 112 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

General Partner, Las Olas L.P. (Asset Management); and FORMERLY, Chairman, Peregrine Venture Management Company (venture capital).

FRANK A. OLSON (1932) Trustee Since 2005 135 Hess Corporation (exploration and
One Franklin Parkway refining of oil and gas) and
San Mateo, CA 94403-1906 Sentient Jet (private jet service).

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Chairman Emeritus, The Hertz Corporation (car rental) (since 2000) (Chairman of the Board (1980-2000) and Chief Executive Officer
(1977-1999)); and FORMERLY, Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines).

LARRY D. THOMPSON (1945) Trustee Since 2007 143 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Vice President - Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (consumer products); and FORMERLY,
Director, Delta Airlines (aviation) (2003-2005) and Providian Financial Corp. (credit card provider) (1997-2001); Senior Fellow of
The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy Attorney General,
U.S. Department of Justice (2001-2003).

JOHN B. WILSON (1959) Lead Trustee since 112 None
One Franklin Parkway Independent 2006 and Lead
San Mateo, CA 94403-1906 Trustee Independent
Trustee since
2008

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

President and Founder, Hyannis Port Capital, Inc. (real estate and private equity investing); serves on private and non-profit
boards; and FORMERLY, Chief Operating Officer and Executive Vice President, Gap, Inc. (retail) (1996-2000); Chief Financial Officer
and Executive Vice President - Finance Strategy, Staples, Inc. (office supplies) (1992-1996); Senior Vice President - Corporate
Planning, Northwest Airlines, Inc. (airlines) (1990-1992); and Vice President and Partner, Bain & Company (consulting firm)
(1986-1990).

INTERESTED BOARD MEMBERS AND OFFICERS

**CHARLES B. JOHNSON (1933) Trustee and Since 2000 135 None
One Franklin Parkway Chairman of
San Mateo, CA 94403-1906 the Board

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Chairman of the Board, Member - Office of the Chairman and Director, Franklin Resources, Inc.; Director, Templeton Worldwide, Inc.;
and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 41
of the investment companies in Franklin Templeton Investments.

38 | Annual Report

**GREGORY E. JOHNSON (1961) Trustee Since 2007 91 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, President and Chief Executive Officer, Franklin Resources, Inc.; President, Templeton Worldwide, Inc.; Director, Templeton
Asset Management Ltd.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin
Resources, Inc. and of 32 of the investment companies in Franklin Templeton Investments.

JAMES M. DAVIS (1952) Chief Chief Compliance Not Applicable Not Applicable
One Franklin Parkway Compliance Officer since
San Mateo, CA 94403-1906 Officer and 2004 and Vice
Vice President President - AML
- AML Compliance since
Compliance 2006

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, Global Compliance, Franklin Resources, Inc.; officer of some of the other subsidiaries of Franklin Resources, Inc. and of
45 of the investment companies in Franklin Templeton Investments; and FORMERLY, Director of Compliance, Franklin Resources, Inc.
(1994-2001).

LAURA F. FERGERSON (1962) Chief Since March 2009 Not Applicable Not Applicable
One Franklin Parkway Executive
San Mateo, CA 94403-1906 Officer -
Finance and
Administration

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Vice President, Franklin Templeton Services, LLC; officer of 45 of the investment companies in Franklin Templeton Investments; and
FORMERLY, Director and member of Audit and Valuation Committees, Runkel Funds, Inc. (2003-2004); Assistant Treasurer of most of the
investment companies in Franklin Templeton Investments (1997-2003); and Vice President, Franklin Templeton Services, LLC
(1997-2003).

GASTON GARDEY (1967) Treasurer, Since March 2009 Not Applicable Not Applicable
One Franklin Parkway Chief Financial
San Mateo, CA 94403-1906 Officer and
Chief
Accounting
Officer

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, Fund Accounting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin Templeton
Investments.

ALIYA S. GORDON (1973) Vice President Since March 2009 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Associate General Counsel, Franklin Templeton Investments; officer of 45 of the investment companies in Franklin Templeton
Investments; and FORMERLY, Litigation Associate, Steefel, Levitt & Weiss, LLP (2000-2004).

Annual Report | 39

DAVID P. GOSS (1947) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Associate General Counsel, Franklin Templeton Investments; officer and/or director, as the case may be, of some of the other
subsidiaries of Franklin Resources, Inc.; and of 45 of the investment companies in Franklin Templeton Investments.

EDWARD B. JAMIESON (1948) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

President, Chief Investment Officer and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton
Institutional, LLC; and officer and/or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources, Inc.
and of four of the investment companies in Franklin Templeton Investments.

RUPERT H. JOHNSON, JR. (1940) President and President since Not Applicable Not Applicable
One Franklin Parkway Chief 2000 and Chief
San Mateo, CA 94403-1906 Executive Executive Officer
Officer - - Investment
Investment Management
Management since 2002

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Vice Chairman, Member - Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc. and
Templeton Worldwide, Inc.; Senior Vice President, Franklin Advisory Services, LLC; and officer and/or director or trustee, as the
case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 43 of the investment companies in Franklin
Templeton Investments.

CHRISTOPHER J. MOLUMPHY (1962) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director and Executive Vice President, Franklin Adviser, Inc.; Executive Vice President, Franklin Templeton Institutional, LLC; and
officer of some of the other subsidiaries of Franklin Resources, Inc. and of six of the investment companies in Franklin Templeton
Investments.

KAREN L. SKIDMORE (1952) Vice President Since 2006 Not Applicable Not Applicable
One Franklin Parkway and Secretary
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Associate General Counsel, Franklin Templeton Investments; and officer of 29 of the investment companies in Franklin
Templeton Investments.

40 | Annual Report

CRAIG S. TYLE (1960) Vice President Since 2005 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

General Counsel and Executive Vice President, Franklin Resources, Inc.; officer of some of the other subsidiaries of Franklin
Resources, Inc. and of 45 of the investment companies in Franklin Templeton Investments; and FORMERLY, Partner, Shearman & Sterling,
LLP (2004-2005); and General Counsel, Investment Company Institute (ICI) (1997-2004).

* We base the number of portfolios on each separate series of the U.S.
registered investment companies within the Franklin Templeton Investments
fund complex. These portfolios have a common investment manager or
affiliated investment managers.

** Charles B. Johnson is considered to be an interested person of the Trust
under the federal securities laws due to his position as officer and
director and major shareholder of Franklin Resources, Inc. (Resources),
which is the parent company of the Fund's investment manager and
distributor. Gregory E. Johnson is considered to be an interested person of
the Trust under the federal securities laws due to his position as an
officer and director of Resources.

Note 1: Charles B. Johnson and Rupert H. Johnson, Jr. are brothers and the
father and uncle, respectively, of Gregory E. Johnson.

Note 2: Officer information is current as of the date of this report. It is
possible that after this date, information about officers may change.

THE SARBANES-OXLEY ACT OF 2002 AND RULES ADOPTED BY THE SECURITIES AND EXCHANGE
COMMISSION REQUIRE THE FUND TO DISCLOSE WHETHER THE FUND'S AUDIT COMMITTEE
INCLUDES AT LEAST ONE MEMBER WHO IS AN AUDIT COMMITTEE FINANCIAL EXPERT WITHIN
THE MEANING OF SUCH ACT AND RULES. THE FUND'S BOARD HAS DETERMINED THAT THERE IS
AT LEAST ONE SUCH FINANCIAL EXPERT ON THE AUDIT COMMITTEE AND HAS DESIGNATED
JOHN B. WILSON AS ITS AUDIT COMMITTEE FINANCIAL EXPERT. THE BOARD BELIEVES THAT
MR. WILSON QUALIFIES AS SUCH AN EXPERT IN VIEW OF HIS EXTENSIVE BUSINESS
BACKGROUND AND EXPERIENCE, INCLUDING SERVICE AS CHIEF FINANCIAL OFFICER OF
STAPLES, INC. FROM 1992 TO 1996. MR. WILSON HAS BEEN A MEMBER AND CHAIRMAN OF
THE FUND'S AUDIT COMMITTEE SINCE 2006. AS A RESULT OF SUCH BACKGROUND AND
EXPERIENCE, THE BOARD BELIEVES THAT MR. WILSON HAS ACQUIRED AN UNDERSTANDING OF
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND FINANCIAL STATEMENTS, THE GENERAL
APPLICATION OF SUCH PRINCIPLES IN CONNECTION WITH THE ACCOUNTING ESTIMATES,
ACCRUALS AND RESERVES, AND ANALYZING AND EVALUATING FINANCIAL STATEMENTS THAT
PRESENT A BREADTH AND LEVEL OF COMPLEXITY OF ACCOUNTING ISSUES GENERALLY
COMPARABLE TO THOSE OF THE FUND, AS WELL AS AN UNDERSTANDING OF INTERNAL
CONTROLS AND PROCEDURES FOR FINANCIAL REPORTING AND AN UNDERSTANDING OF AUDIT
COMMITTEE FUNCTIONS. MR. WILSON IS AN INDEPENDENT BOARD MEMBER AS THAT TERM IS
DEFINED UNDER THE RELEVANT SECURITIES AND EXCHANGE COMMISSION RULES AND
RELEASES.

THE STATEMENT OF ADDITIONAL INFORMATION (SAI) INCLUDES ADDITIONAL INFORMATION
ABOUT THE BOARD MEMBERS AND IS AVAILABLE, WITHOUT CHARGE, UPON REQUEST.
SHAREHOLDERS MAY CALL (800) DIAL BEN/(800) 342-5236 TO REQUEST THE SAI.

Annual Report | 41

Franklin Global Trust
SHAREHOLDER INFORMATION

FRANKLIN LARGE CAP EQUITY FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT

At a meeting held February 24, 2009, the Board of Trustees (Board), including a
majority of non-interested or independent Trustees, approved renewal of the
investment management agreement for Franklin Large Cap Equity Fund, one of the
Funds within Franklin Global Trust (Funds). In reaching this decision, the Board
took into account information furnished throughout the year at regular Board
meetings, as well as information prepared specifically in connection with the
annual renewal review process. Information furnished and discussed throughout
the year included investment performance reports and related financial
information for each Fund, as well as periodic reports on shareholder services,
legal, compliance, pricing, brokerage commissions and execution and other
services provided by the Investment Manager (Manager) and its affiliates.
Information furnished specifically in connection with the renewal process
included a report for each Fund prepared by Lipper, Inc. (Lipper), an
independent organization, as well as additional material, including a Fund
profitability analysis report prepared by management. The Lipper report compared
a Fund's investment performance and expenses with those of other mutual funds
deemed comparable to the Fund as selected by Lipper. The Fund profitability
analysis report discussed the profitability to Franklin Templeton Investments
from its overall U.S. fund operations, as well as on an individual fund-by-fund
basis. Included with such profitability analysis report was information on a
fund-by-fund basis listing portfolio managers and other accounts they manage, as
well as information on management fees charged by the Manager and its affiliates
including management's explanation of differences where relevant and a
three-year expense analysis with an explanation for any increase in expense
ratios. Additional material accompanying such report was a memorandum prepared
by management describing project initiatives and capital investments relating to
the services provided to the Funds by the Franklin Templeton Investments
organization, as well as a memorandum relating to economies of scale and a
comparative analysis concerning transfer agent fees charged each Fund. Such
material also discussed some of the actions taken by management in coping with
problems arising out of the past year's financial upheaval.

In considering such materials, the independent Trustees received assistance and
advice from and met separately with independent counsel. While the investment
management agreements for all Funds were considered at the same Board meeting,
the Board dealt with each Fund separately. In approving continuance of the
investment management agreement for each Fund, the Board, including a majority
of independent Trustees, determined that the existing management fee structure
was fair and reasonable and that continuance of the investment management
agreement was in the best interests of the Fund and its shareholders. While
attention was given to all information furnished, the following discusses some
primary factors relevant to the Board's decision.

42 | Annual Report

Franklin Global Trust
SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

based, in part, upon periodic reports furnished it showing that the investment
policies and restrictions for each Fund were consistently complied with as well
as other reports periodically furnished the Board covering matters such as the
compliance of portfolio managers and other management personnel with the code of
ethics adopted throughout the Franklin Templeton fund complex, the adherence to
fair value pricing procedures established by the Board, and the accuracy of net
asset value calculations. The Board also noted the extent of benefits provided
Fund shareholders from being part of the Franklin Templeton family of funds,
including the right to exchange investments between the same class of funds
without a sales charge, the ability to reinvest Fund dividends into other funds
and the right to combine holdings in other funds to obtain a reduced sales
charge. Favorable consideration was given to management's continuous efforts and
expenditures in establishing back-up systems and recovery procedures to function
in the event of a natural disaster, it being noted that such systems and
procedures had functioned smoothly during the Florida hurricanes and blackouts
experienced in recent years. Among other factors taken into account by the Board
were the Manager's best execution trading policies, including a favorable report
by an independent portfolio trading analytical firm. Consideration was also
given to the experience of the Fund's portfolio management team, the number of
accounts managed and general method of compensation. In this latter respect, the
Board noted that a primary factor in management's determination of a portfolio
manager's bonus compensation was the relative investment performance of the
funds he or she managed and that a portion of such bonus was required to be
invested in a pre-designated list of funds within such person's fund management
area so as to be aligned with the interests of Fund shareholders. The Board also
took into account the quality of transfer agent and shareholder services
provided Fund shareholders by an affiliate of the Manager, noting continuing
expenditures by management to increase and improve the scope of such services,
periodic favorable reports on such service conducted by third parties, and the
continuous enhancements to and high industry ranking given the Franklin
Templeton website. Particular attention was given to the overall performance and
actions taken by the Manager and its affiliates in response to problems arising
out of the market turmoil and financial crisis experienced during the past year.
In this respect, the Board noted that management's independent credit analysis
and diligent risk management procedures had minimized exposure of funds within
the Franklin Templeton complex to subprime mortgages and that its continuous
monitoring of counterparty credit risk had limited fund exposure to firms
experiencing financial difficulties like Bear Stearns and AIG. The same type of
conservative approach and attention to risk had also prevented any structured
investment products or other volatile instruments from being held in the
portfolios of any of the money market funds within the Franklin Templeton
complex, including the sweep money fund utilized by many of the funds as part of
their cash management. The Board also took into account, among other things,
management's efforts in establishing a $725 million global credit facility for
the benefit of the funds and other accounts managed by Franklin Templeton
Investments to provide a source of cash for temporary and emergency purposes or
to meet unusual redemption requests as well as the

Annual Report | 43

Franklin Global Trust
SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

strong financial position of the Manager's parent company and its commitment to
the mutual fund business. The Board also noted that during the past year
Franklin Templeton Investments, like many other fund managers, had announced a
hiring freeze and implemented employee reductions, and the Board discussed with
management the nature of such reductions and steps being taken to minimize any
negative impact on the nature and quality of services being provided the Fund.

INVESTMENT PERFORMANCE. The Board placed significant emphasis on the investment
performance of the Fund in view of its importance to shareholders. While
consideration was given to performance reports and discussions with portfolio
managers at Board meetings throughout the year, particular attention in
assessing performance was given to the Lipper reports furnished for the
agreement renewal. The Lipper report prepared for the Fund showed the investment
performance of the Fund in comparison to a performance universe selected by
Lipper. Comparative performance for the Fund was shown for the one-year period
ended December 31, 2008, and for additional periods ended that date depending on
when the Fund commenced operations. The following summarizes the performance
results for the Fund and the Board's view of such performance.

The performance universe for the Fund consisted of the Fund and all retail and
institutional large-cap core funds as selected by Lipper. Consistent with the
market sell-off that occurred in 2008, the Fund and all other funds within such
performance universe experienced losses during the past year. On a comparative
basis, the Lipper report showed the Fund's total return for the one-year period
to be in the second-lowest quintile of such performance universe, and on an
annualized basis to be in the middle quintile of such universe for each of the
previous three-, five- and 10-year periods. The Board discussed with management
the reason for the Fund's 2008 comparative total return performance, noting that
it was within two percentage points of the median of the performance universe
during such year, and that its total return exceeded the median of such universe
during each of the previous three-, five- and 10-year periods. Based on the
foregoing, the Board did not believe that such comparative performance warranted
any immediate change in portfolio management.

44 | Annual Report

Franklin Global Trust
SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

as the actual total expenses of the Fund in comparison with those of its Lipper
expense group. The Lipper contractual investment management fee analysis
includes the advisory and administrative fees directly charged to the Fund as
being part of the management fee. The contractual investment management fee
ratio for Franklin Large Cap Equity Fund was above the median of its Lipper
expense group, but its total expenses were below the median of such expense
group. The Board found the expenses of the Fund to be acceptable.

MANAGEMENT PROFITABILITY. The Board also considered the level of profits
realized by the Manager and its affiliates in connection with the operation of
the Fund. In this respect, the Board reviewed the Fund profitability analysis
that addresses the overall profitability of Franklin Templeton's U.S. fund
business, as well as its profits in providing management and other services to
the Fund during the 12-month period ended September 30, 2008, being the most
recent fiscal year end for Franklin Resources, Inc., the Manager's parent.
During such period, the assets of the Franklin Templeton U.S. fund business were
significantly higher than currently existing, and to such extent the
profitability analysis does not reflect current fund operations. While taking
this into account in assessing the significance of the Fund profitability
analysis, the Board recognized such analysis was made at a given point in time
and that the decline in assets and effect on profitability would be reflected in
the profitability analysis covering Franklin Resources' 2009 fiscal year period.
In reviewing the analysis, attention was given to the methodology followed in
allocating costs to the Fund, it being recognized that allocation methodologies
are inherently subjective and various allocation methodologies may each be
reasonable while producing different results. In this respect, the Board noted
that, while being continuously refined and reflecting changes in the Manager's
own cost accounting, the allocation methodology was consistent with that
followed in profitability report presentations for the Fund made in prior years
and that the Fund's independent registered public accounting firm had been
engaged by the Manager to perform certain procedures on a biennial basis,
specified and approved by the Manager and the Fund's Board solely for their
purposes and use in reference to the profitability analysis. In reviewing and
discussing such analysis, management discussed with the Board its belief that
costs incurred in establishing the infrastructure necessary for the type of
mutual fund operations conducted by the Manager and its affiliates may not be
fully reflected in the expenses allocated to the Fund in determining its
profitability, as well as the fact that the level of profits, to a certain
extent, reflected operational cost savings and efficiencies initiated by
management. The Board also took into account management's expenditures in
improving shareholder services provided the Fund, as well as the need to meet
additional regulatory and compliance requirements resulting from the
Sarbanes-Oxley Act and recent SEC and other regulatory requirements. In
addition, the Board considered a third-party study comparing the profitability
of the Manager's parent on an overall basis as compared to other publicly held
managers broken down to show profitability from management operations exclusive
of distribution expenses, as well as profitability including distribution
expenses. The Board also considered

Annual Report | 45

Franklin Global Trust
SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN LARGE CAP EQUITY FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

the extent to which the Manager and its affiliates might derive ancillary
benefits from fund operations, including potential benefits resulting from
allocation of fund brokerage and the use of commission dollars to pay for
research. Based upon its consideration of all these factors, the Board
determined that the level of profits realized by the Manager and its affiliates
from providing services to the Fund was not excessive in view of the nature,
quality and extent of services provided.

ECONOMIES OF SCALE. The Board also considered whether economies of scale are
realized by the Manager as the Fund grows larger and the extent to which this is
reflected in the level of management fees charged. While recognizing that any
precise determination is inherently subjective, the Board noted that based upon
the Fund profitability analysis, it appears that as some funds get larger, at
some point economies of scale do result in the Manager realizing a larger profit
margin on management services provided such a fund. The Board believed it
unlikely that economies of scale existed in the management of the Fund, which
had less than $70 million in net assets at December 31, 2008.

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.

46 | Annual Report

This page intentionally left blank.

Franklin Templeton Funds

LITERATURE REQUEST. TO RECEIVE A 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.

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 Quest 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 Flex Cap Growth Fund
Franklin Growth Fund
Franklin Growth Opportunities Fund
Franklin Small Cap Growth Fund
Franklin Small-Mid Cap Growth Fund

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

GLOBAL
Mutual Global 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
Mutual International 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(3)
Franklin Floating Rate Daily Access Fund
Franklin High Income Fund
Franklin Limited Maturity U.S. Government Securities Fund(3)
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(3)
Templeton Global Bond Fund
Templeton Global Total Return Fund
Templeton International Bond Fund

TAX-FREE INCOME(4)
NATIONAL
Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund(5)

LIMITED-/INTERMEDIATE-TERM
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(6)
Colorado
Connecticut
Florida
Georgia
Kentucky
Louisiana
Maryland
Massachusetts(7)
Michigan(7)
Minnesota(7)
Missouri
New Jersey
New York(6)
North Carolina
Ohio(7)
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS
Franklin Templeton Variable Insurance Products Trust(8)

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

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

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

(6.) 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.

(7.) The Board of Trustees approved the elimination of the non-fundamental
policy requiring the fund to invest at least 80% of net assets in insured
municipal securities and the removal of the word "Insured" from the fund
name. The changes became effective 2/17/09.

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

04/09 Not part of the annual report

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

ANNUAL 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 A2009 09/09

JULY 31, 2009

ANNUAL REPORT
AND SHAREHOLDER LETTER

(GRAPHIC)

A series of Franklin Global Trust

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.

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

(GRAPHIC)

Not part of the annual report

Contents

SHAREHOLDER LETTER ....................................................... 1
ANNUAL REPORT
Franklin Global Real Estate Fund ......................................... 3
Performance Summary ...................................................... 7
Your Fund's Expenses ..................................................... 11
Financial Highlights and Statement of Investments ........................ 13
Financial Statements ..................................................... 20
Notes to Financial Statements ............................................ 24
Report of Independent Registered Public Accounting Firm .................. 37
Tax Designation .......................................................... 38
Board Members and Officers ............................................... 39
Shareholder Information .................................................. 44

Shareholder Letter

Dear Shareholder:

During the 12 months ended July 31, 2009, global economies experienced a
significant slowdown that began in 2008 with the U.S. subprime mortgage and
credit crises. Despite coordinated efforts by many governments to address
spreading liquidity and credit problems, deteriorating economic conditions and
mounting uncertainty contributed to market woes. Later in the period some
indicators offered a better outlook, and global markets rallied beginning in
March. Amid recent events, 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 past periods of high market volatility by
remaining committed to our long-term perspective and disciplined investment
philosophy. During such times, we search for bargains that we believe may be
well positioned to become eventual winners. Although conditions remain
challenging, our experience gives us reason to be optimistic about future market
stabilization and recovery.

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

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

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

2 | Not part of the annual report

Annual 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)

This annual report for Franklin Global Real Estate Fund covers the fiscal year
ended July 31, 2009.

PORTFOLIO BREAKDOWN
Based on Total Net Assets as of 7/31/09

(BAR CHART)

Retail REITs 36.9%
Office REITs 18.2%
Diversified REITs 14.9%
Specialized REITs 14.8%
Residential REITs 7.0%
Industrial REITs 4.3%
Hotels, Resorts & Cruise Lines 0.6%
Short-Term Investments & Other Net Assets 3.3%

PERFORMANCE OVERVIEW

Franklin Global Real Estate Fund - Class A had a cumulative total return of
- -35.12% for the 12 months under review. The Fund underperformed its benchmark,
the Standard & Poor's (S&P) Global REIT Index (hedged into U.S. dollars), which
had a -32.45% 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 first half of the 12 months 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. The first
three months of 2009 were dominated by a high degree of uncertainty and market
volatility. Governments worldwide escalated efforts to address the

(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 Global REIT Index measures performance of the
investible universe of publicly traded REITs. Index constituents generally
derive the majority of their revenue from real estate development,
management, rental, and/or direct investment in physical property and with
local REIT or property trust tax status. The index is unmanaged and
includes reinvested dividends. One cannot invest directly in an index, and
an index is not 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 16.

Annual Report | 3

worsening financial crisis and global economic slowdown, which began in the fall
of 2008. In the second quarter of 2009, REIT stocks in the U.S. and many parts
of the globe rallied. Investors embraced a technically oversold REIT market amid
hopes of a bottoming economic and financial crisis, along with signs of a
continuing thaw in the credit markets. In local currency terms, as measured by
the S&P Global REIT Index (hedged into U.S. dollars), the worst performing real
estate market was the U.S., with a -39.81% total return.(3) Other particularly
weak markets were in Germany with a -37.99% total return, followed by the U.K.
(-37.53%) and Australia (-36.35%).(3) The best performing markets within the
index included Greece (+15.52%), Turkey (+11.28%) and Malaysia (+9.95%).(3)
Despite losses, some markets performed better than the overall index including
Belgium (-9.10%), New Zealand (-11.67%), and Canada (-12.51%) and Japan
(-20.75%).(3)

GEOGRAPHIC BREAKDOWN
Based on Total Net Assets as of 7/31/09

(BAR CHART)

U.S. 48.3%
Australia 12.6%
Japan 8.7%
U.K. 8.2%
France 5.9%
Hong Kong 3.6%
Canada 2.8%
Netherlands 2.8%
Singapore 2.0%
New Zealand 1.0%
Belgium 0.8%
Short-Term Investments & Other Net Assets 3.3%

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 12 months under review, significant detractors from Fund performance
relative to the S&P Global REIT Index (hedged into U.S. dollars) included an
underweighted position in ProLogis and overweighted positions Kimco Realty and
Valad Property Group. Vacancy rates at properties owned by ProLogis, a U.S.
industrial REIT, spiked over the period as the global economic slowdown led to a
significant reduction in demand, although the vacancy rate improved slightly in
the second quarter of 2009. In addition, company performance was pressured by
impending debt refinancing needs and massive short covering in December
following management restructuring

(3.) Source: Morningstar. See footnote 1 for a description of the S&P Global
REIT Index. Local property returns are from country subindexes of the
index.

4 | Annual Report

and a successful effort to raise cash. During the period, ProLogis' share price
plummeted and the holding weighed on the Fund's results. Nevertheless, the
company successfully reduced its debt by $2.9 billion in the first six months of
2009 after issuing debt and equity. Share prices of Kimco, a U.S.-based owner
and operator of neighborhood and community shopping centers, dropped sharply
over the period as consumers reduced their spending due to the recession, which
forced certain shopping center tenants to go out of business. As a result, the
company's funds from operations -- a measure of REIT performance -- fell. At the
same time, the company had to cope with the significant amount of debt it
obtained to make acquisitions during the commercial real estate boom between
2004 and 2007. In the second quarter of 2009, Kimco took steps to lower debt.
The deleveraging measures included raising $718 million by floating additional
equity and trimming its dividend to preserve cash. Valad, an Australia-based
listed property trust with a fund platform, suffered from diminished local
investor interest in overseas funds, especially those invested in the U.K.,
where commercial property values declined substantially. We sold Valad before
the end of 2008.

On a positive note, contributors to relative performance included overweighted
positions in Growthpoint Properties (not an index component), British Land and
Equity Lifestyle Properties. Our only South African position, Growthpoint
Properties (sold by period-end), 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. British Land, a U.K.-based diversified REIT and major owner of
commercial office space in London, especially in the financial district, was
negatively impacted by an extremely difficult climate for property owners in
late 2008 and the first half of 2009. The global financial crisis resulted in a
large number of layoffs and even corporate bankruptcies, which led to a plunge
in rents and property values. British Land posted a large loss for its fiscal
year ended March 31, 2009, but investors seemed pleased that the company managed
to sell a 50% stake in a Sheffield, England, shopping center to London &
Stamford for L588 million in February, a significant achievement in a difficult
real estate market. The company also raised L740 million in a secondary rights
sale in March. Additionally, British Land benefited from a roster of several
high-quality properties with tenants signed to long-term leases. Equity
Lifestyle, a U.S. REIT, owns and operates a portfolio of manufactured home
communities (or trailer parks) and some resort centers located in key locations
in the U.S. and British Columbia. Its core manufactured home business performed
well, with occupancy levels flat and rental rates up. The company managed to
generate positive revenue and earnings growth during the reporting period
despite challenging economic conditions.

TOP 10 HOLDINGS
7/31/09

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

Westfield Group, ord. & 144A 7.1%
RETAIL REITS, AUSTRALIA
Unibail-Rodamco SE 4.8%
RETAIL REITS, FRANCE
Simon Property Group Inc. 4.3%
RETAIL REITS, U.S.
Boston Properties Inc. 3.3%
OFFICE REITS, U.S.
HCP Inc. 3.1%
SPECIALIZED REITS, U.S.
Ventas Inc. 3.0%
SPECIALIZED REITS, U.S.
British Land Co. PLC 2.9%
DIVERSIFIED REITS, U.K.
Public Storage 2.8%
SPECIALIZED REITS, U.S.
The Link REIT 2.8%
RETAIL REITS, HONG KONG
Vornado Realty Trust 2.5%
DIVERSIFIED REITS, U.S.

The Fund's cash position (short-term investments and other net assets), at 3.3%
of total net assets on July 31, 2009, also contributed to relative performance

Annual Report | 5

and mitigated the effect of the overall market's decline. By country, the
Netherlands, Hong Kong, South Africa and Belgium delivered favorable performance
relative to the benchmark index.

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.

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 DAVID LEVY)

/s/ David Levy

David Levy

Portfolio Management Team
Franklin Global Real Estate Fund

6 | Annual Report

Performance Summary as of 7/31/09

PRICE AND DISTRIBUTION INFORMATION

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

Net Asset Value (NAV) -$3.45 $5.07 $8.52
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.4624

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

Net Asset Value (NAV) -$3.45 $5.03 $8.48
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.4291

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

Net Asset Value (NAV) -$3.45 $5.08 $8.53
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.4757

Annual 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 1-YEAR 3-YEAR (6/16/06)
- ------- ------- ------- -------------

Cumulative Total Return(2) -35.12% -42.66% -40.77%
Average Annual Total Return(3) -38.86% -18.54% -17.02%
Value of $10,000 Investment(4) $ 6,114 $ 5,405 $ 5,583
Avg. Ann. Total Return (6/30/09)(5) -43.19% -20.17% -19.55%
Total Annual Operating Expenses(6)
Without Waiver 1.61%
With Waiver 1.38%

COMMENCEMENT
OF OPERATIONS
CLASS C 1-YEAR 3-YEAR (6/16/06)
- ------- ------- ------- -------------

Cumulative Total Return(2) -35.68% -43.88% -42.08%
Average Annual Total Return(3) -36.28% -17.51% -16.04%
Value of $10,000 Investment(4) $ 6,372 $ 5,612 $ 5,792
Avg. Ann. Total Return (6/30/09)(5) -40.76% -19.14% -18.53%
Total Annual Operating Expenses(6)
Without Waiver 2.27%
With Waiver 2.04%

COMMENCEMENT
OF OPERATIONS
ADVISOR CLASS 1-YEAR 3-YEAR (6/16/06)
- ------------- ------- ------- -------------

Cumulative Total Return(2) -34.93% -42.16% -40.20%
Average Annual Total Return(3) -34.93% -16.68% -15.18%
Value of $10,000 Investment(4) $ 6,507 $ 5,784 $ 5,980
Avg. Ann. Total Return (6/30/09)(5) -39.58% -18.34% -17.70%
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 NONROUTINE EXPENSES OR COSTS, INCLUDING THOSE RELATING TO
LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND LIQUIDATIONS) UNTIL 11/30/09.

8 | Annual Report

Performance Summary (CONTINUED)

TOTAL RETURN INDEX COMPARISON FOR A HYPOTHETICAL $10,000 INVESTMENT(1)

CLASS A (6/16/06-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN GLOBAL REAL S&P GLOBAL REIT INDEX
DATE ESTATE FUND - CLASS A (HEDGED TO USD)
- ---------- --------------------- ---------------------

6/16/2006 $ 9,425 $10,000
6/30/2006 $ 9,566 $10,217
7/31/2006 $ 9,736 $10,568
8/31/2006 $ 9,981 $10,950
9/30/2006 $10,160 $11,253
10/31/2006 $10,631 $11,796
11/30/2006 $10,980 $12,344
12/31/2006 $11,349 $12,514
1/31/2007 $11,920 $13,403
2/28/2007 $11,939 $13,298
3/31/2007 $11,933 $13,187
4/30/2007 $11,991 $13,162
5/31/2007 $12,283 $13,303
6/30/2007 $11,385 $12,198
7/31/2007 $10,595 $11,338
8/31/2007 $10,848 $11,907
9/30/2007 $11,145 $12,196
10/31/2007 $11,135 $12,172
11/30/2007 $10,298 $11,197
12/31/2007 $ 9,975 $10,738
1/31/2008 $ 9,433 $10,318
2/29/2008 $ 9,161 $10,043
3/31/2008 $ 9,402 $10,284
4/30/2008 $ 9,713 $10,679
5/31/2008 $ 9,502 $10,461
6/30/2008 $ 8,564 $ 9,323
7/31/2008 $ 8,604 $ 9,402
8/31/2008 $ 8,766 $ 9,631
9/30/2008 $ 8,492 $ 9,344
10/31/2008 $ 6,377 $ 6,842
11/30/2008 $ 5,481 $ 5,742
12/31/2008 $ 5,736 $ 6,221
1/31/2009 $ 4,998 $ 5,475
2/28/2009 $ 4,238 $ 4,591
3/31/2009 $ 4,316 $ 4,730
4/30/2009 $ 5,108 $ 5,662
5/31/2009 $ 5,207 $ 5,852
6/30/2009 $ 5,163 $ 5,831
7/31/2009 $ 5,583 $ 6,351

AVERAGE ANNUAL TOTAL RETURN

CLASS A 7/31/09
- ------- -------

1-Year -38.86%
3-Year -18.54%
Commencement of Operations (6/16/06) -17.02%

CLASS C (6/16/06-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN GLOBAL REAL S&P GLOBAL REIT INDEX
DATE ESTATE FUND - CLASS C (HEDGED TO USD)
- ---------- --------------------- ---------------------

6/16/2006 $10,000 $10,000
6/30/2006 $10,150 $10,217
7/31/2006 $10,320 $10,568
8/31/2006 $10,580 $10,950
9/30/2006 $10,770 $11,253
10/31/2006 $11,260 $11,796
11/30/2006 $11,620 $12,344
12/31/2006 $12,004 $12,514
1/31/2007 $12,598 $13,403
2/28/2007 $12,618 $13,298
3/31/2007 $12,599 $13,187
4/30/2007 $12,651 $13,162
5/31/2007 $12,949 $13,303
6/30/2007 $12,005 $12,198
7/31/2007 $11,159 $11,338
8/31/2007 $11,428 $11,907
9/30/2007 $11,729 $12,196
10/31/2007 $11,707 $12,172
11/30/2007 $10,833 $11,197
12/31/2007 $10,481 $10,738
1/31/2008 $ 9,898 $10,318
2/29/2008 $ 9,612 $10,043
3/31/2008 $ 9,855 $10,284
4/30/2008 $10,183 $10,679
5/31/2008 $ 9,950 $10,461
6/30/2008 $ 8,971 $ 9,323
7/31/2008 $ 9,003 $ 9,402
8/31/2008 $ 9,174 $ 9,631
9/30/2008 $ 8,875 $ 9,344
10/31/2008 $ 6,654 $ 6,842
11/30/2008 $ 5,725 $ 5,742
12/31/2008 $ 5,987 $ 6,221
1/31/2009 $ 5,216 $ 5,475
2/28/2009 $ 4,410 $ 4,591
3/31/2009 $ 4,502 $ 4,730
4/30/2009 $ 5,319 $ 5,662
5/31/2009 $ 5,412 $ 5,852
6/30/2009 $ 5,366 $ 5,831
7/31/2009 $ 5,792 $ 6,351

AVERAGE ANNUAL TOTAL RETURN

CLASS C 7/31/09
- ------- -------

1-Year -36.28%
3-Year -17.51%
Commencement of Operations (6/16/06) -16.04%

Annual Report | 9

Performance Summary (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN

ADVISOR CLASS 7/31/09
- ------------- -------

1-Year -34.93%
3-Year -16.68%
Commencement of Operations (6/16/06) -15.18%

ADVISOR CLASS (6/16/06-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN GLOBAL REAL
ESTATE FUND - S&P GLOBAL REIT INDEX
DATE ADVISOR CLASS (HEDGED TO USD)
- ---------- --------------------- ---------------------

6/16/2006 $10,000 $10,000
6/30/2006 $10,160 $10,217
7/31/2006 $10,340 $10,568
8/31/2006 $10,599 $10,950
9/30/2006 $10,789 $11,253
10/31/2006 $11,289 $11,796
11/30/2006 $11,669 $12,344
12/31/2006 $12,060 $12,514
1/31/2007 $12,676 $13,403
2/28/2007 $12,707 $13,298
3/31/2007 $12,696 $13,187
4/30/2007 $12,759 $13,162
5/31/2007 $13,079 $13,303
6/30/2007 $12,123 $12,198
7/31/2007 $11,283 $11,338
8/31/2007 $11,563 $11,907
9/30/2007 $11,875 $12,196
10/31/2007 $11,864 $12,172
11/30/2007 $10,985 $11,197
12/31/2007 $10,638 $10,738
1/31/2008 $10,060 $10,318
2/29/2008 $ 9,782 $10,043
3/31/2008 $10,028 $10,284
4/30/2008 $10,371 $10,679
5/31/2008 $10,146 $10,461
6/30/2008 $ 9,158 $ 9,323
7/31/2008 $ 9,190 $ 9,402
8/31/2008 $ 9,373 $ 9,631
9/30/2008 $ 9,075 $ 9,344
10/31/2008 $ 6,817 $ 6,842
11/30/2008 $ 5,862 $ 5,742
12/31/2008 $ 6,145 $ 6,221
1/31/2009 $ 5,344 $ 5,475
2/28/2009 $ 4,532 $ 4,591
3/31/2009 $ 4,626 $ 4,730
4/30/2009 $ 5,474 $ 5,662
5/31/2009 $ 5,568 $ 5,852
6/30/2009 $ 5,533 $ 5,831
7/31/2009 $ 5,980 $ 6,351

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.

(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.

(7.) Source: (C) 2009 Morningstar. The S&P Global REIT Index measures
performance of the investible universe of publicly traded REITs. Index
constituents generally derive the majority of their revenue from real
estate development, management, rental, and/or direct investment in
physical property and with local REIT or property trust tax status.

10 | Annual 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, 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

Annual Report | 11

Your Fund's Expenses (CONTINUED)

EXPENSES PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD*
VALUE 2/1/09 VALUE 7/31/09 2/1/09-7/31/09
----------------- -------------- --------------

CLASS A
Actual $1,000 $1,116.70 $ 7.14
Hypothetical (5% return before expenses) $1,000 $1,018.05 $ 6.80
CLASS C
Actual $1,000 $1,110.40 $10.73
Hypothetical (5% return before expenses) $1,000 $1,014.63 $10.24
ADVISOR CLASS
Actual $1,000 $1,118.90 $ 5.52
Hypothetical (5% return before expenses) $1,000 $1,019.59 $ 5.26

* Expenses are calculated using the most recent six-month expense ratio, net
of expense waivers, annualized for each class (A: 1.36%; C: 2.05%; and
Advisor: 1.05%), multiplied by the average account value over the period,
multiplied by 181/365 to reflect the one-half year period.

12 | Annual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS

FRANKLIN GLOBAL REAL ESTATE FUND

YEAR ENDED JULY 31,
-------------------------------------------
CLASS A 2009 2008 2007 2006(a)
- ------- ------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the year)
Net asset value, beginning of year ........................................ $ 8.52 $ 10.87 $ 10.33 $10.00
------- ------- ------- ------
Income from investment operations(b):
Net investment income(c) ............................................... 0.18 0.26 0.35 0.03
Net realized and unrealized gains (losses) ............................. (3.17) (2.27) 0.59 0.30
------- ------- ------- ------
Total from investment operations .......................................... (2.99) (2.01) 0.94 0.33
------- ------- ------- ------
Less distributions from:
Net investment income and net realized foreign currency gains .......... (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 year .............................................. $ 5.07 $ 8.52 $ 10.87 $10.33
======= ======= ======= ======
Total return(f) ........................................................... (35.12)% (18.77)% 8.81% 3.30%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ... 1.75% 1.61% 1.86% 6.25%
Expenses net of waiver and payments by affiliates ......................... 1.35% 1.39% 1.41% 2.09%
Expenses net of waiver and payments by affiliates and expense reduction ... 1.35%(h) 1.38% 1.40% 1.40%
Net investment income ..................................................... 3.22% 2.69% 2.94% 2.21%
SUPPLEMENTAL DATA
Net assets, end of year (000's) ........................................... $15,606 $29,038 $33,409 $5,488
Portfolio turnover rate ................................................... 77.67% 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.

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

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

Annual Report | 13

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

YEAR ENDED JULY 31,
------------------------------------------
CLASS C 2009 2008 2007 2006(a)
- ------- ------- ------- ------ -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the year)
Net asset value, beginning of year ........................................ $ 8.48 $ 10.82 $10.32 $10.00
------- ------- ------ ------
Income from investment operations(b):
Net investment income(c) ............................................... 0.15 0.20 0.29 0.01
Net realized and unrealized gains (losses) ............................. (3.17) (2.26) 0.58 0.31
------- ------- ------ ------
Total from investment operations .......................................... (3.02) (2.06) 0.87 0.32
------- ------- ------ ------
Less distributions from:
Net investment income and net realized foreign currency gains .......... (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 year .............................................. $ 5.03 $ 8.48 $10.82 $10.32
======= ======= ====== ======
Total return(f) ........................................................... (35.68)% (19.31)% 8.13% 3.20%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ... 2.44% 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 ... 2.04%(h) 2.04% 2.05% 2.05%
Net investment income ..................................................... 2.53% 2.03% 2.29% 1.56%
SUPPLEMENTAL DATA
Net assets, end of year (000's) ........................................... $ 3,748 $ 8,008 $9,192 $ 140
Portfolio turnover rate ................................................... 77.67% 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.

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

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

14 | Annual Report

Franklin Global Trust

FINANCIAL HIGHLIGHTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

YEAR ENDED JULY 31,
-------------------------------------------
ADVISOR CLASS 2009 2008 2007 2006(a)
- ------------- ------- ------- ------- -------

PER SHARE OPERATING PERFORMANCE
(for a share outstanding throughout the year)
Net asset value, beginning of year ........................................ $ 8.53 $ 10.89 $ 10.34 $10.00
------- ------- ------- ------
Income from investment operations(b):
Net investment income(c) ............................................... 0.19 0.29 0.39 0.02
Net realized and unrealized gains (losses) ............................. (3.16) (2.27) 0.59 0.32
------- ------- ------- ------
Total from investment operations .......................................... (2.97) (1.98) 0.98 0.34
------- ------- ------- ------
Less distributions from:
Net investment income and net realized foreign currency gains .......... (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 year .............................................. $ 5.08 $ 8.53 $ 10.89 $10.34
======= ======= ======= ======
Total return(f) ........................................................... (34.93)% (18.55)% 9.12% 3.40%
RATIOS TO AVERAGE NET ASSETS(g)
Expenses before waiver and payments by affiliates and expense reduction ... 1.45% 1.28% 1.51% 5.90%
Expenses net of waiver and payments by affiliates ......................... 1.05% 1.06% 1.06% 1.74%
Expenses net of waiver and payments by affiliates and expense reduction ... 1.05%(h) 1.05% 1.05% 1.05%
Net investment income ..................................................... 3.52% 3.02% 3.29% 2.56%
SUPPLEMENTAL DATA
Net assets, end of year (000's) ........................................... $34,154 $59,675 $34,631 $1,221
Portfolio turnover rate ................................................... 77.67% 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.

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

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

Annual Report | 15

Franklin Global Trust

STATEMENT OF INVESTMENTS, JULY 31, 2009

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

COMMON STOCKS 96.7%
DIVERSIFIED REITS 14.9%
British Land Co. PLC .................................................. United Kingdom 214,633 $ 1,560,097
Canadian REIT ......................................................... Canada 16,100 356,865
(a) Dexus Property Group .................................................. Australia 813,031 496,177
(b) Dexus Property Group, 144A ............................................ Australia 203,700 124,314
General Property Trust ................................................ Australia 657,140 291,166
H&R Real Estate Investment Trust ...................................... Canada 26,500 312,994
Kenedix Realty Investment Corp. ....................................... Japan 94 314,823
Kiwi Income Property Trust ............................................ New Zealand 523,222 342,883
(b) Kiwi Income Property Trust, 144A ...................................... New Zealand 148,700 97,448
Liberty Property Trust ................................................ United States 26,000 722,020
Mirvac Group .......................................................... Australia 326,908 348,451
Premier Investment Co. ................................................ Japan 53 206,624
PS Business Parks Inc. ................................................ United States 4,300 222,353
Shaftesbury PLC ....................................................... United Kingdom 39,300 216,418
Stockland ............................................................. Australia 116,551 306,925
(b) Stockland, 144A ....................................................... Australia 106,326 279,999
Tokyu REIT Inc. ....................................................... Japan 27 150,048
Vornado Realty Trust .................................................. United States 25,727 1,312,592
Wereldhave NV ......................................................... Netherlands 3,610 291,853
-----------
7,954,050
-----------
HOTELS, RESORTS & CRUISE LINES 0.6%
Starwood Hotels & Resorts Worldwide Inc. .............................. United States 14,600 344,706
-----------
INDUSTRIAL REITS 4.3%
AMB Property Corp. .................................................... United States 30,300 600,243
Ascendas REIT ......................................................... Singapore 198,000 233,831
Brixton PLC ........................................................... United Kingdom 172,000 135,003
EastGroup Properties Inc. ............................................. United States 6,700 232,624
Japan Logistics Fund Inc. ............................................. Japan 32 216,376
ProLogis .............................................................. United States 38,000 334,020
Segro PLC ............................................................. United Kingdom 114,900 530,557
-----------
2,282,654
-----------
OFFICE REITS 18.2%
Alexandria Real Estate Equities Inc. .................................. United States 7,900 301,069
AMP NZ Office Trust ................................................... New Zealand 198,208 101,027
Befimmo SCA ........................................................... Belgium 3,500 299,323
BioMed Realty Trust Inc. .............................................. United States 11,800 137,824
Boston Properties Inc. ................................................ United States 33,100 1,750,990
CapitaCommercial Trust ................................................ Singapore 693,000 411,612
Champion REIT ......................................................... Hong Kong 1,068,713 427,493
Cofinimmo ............................................................. Belgium 1,150 142,934
Commonwealth Property Office Fund ..................................... Australia 272,775 192,694
Corporate Office Properties Trust ..................................... United States 14,000 474,740
Digital Realty Trust Inc. ............................................. United States 12,800 519,040
Great Portland Estates PLC ............................................ United Kingdom 121,345 470,646
Highwoods Properties Inc. ............................................. United States 18,100 463,541
ING Office Fund ....................................................... Australia 1,056,733 428,463
Japan Prime Realty Investment Co. ..................................... Japan 92 197,997

16 | Annual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JULY 31, 2009 (CONTINUED)

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

COMMON STOCKS (CONTINUED)
OFFICE REITS (CONTINUED)
Japan Real Estate Investment Co. ...................................... Japan 66 $ 552,266
Mack-Cali Realty Corp. ................................................ United States 14,000 390,740
Nippon Building Fund Inc. ............................................. Japan 115 1,032,752
Nippon Commercial Investment Corp. .................................... Japan 66 117,635
Nomura Real Estate Office Fund Inc. ................................... Japan 50 328,579
ORIX JREIT Inc. ....................................................... Japan 67 329,868
Silic ................................................................. France 3,200 320,647
SL Green Realty Corp. ................................................. United States 13,500 348,030
-----------
9,739,910
-----------
REAL ESTATE OPERATING COMPANIES 0.0%(c)
Hongkong Land Holdings Ltd. ........................................... Hong Kong 6,000 23,340
-----------
RESIDENTIAL REITS 7.0%
AvalonBay Communities Inc. ............................................ United States 11,384 662,549
Boardwalk REIT ........................................................ Canada 6,200 190,119
Camden Property Trust ................................................. United States 11,900 351,169
Equity Lifestyle Properties Inc. ...................................... United States 12,600 525,042
Equity Residential .................................................... United States 37,200 892,800
Nippon Accommodations Fund Inc. ....................................... Japan 54 268,146
Nippon Residential Investment Corp. ................................... Japan 109 258,997
UDR Inc. .............................................................. United States 56,347 588,826
-----------
3,737,648
-----------
RETAIL REITS 36.9%
CapitaMall Trust ...................................................... Singapore 200,719 220,310
Cedar Shopping Centers Inc. ........................................... United States 16,200 86,022
CFS Retail Property Trust ............................................. Australia 329,470 472,374
Corio NV .............................................................. Netherlands 15,460 856,756
Developers Diversified Realty Corp. ................................... United States 37,604 210,958
Eurocommercial Properties NV .......................................... Netherlands 9,640 327,571
Federal Realty Investment Trust ....................................... United States 12,300 701,715
Frontier Real Estate Investment Corp. ................................. Japan 56 361,500
Hammerson PLC ......................................................... United Kingdom 152,704 879,804
Japan Retail Fund Investment Corp. .................................... Japan 62 311,146
Kimco Realty Corp. .................................................... United States 62,900 618,936
Klepierre ............................................................. France 10,090 288,499
Land Securities Group PLC ............................................. United Kingdom 68,467 611,147
The Link REIT ......................................................... Hong Kong 648,000 1,471,616
The Macerich Co. ...................................................... United States 12,823 252,228
National Retail Properties Inc. ....................................... United States 27,800 547,938
Realty Income Corp. ................................................... United States 34,300 808,794
Regency Centers Corp. ................................................. United States 8,800 282,304
RioCan REIT ........................................................... Canada 45,400 653,747
Simon Property Group Inc. ............................................. United States 41,616 2,318,844
Suntec REIT ........................................................... Singapore 300,000 227,162
Tanger Factory Outlet Centers Inc. .................................... United States 13,500 479,790
Taubman Centers Inc. .................................................. United States 15,100 401,811
Unibail-Rodamco SE .................................................... France 14,649 2,559,882

Annual Report | 17

Franklin Global Trust

STATEMENT OF INVESTMENTS, JULY 31, 2009 (CONTINUED)

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

COMMON STOCKS (CONTINUED)
RETAIL REITS (CONTINUED)
Westfield Group ....................................................... Australia 341,399 $ 3,233,690
(b) Westfield Group, 144A ................................................. Australia 57,900 548,422
-----------
19,732,966
-----------
SPECIALIZED REITS 14.8%
HCP Inc. .............................................................. United States 64,100 1,651,216
Health Care REIT Inc. ................................................. United States 24,400 977,464
Host Hotels & Resorts Inc. ............................................ United States 120,700 1,095,956
Nationwide Health Properties Inc. ..................................... United States 26,700 774,834
Public Storage ........................................................ United States 20,400 1,480,428
Senior Housing Properties Trust ....................................... United States 18,900 352,674
Ventas Inc. ........................................................... United States 45,200 1,595,560
-----------
7,928,132
-----------
TOTAL COMMON STOCKS (COST $55,519,362) ................................ 51,743,406
-----------

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

SHORT TERM INVESTMENTS (COST $2,945,000) 5.5%
TIME DEPOSITS 5.5%
Paribas Corp., 0.18%, 8/03/09 ......................................... United States $2,945,000 2,945,000
-----------
TOTAL INVESTMENTS (COST $58,464,362) 102.2% ........................... 54,688,406
OTHER ASSETS, LESS LIABILITIES (2.2)% ................................. (1,179,953)
-----------
NET ASSETS 100.0% ..................................................... $53,508,453
===========

(a) A portion or all of the security purchased on a delayed delivery basis. See
Note 1(c).

(b) Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may be sold in transactions exempt from registration only to
qualified institutional buyers or in a public offering registered under the
Securities Act of 1933. These securities have been deemed liquid under
guidelines approved by the Trust's Board of Trustees. At July 31, 2009, the
aggregate value of these securities was $1,050,183, representing 1.96% of
net assets.

18 | Annual Report

Franklin Global Trust

STATEMENT OF INVESTMENTS, JULY 31, 2009 (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

At July 31, 2009, the Fund had the following forward exchange contracts
outstanding. See Note 1(d).

SETTLEMENT UNREALIZED UNREALIZED
CURRENCY COUNTERPARTY TYPE QUANTITY CONTRACT AMOUNT(a) DATE APPRECIATION DEPRECIATION
-------- ------------ ---- ----------- ------------------ ---------- ------------ ------------

Australian Dollar ..... SDL Sell 6,505,120 5,093,477 9/21/09 $ -- $(323,045)
Australian Dollar ..... BOFA Sell 3,144,306 2,465,513 9/21/09 -- (152,609)
Australian Dollar ..... SDL Buy 1,655,486 1,320,000 9/21/09 58,449 --
British Pound ......... BOFA Sell 1,162,811 1,891,544 9/21/09 -- (50,116)
British Pound ......... CBK Sell 1,097,086 1,783,643 9/21/09 -- (48,270)
British Pound ......... SDL Sell 209,049 344,000 9/21/09 -- (5,069)
British Pound ......... CBK Buy 202,620 331,000 9/21/09 7,335 --
Canadian Dollar ....... BOFA Sell 1,457,208 1,273,816 9/21/09 -- (78,482)
Euro .................. SDL Sell 2,405,977 3,332,266 9/21/09 -- (97,299)
Euro .................. BOFA Sell 1,190,275 1,649,602 9/21/09 -- (47,058)
Euro .................. SDL Buy 241,469 340,000 9/21/09 4,198 --
Hong Kong Dollar ...... BOFA Sell 14,735,883 1,902,561 9/21/09 138 --
New Zealand Dollar .... BOFA Sell 940,081 587,269 9/21/09 -- (32,927)
United States Dollar .. BOFA Buy 361,000 451,984 AUD 9/21/09 -- (15,347)
United States Dollar .. SDL Buy 306,000 186,383 GBP 9/21/09 -- (5,222)
United States Dollar .. SDL Buy 266,000 186,549 EUR 9/21/09 -- (3,009)
Singapore Dollar ...... SDL Sell 1,305,478 897,256 9/22/09 -- (9,392)
Singapore Dollar ...... BOFA Sell 453,240 310,747 9/22/09 -- (4,026)
Singapore Dollar ...... SDL Buy 666,973 459,000 9/22/09 4,209 --
Japanese Yen .......... BOFA Sell 197,645,102 2,060,735 9/24/09 -- (28,523)
Japanese Yen .......... SDL Sell 237,121,060 2,481,446 9/24/09 -- (25,103)
Japanese Yen .......... CBK Sell 41,171,836 429,325 9/24/09 -- (5,892)
Japanese Yen .......... BOFA Buy 21,427,520 232,000 9/24/09 -- (5,495)
Japanese Yen .......... SDL Buy 26,331,105 281,000 9/24/09 -- (2,660)
United States Dollar .. SDL Buy 258,000 24,383,580 JPY 9/24/09 247 --
------- ---------
Unrealized
appreciation
(depreciation) on
forward exchange
contracts ....... 74,576 (939,544)
------- ---------
Net unrealized
appreciation
(depreciation) on
forward exchange
contracts ...... $(864,968)
=========

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

See Abbreviations on page 36.

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

Annual Report | 19

Franklin Global Trust

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
July 31, 2009

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

Assets:
Investments in securities:
Cost - Unaffiliated issuers ......................................... $ 58,464,362
============
Value - Unaffiliated issuers ........................................ $ 54,688,406
Cash ................................................................... 25,189
Receivables:
Investment securities sold .......................................... 499,102
Capital shares sold ................................................. 41,891
Dividends ........................................................... 258,843
Unrealized appreciation on forward exchange contracts .................. 74,576
Other assets ........................................................... 66
------------
Total assets ..................................................... 55,588,073
------------
Liabilities:
Payables:
Investment securities purchased ..................................... 964,675
Capital shares redeemed ............................................. 59,757
Affiliates .......................................................... 67,358
Unrealized depreciation on forward exchange contracts .................. 939,544
Accrued expenses and other liabilities ................................. 48,286
------------
Total liabilities ................................................ 2,079,620
------------
Net assets, at value .......................................... $ 53,508,453
============
Net assets consist of:
Paid-in capital ........................................................ $123,846,305
Distributions in excess of net investment income ....................... (3,071,701)
Net unrealized appreciation (depreciation) ............................. (4,638,163)
Accumulated net realized gain (loss) ................................... (62,627,988)
------------
Net assets, at value .......................................... $ 53,508,453
============

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

20 | Annual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)
July 31, 2009

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

CLASS A:
Net assets, at value ................................................... $15,605,779
-----------
Shares outstanding ..................................................... 3,079,507
-----------
Net asset value per share(a) ........................................... $ 5.07
-----------
Maximum offering price per share (net asset value per share / 94.25%) .. $ 5.38
-----------
CLASS C:
Net assets, at value ................................................... $ 3,748,335
-----------
Shares outstanding ..................................................... 744,532
-----------
Net asset value and maximum offering price per share(a) ................ $ 5.03
-----------
ADVISOR CLASS:
Net assets, at value ................................................... $34,154,339
-----------
Shares outstanding ..................................................... 6,723,319
-----------
Net asset value and maximum offering price per share ................... $ 5.08
-----------

(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.

Annual Report | 21

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENT OF OPERATIONS
for the year ended July 31, 2009

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

Investment income:
Dividends (net of foreign taxes of $211,463) ........................... $ 2,632,993
Interest ............................................................... 22,610
------------
Total investment income .......................................... 2,655,603
------------
Expenses:
Management fees (Note 3a) .............................................. 465,302
Administrative fees (Note 3b) .......................................... 116,325
Distribution fees: (Note 3c)
Class A ............................................................. 50,169
Class C ............................................................. 41,029
Transfer agent fees (Note 3e) .......................................... 112,285
Custodian fees (Note 4) ................................................ 7,466
Reports to shareholders ................................................ 34,165
Registration and filing fees ........................................... 48,561
Professional fees ...................................................... 36,496
Trustees' fees and expenses ............................................ 8,209
Other .................................................................. 13,586
------------
Total expenses ................................................... 933,593
Expense reductions (Note 4) ...................................... (596)
Expenses waived/paid by affiliates (Note 3g) ..................... (231,922)
------------
Net expenses .................................................. 701,075
------------
Net investment income ...................................... 1,954,528
------------
Realized and unrealized gains (losses):
Net realized gain (loss) from:
Investments ......................................................... (46,524,647)
Foreign currency transactions ....................................... 5,120,496
------------
Net realized gain (loss) ................................... (41,404,151)
------------
Net change in unrealized appreciation (depreciation) on:
Investments ......................................................... 8,725,613
Translation of other assets and liabilities denominated in foreign
currencies ....................................................... (330,303)
------------
Net change in unrealized appreciation (depreciation) ....... 8,395,310
------------
Net realized and unrealized gain(loss) .................................... (33,008,841)
------------
Net increase (decrease) in net assets resulting from operations ........... $(31,054,313)
============

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

22 | Annual Report

Franklin Global Trust

FINANCIAL STATEMENTS (CONTINUED)

STATEMENTS OF CHANGES IN NET ASSETS

FRANKLIN GLOBAL
REAL ESTATE FUND
--------------------------
YEAR ENDED JULY 31,
--------------------------
2009 2008
------------ -----------

Increase (decrease) in net assets:
Operations:
Net investment income ............................................... $ 1,954,528 $ 2,982,848
Net realized gain (loss) from investments and foreign currency
transactions ..................................................... (41,404,151) (19,272,514)
Net change in unrealized appreciation (depreciation) on investments
and translation of other assets and liabilities denominated in
foreign currencies ............................................... 8,395,310 (9,022,615)
------------ ------------
Net increase (decrease) in net assets resulting from operations ........... (31,054,313) (25,312,281)
------------ ------------
Distributions to shareholders from:
Net investment income and net foreign currency gains:
Class A .......................................................... (1,424,248) (1,061,149)
Class C .......................................................... (315,787) (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 ................................. (4,761,013) (3,779,027)
------------ ------------
Capital share transactions: (Note 2)
Class A .......................................................... (2,351,878) 3,211,419
Class C .......................................................... (1,646,895) 981,285
Advisor Class .................................................... (3,398,483) 44,386,866
------------ ------------
Total capital share transactions .................................... (7,397,256) 48,579,570
------------ ------------
Redemption fees ..................................................... 84 131
------------ ------------
Net increase (decrease) in net assets ......................... (43,212,498) 19,488,393
Net assets:
Beginning of year ...................................................... 96,720,951 77,232,558
------------ ------------
End of year ............................................................ $ 53,508,453 $ 96,720,951
============ ============
Distributions in excess of net investment income included in net assets:
End of year ............................................................ $ (3,071,701) $ (674,490)
============ ============

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

Annual Report | 23

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS

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
five 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

24 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE 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 Fund's Board of Trustees.

B. FOREIGN CURRENCY TRANSLATION

C. SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS

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

Annual Report | 25

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. DERIVATIVE FINANCIAL INSTRUMENTS

The Fund may invest in derivative financial instruments (derivatives) in order
to manage risk or gain exposure to various other investments or markets.
Derivatives are financial contracts based on an underlying or notional amount,
require no initial investment or an initial net investment that is smaller than
would normally be required to have a similar response to changes in market
factors, and require or permit net settlement. Derivatives may contain various
risks including the potential inability of the counterparty to fulfill their
obligations under the terms of the contract, the potential for an illiquid
secondary market, and the potential for market movements which may expose the
Fund to gains or losses in excess of the amounts shown on the Statement of
Assets and Liabilities.

Derivatives are marked to market daily based upon quotations from market makers
or the Fund's independent pricing services and the Fund's net benefit or
obligation under the contract, as measured by the fair market value of the
contract, is included in net assets. Realized gain and loss and unrealized
appreciation and depreciation on these contracts for the period are included in
the Statement of Operations.

The Fund enters into forward exchange contracts in order to hedge against
fluctuations in foreign exchange rates or to gain exposure to certain foreign
currencies. A forward exchange contract is an agreement between the Fund and a
counterparty to buy or sell a foreign currency for a specific exchange rate on a
future date. Pursuant to the terms of the forward exchange contacts, cash or
securities may be required to be deposited as collateral.

See Note 7 regarding other derivative information.

E. INCOME TAXES

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.

26 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

F. 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.

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.

G. ACCOUNTING ESTIMATES

H. REDEMPTION FEES

Annual Report | 27

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

I. GUARANTEES AND INDEMNIFICATIONS

2. SHARES OF BENEFICIAL INTEREST

At July 31, 2009, there were an unlimited number of shares authorized (without
par value). Transactions in the Fund's shares were as follows:

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

CLASS A SHARES:
Shares sold .................... 924,722 $ 4,773,934 1,690,403 $ 16,736,881
Shares issued in reinvestment of
distributions ............... 208,531 1,082,889 84,109 826,755
Shares redeemed ................ (1,463,386) (8,208,701) (1,438,423) (14,352,217)
---------- ------------ ---------- ------------
Net increase (decrease) ........ (330,133) $ (2,351,878) 336,089 $ 3,211,419
========== ============ ========== ============
CLASS C SHARES:
Shares sold .................... 245,313 $ 1,236,320 491,196 $ 4,822,799
Shares issued in reinvestment of
distributions ............... 55,079 285,983 21,748 214,097
Shares redeemed ................ (500,612) (3,169,198) (417,660) (4,055,611)
---------- ------------ ---------- ------------
Net increase (decrease) ........ (200,220) $ (1,646,895) 95,284 $ 981,285
========== ============ ========== ============
ADVISOR CLASS SHARES:
Shares sold .................... 1,061,668 $ 5,104,669 5,282,074 $ 58,719,079
Shares issued in reinvestment of
distributions ............... 382,351 1,983,211 125,710 1,196,375
Shares redeemed ................ (1,715,958) (10,486,363) (1,592,553) (15,528,588
---------- ------------ ---------- ------------
Net increase (decrease) ........ (271,939) $ (3,398,483) 3,815,231 $ 44,386,866
========== ============ ========== ============

28 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

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

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.

Annual Report | 29

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

C. DISTRIBUTION FEES (CONTINUED)

February 1, 2009, under the Fund's Class A compensation distribution plan, the
Fund paid 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.

In addition, under the Fund's Class C compensation distribution plan, the Fund
pays Distributors for costs incurred in connection with the servicing, sale and
distribution of the Fund's shares up to the maximum annual plan rate.

The maximum annual plan rates, based on the average daily net assets, for each
class, are as follows:

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

The Board of Trustees has set the current rate to 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 year:

Sales charges retained net of commissions
paid to unaffiliated broker/dealers ............... $8,872
Contingent deferred sales charges retained ........... $4,036

E. TRANSFER AGENT FEES

For the period ended July 31, 2009, the Fund paid transfer agent fees of
$112,285, of which $66,632 was retained by Investor Services.

F. SPECIAL SERVICING AGREEMENT

30 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

3. TRANSACTIONS WITH AFFILIATES (CONTINUED)

F. SPECIAL SERVICING AGREEMENT (CONTINUED)

the Fund under the Special Servicing Agreement are included in transfer agent
fees on the Statement of Operations, and the amount payable to the Allocator
Funds is included in the payable to affiliates on the Statement of Assets and
Liabilities. For the year ended July 31, 2009, the Fund was allocated expenses
of $11,790. At July 31, 2009, 43.18% of the Fund's outstanding shares were held
by the Allocator Funds.

G. WAIVER AND EXPENSE REIMBURSEMENTS

FT Services and FT Institutional have agreed in advance to waive all or a
portion of their respective fees through November 30, 2010. Total expenses
waived or paid are not subject to reimbursement by the Fund subsequent to the
Fund's fiscal year end. After November 30, 2010, FT Services and FT
Institutional may discontinue this waiver at any time upon notice to the Fund's
Board of Trustees.

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, 2009, the capital loss carryforwards were as follows:

Capital loss carryforwards expiring in:
2016 $ 2,797,386
2017 22,755,130
-----------
$25,552,516
===========

Annual Report | 31

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

5. INCOME TAXES (CONTINUED)

The tax character of distributions paid during the years ended July 31, 2009 and
July 31, 2008, was as follows:

2009 2008
---------- ----------

Distributions paid from:
Ordinary income ......... $4,761,013 $3,770,590
Long term capital gain .. -- 8,437
---------- ----------
$4,761,013 $3,779,027
========== ==========

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

Cost of investments ...................................... $ 67,411,730
------------
Unrealized appreciation .................................. $ 1,349,983
Unrealized depreciation .................................. (14,073,307)
------------
Net unrealized appreciation (depreciation) ............... $(12,723,324)
============
Distributable earnings - undistributed ordinary income ... $ 1,996,326
============

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 July 31, 2009, aggregated $44,676,573 and $47,927,230,
respectively.

32 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

7. OTHER DERIVATIVE INFORMATION

At July 31, 2009, the Fund has invested in derivative contracts which are
reflected on the Statement of Assets and Liabilities as follows:

DERIVATIVE CONTRACTS
NOT ACCOUNTED FOR AS ASSET DERIVATIVES LIABILITY DERIVATIVES
HEDGING INSTRUMENTS ---------------------------------------- ---------------------------------------
UNDER FASB STATEMENT STATEMENT OF ASSETS AND FAIR VALUE STATEMENT OF ASSETS AND FAIR VALUE
NO. 133 LIABILITIES LOCATION AMOUNT LIABILITIES LOCATION AMOUNT
- -------------------- --------------------------- ---------- -------------------------- ----------

Foreign exchange
contracts ....... Unrealized appreciation on Unrealized depreciation on
forward exchange contracts $74,576 forward exchange contracts $939,544

The effect of derivative contracts on the Fund's Statement of Operations was as
follows:

DERIVATIVE CONTRACTS AVERAGE
NOT ACCOUNTED FOR AS AMOUNT
HEDGING INSTRUMENTS UNREALIZED OUTSTANDING
UNDER FASB STATEMENT STATEMENT OF REALIZED APPRECIATION DURING THE
NO. 133 OPERATIONS LOCATIONS GAIN (LOSS)(a) (DEPRECIATION)(a) PERIOD(a, b)
- -------------------- -------------------------------- -------------- ----------------- ------------

Foreign exchange
contracts ....... Net realized gain (loss) from
foreign currency
transactions/Net change in
unrealized appreciation
(depreciation) on translation of
other assets and liabilities
denominated in foreign
currencies $(1,060,934) $(1,750,645) 33,832,607

(a) For the six months ended July 31, 2009.

(b) Represents the average notional amount outstanding during the period. For
derivative contracts denominated in foreign currencies, notional amounts
are converted into U.S. dollars.

See Note 1(d) regarding derivative financial instruments.

8. CREDIT FACILITY

Annual Report | 33

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

8. CREDIT FACILITY (CONTINUED)

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, the Fund incurred commitment fees of $87 of its pro
rata portion of the Global Credit Facility, which is reflected in other expenses
on the Statements of Operations. During the year ended July 31, 2009, the Fund
did not utilize the Global Credit Facility.

9. FAIR VALUE MEASUREMENTS

- 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.

34 | Annual Report

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

9. FAIR VALUE MEASUREMENTS (CONTINUED)

The following is a summary of the inputs used as of July 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:
Equity Investments(a) $51,743,406 $ -- $-- $51,743,406
Short Term Investments 2,945,000 -- -- 2,945,000
----------- -------- --- -----------
Total Investments in Securities $54,688,406 $ -- $-- $54,688,406
=========== ======== === ===========
Forward Exchange Contracts -- 74,576 -- 74,576
LIABILITIES:
Forward Exchange Contracts -- 939,544 -- 939,544

(a) For detailed industry descriptions, see the accompanying Statement of
Investments.

10. SUBSEQUENT EVENTS

The Fund has evaluated subsequent events through September 17, 2009, the
issuance date of the financial statements and determined disclosure of the
following is necessary:

Subsequent to July 31, 2009, the Fund received net redemptions representing
approximately 38% of the Fund's outstanding shares as of July 31, 2009.

Annual Report | 35

Franklin Global Trust

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

ABBREVIATIONS

CURRENCY

AUD - Australian Dollar
EUR - Euro
GBP - British Pound
JPY - Japanese Yen

SELECTED PORTFOLIO

REIT - Real Estate Investment Trust

COUNTERPARTY

BOFA - Bank of America N.A.
CBK - Citibank N.A.
SDL - UBS AG

36 | Annual Report

Franklin Global Trust

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

FRANKLIN GLOBAL REAL ESTATE FUND

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF FRANKLIN GLOBAL TRUST

In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Franklin Global Real Estate Fund
(one of the funds constituting Franklin Global Trust, hereafter referred to as
the "Fund") at July 31, 2009, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for the periods presented, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at July 31, 2009 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.

PricewaterhouseCoopers LLP

San Francisco, California
September 17, 2009

Annual Report | 37

Franklin Global Trust

TAX DESIGNATION (UNAUDITED)

FRANKLIN GLOBAL REAL ESTATE FUND

Under Section 854(b)(2) of the Internal Revenue Code (Code), the Fund designates
the maximum amount allowable but no less than $651,124 as qualified dividends
for purposes of the maximum rate under Section 1(h)(11) of the Code for the
fiscal year ended July 31, 2009. Distributions, including qualified dividend
income, paid during calendar year 2009 will be reported to shareholders on Form
1099-DIV in January 2010. Shareholders are advised to check with their tax
advisors for information on the treatment of these amounts on their individual
income tax returns.

38 | Annual Report

Franklin Global Trust

BOARD MEMBERS AND OFFICERS

The name, year of birth and address of the officers and board members, as well
as their affiliations, positions held with the Trust, principal occupations
during the past five years and number of portfolios overseen in the Franklin
Templeton Investments fund complex are shown below. Generally, each board member
serves until that person's successor is elected and qualified.

INDEPENDENT BOARD MEMBERS

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

HARRIS J. ASHTON (1932) Trustee Since 2000 135 Bar-S Foods (meat packing
One Franklin Parkway company).
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director of various companies; and FORMERLY, Director, RBC Holdings, Inc. (bank holding company) (until 2002); and President,
Chief Executive Officer and Chairman of the Board, General Host Corporation (nursery and craft centers) (until 1998).

ROBERT F. CARLSON (1928) Trustee Since 2000 112 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Retired; and FORMERLY, Vice President, senior member and President, Board of Administration, California Public Employees
Retirement Systems (CALPERS) (1971-2008); member and Chairman of the Board, Sutter Community Hospitals; member, Corporate
Board, Blue Shield of California; and Chief Counsel, California Department of Transportation.

SAM GINN (1937) Trustee Since 2007 112 Chevron Corporation (global
One Franklin Parkway energy company) and ICO
San Mateo, CA 94403-1906 Global Communications
(Holdings) Limited (satellite
company).

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Private investor; and FORMERLY, Chairman of the Board, Vodafone AirTouch, PLC (wireless company); Chairman of the Board and
Chief Executive Officer, AirTouch Communications (cellular communications) (1993-1998) and Pacific Telesis Groups (telephone
holding company) (1988-1994).

EDITH E. HOLIDAY (1952) Trustee Since 2000 135 Hess Corporation (exploration
One Franklin Parkway and refining of oil and gas),
San Mateo, CA 94403-1906 H.J. Heinz Company (processed
foods and allied products),
RTI International Metals,
Inc. (manufacture and
distribution of titanium),
Canadian National Railway
(railroad) and White
Mountains Insurance Group,
Ltd. (holding company).

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director or Trustee of various companies and trusts; and FORMERLY, Assistant to the President of the United States and
Secretary of the Cabinet (1990-1993); General Counsel to the United States Treasury Department (1989-1990); and Counselor to
the Secretary and Assistant Secretary for Public Affairs and Public Liaison - United States Treasury Department (1988-1989).

Annual Report | 39

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

FRANK W.T. LAHAYE (1929) Trustee Since 2000 112 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

General Partner, Las Olas L.P. (Asset Management); and FORMERLY, Chairman, Peregrine Venture Management Company (venture
capital).

FRANK A. OLSON (1932) Trustee Since 2005 135 Hess Corporation (exploration
One Franklin Parkway and refining of oil and gas)
San Mateo, CA 94403-1906 and Sentient Jet (private jet
service).

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Chairman Emeritus, The Hertz Corporation (car rental) (since 2000) (Chairman of the Board (1980-2000) and Chief Executive
Officer (1977-1999)); and FORMERLY, Chairman of the Board, President and Chief Executive Officer, UAL Corporation (airlines).

LARRY D. THOMPSON (1945) Trustee Since 2007 143 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Vice President - Government Affairs, General Counsel and Secretary, PepsiCo, Inc. (consumer products); and FORMERLY,
Director, Delta Airlines (aviation) (2003-2005) and Providian Financial Corp. (credit card provider) (1997-2001); Senior
Fellow of The Brookings Institution (2003-2004); Visiting Professor, University of Georgia School of Law (2004); and Deputy
Attorney General, U.S. Department of Justice (2001-2003).

JOHN B. WILSON (1959) Lead Trustee since 112 None
One Franklin Parkway Independent 2006 and Lead
San Mateo, CA 94403-1906 Trustee Independent
Trustee since
2008

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

President and Founder, Hyannis Port Capital, Inc. (real estate and private equity investing); serves on private and non-profit
boards; and FORMERLY, Chief Operating Officer and Executive Vice President, Gap, Inc. (retail) (1996-2000); Chief Financial
Officer and Executive Vice President - Finance Strategy, Staples, Inc. (office supplies) (1992-1996); Senior Vice President -
Corporate Planning, Northwest Airlines, Inc. (airlines) (1990-1992); and Vice President and Partner, Bain & Company
(consulting firm) (1986-1990).

INTERESTED BOARD MEMBERS AND OFFICERS

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

**CHARLES B. JOHNSON (1933) Trustee and Since 2000 135 None
One Franklin Parkway Chairman of
San Mateo, CA 94403-1906 the Board

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Chairman of the Board, Member - Office of the Chairman and Director, Franklin Resources, Inc.; Director, Templeton Worldwide,
Inc.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources,
Inc. and of 41 of the investment companies in Franklin Templeton Investments.

40 | Annual Report

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

**GREGORY E. JOHNSON (1961) Trustee Since 2007 91 None
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, President and Chief Executive Officer, Franklin Resources, Inc.; President, Templeton Worldwide, Inc.; Director,
Templeton Asset Management Ltd.; and officer and/or director or trustee, as the case may be, of some of the other subsidiaries
of Franklin Resources, Inc. and of 32 of the investment companies in Franklin Templeton Investments.

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, Global Compliance, Franklin Resources, Inc.; officer of some of the other subsidiaries of Franklin Resources, Inc.
and of 45 of the investment companies in Franklin Templeton Investments; and FORMERLY, Director of Compliance, Franklin
Resources, Inc. (1994-2001).

LAURA F. FERGERSON (1962) Chief Since March 2009 Not Applicable Not Applicable
One Franklin Parkway Executive
San Mateo, CA 94403-1906 Officer -
Finance and
Administration

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Vice President, Franklin Templeton Services, LLC; officer of 45 of the investment companies in Franklin Templeton Investments;
and FORMERLY, Director and member of Audit and Valuation Committees, Runkel Funds, Inc. (2003-2004); Assistant Treasurer of
most of the investment companies in Franklin Templeton Investments (1997-2003); and Vice President, Franklin Templeton
Services, LLC (1997-2003).

GASTON GARDEY (1967) Treasurer, Since March 2009 Not Applicable Not Applicable
One Franklin Parkway Chief Financial
San Mateo, CA 94403-1906 Officer and
Chief
Accounting
Officer

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director, Fund Accounting, Franklin Templeton Investments; and officer of 27 of the investment companies in Franklin Templeton
Investments.

ALIYA S. GORDON (1973) Vice President Since March 2009 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Annual Report | 41

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

DAVID P. GOSS (1947) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Associate General Counsel, Franklin Templeton Investments; officer and/or director, as the case may be, of some of the
other subsidiaries of Franklin Resources, Inc.; and of 45 of the investment companies in Franklin Templeton Investments.

EDWARD B. JAMIESON (1948) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

President, Chief Investment Officer and Director, Franklin Advisers, Inc.; Executive Vice President, Franklin Templeton
Institutional, LLC; and officer and/or trustee, as the case may be, of some of the other subsidiaries of Franklin Resources,
Inc. and of four of the investment companies in Franklin Templeton Investments.

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Vice Chairman, Member - Office of the Chairman and Director, Franklin Resources, Inc.; Director, Franklin Advisers, Inc. and
Templeton Worldwide, Inc.; Senior Vice President, Franklin Advisory Services, LLC; and officer and/or director or trustee, as
the case may be, of some of the other subsidiaries of Franklin Resources, Inc. and of 43 of the investment companies in
Franklin Templeton Investments.

CHRISTOPHER J. MOLUMPHY (1962) Vice President Since 2000 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Director and Executive Vice President, Franklin Adviser, Inc.; Executive Vice President, Franklin Templeton Institutional,
LLC; and officer of some of the other subsidiaries of Franklin Resources, Inc. and of six of the investment companies in
Franklin Templeton Investments.

KAREN L. SKIDMORE (1952) Vice President Since 2006 Not Applicable Not Applicable
One Franklin Parkway and Secretary
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

Senior Associate General Counsel, Franklin Templeton Investments; and officer of 29 of the investment companies in Franklin
Templeton Investments.

42 | Annual Report

NUMBER OF PORTFOLIOS IN
NAME, YEAR OF BIRTH LENGTH OF FUND COMPLEX OVERSEEN
AND ADDRESS POSITION TIME SERVED BY BOARD MEMBER* OTHER DIRECTORSHIPS HELD
------------------- --------------- ----------------- ----------------------- -----------------------------

CRAIG S. TYLE (1960) Vice President Since 2005 Not Applicable Not Applicable
One Franklin Parkway
San Mateo, CA 94403-1906

PRINCIPAL OCCUPATION DURING PAST 5 YEARS:

General Counsel and Executive Vice President, Franklin Resources, Inc.; officer of some of the other subsidiaries of Franklin
Resources, Inc. and of 45 of the investment companies in Franklin Templeton Investments; and FORMERLY, Partner, Shearman &
Sterling, LLP (2004-2005); and General Counsel, Investment Company Institute (ICI) (1997-2004).

Note 1: Charles B. Johnson and Rupert H. Johnson, Jr. are brothers and the
father and uncle, respectively, of Gregory E. Johnson.

Note 2: Officer information is current as of the date of this report. It is
possible that after this date, information about officers may change.

THE SARBANES-OXLEY ACT OF 2002 AND RULES ADOPTED BY THE SECURITIES AND EXCHANGE
COMMISSION REQUIRE THE FUND TO DISCLOSE WHETHER THE FUND'S AUDIT COMMITTEE
INCLUDES AT LEAST ONE MEMBER WHO IS AN AUDIT COMMITTEE FINANCIAL EXPERT WITHIN
THE MEANING OF SUCH ACT AND RULES. THE FUND'S BOARD HAS DETERMINED THAT THERE IS
AT LEAST ONE SUCH FINANCIAL EXPERT ON THE AUDIT COMMITTEE AND HAS DESIGNATED
JOHN B. WILSON AS ITS AUDIT COMMITTEE FINANCIAL EXPERT. THE BOARD BELIEVES THAT
MR. WILSON QUALIFIES AS SUCH AN EXPERT IN VIEW OF HIS EXTENSIVE BUSINESS
BACKGROUND AND EXPERIENCE, INCLUDING SERVICE AS CHIEF FINANCIAL OFFICER OF
STAPLES, INC. FROM 1992 TO 1996. MR. WILSON HAS BEEN A MEMBER AND CHAIRMAN OF
THE FUND'S AUDIT COMMITTEE SINCE 2007. AS A RESULT OF SUCH BACKGROUND AND
EXPERIENCE, THE BOARD BELIEVES THAT MR. WILSON HAS ACQUIRED AN UNDERSTANDING OF
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND FINANCIAL STATEMENTS, THE GENERAL
APPLICATION OF SUCH PRINCIPLES IN CONNECTION WITH THE ACCOUNTING ESTIMATES,
ACCRUALS AND RESERVES, AND ANALYZING AND EVALUATING FINANCIAL STATEMENTS THAT
PRESENT A BREADTH AND LEVEL OF COMPLEXITY OF ACCOUNTING ISSUES GENERALLY
COMPARABLE TO THOSE OF THE FUND, AS WELL AS AN UNDERSTANDING OF INTERNAL
CONTROLS AND PROCEDURES FOR FINANCIAL REPORTING AND AN UNDERSTANDING OF AUDIT
COMMITTEE FUNCTIONS. MR. WILSON IS AN INDEPENDENT BOARD MEMBER AS THAT TERM IS
DEFINED UNDER THE RELEVANT SECURITIES AND EXCHANGE COMMISSION RULES AND
RELEASES.

Annual Report | 43

Franklin Global Trust

SHAREHOLDER INFORMATION

FRANKLIN GLOBAL REAL ESTATE FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT

At a meeting held February 24, 2009, the Board of Trustees (Board), including a
majority of non-interested or independent Trustees, approved renewal of the
investment management agreement for Franklin Global Real Estate Fund, one of the
Funds within Franklin Global Trust (Fund(s)). In reaching this decision, the
Board took into account information furnished throughout the year at regular
Board meetings, as well as information prepared specifically in connection with
the annual renewal review process. Information furnished and discussed
throughout the year included investment performance reports and related
financial information for each Fund, as well as periodic reports on shareholder
services, legal, compliance, pricing, brokerage commissions and execution and
other services provided by the Investment Manager (Manager) and its affiliates.
Information furnished specifically in connection with the renewal process
included a report for each Fund prepared by Lipper, Inc. (Lipper), an
independent organization, as well as additional material, including a Fund
profitability analysis report prepared by management. The Lipper report compared
a Fund's investment performance and expenses with those of other mutual funds
deemed comparable to the Fund as selected by Lipper. The Fund profitability
analysis report discussed the profitability to Franklin Templeton Investments
from its overall U.S. fund operations, as well as on an individual fund-by-fund
basis. Included with such profitability analysis report was information on a
fund-by-fund basis listing portfolio managers and other accounts they manage, as
well as information on management fees charged by the Manager and its affiliates
including management's explanation of differences where relevant and a
three-year expense analysis with an explanation for any increase in expense
ratios. Additional material accompanying such report was a memorandum prepared
by management describing project initiatives and capital investments relating to
the services provided to the Funds by the Franklin Templeton Investments
organization, as well as a memorandum relating to economies of scale and a
comparative analysis concerning transfer agent fees charged each Fund. Such
material also discussed some of the actions taken by management in coping with
problems arising out of the past year's financial upheaval.

44 | Annual Report

Franklin Global Trust

SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

restrictions for each Fund were consistently complied with as well as other
reports periodically furnished the Board covering matters such as the compliance
of portfolio managers and other management personnel with the code of ethics
adopted throughout the Franklin Templeton fund complex, the adherence to fair
value pricing procedures established by the Board, and the accuracy of net asset
value calculations. The Board also noted the extent of benefits provided Fund
shareholders from being part of the Franklin Templeton family of funds,
including the right to exchange investments between the same class of funds
without a sales charge, the ability to reinvest Fund dividends into other funds
and the right to combine holdings in other funds to obtain a reduced sales
charge. Favorable consideration was given to management's continuous efforts and
expenditures in establishing back-up systems and recovery procedures to function
in the event of a natural disaster, it being noted that such systems and
procedures had functioned smoothly during the Florida hurricanes and blackouts
experienced in recent years. Among other factors taken into account by the Board
were the Manager's best execution trading policies, including a favorable report
by an independent portfolio trading analytical firm. Consideration was also
given to the experience of the Fund's portfolio management team, the number of
accounts managed and general method of compensation. In this latter respect, the
Board noted that a primary factor in management's determination of a portfolio
manager's bonus compensation was the relative investment performance of the
funds he or she managed and that a portion of such bonus was required to be
invested in a pre-designated list of funds within such person's fund management
area so as to be aligned with the interests of Fund shareholders. The Board also
took into account the quality of transfer agent and shareholder services
provided Fund shareholders by an affiliate of the Manager, noting continuing
expenditures by management to increase and improve the scope of such services,
periodic favorable reports on such service conducted by third parties, and the
continuous enhancements to and high industry ranking given the Franklin
Templeton website. Particular attention was given to the overall performance and
actions taken by the Manager and its affiliates in response to problems arising
out of the market turmoil and financial crisis experienced during the past year.
In this respect, the Board noted that management's independent credit analysis
and diligent risk management procedures had minimized exposure of funds within
the Franklin Templeton complex to subprime mortgages and that its continuous
monitoring of counterparty credit risk had limited fund exposure to firms
experiencing financial difficulties like Bear Stearns and AIG. The same type of
conservative approach and attention to risk had also prevented any structured
investment products or other volatile instruments from being held in the
portfolios of any of the money market funds within the Franklin Templeton
complex, including the sweep money fund utilized by many of the funds as part of
their cash management. The Board also took into account, among other things,
management's efforts in establishing a $725 million global credit facility for
the benefit of the funds and other accounts managed by Franklin Templeton
Investments to provide a source of cash for temporary and emergency purposes or
to meet unusual redemption requests as well as the strong financial position of
the Manager's parent company and its commitment to the mutual fund business. The
Board also noted

Annual Report | 45

Franklin Global Trust

SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

that during the past year Franklin Templeton Investments, like many other fund
managers, had announced a hiring freeze and implemented employee reductions, and
the Board discussed with management the nature of such reductions and steps
being taken to minimize any negative impact on the nature and quality of
services being provided the Fund.

The performance universe for the Fund consisted of the Fund and all retail and
institutional real estate funds as selected by Lipper. Consistent with the
market sell-off that occurred in 2008, the Fund and all other funds within such
performance universe experienced losses during the past year. The Fund has been
in operation for only two full years at the date of the Lipper report, which
showed the Fund's total return for 2008 to be in the second-highest quintile of
such performance universe, and for the annualized two-year period to be in the
middle quintile of such universe. The Board believed that the Fund's brief
period of existence limited the meaningfulness of such performance record.

COMPARATIVE EXPENSES. Consideration was given to the management fee and total
expense ratios of the Fund compared with those of a group of funds selected by
Lipper as its appropriate Lipper expense group. Lipper expense data is based
upon historical information taken from each fund's most recent annual report
and, as a result of the severe decline in mutual fund industry assets during the
last quarter of 2008, is based on asset levels that are higher than the level
currently existing for most funds. While recognizing the limitations inherent in
Lipper's methodology and recognizing that current expense ratios may increase as
assets decline, the Board believed that the independent analysis conducted by
Lipper remained an appropriate measure of comparative expenses. In reviewing
comparative costs, Lipper provides information on the Fund's management fee in
comparison with the contractual investment management fee that would have been
charged by other funds within its Lipper expense group assuming they were
similar in size to the Fund, as well as the actual total expenses of the Fund in
comparison with those of its Lipper expense group. The Lipper contractual
investment management fee analysis includes the advisory and administrative fees
directly charged to the Fund as being part of the management fee. The
contractual investment management fee ratio for Franklin Global Real Estate Fund
was above the median

46 | Annual Report

Franklin Global Trust

SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

of its Lipper expense group, but its total expenses were below the median of
such expense group. The Board found the expenses of the Fund to be acceptable.

Annual Report | 47

Franklin Global Trust

SHAREHOLDER INFORMATION (CONTINUED)

FRANKLIN GLOBAL REAL ESTATE FUND

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENT (CONTINUED)

PROXY VOTING POLICIES AND PROCEDURES

QUARTERLY STATEMENT OF INVESTMENTS

48 | Annual Report

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 Quest 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 Flex Cap Growth Fund
Franklin Growth Fund
Franklin Growth Opportunities Fund
Franklin Small Cap Growth Fund
Franklin Small-Mid Cap Growth Fund

SECTOR

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

GLOBAL

Mutual Global 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
Mutual International 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(3)
Franklin Floating Rate Daily Access Fund
Franklin High Income Fund
Franklin Limited Maturity U.S. Government
Securities Fund(3)
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(3)
Templeton Global Bond Fund
Templeton Global Total Return Fund
Templeton International Bond Fund

TAX-FREE INCOME(4)

NATIONAL

Double Tax-Free Income Fund
Federal Tax-Free Income Fund
High Yield Tax-Free Income Fund
Insured Tax-Free Income Fund(5)

LIMITED-/INTERMEDIATE-TERM

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(6)
Colorado
Connecticut
Florida
Georgia
Kentucky
Louisiana
Maryland
Massachusetts(7)
Michigan(7)
Minnesota(7)
Missouri
New Jersey
New York(6)
North Carolina
Ohio(7)
Oregon
Pennsylvania
Tennessee
Virginia

INSURANCE FUNDS

Franklin Templeton Variable Insurance Products Trust(8)

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

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

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

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

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

04/09 Not part of the annual report

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

ANNUAL REPORT AND SHAREHOLDER LETTER
FRANKLIN GLOBAL REAL ESTATE FUND

INVESTMENT MANAGER
Franklin Templeton Institutional, LLC

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

SHAREHOLDER SERVICES
(800) 632-2301

495 A2009 09/09

JULY 31, 2009

ANNUAL REPORT
AND SHAREHOLDER LETTER

Franklin International Growth Fund

Franklin International Small Cap
Growth Fund

(GRAPHIC)

Log onto franklintempleton.com
and click "My Profile"

INTERNATIONAL

FRANKLIN GLOBAL TRUST

(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.

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

(GRAPHIC)

Not part of the annual report

Contents

SHAREHOLDER LETTER ....................................................... 1
ANNUAL REPORT
Economic and Market Overview ............................................. 3
Franklin International Growth Fund ....................................... 5
Franklin International Small Cap Growth Fund ............................. 16
Financial Highlights and Statements of Investments ....................... 26
Financial Statements ..................................................... 39
Notes to Financial Statements ............................................ 43
Report of Independent Registered Public Accounting Firm .................. 54
Tax Designation .......................................................... 55
Board Members and Officers ............................................... 56
Shareholder Information .................................................. 61

Shareholder Letter

Dear Shareholder:

During the 12 months ended July 31, 2009, global economies experienced a
significant slowdown that began in 2008 with the U.S. subprime mortgage and
credit crises. Despite coordinated efforts by many governments to address
spreading liquidity and credit problems, deteriorating economic conditions and
mounting uncertainty contributed to market woes. Later in the period some
indicators offered a better outlook, and global markets rallied beginning in
March. Amid recent events, 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 past periods of high market volatility by
remaining committed to our long-term perspective and disciplined investment
philosophy. During such times, we search for bargains we believe may be well
positioned to become eventual winners. Although conditions remain challenging,
our experience gives us reason to be optimistic about future market
stabilization and recovery.

In the enclosed annual report for Franklin Global Trust, 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 annual report | 1

Although market conditions are constantly changing, we remain committed to our
disciplined strategy as we manage the Funds, 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 changing 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

2 | Not part of the annual report

Annual Report

Economic and Market Overview

During the 12 months under review, world equities suffered in the worst market
environment in at least two decades. The period began with the final throes of a
momentum-driven commodities rally and attendant inflationary scare. Commodity
prices began to collapse during the summer of 2008 as exceedingly optimistic
expectations were tempered by signs of a looming economic downturn. Severe
strains in the global banking system surfaced by September, and the worst credit
market crisis since the 1930s followed after several major financial
institutions collapsed. In response, many central banks lowered interest rates
to historical lows, and launched massive liquidity injections into money markets
and stimulus packages to alleviate the credit crunch and counter severe economic
contractions. Global equities plummeted as the financial crisis unfolded in the
first half of the reporting period.

After hitting new bear market lows in early March 2009, global equity markets
rallied due to news of a U.S. plan to clear the financial system of illiquid
assets and tentative signs of economic stabilization. Resurgent risk appetite
also buoyed emerging markets stocks, which delivered their best three-month
returns on record from March through May 2009. Emerging market optimism in turn
supported higher commodity prices, which gained the most since the bubble in
hard assets burst in the summer of 2008. Also supporting commodity prices was a
weaker U.S. dollar. Although systemic risk aversion and the consensus belief
that the U.S. could lead the global economy out of recession helped strengthen
the dollar at the beginning of the period, investors soon began to worry about
the currency's ongoing stability in the face of aggressive and unconventional
monetary policy. Despite a second-half decline, the greenback gained value
relative to most currencies for the 12-month period.

Global equity markets moderated in June as investors appeared to contemplate the
rally's merits and reassess their new positions. Although sentiment had improved
and most seemed to believe the global economy had exited the worst stage of this
recessionary cycle, indicators remained mixed. In the final month of the
reporting period, however, investors grew optimistic after a number of
surprisingly positive corporate earnings reports and stronger manufacturing
activity, which lifted equity markets around the world to their highest levels
in months. In the U.S., encouraging signs surfaced in the distressed housing and
labor markets, but consumer spending remained sluggish. In Europe, manufacturing
output improved slightly, yet the eurozone unemployment rate reached

Annual Report | 3

its highest level in a decade. In China, quarterly economic growth accelerated
for the first time in two years, but speculation about the central bank's
monetary policy to control runaway loan growth fueled wild stock market
fluctuations.

THE FOREGOING INFORMATION REFLECTS OUR ANALYSIS AND OPINIONS AS OF JULY 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.

4 | Annual Report

Franklin International Growth Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: The Fund seeks long-term capital
appreciation by investing predominantly in equity securities of mid- and
large-capitalization companies, generally those with market capitalizations
greater than $2 billion, located outside the U.S., including developing or
emerging market countries. The Fund considers international companies to be
those organized under the laws of a country outside the U.S. or having a
principal office in a country outside the U.S., or whose securities are listed
or traded principally on a recognized stock exchange or over-the-counter market
outside the U.S.

GEOGRAPHIC BREAKDOWN
Franklin International Growth Fund
Based on Total Net Assets as of 7/31/09

(PIE CHART)

Europe ...................................... 51.0%
Asia ........................................ 23.8%
Australia & New Zealand ..................... 16.2%
Latin America & Caribbean ................... 3.8%
Short-Term Investments & Other Net Assets ... 5.2%

This annual report for Franklin International Growth Fund covers the fiscal year
ended July 31, 2009.

PERFORMANCE OVERVIEW

For the 12 months under review, Franklin International Growth Fund - Class A had
a -13.89% cumulative total return. The Fund performed better than its benchmark,
the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East
(EAFE) Index, which had a -22.16% total return for the

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 30.

Annual Report | 5

PORTFOLIO BREAKDOWN
Franklin International Growth Fund
Based on Total Net Assets as of 7/31/09

(PERFORMANCE GRAPH)

Health Care Equipment & Supplies 9.9%
Energy Equipment & Services 8.6%
Textiles, Apparel & Luxury Goods 5.2%
Capital Markets 5.0%
Real Estate Management & Development 4.9%
Media 4.8%
Software 4.8%
Food & Staples Retailing 4.7%
Life Sciences Tools & Services 4.5%
Professional Services 4.3%
Trading Companies & Distributors 3.8%
Biotechnology 3.2%
Commercial Banks 3.2%
Personal Products 2.7%
Diversified Financial Services 2.6%
Specialty Retail 2.6%
Other 20.0%
Short-Term Investments & Other Net Assets 5.2%

same period.(1) You can find more of the Fund's performance data in the
Performance Summary beginning on page 9.

INVESTMENT STRATEGY

In choosing individual equity investments, we employ a disciplined, bottom-up
approach to identify attractive investment opportunities that have higher
expected revenue and earnings growth than their peers. We use a growth
investment style and in-depth, fundamental research to identify high-quality
companies, across all industry groups, with sustainable business models that
offer the most attractive combination of growth and quality.

MANAGER'S DISCUSSION

During the 12 months under review, our investments in the telecommunication
services sector and our stock selection and underweighting in the energy sector
detracted from the Fund's performance relative to the benchmark index.(2)
Norway-based communications provider Telenor in the telecommunication services
sector was a significant detractor, and we decided to exit the position during
the period due to our future quality concerns. U.K. pipeline maker Wellstream
Holdings(3) in the energy sector was also a detractor during the period. Other
major detractors included Australian integrated drilling services provider Boart
Longyear Group, commercial bank Anglo Irish Bancorp(3) and U.K. money manager
Man Group.

On the other hand, overweighted allocations and stock selection in the consumer
staples and consumer discretionary sectors supported the Fund's relative
performance during the reporting period.(4) Two Chinese non-index holdings,
leading personal hygiene and household paper products manufacturer Hengan
International Group and sports footwear and apparel maker Li Ning, appreciated
in value. Hengan's strong brand recognition and extensive sales network

(1.) 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 MSCI EAFE Index is a free float-adjusted, market
capitalization-weighted index designed to measure equity market performance
in global developed markets excluding the U.S. and Canada. The index is
unmanaged and includes reinvested distributions. One cannot invest directly
in an index, and an index is not representative of the Fund's portfolio.

(2.) The telecommunication services sector comprises wireless telecommunication
services in the SOI. The energy sector comprises energy equipment and
services in the SOI.

(3.) This holding is not an index component.

(4.) The consumer staples sector comprises food and staples retailing, household
products, and personal products in the SOI. The consumer discretionary
sector comprises distributors; household durables; media; specialty retail;
and textiles, apparel and luxury goods in the SOI.

6 | Annual Report

helped produce solid sales growth during the first half of 2009, particularly in
its tissue paper and sanitary napkins segments. Li Ning experienced a
year-over-year increase in fourth quarter 2009 orders, and we believe China's
continued economic growth could improve Li Ning's earnings potential.

An underweighting and stock selection in the financials sector also helped
relative Fund performance, notably due to our position in Hong Kong's real
estate conglomerate Hang Lung Properties as rental revenue growth continued to
post strong results in Hong Kong and mainland China. In addition, key
contributors included Hong Kong's raw materials supply chain services provider
Noble Group and Germany's military and commercial aircraft engine designer MTU
Aero Engines Holding.(3) Noble Group reported a solid first quarter 2009 with
year-over-year tonnage growth and operating profitability.

It is important to recognize the effect of currency movements on the Fund's
performance. In general, if the value of the U.S. dollar increases compared with
a foreign currency, an investment traded in that foreign currency will decrease
in value because it will be worth fewer U.S. dollars. This can have a negative
effect on Fund performance. Conversely, when the U.S. dollar weakens in
relation to a foreign currency, an investment traded in that foreign currency
will increase in value, which can contribute to Fund performance. For the 12
months ended July 31, 2009, the U.S. dollar rose in value relative to most
non-U.S. currencies. As a result, the Fund's performance was negatively affected
by the Fund's investment predominantly in securities with non-U.S. currency
exposure.

From a geographic perspective, stock selection and our overweighted exposure to
Australia constrained relative Fund performance, as did our investments in
non-index country Mexico. On a positive note, stock selection in Asia
contributed to relative results, and our overweighted positions in Hong Kong and
China helped.

TOP 10 COUNTRIES
Franklin International Growth Fund
7/31/09

% OF TOTAL
NET ASSETS
----------

U.K. 18.7%
Australia 16.2%
Hong Kong 13.8%
Switzerland 8.6%
Italy 5.5%
China 5.2%
Germany 4.9%
France 4.8%
Japan 4.8%
Mexico 3.8%

TOP 10 EQUITY HOLDINGS
Franklin International Growth Fund
7/31/09

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

Noble Group Ltd. 3.8%
TRADING COMPANIES & DISTRIBUTORS,
HONG KONG
National Bank of Greece SA, ord. & ADR 3.2%
COMMERCIAL BANKS, GREECE
CSL Ltd. 3.2%
BIOTECHNOLOGY, AUSTRALIA
Saipem SpA 2.9%
ENERGY EQUIPMENT & SERVICES, ITALY
WorleyParsons Ltd. 2.9%
ENERGY EQUIPMENT & SERVICES, AUSTRALIA
Macquarie Group Ltd. 2.9%
CAPITAL MARKETS, AUSTRALIA
Wellstream Holdings PLC 2.7%
ENERGY EQUIPMENT & SERVICES, U.K.
Hengan International Group Co. Ltd. 2.7%
PERSONAL PRODUCTS, CHINA
The Sage Group PLC 2.6%
SOFTWARE, U.K.
Esprit Holdings Ltd. 2.6%
SPECIALTY RETAIL, HONG KONG

Annual Report | 7

Thank you for your continued participation in Franklin International Growth
Fund. We look forward to serving your future investment needs.

(PHOTO OF COLEEN F. BARBEAU)

/s/ Coleen F. Barbeau

Coleen F. Barbeau

(PHOTO OF M. PAR ROSTOM)

/s/ M. Par Rostom

M. Par Rostom, CFA

Portfolio Management Team
Franklin International Growth Fund

8 | Annual Report

Performance Summary as of 7/31/09

FRANKLIN INTERNATIONAL GROWTH FUND

PRICE AND DISTRIBUTION INFORMATION

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

Net Asset Value (NAV) -$1.23 $7.47 $8.70
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.0226

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

Net Asset Value (NAV) -$1.27 $7.42 $8.69
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.0140

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

Net Asset Value (NAV) -$1.24 $7.46 $8.70
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.0138

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

Net Asset Value (NAV) -$1.23 $7.48 $8.71
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.0342

Annual Report | 9

Performance Summary (CONTINUED)

PERFORMANCE(1)

CLASS A 1-YEAR INCEPTION (6/3/08)
- ------- ------- ------------------

Cumulative Total Return(2) -13.89% -25.09%
Average Annual Total Return(3) -18.84% -25.94%
Value of $10,000 Investment(4) $ 8,116 $ 7,061
Avg. Ann. Total Return (6/30/09)(5) -28.47% -33.11%
Total Annual Operating Expenses(6)
Without Waiver 1.86%
With Waiver 1.50%

CLASS C 1-YEAR INCEPTION (6/3/08)
- ------- ------- ------------------

Cumulative Total Return(2) -14.39% -25.61%
Average Annual Total Return(3) -15.25% -22.53%
Value of $10,000 Investment(4) $ 8,475 $ 7,439
Avg. Ann. Total Return (6/30/09)(5) -25.36% -29.81%
Total Annual Operating Expenses(6)
Without Waiver 2.51%
With Waiver 2.15%

CLASS R 1-YEAR INCEPTION (6/3/08)
- ------- ------- ------------------

Cumulative Total Return(2) -14.03% -25.21%
Average Annual Total Return(3) -14.03% -22.17%
Value of $10,000 Investment(4) $ 8,597 $ 7,479
Avg. Ann. Total Return (6/30/09)(5) -24.37% -29.52%
Total Annual Operating Expenses(6)
Without Waiver 2.01%
With Waiver 1.65%

ADVISOR CLASS 1-YEAR INCEPTION (6/3/08)
- ------- ------- ------------------

Cumulative Total Return(2) -13.58% -24.73%
Average Annual Total Return(3) -13.58% -21.74%
Value of $10,000 Investment(4) $ 8,642 $ 7,527
Avg. Ann. Total Return (6/30/09)(5) -23.86% -29.08%
Total Annual Operating Expenses(6)
Without Waiver 1.51%
With Waiver 1.15%

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 1.15% (OTHER
THAN CERTAIN NONROUTINE EXPENSES OR COSTS, INCLUDING THOSE RELATING TO
LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND LIQUIDATIONS) UNTIL 11/30/09.

10 | Annual Report

Performance Summary (CONTINUED)

TOTAL RETURN INDEX COMPARISON FOR A HYPOTHETICAL $10,000 INVESTMENT(1)

(PERFORMANCE GRAPH)
CLASS A (6/3/08-7/31/09)

FRANKLIN INTERNATIONAL
DATE GROWTH FUND - CLASS A MSCI EAFE INDEX
- ---- ---------------------- ---------------

6/3/2008 $9,425 $10,000
6/30/2008 $8,558 $ 9,266
7/31/2008 $8,200 $ 8,969
8/31/2008 $8,021 $ 8,608
9/30/2008 $6,833 $ 7,366
10/31/2008 $5,306 $ 5,880
11/30/2008 $4,976 $ 5,565
12/31/2008 $5,177 $ 5,900
1/31/2009 $4,941 $ 5,322
2/28/2009 $4,666 $ 4,778
3/31/2009 $5,007 $ 5,083
4/30/2009 $5,679 $ 5,742
5/31/2009 $6,303 $ 6,432
6/30/2009 $6,493 $ 6,397
7/31/2009 $7,061 $ 6,982

AVERAGE ANNUAL TOTAL RETURN

CLASS A 7/31/09
- ------- -------

1-Year -18.84%
Since Inception (6/3/08) -25.94%

(PERFORMANCE GRAPH)
CLASS C (6/3/08-7/31/09)

FRANKLIN INTERNATIONAL
DATE GROWTH FUND - CLASS C MSCI EAFE INDEX
- ---- ---------------------- ---------------

6/3/2008 $10,000 $10,000
6/30/2008 $ 9,070 $ 9,266
7/31/2008 $ 8,690 $ 8,969
8/31/2008 $ 8,500 $ 8,608
9/30/2008 $ 7,230 $ 7,366
10/31/2008 $ 5,610 $ 5,880
11/30/2008 $ 5,260 $ 5,565
12/31/2008 $ 5,474 $ 5,900
1/31/2009 $ 5,224 $ 5,322
2/28/2009 $ 4,933 $ 4,778
3/31/2009 $ 5,284 $ 5,083
4/30/2009 $ 5,996 $ 5,742
5/31/2009 $ 6,647 $ 6,432
6/30/2009 $ 6,838 $ 6,397
7/31/2009 $ 7,439 $ 6,982

AVERAGE ANNUAL TOTAL RETURN

CLASS C 7/31/09
- ------- -------

1-Year -15.25%
Since Inception (6/3/08) -22.53%

Annual Report | 11

Performance Summary (CONTINUED)

(PERFORMANCE GRAPH)

CLASS R (6/3/08-7/31/09)

FRANKLIN INTERNATIONAL
DATE GROWTH FUND - CLASS R MSCI EAFE INDEX
- ---- ---------------------- ---------------

6/3/2008 $10,000 $10,000
6/30/2008 $ 9,080 $ 9,266
7/31/2008 $ 8,700 $ 8,969
8/31/2008 $ 8,510 $ 8,608
9/30/2008 $ 7,250 $ 7,366
10/31/2008 $ 5,620 $ 5,880
11/30/2008 $ 5,280 $ 5,565
12/31/2008 $ 5,494 $ 5,900
1/31/2009 $ 5,233 $ 5,322
2/28/2009 $ 4,943 $ 4,778
3/31/2009 $ 5,304 $ 5,083
4/30/2009 $ 6,015 $ 5,742
5/31/2009 $ 6,677 $ 6,432
6/30/2009 $ 6,868 $ 6,397
7/31/2009 $ 7,479 $ 6,982

AVERAGE ANNUAL TOTAL RETURN

CLASS R 7/31/09
- ------- -------

1-Year -14.03%
Since Inception (6/3/08) -22.17%

(PERFORMANCE GRAPH)

ADVISOR CLASS (6/3/08-7/31/09)

FRANKLIN INTERNATIONAL
GROWTH FUND -
DATE ADVISOR CLASS MSCI EAFE INDEX
- ---- ---------------------- ---------------

6/3/2008 $10,000 $10,000
6/30/2008 $ 9,080 $ 9,266
7/31/2008 $ 8,710 $ 8,969
8/31/2008 $ 8,520 $ 8,608
9/30/2008 $ 7,260 $ 7,366
10/31/2008 $ 5,630 $ 5,880
11/30/2008 $ 5,290 $ 5,565
12/31/2008 $ 5,505 $ 5,900
1/31/2009 $ 5,253 $ 5,322
2/28/2009 $ 4,971 $ 4,778
3/31/2009 $ 5,334 $ 5,083
4/30/2009 $ 6,048 $ 5,742
5/31/2009 $ 6,712 $ 6,432
6/30/2009 $ 6,914 $ 6,397
7/31/2009 $ 7,527 $ 6,982

AVERAGE ANNUAL TOTAL RETURN

ADVISOR CLASS 7/31/09
- ------- -------

1-Year -13.58%
Since Inception (6/3/08) -21.74%

12 | Annual Report

Performance Summary (CONTINUED)

ENDNOTES

SPECIAL RISKS ARE ASSOCIATED WITH FOREIGN INVESTING, INCLUDING CURRENCY
FLUCTUATIONS, ECONOMIC INSTABILITY AND POLITICAL DEVELOPMENTS. INVESTMENTS IN
DEVELOPING MARKETS INVOLVE HEIGHTENED RISKS RELATED TO THE SAME FACTORS, IN
ADDITION TO THOSE ASSOCIATED WITH THESE MARKETS' SMALLER SIZE AND LESSER
LIQUIDITY. 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 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.

(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.

(7.) Source: (C) 2009 Morningstar. The MSCI EAFE Index is a free float-adjusted,
market capitalization-weighted index designed to measure equity market
performance in global developed markets, excluding the U.S. and Canada.

Annual Report | 13

Your Fund's Expenses

FRANKLIN INTERNATIONAL GROWTH FUND

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

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 8.6X$7.50 = $64.50.

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

HYPOTHETICAL EXAMPLE FOR COMPARISON WITH OTHER FUNDS

14 | Annual Report

Your Fund's Expenses (CONTINUED)

EXPENSES PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD*
VALUE 2/1/09 VALUE 7/31/09 2/1/09-7/31/09
----------------- -------------- --------------

CLASS A
Actual $1,000 $1,429.10 $ 8.73
Hypothetical (5% return before expenses) $1,000 $1,017.60 $ 7.25
CLASS C
Actual $1,000 $1,424.20 $13.10
Hypothetical (5% return before expenses) $1,000 $1,013.98 $10.89
CLASS R
Actual $1,000 $1,429.10 $ 9.94
Hypothetical (5% return before expenses) $1,000 $1,016.61 $ 8.25
ADVISOR CLASS
Actual $1,000 $1,433.00 $ 6.94
Hypothetical (5% return before expenses) $1,000 $1,019.09 $ 5.76

* Expenses are calculated using the most recent six-month expense ratio, net
of expense waivers, annualized for each class (A: 1.45%; C: 2.18%; R:
1.65%; and Advisor: 1.15%), multiplied by the average account value over
the period, multiplied by 181/365 to reflect the one-half year period.

Annual Report | 15

Franklin International Small Cap Growth Fund

YOUR FUND'S GOAL AND MAIN INVESTMENTS: The Fund seeks long-term capital
appreciation by investing at least 80% of its net assets in a diversified
portfolio of marketable equity and equity-related securities of smaller
international companies with market capitalizations not exceeding $2 billion (or
the equivalent in local currencies), or the highest market capitalization of the
Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE)
Small Cap Index, whichever is greater, at the time of purchase.(1) The Fund
considers international companies to be those organized under the laws of a
country outside North America or having a principal office in a country outside
North America, or whose securities are listed or traded principally on a
recognized stock exchange or over the counter outside North America.

PERFORMANCE DATA REPRESENT PAST PERFORMANCE, WHICH DOES NOTGUAR-ANTEE 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.

GEOGRAPHIC BREAKDOWN
Franklin International Small Cap Growth Fund
Based on Total Net Assets as of 7/31/09

(PERFORMANCE GRAPH)

Europe 72.0%
Asia 14.9%
North America 6.1%
Middle East & Africa 0.9%
Short-Term Investments & Other Net Assets 6.1%

This annual report for Franklin International Small Cap Growth Fund covers the
fiscal year ended July 31, 2009.

PERFORMANCE OVERVIEW

For the 12 months under review, Franklin International Small Cap Growth Fund -
Class A had a -5.00% cumulative total return. The Fund performed better than its
benchmark, the MSCI EAFE Small Cap Index, which had a -18.60% total return for
the same period.(2) You can find more of the Fund's performance data in the
Performance Summary beginning on page 19.

INVESTMENT STRATEGY

In choosing individual equity investments, we utilize a fundamental, bottom-up
approach involving in-depth analysis of individual equity securities. We employ
both a quantitative and qualitative approach to identify smaller international
companies that have the potential to generate attractive returns with lower
downside risk. Such companies tend to have proprietary products and services,
which can sustain a longer-term competitive advantage. Additionally, the
companies we invest in tend to have a higher probability of maintaining a strong
balance sheet and/or generating cash flow. After we identify a company, we

(1.) The MSCI EAFE Small Cap Index is a free float-adjusted, market
capitalization-weighted index designed to measure performance of small cap
equity securities in global developed markets, excluding the U.S. and
Canada.

(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. See footnote 1 for a description of the MSCI EAFE Small
Cap Index. The index is unmanaged and includes reinvested distributions.
One cannot invest directly in an index, and an index is not 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 37.

16 | Annual Report

conduct thorough analysis to establish its earning prospects and determine its
value. Overall, we seek to invest in companies with attractive valuations.

We do not select investments for the Fund that are merely representative of the
small cap asset class but instead aim to produce a portfolio of securities of
exceptional companies operating in sectors that offer attractive growth
potential. While we seek to outperform the MSCI EAFE Small Cap Index, the Fund
may take positions that are not represented in the index.

MANAGER'S DISCUSSION

For the fiscal year under review, the information technology and health care
sectors hurt the Fund's performance relative to the benchmark MSCI EAFE Small
Cap Index.(3) In the information technology sector, stock selection and an
underweighted allocation had a negative impact on relative results. Stock
selection in the health care sector detracted significantly from relative
performance, primarily due to U.K.-based livestock biotechnology company Genus.
Significant detractors from other sectors included financials holdings Neovia
Financial,(4) a global online payments services company based in the U.K., and
RHJ International, a diversified holding company based in Belgium.(5) Several
consumer discretionary holdings also hurt relative results, including
Greece-based Intralot (sold by period-end), a worldwide provider of gaming
systems, Dignity, the U.K.'s largest funeral services provider, and Vitec
Group,(4) a U.K. broadcasting and photographic equipment maker.(6)

On the other hand, the Fund's relative performance benefited from stock
selection and overweighting in the consumer discretionary and consumer staples
sectors.(7) Stock selection in the industrials sector also helped results.(8)
Key contributors in the consumer discretionary sector included Signet Jewelers,
a leading jewelry retailer in the U.K., and CTS Eventim, a German concert and
theater events promoter. In the consumer staples sector, Hong Kong's Vitasoy
International Holdings, a leading soymilk producer in Hong Kong, China and
Australia, and Singapore's Hsu Fu Chi International,(4) a confectionery products
manufacturer, were significant contributors to relative performance. Other
holdings that aided relative results included Japanese commercial real estate

(3.) The information technology sector comprises electronic equipment,
instruments and components; and office electronics in the SOI. The health
care sector comprises biotechnology in the SOI.

(4.) This holding is not an index component.

(5.) The financials sector comprises diversified financial services, insurance,
and real estate management and development in the SOI.

(6.) The consumer discretionary sector comprises diversified consumer services;
hotels, restaurants and leisure; leisure equipment and products; media; and
specialty retail in the SOI.

(7.) The consumer staples sector comprises food products in the SOI.

(8.) The industrials sector comprises aerospace and defense, commercial services
and supplies, machinery, marine, and professional services in the SOI.

PORTFOLIO BREAKDOWN
Franklin International Small Cap Growth Fund
Based on Total Net Assets as of 7/31/09

(PERFORMANCE GRAPH)

Specialty Retail 12.0%
Insurance 8.9%
Food Products 8.5%
Media 7.7%
Diversified Financial Services 6.9%
Real Estate Management & Development 6.6%
Electronic Equipment, Instruments & Components 5.3%
Professional Services 4.8%
Office Electronics 4.4%
Commercial Services & Supplies 3.7%
Diversified Consumer Services 3.6%
Marine 3.4%
Biotechnology 3.3%
Machinery 3.1%
Hotels, Restaurants & Leisure 3.1%
Chemicals 3.0%
Aerospace & Defense 2.9%
Leisure Equipment & Products 2.7%
Short-Term Investments & Other Net Assets 6.1%

Annual Report | 17

TOP 10 COUNTRIES
Franklin International Small Cap
Growth Fund
7/31/09

% OF TOTAL
NET ASSETS
----------

U.K. 41.2%
Germany 8.4%
Switzerland 7.7%
Japan 7.6%
Hong Kong 4.4%
France 4.4%
Belgium 4.2%
Canada 3.7%
Ireland 3.1%
Singapore 2.9%

TOP 10 EQUITY HOLDINGS
Franklin International Small Cap
Growth Fund
7/31/09

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

Experian PLC 4.8%
PROFESSIONAL SERVICES, U.K.
Carpetright PLC 4.7%
SPECIALTY RETAIL, U.K.
Vitasoy International Holdings Ltd. 4.4%
FOOD PRODUCTS, HONG KONG
Neopost SA 4.4%
OFFICE ELECTRONICS, FRANCE
Signet Jewelers Ltd. 4.4%
SPECIALTY RETAIL, U.K.
Rotork PLC 4.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS &
COMPONENTS, U.K.
RHJ International 4.2%
DIVERSIFIED FINANCIAL SERVICES, BELGIUM
Daibiru Corp. 3.9%
REAL ESTATE MANAGEMENT & DEVELOPMENT,
JAPAN
Fairfax Financial Holdings Ltd. 3.7%
INSURANCE, CANADA
Homeserve PLC 3.7%
COMMERCIAL SERVICES & SUPPLIES, U.K.

company Daibiru and Bermuda-based property and casualty insurer Lancashire
Holdings.

From a geographic perspective, overweighted allocations to Belgium and Greece
negatively affected relative Fund performance. In contrast, stock selection in
Hong Kong, Germany and Japan had a positive impact.

It is important to recognize the effect of currency movements on the Fund's
performance. In general, if the value of the U.S. dollar increases compared with
a foreign currency, an investment traded in that foreign currency will decrease
in value because it will be worth fewer U.S. dollars. This can have a negative
effect on Fund performance. Conversely, when the U.S. dollar weakens in relation
to a foreign currency, an investment traded in that foreign currency will
increase in value, which can contribute to Fund performance. For the 12 months
ended July 31, 2009, the U.S. dollar rose in value relative to most non-U.S.
currencies. As a result, the Fund's performance was negatively affected by the
Fund's investment predominantly in securities with non-U.S. currency exposure.

The market environment has been challenging and volatile, but in times like
these volatility can work in our favor. Specifically, we continue to find
quality companies at what we consider discounted prices. We believe this could
bode well for the long-term return potential of our Fund if the markets improve
over time.

Thank you for your continued participation in Franklin International Small Cap
Growth Fund. We look forward to serving your future investment needs.

(PHOTO OF EDWIN LUGO)

/s/ Edwin Lugo

Edwin Lugo, CFA
Portfolio Manager
Franklin International Small Cap Growth
Fund

18 | Annual Report

Performance Summary as of 7/31/09

FRANKLIN INTERNATIONAL SMALL CAP GROWTH FUND

PRICE AND DISTRIBUTION INFORMATION

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

Net Asset Value (NAV) -$7.55 $12.33 $19.88
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.4041
Long-Term Capital Gain $4.3970
TOTAL $4.8011

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

Net Asset Value (NAV) -$7.57 $12.29 $19.86
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.3616
Long-Term Capital Gain $4.3970
TOTAL $4.7586

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

Net Asset Value (NAV) -$7.54 $12.33 $19.87
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.3559
Long-Term Capital Gain $4.3970
TOTAL $4.7529

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

Net Asset Value (NAV) -$7.58 $12.32 $19.90
DISTRIBUTIONS (8/1/08-7/31/09)
Dividend Income $0.4118
Long-Term Capital Gain $4.3970
TOTAL $4.8088

Annual Report | 19

Performance Summary (CONTINUED)

PERFORMANCE(1)

INCEPTION
CLASS A 1-YEAR (5/15/08)
- ------- ------- ---------

Cumulative Total Return(2) -5.00% -15.80%
Average Annual Total Return(3) -10.46% -17.38%
Value of $10,000 Investment(4) $ 8,954 $ 7,936
Avg. Ann. Total Return (6/30/09)(5) -19.20% -22.74%
Total Annual Operating Expenses(6)
Without Waiver 1.78%
With Waiver 1.30%

INCEPTION
CLASS C 1-YEAR (5/15/08)
- ------- ------- ---------

Cumulative Total Return(2) -5.51% -16.33%
Average Annual Total Return(3) -6.12% -13.69%
Value of $10,000 Investment(4) $ 9,388 $ 8,367
Avg. Ann. Total Return (6/30/09)(5) -15.23% -18.98%
Total Annual Operating Expenses(6)
Without Waiver 2.43%
With Waiver 1.95%

INCEPTION
CLASS R 1-YEAR (5/15/08)
- ------- ------- ---------

Cumulative Total Return(2) -5.37% -16.13%
Average Annual Total Return(3) -5.37% -13.52%
Value of $10,000 Investment(4) $ 9,463 $ 8,387
Avg. Ann. Total Return (6/30/09)(5) -14.52% -18.79%
Total Annual Operating Expenses(6)
Without Waiver 1.93%
With Waiver 1.45%

INCEPTION
ADVISOR CLASS 1-YEAR 5-YEAR (10/15/02)
- ------------- ------- ------- ----------

Cumulative Total Return(2) -5.01% +95.35% +217.13%
Average Annual Total Return(3) -5.01% +14.33% +18.52%
Value of $10,000 Investment(4) $ 9,499 $19,535 $ 31,713
Avg. Ann. Total Return (6/30/09)(5) -14.19% +11.44% +17.73%
Total Annual Operating Expenses(6)
Without Waiver 1.43%
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) FOR EACH CLASS OF THE FUND DO NOT EXCEED 0.95%
(OTHER THAN CERTAIN NONROUTINE EXPENSES OR COSTS, INCLUDING THOSE RELATING TO
LITIGATION, INDEMNIFICATION, REORGANIZATIONS AND LIQUIDATIONS) UNTIL 11/30/09.

20 | Annual Report

Performance Summary (CONTINUED)

TOTAL RETURN INDEX COMPARISON FOR A HYPOTHETICAL $10,000 INVESTMENT(1)

CLASS A (5/15/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN
INTERNATIONAL SMALL
CAP GROWTH FUND - MSCI EAFE SMALL CAP
DATE CLASS A INDEX
- ---- ------------------- -------------------

5/15/2008 $10,000 $10,000
5/31/2008 $ 9,303 $10,091
6/30/2008 $ 8,723 $ 9,266
7/31/2008 $ 8,354 $ 8,844
8/31/2008 $ 8,190 $ 8,505
9/30/2008 $ 7,454 $ 7,050
10/31/2008 $ 5,816 $ 5,376
11/30/2008 $ 5,488 $ 5,139
12/31/2008 $ 5,960 $ 5,491
1/31/2009 $ 5,593 $ 5,140
2/28/2009 $ 5,354 $ 4,665
3/31/2009 $ 5,638 $ 4,971
4/30/2009 $ 6,436 $ 5,738
5/31/2009 $ 7,202 $ 6,558
6/30/2009 $ 7,478 $ 6,688
7/31/2009 $ 7,936 $ 7,199

AVERAGE ANNUAL TOTAL RETURN

CLASS A 7/31/09
- ------- -------

1-Year -10.46%
Since Inception (5/15/08) -17.38%

CLASS C (5/15/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN
INTERNATIONAL SMALL
CAP GROWTH FUND - MSCI EAFE SMALL CAP
DATE CLASS C INDEX
- ---- ------------------- -------------------

5/15/2008 $10,000 $10,000
5/31/2008 $ 9,768 $10,091
6/30/2008 $ 9,155 $ 9,266
7/31/2008 $ 8,766 $ 8,844
8/31/2008 $ 8,590 $ 8,505
9/30/2008 $ 7,814 $ 7,050
10/31/2008 $ 6,092 $ 5,376
11/30/2008 $ 5,752 $ 5,139
12/31/2008 $ 6,249 $ 5,491
1/31/2009 $ 5,864 $ 5,140
2/28/2009 $ 5,608 $ 4,665
3/31/2009 $ 5,898 $ 4,971
4/30/2009 $ 6,727 $ 5,738
5/31/2009 $ 7,529 $ 6,558
6/30/2009 $ 7,812 $ 6,688
7/31/2009 $ 8,367 $ 7,199

AVERAGE ANNUAL TOTAL RETURN

CLASS C 7/31/09
- ------- -------

1-Year -6.12%
Since Inception (5/15/08) -13.69%

Annual Report | 21

Performance Summary (CONTINUED)

AVERAGE ANNUAL TOTAL RETURN

CLASS R 7/31/09
- ------- -------

1-Year -5.37%
Since Inception (5/15/08) -13.52%

CLASS R (5/15/08-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN
INTERNATIONAL SMALL
CAP GROWTH FUND - MSCI EAFE SMALL CAP
DATE CLASS R INDEX
- ---- ------------------- -------------------

5/15/2008 $10,000 $10,000
5/31/2008 $ 9,871 $10,091
6/30/2008 $ 9,256 $ 9,266
7/31/2008 $ 8,864 $ 8,844
8/31/2008 $ 8,690 $ 8,505
9/30/2008 $ 7,905 $ 7,050
10/31/2008 $ 6,171 $ 5,376
11/30/2008 $ 5,805 $ 5,139
12/31/2008 $ 6,306 $ 5,491
1/31/2009 $ 5,919 $ 5,140
2/28/2009 $ 5,660 $ 4,665
3/31/2009 $ 5,959 $ 4,971
4/30/2009 $ 6,803 $ 5,738
5/31/2009 $ 7,613 $ 6,558
6/30/2009 $ 7,912 $ 6,688
7/31/2009 $ 8,387 $ 7,199

AVERAGE ANNUAL TOTAL RETURN

ADVISOR CLASS 7/31/09
- ------------- -------

1-Year -5.01%
5-Year +14.33%
Since Inception (10/15/02) +18.52%

ADVISOR CLASS (10/15/02-7/31/09)

(PERFORMANCE GRAPH)

FRANKLIN
INTERNATIONAL SMALL
CAP GROWTH FUND - MSCI EAFE SMALL CAP
DATE ADVISOR CLASS INDEX
- ---- ------------------- -------------------

10/15/2002 $10,000 $10,000
10/31/2002 $ 9,970 $ 9,936
11/30/2002 $10,180 $10,223
12/31/2002 $10,206 $10,033
1/31/2003 $10,025 $ 9,891
2/28/2003 $ 9,844 $ 9,813
3/31/2003 $ 9,714 $ 9,762
4/30/2003 $10,597 $10,689
5/31/2003 $11,460 $11,610
6/30/2003 $11,601 $12,233
7/31/2003 $12,092 $12,614
8/31/2003 $12,664 $13,448
9/30/2003 $13,266 $14,256
10/31/2003 $14,992 $15,394
11/30/2003 $15,013 $15,332
12/31/2003 $15,655 $16,267
1/31/2004 $16,689 $17,094
2/29/2004 $16,947 $17,581
3/31/2004 $17,340 $18,310
4/30/2004 $17,113 $17,761
5/31/2004 $16,637 $17,484
6/30/2004 $17,392 $18,431
7/31/2004 $16,234 $17,600
8/31/2004 $16,089 $17,729
9/30/2004 $16,492 $18,153
10/31/2004 $17,071 $18,932
11/30/2004 $18,509 $20,338
12/31/2004 $19,459 $21,355
1/31/2005 $19,920 $21,777
2/28/2005 $20,855 $22,654
3/31/2005 $20,324 $22,296
4/30/2005 $20,070 $21,784
5/31/2005 $20,243 $21,795
6/30/2005 $21,040 $22,387
7/31/2005 $22,055 $23,400
8/31/2005 $23,463 $24,080
9/30/2005 $24,998 $25,075
10/31/2005 $24,837 $24,257
11/30/2005 $26,256 $25,041
12/31/2005 $28,000 $27,045
1/31/2006 $30,345 $28,892
2/28/2006 $30,796 $28,542
3/31/2006 $32,286 $29,930
4/30/2006 $34,484 $31,244
5/31/2006 $32,872 $29,467
6/30/2006 $32,274 $28,831
7/31/2006 $30,523 $28,053
8/31/2006 $31,009 $28,842
9/30/2006 $30,947 $28,963
10/31/2006 $31,871 $30,027
11/30/2006 $33,169 $31,318
12/31/2006 $35,000 $32,365
1/31/2007 $35,623 $33,042
2/28/2007 $35,636 $33,598
3/31/2007 $37,212 $34,692
4/30/2007 $38,547 $36,000
5/31/2007 $39,653 $36,276
6/30/2007 $39,373 $36,209
7/31/2007 $40,301 $36,071
8/31/2007 $38,547 $34,216
9/30/2007 $39,768 $34,605
10/31/2007 $41,102 $36,765
11/30/2007 $38,763 $34,123
12/31/2007 $37,966 $32,943
1/31/2008 $35,148 $29,729
2/29/2008 $35,634 $30,996
3/31/2008 $35,500 $30,914
4/30/2008 $36,758 $31,661
5/31/2008 $37,144 $32,219
6/30/2008 $34,829 $29,586
7/31/2008 $33,386 $28,237
8/31/2008 $32,732 $27,156
9/30/2008 $29,796 $22,508
10/31/2008 $23,253 $17,166
11/30/2008 $21,877 $16,408
12/31/2008 $23,785 $17,532
1/31/2009 $22,318 $16,411
2/28/2009 $21,365 $14,893
3/31/2009 $22,498 $15,871
4/30/2009 $25,690 $18,321
5/31/2009 $28,779 $20,939
6/30/2009 $29,885 $21,353
7/31/2009 $31,713 $22,985

22 | Annual Report

Performance Summary (CONTINUED)

ENDNOTES

THE FUND IS INTENDED FOR LONG-TERM INVESTORS WHO ARE COMFORTABLE WITH
FLUCTUATION IN THE VALUE OF THEIR INVESTMENT, ESPECIALLY OVER THE SHORT TERM.
SMALLER, RELATIVELY NEW AND/OR UNSEASONED COMPANIES CAN BE PARTICULARLY
SENSITIVE TO CHANGING ECONOMIC CONDITIONS, AND THEIR PROSPECTS FOR GROWTH ARE
LESS CERTAIN THAN THOSE OF LARGER, MORE ESTABLISHED COMPANIES. FOREIGN INVESTING
INVOLVES ADDITIONAL RISKS SUCH AS CURRENCY AND MARKET VOLATILITY, AS WELL AS
POLITICAL AND SOCIAL INSTABILITY. EMERGING MARKETS INVOLVE HEIGHTENED RISKS
RELATED TO THE SAME FACTORS. THE FUND ALSO INVESTS IN TECHNOLOGY STOCKS, WHICH
CAN BE HIGHLY VOLATILE. THE FUND'S PROSPECTUS ALSO INCLUDES A DESCRIPTION OF THE
MAIN INVESTMENT RISKS.