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PAGE 4
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PAGE 5
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PAGE 7
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PAGE 8
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PAGE 9
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PAGE 10
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PAGE 11
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PAGE 19
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SIGNATURE /s/JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL SMALLER COMPANIES FUND, FEBRUARY 28, 1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000350900
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC. - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1418344092
<INVESTMENTS-AT-VALUE> 1797628253
<RECEIVABLES> 60359274
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1857987527
<PAYABLE-FOR-SECURITIES> 12836242
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<SHARES-COMMON-PRIOR> 197394010
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 13771666
<INTEREST-INCOME> 5811265
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<EXPENSES-NET> (11751363)
<NET-INVESTMENT-INCOME> 8326919
<REALIZED-GAINS-CURRENT> 105149150
<APPREC-INCREASE-CURRENT> (145418618)
<NET-CHANGE-FROM-OPS> (31942549)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24875940)
<DISTRIBUTIONS-OF-GAINS> (118716649)
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<NUMBER-OF-SHARES-SOLD> 27309716
<NUMBER-OF-SHARES-REDEEMED> (33901900)
<SHARES-REINVESTED> 14121741
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<EXPENSE-RATIO> 1.28<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL SMALLER COMPANIES FUND, FEBRUARY 28, 1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000350900
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC. - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1418344092
<INVESTMENTS-AT-VALUE> 1797628253
<RECEIVABLES> 60359274
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<TOTAL-ASSETS> 1857987527
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<PAID-IN-CAPITAL-COMMON> 1395505886
<SHARES-COMMON-STOCK> 5685020
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<INTEREST-INCOME> 5811265
<OTHER-INCOME> 495351
<EXPENSES-NET> (11751363)
<NET-INVESTMENT-INCOME> 8326919
<REALIZED-GAINS-CURRENT> 105149150
<APPREC-INCREASE-CURRENT> (145418618)
<NET-CHANGE-FROM-OPS> (31942549)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (396589)
<DISTRIBUTIONS-OF-GAINS> (3094713)
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<NUMBER-OF-SHARES-SOLD> 1792578
<NUMBER-OF-SHARES-REDEEMED> (1020683)
<SHARES-REINVESTED> 339537
<NET-CHANGE-IN-ASSETS> (96368977)
<ACCUMULATED-NII-PRIOR> 18349708
<ACCUMULATED-GAINS-PRIOR> 77258392
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6833407)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11751363)
<AVERAGE-NET-ASSETS> 46322650
<PER-SHARE-NAV-BEGIN> 9.42
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (0.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.57
<EXPENSE-RATIO> 2.04<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL SMALLER COMPANIES FUND, FEBRUARY 28, 1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000350900
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 1418344092
<INVESTMENTS-AT-VALUE> 1797628253
<RECEIVABLES> 60359274
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1857987527
<PAYABLE-FOR-SECURITIES> 12836242
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<SHARES-COMMON-STOCK> 1140862
<SHARES-COMMON-PRIOR> 826488
<ACCUMULATED-NII-CURRENT> 1276581
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<DIVIDEND-INCOME> 13771666
<INTEREST-INCOME> 5811265
<OTHER-INCOME> 495351
<EXPENSES-NET> (11751363)
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<NET-CHANGE-FROM-OPS> (31942549)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (127517)
<DISTRIBUTIONS-OF-GAINS> (519280)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1032322
<NUMBER-OF-SHARES-REDEEMED> (788980)
<SHARES-REINVESTED> 71032
<NET-CHANGE-IN-ASSETS> (96368977)
<ACCUMULATED-NII-PRIOR> 18349708
<ACCUMULATED-GAINS-PRIOR> 77258392
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6833407)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11751363)
<AVERAGE-NET-ASSETS> 8122159
<PER-SHARE-NAV-BEGIN> 9.55
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<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> (0.15)
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<EXPENSE-RATIO> 1.04<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
