PAGE 1
000 A000000 02/28/99
000 C000000 350900
000 D000000 N
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000 F000000 Y
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000 J000000 A
001 A000000 TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.
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002 A000000 500 EAST BROWARD BLVD, SUITE 2100
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
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007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
PAGE 2
008 A000001 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000001 A
008 C000001 801-15125
008 D010001 FORT LAUDERDALE
008 D020001 FL
008 D030001 33394
008 D040001 3091
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 FORT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
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011 C030001 33716
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012 A000001 FRANKLIN TEMPLETON INVESTOR SERVICES, INC.
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012 C030001 33716
012 C040001 1205
013 A000001 MCGLADREY & PULLEN, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
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015 B000001 C
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015 C020001 NY
015 C030001 10081
015 E010001 X
015 A000002 THE CHASE MANHATTAN BANK
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 D020002 1061
PAGE 3
015 E040002 X
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015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 BANK AUSTRIA AG
015 B000004 S
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015 E040005 X
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015 D010006 BRAZIL
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PAGE 4
015 D010011 DENMARK
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PAGE 5
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PAGE 6
015 D020029 20000
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PAGE 7
015 D020038 1
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015 A000046 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 A000047 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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PAGE 8
015 D010047 CHINA
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015 A000048 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 A000050 NATIONAL BANK OF EGYPT
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015 E040050 X
015 A000051 BARCLAYS BANK OF GHANA LIMITED
015 B000051 S
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015 A000052 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 A000053 BARCLAYS BANK OF ZIMBABWE LIMITED
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PAGE 9
015 A000057 THE BRITISH BANK OF THE MIDDLE EAST
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015 A000067 THE FIRST NATIONAL BANK OF CHICAGO
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PAGE 10
015 A000068 THE BRITISH BANK OF THE MIDDLE EAST
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PAGE 11
020 A000004 BT-ALEX BROWN
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PAGE 12
022 B000008 13-3894311
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PAGE 13
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PAGE 14
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PAGE 15
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PAGE 16
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PAGE 17
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PAGE 18
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SIGNATURE /s/JAMES R. BAIO
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, INC. FEBRUARY 28, 1999 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.
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63846657
<NUMBER-OF-SHARES-REDEEMED> (87220600)
<SHARES-REINVESTED> 7007307
<NET-CHANGE-IN-ASSETS> (188065126)
<ACCUMULATED-NII-PRIOR> 20510225
<ACCUMULATED-GAINS-PRIOR> 31883873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4757502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8817076)
<AVERAGE-NET-ASSETS> 1235874953
<PER-SHARE-NAV-BEGIN> 6.90
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.50
<EXPENSE-RATIO> 1.37<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, INC. FEBRUARY 28, 1999 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 B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 1076391316
<INVESTMENTS-AT-VALUE> 1104558316
<RECEIVABLES> 35157407
<ASSETS-OTHER> 880
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1139716603
<PAYABLE-FOR-SECURITIES> 166935
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6829801
<TOTAL-LIABILITIES> 6996736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1099912992
<SHARES-COMMON-STOCK> 5999
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5590093
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (950218)
<ACCUM-APPREC-OR-DEPREC> 28167000
<NET-ASSETS> 1132719867
<DIVIDEND-INCOME> 11893776
<INTEREST-INCOME> 2627927
<OTHER-INCOME> 0
<EXPENSES-NET> (8817076)
<NET-INVESTMENT-INCOME> 5704627
<REALIZED-GAINS-CURRENT> 350977
<APPREC-INCREASE-CURRENT> (19375167)
<NET-CHANGE-FROM-OPS> (13319563)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5999
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (188065126)
<ACCUMULATED-NII-PRIOR> 20510225
<ACCUMULATED-GAINS-PRIOR> 31883873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4757502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8817076)
<AVERAGE-NET-ASSETS> 32186
<PER-SHARE-NAV-BEGIN> 7.02
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.52)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.49
<EXPENSE-RATIO> 2.23<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, INC. FEBRUARY 28, 1999 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, INC.- CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 1076391316
<INVESTMENTS-AT-VALUE> 1104558316
<RECEIVABLES> 35157407
<ASSETS-OTHER> 880
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1139716603
<PAYABLE-FOR-SECURITIES> 166935
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6829801
<TOTAL-LIABILITIES> 6996736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1099912992
<SHARES-COMMON-STOCK> 4994349
<SHARES-COMMON-PRIOR> 5645488
<ACCUMULATED-NII-CURRENT> 5590093
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (950218)
<ACCUM-APPREC-OR-DEPREC> 28167000
<NET-ASSETS> 1132719867
<DIVIDEND-INCOME> 11893776
<INTEREST-INCOME> 2627927
<OTHER-INCOME> 0
<EXPENSES-NET> (8817076)
<NET-INVESTMENT-INCOME> 5704627
<REALIZED-GAINS-CURRENT> 350977
<APPREC-INCREASE-CURRENT> (19375167)
<NET-CHANGE-FROM-OPS> (13319563)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (383976)
<DISTRIBUTIONS-OF-GAINS> (1002388)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 886697
<NUMBER-OF-SHARES-REDEEMED> (1724903)
<SHARES-REINVESTED> 187067
<NET-CHANGE-IN-ASSETS> (188065126)
<ACCUMULATED-NII-PRIOR> 20510225
<ACCUMULATED-GAINS-PRIOR> 31883873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4757502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8817076)
<AVERAGE-NET-ASSETS> 36849619
<PER-SHARE-NAV-BEGIN> 6.78
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.40
<EXPENSE-RATIO> 2.12<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, INC. FEBRUARY 28, 1999 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> 004
<NAME> TEMPLETON GLOBAL SMALLER COMPANIES FUND, INC.-ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 1076391316
<INVESTMENTS-AT-VALUE> 1104558316
<RECEIVABLES> 35157407
<ASSETS-OTHER> 880
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1139716603
<PAYABLE-FOR-SECURITIES> 166935
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6829801
<TOTAL-LIABILITIES> 6996736
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1099912992
<SHARES-COMMON-STOCK> 868724
<SHARES-COMMON-PRIOR> 1039536
<ACCUMULATED-NII-CURRENT> 5590093
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (950218)
<ACCUM-APPREC-OR-DEPREC> 28167000
<NET-ASSETS> 1132719867
<DIVIDEND-INCOME> 11893776
<INTEREST-INCOME> 2627927
<OTHER-INCOME> 0
<EXPENSES-NET> (8817076)
<NET-INVESTMENT-INCOME> 5704627
<REALIZED-GAINS-CURRENT> 350977
<APPREC-INCREASE-CURRENT> (19375167)
<NET-CHANGE-FROM-OPS> (13319563)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (115551)
<DISTRIBUTIONS-OF-GAINS> (162690)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 487775
<NUMBER-OF-SHARES-REDEEMED> (700525)
<SHARES-REINVESTED> 41938
<NET-CHANGE-IN-ASSETS> (188065126)
<ACCUMULATED-NII-PRIOR> 20510225
<ACCUMULATED-GAINS-PRIOR> 31883873
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4757502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8817076)
<AVERAGE-NET-ASSETS> 6446517
<PER-SHARE-NAV-BEGIN> 6.91
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.16)
<PER-SHARE-DIVIDEND> (0.12)
<PER-SHARE-DISTRIBUTIONS> (0.18)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.51
<EXPENSE-RATIO> 1.12<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> Expense ratio is annualized.
</FN>
</TABLE>