<PAGE>
PAGE 1
000 A000000 02/28/98
000 C000000 853183
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON GLOBAL REAL ESTATE FUND
001 B000000 811-5844
001 C000000 9545277591
002 A000000 500 EAST BROWARD BLVD, SUITE 2100
002 B000000 FORT LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 TEMPLETON GLOBAL ADVISORS, LTD.
008 B000001 A
008 C000001 801-42343
008 D010001 LYFORD CAY, NASSAU
008 D050001 BAHAMAS
010 A000001 FRANKLIN TEMPLETON SERVICES INC.
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 ST. PETERSBURG
011 C020001 FL
011 C030001 33716
011 C040001 1205
012 A000001 FRANKLIN TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-00000
<PAGE>
PAGE 2
012 C010001 ST. PETERSBURG
012 C020001 FL
012 C030001 33716
012 C040001 1205
013 A000001 MCGLADREY & PULLEN LLP.
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
015 A000001 CHASE MANHATTAN BANK
015 B000001 C
015 C010001 NEW YORK
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
015 E040002 X
015 A000003 THE CHASE MANHATTAN BANK
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 CREDITANSTALT-AG
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
015 E040004 X
015 A000005 STANDARD CHARTERED BANK
015 B000005 S
015 C010005 DHAKA
015 D010005 BANGLADESH
015 D020005 1000
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUSSELS
015 D010006 BELGIUM
015 D020006 1000
015 E040006 X
015 A000007 BANCO CHASE MANHATTAN, S.A.
015 B000007 S
015 C010007 SAO PAULO
015 D010007 BRAZIL
015 D020007 SP 04719-002
015 E040007 X
<PAGE>
PAGE 3
015 A000008 THE ROYAL BANK OF CANADA
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J 2J5
015 E040008 X
015 A000009 CANADA TRUST
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 D020009 M5J 2T2
015 E040009 X
015 A000010 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000010 S
015 C010010 PRAHA
015 D010010 CZECH REPUBLIC
015 D020010 115 20
015 E040010 X
015 A000011 DEN DANSKE BANK
015 B000011 S
015 C010011 COPENHAGEN
015 D010011 DENMARK
015 E040011 X
015 A000012 NATIONAL BANK OF EGYPT
015 B000012 S
015 C010012 CAIRO
015 D010012 EGYPT
015 E040012 X
015 A000013 MERITA BANK LTD
015 B000013 S
015 C010013 HELSINKI
015 D010013 FINLAND
015 E040013 X
015 A000014 BANQUE PARIBAS
015 B000014 S
015 C010014 PARIS
015 D010014 FRANCE
015 D020014 75078
015 E040014 X
015 A000015 DRESDNER BANK A.G.
015 B000015 S
015 C010015 FRANKFURT/MAIN
015 D010015 GERMANY
015 E040015 X
015 A000016 BARCLAYS BANK OF GHANA LTD.
015 B000016 S
015 C010016 ACCRA
015 D010016 GHANA
015 E040016 X
015 A000017 BARCLAYS BANK PLC
015 B000017 S
<PAGE>
PAGE 4
015 C010017 ATHENS
015 D010017 GREECE
015 D020017 10562
015 E040017 X
015 A000018 THE CHASE MANHATTAN BANK
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
015 A000019 CITIBANK BUDAPEST RT.
015 B000019 S
015 C010019 BUDAPEST
015 D010019 HUNGARY
015 D020019 H-1051
015 E040019 X
015 A000020 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000020 S
015 C010020 JAKARTA
015 D010020 INDONESIA
015 D020020 10023
015 E040020 X
015 A000021 BANK OF IRELAND
015 B000021 S
015 C010021 DUBLIN
015 D010021 IRELAND
015 D020021 1
015 E040021 X
015 A000022 BANK LEUMI LE-ISRAEL B.M.
015 B000022 S
015 C010022 TEL AVIV
015 D010022 ISRAEL
015 D020022 61000
015 E040022 X
015 A000023 BANQUE PARIBAS
015 B000023 S
015 C010023 MILAN
015 D010023 ITALY
015 D020023 20121
015 E040023 X
015 A000024 THE FUJI BANK LTD.
015 B000024 S
015 C010024 TOKYO
015 D010024 JAPAN
015 E040024 X
015 A000025 THE CHASE MANHATTAN BANK
015 B000025 S
015 C010025 KUALA LUMPUR
015 D010025 MALAYSIA
015 D020025 50250
015 E040025 X
015 A000026 HONGKONG BANK SECURITIES CUSTODIAL SERVICES
<PAGE>
PAGE 5
015 B000026 S
015 C010026 PORT LOUIS
015 D010026 MAURITIUS
015 E040026 X
015 A000027 THE CHASE MANHATTAN BANK, S.A.
015 B000027 S
015 C010027 MEXICO D.F.
015 D010027 MEXICO
015 D020027 01210
015 E040027 X
015 A000028 BANQUE COMMERCIALE DU MAROC
015 B000028 S
015 C010028 CASABLANCA
015 D010028 MOROCCO
015 D020028 20000
015 E040028 X
015 A000029 ABN AMRO N.V.
015 B000029 S
015 C010029 DE BREDA
015 D010029 NETHERLANDS
015 D020029 4800
015 E040029 X
015 A000030 NATIONAL NOMINEES LIMITED
015 B000030 S
015 C010030 AUCKLAND
015 D010030 NEW ZEALAND
015 E040030 X
015 A000031 DEN NORSKE BANK
015 B000031 S
015 C010031 OSLO
015 D010031 NORWAY
015 D020031 N-0107
015 E040031 X
015 A000032 CITIBANK, N.A.
015 B000032 S
015 C010032 LIMA
015 D010032 PERU
015 D020032 27
015 E040032 X
015 A000033 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000033 S
015 C010033 PASIG CITY
015 D010033 PHILIPPINES
015 E040033 X
015 A000034 BANK HANDLOWY W. WARSZAWIE, S.A.
015 B000034 S
015 C010034 WARSAW
015 D010034 POLAND
015 D020034 00-950
015 E040034 X
015 A000035 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
<PAGE>
PAGE 6
015 B000035 S
015 C010035 LISBON
015 D010035 PORTUGAL
015 D020035 1250
015 E040035 X
015 A000036 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000036 S
015 C010036 SHANGHAI
015 D010036 CHINA
015 D020036 200120
015 E040036 X
015 A000037 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000037 S
015 C010037 SHENZHEN
015 D010037 CHINA
015 E040037 X
015 A000038 STANDARD CHARTERED BANK
015 B000038 S
015 C010038 SINGAPORE
015 D010038 SINGAPORE
015 D020038 049909
015 E040038 X
015 A000039 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000039 S
015 C010039 BRATISLAVA
015 D010039 SLOVAK REPUBLIC
015 D020039 815 63
015 E040039 X
015 A000040 THE STANDARD BANK OF SOUTH AFRICA LTD
015 B000040 S
015 C010040 JOHANNESBURG
015 D010040 SOUTH AFRICA
015 E040040 X
015 A000041 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000041 S
015 C010041 SEOUL
015 D010041 SOUTH KOREA
015 E040041 X
015 A000042 THE CHASE MANHATTAN BANK
015 B000042 S
015 C010042 MADRID
015 D010042 SPAIN
015 D020042 28046
015 E040042 X
015 A000043 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000043 S
015 C010043 COLOMBO
015 D010043 SRI LANKA
015 D020043 1
015 E040043 X
015 A000044 SKANDINAVISKA ENSKILDA BANKEN
<PAGE>
PAGE 7
015 B000044 S
015 C010044 STOCKHOLM
015 D010044 SWEDEN
015 D020044 S-106 40
015 E040044 X
015 A000045 UNION BANK OF SWITZERLAND
015 B000045 S
015 C010045 ZURICH
015 D010045 SWITZERLAND
015 D020045 8021
015 E040045 X
015 A000046 THE CHASE MANHATTAN BANK
015 B000046 S
015 C010046 BANGKOK
015 D010046 THAILAND
015 D020046 10500
015 E040046 X
015 A000047 THE CHASE MANHATTAN BANK
015 B000047 S
015 C010047 ISTANBUL
015 D010047 TURKEY
015 E040047 X
015 A000048 THE CHASE MANHATTAN BANK
015 B000048 S
015 C010048 LONDON
015 D010048 UNITED KINGDOM
015 D020048 E1 9YT
015 E040048 X
015 A000049 THE FIRST NATIONAL BANK OF BOSTON
015 B000049 S
015 C010049 MONTEVIDEO
015 D010049 URUGUAY
015 E040049 X
015 A000050 BARCLAYS BANK OF ZAMBIA
015 B000050 S
015 C010050 LUSAKA
015 D010050 ZAMBIA
015 E040050 X
015 A000051 BARCLAYS BANK OF ZIMBABWE
015 B000051 S
015 C010051 HARARE
015 D010051 ZIMBABWE
015 E040051 X
015 A000052 CEDEL BANK S.A.
015 B000052 S
015 C010052 LUXEMBOURG
015 D010052 LUXEMBOURG
015 E040052 X
015 A000053 FIRST CHICAGO CLEARING CENTRE
015 B000053 S
015 C010053 LONDON
<PAGE>
PAGE 8
015 D010053 UNITED KINGDOM
015 D020053 EC3A 1AA
015 E040053 X
015 A000054 RESERVE BANK
015 B000054 S
015 C010054 SYDNEY
015 D010054 AUSTRALIA
015 E040054 X
015 A000055 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000055 S
015 C010055 GABORONE
015 D010055 BOTSWANA
015 E040055 X
015 A000056 BARCLAYS BANK OF KENYA
015 B000056 S
015 C010056 NAIROBI
015 D010056 KENYA
015 E040056 X
015 A000057 DEUTSCHE BANK A.G.
015 B000057 S
015 C010057 KARACHI
015 D010057 PAKISTAN
015 E040057 X
015 A000058 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B000058 S
015 C010058 LUXEMBOURG
015 D010058 LUXEMBOURG
015 D020058 L-2951
015 E040058 X
015 A000059 STANDARD BANK NAMIBIA LTD
015 B000059 S
015 C010059 WINDHOEK
015 D010059 NAMIBIA
015 E040059 X
015 A000060 THE BRITISH BANK OF THE MIDDLE EAST
015 B000060 S
015 C010060 RUWI, MUSCAT
015 D010060 OMAN
015 E040060 X
015 A000061 CHASE MANHATTAN BANK INTERNATIONAL ("CMBI")
015 B000061 S
015 C010061 MOSCOW
015 D010061 RUSSIA
015 D020061 125047
015 E040061 X
015 A000062 THE BRITISH BANK OF THE MIDDLE EAST
015 B000062 S
015 C010062 MANAMA
015 D010062 BAHRAIN
015 E040062 X
015 A000063 BARCLAYS BANK PLC
<PAGE>
PAGE 9
015 B000063 S
015 C010063 NICOSIA
015 D010063 CYPRUS
015 D020063 1644
015 E040063 X
015 A000064 CITIBANK, N.A.
015 B000064 S
015 C010064 QUITO
015 D010064 ECUADOR
015 E040064 X
015 A000065 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000065 S
015 C010065 BOMBAY
015 D010065 INDIA
015 D020065 400 001
015 E040065 X
015 A000066 DELETE
015 A000068 STANBIC BANK SWAZILAND LTD
015 B000068 S
015 C010068 MBABANE
015 D010068 SWAZILAND
015 E040068 X
015 A000069 DELETE
015 A000070 CITIBANK N.A.
015 B000070 S
015 C010070 CARACAS
015 D010070 VENEZUELA
015 D020070 1010
015 E040070 X
015 A000071 THE BANK OF BERMUDA LTD
015 B000071 S
015 C010071 HAMILTON
015 D010071 BERMUDA
015 E040071 X
015 A000072 DELETE
015 A000073 DELETE
015 A000074 SOCIETE GENERALE DE BANQUES ENCOTE D'IVOIRE
015 B000074 S
015 C010074 ABIDJAN
015 D010074 IVORY COAST
015 D020074 01
015 E040074 X
015 A000075 BRITISH BANK OF THE MIDDLE EAST
015 B000075 S
015 C010075 RAS-BEIRUT
015 D010075 LEBANON
015 E040075 X
015 A000076 DELETE
015 A000077 DELETE
015 A000078 DELETE
015 A000079 DELETE
<PAGE>
PAGE 10
015 A000080 DELETE
015 A000081 DELETE
018 000000 Y
019 A000000 Y
019 B000000 214
019 C000000 FRNKTEMGRP
020 A000001 MERRILL LYNCH INC
020 B000001 13-5674085
020 C000001 93
020 A000002 JEFFRIES & CO INC.
020 B000002 95-2622900
020 C000002 16
020 A000003 GOLDMAN, SACHS & CO
020 B000003 13-5108880
020 C000003 15
020 A000004 W.I. CARR (AMERICA) LTD
020 B000004 13-2927466
020 C000004 14
020 A000005 MONTGOMERY SECURITIES
020 B000005 94-1701676
020 C000005 8
020 A000006 BARCLAYS DE ZOETE WEDD
020 B000006 13-2602298
020 C000006 6
020 A000007 ING BARINGS SECURITIES, NY
020 B000007 95-4339369
020 C000007 6
020 A000008 BEAR, STERNS INT'L LTD
020 B000008 13-3299429
020 C000008 5
020 A000009 INSTINET/CROSSINGS NETWORK
020 B000009 13-1912900
020 C000009 4
020 A000010 JARDINE FLEMING
020 B000010 52-1319768
020 C000010 4
021 000000 218
022 A000001 MORGAN STANLEY & CO.
022 B000001 13-2655998
022 C000001 79715
022 D000001 0
022 A000002 DEUTSCHE MORGA GRENFELL
022 B000002 13-2730828
022 C000002 55736
022 D000002 0
022 A000003 UBS SECURITIES
022 B000003 13-3873456
022 C000003 38155
022 D000003 0
022 A000004 BZW SECURITIES
022 B000004 13-3551367
<PAGE>
PAGE 11
022 C000004 31467
022 D000004 0
022 A000005 DRESDNER BANK
022 B000005 04-2442748
022 C000005 30215
022 D000005 0
022 A000006 BANK O F AMERICA
022 B000006 94-1687665
022 C000006 26120
022 D000006 0
022 A000007 AUBREY G. LANGSTON & CO.
022 B000007 13-5552129
022 C000007 21243
022 D000007 0
022 A000008 JP MORGAN SECURITIES
022 B000008 13-3224016
022 C000008 19255
022 D000008 0
022 A000009 MERRILL LYNCH
022 B000009 13-5674085
022 C000009 7555
022 D000009 3833
022 A000010 SWISS BANK CORP CAPITAL MARKET
022 B000010 13-3498485
022 C000010 9948
022 D000010 0
023 C000000 355328
023 D000000 31415
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 1856
028 A020000 0
028 A030000 0
028 A040000 2925
<PAGE>
PAGE 12
028 B010000 1681
028 B020000 1908
028 B030000 0
028 B040000 3977
028 C010000 1750
028 C020000 0
028 C030000 0
028 C040000 2723
028 D010000 1515
028 D020000 2024
028 D030000 0
028 D040000 3551
028 E010000 2236
028 E020000 4
028 E030000 0
028 E040000 4663
028 F010000 1409
028 F020000 -2
028 F030000 0
028 F040000 3961
028 G010000 10447
028 G020000 3934
028 G030000 0
028 G040000 21800
028 H000000 4765
029 000000 Y
030 A000000 271
030 B000000 5.75
030 C000000 0.00
031 A000000 233
031 B000000 0
032 000000 38
033 000000 0
034 000000 Y
035 000000 1
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 100
043 000000 223
<PAGE>
PAGE 13
044 000000 61
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE>
PAGE 14
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
<PAGE>
PAGE 15
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 24477
071 B000000 25049
071 C000000 146758
071 D000000 17
072 A000000 6
072 B000000 263
072 C000000 2169
072 D000000 0
072 E000000 0
072 F000000 570
072 G000000 114
072 H000000 0
072 I000000 106
072 J000000 29
072 K000000 9
072 L000000 45
072 M000000 6
072 N000000 19
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 9
072 S000000 27
072 T000000 223
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 1157
072 Y000000 0
072 Z000000 1275
<PAGE>
PAGE 16
072AA000000 9063
072BB000000 2714
072CC010000 0
072CC020000 6959
072DD010000 3013
072DD020000 119
072EE000000 1255
073 A010000 0.3300
073 A020000 0.2148
073 B000000 0.1300
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 2461
074 D000000 3657
074 E000000 6091
074 F000000 137962
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 494
074 M000000 0
074 N000000 150665
074 O000000 215
074 P000000 168
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 729
074 S000000 0
074 T000000 149553
074 U010000 8830
074 U020000 548
074 V010000 15.96
074 V020000 15.83
074 W000000 0.0000
074 X000000 14711
074 Y000000 0
075 A000000 0
075 B000000 153407
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
<PAGE>
PAGE 17
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE /s/JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON GLOBAL REAL ESTATE FUND FEBRUARY 28, 1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000853183
<NAME> TEMPLETON GLOBAL REAL ESTATE FUND
<SERIES>
<NUMBER> 001
<NAME> TEMPLETON GLBAL REAL ESTATE FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 127704560
<INVESTMENTS-AT-VALUE> 150170947
<RECEIVABLES> 494246
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150665193
<PAYABLE-FOR-SECURITIES> 215000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 897281
<TOTAL-LIABILITIES> 1112281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121765081
<SHARES-COMMON-STOCK> 8830062
<SHARES-COMMON-PRIOR> 9296785
<ACCUMULATED-NII-CURRENT> 202478
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5118966
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22466387
<NET-ASSETS> 149552912
<DIVIDEND-INCOME> 2169140
<INTEREST-INCOME> 263246
<OTHER-INCOME> 0
<EXPENSES-NET> (1157063)
<NET-INVESTMENT-INCOME> 1275323
<REALIZED-GAINS-CURRENT> 6348570
<APPREC-INCREASE-CURRENT> (6958600)
<NET-CHANGE-FROM-OPS> 665293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3012878)
<DISTRIBUTIONS-OF-GAINS> (1184033)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 598613
<NUMBER-OF-SHARES-REDEEMED> (1304761)
<SHARES-REINVESTED> 239425
<NET-CHANGE-IN-ASSETS> (11141382)
<ACCUMULATED-NII-PRIOR> 2058847
<ACCUMULATED-GAINS-PRIOR> 25855
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (570388)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1157063)
<AVERAGE-NET-ASSETS> 144696774
<PER-SHARE-NAV-BEGIN> 16.33
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.96
<EXPENSE-RATIO> 1.48<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 REAL ESTATE FUND FEBRUARY 28, 1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000853183
<NAME> TEMPLETON GLOBAL REAL ESTATE FUND
<SERIES>
<NUMBER> 002
<NAME> TEMPLETON GLOBAL REAL ESTATE FUND-CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> FEB-28-1998
<INVESTMENTS-AT-COST> 127704560
<INVESTMENTS-AT-VALUE> 150170947
<RECEIVABLES> 494246
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 150665193
<PAYABLE-FOR-SECURITIES> 215000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 897281
<TOTAL-LIABILITIES> 1112281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121765081
<SHARES-COMMON-STOCK> 547568
<SHARES-COMMON-PRIOR> 551910
<ACCUMULATED-NII-CURRENT> 202478
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5118966
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22466387
<NET-ASSETS> 149552912
<DIVIDEND-INCOME> 2169140
<INTEREST-INCOME> 263246
<OTHER-INCOME> 0
<EXPENSES-NET> (1157063)
<NET-INVESTMENT-INCOME> 1275323
<REALIZED-GAINS-CURRENT> 6348570
<APPREC-INCREASE-CURRENT> (6958600)
<NET-CHANGE-FROM-OPS> 665293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (118814)
<DISTRIBUTIONS-OF-GAINS> (71426)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64147
<NUMBER-OF-SHARES-REDEEMED> (79056)
<SHARES-REINVESTED> 10567
<NET-CHANGE-IN-ASSETS> (11141382)
<ACCUMULATED-NII-PRIOR> 2058847
<ACCUMULATED-GAINS-PRIOR> 25855
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (570388)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1157063)
<AVERAGE-NET-ASSETS> 8710373
<PER-SHARE-NAV-BEGIN> 16.16
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.06)
<PER-SHARE-DIVIDEND> (0.21)
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.83
<EXPENSE-RATIO> 2.23<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
