<PAGE>
Templeton Global
Opportunities Trust
- --------------------------------------------------------------------------------
YOUR FUND'S OBJECTIVE:
The Templeton Global Opportunities Trust seeks long-term capital growth through
a flexible policy of investing in global securities. The Fund invests primarily
in common stock and may also invest in preferred stocks and certain debt
securities, rated or unrated, such as convertible bonds and bonds selling at a
discount.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Mutual Funds, annuities, and other investment products:
. are not FDIC insured;
. are not deposits or obligations of, or guarantee by, any financial
institution;
. are subject to investment risks, including possible loss of the principal
amount invested.
- --------------------------------------------------------------------------------
August 15, 1995
Dear Shareholder:
We are pleased to bring you the semi-annual report of the Templeton Global
Opportunities Trust for the six months ended June 30, 1995. We are also pleased
to report that during this period, it posted a total return of 11.34%, as shown
in the Performance Summary on page 6, outperforming the 9.43% increase of the
Morgan Stanley Capital International (MSCI) World Index.
During the six months under review, the U.S. stock market was among the world's
most attractive as declining interest rates, surprisingly strong earnings
reports and a return of investors to mutual funds helped boost the NASDAQ
Composite Index 24.5% and the Standard & Poor's 500 Stock Index /(R)/ 20.1%.
Large exposure to U.S. forest product and paper stocks, such as Bowater,
Georgia-Pacific, International Paper, Mead, and Rayonier, greatly aided the
Fund's performance. Total return has also been supported by our holdings in two
companies, Michigan National Bank and National Gypsum, that have agreed to be
acquired by other companies. Value added by stock picks such as these helped
offset the impact of having a lower proportion of domestic stocks in the Fund
than are included in the
1
<PAGE>
MSCI. After such a strong advance in such a short period of time, it would not
be surprising if the U.S. market's recent gains led to some short-term
consolidation. Several economic indicators are showing signs of slower economic
activity in the near future, which may cause a reduction in the current high
level of earnings expectations. Nevertheless, share prices do not appear
abnormally high when measured by earnings, and increasing merger and acquisition
activity might provide support for this market.
In Europe, where we have 35.4% of total net assets, the Fund's returns were
boosted by its weighting in Nordic stocks. With 15.0% of the Fund's total net
assets consisting of stocks from Sweden, Finland and Norway, our total return
benefited from the strong performance of these markets. For example, our shares
in Transocean Drilling, a Norwegian energy equipment and services company,
increased over 63% in price during this period, while several other holdings
each increased in value at least 10%. These include Aker AS, a Norwegian
building materials supplier, Astra AB, a Swedish personal care company, and
Stadsyhpotek AS, a Swedish bank.
On the other hand, our below-average exposure to shares of companies in central
European countries, including Germany, hurt the Fund's performance versus the
MSCI. These markets did not appreciate very much when measured in local
currencies, but since the dollar declined in
- --------------------------------------------------------------------------------
Templeton Global Opportunities Trust
Geographic Distribution on 6/30/95
Based on Total Net Assets
[PIE CHART APPEARS HERE] European Stocks 35.4%
Australian &
New Zealand Stocks 4.0%
Canadian Stocks 5.2%
Latin American Stocks 5.3%
Asian Stocks 15.8%
United States Stocks 25.6%
Fixed Income Securities 4.9%
Short-Term Obligations &
Other Net Assets 2.8%
Other Stocks 1.0%
value during this time, holdings denominated in deutschemarks or mark-related
currencies rose when measured in U.S. dollars. However, we are continuing to
find it difficult to identify bargain-priced stocks in most of these countries.
While we are beginning to see opportunities to take profits in selected
companies in some developed European markets, we are also finding worthwhile
values in those countries where the local currencies have not appreciated as
strongly as have the mark-related currencies.
Asian equities remain somewhat subdued by the economic problems facing both
Japan and China. We have owned virtually no Japanese stocks for the past several
years, and still cannot find any Japanese shares that meet the strict Templeton
valuation criteria to which we adhere. Because
2
<PAGE>
the Japanese stock market has performed poorly so far in 1995, our decision to
forego holding Japanese stocks was especially helpful to the performance of the
Fund. The economies of the smaller Asian countries, however, continue to expand
and corporate earnings have generally risen without interruption. As a result,
valuation levels in many cases are not high, long-term earnings prospects appear
bright, and we have slightly increased our exposure to this region over the past
six months.
Hurting the Fund during this period were its holdings in emerging market
equities, to which your fund typically has a large exposure. Currently,
approximately 17% of total net assets is invested in these markets, and they
performed poorly over the first half of 1995. However, we took this opportunity
to increase our weightings in Latin America and Asia while prices in these
regions were depressed, and during the second quarter of 1995, they began to
rebound. While short-term volatility can be disconcerting, declines of as much
as 40% to 50% are not unusual in emerging markets. For example, the Hong Kong
market has increased 1000% in the last 15 years, but has suffered nine declines
of more than 20% during that time. Considering the volatility of these stocks,
which constitute a large portion of our assets, we are especially pleased by the
overall performance of the Templeton Global Opportunities Trust.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Templeton Global
Opportunities Trust
Top 10 Industries on 6/30/95
As a Percentage of Total Net Assets
% of Total
Industry Net Assets
- --------------------------------------------------------------------------------
<S> <C>
Forest Products & Paper 15.2%
- --------------------------------------------------------------------------------
Banking 11.8%
- --------------------------------------------------------------------------------
Financial Services 8.0%
- --------------------------------------------------------------------------------
Telecommunications 7.0%
- --------------------------------------------------------------------------------
Metals & Mining 6.8%
- --------------------------------------------------------------------------------
Insurance 5.5%
- --------------------------------------------------------------------------------
Energy Sources 5.3%
- --------------------------------------------------------------------------------
Machinery & Engineering 3.1%
- --------------------------------------------------------------------------------
Health & Personal Care 3.0%
- --------------------------------------------------------------------------------
Electrical & Electronics 3.0%
- --------------------------------------------------------------------------------
</TABLE>
As is typical with a Templeton fund portfolio, turnover during the period under
review was low. There were only small changes to the portfolio's overall
structure and we do not anticipate any major changes in the structure of the
Fund at this time. On average, we tend to hold the shares we purchase for about
five years. While we do not know how the world's stock markets will behave in
the short term, we are confident that, by diligently pursuing the time-tested
Templeton methods of identifying bargain-priced stocks, the long-term
performance of the Fund should remain favorable.
There are, of course, special risks involved with global investing related to
market, currency, economic, political and other factors. Developing markets
involve heightened risks related to these same factors, in addition to those
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Templeton Global
Opportunities Trust
Top 10 Holdings on 6/30/95
As a Percentage of Total Net Assets
% of Total
Company, Industry, Country Net Assets
- --------------------------------------------------------------------------------
<S> <C>
Peregrine Investments Holdings, Ltd.;
Financial Services, Hong Kong 2.1%
- --------------------------------------------------------------------------------
Transocean Drilling AS; Energy
Equipment & Services, Norway 2.0%
- --------------------------------------------------------------------------------
Newbridge Networks Corp.;
Data Processing & Reproduction, Canada 1.9%
- --------------------------------------------------------------------------------
Asia Pacific Resources International;
Forest Products & Paper, Indonesia 1.7%
- --------------------------------------------------------------------------------
Bowater, Inc.; Forest Products
& Paper, United States 1.6%
- --------------------------------------------------------------------------------
Michigan National Corp.;
Banking, United States 1.5%
- --------------------------------------------------------------------------------
Medeva PLC; Health &
Personal Care, United Kingdom 1.5%
- --------------------------------------------------------------------------------
Iberdrola SA; Utilities-Electrical
& Gas, Spain 1.5%
- --------------------------------------------------------------------------------
Banco Nacional de Mexico SA,
7.00% conv. bond; Banking, Mexico 1.5%
- --------------------------------------------------------------------------------
National Gypsum Co.;
Construction & Housing, United States 1.5%
- --------------------------------------------------------------------------------
</TABLE>
For a complete list of portfolio holdings, see page 9 of this report.
associated with the relatively small size and lesser liquidity of these markets.
These risks are discussed in the Fund's prospectus.
In closing, we would like to mention that although Sir John Templeton has not
been involved in investment management of the Templeton funds since October
1992, we were saddened by his recent decision to step down as Chairman and
Director of the U.S.-registered Templeton funds. The Fund's Board of Trustees
have elected John Wm. Galbraith, former vice chairman of Templeton, Galbraith &
Hansberger, Ltd. to succeed him. The investment manager will continue to use the
investment philosophies and principles established by Sir John.
We welcome your comments, and thank you for the trust you have placed in us. We
look forward to helping you meet your financial objectives in the years to come.
Sincerely,
/s/ Martin L. Flanagan
Martin L. Flanagan, CFA
President
Templeton Global Opportunities Trust
/s/ Howard J. Leonard
Howard J. Leonard, CFA
Portfolio Manager
Templeton Global Opportunities Trust
4
<PAGE>
- --------------------------------------------------------------------------------
Performance Summary
As of May 1, 1995, your fund now offers two classes of shares, designated as
"Class I" and "Class II." Original shares, now designated as Class I, will
continue to have the same pricing structure, which is the standard front-end
sales charge (with breakpoints) and annual 12b-1 Plan fees. Class II shares have
a different pricing structure, with a lower initial sales charge than Class I
shares; however, they have higher annual 12b-1 Plan fees. Also, with certain
exceptions, a contingent deferred sales charge (back-end sales charge) will
generally be assessed on Class II shares redeemed within 18 months of purchase.
The different expenses borne by each class of shares will result in different
net asset values, dividends and, ultimately, different total performance. Class
II share total returns are not shown below, as these shares have not been
available for a sufficient period of time. Please see the prospectus for more
details regarding Class I and Class II shares.
The Templeton Global Opportunities Trust Class I shares reported a total return
of 11.34% for the six-month period ended June 30, 1995. Total return measures
the change in value of an investment, assuming reinvestment of dividends and
capital gains distributions, and does not include the initial sales charge.
We always maintain a long-term perspective when managing the Fund, and we
encourage shareholders to view their investments in a similar manner. As you can
see from the chart on page 6, the Fund's Class I shares delivered a cumulative
total return of more than 92% since inception on January 19, 1990.
On March 13, 1995, Class I shareholders received distributions of 1.0 cent
($0.01) per share in income dividends, 3.5 cents ($0.035) per share in short-
term capital gains, and 6.5 cents ($0.065) per share in long-term capital gains.
Class II shares did not pay distributions during the two
- --------------------------------------------------------------------------------
5
<PAGE>
- --------------------------------------------------------------------------------
months from inception on May 1, 1995 through the end of the reporting period.
However, they are expected to receive distributions on the next regular
distribution date.
The Fund's Class I share price, as measured by net asset value, increased from
$11.84 on December 31, 1994 to $13.06 on June 30, 1995. The Fund's Class II
share price, as measured by net asset value, increased from $12.26 at inception
on May 1, 1995, the Class II inception date, to $13.04 on June 30, 1995. Of
course, past performance is not indicative of future results, and distributions
will vary depending on income earned by the Fund, as well as any profits
realized from the sale of securities in the portfolio.
- --------------------------------------------------------------------------------
Templeton Global
Opportunities Trust
Periods ended June 30, 1995
Class I shares
<TABLE>
<CAPTION>
Since
Inception
One-Year Three-Year (1/19/90)
<S> <C> <C> <C>
Average Annual
Total Return/1/ 7.00% 10.88% 11.59%
Cumulative
Total Return/2/ 13.50% 44.63% 92.67%
</TABLE>
1. Average annual total return shows the average annual change in value of an
investment over the periods indicated. For Class I shares, these calculations
include the maximum 5.75% initial sales charge. See note below.
2. Cumulative total return shows the change in value of an investment over the
periods indicated. For Class I shares, these calculations do not include the
current maximum 5.75% initial sales charge. See note below.
Note: Prior to July 1, 1992, Class I Fund shares were offered at a higher sales
charge. Thus, actual total return would have been somewhat different than noted
above. All total return calculations assume reinvestment of dividends and
capital gains distributions when paid. Investment return and principal value
will fluctuate with market conditions, currencies and the economic and political
climates of the countries where investments are made. Developing markets involve
heightened risks related to the same factors, in addition to those associated
with the relatively small size and lesser liquidity of these markets. Thus, your
shares, when redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future results.
Note: The historical performance data shown above do not represent the Fund's
Class II shares, which the Fund began offering on May 1, 1995. Class II shares
are subject to different fees and expenses than Class I shares, which will
affect their performance. Please see the prospectus for more details regarding
Class I and Class II shares.
- --------------------------------------------------------------------------------
6
<PAGE>
Templeton Global Opportunities Trust
Financial Highlights
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
CLASS I SHARES
-----------------------------------------------------------------------
SIX MONTHS FEBRUARY 28, 1990
ENDED YEAR ENDED DECEMBER 31 (COMMENCEMENT OF
JUNE 30, 1995 -------------------------------------- OPERATIONS) TO
(UNAUDITED) 1994 1993 1992 1991 DECEMBER 31, 1990
------------- -------- -------- -------- -------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 11.84 $ 14.46 $ 10.75 $ 10.94 $ 8.36 $ 9.40
-------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income .10 .09 .12 .14 .17 .27
Net realized and
unrealized gain (loss) 1.23 (.63) 3.97 .61 2.59 (1.04)
-------- -------- -------- -------- -------- --------
Total from investment
operations 1.33 (.54) 4.09 .75 2.76 (.77)
-------- -------- -------- -------- -------- --------
Distributions:
Dividends from net
investment income (.01) (.09) (.11) (.14) (.01) (.27)
Distributions from net
realized gains (.10) (1.99) (.27) (.65) (.17) --
Amount in excess of net
realized gains -- -- -- (.15) -- --
-------- -------- -------- -------- -------- --------
Total distributions (.11) (2.08) (.38) (.94) (.18) (.27)
-------- -------- -------- -------- -------- --------
Change in net asset
value 1.22 (2.62) 3.71 (.19) 2.58 (1.04)
-------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 13.06 $ 11.84 $ 14.46 $ 10.75 $ 10.94 $ 8.36
======== ======== ======== ======== ======== ========
TOTAL RETURN * 11.34% (4.09)% 38.13% 6.85% 31.16% (8.19)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (000) $520,346 $476,822 $410,747 $248,807 $200,848 $159,018
Ratio of expenses to
average net assets 1.53%** 1.53% 1.51% 1.63% 1.76% 1.64%**
Ratio of net investment
income to average net
assets 1.66%** 0.71% 1.07% 1.36% 1.63% 3.55%**
Portfolio turnover rate 11.07% 37.31% 40.56% 22.03% 21.02% 15.92%
</TABLE>
*TOTAL RETURN DOES NOT REFLECT SALES COMMISSIONS. NOT ANNUALIZED IN PERIODS OF
LESS THAN ONE YEAR.
**ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE>
Templeton Global Opportunities Trust
Financial Highlights (cont.)
- --------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
CLASS II SHARES
---------------
FOR THE PERIOD
MAY 1, 1995+
THROUGH
JUNE 30, 1995
(UNAUDITED)
---------------
<S> <C>
Net Asset value, beginning of period $12.26
------
Income from investment operations:
Net investment income --
Net realized and unrealized gain .78
------
Total from investment operations .78
------
Change in net asset value .78
------
Net asset value, end of period $13.04
======
TOTAL RETURN * 6.36%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 592
Ratio of expenses to average net assets 2.31%**
Ratio of net investment income to average net assets 1.00%**
Portfolio turnover rate 11.07%
</TABLE>
*TOTAL RETURN DOES NOT REFLECT SALES COMMISSIONS. NOT ANNUALIZED IN PERIODS OF
LESS THAN ONE YEAR.
**ANNUALIZED.
+COMMENCEMENT OF OFFERING OF SALES.
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INDUSTRY ISSUE COUNTRY SHARES VALUE
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMON STOCKS: 85.8%
- ------------------------------------------------------------------------------
Automobiles: 1.7%
Ciadea SA Arg. 300,000 $ 1,455,364
Volvo AB, A Swe. 384,000 7,310,917
------------
8,766,281
- ------------------------------------------------------------------------------
Banking: 8.2%
Banco Ganadero SA, ADR C Col. 85,000 1,769,063
Banco Popular Espanol Sp. 35,000 5,201,238
Banco Portugues de Investimento SA Port. 85,000 1,484,450
Ergo Bank SA Gr. 50,050 2,303,938
*Foereningsbanken AB, A Swe. 2,000,000 3,409,122
Korea Long Term Credit Bank Kor. 23,758 679,919
*Korea Long Term Credit Bank, new Kor. 1,141 32,353
Michigan National Corp. U.S. 75,000 7,978,125
National Australia Bank Ltd. Aus. 424,214 3,352,803
Philippine National Bank Phil. 82,311 958,791
Shinhan Bank Co. Ltd. Kor. 65,000 1,337,290
*Shinhan Bank Co. Ltd., new Kor. 11,935 237,677
Signet Banking Corp. U.S. 116,800 2,555,000
Sparbanken Sverige AB Ord A Swe. 601,700 5,045,460
Stadshypotek AB, A Swe. 276,800 4,109,422
Stadsyhpotek AS, A 144A Swe. 149,800 2,223,957
------------
42,678,608
- ------------------------------------------------------------------------------
Broadcasting & Publishing: 0.2%
Sing Tao Holdings Ltd. H.K. 1,911,800 1,050,059
- ------------------------------------------------------------------------------
Building Materials & Components: 2.9%
*Aker AS, A Nor. 404,700 5,418,330
Cementos Diamante, ADR Col. 174,000 5,046,000
*Owens Corning Fiberglas Corp. U.S. 125,000 4,609,375
------------
15,073,705
- ------------------------------------------------------------------------------
Business & Public Services: 1.1%
Laidlaw Inc., B Can. 600,000 5,732,484
- ------------------------------------------------------------------------------
Chemicals: 1.8%
*European Vinyls Corp. EVC
International NV Neth. 117,400 5,470,332
*Gujarat Narmada Valley Fertilizers
Co. Ltd., GDR Ind. 393,000 3,784,590
------------
9,254,922
- ------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited) (cont.)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INDUSTRY ISSUE COUNTRY SHARES VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMON STOCKS (CONT.)
- -------------------------------------------------------------------------------
Construction & Housing: 1.5%
*National Gypsum Co. U.S. 149,500 $ 7,811,375
- -------------------------------------------------------------------------------
Data Processing & Reproduction: 2.3%
*Conner Peripherals Inc. U.S. 150,000 1,856,250
*Newbridge Networks Corp. Can. 281,100 9,908,775
------------
11,765,025
- -------------------------------------------------------------------------------
Electrical & Electronics: 3.0%
BBC Brown Boveri Ltd., br. Swtz. 7,248 7,502,923
Great Wall Electronic International
Ltd. H.K. 18,724,000 1,621,272
Motorola Inc. U.S. 10,000 671,250
Philips Electronics NV Neth. 135,000 5,715,392
------------
15,510,837
- -------------------------------------------------------------------------------
Electronic Components & Instruments: 1.5%
Intel Corp. U.S. 120,000 7,597,500
- -------------------------------------------------------------------------------
Energy Equipment & Services: 2.3%
*Parker Drilling Co. U.S. 378,000 1,984,500
*Transocean Drilling AS Nor. 750,000 10,223,953
------------
12,208,453
- -------------------------------------------------------------------------------
Energy Sources: 5.3%
Amerada Hess Corp. U.S. 50,000 2,443,750
Societe Elf Aquitane SA Fr. 55,000 4,064,416
Tosco Corp. U.S. 180,000 5,737,500
Total SA, B Fr. 100,000 6,019,067
Valero Energy Corp. U.S. 161,400 3,268,350
*Wascana Energy Inc. Can. 675,000 5,834,850
------------
27,367,933
- -------------------------------------------------------------------------------
Financial Services: 7.1%
Alex Brown Inc. U.S. 80,000 3,320,000
Federal National Mortgage Assn. U.S. 55,000 5,190,625
Govett & Co. Ltd. U.K. 1,243,900 5,438,960
Merrill Lynch & Co., Inc. U.S. 100,000 5,250,000
Morgan Stanley Group U.S. 83,000 6,723,000
Peregrine Investments Holdings Ltd. H.K. 7,750,000 11,017,343
------------
36,939,928
- -------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited) (cont.)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INDUSTRY ISSUE COUNTRY SHARES VALUE
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMON STOCKS (CONT.)
- ------------------------------------------------------------------------------
Food & Household Products: 0.7%
Amway Asia Pacific Ltd. U.S. 10,600 $ 384,250
Cafe de Coral Holdings Ltd. H.K. 7,599,000 1,895,380
Grupo Embotellador de Mexico SA, B Mex. 123,400 641,680
Hellenic Bottling Co., SA Gr. 25,415 755,080
------------
3,676,390
- ------------------------------------------------------------------------------
Forest Products & Paper: 15.2%
*Asia Pacific Resources
International, A Indo. 988,300 9,018,238
*Assidomaen AB Swe. 219,900 4,730,755
Boise Cascade Corp. U.S. 100,000 4,050,000
Bowater Inc. U.S. 180,000 8,077,500
Carter Holt Harvey Ltd. N.Z. 3,084,890 7,548,418
Empaques Ponderosa SA de CV, B Mex. 500,000 1,297,600
Enso Gutzeit OY, R Fin. 625,000 5,662,531
Fletcher Challenge Ltd., Forestry
Division N.Z. 3,762,518 4,955,415
Georgia-Pacific Corp. U.S. 75,000 6,506,250
International Paper Co. U.S. 60,000 5,145,000
Mead Corp. U.S. 90,000 5,343,750
Portucel Industrial Empresa Product
de Celulose SA, ADR Port. 811,900 5,799,286
PT Barito Pacific Timber, fgn. Indo. 3,884,000 5,580,961
Rayonier Inc. U.S. 155,000 5,502,500
------------
79,218,204
- ------------------------------------------------------------------------------
Health & Personal Care: 3.0%
Astra AB, B Swe. 200,000 6,020,950
Medeva PLC U.K. 2,000,900 7,953,588
Windmere Corp. U.S. 225,000 1,856,250
------------
15,830,788
- ------------------------------------------------------------------------------
Industrial Components: 1.2%
Goodyear Tire & Rubber Co. U.S. 150,000 6,187,500
- ------------------------------------------------------------------------------
Insurance: 5.5%
Ace Ltd. Bmu. 171,000 4,959,000
American International Group Inc. U.S. 50,000 5,700,000
Baloise-Holding Swtz. 2,269 5,172,492
GIO Austrailia Holdings Ltd. Aus. 2,000,000 3,710,127
National Mutual Asia Ltd. H.K. 9,612,000 6,148,957
Presidential Life Corp. U.S. 375,000 3,093,750
------------
28,784,326
- ------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited) (cont.)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INDUSTRY ISSUE COUNTRY SHARES VALUE
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMON STOCKS (CONT.)
- ------------------------------------------------------------------------------
Leisure & Tourism: 1.0%
Kuoni Reisen Holding AG, B Swtz. 3,180 $ 5,108,988
- ------------------------------------------------------------------------------
Machinery & Engineering: 3.1%
*Rauma, ADS Fin. 338,400 6,091,200
*Tampella AB (OY) Fin. 688,333 1,740,371
*Tampella AB (OY), 144A Fin. 801,667 2,026,924
VA Technologie AG, br. Aust. 52,300 6,545,554
------------
16,404,049
- ------------------------------------------------------------------------------
Merchandising: 0.5%
Cifra SA, B Mex. 501,000 689,376
*Waban Inc. U.S. 140,000 2,082,500
------------
2,771,876
- ------------------------------------------------------------------------------
Metals & Mining: 6.8%
Aluminum Co. of America U.S. 140,000 7,017,500
Bohler Uddeholm AG Aust. 58,500 4,048,152
*Elkem AS Nor. 323,800 4,519,117
*Inmet Mining Corp. Can. 800,000 5,823,476
*Outokumpu OY, A Fin. 379,175 6,302,569
*Outokumpu OY, wts. Fin. 291,975 157,215
Pechiney SA, invt. ctf. Fr. 75,000 4,324,143
Trelleborg AB, B Swe. 264,500 3,090,548
------------
35,282,720
- ------------------------------------------------------------------------------
Multi-Industry: 1.0%
Fotex First Hungarian-American
Photo-Service Hun. 775,200 1,134,148
Swire Pacific Ltd., A H.K. 500,000 3,812,453
------------
4,946,601
- ------------------------------------------------------------------------------
Real Estate: 1.0%
PT Jaya Properties, fgn. Indo. 1,799,000 5,412,349
- ------------------------------------------------------------------------------
Recreation, Other Consumer Goods: 0.4%
Yue Yuen Industrial (Holdings) Ltd. H.K. 9,482,000 2,303,776
- ------------------------------------------------------------------------------
Telecommunications: 1.8%
*Teledanmark AS, B Den. 93,000 5,168,102
Telefonica de Espana SA Sp. 340,000 4,378,947
------------
9,547,049
- ------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited) (cont.)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INDUSTRY ISSUE COUNTRY SHARES VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
COMMON STOCKS (CONT.)
- -------------------------------------------------------------------------------
Textiles & Apparel: 0.8%
*Dhan Fibres Pkr. 13,575,000 $ 4,009,531
- -------------------------------------------------------------------------------
Transportation: 1.9%
Airborne Freight Corp. U.S. 200,000 4,050,000
Cathay Pacific Airways Ltd. H.K. 112,000 163,561
*Shanghai Hai Xing Shipping
Co., H Chn. 20,611,000 4,208,610
Singapore Bus Service Ltd.,
fgn. Sing. 240,100 1,679,412
-----------
10,101,583
- -------------------------------------------------------------------------------
Utilities Electrical & Gas: 2.8%
Consolidated Electric Power
Asia Ltd., ADR H.K. 220,000 5,170,000
Electricidad de Caracas Venz. 1,522,189 1,353,184
Iberdrola SA Sp. 1,050,000 7,905,882
-----------
14,429,066
- -------------------------------------------------------------------------------
Wholesale & International Trade: 0.2%
Sime Darby Hongkong Ltd. H.K. 1,127,000 1,238,013
-----------
TOTAL COMMON STOCKS (cost $386,455,666) 447,009,919
- -------------------------------------------------------------------------------
PREFERRED STOCKS: 6.5%
- -------------------------------------------------------------------------------
ABN Amro NV, conv., pfd. Neth. 90,000 3,275,896
Cia de Inversiones en
Telecomunicaciones, conv.,
pfd. Arg. 138,707 7,004,704
Jardine Strategic Holdings
Ltd., conv., pfd. H.K. 5,054,000 5,584,670
Kaufman & Broad Home Corp., B,
conv., pfd. U.S. 77,000 1,193,500
Nacional Financiera SA, conv.,
pfd. Mxn. 205,150 6,436,581
News Corp. Ltd., conv., pfd. Aus. 302,288 1,495,369
Philippine Long Distance
Telephone Co. conv., pfd. Phil. 105,000 6,759,375
Telebras-Telecomunicacoes
Brasileiras SA, pfd., ADR Braz. 65,000 2,140,938
-----------
TOTAL PREFERRED STOCKS (cost
$30,648,961) 33,891,033
- -------------------------------------------------------------------------------
<CAPTION>
PRINCIPAL IN
LOCAL CURRENCY**
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
BONDS: 4.9%
- -------------------------------------------------------------------------------
Banco Nacional de Mexico SA,
7.00%, conv., 12/15/99 U.S. 10,910,000 7,855,200
Brierley Investments Ltd.,
9.00%, conv., 6/30/98 N.Z. 849,949 584,246
C.S. Holding Finance BV,
4.875%, conv., 11/19/02 U.S. 2,800,000 3,962,000
Gujarat Ambuja Cements Ltd.,
3.50%, conv., 6/30/99 U.S. 500,000 667,500
Industrial Credit &
Invest.Corp., India, 2.50%,
conv., 4/3/00 U.S. 5,610,000 4,488,000
</TABLE>
13
<PAGE>
Templeton Global Opportunities Trust
Investment Portfolio, June 30, 1995 (unaudited) (cont.)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL IN
INDUSTRY ISSUE COUNTRY LOCAL CURRENCY** VALUE
- -----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
BONDS (CONT.)
- -----------------------------------------------------------------------------
SCICI Ltd., 3.50%, conv.,
4/01/04 U.S. 3,940,000 $ 3,743,000
Softe SA, 4.25%, conv.,
7/30/98 Itl. 6,400,000,000 4,410,084
------------
TOTAL BONDS (cost $29,290,189) 25,710,030
- -----------------------------------------------------------------------------
SHORT TERM OBLIGATIONS: 3.8% (cost $19,964,994)
- -----------------------------------------------------------------------------
U.S. Treasury Bills, 5.29%
to 5.59% with
maturities to 8/24/95 U.S. 20,105,000 19,975,289
- -----------------------------------------------------------------------------
TOTAL INVESTMENTS: 101.0% (cost
$466,359,810) 526,586,271
OTHER ASSETS, LESS LIABILITIES:
(1.0)% (5,647,669)
------------
TOTAL NET ASSETS: 100.0% $520,938,602
============
</TABLE>
*NON-INCOMING PRODUCING.
**PRINCIPAL AMOUNT IN CURRENCY OF COUNTRY INDICATED.
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE>
Templeton Global Opportunities Trust
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (unaudited)
<TABLE>
<S> <C>
Assets:
Investment in securities, at value (identified cost $466,359,810) $526,586,271
Cash 36,022
Receivables:
Fund shares sold 329,478
Dividends and interest 1,430,855
------------
Total assets 528,382,626
------------
Liabilities:
Payables:
Investment securities purchased 5,837,456
Fund shares redeemed 521,563
Accrued expenses 1,085,005
------------
Total liabilities 7,444,024
------------
Net assets, at value $520,938,602
============
Net assets consist of:
Undistributed net investment income $ 3,959,881
Net unrealized appreciation 60,226,461
Accumulated net realized gain 9,231,973
Net capital paid in on shares of beneficial interest 447,520,287
------------
Net assets, at value $520,938,602
============
Class I:
Net asset value per share ($520,346,311 / 39,847,135 shares
outstanding) $ 13.06
============
Maximum offering price ($13.06 / 94.25%) $ 13.86
============
Class II:
Net asset value per share ($592,291 / 45,417 shares outstanding) $ 13.04
============
Maximum offering price ($13.04 / 99.0%) $ 13.17
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
for the six months ended June 30, 1995 (unaudited)
<TABLE>
<S> <C> <C>
Investment income:
(net of $510,571
foreign taxes withheld)
Dividends $ 6,211,942
Interest 1,456,020
-----------
Total income $ 7,667,962
Expenses:
Management fees (Note 3) 1,923,428
Administrative fees (Note 3) 341,366
Distribution fees (Note 3)
Class I shares 598,915
Class II shares 424
Transfer agent fees (Note 3) 360,000
Custodian fees 155,937
Reports to shareholders 113,000
Audit fees 16,000
Legal fees 6,000
Registration and filing fees 105,000
Trustees' fees and expenses 29,000
Amortization of organization costs 9,230
Other 17,077
-----------
Total expenses 3,675,377
-----------
Net investment income 3,992,585
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investments 6,955,719
Foreign currency transactions (428,553)
-----------
6,527,166
Net unrealized appreciation on investments 42,208,100
-----------
Net realized and unrealized gain 48,735,266
-----------
Net increase in net assets resulting from
operations $52,727,851
===========
</TABLE>
15
<PAGE>
Templeton Global Opportunities Trust
Financial Statements (cont.)
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994
------------- ------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 3,992,585 $ 3,357,913
Net realized gain from security and foreign
currency transactions 6,527,166 37,927,993
Net unrealized appreciation (depreciation) 42,208,100 (61,432,182)
------------ ------------
Net increase (decrease) in net assets from
operations 52,727,851 (20,146,276)
Distributions to shareholders:
From net investment income
Class I shares (402,142) (3,328,344)
From net realized gain
Class I shares (4,021,419) (67,015,314)
Fund share transactions (Note 2)
Class I shares (4,767,912) 156,565,008
Class II shares 579,974 --
------------ ------------
Net increase in net assets 44,116,352 66,075,074
Net assets:
Beginning of period 476,822,250 410,747,176
------------ ------------
End of period $520,938,602 $476,822,250
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE>
Templeton Global Opportunities Trust
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. SUMMARY OF ACCOUNTING POLICIES
Templeton Global Opportunities Trust (the Fund) is a Massachusetts business
trust and an open-end, diversified management investment company registered un-
der the Investment Company Act of 1940. The following summarizes the Fund's
significant accounting policies.
a. Securities Valuations:
Securities listed or traded on a recognized national or foreign stock exchange
or NASDAQ are valued at the last reported sales prices on the principal ex-
change on which the securities are traded. Over-the-counter securities and
listed securities for which no sale is reported are valued at the mean between
the last current bid and asked prices. Securities for which market quotations
are not readily available are valued at fair value as determined by management
and approved in good faith by the Board of Trustees.
b. Foreign Currency Translations:
Portfolio securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars based on the rate of exchange of
such currencies against U.S. dollars on the date of valuation. Purchases and
sales of portfolio securities and income items denominated in foreign curren-
cies are translated into U.S. dollar amounts on the respective dates of such
transactions. When the Fund purchases or sells foreign securities it customar-
ily enters into foreign exchange contracts to minimize foreign exchange risk
between the trade date and the settlement date of such transactions.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of for-
eign currencies, currency gains or losses realized between the trade and set-
tlement dates on securities transactions, the differences between the amounts
of dividends, interest, and foreign withholding taxes recorded on the Fund's
books, and the U.S. dollar equivalent of the amounts actually received or paid.
Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at the end
of the fiscal period, resulting from changes in the exchange rate.
c. Income Taxes:
It is the Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all its
taxable income to its shareholders. Therefore, no provision has been made for
income taxes.
d. Organization Costs
Organization costs are being amortized on a straight line basis over a five
year period.
e. Security Transactions, Investment Income, Distributions and Expenses:
Security transactions are accounted for on a trade date basis. Dividend income
is recorded on the ex-dividend date. Certain dividend income from foreign secu-
rities is recorded as soon as information is available to the Fund. Interest
income and estimated expenses are accrued daily. Distributions to shareholders,
which are determined in accordance with income tax regulations, are recorded on
the ex-dividend date.
2. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Effective May 1, 1995, the Fund offered two classes of shares: Class I shares
and Class II shares. Shares of each class are identical except for their ini-
tial sales load, a contingent deferred sales charge on Class II shares, distri-
bution fees, and voting rights on matters affecting a single class. All Fund
shares outstanding before May 1, 1995 were designated as Class I shares. At
17
<PAGE>
Templeton Global Opportunities Trust
Notes to Financial Statements (unaudited) (cont.)
- --------------------------------------------------------------------------------
June 30, 1995, there were an unlimited number of shares of beneficial interest
authorized for each class of shares ($0.01 par value). Transactions in the
Fund's shares were as follows:
<TABLE>
<CAPTION>
CLASS I SHARES
----------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, 1994
------------------------ --------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Shares sold 2,738,195 $ 33,082,922 18,544,844 $ 250,256,892
Shares issued in
reinvestment of
distributions 341,772 4,010,356 4,980,654 62,368,806
Shares redeemed (3,489,620) (41,861,190) (11,680,771) (156,060,690)
---------- ------------ ----------- -------------
Net increase (decrease) (409,653) $ (4,767,912) 11,844,727 $ 156,565,008
========== ============ =========== =============
</TABLE>
<TABLE>
<CAPTION>
CLASS II SHARES
--------------------------
FOR THE PERIOD MAY 1,1995
THROUGH
JUNE 30, 1995
--------------------------
SHARES AMOUNT
------------ -------------
<S> <C> <C>
Shares sold 45,432 $ 580,174
Shares issued in
reinvestment of
distributions -- --
Shares redeemed (15) (200)
----------- -------------
Net increase 45,417 $ 579,974
=========== =============
</TABLE>
3. INVESTMENT MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Certain officers of the Fund are also directors or officers of Templeton In-
vestment Counsel, Inc. (TICI), Templeton Global Investors, Inc. (TGII), Frank-
lin Templeton Distributors, Inc. (FTD) and Franklin Templeton Investment Serv-
ices, Inc. (FTIS), the Fund's investment manager, administrative manager, prin-
cipal underwriter, and transfer agent, respectively.
The Fund pays monthly an investment management fee to TICI equal, on an annual
basis, to 0.80% of the average daily net assets of the Fund. The fee is subject
to reduction in any year to the extent that expenses (exclusive of certain ex-
penses) of the Fund exceed 2 1/2% of the first $30 million of net assets, 2% of
the next $70 million of net assets and 1 1/2% of the remainder. During the pe-
riod ended June 30, 1995, no reduction in fee was required as a result of this
limitation. The Investment Manager has entered into a Sub-Advisory Agreement
with Dean Witter InterCapital, Inc. (InterCapital) a subsidiary of Dean Witter,
Discover & Co. whereby InterCapital provides the Investment Manager with eco-
nomic, market, industry, asset allocation and foreign currency research. For
its services, the Investment Manager pays InterCapital a fee equal, on an an-
nual basis, to 0.25% of the Fund's average daily net assets. The Fund pays TGII
an administrative fee of 0.15% per annum on the first $200 million of the
Fund's average daily net assets, 0.135% of the next $500 million, 0.10% of the
next $500 million, and 0.075% per annum of such average net assets in excess of
$1.2 billion. For the period ended June 30, 1995, FTD received net commissions
of $121,267 from the sale of the Fund's shares and FTIS received fees of
$360,000.
Under the distribution plans for Class I and II shares, the Fund reimburses FTD
quarterly, the substantial portion of which is paid to Dean Witter, Discover &
Co. and other dealers who distribute the Fund's shares, for FTD's costs and ex-
penses in connection with any activity that is primarily intended to result in
a sale of Fund shares, subject to a maximum of 0.25% and 1.00% per annum of the
average daily net assets of Class I and Class II shares, respectively. Under
the Class I distribution plan, costs and expenses exceeding the maximum may be
reimbursed in subsequent periods. At June 30, 1995, unreimbursed expenses
amounted to $1,294,550. Class II shares redeemed within 18 months are subject
to a contingent deferred sales charge. No contingent deferred sales charges for
Class II shares were paid to FTD for the period ended June 30, 1995.
18
<PAGE>
Templeton Global Opportunities Trust
Notes to Financial Statements (unaudited) (cont.)
- --------------------------------------------------------------------------------
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding short-term securities) for the pe-
riod ended June 30, 1995 aggregated $56,321,451 and $51,547,685, respectively.
The cost of securities for federal income tax purposes is the same as that
shown in the investment portfolio. Realized gains and losses are reported on an
identified cost basis.
At June 30, 1995, the aggregate gross unrealized appreciation and depreciation
of portfolio securities, based on cost for federal income tax purposes, was as
follows:
<TABLE>
<S> <C>
Unrealized appreciation $101,477,793
Unrealized depreciation (41,251,332)
------------
Net unrealized appreciation $ 60,226,461
============
</TABLE>
19
<PAGE>
Templeton Global Opportunities Trust
Special Meeting of Shareholders, May 4, 1995
- --------------------------------------------------------------------------------
A Special Meeting of Shareholders of the Fund was held at the Fund's offices,
700 Central Avenue, St. Petersburg, Florida, on May 4, 1995. The purpose of the
meeting was to elect twelve trustees of the Fund. At the meeting, the following
persons were elected by the shareholders to serve as trustees of the Fund: John
Wm. Galbraith, Rupert H. Johnson Jr., Nicholas F. Brady, Betty P. Krahmer, Con-
stantine D. Tseretopoulos, Frank J. Crothers, Fred R. Millsaps, S. Joseph
Fortunato, Harris J. Ashton, Andrew H. Hines, Jr., John G. Bennett, Jr., and
Gordon S. Macklin.
The results of the voting at the Special Meeting are as follows:
1. Election of twelve (12) Trustees:
<TABLE>
<CAPTION>
% OF % OF % OF
OUTSTANDING SHARES OUTSTANDING
FOR SHARES VOTED AGAINST % ABSTAIN SHARES
---------- ----------- ------ ------- --- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
John Wm. Galbraith* 22,286,650 55.60% 98.32% 0 0 381,632 0.95%
Rupert H. Johnson Jr. 22,288,760 55.60 98.33 0 0 379,522 0.95
Nicholas F. Brady 22,285,800 55.60 98.31 0 0 382,482 0.95
Betty P. Krahmer 22,294,589 55.62 98.35 0 0 373,693 0.93
Constantine D.
Tseretopoulos 22,285,272 55.59 98.31 0 0 383,010 0.96
Frank J. Crothers 22,305,616 55.64 98.40 0 0 362,666 0.91
Fred R. Millsaps 22,304,609 55.64 98.40 0 0 363,673 0.91
S. Joseph Fortunato 22,272,219 55.56 98.25 0 0 396,063 0.99
Harris J. Ashton 22,286,088 55.60 98.31 0 0 382,194 0.95
Andrew H. Hines Jr. 22,288,871 55.60 98.33 0 0 379,411 0.95
John G. Bennett Jr.** 22,300,105 55.63 98.38 0 0 368,177 0.92
Gordon S. Macklin 22,273,511 55.56 98.26 0 0 394,771 0.99
</TABLE>
* AFTER HIS NOMINATION AND THE MAILING OF THE PROXY FOR THE SPECIAL MEETING,
SIR JOHN TEMPLETON STEPPED DOWN AS CHAIRMAN AND DIRECTOR OF THE U.S.
REGISTERED TEMPLETON FUNDS, EFFECTIVE APRIL 16, 1995, AND DECLINED TO STAND
FOR RE-ELECTION. CONSEQUENTLY, PURSUANT TO DISCRETIONARY AUTHORITY GRANTED
IN THE PROXIES, THE PROXY HOLDERS CAST THE PROXIES FOR JOHN WM. GALBRAITH,
FORMER VICE CHAIRMAN OF TEMPLETON, GALBRAITH & HANSBERGER LTD.
** SUBSEQUENT TO THE SPECIAL MEETING, MR. JOHN G. BENNETT, JR., RESIGNED FROM
ALL OF THE TEMPLETON FUNDS, EFFECTIVE MAY 19, 1995.
20
<PAGE>
Notes
-----
<PAGE>
Notes
-----
<PAGE>
The Franklin Templeton Group
- --------------------------------------------------------------------------------
To receive a free brochure and prospectus, which contain more complete informa-
tion, including charges and expenses on each of the funds listed below, call
Franklin Fund Information, toll free, at 1-800-DIAL-BEN (1-800-342-5236) or
Templeton Fund Information at 1-800-292-9293. Please read the prospectus care-
fully before you invest or send money.
TEMPLETON
FAMILY OF FUNDS
Franklin
Templeton Japan
Fund
Templeton
American Trust
Templeton
Americas
Government
Securities Fund
Templeton
Developing
Markets Trust
Templeton
Foreign Fund
Templeton
Global
Infrastructure
Fund
Templeton
Global
Opportunities
Trust
Templeton
Growth Fund
Templeton
Growth and
Income Fund
Templeton
Income Fund
Templeton Money
Fund
Templeton Real
Estate
Securities Fund
Templeton
Smaller
Companies
Growth Fund
Templeton World
Fund
FRANKLIN GROUP OF FUNDS(R)
FRANKLIN
GLOBAL/
INTERNATIONAL
FUNDS
Franklin Global
Health Care
Fund
Franklin Global
Government
Income Fund
Franklin Global
Utilities Fund
Franklin
International
Equity Fund
Franklin
Pacific Growth
Fund
FUNDS SEEKING CAPITAL GROWTH
Franklin
California
Growth Fund
Franklin
DynaTech Fund
Franklin Equity
Fund
Franklin Gold
Fund
Franklin Growth
Fund
Franklin Rising
Dividends Fund
Franklin Small
Cap Growth Fund
FUNDS SEEKING GROWTH AND
INCOME
Franklin
Balance Sheet
Investment Fund
Franklin
Convertible
Securities Fund
Franklin Income
Fund
Franklin Equity
Income Fund
Franklin
Utilities Fund
FUNDS SEEKING HIGH CURRENT
INCOME
Franklin's AGE
High Income
Fund
Franklin
Investment
Grade Income
Fund
Franklin
Premier Return
Fund
Franklin U.S.
Government
Securities Fund
FUNDS SEEKING TAX-FREE
INCOME
Franklin
Federal Tax-
Free Income
Fund
Franklin High
Yield Tax-Free
Income Fund
Franklin
California High
Yield Municipal
Fund
Franklin
Alabama Tax-
Free Income
Fund
Franklin
Arizona Tax-
Free Income
Fund
Franklin
California Tax-
Free Income
Fund
Franklin
Colorado Tax-
Free Income
Fund
Franklin
Connecticut
Tax-Free Income
Fund
Franklin
Florida Tax-
Free Income
Fund
Franklin
Georgia Tax-
Free Income
Fund
Franklin Hawaii
Municipal Bond
Fund
Franklin
Indiana Tax-
Free Income
Fund
Franklin
Kentucky Tax-
Free Income
Fund
Franklin
Louisiana
Tax-Free
Income Fund
Franklin
Maryland Tax-
Free Income
Fund
Franklin
Missouri Tax-
Free Income
Fund
Franklin New
Jersey Tax-
Free Income
Fund
Franklin New
York Tax-Free
Income Fund
Franklin
North
Carolina Tax-
Free Income
Fund
Franklin
Oregon Tax-
Free Income
Fund
Franklin
Pennsylvania
Tax-Free
Income Fund
Franklin
Puerto Rico
Tax-Free
Income Fund
Franklin
Texas Tax-
Free Income
Fund
Franklin
Virginia Tax-
Free Income
Fund
Franklin
Washington
Municipal
Bond Fund
FUNDS SEEKING TAX-FREE
INCOME THROUGH INSURED
PORTFOLIOS
Franklin
Insured Tax-
Free Income
Fund
Franklin
Arizona
Insured Tax-
Free Income
Fund
Franklin
California
Insured Tax-
Free Income
Fund
Franklin
Florida
Insured Tax-
Free Income
Fund
Franklin
Massachusetts
Insured Tax-
Free Income
Fund
Franklin
Michigan
Insured Tax-
Free Income
Fund
Franklin
Minnesota
Insured Tax-
Free Income
Fund
Franklin New
York Insured
Tax-Free
Income Fund
Franklin Ohio
Insured Tax-
Free Income
Fund
FUNDS SEEKING HIGH CURRENT
INCOME AND STABILITY OF
PRINCIPAL
Franklin
Adjustable
Rate
Securities
Fund
Franklin
Adjustable
U.S.
Government
Securities
Fund
Franklin
Short-
Intermediate
U.S.
Government
Securities
Fund
FUND SEEKING HIGH AFTER-TAX
INCOME FOR CORPORATIONS
Franklin
Corporate
Qualified
Dividend Fund
MONEY MARKET FUNDS SEEKING
SAFETY OF PRINCIPAL AND
INCOME
Franklin
Money Fund
Franklin
Federal Money
Fund
Franklin Tax-
Exempt Money
Fund
Franklin
California
Tax-Exempt
Money Fund
Franklin New
York Tax-
Exempt Money
Fund
IFT Franklin
U.S. Treasury
Money Market
Portfolio
FUNDS FOR
NON-U.S. INVESTORS
FRANKLIN PARTNERS FUNDS(R)
Franklin Tax-
Advantaged
High Yield
Securities
Fund
Franklin Tax-
Advantaged
International
Bond Fund
Franklin Tax-
Advantaged
U.S.
Government
Securities
Fund
To ensure the highest quality of service, telephone calls to or from our serv-
ice departments may be monitored, recorded and accessed. These calls can be de-
termined by the presence of a regular beeping tone.
<PAGE>
- --------------------------------------------------------------------------------
TEMPLETON GLOBAL
OPPORTUNITIES TRUST
PRINCIPAL UNDERWRITER:
Franklin Templeton
Distributors, Inc.
700 Central Avenue
St. Petersburg,
Florida 33701-3628
Account Services
1-800-354-9191
Sales Information
1-800-292-9293
This report must be preceded or accompanied by the prospectus of the
Templeton Global Opportunities Trust, which contains more complete information
including charges and expenses.
Like any investment in securities, the value of the Fund's portfolio will be
subject to the risk of loss from market, currency, economic, political, and
other factors, as well as investment decisions by the investment manager
which will not always be profitable or wise. The Fund and its investors are not
protected from such losses by the investment manager. Therefore, investors
who cannot accept this risk should not invest in shares of the Fund.
To ensure the highest quality of service, telephone calls to or from our service
departments may be monitored, recorded, and accessed. These calls can be
determined by the presence of a regular beeping tone.
- --------------------------------------------------------------------------------
[LOGO OF RECYCLED PAPER APPEARS HERE] TL415 S95 06/95
TEMPLETON
GLOBAL
OPPORTUNITIES
TRUST
Semi-Annual Report
June 30, 1995
[LOGO OF FRANKLIN TEMPLETON APPEARS HERE]
