<PAGE>
PAGE 1
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<PAGE>
PAGE 2
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008 B000001 A
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008 D010001 FT. LAUDERDALE
008 D020001 FL
008 D030001 33394
008 D040001 3091
008 A000002 DELETE
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 B000001 8-31192
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
011 A000001 FRANKLIN TEMPLETON DISTRIBUTORS, INC.
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015 B000001 C
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015 C030001 10081
015 E010001 X
015 A000002 THE CHASE MANHATTAN BANK
015 B000002 S
<PAGE>
PAGE 3
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 D020002 1061
015 E040002 X
015 A000003 THE CHASE MANHATTAN BANK
015 B000003 S
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015 D010003 AUSTRALIA
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015 A000007 THE ROYAL BANK OF CANADA
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015 D020007 M5J-2J5
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015 A000008 CANADA TRUST
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015 B000010 S
015 C010010 COPENHAGEN
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<PAGE>
PAGE 4
015 A000011 CITIBANK N.A.
015 B000011 S
015 C010011 CARACAS
015 D010011 VENEZUELA
015 D020011 1010
015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000012 S
015 C010012 PRAHA
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015 A000014 BANQUE PARIBAS
015 B000014 S
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015 B000015 S
015 C010015 FRANKFURT
015 D010015 GERMANY
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015 C010016 ATHENS
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015 A000017 THE CHASE MANHATTAN BANK
015 B000017 S
015 C010017 HONG KONG
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015 A000018 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 E040018 X
015 A000019 BANK OF IRELAND
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<PAGE>
PAGE 5
015 A000020 BANQUE PARIBAS
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 D020020 20121
015 E040020 X
015 A000021 THE FUJI BANK LTD
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 THE CHASE MANHATTAN BANK
015 B000022 S
015 C010022 LONDON
015 D010022 UNITED KINGDOM
015 D020022 E1 9YT
015 E040022 X
015 A000023 NATIONAL BANK OF EGYPT
015 B000023 S
015 C010023 CAIRO
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015 E040023 X
015 A000024 THE CHASE MANHATTAN BANK
015 B000024 S
015 C010024 KUALA LUMPUR
015 D010024 MALAYSIA
015 D020024 50250
015 E040024 X
015 A000025 THE CHASE MANHATTAN BANK, S.A.
015 B000025 S
015 C010025 MEXICO D.F.
015 D010025 MEXICO
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015 E040025 X
015 A000026 ABN AMRO N.V.
015 B000026 S
015 C010026 DE BREDA
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015 A000027 NATIONAL NOMINEES LIMITED
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015 A000028 DEN NORSKE BANK
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<PAGE>
PAGE 6
015 A000029 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000029 S
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015 A000030 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
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015 E040030 X
015 A000031 STANDARD CHARTERED BANK
015 B000031 S
015 C010031 SINGAPORE
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015 A000032 THE CHASE MANHATTAN BANK
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015 A000033 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000033 S
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015 A000034 SKANDINAVISKA ENSKILDA BANKEN
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015 A000035 UNION BANK OF SWITZERLAND
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015 A000036 THE CHASE MANHATTAN BANK
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015 E040036 X
015 A000037 BARCLAYS BANK OF GHANA LTD
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<PAGE>
PAGE 7
015 E040037 X
015 A000038 CITIBANK BUDAPEST RT.
015 B000038 S
015 C010038 BUDAPEST
015 D010038 HUNGARY
015 D020038 H-1051
015 E040038 X
015 A000039 THE CHASE MANHATTAN BANK
015 B000039 S
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015 E040039 X
015 A000040 BANK LEUMI LE-ISRAEL B.M.
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015 C010040 TEL AVIV
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015 A000042 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000043 THE FIRST BANK OF BOSTON
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<PAGE>
PAGE 8
015 B000047 S
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015 A000048 CITIBANK, N.A.
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015 A000049 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 E040049 X
015 A000050 DELETE
015 A000051 CITIBANK N.A.
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015 E040051 X
015 A000052 BARCLAYS BANK OF ZIMBABWE
015 B000052 S
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015 D010052 ZIMBABWE
015 E040052 X
015 A000053 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 C010054 LUSAKA
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015 A000055 BARCLAYS BANK PLC
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015 E040055 X
015 A000056 BANQUE GENERALE DU LUXEMBOURG S.A.
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015 A000057 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
<PAGE>
PAGE 9
015 B000057 S
015 C010057 BRATISLAVA
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015 D020057 815 63
015 E040057 X
015 A000058 CITIBANK, N.A.
015 B000058 S
015 C010058 QUITO
015 D010058 ECUADOR
015 E040058 X
015 A000059 STANDARD BANK NAMIBIA LTD
015 B000059 S
015 C010059 WINDHOEK
015 D010059 NAMIBIA
015 E040059 X
015 A000060 BARCLAYS BANK OF BOTSWANA LTD.
015 B000060 S
015 C010060 GABORONE
015 D010060 BOTSWANA
015 E040060 X
015 A000061 BARCLAYS BANK OF KENYA
015 B000061 S
015 C010061 NAIROBI
015 D010061 KENYA
015 E040061 X
015 A000062 THE BRITISH BANK OF THE MIDDLE EAST
015 B000062 S
015 C010062 RUWI, MUSCAT
015 D010062 SULTANATE OF OMAN
015 E040062 X
015 A000063 CHASE MANHATTAN BANK INTERNATIONAL
015 B000063 S
015 C010063 MOSCOW
015 D010063 RUSSIA
015 D020063 125047
015 E040063 X
015 A000064 STANBIC BANK SWAZILAND LTD
015 B000064 S
015 C010064 MBABANE
015 D010064 SWAZILAND
015 E040064 X
015 A000065 CEDEL BANK S.A.
015 B000065 S
015 C010065 LUXEMBOURG
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015 E040065 X
015 A000066 FIRST CHICAGO CLEARING CENTRE
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015 D010066 UNITED KINGDOM
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<PAGE>
PAGE 10
015 E040066 X
015 A000067 RESERVE BANK
015 B000067 S
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015 A000068 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000068 S
015 C010068 BOMBAY
015 D010068 INDIA
015 D020068 400 001
015 E040068 X
015 A000069 THE BRITISH BANK OF THE MIDDLE EAST
015 B000069 S
015 C010069 RAS-BEIRUT
015 D010069 LEBANON
015 E040069 X
015 A000070 THE BANK OF BERMUDA
015 B000070 S
015 C010070 HAMILTON
015 D010070 BERMUDA
015 E040070 X
015 A000071 SOCIETE GENERALE DE BANQUES EN COTE D' IVOIRE
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<PAGE>
PAGE 11
020 B000007 13-3580644
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<PAGE>
PAGE 12
022 D000010 0
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<PAGE>
PAGE 13
028 F040000 24044
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<PAGE>
PAGE 14
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<PAGE>
PAGE 15
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070 E020000 N
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070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
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
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<PAGE>
PAGE 16
070 R010000 N
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<PAGE>
PAGE 17
074 I000000 0
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<PAGE>
PAGE 18
086 F010000 0
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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 Opportunities Trust, December 31, 1997, annual report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000856138
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST
<SERIES>
<NUMBER> 001
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST CLASS I
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
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<INVESTMENTS-AT-VALUE> 836045687
<RECEIVABLES> 6063631
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 842109318
<PAYABLE-FOR-SECURITIES> 9710657
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<OTHER-ITEMS-LIABILITIES> 7552486
<TOTAL-LIABILITIES> 17263143
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 658508716
<SHARES-COMMON-STOCK> 51332893
<SHARES-COMMON-PRIOR> 43399931
<ACCUMULATED-NII-CURRENT> 189982
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14908918
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151238559
<NET-ASSETS> 824846175
<DIVIDEND-INCOME> 17825488
<INTEREST-INCOME> 11174126
<OTHER-INCOME> 0
<EXPENSES-NET> 11070810
<NET-INVESTMENT-INCOME> 17928804
<REALIZED-GAINS-CURRENT> 56831220
<APPREC-INCREASE-CURRENT> 18738843
<NET-CHANGE-FROM-OPS> 93498867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17851213)
<DISTRIBUTIONS-OF-GAINS> (47840555)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17195097
<NUMBER-OF-SHARES-REDEEMED> (13121848)
<SHARES-REINVESTED> 3859713
<NET-CHANGE-IN-ASSETS> 178746583
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11166506
<OVERDISTRIB-NII-PRIOR> (2559436)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6354032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11070810
<AVERAGE-NET-ASSETS> 767836652
<PER-SHARE-NAV-BEGIN> 14.62
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.32
<EXPENSE-RATIO> 1.37
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Templeton
Global Opportunities Trust, December 31, 1997, annual report and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000856138
<NAME> TEMPLETON GLOBAL OPPORTUNITES TRUST
<SERIES>
<NUMBER> 002
<NAME> TEMPLETON GLOBAL OPPORTUNITES TRUST-CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 684807128
<INVESTMENTS-AT-VALUE> 836045687
<RECEIVABLES> 6063631
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 842109318
<PAYABLE-FOR-SECURITIES> 9710657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7552486
<TOTAL-LIABILITIES> 17263143
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 658508716
<SHARES-COMMON-STOCK> 2545984
<SHARES-COMMON-PRIOR> 800226
<ACCUMULATED-NII-CURRENT> 189982
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14908918
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151238559
<NET-ASSETS> 824846175
<DIVIDEND-INCOME> 17825488
<INTEREST-INCOME> 11174126
<OTHER-INCOME> 0
<EXPENSES-NET> 11070810
<NET-INVESTMENT-INCOME> 17928804
<REALIZED-GAINS-CURRENT> 56831220
<APPREC-INCREASE-CURRENT> 18738843
<NET-CHANGE-FROM-OPS> 93498867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (635878)
<DISTRIBUTIONS-OF-GAINS> (1940548)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1773264
<NUMBER-OF-SHARES-REDEEMED> (181625)
<SHARES-REINVESTED> 154119
<NET-CHANGE-IN-ASSETS> 178746583
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11166506
<OVERDISTRIB-NII-PRIOR> (2559436)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6354032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11070810
<AVERAGE-NET-ASSETS> 26417294
<PER-SHARE-NAV-BEGIN> 14.52
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (1.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.17
<EXPENSE-RATIO> 2.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees and Shareholders
Templeton Global Opportunities Trust
In planning and performing our audit of the financial statements of Templeton
Global Opportunities Trust for the year ended December 31, 1997, we considered
its internal control, including controls over safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of Templeton Global Opportunities Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of the
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
McGladrey & Pullen, LLP
New York, New York
January 30, 1998
