PAGE 1
000 B000000 12/31/98
000 C000000 856138
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004 000000 N
005 000000 N
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
PAGE
PAGE 2
008 A000001 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000001 A
008 C000001 801-15125
008 D010001 FT. LAUDERDALE
008 D020001 FL
008 D030001 33394
008 D040001 3091
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.
011 B000001 8-5889
011 C010001 ST PETERSBURG
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011 C030001 33716
011 C040001 1205
012 A000001 FRANKLIN TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-00000
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 THE 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
PAGE
PAGE 3
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
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015 E040002 X
015 A000003 THE CHASE MANHATTAN BANK
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
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015 A000004 BANK AUSTRIA AG
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PAGE
PAGE 4
015 A000011 CITIBANK N.A.
015 B000011 S
015 C010011 CARACAS
015 D010011 VENEZUELA
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015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 C010012 PRAHA
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015 E040013 X
015 A000014 BANQUE PARIBAS
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015 A000017 THE CHASE MANHATTAN BANK
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015 A000018 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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PAGE
PAGE 5
015 A000020 BANQUE PARIBAS
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015 A000021 THE FUJI BANK LTD
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015 A000022 THE CHASE MANHATTAN BANK
015 B000022 S
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015 A000024 THE CHASE MANHATTAN BANK
015 B000024 S
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015 A000025 THE CHASE MANHATTAN BANK, S.A.
015 B000025 S
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015 A000028 DEN NORSKE BANK ASA
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PAGE
PAGE 6
015 A000029 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000030 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
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015 A000031 STANDARD CHARTERED BANK
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015 A000033 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000034 SKANDINAVISKA ENSKILDA BANKEN
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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.
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015 C010038 BUDAPEST
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015 A000039 THE CHASE MANHATTAN BANK
015 B000039 S
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015 A000040 BANK LEUMI LE-ISRAEL B.M.
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015 A000042 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000043 BANKBOSTON N.A.
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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 D010049 CHINA
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015 E040049 X
015 A000050
015 A000051 CITIBANK N.A.
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015 A000053 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000053 S
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015 A000056 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B000056 S
015 C010056 LUXEMBOURG
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015 E040056 X
015 A000057 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
PAGE
PAGE 9
015 B000057 S
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015 A000058 CITIBANK, N.A.
015 B000058 S
015 C010058 QUITO
015 D010058 ECUADOR
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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
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015 A000061 BARCLAYS BANK OF KENYA LTD.
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 MUSCAT
015 D010062 OMAN
015 E040062 X
015 A000063 CHASE MANHATTAN BANK INTERNATIONAL
015 B000063 S
015 C010063 MOSCOW
015 D010063 RUSSIA
015 D020063 125047
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015 A000064 STANBIC BANK SWAZILAND LTD
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015 C010064 MBABANE
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015 E040064 X
015 A000065
015 A000066 THE FIRST NATIONAL BANK OF CHICAGO
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015 C010066 LONDON
015 D010066 UNITED KINGDOM
015 D020066 NW1 3FN
015 E040066 X
015 A000067
015 A000068 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000068 S
PAGE
PAGE 10
015 C010068 MUMBAI
015 D010068 INDIA
015 D020068 400 025
015 E040068 X
015 A000069 THE BRITISH BANK OF THE MIDDLE EAST
015 B000069 S
015 C010069 BEIRUT
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015 E040069 X
015 A000070 THE BANK OF BERMUDA LTD
015 B000070 S
015 C010070 HAMILTON
015 D010070 BERMUDA
015 E040070 X
015 A000071 SOCIETE GENERALE DE BANQUES EN COTE D' IVOIRE
015 B000071 S
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015 A000072 ING BANK N.V.
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015 B000073 S
015 C010073 SANTAFE DE BOGOTA
015 D010073 COLOMBIA
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015 A000074 CEDEL BANK S.A
015 B000074 S
015 C010074 LUXEMBOURG
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015 A000075
015 A000076 EUROCLEAR
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018 000000 Y
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PAGE
PAGE 11
020 C000002 39
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020 A000006 GOLDMAN SACHS
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020 A000007 CHEUVREUX DE VIRIEU
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020 C000007 8
020 A000008 NIKKON SALMON SMITH BARNEY
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022 C000002 2224842
022 D000002 504
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022 C000003 1347895
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022 C000004 1304770
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022 C000006 707678
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PAGE
PAGE 12
022 C000007 661307
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PAGE
PAGE 13
028 D010000 46379
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PAGE
PAGE 14
048 B020000 0.000
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PAGE
PAGE 15
062 D000000 0.0
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070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
PAGE
PAGE 16
070 L020000 Y
070 M010000 Y
070 M020000 Y
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PAGE
PAGE 17
073 A020000 0.2000
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PAGE
PAGE 18
086 B010000 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, 1998, 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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<INTEREST-INCOME> 13374028
<OTHER-INCOME> 0
<EXPENSES-NET> (11285835)
<NET-INVESTMENT-INCOME> 18259791
<REALIZED-GAINS-CURRENT> 16210598
<APPREC-INCREASE-CURRENT> (36288088)
<NET-CHANGE-FROM-OPS> (1817699)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14111066)
<DISTRIBUTIONS-OF-GAINS> (14629485)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31019020
<NUMBER-OF-SHARES-REDEEMED> (39210265)
<SHARES-REINVESTED> 1692945
<NET-CHANGE-IN-ASSETS> (135315271)
<ACCUMULATED-NII-PRIOR> 189982
<ACCUMULATED-GAINS-PRIOR> 14908918
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6239270
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11285835)
<AVERAGE-NET-ASSETS> 742960426
<PER-SHARE-NAV-BEGIN> 15.32
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> (.48)
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> (.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.63
<EXPENSE-RATIO> 1.41
<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, 1998, annual report
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000856138
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST
<SERIES>
<NUMBER>002
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST-CLASS II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 607405693
<INVESTMENTS-AT-VALUE> 722356164
<RECEIVABLES> 20195058
<ASSETS-OTHER> 77898
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 742629120
<PAYABLE-FOR-SECURITIES> 50223415
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2874801
<TOTAL-LIABILITIES> 53098216
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 554933792
<SHARES-COMMON-STOCK> 2304812
<SHARES-COMMON-PRIOR> 2545984
<ACCUMULATED-NII-CURRENT> 3690136
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15956505
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114950471
<NET-ASSETS> 689530904
<DIVIDEND-INCOME> 16171598
<INTEREST-INCOME> 13374028
<OTHER-INCOME> 0
<EXPENSES-NET> (11285835)
<NET-INVESTMENT-INCOME> 18259791
<REALIZED-GAINS-CURRENT> 16210598
<APPREC-INCREASE-CURRENT> (36288088)
<NET-CHANGE-FROM-OPS> (1817699)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (458589)
<DISTRIBUTIONS-OF-GAINS> (723508)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 660394
<NUMBER-OF-SHARES-REDEEMED> (972334)
<SHARES-REINVESTED> 70768
<NET-CHANGE-IN-ASSETS> (135315271)
<ACCUMULATED-NII-PRIOR> 189982
<ACCUMULATED-GAINS-PRIOR> 14908918
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6239270
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11285835)
<AVERAGE-NET-ASSETS> 36948264
<PER-SHARE-NAV-BEGIN> 15.17
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.43)
<PER-SHARE-DIVIDEND> (.20)
<PER-SHARE-DISTRIBUTIONS> (.28)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.50
<EXPENSE-RATIO> 2.16
<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, 1998, we considered
its internal control, including control activities for 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 the 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 the
safeguarding of assets against unauthorized acquisitions, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of the 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 the
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Templeton Global Opportunities Trust, and the Securities
and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
New York, New York
January 28, 1999
