PAGE 1
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002 D020000 3091
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007 C010800 8
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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
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.
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
012 C010001 ST. PETERSBURG
012 C020001 FL
012 C030001 33716
012 C040001 1205
013 A000001 PRICEWATERHOUSECOOPERS, 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 3
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
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015 E040005 X
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015 D010006 BRAZIL
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015 B000011 S
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PAGE 4
015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 A000018 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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PAGE 5
015 E040020 X
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PAGE 6
015 A000030 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
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015 B000038 S
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PAGE 7
015 D020038 H-1051
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PAGE 8
015 B000048 S
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PAGE 9
015 A000058 CITIBANK, N.A.
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015 A000062 HSBC BANK MIDDLE EAST
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015 A000063 CHASE MANHATTAN BANK INTERNATIONAL
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015 D020063 125047
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PAGE 10
015 A000070 THE BANK OF BERMUDA LIMITED
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PAGE 11
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PAGE 12
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PAGE 13
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PAGE 14
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PAGE 15
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PAGE 16
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PAGE 17
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PAGE 18
086 F020000 0
SIGNATURE /s/JAMES R. BAIO
James R. Baio
TITLE TREASURER
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<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL OPPORTUNITIES TRUST, DECEMBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<ACCUMULATED-GAINS-PRIOR> 15956505
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5308536)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9662860)
<AVERAGE-NET-ASSETS> 663566991
<PER-SHARE-NAV-BEGIN> 14.63
<PER-SHARE-NII> .25<F1>
<PER-SHARE-GAIN-APPREC> 3.53<F1>
<PER-SHARE-DIVIDEND> (.34)<F1>
<PER-SHARE-DISTRIBUTIONS> (.95)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.12
<EXPENSE-RATIO> 1.42
<FN>
<F1>BASED ON AVERGE WEIGHTED SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL OPPORTUNITIES TRUST, DECEMBER 31, 1999 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 B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 492457961
<INVESTMENTS-AT-VALUE> 686863532
<RECEIVABLES> 31031730
<ASSETS-OTHER> 1024
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 717896286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2863793
<TOTAL-LIABILITIES> 2863793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 466967265
<SHARES-COMMON-STOCK> 20289
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1373998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52285659
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194405571
<NET-ASSETS> 715032493
<DIVIDEND-INCOME> 14245861
<INTEREST-INCOME> 5877377
<OTHER-INCOME> 0
<EXPENSES-NET> (9662860)
<NET-INVESTMENT-INCOME> 10460378
<REALIZED-GAINS-CURRENT> 76261554
<APPREC-INCREASE-CURRENT> 79455100
<NET-CHANGE-FROM-OPS> 166177032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3717)
<DISTRIBUTIONS-OF-GAINS> (10644)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19690
<NUMBER-OF-SHARES-REDEEMED> (198)
<SHARES-REINVESTED> 797
<NET-CHANGE-IN-ASSETS> 25501589
<ACCUMULATED-NII-PRIOR> 3690136
<ACCUMULATED-GAINS-PRIOR> 15956505
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5308536)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9662860)
<AVERAGE-NET-ASSETS> 663566991
<PER-SHARE-NAV-BEGIN> 14.63
<PER-SHARE-NII> .08<F1>
<PER-SHARE-GAIN-APPREC> 3.58<F1>
<PER-SHARE-DIVIDEND> (.30)<F1>
<PER-SHARE-DISTRIBUTIONS> (.95)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.04
<EXPENSE-RATIO> 2.20
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
GLOBAL OPPORTUNITIES TRUST, DECEMBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000856138
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST
<SERIES>
<NUMBER> 003
<NAME> TEMPLETON GLOBAL OPPORTUNITIES TRUST - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 492457961
<INVESTMENTS-AT-VALUE> 686863532
<RECEIVABLES> 31031730
<ASSETS-OTHER> 1024
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 717896286
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2863793
<TOTAL-LIABILITIES> 2863793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 466967265
<SHARES-COMMON-STOCK> 1911034
<SHARES-COMMON-PRIOR> 2304812
<ACCUMULATED-NII-CURRENT> 1373998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52285659
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194405571
<NET-ASSETS> 715032493
<DIVIDEND-INCOME> 14245861
<INTEREST-INCOME> 5877377
<OTHER-INCOME> 0
<EXPENSES-NET> (9662860)
<NET-INVESTMENT-INCOME> 10460378
<REALIZED-GAINS-CURRENT> 76261554
<APPREC-INCREASE-CURRENT> 79455100
<NET-CHANGE-FROM-OPS> 166177032
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (399045)
<DISTRIBUTIONS-OF-GAINS> (1752217)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2423547
<NUMBER-OF-SHARES-REDEEMED> (2949836)
<SHARES-REINVESTED> 132511
<NET-CHANGE-IN-ASSETS> 25501589
<ACCUMULATED-NII-PRIOR> 3690136
<ACCUMULATED-GAINS-PRIOR> 15956505
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5308536)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9662860)
<AVERAGE-NET-ASSETS> 663566991
<PER-SHARE-NAV-BEGIN> 14.50
<PER-SHARE-NII> .13<F1>
<PER-SHARE-GAIN-APPREC> 3.50<F1>
<PER-SHARE-DIVIDEND> (.22)<F1>
<PER-SHARE-DISTRIBUTIONS> (.95)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.96
<EXPENSE-RATIO> 2.16
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees and Shareholders of
Templeton Global Opportunities Trust
In planning and performing our audit of the financial statements of Templeton
Global Opportunities Trust (the "Fund") for the year ended December 31, 1999, 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 internal control.
The management of the Fund 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 acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
/s/PRICEWATERHOUSECOOPERS LLP
New York, New York
January 28, 2000
EXHIBIT 77 K
TEMPLETON GLOBAL OPPORTUNITIES TRUST
CHANGE IN INDEPENDENT AUDITOR'S REPORT
On August 13, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of the Fund. McGladrey resigned pursuant to their agreement to sell
their investment company practice to PricewaterhouseCoopers LLP (PwC). The
McGladrey partners and professionals previously serving the Fund, have joined
PwC and performed the December 31, 1999 audit.
None of the reports of McGladrey on the financial statements of the Fund,
including those of the past two fiscal years have ever contained an adverse
opinion or a disclaimer of opinion, or was qualified or modified as to
uncertainty, audit scope or accounting principles.
During the period McGladrey served the Fund, including the two most recent
fiscal years and subsequent interim period, there were no disagreements with
McGladrey on any matter of accounting principle or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of McGladrey would have caused it to make
reference to the subject matter of disagreement in connection with its report.
On October 21, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for Templeton Global
Opportunities Trust. We have read their notification of change in independent
accountants made in Item 77K of Form N-SAR. We agree with the statements in the
filing.
/s/MCGLADREY & PULLEN, LLP
New York, New York
February 29, 2000
