PAGE 1
000 A000000 06/30/96
000 C000000 810355
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON VARIABLE ANNUITY FUND
001 B000000 811-5024
001 C000000 9545277591
002 A000000 500 EAST BROWARD BLVD SUITE 2100
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 TEMPLETON 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 TEMPLETON FUNDS ANNUITY COMPANY
010 B000001 8-126891
010 C010001 ST PETERSBURG
010 C020001 FL
010 C030001 33701
010 C040001 3628
PAGE 2
013 A000001 MC GLADREY & 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
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 D020002 1061
015 E040002 X
015 A000003 CHASE MANHATTAN BANK AUSTRALIA LTD
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 D020003 2000
015 E040003 X
015 A000004 AUSTRACLEAR RESERVE BANK
015 B000004 S
015 C010004 SYDNEY
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 CREDITANSTALT - BANKVEREIN
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 D020005 A-1011
015 E040005 X
015 A000006 STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 D020006 1000
015 E040006 X
015 A000007 GENERALE BANK
015 B000007 S
015 C010007 BRUXELLES
015 D010007 BELGIUM
PAGE 3
015 D020007 1000
015 E040007 X
015 A000008 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000008 S
015 C010008 GABORONE
015 D010008 BOTSWANA
015 E040008 X
015 A000009 BANCO CHASE MANHATTAN, S.A.
015 B000009 S
015 C010009 SAO PAULO
015 D010009 BRAZIL
015 D020009 04719-002
015 E040009 X
015 A000010 THE ROYAL BANK OF CANADA
015 B000010 S
015 C010010 TORONTO
015 D010010 CANADA
015 D020010 M5J-2J5
015 E040010 X
015 A000011 CANADA TRUST
015 B000011 S
015 C010011 TORONTO
015 D010011 CANADA
015 D020011 M5J 2T2
015 E040011 X
015 A000012 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000012 S
015 C010012 PRAHA
015 D010012 CZECH REPUBLIC
015 E040012 X
015 A000013 DEN DANSKE BANK
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 NATIONAL BANK OF EGYPT
015 B000014 S
015 C010014 CAIRO
015 D010014 EGYPT
015 E040014 X
015 A000015 MERITA BANK KOP
015 B000015 S
015 C010015 HELSINKI
015 D010015 FINLAND
015 D020015 00500
015 E040015 X
015 A000016 BANQUE PARIBAS
015 B000016 S
015 C010016 PARIS
015 D010016 FRANCE
015 D020016 75078
PAGE 4
015 E040016 X
015 A000017 CHASE BANK, A.G.
015 B000017 S
015 C010017 FRANKFURT
015 D010017 GERMANY
015 D020017 60441
015 E040017 X
015 A000018 BARCLAYS BANK OF GHANA
015 B000018 S
015 C010018 ACCRA
015 D010018 GHANA
015 E040018 X
015 A000019 BARCLAYS BANK PLC
015 B000019 S
015 C010019 ATHENS
015 D010019 GREECE
015 D020019 10562
015 E040019 X
015 A000020 CHASE MANHATTAN BANK, N.A.
015 B000020 S
015 C010020 CENTRAL
015 D010020 HONG KONG
015 E040020 X
015 A000021 CITIBANK BUDAPEST RT.
015 B000021 S
015 C010021 BUDAPEST
015 D010021 HUNGARY
015 D020021 1052
015 E040021 X
015 A000022 THE HONG KONG AND SHANGHAI BANKING CORP LTD
015 B000022 S
015 C010022 JAKARTA
015 D010022 INDONESIA
015 D020022 10023
015 E040022 X
015 A000023 BANK OF IRELAND
015 B000023 S
015 C010023 DUBLIN
015 D010023 IRELAND
015 D020023 1
015 E040023 X
015 A000024 BANK LEUMI LE-ISRAEL B.M.
015 B000024 S
015 C010024 TEL AVIV
015 D010024 ISRAEL
015 D020024 61000
015 E040024 X
015 A000025 CHASE MANHATTAN BANK, N.A.
015 B000025 S
015 C010025 MILAN
015 D010025 ITALY
PAGE 5
015 D020025 20121
015 E040025 X
015 A000026 THE FUJI BANK LTD
015 B000026 S
015 C010026 TOKYO
015 D010026 JAPAN
015 E040026 X
015 A000027 BARCLAYS BANK OF KENYA
015 B000027 S
015 C010027 NAIROBI
015 D010027 KENYA
015 E040027 X
015 A000028 CEDEL S.A.
015 B000028 S
015 C010028 LUXEMBOURG
015 D010028 LUXEMBOURG
015 E040028 X
015 A000029 CHASE MANHATTAN BANK, N.A.
015 B000029 S
015 C010029 KUALA LUMPUR
015 D010029 MALAYSIA
015 D020029 50250
015 E040029 X
015 A000030 HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000030 S
015 C010030 CUREPIPE
015 D010030 MAURITIUS
015 E040030 X
015 A000031 CHASE MANHATTAN BANK, S.A.
015 B000031 S
015 C010031 COL. LOMAS DE CHAP.
015 D010031 MEXICO
015 D020031 11000
015 E040031 X
015 A000032 BANQUE COMMERCIALE DU MAROC
015 B000032 S
015 C010032 CASABLANCA
015 D010032 MOROCCO
015 D020032 20000
015 E040032 X
015 A000033 ABN AMRO N.V.
015 B000033 S
015 C010033 DE BREDA
015 D010033 NETHERLANDS
015 D020033 4800
015 E040033 X
015 A000034 NATIONAL NOMINEES, LTD
015 B000034 S
015 C010034 AUCKLAND
015 D010034 NEW ZEALAND
015 E040034 X
PAGE 6
015 A000035 DEN NORSKE BANK
015 B000035 S
015 C010035 OSLO
015 D010035 NORWAY
015 D020035 1
015 E040035 X
015 A000036 DELETE
015 A000037 DEUTSCHE BANK
015 B000037 S
015 C010037 KARACHI
015 D010037 PAKISTAN
015 E040037 X
015 A000038 CITIBANK, N.A.
015 B000038 S
015 C010038 LIMA
015 D010038 PERU
015 D020038 27
015 E040038 X
015 A000039 HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000039 S
015 C010039 MANILA
015 D010039 PHILIPPINES
015 E040039 X
015 A000040 BANK HANDLOWY W. WARSAWIE. S.A.
015 B000040 S
015 C010040 WARSAW
015 D010040 POLAND
015 D020040 00-920
015 E040040 X
015 A000041 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000041 S
015 C010041 LISBON
015 D010041 PORTUGAL
015 D020041 1200
015 E040041 X
015 A000042 CHASE MANHATTAN BANK, N.A.
015 B000042 S
015 C010042 SINGAPORE
015 D010042 SINGAPORE
015 D020042 0104
015 E040042 X
015 A000043 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000043 S
015 C010043 BRATISLAVA
015 D010043 SLOVAK REPUBLIC
015 D020043 815 63
015 E040043 X
015 A000044 STANDARD BANK OF SOUTH AFRICA
015 B000044 S
015 C010044 JOHANNESBURG
015 D010044 SOUTH AFRICA
PAGE 7
015 D020044 2001
015 E040044 X
015 A000045 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000045 S
015 C010045 SEOUL
015 D010045 SOUTH KOREA
015 E040045 X
015 A000046 CHASE MANHATTAN BANK, N.A.
015 B000046 S
015 C010046 MADRID
015 D010046 SPAIN
015 D020046 28042
015 E040046 X
015 A000047 HONGKONG & SHANGHAI BANKING CORP.LTD.
015 B000047 S
015 C010047 COLOMBO
015 D010047 SRI LANKA
015 D020047 1
015 E040047 X
015 A000048 SKANDINAVISKA ENSKILDA BANKEN
015 B000048 S
015 C010048 STOCKHOLM
015 D010048 SWEDEN
015 D020048 S-106 40
015 E040048 X
015 A000049 UNION BANK OF SWITZERLAND
015 B000049 S
015 C010049 ZURICH
015 D010049 SWITZERLAND
015 D020049 8021
015 E040049 X
015 A000050 CHASE MANHATTAN BANK, N.A.
015 B000050 S
015 C010050 BANGKOK
015 D010050 THAILAND
015 D020050 10500
015 E040050 X
015 A000051 CHASE MANHATTAN BANK, N.A.
015 B000051 S
015 C010051 ISTANBUL
015 D010051 TURKEY
015 E040051 X
015 A000052 CHASE MANHATTAN BANK, N.A.
015 B000052 S
015 C010052 LONDON
015 D010052 UNITED KINGDOM
015 D020052 EC2P 2HD
015 E040052 X
015 A000053 FIRST CHICAGO CLEARING CENTER
015 B000053 S
015 C010053 LONDON
PAGE 8
015 D010053 UNITED KINGDOM
015 D020053 EC3A 1AA
015 E040053 X
015 A000054 THE FIRST NATIONAL BANK OF BOSTON
015 B000054 S
015 C010054 MONTEVIDEO
015 D010054 URUGUAY
015 E040054 X
015 A000055 THE HONGKONG AND SHANGHAI BANKING CORP.LTD.
015 B000055 S
015 C010055 SHANGHAI
015 D010055 CHINA
015 E040055 X
015 A000056 CITIBANK, N.A.
015 B000056 S
015 C010056 CARACAS
015 D010056 VENEZUELA
015 D020056 1010
015 E040056 X
015 A000057 BARCLAYS BANK OF ZAMBIA
015 B000057 S
015 C010057 LUSAKA
015 D010057 ZAMBIA
015 E040057 X
015 A000058 BARCLAYS BANK OF ZIMBABWE
015 B000058 S
015 C010058 HARARE
015 D010058 ZIMBABWE
015 E040058 X
015 A000059 THE HONGKONG AND SHANGHAI BANKING CORP.LTD.
015 B000059 S
015 C010059 SHENZHEN
015 D010059 CHINA
015 E040059 X
018 000000 Y
019 A000000 Y
019 B000000 191
019 C000000 FRNKTEMGRP
020 A000001 BV CAPITAL MARKETS INC.
020 B000001 13-3217179
020 C000001 1
020 A000002 MORGAN STANLEY & CO. INC.
020 B000002 13-2655998
020 C000002 1
020 A000003 NOMURA SECURITIES INTERNATIONAL, INC.
020 B000003 13-2642206
020 C000003 1
020 A000004 FIRST BOSTON CORPORATION
020 B000004 13-5659485
020 C000004 1
020 A000005 MACQUARIE
PAGE 9
020 B000005 AUSTRALIA
020 C000005 1
020 A000006 UBS/PHILLIPS & DREW
020 B000006 13-2932996
020 C000006 1
020 A000007 DOYLE PATTERSON BROWN
020 B000007 NEW ZEALAD
020 C000007 1
020 A000008 W.I.CARR
020 B000008 13-2927466
020 C000008 1
020 A000009 CHEUVREUX DE VIRIEU-CARR
020 B000009 13-2927466
020 C000009 1
020 A000010 PARETO FONDS AS
020 B000010 NORWAY
020 C000010 1
021 000000 12
022 A000001 CHASE MANHATTAN BANK, N.A.
022 B000001 13-2633612
022 C000001 3857
022 D000001 3711
022 A000002 MORGAN STANLEY & CO. INC.
022 B000002 13-2655998
022 C000002 217
022 D000002 0
022 A000003 FIRST BOSTON CORPORATION
022 B000003 13-5659485
022 C000003 195
022 D000003 0
022 A000004 MORGAN GRENFELL
022 B000004 13-2730828
022 C000004 74
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 4342
023 D000000 3711
024 000000 N
025 D000001 0
025 D000002 0
PAGE 10
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 21
028 A020000 0
028 A030000 0
028 A040000 127
028 B010000 20
028 B020000 2158
028 B030000 0
028 B040000 130
028 C010000 45
028 C020000 0
028 C030000 0
028 C040000 160
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 265
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 141
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 142
028 G010000 86
028 G020000 2158
028 G030000 0
028 G040000 965
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
PAGE 11
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 0.500
048 B010000 1100000
048 B020000 0.450
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 1300000
048 K020000 0.400
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
PAGE 12
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 10000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
PAGE 13
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
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
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 2201
071 B000000 2188
071 C000000 14283
071 D000000 15
072 A000000 6
072 B000000 14
072 C000000 263
072 D000000 0
072 E000000 0
PAGE 14
072 F000000 37
072 G000000 11
072 H000000 0
072 I000000 0
072 J000000 4
072 K000000 0
072 L000000 5
072 M000000 0
072 N000000 1
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 8
072 S000000 4
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 70
072 Y000000 0
072 Z000000 207
072AA000000 1476
072BB000000 171
072CC010000 474
072CC020000 0
072DD010000 216
072DD020000 0
072EE000000 1942
073 A010000 0.3200
073 A020000 0.0000
073 B000000 2.8800
073 C000000 0.0000
074 A000000 3
074 B000000 0
074 C000000 271
074 D000000 0
074 E000000 244
074 F000000 14689
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 73
074 M000000 0
074 N000000 15280
074 O000000 7
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
PAGE 15
074 R030000 0
074 R040000 44
074 S000000 0
074 T000000 15229
074 U010000 757
074 U020000 0
074 V010000 20.11
074 V020000 0.00
074 W000000 0.0000
074 X000000 6
074 Y000000 0
075 A000000 0
075 B000000 14791
076 000000 0.00
077 A000000 N
SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Templeton Variable Annuity Fund June 30, 1996 semi-annual report and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000810355
<NAME> TEMPLETON VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 010
<NAME> TEMPLETON VARIABLE ANNUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 10838995
<INVESTMENTS-AT-VALUE> 15204440
<RECEIVABLES> 73006
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3434
<TOTAL-ASSETS> 15280880
<PAYABLE-FOR-SECURITIES> 7073
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44347
<TOTAL-LIABILITIES> 51420
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9355301
<SHARES-COMMON-STOCK> 757413
<SHARES-COMMON-PRIOR> 684748
<ACCUMULATED-NII-CURRENT> 207005
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1301709
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4365445
<NET-ASSETS> 15229460
<DIVIDEND-INCOME> 263180
<INTEREST-INCOME> 14577
<OTHER-INCOME> 0
<EXPENSES-NET> 70348
<NET-INVESTMENT-INCOME> 207409
<REALIZED-GAINS-CURRENT> 1305107
<APPREC-INCREASE-CURRENT> 475954
<NET-CHANGE-FROM-OPS> 1988470
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (215833)
<DISTRIBUTIONS-OF-GAINS> (1942495)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4370
<NUMBER-OF-SHARES-REDEEMED> (48814)
<SHARES-REINVESTED> 117109
<NET-CHANGE-IN-ASSETS> 1109723
<ACCUMULATED-NII-PRIOR> 215429
<ACCUMULATED-GAINS-PRIOR> 1939097
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70348
<AVERAGE-NET-ASSETS> 14790649
<PER-SHARE-NAV-BEGIN> 20.62
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> 2.41
<PER-SHARE-DIVIDEND> (.32)
<PER-SHARE-DISTRIBUTIONS> (2.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.11
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
