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PAGE 1
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<PAGE>
PAGE 2
007 C021000 FRANKLIN SMALL CAP INVESTMENTS FUND
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<PAGE>
PAGE 4
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<PAGE>
PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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<PAGE>
PAGE 10
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<PAGE>
PAGE 11
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008 D040201 3091
015 A000201 THE CHASE MANHATTAN BANK
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015 E010201 X
015 A000202 THE CHASE MANHATTAN BANK
015 B000202 S
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015 B000203 S
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015 D010203 AUSTRALIA
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015 A000204 CREDITANSTALT AG
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015 C010204 VIENNA
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<PAGE>
PAGE 12
015 D010205 BANGLADESH
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015 E040205 X
015 A000206 GENERALE BANK
015 B000206 S
015 C010206 BRUSSELS
015 D010206 BELGIUM
015 D020206 1000
015 E040206 X
015 A000207 CITIBANK, N.A.
015 B000207 S
015 C010207 SAO PAULO
015 D010207 BRAZIL
015 D020207 SP 04719-002
015 E040207 X
015 A000208 CANADA TRUST
015 B000208 S
015 C010208 TORONTO
015 D010208 CANADA
015 D020208 M5J 2T2
015 E040208 X
015 A000209 THE ROYAL BANK OF CANADA
015 B000209 S
015 C010209 TORONTO
015 D010209 CANADA
015 D020209 M5J 2J5
015 E040209 X
015 A000210 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 C010210 PRAHA
015 D010210 CZECH REPUBLIC
015 D020210 115 20
015 E040210 X
015 A000211 DEN DANSKE BANK
015 B000211 S
015 C010211 COPENHAGEN
015 D010211 DENMARK
015 E040211 X
015 A000212 NATIONAL BANK OF EGYPT
015 B000212 S
015 C010212 CAIRO
015 D010212 EGYPT
015 E040212 X
015 A000213 MERITA BANK LTD
015 B000213 S
015 C010213 HELSINKI
015 D010213 FINLAND
015 E040213 X
015 A000214 DELETE
015 A000215 DRESDNER BANK A.G.
015 B000215 S
<PAGE>
PAGE 13
015 C010215 FRANKFURT
015 D010215 GERMANY
015 E040215 X
015 A000216 BARCLAYS BANK OF GHANA LTD
015 B000216 S
015 C010216 ACCRA
015 D010216 GHANA
015 E040216 X
015 A000217 BARCLAYS BANK PLC
015 B000217 S
015 C010217 ATHENS
015 D010217 GREECE
015 D020217 10562
015 E040217 X
015 A000218 THE CHASE MANHATTAN BANK
015 B000218 S
015 C010218 HONG KONG
015 D010218 HONG KONG
015 E040218 X
015 A000219 CITIBANK BUDAPEST RT
015 B000219 S
015 C010219 BUDAPEST
015 D010219 HUNGARY
015 D020219 H-1051
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015 A000220 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 D010220 INDONESIA
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015 E040220 X
015 A000221 BANK OF IRELAND
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015 E040222 X
015 A000223 BANQUE PARIBAS
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015 C010223 MILAN
015 D010223 ITALY
015 D020223 20121
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015 A000224 THE FUJI BANK, LTD
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<PAGE>
PAGE 14
015 C010224 TOKYO
015 D010224 JAPAN
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015 A000225 THE CHASE MANHATTAN BANK
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015 C010225 KUALA LUMPUR
015 D010225 MALAYSIA
015 D020225 50250
015 E040225 X
015 A000226 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 C010226 CUREPIPE
015 D010226 MAURITIUS
015 E040226 X
015 A000227 THE CHASE MANHATTAN BANK, S.A.
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015 C010227 MEXICO D.F.
015 D010227 MEXICO
015 D020227 01210
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015 A000228 STANDARD BANK NAMIBIA LTD
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015 C010228 WINDHOEK
015 D010228 NAMIBIA
015 E040228 X
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<PAGE>
PAGE 15
015 D010233 PERU
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<PAGE>
PAGE 16
015 D010242 SOUTH KOREA
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015 D020243 28046
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<PAGE>
PAGE 17
015 D010251 ZIMBABWE
015 E040251 X
015 A000252 BARCLAYS BANK OF ZAMBIA
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015 D010252 ZAMBIA
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015 D020254 1010
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015 D010256 BOTSWANA
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015 E040257 X
015 A000258 DEUTSCHE BANK A.G.
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015 D010258 PAKISTAN
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015 D020259 1644
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<PAGE>
PAGE 18
015 A000261 THE BRITISH BANK OF THE MIDDLE EAST
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015 A000262 CHASE MANHATTAN BANK INTERNATIONAL (CMBI)
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015 D010262 RUSSIA
015 D020262 125047
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015 A000263 STANBIC BANK SWAZILAND LTD
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015 A000264 THE BRITISH BANK OF THE MIDDLE EAST
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<PAGE>
PAGE 19
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<PAGE>
PAGE 20
042 C000200 0
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<PAGE>
PAGE 21
062 R000200 0.0
063 A000200 0
063 B000200 7.1
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 8351
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<PAGE>
PAGE 22
072 B000200 1193
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<PAGE>
PAGE 23
074 P000200 15
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008 A000301 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000301 S
008 C000301 801-15125
008 D010301 FT. LAUDERDALE
008 D020301 FL
008 D030301 33394
008 D040301 3091
015 A000301 THE CHASE MANHATTAN BANK
015 B000301 S
015 C010301 BUENOS AIRES
015 D010301 ARGENTINA
015 D020301 1061
015 E040301 X
015 A000302 CREDITANSTALT AG
015 B000302 S
015 C010302 VIENNA
015 D010302 AUSTRIA
015 D020302 A-1011
015 E040302 X
015 A000303 STANDARD CHARTERED BANK
015 B000303 S
015 C010303 DHAKA
015 D010303 BANGLADESH
015 D020303 1000
015 E040303 X
015 A000304 GENERALE BANK
015 B000304 S
015 C010304 BRUSSELS
015 D010304 BELGIUM
015 D020304 1000
015 E040304 X
015 A000305 CITIBANK, N.A.
015 B000305 S
<PAGE>
PAGE 24
015 C010305 SAO PAULO
015 D010305 BRAZIL
015 D020305 SP 04719-002
015 E040305 X
015 A000306 THE ROYAL BANK OF CANADA
015 B000306 S
015 C010306 TORONTO
015 D010306 CANADA
015 D020306 M5J 2J5
015 E040306 X
015 A000307 DEN DANSKE BANK
015 B000307 S
015 C010307 COPENHAGEN
015 D010307 DENMARK
015 E040307 X
015 A000308 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000308 S
015 C010308 PRAHA
015 D010308 CZECH REPUBLIC
015 D020308 115 20
015 E040308 X
015 A000309 NATIONAL BANK OF EGYPT
015 B000309 S
015 C010309 CAIRO
015 D010309 EGYPT
015 E040309 X
015 A000310 MERITA BANK LTD
015 B000310 S
015 C010310 HELSINKI
015 D010310 FINLAND
015 E040310 X
015 A000311 BANQUE PARIBAS
015 B000311 S
015 C010311 PARIS
015 D010311 FRANCE
015 D020311 75078
015 E040311 X
015 A000312 DRESDNER BANK A.G.
015 B000312 S
015 C010312 FRANKFURT
015 D010312 GERMANY
015 E040312 X
015 A000313 BARCLAYS BANK OF GHANA LTD.
015 B000313 S
015 C010313 ACCRA
015 D010313 GHANA
015 E040313 X
015 A000314 BARCLAYS BANK PLC
015 B000314 S
015 C010314 ATHENS
015 D010314 GREECE
<PAGE>
PAGE 25
015 D020314 10562
015 E040314 X
015 A000315 THE CHASE MANHATTAN BANK
015 B000315 S
015 C010315 HONG KONG
015 D010315 HONG KONG
015 E040315 X
015 A000316 CITIBANK BUDAPEST RT.
015 B000316 S
015 C010316 BUDAPEST
015 D010316 HUNGARY
015 D020316 H-1051
015 E040316 X
015 A000317 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000317 S
015 C010317 JAKARTA
015 D010317 INDONESIA
015 D020317 10023
015 E040317 X
015 A000318 BANK OF IRELAND
015 B000318 S
015 C010318 DUBLIN
015 D010318 IRELAND
015 D020318 1
015 E040318 X
015 A000319 BANK LEUMI LE-ISRAEL B.M.
015 B000319 S
015 C010319 TEL AVIV
015 D010319 ISRAEL
015 D020319 61000
015 E040319 X
015 A000320 BANQUE PARIBAS
015 B000320 S
015 C010320 MILAN
015 D010320 ITALY
015 D020320 20121
015 E040320 X
015 A000321 THE FUJI BANK LTD
015 B000321 S
015 C010321 TOKYO
015 D010321 JAPAN
015 E040321 X
015 A000322 THE CHASE MANHATTAN BANK
015 B000322 S
015 C010322 KUALA LUMPUR
015 D010322 MALAYSIA
015 D020322 50250
015 E040322 X
015 A000323 HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000323 S
015 C010323 CUREPIPE
<PAGE>
PAGE 26
015 D010323 MAURITIUS
015 E040323 X
015 A000324 THE CHASE MANHATTAN BANK, S.A.
015 B000324 S
015 C010324 SANTA FE PENA BLANCA
015 D010324 MEXICO
015 D020324 01210
015 E040324 X
015 A000325 BANQUE COMMERCIALE DU MAROC
015 B000325 S
015 C010325 CASABLANCA
015 D010325 MOROCCO
015 D020325 20000
015 E040325 X
015 A000326 ABN AMRO N.V.
015 B000326 S
015 C010326 DE BREDA
015 D010326 NETHERLANDS
015 D020326 4800
015 E040326 X
015 A000327 NATIONAL NOMINEES LIMITED
015 B000327 S
015 C010327 AUCKLAND
015 D010327 NEW ZEALAND
015 E040327 X
015 A000328 THE CHASE MANHATTAN BANK
015 B000328 S
015 C010328 SYDNEY
015 D010328 AUSTRALIA
015 D020328 2000
015 E040328 X
015 A000329 DEN NORSKE BANK
015 B000329 S
015 C010329 OSLO
015 D010329 NORWAY
015 D020329 N-0107
015 E040329 X
015 A000330 CITIBANK, N.A.
015 B000330 S
015 C010330 LIMA
015 D010330 PERU
015 D020330 27
015 E040330 X
015 A000331 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000331 S
015 C010331 PASIG CITY
015 D010331 PHILIPPINES
015 E040331 X
015 A000332 BANK HANDLOWY W. WARSZAWIE, S.A.
015 B000332 S
015 C010332 WARSAW
<PAGE>
PAGE 27
015 D010332 POLAND
015 D020332 00-950
015 E040332 X
015 A000333 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
015 B000333 S
015 C010333 LISBON
015 D010333 PORTUGAL
015 D020333 1250
015 E040333 X
015 A000334 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000334 S
015 C010334 SHANGHAI
015 D010334 PEOPLE'S REP. CHINA
015 D020334 200120
015 E040334 X
015 A000335 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000335 S
015 C010335 SHENZHEN
015 D010335 PEOPLE'S REP. CHINA
015 E040335 X
015 A000336 STANDARD CHARTERED BANK
015 B000336 S
015 C010336 SINGAPORE
015 D010336 SINGAPORE
015 D020336 049909
015 E040336 X
015 A000337 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000337 S
015 C010337 BRATISLAVA
015 D010337 SLOVAK REPUBLIC
015 D020337 815 63
015 E040337 X
015 A000338 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000338 S
015 C010338 JOHANNESBURG
015 D010338 SOUTH AFRICA
015 E040338 X
015 A000339 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000339 S
015 C010339 SEOUL
015 D010339 SOUTH KOREA
015 E040339 X
015 A000340 THE CHASE MANHATTAN BANK
015 B000340 S
015 C010340 MADRID
015 D010340 SPAIN
015 D020340 28046
015 E040340 X
015 A000341 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000341 S
015 C010341 COLOMBO
<PAGE>
PAGE 28
015 D010341 SRI LANKA
015 D020341 1
015 E040341 X
015 A000342 SKANDINAVISKA ENSKILDA BANKEN
015 B000342 S
015 C010342 STOCKHOLM
015 D010342 SWEDEN
015 D020342 S-106 40
015 E040342 X
015 A000343 UNION BANK OF SWITZERLAND
015 B000343 S
015 C010343 ZURICH
015 D010343 SWITZERLAND
015 D020343 8021
015 E040343 X
015 A000344 THE CHASE MANHATTAN BANK
015 B000344 S
015 C010344 BANGKOK
015 D010344 THAILAND
015 D020344 10500
015 E040344 X
015 A000345 THE CHASE MANHATTAN BANK
015 B000345 S
015 C010345 ISTANBUL
015 D010345 TURKEY
015 D020345 80700
015 E040345 X
015 A000346 THE CHASE MANHATTAN BANK
015 B000346 S
015 C010346 LONDON
015 D010346 UNITED KINGDOM
015 D020346 E1 9YT
015 E040346 X
015 A000347 THE CHASE MANHATTAN BANK, N.A.
015 B000347 C
015 C010347 NEW YORK
015 C020347 NY
015 C030347 10081
015 E010347 X
015 A000348 THE FIRST NATIONAL BANK OF BOSTON
015 B000348 S
015 C010348 MONTEVIDEO
015 D010348 URUGUAY
015 E040348 X
015 A000349 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000349 S
015 C010349 GABORONE
015 D010349 BOTSWANA
015 E040349 X
015 A000350 ING BANK
015 B000350 S
<PAGE>
PAGE 29
015 C010350 BUCHAREST
015 D010350 ROMANIA
015 E040350 X
015 A000351 EUROCLEAR
015 B000351 S
015 C010351 BRUSSELS
015 D010351 BELGIUM
015 E040351 X
015 A000352 CANADA TRUST
015 B000352 S
015 C010352 TORONTO
015 D010352 CANADA
015 D020352 M5J 2T2
015 E040352 X
015 A000353 BARCLAYS BANK OF ZIMBABWE
015 B000353 S
015 C010353 HARARE
015 D010353 ZIMBABWE
015 E040353 X
015 A000354 BARCLAYS BANK OF ZAMBIA
015 B000354 S
015 C010354 LUSAKA
015 D010354 ZAMBIA
015 E040354 X
015 A000355 CEDEL BANK S.A.
015 B000355 S
015 C010355 LUXEMBOURG
015 D010355 LUXEMBOURG
015 E040355 X
015 A000356 BARCLAYS BANK OF KENYA
015 B000356 S
015 C010356 NAIROBI
015 D010356 KENYA
015 E040356 X
015 A000357 DEUTSCHE BANK A.G.
015 B000357 S
015 C010357 KARACHI
015 D010357 PAKISTAN
015 E040357 X
015 A000358 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B000358 S
015 C010358 ABIDJAN
015 D010358 IVORY COAST
015 D020358 01
015 E040358 X
015 A000359 BARCLAYS BANK PLC
015 B000359 S
015 C010359 NICOSIA
015 D010359 CYPRUS
015 D020359 1644
015 E040359 X
<PAGE>
PAGE 30
015 A000360 STANDARD BANK NAMIBIA LTD
015 B000360 S
015 C010360 WINDHOEK
015 D010360 NAMIBIA
015 E040360 X
015 A000361 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B000361 S
015 C010361 LUXEMBOURG
015 D010361 LUXEMBOURG
015 D020361 L-2951
015 E040361 X
015 A000362 CHASE MANHATTAN BANK INTERNATIONAL
015 B000362 S
015 C010362 MOSCOW
015 D010362 RUSSIA
015 D020362 125047
015 E040362 X
015 A000363 STANBIC BANK SWAZILAND LTD
015 B000363 S
015 C010363 MBABANE
015 D010363 SWAZILAND
015 E040363 X
015 A000364 THE BRITISH BANK OF THE MIDDLE EAST
015 B000364 S
015 C010364 MANAMA
015 D010364 BAHRAIN
015 E040364 X
015 A000365 CITIBANK, N.A.
015 B000365 S
015 C010365 QUITO
015 D010365 ECUADOR
015 E040365 X
015 A000366 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000366 S
015 C010366 BOMBAY
015 D010366 INDIA
015 D020366 400 001
015 E040366 X
015 A000367 THE BANK OF BERMUDA LTD
015 B000367 S
015 C010367 HAMILTON
015 D010367 BERMUDA
015 E040367 X
015 A000368 THE BRITISH BANK OF THE MIDDLE EAST
015 B000368 S
015 C010368 RAS-BEIRUT
015 D010368 LEBANON
015 E040368 X
015 A000369 THE BRITISH BANK OF THE MIDDLE EAST
015 B000369 S
015 C010369 MUSCAT
<PAGE>
PAGE 31
015 D010369 SULTANATE OF OMAN
015 E040369 X
015 A000370 CITIBANK N.A.
015 B000370 S
015 C010370 CARACAS
015 D010370 VENEZUELA
015 D020370 1010
015 E040370 X
015 A000371 FIRST CHICAGO CLEARING CENTRE
015 B000371 S
015 C010371 LONDON
015 D010371 UNITED KINGDOM
015 D020371 EC3A 1AA
015 E040371 X
024 000300 N
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028 G020300 80414
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<PAGE>
PAGE 32
042 H000300 100
043 000300 25
044 000300 0
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048 I010300 0
048 I020300 0.000
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066 A000300 Y
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<PAGE>
PAGE 33
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 113827
071 B000300 133796
071 C000300 763264
071 D000300 15
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<PAGE>
PAGE 34
072 C000300 11704
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<PAGE>
PAGE 35
074 Q000300 0
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008 A000401 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000401 A
008 C000401 801-15125
008 D010401 FT. LAUDERDALE
008 D020401 FL
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015 A000401 THE CHASE MANHATTAN BANK
015 B000401 S
015 C010401 BUENOS AIRES
015 D010401 ARGENTINA
015 D020401 1061
015 E040401 X
015 A000402 THE CHASE MANHATTAN BANK
015 B000402 S
015 C010402 SYDNEY
015 D010402 AUSTRALIA
015 D020402 2000
015 E040402 X
015 A000403 CREDITANSTALT-AG
015 B000403 S
015 C010403 VIENNA
015 D010403 AUSTRIA
015 D020403 A-1011
015 E040403 X
015 A000404 STANDARD CHARTERED BANK
015 B000404 S
015 C010404 DHAKA
015 D010404 BANGLADESH
015 D020404 1000
015 E040404 X
015 A000405 GENERALE BANK
015 B000405 S
015 C010405 BRUSSELS
015 D010405 BELGIUM
<PAGE>
PAGE 36
015 D020405 1000
015 E040405 X
015 A000406 CITIBANK
015 B000406 S
015 C010406 SAO PAULO
015 D010406 BRAZIL
015 D020406 SP 04719-002
015 E040406 X
015 A000407 THE ROYAL BANK OF CANADA
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015 C010407 TORONTO
015 D010407 CANADA
015 D020407 M5J 2J5
015 E040407 X
015 A000408 DEN DANSKE BANK
015 B000408 S
015 C010408 COPENHAGEN
015 D010408 DENMARK
015 E040408 X
015 A000409 MERITA BANK LTD
015 B000409 S
015 C010409 HELSINKI
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015 E040409 X
015 A000410 BANQUE PARIBAS
015 B000410 S
015 C010410 PARIS
015 D010410 FRANCE
015 D020410 75078
015 E040410 X
015 A000411 DRESDNER BANK A.G.
015 B000411 S
015 C010411 FRANKFURT
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015 E040411 X
015 A000412 BARCLAYS BANK PLC
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015 C010412 ATHENS
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015 D020412 10562
015 E040412 X
015 A000413 THE CHASE MANHATTAN BANK
015 B000413 S
015 C010413 HONG KONG
015 D010413 HONG KONG
015 E040413 X
015 A000414 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000414 S
015 C010414 JAKARTA
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015 D020414 10023
<PAGE>
PAGE 37
015 E040414 X
015 A000415 BANK OF IRELAND
015 B000415 S
015 C010415 DUBLIN
015 D010415 IRELAND
015 D020415 1
015 E040415 X
015 A000416 BANK LEUMI LE-ISRAEL B.M.
015 B000416 S
015 C010416 TEL AVIV
015 D010416 ISRAEL
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015 D010417 ITALY
015 D020417 20121
015 E040417 X
015 A000418 THE FUJI BANK LTD
015 B000418 S
015 C010418 TOKYO
015 D010418 JAPAN
015 E040418 X
015 A000419 THE CHASE MANHATTAN BANK
015 B000419 S
015 C010419 KUALA LUMPUR
015 D010419 MALAYSIA
015 D020419 50250
015 E040419 X
015 A000420 THE CHASE MANHATTAN BANK, S.A.
015 B000420 S
015 C010420 MEXICO D.F.
015 D010420 MEXICO
015 D020420 01210
015 E040420 X
015 A000421 ABN AMRO N.V.
015 B000421 S
015 C010421 DE BREDA
015 D010421 NETHERLANDS
015 D020421 4800
015 E040421 X
015 A000422 NATIONAL NOMINEES LIMITED
015 B000422 S
015 C010422 AUCKLAND
015 D010422 NEW ZEALAND
015 E040422 X
015 A000423 DEN NORSKE BANK
015 B000423 S
015 C010423 OSLO
015 D010423 NORWAY
<PAGE>
PAGE 38
015 D020423 N-0107
015 E040423 X
015 A000424 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000424 S
015 C010424 PASIG CITY
015 D010424 PHILIPPINES
015 E040424 X
015 A000425 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
015 B000425 S
015 C010425 LISBON
015 D010425 PORTUGAL
015 D020425 1250
015 E040425 X
015 A000426 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000426 S
015 C010426 SHANGHAI
015 D010426 PEOPLE'S REP OF CHIN
015 D020426 200120
015 E040426 X
015 A000427 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000427 S
015 C010427 SHENZHEN
015 D010427 PEOPLE'S REP OF CHIN
015 E040427 X
015 A000428 STANDARD CHARTERED BANK
015 B000428 S
015 C010428 SINGAPORE
015 D010428 SINGAPORE
015 D020428 049909
015 E040428 X
015 A000429 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000429 S
015 C010429 JOHANNESBURG
015 D010429 SOUTH AFRICA
015 E040429 X
015 A000430 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000430 S
015 C010430 SEOUL
015 D010430 SOUTH KOREA
015 E040430 X
015 A000431 THE CHASE MANHATTAN BANK
015 B000431 S
015 C010431 MADRID
015 D010431 SPAIN
015 D020431 28046
015 E040431 X
015 A000432 THE HONGKONG & SHANGHAI BANKING CORP LTD.
015 B000432 S
015 C010432 COLOMBO
015 D010432 SRI LANKA
015 D020432 1
<PAGE>
PAGE 39
015 E040432 X
015 A000433 SKANDINAVISKA ENSKILDA BANKEN
015 B000433 S
015 C010433 STOCKHOLM
015 D010433 SWEDEN
015 D020433 S-106 40
015 E040433 X
015 A000434 UNION BANK OF SWITZERLAND
015 B000434 S
015 C010434 ZURICH
015 D010434 SWITZERLAND
015 D020434 8021
015 E040434 X
015 A000435 THE CHASE MANHATTAN BANK
015 B000435 S
015 C010435 BANGKOK
015 D010435 THAILAND
015 D020435 10500
015 E040435 X
015 A000436 THE CHASE MANHATTAN BANK,
015 B000436 S
015 C010436 ISTANBUL
015 D010436 TURKEY
015 E040436 X
015 A000437 THE CHASE MANHATTAN BANK,
015 B000437 S
015 C010437 LONDON
015 D010437 UNITED KINGDOM
015 D020437 E1 9YT
015 E040437 X
015 A000438 THE CHASE MANHATTAN BANK,
015 B000438 C
015 C010438 NEW YORK
015 C020438 NY
015 C030438 10081
015 E010438 X
015 A000439 THE FIRST NATIONAL BANK OF BOSTON
015 B000439 S
015 C010439 MONTEVIDEO
015 D010439 URUGUAY
015 E040439 X
015 A000440 CEDEL BANK S.A.
015 B000440 S
015 C010440 LUXEMBOURG
015 D010440 LUXEMBOURG
015 D020440 L-2951
015 E040440 X
015 A000441 THE BANK OF BERMUDA LTD
015 B000441 S
015 C010441 HAMILTON
015 D010441 BERMUDA HMDX
<PAGE>
PAGE 40
015 E040441 X
015 A000442 RESERVE BANK
015 B000442 S
015 C010442 SYDNEY
015 D010442 AUSTRALIA
015 E040442 X
015 A000443 CANADA TRUST
015 B000443 S
015 C010443 ONTARIO
015 D010443 CANADA
015 D020443 M5J 2J5
015 E040443 X
015 A000444 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000444 S
015 C010444 PRAHA
015 D010444 CZECH REPUBLIC
015 D020444 115 20
015 E040444 X
015 A000445 NATIONAL BANK OF EGYPT
015 B000445 S
015 C010445 CAIRO
015 D010445 EGYPT
015 E040445 X
015 A000446 HONGKONG BANK SEC. CUSTODIAL SERVICES DEPT.
015 B000446 S
015 C010446 PORT LOUIS
015 D010446 MAURITIUS
015 E040446 X
015 A000447 BANQUE COMMERCIALE DU MAROC
015 B000447 S
015 C010447 CASABLANCA
015 D010447 MOROCCO
015 D020447 20000
015 E040447 X
015 A000448 BARCLAYS BANK OF ZIMBABWE
015 B000448 S
015 C010448 HARARE
015 D010448 ZIMBABWE
015 E040448 X
015 A000449 CITIBANK BUDAPEST RT.
015 B000449 S
015 C010449 BUDAPEST
015 D010449 HUNGARY
015 D020449 H-1051
015 E040449 X
015 A000450 BARCLAYS BANK OF GHANA LTD
015 B000450 S
015 C010450 ACCRA
015 D010450 GHANA
015 E040450 X
015 A000451 BANK HANDLOWY W. WARSZAWIE. S.A.
<PAGE>
PAGE 41
015 B000451 S
015 C010451 WARSAW
015 D010451 POLAND
015 D020451 00-950
015 E040451 X
015 A000452 BARCLAYS BANK OF ZAMBIA
015 B000452 S
015 C010452 LUSAKA
015 D010452 ZAMBIA
015 E040452 X
015 A000453 CITIBANK, N.A.
015 B000453 S
015 C010453 QUITO
015 D010453 ECUADOR
015 E040453 X
015 A000454 CITIBANK, N.A.
015 B000454 S
015 C010454 LIMA
015 D010454 PERU
015 D020454 27
015 E040454 X
015 A000455 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000455 S
015 C010455 BRATISLAVA
015 D010455 SLOVAK REPUBLIC
015 D020455 815 63
015 E040455 X
015 A000456 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000456 S
015 C010456 GABORONE
015 D010456 BOTSWANA
015 E040456 X
015 A000457 THE BRITISH BANK OF THE MIDDLE EAST
015 B000457 S
015 C010457 MANAMA
015 D010457 BAHRAIN
015 E040457 X
015 A000458 BARCLAYS BANK OF KENYA
015 B000458 S
015 C010458 NAIROBI
015 D010458 KENYA
015 E040458 X
015 A000459 DEUTSCHE BANK A.G.
015 B000459 S
015 C010459 KARACHI
015 D010459 PAKISTAN
015 E040459 X
015 A000460 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B000460 S
015 C010460 ABIDJAN
015 D010460 IVORY COAST
<PAGE>
PAGE 42
015 D020460 01
015 E040460 X
015 A000461 BARCLAYS BANK PLC
015 B000461 S
015 C010461 NICOSIA
015 D010461 CYPRUS
015 D020461 1644
015 E040461 X
015 A000462 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B000462 S
015 C010462 LUXEMBOURG
015 D010462 LUXEMBOURG
015 D020462 L-2951
015 E040462 X
015 A000463 STANDARD BANK NAMIBIA LTD
015 B000463 S
015 C010463 WINDHOEK
015 D010463 NAMIBIA
015 E040463 X
015 A000464 THE BRITISH BANK OF THE MIDDLE EAST
015 B000464 S
015 C010464 RUWI, MUSCAT
015 D010464 SULTANATE OF OMAN
015 E040464 X
015 A000465 CHASE MANHATTAN BANK INTERNATIONAL ("CMBI")
015 B000465 S
015 C010465 MOSCOW
015 D010465 RUSSIA
015 D020465 125047
015 E040465 X
015 A000466 STANBIC BANK SWAZILAND LTD
015 B000466 S
015 C010466 MBABANE
015 D010466 SWAZILAND
015 E040466 X
015 A000467 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000467 S
015 C010467 BOMBAY
015 D010467 INDIA
015 D020467 400 001
015 E040467 X
015 A000468 THE BRITISH BANK OF THE MIDDLE EAST
015 B000468 S
015 C010468 RAS-BEIRUT
015 D010468 LEBANON
015 E040468 X
015 A000469 CITIBANK N.A.
015 B000469 S
015 C010469 CARACAS
015 D010469 VENEZUELA
015 D020469 1010
<PAGE>
PAGE 43
015 E040469 X
015 A000470 FIRST CHICAGO CLEARING CENTRE
015 B000470 S
015 C010470 LONDON
015 D010470 UNITED KINGDOM
015 D020470 EC3A 1AA
015 E040470 X
015 A000471 ING BANK
015 B000471 S
015 C010471 BUCHAREST
015 D010471 ROMANIA
015 E040471 X
024 000400 N
028 A010400 4396
028 A020400 0
028 A030400 0
028 A040400 8139
028 B010400 5381
028 B020400 0
028 B030400 0
028 B040400 7100
028 C010400 2762
028 C020400 43814
028 C030400 0
028 C040400 9934
028 D010400 4673
028 D020400 0
028 D030400 0
028 D040400 6911
028 E010400 4038
028 E020400 0
028 E030400 0
028 E040400 4398
028 F010400 2874
028 F020400 0
028 F030400 0
028 F040400 4581
028 G010400 24124
028 G020400 43814
028 G030400 0
028 G040400 41063
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 100
043 000400 15
<PAGE>
PAGE 44
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 200000
048 A020400 0.650
048 B010400 1100000
048 B020400 0.585
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 1300000
048 K020400 0.520
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
<PAGE>
PAGE 45
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 153908
071 B000400 145323
071 C000400 764136
071 D000400 19
072 A000400 6
072 B000400 6416
072 C000400 9851
072 D000400 0
<PAGE>
PAGE 46
072 E000400 0
072 F000400 2360
072 G000400 373
072 H000400 0
072 I000400 0
072 J000400 158
072 K000400 19
072 L000400 92
072 M000400 12
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 11
072 S000400 0
072 T000400 15
072 U000400 0
072 V000400 0
072 W000400 4
072 X000400 3044
072 Y000400 0
072 Z000400 13223
072AA000400 48716
072BB000400 2874
072CC010400 8534
072CC020400 0
072DD010400 21507
072DD020400 313
072EE000400 21994
073 A010400 0.6600
073 A020400 0.6421
073 B000400 0.6700
073 C000400 0.0000
074 A000400 1
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074 C000400 921
074 D000400 153035
074 E000400 38005
074 F000400 598063
074 G000400 0
074 H000400 0
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074 L000400 6633
074 M000400 441
074 N000400 797110
074 O000400 111
074 P000400 457
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074 R010400 0
<PAGE>
PAGE 47
074 R020400 0
074 R030400 0
074 R040400 648
074 S000400 0
074 T000400 795894
074 U010400 33952
074 U020400 591
074 V010400 23.04
074 V020400 22.99
074 W000400 0.0000
074 X000400 6
074 Y000400 0
075 A000400 0
075 B000400 791176
076 000400 0.00
008 A000501 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000501 A
008 C000501 801-15125
008 D010501 FT. LAUDERDALE
008 D020501 FL
008 D030501 33394
015 A000501 THE CHASE MANHATTAN BANK
015 B000501 S
015 C010501 BUENOS AIRES
015 D010501 ARGENTINA
015 D020501 1061
015 E040501 X
015 A000502 THE CHASE MANHATTAN BANK
015 B000502 S
015 C010502 SYDNEY
015 D010502 AUSTRALIA
015 D020502 2000
015 E040502 X
015 A000503 CREDITANSTALT AG
015 B000503 S
015 C010503 VIENNA
015 D010503 AUSTRIA
015 D020503 A-1011
015 E040503 X
015 A000504 STANDARD CHARTERED BANK
015 B000504 S
015 C010504 DHAKA
015 D010504 BANGLADESH
015 D020504 1000
015 E040504 X
015 A000505 GENERALE BANK
015 B000505 S
015 C010505 BRUSSELS
015 D010505 BELGIUM
015 D020505 1000
015 E040505 X
<PAGE>
PAGE 48
015 A000506 CITIBANK N.A.
015 B000506 S
015 C010506 SAO PAULO
015 D010506 BRAZIL
015 D020506 01311-920
015 E040506 X
015 A000507 THE ROYAL BANK OF CANADA
015 B000507 S
015 C010507 TORONTO
015 D010507 CANADA
015 D020507 M5J 2J5
015 E040507 X
015 A000508 CANADA TRUST
015 B000508 S
015 C010508 TORONTO
015 D010508 CANADA
015 D020508 M5J 2T2
015 E040508 X
015 A000509 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000509 S
015 C010509 PRAHA
015 D010509 CZECH REPUBLIC
015 D020509 115 20
015 E040509 X
015 A000510 DEN DANSKE BANK
015 B000510 S
015 C010510 COPENHAGEN
015 D010510 DENMARK
015 E040510 X
015 A000511 NATIONAL BANK OF EGYPT
015 B000511 S
015 C010511 CAIRO
015 D010511 EGYPT
015 E040511 X
015 A000512 MERITA BANK LTD
015 B000512 S
015 C010512 HELSINKI
015 D010512 FINLAND
015 E040512 X
015 A000513 BANQUE PARIBAS
015 B000513 S
015 C010513 PARIS
015 D010513 FRANCE
015 D020513 75078
015 E040513 X
015 A000514 DRESDNER BANK A.G.
015 B000514 S
015 C010514 FRANKFURT
015 D010514 GERMANY
015 E040514 X
015 A000515 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
<PAGE>
PAGE 49
015 B000515 S
015 C010515 ABIDJAN
015 D010515 IVORY COAST
015 D020515 01
015 E040515 X
015 A000516 THE BANK OF BERMUDA LTD
015 B000516 S
015 C010516 HAMILTON
015 D010516 BERMUDA
015 E040516 X
015 A000517 THE CHASE MANHATTAN BANK
015 B000517 S
015 C010517 HONG KONG
015 D010517 HONG KONG
015 E040517 X
015 A000518 CITIBANK BUDAPEST RT.
015 B000518 S
015 C010518 BUDAPEST
015 D010518 HUNGARY
015 D020518 H-1051
015 E040518 X
015 A000519 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000519 S
015 C010519 JAKARTA
015 D010519 INDONESIA
015 D020519 10023
015 E040519 X
015 A000520 BANK OF IRELAND
015 B000520 S
015 C010520 DUBLIN
015 D010520 IRELAND
015 D020520 1
015 E040520 X
015 A000521 BANK LEUMI LE-ISRAEL B.M.
015 B000521 S
015 C010521 TEL AVIV
015 D010521 ISRAEL
015 D020521 61000
015 E040521 X
015 A000522 BANQUE PARIBAS
015 B000522 S
015 C010522 MILAN
015 D010522 ITALY
015 D020522 20121
015 E040522 X
015 A000523 THE FUJI BANK LTD
015 B000523 S
015 C010523 TOKYO
015 D010523 JAPAN
015 E040523 X
015 A000524 THE CHASE MANHATTAN BANK
<PAGE>
PAGE 50
015 B000524 S
015 C010524 KUALA LUMPUR
015 D010524 MALAYSIA
015 D020524 50250
015 E040524 X
015 A000525 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000525 S
015 C010525 PORT LOUIS
015 D010525 MAURITIUS
015 E040525 X
015 A000526 THE CHASE MANHATTAN BANK, S.A.
015 B000526 S
015 C010526 MEXICO D.F.
015 D010526 MEXICO
015 D020526 01210
015 E040526 X
015 A000527 BANQUE COMMERCIALE DU MAROC
015 B000527 S
015 C010527 CASABLANCA
015 D010527 MOROCCO
015 D020527 20000
015 E040527 X
015 A000528 ABN AMRO N.V.
015 B000528 S
015 C010528 DE BREDA
015 D010528 NETHERLANDS
015 D020528 4800
015 E040528 X
015 A000529 NATIONAL NOMINEES LIMITED
015 B000529 S
015 C010529 AUCKLAND
015 D010529 NEW ZEALAND
015 E040529 X
015 A000530 DEN NORSKE BANK
015 B000530 S
015 C010530 OSLO
015 D010530 NORWAY
015 D020530 N-0107
015 E040530 X
015 A000531 CITIBANK, N.A.
015 B000531 S
015 C010531 LIMA
015 D010531 PERU
015 D020531 27
015 E040531 X
015 A000532 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000532 S
015 C010532 PASIG CITY
015 D010532 PHILIPPINES
015 E040532 X
015 A000533 BANK HANDLOWY W. WARSZAWIE, S.A.
<PAGE>
PAGE 51
015 B000533 S
015 C010533 WARSAW
015 D010533 POLAND
015 D020533 00-950
015 E040533 X
015 A000534 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000534 S
015 C010534 LISBON
015 D010534 PORTUGAL
015 D020534 1250
015 E040534 X
015 A000535 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000535 S
015 C010535 SHANGHAI
015 D010535 CHINA
015 D020535 200120
015 E040535 X
015 A000536 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000536 S
015 C010536 SHENZHEN
015 D010536 CHINA
015 E040536 X
015 A000537 STANDARD CHARTERED BANK
015 B000537 S
015 C010537 SINGAPORE
015 D010537 SINGAPORE
015 D020537 049909
015 E040537 X
015 A000538 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000538 S
015 C010538 BRATISLAVA
015 D010538 SLOVAK REPUPLIC
015 D020538 815 63
015 E040538 X
015 A000539 THE STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000539 S
015 C010539 JOHANNESBURG
015 D010539 SOUTH AFRICA
015 E040539 X
015 A000540 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000540 S
015 C010540 SEOUL
015 D010540 SOUTH KOREA
015 E040540 X
015 A000541 THE CHASE MANHATTAN BANK
015 B000541 S
015 C010541 MADRID
015 D010541 SPAIN
015 D020541 28046
015 E040541 X
015 A000542 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
<PAGE>
PAGE 52
015 B000542 S
015 C010542 COLOMBO
015 D010542 SRI LANKA
015 D020542 1
015 E040542 X
015 A000543 SKANDINAVISKA ENSKILDA BANKEN
015 B000543 S
015 C010543 STOCKHOLM
015 D010543 SWEDEN
015 D020543 S-106 40
015 E040543 X
015 A000544 UNION BANK OF SWITZERLAND
015 B000544 S
015 C010544 ZURICH
015 D010544 SWITZERLAND
015 D020544 8021
015 E040544 X
015 A000545 THE CHASE MANHATTAN BANK
015 B000545 S
015 C010545 BANGKOK
015 D010545 THAILAND
015 D020545 10500
015 E040545 X
015 A000546 THE CHASE MANHATTAN BANK
015 B000546 S
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015 D020546 80700
015 E040546 X
015 A000547 THE CHASE MANHATTAN BANK
015 B000547 S
015 C010547 LONDON
015 D010547 UNITED KINGDOM
015 D020547 EC2N 4AJ
015 E040547 X
015 A000548 THE CHASE MANHATTAN BANK
015 B000548 C
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015 C020548 NY
015 C030548 10081
015 E010548 X
015 A000549 THE FIRST NATIONAL BANK OF BOSTON
015 B000549 S
015 C010549 MONTEVIDEO
015 D010549 URUGUAY
015 E040549 X
015 A000550 CITIBANK N.A.
015 B000550 S
015 C010550 CARACAS
015 D010550 VENEZUELA
015 D020550 1010
<PAGE>
PAGE 53
015 E040550 X
015 A000551 BARCLAYS BANK OF ZAMBIA
015 B000551 S
015 C010551 LUSAKA
015 D010551 ZAMBIA
015 E040551 X
015 A000552 BARCLAYS BANK OF ZIMBABWE
015 B000552 S
015 C010552 HARARE
015 D010552 ZIMBABWE
015 E040552 X
015 A000553 CEDEL BANK S.A.
015 B000553 S
015 C010553 LUXEMBOURG
015 D010553 LUXEMBOURG
015 E040553 X
015 A000554 FIRST CHICAGO CLEARING CENTRE
015 B000554 S
015 C010554 LONDON
015 D010554 UNITED KINGDOM
015 D020554 EC3A 1AA
015 E040554 X
015 A000555 DELETE
015 A000556 EUROCLEAR
015 B000556 S
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015 D010556 BELGIUM
015 E040556 X
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015 B000557 S
015 C010557 GABORONE
015 D010557 BOTSWANA
015 E040557 X
015 A000558 BARCLAYS BANK OF KENYA
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015 D010558 KENYA
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015 A000559 BARCLAYS BANK PLC
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015 A000560 BANQUE GENERALE DU LUXEMBOURG S.A.
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<PAGE>
PAGE 54
015 B000561 S
015 C010561 MUSCAT
015 D010561 OMAN
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015 A000562 DEUTSCHE BANK A.G.
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015 A000564 STANBIC BANK SWAZILAND LTD
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015 D010567 ECUADOR
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015 A000568 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 A000569 THE BRITISH BANK OF THE MIDDLE EAST
015 B000569 S
015 C010569 RAS-BEIRUT
015 D010569 LEBANON
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015 A000570 BARCLAYS BANK OF GHANA LTD
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015 C010570 ACCRA
015 D010570 GHANA
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<PAGE>
PAGE 55
015 A000571 BARCLAYS BANK PLC
015 B000571 S
015 C010571 ATHENS
015 D010571 GREECE
015 D020571 10562
015 E040571 X
015 A000572 ING BANK
015 B000572 S
015 C010572 BUCHAREST
015 D010572 ROMANIA
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<PAGE>
PAGE 56
045 000500 Y
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066 A000500 Y
066 B000500 N
066 C000500 N
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<PAGE>
PAGE 57
067 000500 N
068 A000500 N
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069 000500 N
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070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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<PAGE>
PAGE 58
072 H000500 0
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<PAGE>
PAGE 59
074 S000500 0
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008 A000601 TEMPLETON ASSET MANAGEMENT, LTD
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008 D060601 038987
015 A000601 THE CHASE MANHATTAN BANK
015 B000601 S
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015 A000602 THE CHASE MANHATTAN BANK
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015 C010603 VIENNA
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015 A000604 STANDARD CHARTERED BANK
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<PAGE>
PAGE 60
015 D010606 BOTSWANA
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<PAGE>
PAGE 61
015 D020616 10562
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015 D020618 H-1051
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015 A000619 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 D020619 10023
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<PAGE>
PAGE 62
015 D020625 50250
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015 D010627 MEXICO
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015 E040627 X
015 A000628 BANQUE COMMERCIALE DU MAROC
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015 D020629 4800
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015 A000634 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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<PAGE>
PAGE 63
015 E040635 X
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015 A000638 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
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015 C010638 LISBON
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015 D020638 1250
015 E040638 X
015 A000639 CHASE MANHATTAN BANK INTERNATIONAL
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015 C010639 MOSCOW
015 D010639 RUSSIA
015 D020639 125047
015 E040639 X
015 A000640 DELETE
015 A000641 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
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015 D010642 SOUTH AFRICA
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015 C010643 MADRID
015 D010643 SPAIN
015 D020643 28046
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015 A000644 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
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<PAGE>
PAGE 64
015 D010645 SWEDEN
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015 D020647 10500
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<PAGE>
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015 D010654 LUXEMBOURG
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015 D020658 1644
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<PAGE>
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015 D010665 SWAZILAND
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
PAGE 71
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<PAGE>
PAGE 72
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<PAGE>
PAGE 73
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<PAGE>
PAGE 74
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<PAGE>
PAGE 75
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<PAGE>
PAGE 76
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<PAGE>
PAGE 77
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<PAGE>
PAGE 78
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066 F000700 N
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067 000700 N
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069 000700 N
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<PAGE>
PAGE 79
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<PAGE>
PAGE 80
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<PAGE>
PAGE 81
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<PAGE>
PAGE 82
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<PAGE>
PAGE 83
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<PAGE>
PAGE 84
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<PAGE>
PAGE 85
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<PAGE>
PAGE 86
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<PAGE>
PAGE 87
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<PAGE>
PAGE 88
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<PAGE>
PAGE 89
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<PAGE>
PAGE 90
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<PAGE>
PAGE 91
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<PAGE>
PAGE 92
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<PAGE>
PAGE 93
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<PAGE>
PAGE 94
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PAGE 95
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<PAGE>
PAGE 96
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<PAGE>
PAGE 97
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<PAGE>
PAGE 98
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<PAGE>
PAGE 99
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<PAGE>
PAGE 100
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<PAGE>
PAGE 101
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<PAGE>
PAGE 102
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<PAGE>
PAGE 103
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<PAGE>
PAGE 104
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<PAGE>
PAGE 105
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<PAGE>
PAGE 106
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PAGE 107
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PAGE 108
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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 MONEY MARKET FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 001
<NAME> TEMPLETON MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON BOND FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 002
<NAME> TEMPLETON BOND FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 30358027
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON STOCK FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 003
<NAME> TEMPLETON STOCK FUND-CLASS 1
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 598998745
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<SHARES-REINVESTED> 4223166
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<ACCUMULATED-NII-PRIOR> 15048456
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<PER-SHARE-DISTRIBUTIONS> (2.06)
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<EXPENSE-RATIO> 0.89<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON STOCK FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 013
<NAME> TEMPLETON STOCK FUND-CLASS 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 598998745
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<RECEIVABLES> 13117967
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<TOTAL-ASSETS> 810211126
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<OTHER-ITEMS-LIABILITIES> 1277547
<TOTAL-LIABILITIES> 11870769
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<PAID-IN-CAPITAL-COMMON> 562427256
<SHARES-COMMON-STOCK> 1015024
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<NUMBER-OF-SHARES-SOLD> 382633
<NUMBER-OF-SHARES-REDEEMED> (162804)
<SHARES-REINVESTED> 86200
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<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (2.06)
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON ASSET ALLOCATION FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 004
<NAME> TEMPLETON ASSET ALLOCATION FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 640356899
<INVESTMENTS-AT-VALUE> 790024836
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<TOTAL-LIABILITIES> 1215832
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<NUMBER-OF-SHARES-SOLD> 848459
<NUMBER-OF-SHARES-REDEEMED> (1723975)
<SHARES-REINVESTED> 1918954
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON ASSET ALLOCATION FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 024
<NAME> TEMPLETON ASSET ALLOCATION FUND-CLASS 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<ACCUMULATED-NII-PRIOR> 21482994
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<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON INTERNATIONAL FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 045
<NAME> TEMPLETON INTERNATIONAL FUND-CLASS 1
<S> <C>
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<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.55
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> (0.89)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.66
<EXPENSE-RATIO> 0.87<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON INTERNATIONAL FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 005
<NAME> TEMPLETON INTERNATIONAL FUND-CLASS 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 822068228
<INVESTMENTS-AT-VALUE> 1038740073
<RECEIVABLES> 65856071
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1104596144
<PAYABLE-FOR-SECURITIES> 2944474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1043232
<TOTAL-LIABILITIES> 3987706
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 807063038
<SHARES-COMMON-STOCK> 1390563
<SHARES-COMMON-PRIOR> 874330
<ACCUMULATED-NII-CURRENT> 14751800
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 62121755
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 216671845
<NET-ASSETS> 1100608438
<DIVIDEND-INCOME> 16924004
<INTEREST-INCOME> 3143891
<OTHER-INCOME> 0
<EXPENSES-NET> (4606636)
<NET-INVESTMENT-INCOME> 15461259
<REALIZED-GAINS-CURRENT> 62659077
<APPREC-INCREASE-CURRENT> 59176655
<NET-CHANGE-FROM-OPS> 137296991
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (505990)
<DISTRIBUTIONS-OF-GAINS> (929242)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 718720
<NUMBER-OF-SHARES-REDEEMED> (271655)
<SHARES-REINVESTED> 69168
<NET-CHANGE-IN-ASSETS> 144591583
<ACCUMULATED-NII-PRIOR> 22712773
<ACCUMULATED-GAINS-PRIOR> 41363383
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3629611)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4606636)
<AVERAGE-NET-ASSETS> 24822383
<PER-SHARE-NAV-BEGIN> 20.14
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> (0.89)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.59
<EXPENSE-RATIO> 1.12<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON DEVELOPING MARKETS FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 066
<NAME> TEMPLETON DEVELOPING MARKETS FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 273691228
<INVESTMENTS-AT-VALUE> 164462228
<RECEIVABLES> 11344825
<ASSETS-OTHER> 219637
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176026690
<PAYABLE-FOR-SECURITIES> 7280119
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262126
<TOTAL-LIABILITIES> 7542245
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 293500484
<SHARES-COMMON-STOCK> 31453309
<SHARES-COMMON-PRIOR> 24640374
<ACCUMULATED-NII-CURRENT> 1561932
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17348971)
<ACCUM-APPREC-OR-DEPREC> (109229000)
<NET-ASSETS> 168484445
<DIVIDEND-INCOME> 2125055
<INTEREST-INCOME> 1136841
<OTHER-INCOME> 0
<EXPENSES-NET> (1628729)
<NET-INVESTMENT-INCOME> 1633167
<REALIZED-GAINS-CURRENT> (11565373)
<APPREC-INCREASE-CURRENT> (40260534)
<NET-CHANGE-FROM-OPS> (50192740)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2577815)
<DISTRIBUTIONS-OF-GAINS> (1492419)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6758153
<NUMBER-OF-SHARES-REDEEMED> (536822)
<SHARES-REINVESTED> 591604
<NET-CHANGE-IN-ASSETS> (4543808)
<ACCUMULATED-NII-PRIOR> 2681614
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4183736)
<GROSS-ADVISORY-FEES> (1187245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1628729)
<AVERAGE-NET-ASSETS> 178711698
<PER-SHARE-NAV-BEGIN> 6.63
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (1.55)
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.97
<EXPENSE-RATIO> 1.70<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON DEVELOPING MARKETS FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 056
<NAME> TEMPLETON DEVELOPING MARKETS FUND-CLASS 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 273691228
<INVESTMENTS-AT-VALUE> 164462228
<RECEIVABLES> 11344825
<ASSETS-OTHER> 219637
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176026690
<PAYABLE-FOR-SECURITIES> 7280119
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 262126
<TOTAL-LIABILITIES> 7542245
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 293500484
<SHARES-COMMON-STOCK> 2468059
<SHARES-COMMON-PRIOR> 1444784
<ACCUMULATED-NII-CURRENT> 1561932
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17348971)
<ACCUM-APPREC-OR-DEPREC> (109229000)
<NET-ASSETS> 168484445
<DIVIDEND-INCOME> 2125055
<INTEREST-INCOME> 1136841
<OTHER-INCOME> 0
<EXPENSES-NET> (1628729)
<NET-INVESTMENT-INCOME> 1633167
<REALIZED-GAINS-CURRENT> (11565373)
<APPREC-INCREASE-CURRENT> (40260534)
<NET-CHANGE-FROM-OPS> (50192740)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (175034)
<DISTRIBUTIONS-OF-GAINS> (107443)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2201418
<NUMBER-OF-SHARES-REDEEMED> (1219201)
<SHARES-REINVESTED> 41058
<NET-CHANGE-IN-ASSETS> (4543808)
<ACCUMULATED-NII-PRIOR> 2681614
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4183736)
<GROSS-ADVISORY-FEES> (1187245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1628729)
<AVERAGE-NET-ASSETS> 12821733
<PER-SHARE-NAV-BEGIN> 6.62
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (1.56)
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.96
<EXPENSE-RATIO> 1.95<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL SHARES INVESTMENT FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PEODUCTS SERIES FUND
<SERIES>
<NUMBER> 007
<NAME> MUTUAL SHARES INVESTMENT FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 191211
<INVESTMENTS-AT-VALUE> 176650
<RECEIVABLES> 12253
<ASSETS-OTHER> 375658
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 564561
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7942
<TOTAL-LIABILITIES> 7942
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 572015
<SHARES-COMMON-STOCK> 58417
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 191
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1026)
<ACCUM-APPREC-OR-DEPREC> (14561)
<NET-ASSETS> 556619
<DIVIDEND-INCOME> 771
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (580)
<NET-INVESTMENT-INCOME> 191
<REALIZED-GAINS-CURRENT> (1026)
<APPREC-INCREASE-CURRENT> (14561)
<NET-CHANGE-FROM-OPS> (15396)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 58417
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 556619
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (349)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (7906)
<AVERAGE-NET-ASSETS> 347101
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.53
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 13.63%
AND IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY INVESTMENT FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 008
<NAME> MUTUAL DISCOVERY INVESTMENT FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 204065
<INVESTMENTS-AT-VALUE> 193151
<RECEIVABLES> 12747
<ASSETS-OTHER> 49219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255117
<PAYABLE-FOR-SECURITIES> 7571
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7848
<TOTAL-LIABILITIES> 15419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250000
<SHARES-COMMON-STOCK> 25000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 527
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (72)
<ACCUM-APPREC-OR-DEPREC> (10757)
<NET-ASSETS> 239698
<DIVIDEND-INCOME> 912
<INTEREST-INCOME> 30
<OTHER-INCOME> 0
<EXPENSES-NET> (415)
<NET-INVESTMENT-INCOME> 527
<REALIZED-GAINS-CURRENT> (72)
<APPREC-INCREASE-CURRENT> (10757)
<NET-CHANGE-FROM-OPS> (10302)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 239698
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (330)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6870)
<AVERAGE-NET-ASSETS> 247203
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.43)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.59
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 16.63%
AND IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN GROWTH INVESTMENTS FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 009
<NAME> FRANKLIN GROWTH INVESTMENTS FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 193172
<INVESTMENTS-AT-VALUE> 196537
<RECEIVABLES> 62287
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258824
<PAYABLE-FOR-SECURITIES> 4194
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 410
<TOTAL-LIABILITIES> 4604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250000
<SHARES-COMMON-STOCK> 25000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 855
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3365
<NET-ASSETS> 254220
<DIVIDEND-INCOME> 421
<INTEREST-INCOME> 844
<OTHER-INCOME> 0
<EXPENSES-NET> (410)
<NET-INVESTMENT-INCOME> 855
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 3365
<NET-CHANGE-FROM-OPS> 4220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 254220
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (238)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (7012)
<AVERAGE-NET-ASSETS> 237002
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 17.70%
AND IS ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN SMALL CAP INVESTMENTS FUND JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 010
<NAME> FRANKLIN SMALL CAP INVESTMENTS FUND-CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 222320
<INVESTMENTS-AT-VALUE> 212003
<RECEIVABLES> 29155
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 241158
<PAYABLE-FOR-SECURITIES> 2361
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 377
<TOTAL-LIABILITIES> 2738
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250000
<SHARES-COMMON-STOCK> 25000
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 380
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1643)
<ACCUM-APPREC-OR-DEPREC> (10317)
<NET-ASSETS> 238420
<DIVIDEND-INCOME> 112
<INTEREST-INCOME> 645
<OTHER-INCOME> 0
<EXPENSES-NET> (377)
<NET-INVESTMENT-INCOME> 380
<REALIZED-GAINS-CURRENT> (1643)
<APPREC-INCREASE-CURRENT> (10317)
<NET-CHANGE-FROM-OPS> (11580)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 238420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (282)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (7054)
<AVERAGE-NET-ASSETS> 225359
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATES IS 18.73%
AND IS ANNUALIZED.
</FN>
</TABLE>
