<PAGE> PAGE 1
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007 C020300 PRECIOUS METALS FUND
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007 C010400 4
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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063 B000100 0.0
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066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
<PAGE> PAGE 13
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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015 A000202 CITIBANK N.A.
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 D010301 SAN MATEO
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015 B000308 S
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 A000501 FRANKLIN ADVISERS, INC.
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015 A000501 BANK OF AMERICA, NT & SA
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015 A000502 CITIBANK, N.A.
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015 A000504 CREDITANSTALT-BANKVEREIN
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015 C010504 VIENNA
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015 E040504 X
015 A000505 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 A000507 THE BANK OF N.T. BUTTERFIELD & SON LTD.
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<PAGE> PAGE 38
015 D010507 BERMUDA
015 E040507 X
015 A000508 THE CANADA TRUST COMPANY
015 B000508 S
015 C010508 TORONTO
015 D010508 CANADA
015 E040508 X
015 A000509 HONG KONG & SHANGHAI BANK
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015 C010509 SHANGHAI
015 D010509 CHINA
015 E040509 X
015 A000510 HONG KONG & SHANGHAI BANK
015 B000510 S
015 C010510 SHENZHEN
015 D010510 CHINA
015 E040510 X
015 A000511 CITITRUST COLOMBIA S.A. SOCIEDAD
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015 C010511 BOGOTA
015 D010511 COLOMBIA
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015 A000512 UNIBANK A/S
015 B000512 S
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015 C010514 NANTES
015 D010514 FRANCE
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<PAGE> PAGE 39
015 E040517 X
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015 A000519 HONG KONG & SHANGHAI BANK
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015 A000520 BANK OF IRELAND
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<PAGE> PAGE 40
015 A000528 KAS-ASSOCIATIE N.V.
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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057 000500 N
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066 D000500 N
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066 G000500 N
067 000500 N
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069 000500 N
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070 A020500 Y
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<PAGE> PAGE 44
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
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070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
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070 O020500 N
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070 P020500 Y
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070 R010500 N
070 R020500 N
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071 C000500 1216168
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<PAGE> PAGE 45
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<PAGE> PAGE 46
075 B000500 1275315
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008 A000601 FRANKLIN ADVISERS, INC.
008 B000601 A
008 C000601 801-26292
008 D010601 SAN MATEO
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008 D040601 7777
015 A000601 BANK OF AMERICA NT & SA
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015 E040602 X
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015 B000603 S
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015 D010603 AUSTRALIA
015 E040603 X
015 A000604 CREDITANSTALT-BANKVEREIN
015 B000604 S
015 C010604 VIENNA
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015 E040604 X
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015 B000606 S
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015 B000607 S
015 C010607 BRUSSELS
015 D010607 BELGIUM
015 E040607 X
015 A000608 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
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015 C010608 HAMILTON
015 D010608 BERMUDA
015 E040608 X
<PAGE> PAGE 47
015 A000609 THE CANADA TRUST COMPANY
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015 C010609 TORONTO
015 D010609 CANADA
015 E040609 X
015 A000610 HONG KONG AND SHANGHAI BANK
015 B000610 S
015 C010610 SHANGHAI
015 D010610 CHINA
015 E040610 X
015 A000611 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 D010611 COLOMBIA
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<PAGE> PAGE 48
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<PAGE> PAGE 49
015 C010629 AMSTERDAM
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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057 000600 N
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069 000600 N
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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008 A000701 FRANKLIN ADVISERS, INC.
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
008 D020701 CA
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<PAGE> PAGE 55
008 D030702 33394
008 D040702 3091
015 A000701 BANK OF AMERICA NT & SA
015 B000701 C
015 C010701 SAN FRANCISCO
015 C020701 CA
015 C030701 94104
015 C040701 1502
015 E010701 X
015 A000702 NATIONAL AUSTRALIA BANK LTD.
015 B000702 S
015 C010702 MELBOURNE
015 D010702 AUSTRALIA
015 E040702 X
015 A000703 CREDITANSTALT-BANKVEREIN
015 B000703 S
015 C010703 VIENNA
015 D010703 AUSTRIA
015 E040703 X
015 A000704 STANDARD CHARTERED BANK
015 B000704 S
015 C010704 DHAKA
015 D010704 BANGLADESH
015 E040704 X
015 A000705 BANQUE BRUXELLES LAMBERT S.A.
015 B000705 S
015 C010705 BRUSSELS
015 D010705 BELGIUM
015 E040705 X
015 A000706 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B000706 S
015 C010706 HAMILTON
015 D010706 BERMUDA
015 E040706 X
015 A000707 THE CANADA TRUST COMPANY
015 B000707 S
015 C010707 TORONTO
015 D010707 CANADA
015 E040707 X
015 A000708 HONG KONG AND SHANGHAI BANK
015 B000708 S
015 C010708 SHANGHAI
015 D010708 CHINA
015 E040708 X
015 A000709 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000709 S
015 C010709 BOGOTA
015 D010709 COLOMBIA
015 E040709 X
015 A000710 UNIBANK A/S
015 B000710 S
<PAGE> PAGE 56
015 C010710 COPENHAGEN
015 D010710 DENMARK
015 E040710 X
015 A000711 KANSALLIS-OSAKE-PANKKI
015 B000711 S
015 C010711 HELSINKI
015 D010711 FINLAND
015 E040711 X
015 A000712 SOCIETE GENERALE
015 B000712 S
015 C010712 NANTES
015 D010712 FRANCE
015 E040712 X
015 A000713 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000713 S
015 C010713 FRANKFURT
015 D010713 GERMANY
015 E040713 X
015 A000714 NATIONAL BANK OF GREECE
015 B000714 S
015 C010714 ATHENS
015 D010714 GREECE
015 E040714 X
015 A000715 BARCLAYS BANK PLC
015 B000715 S
015 C010715 HONG KONG
015 D010715 HONG KONG
015 E040715 X
015 A000716 STANDARD CHARTERED BANK
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015 C010716 BOMBAY
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015 E040716 X
015 A000717 HONG KONG AND SHANGHAI BANK
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015 C010717 JAKARTA
015 D010717 INDONESIA
015 E040717 X
015 A000718 BANK OF IRELAND
015 B000718 S
015 C010718 DUBLIN
015 D010718 IRELAND
015 E040718 X
015 A000719 CITIBANK, N.A.
015 B000719 S
015 C010719 MILAN
015 D010719 ITALY
015 E040719 X
015 A000720 BARCLAYS TRUST AND BANKING COMPANY (JAPAN)
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<PAGE> PAGE 57
015 D010720 JAPAN
015 E040720 X
015 A000721 HONG KONG AND SHANGHAI BANK
015 B000721 S
015 C010721 SEOUL
015 D010721 KOREA
015 E040721 X
015 A000722 CEDEL S. A.
015 B000722 S
015 C010722 CHARLOTTE
015 D010722 LUXEMBOURG
015 E040722 X
015 A000723 UNITED MALAYSIAN BANKING CORP. BERHARD
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015 C010723 KUALA LUMPUR
015 D010723 MALAYSIA
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015 A000724 BANCO NACIONAL DE MEXICO
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015 C010724 MEXICO CITY
015 D010724 MEXICO
015 E040724 X
015 A000725 KAS-ASSOCIATIE N.V.
015 B000725 S
015 C010725 AMSTERDAM
015 D010725 NETHERLANDS
015 E040725 X
015 A000726 ANZ BANKING GROUP LIMITED
015 B000726 S
015 C010726 WELLINGTON
015 D010726 NEW ZEALAND
015 E040726 X
015 A000727 CHRISTIANA BANK OG KREDITKASSE
015 B000727 S
015 C010727 BERGEN
015 D010727 NORWAY
015 E040727 X
015 A000728 STANDARD CHARTERED BANK
015 B000728 S
015 C010728 KARACHI
015 D010728 PAKISTAN
015 E040728 X
015 A000729 BANCO DE CREDITO DEL PERU
015 B000729 S
015 C010729 LIMA
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015 E040729 X
015 A000730 HONG KONG AND SHANGHAI BANK
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<PAGE> PAGE 58
015 E040730 X
015 A000731 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000731 S
015 C010731 LISBON
015 D010731 PORTUGAL
015 E040731 X
015 A000732 BARCLAYS BANK PLC
015 B000732 S
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015 D010732 SINGAPORE
015 E040732 X
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015 B000733 S
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015 D010733 SOUTH AFRICA
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015 A000734 BANCO DE SANTANDER
015 B000734 S
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015 D010734 SPAIN
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<PAGE> PAGE 59
015 A000741 CITIBANK, S.A.
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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067 000700 N
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070 E020700 N
070 F010700 Y
070 F020700 N
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070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
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070 M010700 Y
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<PAGE> PAGE 62
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070 Q020700 N
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<PAGE> PAGE 63
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008 A000801 FRANKLIN ADVISERS, INC.
008 B000801 A
008 C000801 801-26292
008 D010801 SAN MATEO
008 D020801 CA
008 D030801 94403
008 D040801 7777
015 A000801 BANK OF AMERICA NT & SA
015 B000801 C
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015 C020801 CA
015 C030801 94104
015 C040801 1502
015 E010801 X
015 A000802 CITIBANK, N.A.
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<PAGE> PAGE 64
015 A000803 NATIONAL AUSTRALIA BANK LTD.
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015 A000804 CREDITANSTALT-BANKVEREIN
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015 D010804 AUSTRIA
015 E040804 X
015 A000805 BANQUE BRUXELLES LAMBERT SA
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015 E040805 X
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015 C010807 BOGOTA
015 D010807 COLOMBIA
015 E040807 X
015 A000808 STANDARD CHARTERED BANK
015 B000808 S
015 C010808 BOMBAY
015 D010808 INDIA
015 E040808 X
015 A000809 BARCLAYS BANK PLC
015 B000809 S
015 C010809 KARACHI
015 D010809 PAKISTAN
015 E040809 X
015 A000810 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000810 S
015 C010810 LISBON
015 D010810 PORTUGAL
015 E040810 X
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015 B000811 S
015 C010811 MADRID
015 D010811 SPAIN
015 E040811 X
015 A000812 YAPI VE KREDI BANKASI A.S.
015 B000812 S
015 C010812 ISTANBUL
015 D010812 TURKEY
015 E040812 X
015 A000813 STANDARD CHARTERED BANK
<PAGE> PAGE 65
015 B000813 S
015 C010813 DHAKA
015 D010813 BANGLADESH
015 E040813 X
015 A000814 THE CANADA TRUST COMPANY
015 B000814 S
015 C010814 TORONTO
015 D010814 CANADA
015 D020814 M5J 2T2
015 E040814 X
015 A000815 HONG KONG & SHANGHAI BANK
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015 C010815 SHANGHAI
015 D010815 CHINA
015 E040815 X
015 A000816 HONG KONG & SHANGHAI BANK
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015 D010816 CHINA
015 E040816 X
015 A000817 UNIBANK A/S
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015 E040817 X
015 A000818 KANSALLIS-OSAKE-PANKKI
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015 D010821 GREECE
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015 E040822 X
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<PAGE> PAGE 66
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015 D010827 JAPAN
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015 D010829 LUXEMBOURG
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015 D010832 NETHERLANDS
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<PAGE> PAGE 67
015 C010833 WELLINGTON
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015 A000834 CHRISTIANA BANK OG KREDITKASSE
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015 D010834 NORWAY
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015 D010835 PERU
015 E040835 X
015 A000836 HONG KONG & SHANGHAI BANK
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015 C010836 MAKATI
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015 E040836 X
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<PAGE> PAGE 68
015 D010843 UNITED KINGDOM
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<PAGE> PAGE 69
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050 000800 N
051 000800 N
052 000800 N
053 A000800 N
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056 000800 N
057 000800 N
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<PAGE> PAGE 70
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066 A000800 N
067 000800 N
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070 G010800 Y
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070 H010800 N
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070 I010800 N
070 I020800 N
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070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
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070 Q010800 N
070 Q020800 N
070 R010800 N
<PAGE> PAGE 71
070 R020800 N
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<PAGE> PAGE 72
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008 A000901 FRANKLIN ADVISERS, INC
008 B000901 A
008 C000901 801-26292
008 D010901 SAN MATEO
008 D020901 CA
008 D030901 94403
008 D040901 7777
015 A000901 BANK OF AMERICA NT & SA
015 B000901 C
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015 C020901 CA
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015 E010901 X
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015 B000902 S
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015 D010902 ARGENTINA
015 E040902 X
015 A000903 CREDITANSTALT-BANKVEREIN
015 B000903 S
015 C010903 VIENNA
015 D010903 AUSTRIA
015 E040903 X
015 A000904 NATIONAL AUSTRALIA BANK LTD.
015 B000904 S
015 C010904 MELBOURNE
<PAGE> PAGE 73
015 D010904 AUSTRALIA
015 E040904 X
015 A000905 BARCLAYS BANK PLC
015 B000905 S
015 C010905 DHAKA
015 D010905 BANGLADESH
015 E040905 X
015 A000906 BANQUE BRUXELLES LAMBERT SA
015 B000906 S
015 C010906 BRUSSELS
015 D010906 BELGIUM
015 E040906 X
015 A000907 THE BANK OF N. T. BUTTERFIELD & SON LIMITED
015 B000907 S
015 C010907 HAMILTON
015 D010907 BERMUDA
015 E040907 X
015 A000908 CITIBANK, N. A.
015 B000908 S
015 C010908 BRAZILIA
015 D010908 BRAZIL
015 E040908 X
015 A000909 THE CANADA TRUST COMPANY
015 B000909 S
015 C010909 TORONTO
015 D010909 CANADA
015 E040909 X
015 A000910 HONK KONG AND SHANGHAI BANK
015 B000910 S
015 C010910 SHANGHAI
015 D010910 CHINA
015 E040910 X
015 A000911 HONG KONG AND SHANGHAI BANK
015 B000911 S
015 C010911 SHENZHEN
015 D010911 CHINA
015 E040911 X
015 A000912 CITITRUST COLOMBIA S. A. SOCIEDAD FIDUCIARIA
015 B000912 S
015 C010912 BOGOTA
015 D010912 COLOMBIA
015 E040912 X
015 A000913 UNIBANK A/S
015 B000913 S
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015 D010913 DENMARK
015 E040913 X
015 A000914 KANSALLIS-OSAKE-PANKKI
015 B000914 S
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<PAGE> PAGE 74
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015 B000915 S
015 C010915 NANTES
015 D010915 FRANCE
015 E040915 X
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015 B000916 S
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015 E040916 X
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015 B000917 S
015 C010917 ATHENS
015 D010917 GREECE
015 E040917 X
015 A000918 BARCLAYS BANK PLC
015 B000918 S
015 C010918 HONG KONG
015 D010918 HONG KONG
015 E040918 X
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015 E040919 X
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015 B000920 S
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015 E040920 X
015 A000921 HONG KONG AND SHANGHAI BANK
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015 E040921 X
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015 E040922 X
015 A000923 BANK LEUMI LE-ISRAEL, B. M.
015 B000923 S
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015 D010923 ISRAEL
015 E040923 X
015 A000924 CITIBANK, N. A.
015 B000924 S
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015 E040924 X
<PAGE> PAGE 75
015 A000925 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD.
015 B000925 S
015 C010925 TOKYO
015 D010925 JAPAN
015 E040925 X
015 A000926 HONG KONG AND SHANGHAI BANK
015 B000926 S
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015 D010926 KOREA
015 E040926 X
015 A000927 CEDEL S. A. (DEPOSITORY)
015 B000927 S
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015 D010927 LUXEMBOURG
015 E040927 X
015 A000928 UNITED MALAYSIAN BANKING CORPORATION BERHARD
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015 C010928 KUALA LUMPUR
015 D010928 MALAYSIA
015 E040928 X
015 A000929 BANCO NACIONAL DE MEXICO
015 B000929 S
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015 D010929 MEXICO
015 E040929 X
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015 B000930 S
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015 D010930 NETHERLANDS
015 E040930 X
015 A000931 ANZ BANKING GROUP LIMITED
015 B000931 S
015 C010931 WELLINGTON
015 D010931 NEW ZEALAND
015 E040931 X
015 A000932 CHRISTIANA BANK OG KREDITKASSE
015 B000932 S
015 C010932 OSLO
015 D010932 NORWAY
015 E040932 X
015 A000933 STANDARD CHARTERED BANK
015 B000933 S
015 C010933 KARACHI
015 D010933 PAKISTAN
015 E040933 X
015 A000934 BANCO DE CREDITO DEL PERU
015 B000934 S
015 C010934 LIMA
015 D010934 PERU
015 E040934 X
015 A000935 HONG KONG AND SHANGHAI BANK
<PAGE> PAGE 76
015 B000935 S
015 C010935 MAKATI
015 D010935 PHILIPPINES
015 E040935 X
015 A000936 CITIBANK POLAND S. A.
015 B000936 S
015 C010936 WARSAW
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015 E040936 X
015 A000937 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000937 S
015 C010937 LISBON
015 D010937 PORTUGAL
015 E040937 X
015 A000938 BARCLAYS BANK PLC
015 B000938 S
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015 D010938 SINGAPORE
015 E040938 X
015 A000939 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000939 S
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015 D010939 SOUTH AFRICA
015 E040939 X
015 A000940 BANCO DE SANTANDER
015 B000940 S
015 C010940 MADRID
015 D010940 SPAIN
015 E040940 X
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015 D010941 SRI LANKA
015 E040941 X
015 A000942 SKANDINAVISKA ENSKILDA BANKEN
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015 D010942 SWEDEN
015 E040942 X
015 A000943 SWISS BANK CORPORATION
015 B000943 S
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015 D010943 SWITZERLAND
015 E040943 X
015 A000944 THE CHASE MANHATTAN BANK, N. A.
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015 B000945 S
<PAGE> PAGE 77
015 C010945 BANGKOK
015 D010945 THAILAND
015 E040945 X
015 A000946 YAPI VE KREDI BANKASI A. S.
015 B000946 S
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015 E040946 X
015 A000947 BANK OF AMERICA NT & SA
015 B000947 S
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015 E040947 X
015 A000948 CITIBANK, N. A.
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<PAGE> PAGE 78
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056 000900 N
057 000900 N
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<PAGE> PAGE 79
064 A000900 N
064 B000900 N
066 A000900 N
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070 A010900 Y
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070 F010900 N
070 F020900 N
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070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
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070 O020900 N
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070 P020900 N
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070 Q020900 N
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070 R020900 N
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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008 A001001 FRANKLIN ADVISERS, INC.
008 B001001 A
008 C001001 801-26292
008 D011001 SAN MATEO
008 D021001 CA
008 D031001 94403
008 D041001 7777
015 A001001 BANK OF AMERICA NT & SA
015 B001001 C
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015 C021001 CA
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 N
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070 L011000 N
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070 M011000 N
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<PAGE> PAGE 84
070 Q021000 N
070 R011000 N
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<PAGE> PAGE 85
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008 A001101 FRANKLIN ADVISERS, INC.
008 B001101 A
008 C001101 801-26292
008 D011101 SAN MATEO
008 D021101 CA
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008 D041101 7777
015 A001101 BANK OF AMERICA NT & SA
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015 E011101 X
015 A001102 CITIBANK, N.A.
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015 A001103 NATIONAL AUSTRALIA BANK LTD.
015 B001103 S
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015 A001104 CREDITANSTALT-BANKVEREIN
<PAGE> PAGE 86
015 B001104 S
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015 D011104 AUSTRIA
015 E041104 X
015 A001105 BARCLAYS BANK PLC
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015 D011107 BERMUDA
015 E041107 X
015 A001108 CITIBANK, N.A.
015 B001108 S
015 C011108 BRAZILIA
015 D011108 BRAZIL
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015 A001109 THE CANADA TRUST COMPANY
015 B001109 S
015 C011109 TORONTO
015 D011109 CANADA
015 E041109 X
015 A001110 HONG KONG AND SHANGHAI BANK
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015 C011110 SHANGHAI
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015 E041110 X
015 A001111 HONG KONG AND SHANGHAI BANK
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015 D011111 CHINA
015 E041111 X
015 A001112 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 A001114 KANSALLIS-OSAKE-PANKKI
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<PAGE> PAGE 87
015 C011114 HELSINKI
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<PAGE> PAGE 88
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015 C011126 SEOUL
015 D011126 KOREA
015 E041126 X
015 A001127 CEDEL S.A. (DEPOSITORY)
015 B001127 S
015 C011127 LUXEMBOURG
015 D011127 LUXEMBOURG
015 E041127 X
015 A001128 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B001128 S
015 C011128 KUALA LUMPUR
015 D011128 MALAYSIA
015 E041128 X
015 A001129 BANCO NACIONAL DE MEXICO
015 B001129 S
015 C011129 MEXICO CITY
015 D011129 MEXICO
015 E041129 X
015 A001130 KAS-ASSOCIATIE N.V.
015 B001130 S
015 C011130 AMSTERDAM
015 D011130 NETHERLANDS
015 E041130 X
015 A001131 ANZ BANKING GROUP LIMITED
015 B001131 S
015 C011131 WELLINGTON
015 D011131 NEW ZEALAND
015 E041131 X
015 A001132 CHRISTIANA BANK OG KREDITKASSE
015 B001132 S
015 C011132 OSLO
015 D011132 NORWAY
015 E041132 X
015 A001133 BANCO DE CREDITO DEL PERU
015 B001133 S
015 C011133 LIMA
015 D011133 PERU
015 E041133 X
015 A001134 HONG KONG AND SHANGHAI BANK
015 B001134 S
015 C011134 MAKATI
015 D011134 PHILIPPINES
<PAGE> PAGE 89
015 E041134 X
015 A001135 CITIBANK POLAND S.A.
015 B001135 S
015 C011135 WARSAW
015 D011135 POLAND
015 E041135 X
015 A001136 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001136 S
015 C011136 LISBON
015 D011136 PORTUGAL
015 E041136 X
015 A001137 BARCLAYS BANK PLC
015 B001137 S
015 C011137 SINGAPORE
015 D011137 SINGAPORE
015 E041137 X
015 A001138 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001138 S
015 C011138 JOHANNESBURG
015 D011138 SOUTH AFRICA
015 E041138 X
015 A001139 BANCO DE SANTANDER
015 B001139 S
015 C011139 MADRID
015 D011139 SPAIN
015 E041139 X
015 A001140 STANDARD CHARTERED BANK
015 B001140 S
015 C011140 KARACHI
015 D011140 PAKISTAN
015 E041140 X
015 A001141 HONG KONG AND SHANGHAI BANK
015 B001141 S
015 C011141 COLOMBO
015 D011141 SRI LANKA
015 E041141 X
015 A001142 SKANDINAVISKA ENSKILDA BANKEN
015 B001142 S
015 C011142 STOCKHOLM
015 D011142 SWEDEN
015 E041142 X
015 A001143 SWISS BANK CORPORATION
015 B001143 S
015 C011143 ZURICH
015 D011143 SWITZERLAND
015 E041143 X
015 A001144 THE CHASE MANHATTAN BANK, N.A.
015 B001144 S
015 C011144 TAIPEI
015 D011144 TAIWAN
015 E041144 X
<PAGE> PAGE 90
015 A001145 BANGKOK BANK LIMITED
015 B001145 S
015 C011145 BANGKOK
015 D011145 THAILAND
015 E041145 X
015 A001146 YAPI VE KREDI BANKASI A.S.
015 B001146 S
015 C011146 ISTANBUL
015 D011146 TURKEY
015 E041146 X
015 A001147 BANK OF AMERICA NT & SA
015 B001147 S
015 C011147 LONDON
015 D011147 UNITED KINGDOM
015 E041147 X
015 A001148 CITIBANK, N.A.
015 B001148 S
015 C011148 CARACAS
015 D011148 VENEZUELA
015 E041148 X
028 A011100 1343
028 A021100 0
028 A031100 0
028 A041100 1736
028 B011100 1153
028 B021100 0
028 B031100 0
028 B041100 487
028 C011100 571
028 C021100 0
028 C031100 0
028 C041100 1179
028 D011100 1994
028 D021100 26
028 D031100 0
028 D041100 591
028 E011100 1304
028 E021100 0
028 E031100 0
028 E041100 778
028 F011100 1082
028 F021100 0
028 F031100 0
028 F041100 3369
028 G011100 7447
028 G021100 26
028 G031100 0
028 G041100 8140
028 H001100 0
045 001100 Y
046 001100 N
<PAGE> PAGE 91
047 001100 Y
048 001100 0.000
048 A011100 100000
048 A021100 0.625
048 B011100 150000
048 B021100 0.500
048 C011100 9750000
048 C021100 0.450
048 D011100 2500000
048 D021100 0.440
048 E011100 2500000
048 E021100 0.420
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 15000000
048 K021100 0.400
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 92.6
062 O001100 0.0
062 P001100 2.3
<PAGE> PAGE 92
062 Q001100 5.2
062 R001100 0.0
063 A001100 0
063 B001100 1.1
064 A001100 N
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 N
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 N
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 3664
071 B001100 1796
071 C001100 49400
071 D001100 4
<PAGE> PAGE 93
072 A001100 12
072 B001100 3480
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 177
072 G001100 0
072 H001100 0
072 I001100 0
072 J001100 12
072 K001100 2
072 L001100 3
072 M001100 1
072 N001100 1
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 3
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 3
072 X001100 202
072 Y001100 0
072 Z001100 3278
072AA001100 32
072BB001100 16
072CC011100 0
072CC021100 2943
072DD011100 2968
072DD021100 0
072EE001100 121
073 A011100 0.7589
073 A021100 0.0000
073 B001100 0.0311
073 C001100 0.0000
074 A001100 0
074 B001100 13
074 C001100 0
074 D001100 51169
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 25
074 M001100 0
074 N001100 51207
<PAGE> PAGE 94
074 O001100 0
074 P001100 15
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 51
074 S001100 0
074 T001100 51141
074 U011100 4245
074 U021100 0
074 V011100 12.05
074 V021100 0.00
074 W001100 0.0000
074 X001100 3
074 Y001100 0
075 A001100 0
075 B001100 50355
076 001100 0.00
008 A001201 FRANKLIN ADVISERS, INC.
008 B001201 A
008 C001201 801-26292
008 D011201 SAN MATEO
008 D021201 CA
008 D031201 94403
008 D041201 7777
015 A001201 BANK OF AMERICA NT & SA
015 B001201 C
015 C011201 SAN FRANCISCO
015 C021201 CA
015 C031201 94104
015 C041201 1502
015 E011201 X
015 A001202 DELETE
015 A001203 CITIBANK, N.A.
015 B001203 S
015 C011203 BUENOS AIRES
015 D011203 ARGENTINA
015 E041203 X
015 A001204 NATIONAL AUSTRALIA BANK LTD.
015 B001204 S
015 C011204 MELBOURNE
015 D011204 AUSTRALIA
015 E041204 X
015 A001205 CREDITANSTALT-BANKVEREIN
015 B001205 S
015 C011205 VIENNA
015 D011205 AUSTRIA
015 E041205 X
015 A001206 BARCLAYS BANK PLC
015 B001206 S
<PAGE> PAGE 95
015 C011206 DHAKA
015 D011206 BANGLADESH
015 E041206 X
015 A001207 BANQUE BRUXELLES LAMBERT SA
015 B001207 S
015 C011207 BRUSSELS
015 D011207 BELGIUM
015 E041207 X
015 A001208 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B001208 S
015 C011208 HAMILTON
015 D011208 BERMUDA
015 E041208 X
015 A001209 CITIBANK, N.A.
015 B001209 S
015 C011209 BRAZILIA
015 D011209 BRAZIL
015 E041209 X
015 A001210 THE CANADA TRUST COMPANY
015 B001210 S
015 C011210 TORONTO
015 D011210 CANADA
015 E041210 X
015 A001211 HONG KONG AND SHANGHAI BANK
015 B001211 S
015 C011211 SHANGHAI
015 D011211 CHINA
015 E041211 X
015 A001212 HONG KONG AND SHANGHAI BANK
015 B001212 S
015 C011212 SHENZHEN
015 D011212 CHINA
015 E041212 X
015 A001213 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001213 S
015 C011213 BOGOTA
015 D011213 COLOMBIA
015 E041213 X
015 A001214 UNIBANK A/S
015 B001214 S
015 C011214 COPENHAGEN
015 D011214 DENMARK
015 E041214 X
015 A001215 KANSALLIS-OSAKE-PANKKI
015 B001215 S
015 C011215 HELSINKI
015 D011215 FINLAND
015 E041215 X
015 A001216 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B001216 S
015 C011216 NANTES
<PAGE> PAGE 96
015 D011216 FRANCE
015 E041216 X
015 A001217 BERLINER HANDELS-UND FRANKFURTER BANK
015 B001217 S
015 C011217 FRANKFURT
015 D011217 GERMANY
015 E041217 X
015 A001218 NATIONAL BANK OF GREECE
015 B001218 S
015 C011218 ATHENS
015 D011218 GREECE
015 E041218 X
015 A001219 BARCLAYS BANK PLC
015 B001219 S
015 C011219 HONG KONG
015 D011219 HONG KONG
015 E041219 X
015 A001220 CITIBANK, N.A.
015 B001220 S
015 C011220 BUDAPEST
015 D011220 HUNGARY
015 E041220 X
015 A001221 STANDARD CHARTERED BANK
015 B001221 S
015 C011221 BOMBAY
015 D011221 INDIA
015 E041221 X
015 A001222 HONG KONG AND SHANGHAI BANK
015 B001222 S
015 C011222 JAKARTA
015 D011222 INDONESIA
015 E041222 X
015 A001223 BANK OF IRELAND
015 B001223 S
015 C011223 DUBLIN
015 D011223 IRELAND
015 E041223 X
015 A001224 BANK LEUMI LE-ISRAEL, B.M.
015 B001224 S
015 C011224 TEL AVIV
015 D011224 ISRAEL
015 E041224 X
015 A001225 CITIBANK, N.A.
015 B001225 S
015 C011225 MILAN
015 D011225 ITALY
015 E041225 X
015 A001226 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD.
015 B001226 S
015 C011226 TOKYO
015 D011226 JAPAN
<PAGE> PAGE 97
015 E041226 X
015 A001227 HONG KONG AND SHANGHAI BANK
015 B001227 S
015 C011227 SEOUL
015 D011227 KOREA
015 E041227 X
015 A001228 CEDEL S.A. (DEPOSITORY)
015 B001228 S
015 C011228 LUXEMBOURG
015 D011228 LUXEMBOURG
015 E041228 X
015 A001229 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B001229 S
015 C011229 KUALA LUMPUR
015 D011229 MALAYSIA
015 E041229 X
015 A001230 BANCO NACIONAL DE MEXICO
015 B001230 S
015 C011230 MEXICO CITY
015 D011230 MEXICO
015 E041230 X
015 A001231 KAS-ASSOCIATIE N.V.
015 B001231 S
015 C011231 AMSTERDAM
015 D011231 NETHERLANDS
015 E041231 X
015 A001232 ANZ BANKING GROUP LIMITED
015 B001232 S
015 C011232 WELLINGTON
015 D011232 NEW ZEALAND
015 E041232 X
015 A001233 CHRISTIANA BANK OG KREDITKASSE
015 B001233 S
015 C011233 OSLO
015 D011233 NORWAY
015 E041233 X
015 A001234 STANDARD CHARTERED BANK
015 B001234 S
015 C011234 KARACHI
015 D011234 PAKISTAN
015 E041234 X
015 A001235 BANCO DE CREDITO DEL PERU
015 B001235 S
015 C011235 LIMA
015 D011235 PERU
015 E041235 X
015 A001236 HONG KONG AND SHANGHAI BANK
015 B001236 S
015 C011236 MAKATI
015 D011236 PHILIPPINES
015 E041236 X
<PAGE> PAGE 98
015 A001237 CITIBANK POLAND S.A.
015 B001237 S
015 C011237 WARSAW
015 D011237 POLAND
015 E041237 X
015 A001238 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001238 S
015 C011238 LISBON
015 D011238 PORTUGAL
015 E041238 X
015 A001239 BARCLAYS BANK PLC
015 B001239 S
015 C011239 SINGAPORE
015 D011239 SINGAPORE
015 E041239 X
015 A001240 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001240 S
015 C011240 JOHANNESBURG
015 D011240 SOUTH AFRICA
015 E041240 X
015 A001241 BANCO DE SANTANDER
015 B001241 S
015 C011241 MADRID
015 D011241 SPAIN
015 E041241 X
015 A001242 HONG KONG AND SHANGHAI BANK
015 B001242 S
015 C011242 COLOMBO
015 D011242 SRI LANKA
015 E041242 X
015 A001243 SKANDINAVISKA ENSKILDA BANKEN
015 B001243 S
015 C011243 STOCKHOLM
015 D011243 SWEDEN
015 E041243 X
015 A001244 SWISS BANK CORPORATION
015 B001244 S
015 C011244 ZURICH
015 D011244 SWITZERLAND
015 E041244 X
015 A001245 THE CHASE MANHATTAN BANK, N.A.
015 B001245 S
015 C011245 TAIPEI
015 D011245 TAIWAN
015 E041245 X
015 A001246 BANGKOK BANK LIMITED
015 B001246 S
015 C011246 BANGKOK
015 D011246 THAILAND
015 E041246 X
015 A001247 YAPI VE KREDI BANKASI A.S.
<PAGE> PAGE 99
015 B001247 S
015 C011247 ISTANBUL
015 D011247 TURKEY
015 E041247 X
015 A001248 BANK OF AMERICA NT & SA
015 B001248 S
015 C011248 LONDON
015 D011248 UNITED KINGDOM
015 E041248 X
015 A001249 CITIBANK, N.A.
015 B001249 S
015 C011249 CARACAS
015 D011249 VENEZUELA
015 E041249 X
028 A011200 3503
028 A021200 0
028 A031200 0
028 A041200 777
028 B011200 3038
028 B021200 0
028 B031200 0
028 B041200 1246
028 C011200 2524
028 C021200 0
028 C031200 0
028 C041200 1319
028 D011200 2907
028 D021200 60
028 D031200 0
028 D041200 1677
028 E011200 3018
028 E021200 0
028 E031200 0
028 E041200 1598
028 F011200 3639
028 F021200 0
028 F031200 0
028 F041200 1220
028 G011200 18629
028 G021200 60
028 G031200 0
028 G041200 7837
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.000
048 A011200 100000
048 A021200 0.625
048 B011200 150000
048 B021200 0.500
<PAGE> PAGE 100
048 C011200 9750000
048 C021200 0.450
048 D011200 2500000
048 D021200 0.440
048 E011200 2500000
048 E021200 0.420
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 15000000
048 K021200 0.400
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 N
055 B001200 N
056 001200 N
057 001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.4
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 21.6
062 N001200 76.1
062 O001200 0.0
062 P001200 0.0
062 Q001200 1.6
062 R001200 0.0
063 A001200 0
063 B001200 6.0
064 A001200 N
064 B001200 N
<PAGE> PAGE 101
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 22220
071 B001200 0
071 C001200 82692
071 D001200 0
072 A001200 12
072 B001200 5678
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 302
<PAGE> PAGE 102
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 9
072 K001200 3
072 L001200 5
072 M001200 1
072 N001200 7
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 4
072 S001200 1
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 3
072 X001200 335
072 Y001200 0
072 Z001200 5343
072AA001200 0
072BB001200 0
072CC011200 0
072CC021200 10808
072DD011200 3930
072DD021200 0
072EE001200 559
073 A011200 0.6914
073 A021200 0.0000
073 B001200 0.0986
073 C001200 0.0000
074 A001200 0
074 B001200 410
074 C001200 0
074 D001200 93528
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 377
074 M001200 0
074 N001200 94315
074 O001200 0
074 P001200 26
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
<PAGE> PAGE 103
074 R041200 59
074 S001200 0
074 T001200 94230
074 U011200 6919
074 U021200 0
074 V011200 13.62
074 V021200 0.00
074 W001200 0.0000
074 X001200 3
074 Y001200 0
075 A001200 0
075 B001200 83834
076 001200 0.00
008 A001301 FRANKLIN ADVISERS, INC.
008 B001301 A
008 C001301 801-26292
008 D011301 SAN MATEO
008 D021301 CA
008 D031301 94403
008 D041301 7777
015 A001301 BANK OF AMERICA NT & SA
015 B001301 C
015 C011301 SAN FRANCISCO
015 C021301 CA
015 C031301 94104
015 C041301 1502
015 E011301 X
015 A001302 CITIBANK, N.A.
015 B001302 S
015 C011302 BUENOS AIRES
015 D011302 ARGENTINA
015 E041302 X
015 A001304 NATIONAL AUSTRALIA BANK LTD.
015 B001304 S
015 C011304 MELBOURNE
015 D011304 AUSTRALIA
015 E041304 X
015 A001305 CREDITANSTALT-BANKVEREIN
015 B001305 S
015 C011305 VIENNA
015 D011305 AUSTRIA
015 E041305 X
015 A001306 BARCLAYS BANK PLC
015 B001306 S
015 C011306 DHAKA
015 D011306 BANGLADESH
015 E041306 X
015 A001307 BANQUE BRUXELLES LAMBERT SA
015 B001307 S
015 C011307 BRUSSELS
015 D011307 BELGIUM
<PAGE> PAGE 104
015 E041307 X
015 A001308 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B001308 S
015 C011308 HAMILTON
015 D011308 BERMUDA
015 E041308 X
015 A001309 CITIBANK, N.A.
015 B001309 S
015 C011309 BRAZILIA
015 D011309 BRAZIL
015 E041309 X
015 A001310 THE CANADA TRUST COMPANY
015 B001310 S
015 C011310 TORONTO
015 D011310 CANADA
015 E041310 X
015 A001311 HONG KONG AND SHANGHAI BANK
015 B001311 S
015 C011311 SHANGHAI
015 D011311 CHINA
015 E041311 X
015 A001312 HONG KONG AND SHANGHAI BANK
015 B001312 S
015 C011312 SHENZHEN
015 D011312 CHINA
015 E041312 X
015 A001313 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001313 S
015 C011313 BOGOTA
015 D011313 COLOMBIA
015 E041313 X
015 A001314 UNIBANK A/S
015 B001314 S
015 C011314 COPENHAGEN
015 D011314 DENMARK
015 E041314 X
015 A001315 KANSALLIS-OSAKE-PANKKI
015 B001315 S
015 C011315 HELSINKI
015 D011315 FINLAND
015 E041315 X
015 A001316 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B001316 S
015 C011316 NANTES
015 D011316 FRANCE
015 E041316 X
015 A001317 BERLINER HANDELS-UND FRANKFURTER BANK
015 B001317 S
015 C011317 FRANKFURT
015 D011317 GERMANY
015 E041317 X
<PAGE> PAGE 105
015 A001318 NATIONAL BANK OF GREECE
015 B001318 S
015 C011318 ATHENS
015 D011318 GREECE
015 E041318 X
015 A001319 BARCLAYS BANK PLC
015 B001319 S
015 C011319 HONG KONG
015 D011319 HONG KONG
015 E041319 X
015 A001320 CITIBANK, N.A.
015 B001320 S
015 C011320 BUDAPEST
015 D011320 HUNGARY
015 E041320 X
015 A001321 STANDARD CHARTERED BANK
015 B001321 S
015 C011321 BOMBAY
015 D011321 INDIA
015 E041321 X
015 A001322 HONG KONG AND SHANGHAI BANK
015 B001322 S
015 C011322 JAKARTA
015 D011322 INDONESIA
015 E041322 X
015 A001323 BANK OF IRELAND
015 B001323 S
015 C011323 DUBLIN
015 D011323 IRELAND
015 E041323 X
015 A001324 BANK LEUMI LE-ISRAEL, B.M.
015 B001324 S
015 C011324 TEL AVIV
015 D011324 ISRAEL
015 E041324 X
015 A001325 CITIBANK, N.A.
015 B001325 S
015 C011325 MILAN
015 D011325 ITALY
015 E041325 X
015 A001326 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD.
015 B001326 S
015 C011326 TOKYO
015 D011326 JAPAN
015 E041326 X
015 A001327 HONG KONG AND SHANGHAI BANK
015 B001327 S
015 C011327 SEOUL
015 D011327 KOREA
015 E041327 X
015 A001328 CEDEL S.A. (DEPOSITORY)
<PAGE> PAGE 106
015 B001328 S
015 C011328 LUXEMBOURG
015 D011328 LUXEMBOURG
015 E041328 X
015 A001329 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B001329 S
015 C011329 KUALA LUMPUR
015 D011329 MALAYSIA
015 E041329 X
015 A001330 BANCO NACIONAL DE MEXICO
015 B001330 S
015 C011330 MEXICO CITY
015 D011330 MEXICO
015 E041330 X
015 A001331 KAS-ASSOCIATIE N.V.
015 B001331 S
015 C011331 AMSTERDAM
015 D011331 NETHERLANDS
015 E041331 X
015 A001332 ANZ BANKING GROUP LIMITED
015 B001332 S
015 C011332 WELLINGTON
015 D011332 NEW ZEALAND
015 E041332 X
015 A001333 CHRISTIANA BANK OG KREDITKASSE
015 B001333 S
015 C011333 OSLO
015 D011333 NORWAY
015 E041333 X
015 A001334 STANDARD CHARTERED BANK
015 B001334 S
015 C011334 KARACHI
015 D011334 PAKISTAN
015 E041334 X
015 A001335 BANCO DE CREDITO DEL PERU
015 B001335 S
015 C011335 LIMA
015 D011335 PERU
015 E041335 X
015 A001336 HONG KONG AND SHANGHAI BANK
015 B001336 S
015 C011336 MAKATI
015 D011336 PHILIPPINES
015 E041336 X
015 A001337 CITIBANK POLAND S.A.
015 B001337 S
015 C011337 WARSAW
015 D011337 POLAND
015 E041337 X
015 A001338 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001338 S
<PAGE> PAGE 107
015 C011338 LISBON
015 D011338 PORTUGAL
015 E041338 X
015 A001339 BARCLAYS BANK PLC
015 B001339 S
015 C011339 SINGAPORE
015 D011339 SINGAPORE
015 E041339 X
015 A001340 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001340 S
015 C011340 JOHANNESBURG
015 D011340 SOUTH AFRICA
015 E041340 X
015 A001341 BANCO DE SANTANDER
015 B001341 S
015 C011341 MADRID
015 D011341 SPAIN
015 E041341 X
015 A001342 HONG KONG AND SHANGHAI BANK
015 B001342 S
015 C011342 COLOMBO
015 D011342 SRI LANKA
015 E041342 X
015 A001343 SKANDINAVISKA ENSKILDA BANKEN
015 B001343 S
015 C011343 STOCKHOLM
015 D011343 SWEDEN
015 E041343 X
015 A001344 SWISS BANK CORPORATION
015 B001344 S
015 C011344 ZURICH
015 D011344 SWITZERLAND
015 E041344 X
015 A001345 THE CHASE MANHATTAN BANK, N.A.
015 B001345 S
015 C011345 TAIPEI
015 D011345 TAIWAN
015 E041345 X
015 A001346 BANGKOK BANK LIMITED
015 B001346 S
015 C011346 BANGKOK
015 D011346 THAILAND
015 E041346 X
015 A001347 YAPI VE KREDI BANKASI A.S.
015 B001347 S
015 C011347 ISTANBUL
015 D011347 TURKEY
015 E041347 X
015 A001348 BANK OF AMERICA NT & SA
015 B001348 S
015 C011348 LONDON
<PAGE> PAGE 108
015 D011348 UNITED KINGDOM
015 E041348 X
015 A001349 CITIBANK, N.A.
015 B001349 S
015 C011349 CARACAS
015 D011349 VENEZUELA
015 E041349 X
028 A011300 1831
028 A021300 0
028 A031300 0
028 A041300 523
028 B011300 2918
028 B021300 0
028 B031300 0
028 B041300 657
028 C011300 1069
028 C021300 0
028 C031300 0
028 C041300 1437
028 D011300 1698
028 D021300 0
028 D031300 0
028 D041300 641
028 E011300 2107
028 E021300 0
028 E031300 0
028 E041300 1116
028 F011300 1994
028 F021300 0
028 F031300 0
028 F041300 617
028 G011300 11617
028 G021300 0
028 G031300 0
028 G041300 4991
028 H001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.000
048 A011300 100000
048 A021300 0.625
048 B011300 150000
048 B021300 0.500
048 C011300 9750000
048 C021300 0.450
048 D011300 2500000
048 D021300 0.440
048 E011300 2500000
048 E021300 0.420
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<PAGE> PAGE 109
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 15000000
048 K021300 0.400
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
055 A001300 N
055 B001300 N
056 001300 N
057 001300 N
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.4
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 12.4
062 N001300 83.3
062 O001300 0.0
062 P001300 1.3
062 Q001300 2.5
062 R001300 0.0
063 A001300 0
063 B001300 10.6
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
<PAGE> PAGE 110
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 N
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 N
070 O011300 N
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 13450
071 B001300 884
071 C001300 44247
071 D001300 2
072 A001300 12
072 B001300 3123
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072 D001300 0
072 E001300 0
072 F001300 158
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 6
072 K001300 2
072 L001300 3
072 M001300 1
<PAGE> PAGE 111
072 N001300 7
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 3
072 S001300 0
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 1
072 X001300 181
072 Y001300 0
072 Z001300 2942
072AA001300 13
072BB001300 47
072CC011300 0
072CC021300 7079
072DD011300 1814
072DD021300 0
072EE001300 567
073 A011300 0.6018
073 A021300 0.0000
073 B001300 0.1881
073 C001300 0.0000
074 A001300 0
074 B001300 228
074 C001300 0
074 D001300 51217
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 125
074 M001300 0
074 N001300 51570
074 O001300 0
074 P001300 18
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 53
074 S001300 0
074 T001300 51499
074 U011300 3744
074 U021300 0
074 V011300 13.76
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<PAGE> PAGE 112
074 W001300 0.0000
074 X001300 3
074 Y001300 0
075 A001300 0
075 B001300 45063
076 001300 0.00
008 A001401 FRANKLIN ADVISERS, INC.
008 B001401 A
008 C001401 801-26292
008 D011401 SAN MATEO
008 D021401 CA
008 D031401 94403
008 D041401 7777
015 A001401 BANK OF AMERICA NT & SA
015 B001401 C
015 C011401 SAN FRANCISCO
015 C021401 CA
015 C031401 94104
015 C041401 1502
015 E011401 X
015 A001402 CITIBANK, N.A.
015 B001402 S
015 C011402 BUENOS AIRES
015 D011402 ARGENTINA
015 E041402 X
015 A001403 NATIONAL AUSTRALIA BANK LTD.
015 B001403 S
015 C011403 MELBOURNE
015 D011403 AUSTRALIA
015 E041403 X
015 A001404 CREDITANSTALT-BANKVEREIN
015 B001404 S
015 C011404 VIENNA
015 D011404 AUSTRIA
015 E041404 X
015 A001405 BARCLAYS BANK PLC
015 B001405 S
015 C011405 DHAKA
015 D011405 BANGLADESH
015 E041405 X
015 A001406 BANQUE BRUXELLES LAMBERT SA
015 B001406 S
015 C011406 BRUSSELS
015 D011406 BELGIUM
015 E041406 X
015 A001407 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B001407 S
015 C011407 HAMILTON
015 D011407 BERMUDA
015 E041407 X
015 A001408 CITIBANK, N.A.
<PAGE> PAGE 113
015 B001408 S
015 C011408 BRAZILIA
015 D011408 BRAZIL
015 E041408 X
015 A001409 THE CANADA TRUST COMPANY
015 B001409 S
015 C011409 TORONTO
015 D011409 CANADA
015 E041409 X
015 A001410 HONG KONG AND SHANGHAI BANK
015 B001410 S
015 C011410 SHANGHAI
015 D011410 CHINA
015 E041410 X
015 A001411 HONG KONG AND SHANGHAI BANK
015 B001411 S
015 C011411 SHENZHEN
015 D011411 CHINA
015 E041411 X
015 A001412 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001412 S
015 C011412 BOGOTA
015 D011412 COLOMBIA
015 E041412 X
015 A001413 UNIBANK A/S
015 B001413 S
015 C011413 COPENHAGEN
015 D011413 DENMARK
015 E041413 X
015 A001414 KANSALLIS-OSAKE-PANKKI
015 B001414 S
015 C011414 HELSINKI
015 D011414 FINLAND
015 E041414 X
015 A001415 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B001415 S
015 C011415 NANTES
015 D011415 FRANCE
015 E041415 X
015 A001416 BERLINER HANDELS-UND FRANKFURTER BANK
015 B001416 S
015 C011416 FRANKFURT
015 D011416 GERMANY
015 E041416 X
015 A001417 NATIONAL BANK OF GREECE
015 B001417 S
015 C011417 ATHENS
015 D011417 GREECE
015 E041417 X
015 A001418 BARCLAYS BANK PLC
015 B001418 S
<PAGE> PAGE 114
015 C011418 HONG KONG
015 D011418 HONG KONG
015 E041418 X
015 A001419 CITIBANK, N.A.
015 B001419 S
015 C011419 BUDAPEST
015 D011419 HUNGARY
015 E041419 X
015 A001420 STANDARD CHARTERED BANK
015 B001420 S
015 C011420 BOMBAY
015 D011420 INDIA
015 E041420 X
015 A001421 HONG KONG AND SHANGHAI BANK
015 B001421 S
015 C011421 JAKARTA
015 D011421 INDONESIA
015 E041421 X
015 A001422 BANK OF IRELAND
015 B001422 S
015 C011422 DUBLIN
015 D011422 IRELAND
015 E041422 X
015 A001423 BANK LEUMI LE-ISRAEL, B.M.
015 B001423 S
015 C011423 TEL AVIV
015 D011423 ISRAEL
015 E041423 X
015 A001424 CITIBANK, N.A.
015 B001424 S
015 C011424 MILAN
015 D011424 ITALY
015 E041424 X
015 A001425 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD.
015 B001425 S
015 C011425 TOKYO
015 D011425 JAPAN
015 E041425 X
015 A001426 HONG KONG AND SHANGHAI BANK
015 B001426 S
015 C011426 SEOUL
015 D011426 KOREA
015 E041426 X
015 A001427 CEDEL S.A. (DEPOSITORY)
015 B001427 S
015 C011427 LUXEMBOURG
015 D011427 LUXEMBOURG
015 E041427 X
015 A001428 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B001428 S
015 C011428 KUALA LUMPUR
<PAGE> PAGE 115
015 D011428 MALAYSIA
015 E041428 X
015 A001429 BANCO NACIONAL DE MEXICO
015 B001429 S
015 C011429 MEXICO CITY
015 D011429 MEXICO
015 E041429 X
015 A001430 KAS-ASSOCIATIE N.V.
015 B001430 S
015 C011430 AMSTERDAM
015 D011430 NETHERLANDS
015 E041430 X
015 A001431 ANZ BANKING GROUP LIMITED
015 B001431 S
015 C011431 WELLINGTON
015 D011431 NEW ZEALAND
015 E041431 X
015 A001432 CHRISTIANA BANK OG KREDITKASSE
015 B001432 S
015 C011432 OSLO
015 D011432 NORWAY
015 E041432 X
015 A001433 STANDARD CHARTERED BANK
015 B001433 S
015 C011433 KARACHI
015 D011433 PAKISTAN
015 E041433 X
015 A001434 BANCO DE CREDITO DEL PERU
015 B001434 S
015 C011434 LIMA
015 D011434 PERU
015 E041434 X
015 A001435 HONG KONG AND SHANGHAI BANK
015 B001435 S
015 C011435 MAKATI
015 D011435 PHILIPPINES
015 E041435 X
015 A001436 CITIBANK POLAND S.A.
015 B001436 S
015 C011436 WARSAW
015 D011436 POLAND
015 E041436 X
015 A001437 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001437 S
015 C011437 LISBON
015 D011437 PORTUGAL
015 E041437 X
015 A001438 BARCLAYS BANK PLC
015 B001438 S
015 C011438 SINGAPORE
015 D011438 SINGAPORE
<PAGE> PAGE 116
015 E041438 X
015 A001439 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001439 S
015 C011439 JOHANNESBURG
015 D011439 SOUTH AFRICA
015 E041439 X
015 A001440 BANCO DE SANTANDER
015 B001440 S
015 C011440 MADRID
015 D011440 SPAIN
015 E041440 X
015 A001441 HONG KONG AND SHANGHAI BANK
015 B001441 S
015 C011441 COLOMBO
015 D011441 SRI LANKA
015 E041441 X
015 A001442 SKANDINAVISKA ENSKILDA BANKEN
015 B001442 S
015 C011442 STOCKHOLM
015 D011442 SWEDEN
015 E041442 X
015 A001443 SWISS BANK CORPORATION
015 B001443 S
015 C011443 ZURICH
015 D011443 SWITZERLAND
015 E041443 X
015 A001444 THE CHASE MANHATTAN BANK, N.A.
015 B001444 S
015 C011444 TAIPEI
015 D011444 TAIWAN
015 E041444 X
015 A001445 BANGKOK BANK LIMITED
015 B001445 S
015 C011445 BANGKOK
015 D011445 THAILAND
015 E041445 X
015 A001446 YAPI VE KREDI BANKASI A.S.
015 B001446 S
015 C011446 ISTANBUL
015 D011446 TURKEY
015 E041446 X
015 A001447 BANK OF AMERICA NT & SA
015 B001447 S
015 C011447 LONDON
015 D011447 UNITED KINGDOM
015 E041447 X
015 A001448 CITIBANK, N.A.
015 B001448 S
015 C011448 CARACAS
015 D011448 VENEZUELA
015 E041448 X
<PAGE> PAGE 117
028 A011400 3514
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045 001400 Y
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047 001400 Y
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<PAGE> PAGE 118
048 J011400 0
048 J021400 0.000
048 K011400 15000000
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050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
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053 C001400 N
055 A001400 N
055 B001400 N
056 001400 N
057 001400 N
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062 P001400 1.3
062 Q001400 0.3
062 R001400 0.0
063 A001400 0
063 B001400 16.1
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 N
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
<PAGE> PAGE 119
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 N
070 K021400 N
070 L011400 Y
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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071 B001400 1373
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071 D001400 4
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<PAGE> PAGE 120
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075 B001400 31765
076 001400 0.00
008 A001501 FRANKLIN ADVISERS, INC.
<PAGE> PAGE 121
008 B001501 A
008 C001501 801-26292
008 D011501 SAN MATEO
008 D021501 CA
008 D031501 94403
008 D041501 7777
015 A001501 BANK OF AMERICA NT & SA
015 B001501 C
015 C011501 SAN FRANCISCO
015 C021501 CA
015 C031501 94104
015 C041501 1502
015 E011501 X
028 A011500 11626
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028 A041500 20947
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028 B041500 19205
028 C011500 13459
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028 D011500 7374
028 D021500 85
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048 A011500 100000
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048 C011500 9750000
<PAGE> PAGE 122
048 C021500 0.450
048 D011500 2500000
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048 E011500 2500000
048 E021500 0.420
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048 I011500 0
048 I021500 0.000
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048 J021500 0.000
048 K011500 15000000
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050 001500 N
051 001500 N
052 001500 N
053 A001500 N
055 A001500 N
055 B001500 N
056 001500 N
057 001500 N
062 A001500 Y
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062 E001500 0.0
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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056 001600 N
057 001600 N
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<PAGE> PAGE 132
070 B021600 N
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070 H011600 N
070 H021600 N
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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008 A001701 FRANKLIN ADVISERS, INC.
008 B001701 A
008 C001701 801-26292
008 D011701 SAN MATEO
008 D021701 CA
008 D031701 94403
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008 A001702 TEMPLETON INVESTMENT COUNSEL, INC.
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<PAGE> PAGE 135
015 A001707 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
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015 D011709 CANADA
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015 A001710 HONG KONG AND SHANGHAI BANK
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015 A001711 HONG KONG AND SHANGHAI BANK
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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<PAGE> PAGE 139
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028 G011700 106547
028 G021700 104
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046 001700 N
047 001700 Y
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<PAGE> PAGE 140
048 G011700 0
048 G021700 0.000
048 H011700 0
048 H021700 0.000
048 I011700 0
048 I021700 0.000
048 J011700 0
048 J021700 0.000
048 K011700 500000
048 K021700 0.750
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 N
055 A001700 Y
055 B001700 N
056 001700 Y
057 001700 N
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062 D001700 0.0
062 E001700 0.0
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062 L001700 0.0
062 M001700 0.0
062 N001700 0.0
062 O001700 0.0
062 P001700 0.0
062 Q001700 0.0
062 R001700 0.0
063 A001700 0
063 B001700 0.0
066 A001700 Y
066 B001700 N
066 C001700 N
066 D001700 Y
066 E001700 N
066 F001700 N
066 G001700 N
067 001700 N
068 A001700 N
068 B001700 Y
069 001700 N
070 A011700 Y
<PAGE> PAGE 141
070 A021700 Y
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 Y
070 M011700 Y
070 M021700 Y
070 N011700 Y
070 N021700 N
070 O011700 N
070 O021700 N
070 P011700 Y
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
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071 C001700 269757
071 D001700 4
072 A001700 12
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072 F001700 3057
072 G001700 0
072 H001700 0
072 I001700 0
072 J001700 448
072 K001700 13
072 L001700 22
<PAGE> PAGE 142
072 M001700 4
072 N001700 61
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072 P001700 0
072 Q001700 0
072 R001700 10
072 S001700 3
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072 U001700 0
072 V001700 0
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072 X001700 3624
072 Y001700 0
072 Z001700 6901
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074 E001700 0
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074 H001700 0
074 I001700 0
074 J001700 0
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074 Q001700 0
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<PAGE> PAGE 143
074 V021700 0.00
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074 Y001700 0
075 A001700 0
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076 001700 0.00
008 A001801 FRANKLIN ADVISERS, INC.
008 B001801 A
008 C001801 801-26292
008 D011801 SAN MATEO
008 D021801 CA
008 D031801 94403
008 D041801 7777
008 A001802 TEMPLETON INVESTMENT COUNSEL, INC.
008 B001802 S
008 C001802 801-15125
008 D011802 FT. LAUDERDALE
008 D021802 FL
008 D031802 33394
008 D041802 3091
015 A001801 BANK OF AMERICA NT & SA
015 B001801 C
015 C011801 SAN FRANCISCO
015 C021801 CA
015 C031801 94104
015 C041801 1502
015 E011801 X
015 A001802 DELETE
015 A001803 CITIBANK,N.A.
015 B001803 S
015 C011803 BUENOS AIRES
015 D011803 ARGENTINA
015 E041803 X
015 A001804 NATIONAL AUSTRALIA BANK LTD.
015 B001804 S
015 C011804 MELBOURNE
015 D011804 AUSTRALIA
015 E041804 X
015 A001805 CREDITANSTALT-BANKVEREIN
015 B001805 S
015 C011805 VIENNA
015 D011805 AUSTRIA
015 E041805 X
015 A001806 BARCLAYS BANK PLC
015 B001806 S
015 C011806 DHAKA
015 D011806 BANGLADESH
015 E041806 X
015 A001807 BANQUE BRUXELLES LAMBERT SA
015 B001807 S
<PAGE> PAGE 144
015 C011807 BRUSSELS
015 D011807 BELGIUM
015 E041807 X
015 A001808 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B001808 S
015 C011808 HAMILTON
015 D011808 BERMUDA
015 E041808 X
015 A001809 CITIBANK, N.A.
015 B001809 S
015 C011809 BRAZILIA
015 D011809 BRAZIL
015 E041809 X
015 A001810 THE CANADA TRUST COMPANY
015 B001810 S
015 C011810 TORONTO
015 D011810 CANADA
015 E041810 X
015 A001811 HONG KONG AND SHANGHAI BANK
015 B001811 S
015 C011811 SHANGHAI
015 D011811 CHINA
015 E041811 X
015 A001812 HONG KONG AND SHANGHAI BANK
015 B001812 S
015 C011812 SHENZHEN
015 D011812 CHINA
015 E041812 X
015 A001813 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001813 S
015 C011813 BOGOTA
015 D011813 COLOMBIA
015 E041813 X
015 A001814 UNIBANK A/S
015 B001814 S
015 C011814 COPENHAGEN
015 D011814 DENMARK
015 E041814 X
015 A001815 KANSALLIS-OSAKE-PANKKI
015 B001815 S
015 C011815 HELSINKI
015 D011815 FINLAND
015 E041815 X
015 A001816 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B001816 S
015 C011816 NANTES
015 D011816 FRANCE
015 E041816 X
015 A001817 BERLINER HANDELS-UND FRANKFURTER BANK
015 B001817 S
015 C011817 FRANKFURT
<PAGE> PAGE 145
015 D011817 GERMANY
015 E041817 X
015 A001818 NATIONAL BANK OF GREECE
015 B001818 S
015 C011818 ATHENS
015 D011818 GREECE
015 E041818 X
015 A001819 BARCLAYS BANK PLC
015 B001819 S
015 C011819 HONG KONG
015 D011819 HONG KONG
015 E041819 X
015 A001820 CITIBANK, N.A.
015 B001820 S
015 C011820 BUDAPEST
015 D011820 HUNGARY
015 E041820 X
015 A001821 STANDARD CHARTERED BANK
015 B001821 S
015 C011821 BOMBAY
015 D011821 INDIA
015 E041821 X
015 A001822 HONG KONG AND SHANGHAI BANK
015 B001822 S
015 C011822 JAKARTA
015 D011822 INDONESIA
015 E041822 X
015 A001823 BANK OF IRELAND
015 B001823 S
015 C011823 DUBLIN
015 D011823 IRELAND
015 E041823 X
015 A001824 BANK LEUMI LE-ISRAEL, B.M.
015 B001824 S
015 C011824 TEL AVIV
015 D011824 ISRAEL
015 E041824 X
015 A001825 CITIBANK, N.A.
015 B001825 S
015 C011825 MILAN
015 D011825 ITALY
015 E041825 X
015 A001826 BARCLAYS TRUST & BANKING COMPANY (JAPAN) LTD
015 B001826 S
015 C011826 TOKYO
015 D011826 JAPAN
015 E041826 X
015 A001827 HONG KONG AND SHANGHAI BANK
015 B001827 S
015 C011827 SEOUL
015 D011827 KOREA
<PAGE> PAGE 146
015 E041827 X
015 A001828 CEDEL S.A. (DEPOSITORY)
015 B001828 S
015 C011828 LUXEMBOURG
015 D011828 LUXEMBOURG
015 E041828 X
015 A001829 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B001829 S
015 C011829 KUALA LUMPUR
015 D011829 MALAYSIA
015 E041829 X
015 A001830 BANCO NACIONAL DE MEXICO
015 B001830 S
015 C011830 MEXICO CITY
015 D011830 MEXICO
015 E041830 X
015 A001831 KAS-ASSOCIATIE N.V.
015 B001831 S
015 C011831 AMSTERDAM
015 D011831 NETHERLANDS
015 E041831 X
015 A001832 ANZ BANKING GROUP LIMITED
015 B001832 S
015 C011832 WELLINGTON
015 D011832 NEW ZEALAND
015 E041832 X
015 A001833 CHRISTIANA BANK OG KREDITKASSE
015 B001833 S
015 C011833 BERGEN
015 D011833 NORWAY
015 E041833 X
015 A001834 STANDARD CHARTERED BANK
015 B001834 S
015 C011834 KARACHI
015 D011834 PAKISTAN
015 E041834 X
015 A001835 BANCO DE CREDITO DEL PERU
015 B001835 S
015 C011835 LIMA
015 D011835 PERU
015 E041835 X
015 A001836 HONG KONG AND SHANGHAI BANK
015 B001836 S
015 C011836 MAKATI
015 D011836 PHILIPPINES
015 E041836 X
015 A001837 CITIBANK POLAND S.A.
015 B001837 S
015 C011837 WARSAW
015 D011837 POLAND
015 E041837 X
<PAGE> PAGE 147
015 A001838 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001838 S
015 C011838 LISBON
015 D011838 PORTUGAL
015 E041838 X
015 A001839 BARCLAYS BANK PLC
015 B001839 S
015 C011839 SINGAPORE
015 D011839 SINGAPORE
015 E041839 X
015 A001840 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001840 S
015 C011840 JOHANNESBURG
015 D011840 SOUTH AFRICA
015 E041840 X
015 A001841 BANCO DE SANTANDER
015 B001841 S
015 C011841 MADRID
015 D011841 SPAIN
015 E041841 X
015 A001842 HONG KONG AND SHANGHAI BANK
015 B001842 S
015 C011842 COLOMBO
015 D011842 SRI LANKA
015 E041842 X
015 A001843 SKANDINAVISKA ENSKILDA BANKEN
015 B001843 S
015 C011843 STOCKHOLM
015 D011843 SWEDEN
015 E041843 X
015 A001844 SWISS BANK CORPORATION
015 B001844 S
015 C011844 ZURICH
015 D011844 SWITZERLAND
015 E041844 X
015 A001845 THE CHASE MANHATTAN BANK, N.A.
015 B001845 S
015 C011845 TAIPEI
015 D011845 TAIWAN
015 E041845 X
015 A001846 BANGKOK BANK LIMITED
015 B001846 S
015 C011846 BANGKOK
015 D011846 THAILAND
015 E041846 X
015 A001847 YAPI VE KREDI BANKASI A.S.
015 B001847 S
015 C011847 ISTANBUL
015 D011847 TURKEY
015 E041847 X
015 A001848 BANK OF AMERICA NT & SA
<PAGE> PAGE 148
015 B001848 S
015 C011848 LONDON
015 D011848 UNITED KINGDOM
015 E041848 X
015 A001849 CITIBANK, N.A.
015 B001849 S
015 C011849 CARACAS
015 D011849 VENEZUELA
015 E041849 X
028 A011800 38728
028 A021800 0
028 A031800 0
028 A041800 4212
028 B011800 60008
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028 G021800 291
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028 G041800 72551
028 H001800 0
045 001800 Y
046 001800 N
047 001800 Y
048 001800 0.000
048 A011800 100000
048 A021800 1.000
048 B011800 150000
048 B021800 0.900
048 C011800 250000
048 C021800 0.800
048 D011800 0
048 D021800 0.000
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<PAGE> PAGE 149
048 E021800 0.000
048 F011800 0
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048 G011800 0
048 G021800 0.000
048 H011800 0
048 H021800 0.000
048 I011800 0
048 I021800 0.000
048 J011800 0
048 J021800 0.000
048 K011800 500000
048 K021800 0.750
049 001800 N
050 001800 N
051 001800 N
052 001800 N
053 A001800 N
055 A001800 Y
055 B001800 N
056 001800 N
057 001800 N
062 A001800 N
062 B001800 0.0
062 C001800 0.0
062 D001800 0.0
062 E001800 0.0
062 F001800 0.0
062 G001800 0.0
062 H001800 0.0
062 I001800 0.0
062 J001800 0.0
062 K001800 0.0
062 L001800 0.0
062 M001800 0.0
062 N001800 0.0
062 O001800 0.0
062 P001800 0.0
062 Q001800 0.0
062 R001800 0.0
066 A001800 Y
066 B001800 N
066 C001800 Y
066 D001800 N
066 E001800 N
066 F001800 N
066 G001800 N
067 001800 N
068 A001800 N
068 B001800 Y
069 001800 N
<PAGE> PAGE 150
070 A011800 Y
070 A021800 Y
070 B011800 Y
070 B021800 N
070 C011800 Y
070 C021800 N
070 D011800 Y
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 Y
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 Y
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 Y
070 L021800 Y
070 M011800 Y
070 M021800 Y
070 N011800 Y
070 N021800 N
070 O011800 N
070 O021800 N
070 P011800 Y
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
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071 B001800 64316
071 C001800 526171
071 D001800 12
072 A001800 12
072 B001800 7385
072 C001800 12689
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072 E001800 0
072 F001800 5356
072 G001800 0
072 H001800 0
072 I001800 0
072 J001800 766
072 K001800 24
<PAGE> PAGE 151
072 L001800 41
072 M001800 7
072 N001800 90
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072BB001800 3259
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072DD011800 1765
072DD021800 0
072EE001800 3178
073 A011800 0.0349
073 A021800 0.0000
073 B001800 0.0651
073 C001800 0.0000
074 A001800 0
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074 C001800 0
074 D001800 59056
074 E001800 936
074 F001800 623435
074 G001800 0
074 H001800 0
074 I001800 0
074 J001800 3674
074 K001800 0
074 L001800 3838
074 M001800 1963
074 N001800 790249
074 O001800 3895
074 P001800 541
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074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 689
074 S001800 0
074 T001800 785124
074 U011800 62763
074 U021800 0
<PAGE> PAGE 152
074 V011800 12.51
074 V021800 0.00
074 W001800 0.0000
074 X001800 3
074 Y001800 0
075 A001800 0
075 B001800 635365
076 001800 0.00
008 A001901 TEMPLETON INVESTMENT MANAGEMENT (HK) LTD
008 B001901 A
008 C001901 801-42353
008 D011901 HONG KONG
008 D051901 HONG KONG
015 A001901 THE CHASE MANHATTAN BANK NA
015 B001901 C
015 C011901 NEW YORK
015 C021901 NY
015 C031901 10081
015 E011901 X
015 A001902 THE CHASE MANHATTAN BANK, N.A.
015 B001902 S
015 C011902 BUENOS AIRES
015 D011902 ARGENTINA
015 E041902 X
015 A001903 THE CHASE MANHATTAN BANK
015 B001903 S
015 C011903 SYDNEY
015 D011903 AUSTRALIA
015 E041903 X
015 A001904 CREDITANSTALT-BANKVEREIN
015 B001904 S
015 C011904 VIENNA
015 D011904 AUSTRIA
015 E041904 X
015 A001905 STANDARD CHARTERED BANK
015 B001905 S
015 C011905 DHAKA
015 D011905 BANGLADESH
015 E041905 X
015 A001906 GENERALE BANK
015 B001906 S
015 C011906 BRUXELLES
015 D011906 BELGIUM
015 E041906 X
015 A001907 BANCO CHASE MANHATTAN, S.A.
015 B001907 S
015 C011907 SAO PAULO
015 D011907 BRAZIL
015 E041907 X
015 A001908 ROYAL BANK OF CANADA
015 B001908 S
<PAGE> PAGE 153
015 C011908 TORONTO
015 D011908 CANADA
015 E041908 X
015 A001909 THE CHASE MANHATTAN BANK, N.A.
015 B001909 S
015 C011909 SANTIAGO
015 D011909 CHILE
015 E041909 X
015 A001910 HONG KONG & SHANGHAI BANKING CORPORATION LTD
015 B001910 S
015 C011910 SHENZHEN
015 D011910 CHINA
015 E041910 X
015 A001911 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001911 S
015 C011911 SANTAFE DE BOGOTA
015 D011911 COLOMBIA
015 E041911 X
015 A001912 DEN DANSKE BANK
015 B001912 S
015 C011912 COPENHAGEN
015 D011912 DENMARK
015 E041912 X
015 A001913 NATIONAL BANK OF EGYPT
015 B001913 S
015 C011913 CAIRO
015 D011913 EGYPT
015 E041913 X
015 A001914 KANSALLIS-OSAKE-PANKKI
015 B001914 S
015 C011914 HELSINKI
015 D011914 FINLAND
015 E041914 X
015 A001915 BANQUE PARIBAS
015 B001915 S
015 C011915 PARIS
015 D011915 FRANCE
015 E041915 X
015 A001916 CHASE BANK A.G.
015 B001916 S
015 C011916 FRANKFURT
015 D011916 GERMANY
015 E041916 X
015 A001917 BARCLAYS BANK PLC
015 B001917 S
015 C011917 ATHENS
015 D011917 GREECE
015 E041917 X
015 A001918 THE CHASE MANHATTAN BANK, N.A.
015 B001918 S
015 C011918 HONG KONG
<PAGE> PAGE 154
015 D011918 HONG KONG
015 E041918 X
015 A001919 CITIBANK BUDAPEST RT.
015 B001919 S
015 C011919 BUDAPEST
015 D011919 HUNGARY
015 E041919 X
015 A001920 HONG KONG & SHANGHAI BANKING CORPORATION LTD.
015 B001920 S
015 C011920 BOMBAY
015 D011920 INDIA
015 E041920 X
015 A001921 HONG KONG & SHANGHAI BANKING CORPORATION LTD.
015 B001921 S
015 C011921 JAKARTA
015 D011921 INDONESIA
015 E041921 X
015 A001922 BANK OF IRELAND
015 B001922 S
015 C011922 DUBLIN
015 D011922 IRELAND
015 E041922 X
015 A001923 BANK LEUMI LE-ISRAEL, B.M.
015 B001923 S
015 C011923 TEL AVIV
015 D011923 ISRAEL
015 E041923 X
015 A001924 THE CHASE MANHATTAN BANK, N.A.
015 B001924 S
015 C011924 MILAN
015 D011924 ITALY
015 E041924 X
015 A001925 THE CHASE MANHATTAN BANK, N.A.
015 B001925 S
015 C011925 TOKYO
015 D011925 JAPAN
015 E041925 X
015 A001926 ARAB BANK LIMITED
015 B001926 S
015 C011926 AMMAN
015 D011926 JORDAN
015 E041926 X
015 A001927 HONG KONG & SHANGHAI BANKING CORPORATION LTD.
015 B001927 S
015 C011927 SEOUL
015 D011927 KOREA
015 E041927 X
015 A001928 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B001928 S
015 C011928 LUXEMBOURG
015 D011928 LUXEMBOURG
<PAGE> PAGE 155
015 E041928 X
015 A001929 THE CHASE MANHATTAN BANK, N.A.
015 B001929 S
015 C011929 KUALA LUMPUR
015 D011929 MALAYSIA
015 E041929 X
015 A001930 THE CHASE MANHATTAN BANK, N.A.
015 B001930 S
015 C011930 MEXICO CITY
015 D011930 MEXICO
015 E041930 X
015 A001931 DELETE
015 A001932 ABN AMRO N.V.
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015 C011932 ROTTERDAM
015 D011932 NETHERLANDS
015 E041932 X
015 A001933 NATIONAL NOMINEES LIMITED
015 B001933 S
015 C011933 AUCKLAND
015 D011933 NEW ZEALAND
015 E041933 X
015 A001934 DEN NORSKE BANK
015 B001934 S
015 C011934 OSLO
015 D011934 NORWAY
015 E041934 X
015 A001935 CITIBANK, N.A.
015 B001935 S
015 C011935 KARACHI
015 D011935 PAKISTAN
015 E041935 X
015 A001936 CITIBANK, N.A.
015 B001936 S
015 C011936 LIMA
015 D011936 PERU
015 E041936 X
015 A001937 HONG KONG & SHANGHAI BANKING CORPORATION LTD.
015 B001937 S
015 C011937 MAKATI
015 D011937 PHILIPPINES
015 E041937 X
015 A001938 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B001938 S
015 C011938 LISBON
015 D011938 PORTUGAL
015 E041938 X
015 A001939 THE CHASE MANHATTAN BANK, N.A.
015 B001939 S
015 C011939 SINGAPORE
015 D011939 SINGAPORE
<PAGE> PAGE 156
015 E041939 X
015 A001940 THE CHASE MANHATTAN BANK, N.A.
015 B001940 S
015 C011940 MADRID
015 D011940 SPAIN
015 E041940 X
015 A001941 HONG KONG & SHANGHAI BANKING CORPORATION LTD.
015 B001941 S
015 C011941 COLOMBO
015 D011941 SRI LANKA
015 E041941 X
015 A001942 SKANDINAVISKA ENSKILDA BANKEN
015 B001942 S
015 C011942 STOCKHOLM
015 D011942 SWEDEN
015 E041942 X
015 A001943 UNION BANK OF SWITZERLAND
015 B001943 S
015 C011943 ZURICH
015 D011943 SWITZERLAND
015 E041943 X
015 A001944 THE CHASE MANHATTAN BANK, N.A.
015 B001944 S
015 C011944 TAIPEI
015 D011944 TAIWAN
015 E041944 X
015 A001945 THE CHASE MANHATTAN BANK, N.A.
015 B001945 S
015 C011945 BANGKOK
015 D011945 THAILAND
015 E041945 X
015 A001946 THE CHASE MANHATTAN BANK, N.A.
015 B001946 S
015 C011946 ISTANBUL
015 D011946 TURKEY
015 E041946 X
015 A001947 THE CHASE MANHATTAN BANK, N.A.
015 B001947 S
015 C011947 LONDON
015 D011947 UNITED KINGDOM
015 E041947 X
015 A001948 THE FIRST NATIONAL BANK OF BOSTON
015 B001948 S
015 C011948 MONTEVIDEO
015 D011948 URUGUAY
015 E041948 X
015 A001949 CITIBANK, N.A.
015 B001949 S
015 C011949 CARACAS
015 D011949 VENEZUELA
015 E041949 X
<PAGE> PAGE 157
015 A001950 BARCLAYS BANK OF ZIMBABWE
015 B001950 S
015 C011950 HARARE
015 D011950 ZIMBABWE
015 E041950 X
015 A001951 HONG KONG & SHANGHAI BANK
015 B001951 S
015 C011951 SHANGHAI
015 D011951 CHINA
015 E041951 X
015 A001952 BARCLAYS BANK OF BOTSWANA LTD.
015 B001952 S
015 C011952 GABORONE
015 D011952 BOTSWANA
015 E041952 X
015 A001953 CESKOSTOVENSKA OBEHODNI BANKA, A.S.
015 B001953 S
015 C011953 PRAHA
015 D011953 CZECH REPUBLIC
015 E041953 X
015 A001954 BARCLAYS BANK OF GHANA
015 B001954 S
015 C011954 ACCRA
015 D011954 GHANA
015 E041954 X
015 A001955 HONGKONG & SHANGHAI BANKING CORPORATION LTD.
015 B001955 S
015 C011955 PORT LOUIS
015 D011955 MAURITUS
015 E041955 X
015 A001956 BANQUE COMMERCIALE DU MAROC
015 B001956 S
015 C011956 CASABLANCA
015 D011956 MOROCCO
015 E041956 X
015 A001957 BANK POLSKA KASA OPIEKI S.A.
015 B001957 S
015 C011957 WARSAW
015 D011957 POLAND
015 E041957 X
015 A001958 STANDARD BANK OF SOUTH AFRICA
015 B001958 S
015 C011958 JOHANNESBURG
015 D011958 SOUTH AFRICA
015 E041958 X
028 A011900 11103
028 A021900 0
028 A031900 0
028 A041900 152
028 B011900 20938
028 B021900 0
<PAGE> PAGE 158
028 B031900 0
028 B041900 862
028 C011900 12096
028 C021900 0
028 C031900 0
028 C041900 1175
028 D011900 17050
028 D021900 0
028 D031900 0
028 D041900 826
028 E011900 14482
028 E021900 0
028 E031900 0
028 E041900 8775
028 F011900 9509
028 F021900 0
028 F031900 0
028 F041900 980
028 G011900 85178
028 G021900 0
028 G031900 0
028 G041900 12770
028 H001900 0
045 001900 Y
046 001900 N
047 001900 Y
048 001900 1.250
048 A011900 0
048 A021900 0.000
048 B011900 0
048 B021900 0.000
048 C011900 0
048 C021900 0.000
048 D011900 0
048 D021900 0.000
048 E011900 0
048 E021900 0.000
048 F011900 0
048 F021900 0.000
048 G011900 0
048 G021900 0.000
048 H011900 0
048 H021900 0.000
048 I011900 0
048 I021900 0.000
048 J011900 0
048 J021900 0.000
048 K011900 0
048 K021900 0.000
049 001900 N
050 001900 N
<PAGE> PAGE 159
051 001900 N
052 001900 N
053 A001900 N
055 A001900 N
055 B001900 N
056 001900 Y
057 001900 N
062 A001900 N
062 B001900 0.0
062 C001900 0.0
062 D001900 0.0
062 E001900 0.0
062 F001900 0.0
062 G001900 0.0
062 H001900 0.0
062 I001900 0.0
062 J001900 0.0
062 K001900 0.0
062 L001900 0.0
062 M001900 0.0
062 N001900 0.0
062 O001900 0.0
062 P001900 0.0
062 Q001900 0.0
062 R001900 0.0
066 A001900 Y
066 B001900 N
066 C001900 Y
066 D001900 N
066 E001900 N
066 F001900 N
066 G001900 N
067 001900 N
068 A001900 N
068 B001900 Y
069 001900 N
070 A011900 Y
070 A021900 N
070 B011900 Y
070 B021900 N
070 C011900 Y
070 C021900 N
070 D011900 Y
070 D021900 N
070 E011900 Y
070 E021900 N
070 F011900 Y
070 F021900 N
070 G011900 Y
070 G021900 N
070 H011900 Y
<PAGE> PAGE 160
070 H021900 N
070 I011900 N
070 I021900 N
070 J011900 Y
070 J021900 N
070 K011900 Y
070 K021900 N
070 L011900 Y
070 L021900 Y
070 M011900 Y
070 M021900 Y
070 N011900 Y
070 N021900 N
070 O011900 Y
070 O021900 N
070 P011900 Y
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
071 A001900 74743
071 B001900 365
071 C001900 31540
071 D001900 1
072 A001900 12
072 B001900 899
072 C001900 485
072 D001900 0
072 E001900 0
072 F001900 512
072 G001900 0
072 H001900 0
072 I001900 0
072 J001900 94
072 K001900 0
072 L001900 6
072 M001900 1
072 N001900 4
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 6
072 S001900 2
072 T001900 0
072 U001900 0
072 V001900 0
072 W001900 1
072 X001900 626
072 Y001900 0
072 Z001900 758
<PAGE> PAGE 161
072AA001900 117
072BB001900 272
072CC011900 0
072CC021900 7412
072DD011900 0
072DD021900 0
072EE001900 0
073 A011900 0.0000
073 A021900 0.0000
073 B001900 0.0000
073 C001900 0.0000
074 A001900 276
074 B001900 0
074 C001900 30874
074 D001900 0
074 E001900 0
074 F001900 67070
074 G001900 0
074 H001900 0
074 I001900 0
074 J001900 0
074 K001900 0
074 L001900 712
074 M001900 0
074 N001900 98932
074 O001900 528
074 P001900 0
074 Q001900 0
074 R011900 0
074 R021900 0
074 R031900 0
074 R041900 215
074 S001900 0
074 T001900 98189
074 U011900 10266
074 U021900 0
074 V011900 9.56
074 V021900 0.00
074 W001900 0.0000
074 X001900 3
074 Y001900 0
075 A001900 0
075 B001900 52462
076 001900 0.00
008 A002001 TEMPLETON GALBRAITH & HANSBURGER LTD
008 B002001 A
008 C002001 801-42343
008 D012001 NASSAU
008 D052001 BAHAMAS
015 A002001 THE CHASE MANHATTAN BANK N.A.
015 B002001 C
<PAGE> PAGE 162
015 C012001 NEW YORK
015 C022001 NY
015 C032001 10081
015 E012001 X
015 A002002 THE CHASE MANHATTAN BANK, N.A.
015 B002002 S
015 C012002 BUENOS AIRES
015 D012002 ARGENTINA
015 E042002 X
015 A002003 BARCLAYS BANK OF BOTSWANA LTD.
015 B002003 S
015 C012003 GABORONE
015 D012003 BOTSWANA
015 E042003 X
015 A002004 THE CHASE MANHATTAN BANK AUSTRALIA LIMITED
015 B002004 S
015 C012004 SYDNEY
015 D012004 AUSTRALIA
015 E042004 X
015 A002005 CREDITANSTALT - BANKVEREIN
015 B002005 S
015 C012005 VIENNA
015 D012005 AUSTRIA
015 E042005 X
015 A002006 STANDARD CHARTERED BANK
015 B002006 S
015 C012006 DHAKA
015 D012006 BANGLADESH
015 E042006 X
015 A002007 GENERALE BANK
015 B002007 S
015 C012007 BRUXELLES
015 D012007 BELGIUM
015 E042007 X
015 A002008 BANCO CHASE MANHATTAN, S.A.
015 B002008 S
015 C012008 SAO PAULO
015 D012008 BRAZIL
015 E042008 X
015 A002009 THE ROYAL BANK OF CANADA
015 B002009 S
015 C012009 TORONTO
015 D012009 CANADA
015 E042009 X
015 A002010 CANADA TRUST
015 B002010 S
015 C012010 TORONTO
015 D012010 CANADA
015 E042010 X
015 A002011 THE CHASE MANHATTAN BANK, N.A.
015 B002011 S
<PAGE> PAGE 163
015 C012011 SANTIAGO
015 D012011 CHILE
015 E042011 X
015 A002012 CITITRUST COLOMBIA S.A.
015 B002012 S
015 C012012 BOGOTA
015 D012012 COLOMBIA
015 E042012 X
015 A002013 DEN DANSKE BANK
015 B002013 S
015 C012013 COPENHAGEN
015 D012013 DENMARK
015 E042013 X
015 A002014 NATIONAL BANK OF EGYPT
015 B002014 S
015 C012014 CAIRO
015 D012014 EGYPT
015 E042014 X
015 A002015 KANSALLIS-OSAKE-PANKKI
015 B002015 S
015 C012015 HELSINKI
015 D012015 FINLAND
015 E042015 X
015 A002016 BANQUE PARIBAS
015 B002016 S
015 C012016 PARIS
015 D012016 FRANCE
015 E042016 X
015 A002017 CHASE BANK A.G.
015 B002017 S
015 C012017 FRANKFURT
015 D012017 GERMANY
015 E042017 X
015 A002018 BARCLAYS BANK PLC
015 B002018 S
015 C012018 ATHENS
015 D012018 GREECE
015 E042018 X
015 A002019 THE CHASE MANHATTAN BANK, N.A.
015 B002019 S
015 C012019 HONG KONG
015 D012019 HONG KONG
015 E042019 X
015 A002020 CITIBANK BUDAPEST RT.
015 B002020 S
015 C012020 BUDAPEST
015 D012020 HUNGARY
015 E042020 X
015 A002021 THE HONGKONG AND SHANGHAI BANK
015 B002021 S
015 C012021 BOMBAY
<PAGE> PAGE 164
015 D012021 INDIA
015 E042021 X
015 A002022 THE HONGKONG AND SHANGHAI BANK
015 B002022 S
015 C012022 JAKARTA
015 D012022 INDONESIA
015 E042022 X
015 A002023 BANK OF IRELAND
015 B002023 S
015 C012023 DUBLIN
015 D012023 IRELAND
015 E042023 X
015 A002024 BANK LEUMI LE-ISRAEL B.M.
015 B002024 S
015 C012024 TEL AVIV
015 D012024 ISRAEL
015 E042024 X
015 A002025 THE CHASE MANHATTAN BANK, N.A.
015 B002025 S
015 C012025 MILAN
015 D012025 ITALY
015 E042025 X
015 A002026 THE CHASE MANHATTAN BANK, N.A.
015 B002026 S
015 C012026 TOKYO
015 D012026 JAPAN
015 E042026 X
015 A002027 ARAB BANK LIMITED
015 B002027 S
015 C012027 SHMEISANI
015 D012027 JORDAN
015 E042027 X
015 A002028 THE CHASE MANHATTAN BANK, N.A.
015 B002028 S
015 C012028 KUALA LUMPUR
015 D012028 MALAYSIA
015 E042028 X
015 A002029 THE CHASE MANHATTAN BANK, N.A.
015 B002029 S
015 C012029 MEXICO CITY
015 D012029 MEXICO
015 E042029 X
015 A002030 BANCO NACIONAL DE MEXICO
015 B002030 S
015 C012030 MEXICO CITY
015 D012030 MEXICO
015 E042030 X
015 A002031 ABN AMRO N.V.
015 B002031 S
015 C012031 DE BREDA
015 D012031 NETHERLANDS
<PAGE> PAGE 165
015 E042031 X
015 A002032 NATIONAL NOMINEES LIMITED
015 B002032 S
015 C012032 AUCKLAND
015 D012032 NEW ZEALAND
015 E042032 X
015 A002033 DEN NORSKE BANK
015 B002033 S
015 C012033 OSLO
015 D012033 NORWAY
015 E042033 X
015 A002034 CITIBANK N.A.
015 B002034 S
015 C012034 KARACHI
015 D012034 PAKISTAN
015 E042034 X
015 A002035 CITIBANK, N.A.
015 B002035 S
015 C012035 LIMA
015 D012035 PERU
015 E042035 X
015 A002036 THE HONGKONG AND SHANGHAI BANK
015 B002036 S
015 C012036 MANILA
015 D012036 PHILIPPINES
015 E042036 X
015 A002037 BANCO ESPIRITI SANTO & COMERCIAL DE LISBOA
015 B002037 S
015 C012037 LISBON
015 D012037 PORTUGAL
015 E042037 X
015 A002038 THE HONGKONG AND SHANGHAI BANK
015 B002038 S
015 C012038 SHANGHAI
015 D012038 CHINA
015 E042038 X
015 A002039 THE HONGKONG AND SHANGHAI BANK
015 B002039 S
015 C012039 SHENZHEN
015 D012039 CHINA
015 E042039 X
015 A002040 THE CHASE MANHATTAN BANK, N.A.
015 B002040 S
015 C012040 SINGAPORE
015 D012040 SINGAPORE
015 E042040 X
015 A002041 THE HONGKONG & SHANGHAI BANK
015 B002041 S
015 C012041 SEOUL
015 D012041 SOUTH KOREA
015 E042041 X
<PAGE> PAGE 166
015 A002042 THE CHASE MANHATTAN BANK, N.A.
015 B002042 S
015 C012042 MADRID
015 D012042 SPAIN
015 E042042 X
015 A002043 THE HONGKONG & SHANGHAI BANK
015 B002043 S
015 C012043 COLOMBO
015 D012043 SRI LANKA
015 E042043 X
015 A002044 SKANDINAVISKA ENSKILDA BANKEN
015 B002044 S
015 C012044 STOCKHOLM
015 D012044 SWEDEN
015 E042044 X
015 A002045 UNION BANK OF SWITZERLAND
015 B002045 S
015 C012045 ZURICH
015 D012045 SWITZERLAND
015 E042045 X
015 A002046 THE CHASE MANHATTAN BANK, N.A.
015 B002046 S
015 C012046 TAIPEI
015 D012046 TAIWAN
015 E042046 X
015 A002047 THE CHASE MANHATTAN BANK, N.A.
015 B002047 S
015 C012047 BANGKOK
015 D012047 THAILAND
015 E042047 X
015 A002048 THE CHASE MANHATTAN BANK, N.A.
015 B002048 S
015 C012048 ISTANBUL
015 D012048 TURKEY
015 E042048 X
015 A002049 THE CHASE MANHATTAN BANK, N.A.
015 B002049 S
015 C012049 LONDON
015 D012049 UNITED KINGDOM
015 E042049 X
015 A002050 THE FIRST NATIONAL BANK OF BOSTON
015 B002050 S
015 C012050 MONTEVIDEO
015 D012050 URUGUAY
015 E042050 X
015 A002051 CITIBANK N.A.
015 B002051 S
015 C012051 CARACAS
015 D012051 VENEZUELA
015 E042051 X
015 A002052 BARCLAYS BANK OF ZIMBABWE
<PAGE> PAGE 167
015 B002052 S
015 C012052 HARARE
015 D012052 ZIMBABWE
015 E042052 X
015 A002053 CEDEL
015 B002053 S
015 C012053 LUXEMBOURG
015 D012053 LUXEMBOURG
015 E042053 X
015 A002054 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002054 S
015 C012054 PRAHA
015 D012054 CZECH REPUBLIC
015 E042054 X
015 A002055 BARCLAYS BANK OF GHANA
015 B002055 S
015 C012055 ACCRA
015 D012055 GHANA
015 E042055 X
015 A002056 BANQUE GENERALE DU LUXEMBOURG S.A.
015 B002056 S
015 C012056 LUXEMBOURG
015 D012056 LUXEMBOURG
015 E042056 X
015 A002057 BANQUE COMMERCIALE DU MAROC
015 B002057 S
015 C012057 CASABLANCA
015 D012057 MOROCCO
015 E042057 X
015 A002058 BANK HANDLOWY W. WARSAWIE, S.A.
015 B002058 S
015 C012058 WARSAW
015 D012058 POLAND
015 E042058 X
015 A002059 STANDARD BANK OF SOUTH AFRICA
015 B002059 S
015 C012059 JOHANNESBURG
015 D012059 SOUTH AFRICA
015 E042059 X
028 A012000 15764
028 A022000 0
028 A032000 0
028 A042000 914
028 B012000 23238
028 B022000 0
028 B032000 0
028 B042000 1695
028 C012000 19294
028 C022000 0
028 C032000 0
028 C042000 1598
<PAGE> PAGE 168
028 D012000 23880
028 D022000 0
028 D032000 0
028 D042000 905
028 E012000 21276
028 E022000 0
028 E032000 0
028 E042000 1568
028 F012000 15584
028 F022000 0
028 F032000 0
028 F042000 1357
028 G012000 119036
028 G022000 0
028 G032000 0
028 G042000 8037
028 H002000 0
045 002000 Y
046 002000 N
047 002000 Y
048 002000 0.000
048 A012000 100000
048 A022000 1.000
048 B012000 150000
048 B022000 0.900
048 C012000 250000
048 C022000 0.800
048 D012000 0
048 D022000 0.000
048 E012000 0
048 E022000 0.000
048 F012000 0
048 F022000 0.000
048 G012000 0
048 G022000 0.000
048 H012000 0
048 H022000 0.000
048 I012000 0
048 I022000 0.000
048 J012000 0
048 J022000 0.000
048 K012000 500000
048 K022000 0.750
049 002000 N
050 002000 N
051 002000 N
052 002000 N
053 A002000 N
055 A002000 Y
055 B002000 N
056 002000 Y
<PAGE> PAGE 169
057 002000 N
062 A002000 N
062 B002000 0.0
062 C002000 0.0
062 D002000 0.0
062 E002000 0.0
062 F002000 0.0
062 G002000 0.0
062 H002000 0.0
062 I002000 0.0
062 J002000 0.0
062 K002000 0.0
062 L002000 0.0
062 M002000 0.0
062 N002000 0.0
062 O002000 0.0
062 P002000 0.0
062 Q002000 0.0
062 R002000 0.0
063 A002000 0
063 B002000 0.0
066 A002000 Y
066 B002000 N
066 C002000 Y
066 D002000 N
066 E002000 N
066 F002000 N
066 G002000 N
067 002000 N
068 A002000 N
068 B002000 Y
069 002000 N
070 A012000 Y
070 A022000 Y
070 B012000 Y
070 B022000 N
070 C012000 Y
070 C022000 N
070 D012000 Y
070 D022000 N
070 E012000 Y
070 E022000 N
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
070 H022000 N
070 I012000 Y
070 I022000 N
070 J012000 Y
<PAGE> PAGE 170
070 J022000 N
070 K012000 Y
070 K022000 N
070 L012000 Y
070 L022000 Y
070 M012000 Y
070 M022000 Y
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 Y
070 P022000 N
070 Q012000 Y
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 72653
071 B002000 2256
071 C002000 31613
071 D002000 7
072 A002000 10
072 B002000 1708
072 C002000 412
072 D002000 0
072 E002000 0
072 F002000 578
072 G002000 0
072 H002000 0
072 I002000 0
072 J002000 29
072 K002000 2
072 L002000 3
072 M002000 1
072 N002000 50
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 2
072 S002000 0
072 T002000 0
072 U002000 0
072 V002000 0
072 W002000 1
072 X002000 666
072 Y002000 0
072 Z002000 1454
072AA002000 359
072BB002000 810
072CC012000 0
072CC022000 672
<PAGE> PAGE 171
072DD012000 0
072DD022000 0
072EE002000 0
073 A012000 0.0000
073 A022000 0.0000
073 B002000 0.0000
073 C002000 0.0000
074 A002000 0
074 B002000 91865
074 C002000 0
074 D002000 2808
074 E002000 273
074 F002000 66683
074 G002000 0
074 H002000 0
074 I002000 0
074 J002000 0
074 K002000 0
074 L002000 2082
074 M002000 504
074 N002000 164215
074 O002000 3070
074 P002000 578
074 Q002000 0
074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 1711
074 S002000 0
074 T002000 158856
074 U012000 15160
074 U022000 0
074 V012000 10.48
074 V022000 0.00
074 W002000 0.0000
074 X002000 3
074 Y002000 0
075 A002000 0
075 B002000 72962
076 002000 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER & PAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 386,750,517
<INVESTMENTS-AT-VALUE> 386,750,517
<RECEIVABLES> 135,840,402
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 522,600,919
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,982,533
<TOTAL-LIABILITIES> 3,982,533
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 518,618,386
<SHARES-COMMON-STOCK> 518,618,386
<SHARES-COMMON-PRIOR> 131,533,868
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 518,618,386
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,332,767
<OTHER-INCOME> 0
<EXPENSES-NET> (1,774,042)
<NET-INVESTMENT-INCOME> 15,558,725
<REALIZED-GAINS-CURRENT> (7,568)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 15,551,157
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,551,157)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 934,647,910
<NUMBER-OF-SHARES-REDEEMED> 563,076,257
<SHARES-REINVESTED> 15,512,865
<NET-CHANGE-IN-ASSETS> 387,084,518
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,652,138)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,774,042)
<AVERAGE-NET-ASSETS> 383,875,696
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.037
<PER-SHARE-GAIN-APPREC> (0.002)
<PER-SHARE-DIVIDEND> (0.037)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.46
<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 FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 493,285,899
<INVESTMENTS-AT-VALUE> 502,051,517
<RECEIVABLES> 26,149,444
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 528,200,961
<PAYABLE-FOR-SECURITIES> 9,865,688
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 458,227
<TOTAL-LIABILITIES> 10,323,915
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 484,334,829
<SHARES-COMMON-STOCK> 38,603,888
<SHARES-COMMON-PRIOR> 26,560,957
<ACCUMULATED-NII-CURRENT> 8,017,077
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,759,522
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,765,618
<NET-ASSETS> 517,877,046
<DIVIDEND-INCOME> 8,762,098
<INTEREST-INCOME> 2,046,909
<OTHER-INCOME> 0
<EXPENSES-NET> (2,502,485)
<NET-INVESTMENT-INCOME> 8,306,522
<REALIZED-GAINS-CURRENT> 16,759,522
<APPREC-INCREASE-CURRENT> (36,767,195)
<NET-CHANGE-FROM-OPS> (11,701,151)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,190,611)
<DISTRIBUTIONS-OF-GAINS> (6,567,213)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,338,167
<NUMBER-OF-SHARES-REDEEMED> 7,014,715
<SHARES-REINVESTED> 719,479
<NET-CHANGE-IN-ASSETS> 146,393,512
<ACCUMULATED-NII-PRIOR> 2,901,166
<ACCUMULATED-GAINS-PRIOR> 6,567,213
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,314,166)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,502,485)
<AVERAGE-NET-ASSETS> 459,897,366
<PER-SHARE-NAV-BEGIN> 13.99
<PER-SHARE-NII> .190
<PER-SHARE-GAIN-APPREC> (.470)
<PER-SHARE-DIVIDEND> (.094)
<PER-SHARE-DISTRIBUTIONS> (.196)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> .54
<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
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> PRECIOUS METALS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 96,448,405
<INVESTMENTS-AT-VALUE> 102,147,763
<RECEIVABLES> 23,032,734
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,180,497
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,138
<TOTAL-LIABILITIES> 102,138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,482,872
<SHARES-COMMON-STOCK> 8,878,448
<SHARES-COMMON-PRIOR> 5,086,847
<ACCUMULATED-NII-CURRENT> 1,682,044
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,214,248
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,699,195
<NET-ASSETS> 125,078,359
<DIVIDEND-INCOME> 1,317,749
<INTEREST-INCOME> 1,099,335
<OTHER-INCOME> 0
<EXPENSES-NET> (712,360)
<NET-INVESTMENT-INCOME> 1,704,724
<REALIZED-GAINS-CURRENT> 1,420,070
<APPREC-INCREASE-CURRENT> (5,612,042)
<NET-CHANGE-FROM-OPS> (2,487,248)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (595,781)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,321,270
<NUMBER-OF-SHARES-REDEEMED> (4,572,787)
<SHARES-REINVESTED> 43,118
<NET-CHANGE-IN-ASSETS> 51,503,604
<ACCUMULATED-NII-PRIOR> 573,101
<ACCUMULATED-GAINS-PRIOR> (205,822)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (644,295)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (712,360)
<AVERAGE-NET-ASSETS> 104,857,176
<PER-SHARE-NAV-BEGIN> 14.460
<PER-SHARE-NII> .160
<PER-SHARE-GAIN-APPREC> (.450)
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.090
<EXPENSE-RATIO> (.680)
<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
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> REAL ESTATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 182,775,536
<INVESTMENTS-AT-VALUE> 183,010,200
<RECEIVABLES> 12,846,037
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 195,856,237
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159,562
<TOTAL-LIABILITIES> 159,562
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,554,334
<SHARES-COMMON-STOCK> 12,784,838
<SHARES-COMMON-PRIOR> 6,161,863
<ACCUMULATED-NII-CURRENT> 6,410,773
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,503,096)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 234,664
<NET-ASSETS> 195,696,675
<DIVIDEND-INCOME> 6,767,396
<INTEREST-INCOME> 697,641
<OTHER-INCOME> 0
<EXPENSES-NET> (1,002,385)
<NET-INVESTMENT-INCOME> 6,462,652
<REALIZED-GAINS-CURRENT> (1,257,107)
<APPREC-INCREASE-CURRENT> (3,752,188)
<NET-CHANGE-FROM-OPS> 1,453,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,877,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,033,417
<NUMBER-OF-SHARES-REDEEMED> 2,529,610
<SHARES-REINVESTED> 119,168
<NET-CHANGE-IN-ASSETS> 103,018,601
<ACCUMULATED-NII-PRIOR> 1,826,034
<ACCUMULATED-GAINS-PRIOR> (245,989)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (932,770)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,002,385)
<AVERAGE-NET-ASSETS> 161,520,480
<PER-SHARE-NAV-BEGIN> 15.04
<PER-SHARE-NII> .380
<PER-SHARE-GAIN-APPREC> .060
<PER-SHARE-DIVIDEND> (.170)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.31
<EXPENSE-RATIO> .62
<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
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> UTILITY EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 1,251,873,036
<INVESTMENTS-AT-VALUE> 1,075,854,546
<RECEIVABLES> 83,709,006
<ASSETS-OTHER> 164,243
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,159,727,795
<PAYABLE-FOR-SECURITIES> 3,111,568
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,505,738
<TOTAL-LIABILITIES> 4,617,306
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,270,653,562
<SHARES-COMMON-STOCK> 80,105,304
<SHARES-COMMON-PRIOR> 92,735,033
<ACCUMULATED-NII-CURRENT> 70,953,514
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,481,962)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (176,014,282)
<NET-ASSETS> 1,155,110,489
<DIVIDEND-INCOME> 75,441,757
<INTEREST-INCOME> 2,433,916
<OTHER-INCOME> 0
<EXPENSES-NET> (6,678,874)
<NET-INVESTMENT-INCOME> 71,196,799
<REALIZED-GAINS-CURRENT> (10,484,750)
<APPREC-INCREASE-CURRENT> (241,583,439)
<NET-CHANGE-FROM-OPS> (180,868,602)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (52,184,345)
<DISTRIBUTIONS-OF-GAINS> (9,240,534)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,544,897
<NUMBER-OF-SHARES-REDEEMED> 33,481,992
<SHARES-REINVESTED> 4,307,366
<NET-CHANGE-IN-ASSETS> (434,523,704)
<ACCUMULATED-NII-PRIOR> 51,941,060
<ACCUMULATED-GAINS-PRIOR> 9,240,534
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5,985,899)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,678,874)
<AVERAGE-NET-ASSETS> 1,275,315,006
<PER-SHARE-NAV-BEGIN> 17.14
<PER-SHARE-NII> .950
<PER-SHARE-GAIN-APPREC> (2.940)
<PER-SHARE-DIVIDEND> (.620)
<PER-SHARE-DISTRIBUTIONS> (.110)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.42
<EXPENSE-RATIO> .52
<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 FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> HIGH INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 249,691,594
<INVESTMENTS-AT-VALUE> 231,746,223
<RECEIVABLES> 23,591,986
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,338,209
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 301,760
<TOTAL-LIABILITIES> 301,760
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 251,804,787
<SHARES-COMMON-STOCK> 20,891,409
<SHARES-COMMON-PRIOR> 15,000,363
<ACCUMULATED-NII-CURRENT> 21,367,505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (191,182)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (17,944,661)
<NET-ASSETS> 255,036,449
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 22,924,206
<OTHER-INCOME> 0
<EXPENSES-NET> (1,378,786)
<NET-INVESTMENT-INCOME> 21,545,420
<REALIZED-GAINS-CURRENT> (191,182)
<APPREC-INCREASE-CURRENT> (25,640,770)
<NET-CHANGE-FROM-OPS> (4,286,532)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,514,139)
<DISTRIBUTIONS-OF-GAINS> (1,428,550)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,456,178
<NUMBER-OF-SHARES-REDEEMED> 11,548,866
<SHARES-REINVESTED> 983,734
<NET-CHANGE-IN-ASSETS> 58,064,872
<ACCUMULATED-NII-PRIOR> 10,336,224
<ACCUMULATED-GAINS-PRIOR> 1,428,550
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,264,737)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,378,786)
<AVERAGE-NET-ASSETS> 227,945,296
<PER-SHARE-NAV-BEGIN> 13.130
<PER-SHARE-NII> .880
<PER-SHARE-GAIN-APPREC> (1.180)
<PER-SHARE-DIVIDEND> (.546)
<PER-SHARE-DISTRIBUTIONS> (.074)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.210
<EXPENSE-RATIO> .600
<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 FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> GLOBAL INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 217,184,119
<INVESTMENTS-AT-VALUE> 197,837,865
<RECEIVABLES> 56,324,733
<ASSETS-OTHER> 863,222
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 255,025,820
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 715,012
<TOTAL-LIABILITIES> 715,012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 266,646,704
<SHARES-COMMON-STOCK> 20,863,484
<SHARES-COMMON-PRIOR> 15,520,898
<ACCUMULATED-NII-CURRENT> 20,719,930
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,540,024)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (19,513,802)
<NET-ASSETS> 254,310,808
<DIVIDEND-INCOME> 359,928
<INTEREST-INCOME> 21,980,401
<OTHER-INCOME> 0
<EXPENSES-NET> (1,819,282)
<NET-INVESTMENT-INCOME> 20,521,047
<REALIZED-GAINS-CURRENT> (13,390,259)
<APPREC-INCREASE-CURRENT> (21,215,816)
<NET-CHANGE-FROM-OPS> (14,085,028)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,910,568)
<DISTRIBUTIONS-OF-GAINS> (2,846,724)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,905,122
<NUMBER-OF-SHARES-REDEEMED> 5,356,464
<SHARES-REINVESTED> 793,928
<NET-CHANGE-IN-ASSETS> 47,717,225
<ACCUMULATED-NII-PRIOR> 7,107,451
<ACCUMULATED-GAINS-PRIOR> 2,696,959
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,404,652)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,819,282)
<AVERAGE-NET-ASSETS> 256,808,926
<PER-SHARE-NAV-BEGIN> 13.31
<PER-SHARE-NII> 0.860
<PER-SHARE-GAIN-APPREC> (1.520)
<PER-SHARE-DIVIDEND> (0.325)
<PER-SHARE-DISTRIBUTIONS> (0.134)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.19
<EXPENSE-RATIO> 0.71
<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 FRANKLIN
VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> INVESTMENT GRADE INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 132,328,653
<INVESTMENTS-AT-VALUE> 129,260,026
<RECEIVABLES> 25,839,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,099,840
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 201,104
<TOTAL-LIABILITIES> 201,104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,446,818
<SHARES-COMMON-STOCK> 11,637,842
<SHARES-COMMON-PRIOR> 9,009,070
<ACCUMULATED-NII-CURRENT> 6,603,431
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,082,886)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,068,627)
<NET-ASSETS> 154,898,736
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,628,663
<OTHER-INCOME> 0
<EXPENSES-NET> (914,099)
<NET-INVESTMENT-INCOME> 6,714,564
<REALIZED-GAINS-CURRENT> (1,082,886)
<APPREC-INCREASE-CURRENT> (4,836,222)
<NET-CHANGE-FROM-OPS> 795,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,060,614)
<DISTRIBUTIONS-OF-GAINS> (625,307)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,389,428
<NUMBER-OF-SHARES-REDEEMED> (2,116,389)
<SHARES-REINVESTED> 355,733
<NET-CHANGE-IN-ASSETS> 31,522,539
<ACCUMULATED-NII-PRIOR> 3,949,481
<ACCUMULATED-GAINS-PRIOR> 625,307
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (845,739)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (914,099)
<AVERAGE-NET-ASSETS> 144,097,637
<PER-SHARE-NAV-BEGIN> 13.690
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> (.450)
<PER-SHARE-DIVIDEND> (.381)
<PER-SHARE-DISTRIBUTIONS> (.059)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.310
<EXPENSE-RATIO> (.630)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> INCOME SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 958,012,728
<INVESTMENTS-AT-VALUE> 867,101,771
<RECEIVABLES> 140,837,397
<ASSETS-OTHER> 26,054
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,007,965,222
<PAYABLE-FOR-SECURITIES> 6,887,032
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,075,812
<TOTAL-LIABILITIES> 7,962,844
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,022,675,483
<SHARES-COMMON-STOCK> 69,880,959
<SHARES-COMMON-PRIOR> 46,698,291
<ACCUMULATED-NII-CURRENT> 67,603,145
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 948,127
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (91,224,377)
<NET-ASSETS> 1,000,002,378
<DIVIDEND-INCOME> 23,946,793
<INTEREST-INCOME> 49,329,000
<OTHER-INCOME> 0
<EXPENSES-NET> (5,056,263)
<NET-INVESTMENT-INCOME> 68,219,530
<REALIZED-GAINS-CURRENT> 948,127
<APPREC-INCREASE-CURRENT> (129,155,214)
<NET-CHANGE-FROM-OPS> (59,987,557)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28,168,693)
<DISTRIBUTIONS-OF-GAINS> (4,210,527)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,339,433
<NUMBER-OF-SHARES-REDEEMED> (12,369,760)
<SHARES-REINVESTED> 2,212,995
<NET-CHANGE-IN-ASSETS> 262,060,465
<ACCUMULATED-NII-PRIOR> 27,552,308
<ACCUMULATED-GAINS-PRIOR> 4,210,527
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,475,467)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,056,263)
<AVERAGE-NET-ASSETS> 938,498,404
<PER-SHARE-NAV-BEGIN> 15.800
<PER-SHARE-NII> .820
<PER-SHARE-GAIN-APPREC> (1.800)
<PER-SHARE-DIVIDEND> (.440)
<PER-SHARE-DISTRIBUTIONS> (.070)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.310
<EXPENSE-RATIO> (.540)
<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
FRANKLIN VALUEMARK FUND DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 609,055,586
<INVESTMENTS-AT-VALUE> 566,153,786
<RECEIVABLES> 13,602,294
<ASSETS-OTHER> 33,004
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 579,789,084
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 749,999
<TOTAL-LIABILITIES> 749,999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 593,384,186
<SHARES-COMMON-STOCK> 46,075,699
<SHARES-COMMON-PRIOR> 49,161,847
<ACCUMULATED-NII-CURRENT> 43,374,805
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,818,106)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (42,901,800)
<NET-ASSETS> 579,039,085
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 46,866,125
<OTHER-INCOME> 0
<EXPENSES-NET> (3,368,633)
<NET-INVESTMENT-INCOME> 43,497,492
<REALIZED-GAINS-CURRENT> (14,818,106)
<APPREC-INCREASE-CURRENT> (60,874,526)
<NET-CHANGE-FROM-OPS> (32,195,140)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (32,225,955)
<DISTRIBUTIONS-OF-GAINS> (2,520,838)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,986,192
<NUMBER-OF-SHARES-REDEEMED> (16,823,563)
<SHARES-REINVESTED> 2,751,223
<NET-CHANGE-IN-ASSETS> (105,264,332)
<ACCUMULATED-NII-PRIOR> 32,103,268
<ACCUMULATED-GAINS-PRIOR> 2,520,838
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,100,250)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,368,633)
<AVERAGE-NET-ASSETS> 633,489,741
<PER-SHARE-NAV-BEGIN> 13.920
<PER-SHARE-NII> .960
<PER-SHARE-GAIN-APPREC> (1.590)
<PER-SHARE-DIVIDEND> (.670)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.570
<EXPENSE-RATIO> (.53)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> ZERO COUPON FUND - 1995
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 51,250,274
<INVESTMENTS-AT-VALUE> 51,169,064
<RECEIVABLES> 38,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,207,450
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 66,840
<TOTAL-LIABILITIES> 66,840
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,953,934
<SHARES-COMMON-STOCK> 4,244,898
<SHARES-COMMON-PRIOR> 3,835,685
<ACCUMULATED-NII-CURRENT> 3,252,086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,800
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (81,210)
<NET-ASSETS> 51,140,610
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,479,612
<OTHER-INCOME> 0
<EXPENSES-NET> (201,673)
<NET-INVESTMENT-INCOME> 3,277,939
<REALIZED-GAINS-CURRENT> 15,796
<APPREC-INCREASE-CURRENT> (2,943,148)
<NET-CHANGE-FROM-OPS> 350,587
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,968,120)
<DISTRIBUTIONS-OF-GAINS> (121,482)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,513,251
<NUMBER-OF-SHARES-REDEEMED> (1,363,425)
<SHARES-REINVESTED> 259,387
<NET-CHANGE-IN-ASSETS> 2,179,545
<ACCUMULATED-NII-PRIOR> 2,942,267
<ACCUMULATED-GAINS-PRIOR> 121,486
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (177,189)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (201,673)
<AVERAGE-NET-ASSETS> 50,354,537
<PER-SHARE-NAV-BEGIN> 12.76
<PER-SHARE-NII> .759
<PER-SHARE-GAIN-APPREC> (.680)
<PER-SHARE-DIVIDEND> (.759)
<PER-SHARE-DISTRIBUTIONS> (.031)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> .40
<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
FRANKLIN VALUEMARK DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> FVF - ZERO COUPON FUND - 2000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 95,864,058
<INVESTMENTS-AT-VALUE> 93,528,219
<RECEIVABLES> 787,274
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 94,315,493
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85,329
<TOTAL-LIABILITIES> 85,329
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,283,479
<SHARES-COMMON-STOCK> 6,919,210
<SHARES-COMMON-PRIOR> 4,982,461
<ACCUMULATED-NII-CURRENT> 5,282,540
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,335,839)
<NET-ASSETS> 94,230,164
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,677,712
<OTHER-INCOME> 0
<EXPENSES-NET> (334,777)
<NET-INVESTMENT-INCOME> 5,342,935
<REALIZED-GAINS-CURRENT> (16)
<APPREC-INCREASE-CURRENT> (10,807,581)
<NET-CHANGE-FROM-OPS> (5,464,662)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,929,502)
<DISTRIBUTIONS-OF-GAINS> (559,100)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,773,795
<NUMBER-OF-SHARES-REDEEMED> (1,161,411)
<SHARES-REINVESTED> 324,365
<NET-CHANGE-IN-ASSETS> 17,314,436
<ACCUMULATED-NII-PRIOR> 3,869,107
<ACCUMULATED-GAINS-PRIOR> 559,100
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (301,577)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (334,777)
<AVERAGE-NET-ASSETS> 83,834,249
<PER-SHARE-NAV-BEGIN> 15.44
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> (1.71)
<PER-SHARE-DIVIDEND> (.69)
<PER-SHARE-DISTRIBUTIONS> (.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.62
<EXPENSE-RATIO> .40
<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
FRANKLIN VALUEMARK DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> FVF - ZERO COUPON FUND - 2005
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 53,626,284
<INVESTMENTS-AT-VALUE> 51,217,466
<RECEIVABLES> 352,321
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,569,787
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,910
<TOTAL-LIABILITIES> 70,910
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,000,585
<SHARES-COMMON-STOCK> 3,743,694
<SHARES-COMMON-PRIOR> 2,674,510
<ACCUMULATED-NII-CURRENT> 2,941,474
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (34,364)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,408,818)
<NET-ASSETS> 51,498,877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,123,084
<OTHER-INCOME> 0
<EXPENSES-NET> (181,560)
<NET-INVESTMENT-INCOME> 2,941,524
<REALIZED-GAINS-CURRENT> (34,363)
<APPREC-INCREASE-CURRENT> (7,078,603)
<NET-CHANGE-FROM-OPS> (4,171,442)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,813,740)
<DISTRIBUTIONS-OF-GAINS> (566,970)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,768,247
<NUMBER-OF-SHARES-REDEEMED> (870,091)
<SHARES-REINVESTED> 171,028
<NET-CHANGE-IN-ASSETS> 8,500,965
<ACCUMULATED-NII-PRIOR> 1,813,835
<ACCUMULATED-GAINS-PRIOR> 566,824
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (158,311)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (181,560)
<AVERAGE-NET-ASSETS> 45,062,709
<PER-SHARE-NAV-BEGIN> 16.08
<PER-SHARE-NII> .71
<PER-SHARE-GAIN-APPREC> (2.24)
<PER-SHARE-DIVIDEND> (.60)
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.76
<EXPENSE-RATIO> .40
<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
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> ZERO COUPON FUND-2010
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 45,702,636
<INVESTMENTS-AT-VALUE> 44,649,290
<RECEIVABLES> 825,365
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,474,655
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,573
<TOTAL-LIABILITIES> 113,573
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,687,671
<SHARES-COMMON-STOCK> 3,483,788
<SHARES-COMMON-PRIOR> 1,861,033
<ACCUMULATED-NII-CURRENT> 2,074,248
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (347,491)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,053,346)
<NET-ASSETS> 45,361,082
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,215,181
<OTHER-INCOME> 0
<EXPENSES-NET> (126,714)
<NET-INVESTMENT-INCOME> 2,088,467
<REALIZED-GAINS-CURRENT> (247,797)
<APPREC-INCREASE-CURRENT> (4,693,017)
<NET-CHANGE-FROM-OPS> (2,852,347)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,275,410)
<DISTRIBUTIONS-OF-GAINS> (618,973)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,572,284
<NUMBER-OF-SHARES-REDEEMED> (1,094,847)
<SHARES-REINVESTED> 145,318
<NET-CHANGE-IN-ASSETS> 16,172,074
<ACCUMULATED-NII-PRIOR> 1,261,191
<ACCUMULATED-GAINS-PRIOR> 519,279
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (110,499)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (126,714)
<AVERAGE-NET-ASSETS> 31,764,838
<PER-SHARE-NAV-BEGIN> 15.680
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> (2.270)
<PER-SHARE-DIVIDEND> (.632)
<PER-SHARE-DISTRIBUTIONS> (.308)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.020
<EXPENSE-RATIO> .400
<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 FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> FVF- ADJUSTABLE U.S. GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 245,902,373
<INVESTMENTS-AT-VALUE> 237,481,266
<RECEIVABLES> 2,996,015
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,477,281
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 781,844
<TOTAL-LIABILITIES> 781,844
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,584,279
<SHARES-COMMON-STOCK> 22,758,495
<SHARES-COMMON-PRIOR> 27,469,266
<ACCUMULATED-NII-CURRENT> 13,453,993
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,921,728)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,421,107)
<NET-ASSETS> 239,695,437
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,165,246
<OTHER-INCOME> 0
<EXPENSES-NET> (1,625,674)
<NET-INVESTMENT-INCOME> 13,539,572
<REALIZED-GAINS-CURRENT> (8,446,100)
<APPREC-INCREASE-CURRENT> (5,701,721)
<NET-CHANGE-FROM-OPS> (608,249)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,817,214)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,908,600
<NUMBER-OF-SHARES-REDEEMED> 21,834,288
<SHARES-REINVESTED> 1,214,917
<NET-CHANGE-IN-ASSETS> (63,688,448)
<ACCUMULATED-NII-PRIOR> 12,731,635
<ACCUMULATED-GAINS-PRIOR> (2,475,628)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,522,439)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,625,674)
<AVERAGE-NET-ASSETS> 282,860,991
<PER-SHARE-NAV-BEGIN> 11.040
<PER-SHARE-NII> .620
<PER-SHARE-GAIN-APPREC> (.640)
<PER-SHARE-DIVIDEND> (.490)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.530
<EXPENSE-RATIO> .570
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> RISING DIVIDENDS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 276,013,939
<INVESTMENTS-AT-VALUE> 266,106,204
<RECEIVABLES> 44,492,662
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 310,598,866
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 669,839
<TOTAL-LIABILITIES> 669,839
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 326,837,386
<SHARES-COMMON-STOCK> 31,083,853
<SHARES-COMMON-PRIOR> 28,365,576
<ACCUMULATED-NII-CURRENT> 8,063,270
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,063,894)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,907,735)
<NET-ASSETS> 309,929,027
<DIVIDEND-INCOME> 8,597,618
<INTEREST-INCOME> 2,004,280
<OTHER-INCOME> 0
<EXPENSES-NET> (2,415,927)
<NET-INVESTMENT-INCOME> 8,185,971
<REALIZED-GAINS-CURRENT> (11,756,980)
<APPREC-INCREASE-CURRENT> (8,689,799)
<NET-CHANGE-FROM-OPS> (12,260,808)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,040,932)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,923,459
<NUMBER-OF-SHARES-REDEEMED> 7,707,590
<SHARES-REINVESTED> 502,408
<NET-CHANGE-IN-ASSETS> 10,198,802
<ACCUMULATED-NII-PRIOR> 4,918,231
<ACCUMULATED-GAINS-PRIOR> (3,306,914)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,262,988)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,415,927)
<AVERAGE-NET-ASSETS> 301,767,968
<PER-SHARE-NAV-BEGIN> 10.57
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> (.690)
<PER-SHARE-DIVIDEND> (.170)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUEMARK FUND DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> TEMPLETON PACIFIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 321,263,329
<INVESTMENTS-AT-VALUE> 311,891,728
<RECEIVABLES> 63,756,425
<ASSETS-OTHER> 976,207
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 376,624,360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 792,290
<TOTAL-LIABILITIES> 792,290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 375,969,823
<SHARES-COMMON-STOCK> 28,390,759
<SHARES-COMMON-PRIOR> 14,774,529
<ACCUMULATED-NII-CURRENT> 6,796,802
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,433,153
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,367,708)
<NET-ASSETS> 375,832,070
<DIVIDEND-INCOME> 7,513,225
<INTEREST-INCOME> 3,011,464
<OTHER-INCOME> 0
<EXPENSES-NET> (3,623,503)
<NET-INVESTMENT-INCOME> 6,901,186
<REALIZED-GAINS-CURRENT> 2,433,153
<APPREC-INCREASE-CURRENT> (40,845,737)
<NET-CHANGE-FROM-OPS> (31,511,398)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (798,003)
<DISTRIBUTIONS-OF-GAINS> (1,475,399)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,431,270
<NUMBER-OF-SHARES-REDEEMED> (7,977,801)
<SHARES-REINVESTED> 162,761
<NET-CHANGE-IN-ASSETS> 159,950,040
<ACCUMULATED-NII-PRIOR> 693,619
<ACCUMULATED-GAINS-PRIOR> 1,475,399
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,057,140)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,623,503)
<AVERAGE-NET-ASSETS> 338,532,534
<PER-SHARE-NAV-BEGIN> 14.610
<PER-SHARE-NII> .220
<PER-SHARE-GAIN-APPREC> (1.500)
<PER-SHARE-DIVIDEND> (.030)
<PER-SHARE-DISTRIBUTIONS> (.060)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.240
<EXPENSE-RATIO> (1.07)
<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
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 18
<NAME> TEMPLETON INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 698,281,055
<INVESTMENTS-AT-VALUE> 683,427,015
<RECEIVABLES> 104,859,140
<ASSETS-OTHER> 1,963,319
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 790,249,474
<PAYABLE-FOR-SECURITIES> 3,894,668
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,230,332
<TOTAL-LIABILITIES> 5,125,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 769,596,513
<SHARES-COMMON-STOCK> 62,763,083
<SHARES-COMMON-PRIOR> 24,818,026
<ACCUMULATED-NII-CURRENT> 13,466,616
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,941,223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,879,878)
<NET-ASSETS> 785,124,474
<DIVIDEND-INCOME> 12,688,478
<INTEREST-INCOME> 7,385,396
<OTHER-INCOME> 0
<EXPENSES-NET> (6,313,275)
<NET-INVESTMENT-INCOME> 13,760,599
<REALIZED-GAINS-CURRENT> 16,941,223
<APPREC-INCREASE-CURRENT> (46,356,706)
<NET-CHANGE-FROM-OPS> (15,654,884)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,765,449)
<DISTRIBUTIONS-OF-GAINS> (3,177,968)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,077,894
<NUMBER-OF-SHARES-REDEEMED> (10,522,866)
<SHARES-REINVESTED> 390,029
<NET-CHANGE-IN-ASSETS> 474,978,566
<ACCUMULATED-NII-PRIOR> 1,471,466
<ACCUMULATED-GAINS-PRIOR> 3,177,968
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5,356,301)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,313,275)
<AVERAGE-NET-ASSETS> 635,364,741
<PER-SHARE-NAV-BEGIN> 12.500
<PER-SHARE-NII> .190
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.030)
<PER-SHARE-DISTRIBUTIONS> (.070)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.510
<EXPENSE-RATIO> (.990)
<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 FRANKLIN
VALUEMARK FUNDS DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 19
<NAME> TEMPLETON DEVELOPING MARKETS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-15-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 105,356,266
<INVESTMENTS-AT-VALUE> 97,944,454
<RECEIVABLES> 711,666
<ASSETS-OTHER> 275,666
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,931,786
<PAYABLE-FOR-SECURITIES> 527,959
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 214,946
<TOTAL-LIABILITIES> 742,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,997,181
<SHARES-COMMON-STOCK> 10,265,657
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 758,368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (154,856)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,411,812)
<NET-ASSETS> 98,188,881
<DIVIDEND-INCOME> 484,842
<INTEREST-INCOME> 899,050
<OTHER-INCOME> 0
<EXPENSES-NET> (625,524)
<NET-INVESTMENT-INCOME> 758,368
<REALIZED-GAINS-CURRENT> (154,856)
<APPREC-INCREASE-CURRENT> (7,411,812)
<NET-CHANGE-FROM-OPS> (6,808,300)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,540,000
<NUMBER-OF-SHARES-REDEEMED> (1,274,353)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 98,188,781
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (511,882)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (625,524)
<AVERAGE-NET-ASSETS> 51,721,449
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> (0.51)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.56
<EXPENSE-RATIO> 1.53
<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 FRANKLIN VALUEMARK FUNDS - TEMPLETON GLOBAL GROWTH FUND
DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 20
<NAME> TEMPLETON GLOBAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-15-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 70,414,478
<INVESTMENTS-AT-VALUE> 69,763,803
<RECEIVABLES> 93,947,220
<ASSETS-OTHER> 503,523
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,214,546
<PAYABLE-FOR-SECURITIES> 3,070,126
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,288,332
<TOTAL-LIABILITIES> 5,358,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,518,250
<SHARES-COMMON-STOCK> 15,160,495
<SHARES-COMMON-PRIOR> 50,010
<ACCUMULATED-NII-CURRENT> 1,454,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (451,776)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (665,282)
<NET-ASSETS> 158,856,088
<DIVIDEND-INCOME> 411,715
<INTEREST-INCOME> 1,707,809
<OTHER-INCOME> 0
<EXPENSES-NET> (665,964)
<NET-INVESTMENT-INCOME> 1,453,560
<REALIZED-GAINS-CURRENT> (451,023)
<APPREC-INCREASE-CURRENT> (672,201)
<NET-CHANGE-FROM-OPS> 330,336
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,978,611
<NUMBER-OF-SHARES-REDEEMED> (868,126)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 158,348,486
<ACCUMULATED-NII-PRIOR> 1,336
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (578,011)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (665,964)
<AVERAGE-NET-ASSETS> 72962129
<PER-SHARE-NAV-BEGIN> 10.150
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.480
<EXPENSE-RATIO> 1.140
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of shareholders.
At a special meeting of shareholders of Franklin Equity Growth
Fund, a series of the registrant, held on July 7, 1994, the
following item was voted upon:
1. To approve the Subadvisory Agreement between Franklin
Advisers, Inc. and Templeton Quantitative Advisors, Inc. on
behalf of the Fund.
FOR AGAINST
30,099,581.708 774,282.721
WPDOC2\NSAR\822-77C.DOC JANUARY 31, 1995
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77D:
Policies with respect to security investments
At a meeting of the Board of the Board of Trustees on July 19,
1994, the following resolutions were approved:
RESOLVED, that the investment policies of the Money Market
Fund (the "Fund") be modified to permit the Fund to invest up
to 10% of its assets in taxable municipal securities, issued
by or on behalf of states, territories and possessions of the
U.S. and the District of Columbia and their political
subdivisions, agencies, and instrumentalities, the interest on
which is not exempt from federal income tax, which are
considered by the Fund to present minimal credit risks and
which are rated within the two highest rating categories by
NRSROs or, if unrated, have been determined by Franklin
Advisers, Inc. to be of comparable quality to instruments that
are Eligible Securities pursuant to procedures approved by the
Trust's Board of Trustees; and
FURTHER RESOLVED, that the Prospectus for the Fund be
supplemented to reflect this revised investment policy and
that the appropriate officers of the Trust take all steps
necessary to accomplish this.
At a meeting of the Board of the Board of Trustees on September
13, 1994, the following resolution was approved:
RESOLVED, that the Prospectuses for the Franklin Valuemark
Funds dated March 15, 1994 be supplemented to indicate that
the Templeton International Equity Fund (the "Fund") may
invest up to 5% of assets in fixed income securities which are
below investment grade or unrated.
wpdoc2\nsar\821-77d.doc January 30, 1995
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of Franklin Valuemark Funds:
In planning and performing our audit of the financial statements
and financial highlights of the funds comprising the Franklin
Valuemark Funds for the year ended December 31, 1994, we considered
its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Franklin Valuemark Funds is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two
of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements and financial highlights 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 structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of December 31, 1994.
This report is intended solely for the information and use of
management of the Franklin Valuemark Funds and the Securities and
Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
February 1, 1995
