<PAGE> PAGE 1
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007 C020300 PRECIOUS METALS FUND
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007 C020400 REAL ESTATE SECURITIES FUND
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007 C020800 INVESTMENT GRADE INTERMEDIATE BOND FUND
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<PAGE> PAGE 2
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007 C021600 TEMPLETON PACIFIC GROWTH FUND
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007 C021700 TEMPLETON INTERNATIONAL EQUITY FUND
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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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<PAGE> PAGE 13
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<PAGE> PAGE 14
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066 A000100 N
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068 B000100 N
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070 E020100 N
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070 F020100 N
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070 I010100 N
070 I020100 N
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<PAGE> PAGE 15
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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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015 A000214 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000214 S
015 C010214 BOGOTA
015 D010214 COLOMBIA
015 E040214 X
015 A000215 CESKOSLOVENSKA OBCHODNI BANKA
015 B000215 S
015 C010215 PRAGUE
015 D010215 CZECH REPUBLIC
015 E040215 X
015 A000216 DEN DANSKE BANK
015 B000216 S
015 C010216 COPENHAGEN
015 D010216 DENMARK
015 E040216 X
015 A000217 CEDEL
015 B000217 S
015 C010217 LUXEMBOURG CITY
015 D010217 LUXEMBOURG
015 E040217 X
015 A000218 FIRST CHICAGO CLEARING CENTRE
015 B000218 S
015 C010218 LONDON
015 D010218 UNITED KINGDOM
015 E040218 X
015 A000219 MERITA BANK
015 B000219 S
015 C010219 HELSINKI
015 D010219 FINLAND
015 E040219 X
015 A000220 BANQUE PARIBAS
015 B000220 S
015 C010220 PARIS
015 D010220 FRANCE
015 E040220 X
015 A000221 DRESDNER BANK A.G.
015 B000221 S
015 C010221 FRANKFURT
015 D010221 GERMANY
015 E040221 X
015 A000222 ALPHA CREDIT BANK A.E.
015 B000222 S
015 C010222 ATHENS
015 D010222 GREECE
015 E040222 X
015 A000223 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000223 S
015 C010223 HONG KONG
015 D010223 HONG KONG
015 E040223 X
<PAGE> PAGE 19
015 A000224 CITIBANK, N.A.
015 B000224 S
015 C010224 BUDAPEST
015 D010224 HUNGARY
015 E040224 X
015 A000225 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000225 S
015 C010225 BOMBAY
015 D010225 INDIA
015 E040225 X
015 A000226 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000226 S
015 C010226 JAKARTA
015 D010226 INDONESIA
015 E040226 X
015 A000227 ALLIED IRISH BANK
015 B000227 S
015 C010227 DUBLIN
015 D010227 IRELAND
015 E040227 X
015 A000228 ISRAEL DISCOUNT BANK
015 B000228 S
015 C010228 TEL AVIV
015 D010228 ISRAEL
015 E040228 X
015 A000229 BANCA COMMERCIALE ITALIANA
015 B000229 S
015 C010229 MILAN
015 D010229 ITALY
015 E040229 X
015 A000230 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000230 S
015 C010230 TOKYO
015 D010230 JAPAN
015 E040230 X
015 A000231 DELETE
015 A000232 SEOULBANK
015 B000232 S
015 C010232 SEOUL
015 D010232 SOUTH KOREA
015 E040232 X
015 A000233 THE HONGKONG BANK MALAYSIA BERHAD
015 B000233 S
015 C010233 KUALA LUMPUR
015 D010233 MALAYSIA
015 E040233 X
015 A000234 BANCO NACIONAL DE MEXICO
015 B000234 S
015 C010234 MEXICO CITY
015 D010234 MEXICO
015 E040234 X
<PAGE> PAGE 20
015 A000235 BANQUE COMMERCIALE DU MAROC
015 B000235 S
015 C010235 CASABLANCA
015 D010235 MOROCCO
015 E040235 X
015 A000236 MEESPIERSON
015 B000236 S
015 C010236 AMSTERDAM
015 D010236 NETHERLANDS
015 E040236 X
015 A000237 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000237 S
015 C010237 WELLINGTON
015 D010237 NEW ZEALAND
015 E040237 X
015 A000238 DEN NORSKE BANK A.S.
015 B000238 S
015 C010238 OSLO
015 D010238 NORWAY
015 E040238 X
015 A000239 STANDARD CHARTERED BANK
015 B000239 S
015 C010239 KARACHI
015 D010239 PAKISTAN
015 E040239 X
015 A000240 CITIBANK, N.A.
015 B000240 S
015 C010240 LIMA
015 D010240 PERU
015 E040240 X
015 A000241 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000241 S
015 C010241 MANILA
015 D010241 PHILIPPINES
015 E040241 X
015 A000242 BANK HANDLOWY W WARSZAWIE, S.A.
015 B000242 S
015 C010242 WARSAW
015 D010242 POLAND
015 E040242 X
015 A000243 BANCO COMERCIAL PORTUGUES, S.A.
015 B000243 S
015 C010243 LISBON
015 D010243 PORTUGAL
015 E040243 X
015 A000244 UNITED OVERSEAS BANK
015 B000244 S
015 C010244 SINGAPORE
015 D010244 SINGAPORE
015 E040244 X
015 A000245 STANDARD BANK OF SOUTH AFRICA LIMITED
<PAGE> PAGE 21
015 B000245 S
015 C010245 JOHANNESBURG
015 D010245 SOUTH AFRICA
015 E040245 X
015 A000246 BANCO BILBAO VIZCAYA
015 B000246 S
015 C010246 MADRID
015 D010246 SPAIN
015 E040246 X
015 A000247 STANDARD CHARTERED BANK
015 B000247 S
015 C010247 COLOMBO
015 D010247 SRI LANKA
015 E040247 X
015 A000248 SKANDINAVISKA ENSKILDA BANKEN
015 B000248 S
015 C010248 STOCKHOLM
015 D010248 SWEDEN
015 E040248 X
015 A000249 UNION BANK OF SWITZERLAND
015 B000249 S
015 C010249 ZURICH
015 D010249 SWITZERLAND
015 E040249 X
015 A000250 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000250 S
015 C010250 TAIPEI
015 D010250 TAIWAN (ROC)
015 E040250 X
015 A000251 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000251 S
015 C010251 BANGKOK
015 D010251 THAILAND
015 E040251 X
015 A000252 CITIBANK, N.A.
015 B000252 S
015 C010252 ISTANBUL
015 D010252 TURKEY
015 E040252 X
015 A000253 THE BANK OF NEW YORK
015 B000253 S
015 C010253 LONDON
015 D010253 UNITED KINGDOM
015 E040253 X
015 A000254 THE BANK OF BOSTON
015 B000254 S
015 C010254 MONTEVIDEO
015 D010254 URUGUAY
015 E040254 X
015 A000255 CITIBANK, N.A.
015 B000255 S
<PAGE> PAGE 22
015 C010255 CARACAS
015 D010255 VENEZUELA
015 E040255 X
028 A010200 21565
028 A020200 0
028 A030200 0
028 A040200 26682
028 B010200 32762
028 B020200 0
028 B030200 0
028 B040200 15000
028 C010200 26724
028 C020200 0
028 C030200 0
028 C040200 23649
028 D010200 33425
028 D020200 0
028 D030200 0
028 D040200 17188
028 E010200 30911
028 E020200 0
028 E030200 0
028 E040200 18968
028 F010200 24170
028 F020200 100945
028 F030200 0
028 F040200 14446
028 G010200 169557
028 G020200 100945
028 G030200 0
028 G040200 115933
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.625
048 B010200 150000
048 B020200 0.500
048 C010200 9750000
048 C020200 0.450
048 D010200 2500000
048 D020200 0.440
048 E010200 2500000
048 E020200 0.420
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
<PAGE> PAGE 23
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 15000000
048 K020200 0.400
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 Y
058 B000200 Y
058 C000200 Y
058 D000200 Y
058 E000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 2000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
<PAGE> PAGE 24
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
<PAGE> PAGE 25
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 194693
071 B000200 99433
071 C000200 859564
071 D000200 12
072 A000200 6
072 B000200 1942
072 C000200 19704
072 D000200 0
072 E000200 0
072 F000200 2210
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 18
072 K000200 22
072 L000200 25
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 10
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 43
072 X000200 2334
072 Y000200 0
072 Z000200 19312
072AA000200 18797
072BB000200 1481
072CC010200 13396
072CC020200 0
072DD010200 22225
072DD020200 0
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073 A010200 0.4058
073 A020200 0.0000
073 B000200 1.4373
073 C000200 0.0000
074 A000200 528
074 B000200 55900
074 C000200 0
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074 E000200 0
<PAGE> PAGE 26
074 F000200 929391
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 5196
074 K000200 0
074 L000200 3449
074 M000200 0
074 N000200 994464
074 O000200 909
074 P000200 378
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 42
074 S000200 0
074 T000200 993135
074 U010200 61226
074 U020200 0
074 V010200 16.22
074 V020200 0.00
074 W000200 0.0000
074 X000200 3
074 Y000200 0
075 A000200 0
075 B000200 929410
076 000200 0.00
008 A000301 FRANKLIN ADVISERS, INC
008 B000301 A
008 C000301 801-26292
008 D010301 SAN MATEO
008 D020301 CA
008 D030301 94403
008 D040301 7777
010 A000301 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C010301 BERWYN
010 C020301 PA
010 C030301 19312
010 C040301 0031
015 A000301 BANK OF AMERICA, NT & SA
015 B000301 C
015 C010301 SAN FRANCISCO
015 C020301 CA
015 C030301 94104
015 C040301 1502
015 E010301 X
015 A000302 THE BANK OF NEW YORK
015 B000302 C
015 C010302 NEW YORK
015 C020302 NY
<PAGE> PAGE 27
015 C030302 10286
015 E010302 X
015 A000303 THE BANK OF BOSTON
015 B000303 S
015 C010303 BUENOS AIRES
015 D010303 ARGENTINA
015 E040303 X
015 A000304 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000304 S
015 C010304 MELBOURNE
015 D010304 AUSTRALIA
015 E040304 X
015 A000305 GIROCREDIT BANK AG DER OSTERREICHISCHEN
015 B000305 S
015 C010305 VIENNA
015 D010305 AUSTRIA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK PLC
015 B000306 S
015 C010306 DHAKA
015 D010306 BANGLADESH
015 E040306 X
015 A000307 BANQUE BRUXELLES LAMBERT
015 B000307 S
015 C010307 BRUSSELS
015 D010307 BELGIUM
015 E040307 X
015 A000308 THE BANK OF BOSTON
015 B000308 S
015 C010308 SAO PAULO
015 D010308 BRAZIL
015 E040308 X
015 A000309 THE ROYAL TRUST CORPORATION OF CANADA
015 B000309 S
015 C010309 MONTREAL
015 D010309 CANADA
015 E040309 X
015 A000310 THE BANK OF BOSTON
015 B000310 S
015 C010310 SANTIAGO
015 D010310 CHILE
015 E040310 X
015 A000311 BANCO DE CHILE
015 B000311 S
015 C010311 SANTIAGO
015 D010311 CHILE
015 E040311 X
015 A000312 STANDARD CHARTERED BANK
015 B000312 S
015 C010312 SHANGHAI
015 D010312 CHINA
<PAGE> PAGE 28
015 E040312 X
015 A000313 STANDARD CHARTERED BANK
015 B000313 S
015 C010313 SHENZHEN
015 D010313 CHINA
015 E040313 X
015 A000314 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000314 S
015 C010314 BOGOTA
015 D010314 COLOMBIA
015 E040314 X
015 A000315 CESKOSLOVENSKA OBCHODNI BANKA
015 B000315 S
015 C010315 PRAGUE
015 D010315 CZECH REPUBLIC
015 E040315 X
015 A000316 DEN DANSKE BANK
015 B000316 S
015 C010316 COPENHAGEN
015 D010316 DENMARK
015 E040316 X
015 A000317 CEDEL
015 B000317 S
015 C010317 LUXEMBOURG CITY
015 D010317 LUXEMBOURG
015 E040317 X
015 A000318 FIRST CHICAGO CLEARING CENTRE
015 B000318 S
015 C010318 LONDON
015 D010318 UNITED KINGDOM
015 E040318 X
015 A000319 MERITA BANK
015 B000319 S
015 C010319 HELSINKI
015 D010319 FINLAND
015 E040319 X
015 A000320 BANQUE PARIBAS
015 B000320 S
015 C010320 PARIS
015 D010320 FRANCE
015 E040320 X
015 A000321 DRESDNER BANK AG
015 B000321 S
015 C010321 FRANKFURT
015 D010321 GERMANY
015 E040321 X
015 A000322 ALPHA CREDIT BANK A.E.
015 B000322 S
015 C010322 ATHENS
015 D010322 GREECE
015 E040322 X
<PAGE> PAGE 29
015 A000323 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000323 S
015 C010323 HONG KONG
015 D010323 HONG KONG
015 E040323 X
015 A000324 CITIBANK, N.A.
015 B000324 S
015 C010324 BUDAPEST
015 D010324 HUNGARY
015 E040324 X
015 A000325 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000325 S
015 C010325 BOMBAY
015 D010325 INDIA
015 E040325 X
015 A000326 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000326 S
015 C010326 JAKARTA
015 D010326 INDONESIA
015 E040326 X
015 A000327 ALLIED IRISH BANK
015 B000327 S
015 C010327 DUBLIN
015 D010327 IRELAND
015 E040327 X
015 A000328 ISRAEL DISCOUNT BANK
015 B000328 S
015 C010328 TEL AVIV
015 D010328 ISRAEL
015 E040328 X
015 A000329 BANCA COMMERCIALE ITALIANA
015 B000329 S
015 C010329 MILAN
015 D010329 ITALY
015 E040329 X
015 A000330 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000330 S
015 C010330 TOKYO
015 D010330 JAPAN
015 E040330 X
015 A000331 THE HONGKONG BANK MALAYSIA BERHAD
015 B000331 S
015 C010331 KUALA LUMPUR
015 D010331 MALAYSIA
015 E040331 X
015 A000332 BANCO NACIONAL DE MEXICO
015 B000332 S
015 C010332 MEXICO CITY
015 D010332 MEXICO
015 E040332 X
015 A000333 BANQUE COMMERCIALE DU MAROC
<PAGE> PAGE 30
015 B000333 S
015 C010333 CASABLANCA
015 D010333 MOROCCO
015 E040333 X
015 A000334 MEESPIERSON
015 B000334 S
015 C010334 AMSTERDAM
015 D010334 NETHERLANDS
015 E040334 X
015 A000335 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000335 S
015 C010335 WELLINGTON
015 D010335 NEW ZEALAND
015 E040335 X
015 A000336 DEN NORSKE BANK A.S.
015 B000336 S
015 C010336 BERGEN/OSLO
015 D010336 NORWAY
015 E040336 X
015 A000337 STANDARD CHARTERED BANK
015 B000337 S
015 C010337 KARACHI
015 D010337 PAKISTAN
015 E040337 X
015 A000338 CITIBANK, N.A.
015 B000338 S
015 C010338 LIMA
015 D010338 PERU
015 E040338 X
015 A000339 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000339 S
015 C010339 MANILA
015 D010339 PHILIPPINES
015 E040339 X
015 A000340 BANK HANDLOWY W WARSZAWIE S.A.
015 B000340 S
015 C010340 WARSAW
015 D010340 POLAND
015 E040340 X
015 A000341 BANCO COMERCIAL PORTUGUES, S.A.
015 B000341 S
015 C010341 LISBON
015 D010341 PORTUGAL
015 E040341 X
015 A000342 UNITED OVERSEAS BANK
015 B000342 S
015 C010342 SINGAPORE
015 D010342 SINGAPORE
015 E040342 X
015 A000343 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000343 S
<PAGE> PAGE 31
015 C010343 JOHANNESBURG
015 D010343 SOUTH AFRICA
015 E040343 X
015 A000344 SEOULBANK
015 B000344 S
015 C010344 SEOUL
015 D010344 SOUTH KOREA
015 E040344 X
015 A000345 BANCO BILBAO VIZCAYA
015 B000345 S
015 C010345 MADRID/BILBAO
015 D010345 SPAIN
015 E040345 X
015 A000346 STANDARD CHARTERED BANK
015 B000346 S
015 C010346 COLOMBO
015 D010346 SRI LANKA
015 E040346 X
015 A000347 SKANDINAVISKA ENSKILDA BANKEN
015 B000347 S
015 C010347 STOCKHOLM
015 D010347 SWEDEN
015 E040347 X
015 A000348 UNION BANK OF SWITZERLAND
015 B000348 S
015 C010348 ZURICH
015 D010348 SWITZERLAND
015 E040348 X
015 A000349 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000349 S
015 C010349 TAIPEI
015 D010349 TAIWAN
015 E040349 X
015 A000350 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000350 S
015 C010350 BANGKOK
015 D010350 THAILAND
015 E040350 X
015 A000351 CITIBANK, N.A.
015 B000351 S
015 C010351 ISTANBUL
015 D010351 TURKEY
015 E040351 X
015 A000352 THE BANK OF NEW YORK
015 B000352 S
015 C010352 LONDON
015 D010352 UNITED KINGDOM
015 E040352 X
015 A000353 THE BANK OF BOSTON
015 B000353 S
015 C010353 MONTEVIDEO
<PAGE> PAGE 32
015 D010353 URUGUAY
015 E040353 X
015 A000354 CITIBANK, N.A.
015 B000354 S
015 C010354 CARACAS
015 D010354 VENEZUELA
015 E040354 X
028 A010300 15010
028 A020300 0
028 A030300 0
028 A040300 3882
028 B010300 15836
028 B020300 0
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028 B040300 6207
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028 C030300 0
028 C040300 17030
028 D010300 5061
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028 D030300 0
028 D040300 5125
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028 E020300 0
028 E030300 0
028 E040300 8022
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028 F020300 3054
028 F030300 0
028 F040300 10705
028 G010300 60460
028 G020300 3054
028 G030300 0
028 G040300 50971
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 100000
048 A020300 0.625
048 B010300 150000
048 B020300 0.500
048 C010300 9750000
048 C020300 0.450
048 D010300 2500000
048 D020300 0.440
048 E010300 2500000
048 E020300 0.420
048 F010300 0
<PAGE> PAGE 33
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 15000000
048 K020300 0.400
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 Y
058 B000300 Y
058 C000300 Y
058 D000300 Y
058 E000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 2000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
<PAGE> PAGE 34
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
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062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
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066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 Y
068 B000300 Y
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
<PAGE> PAGE 35
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 19648
071 B000300 6621
071 C000300 116598
071 D000300 6
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072 B000300 425
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<PAGE> PAGE 36
074 B000300 7417
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
008 C000401 801-26292
008 D010401 SAN MATEO
008 D020401 CA
008 D030401 94403
008 D040401 7777
010 A000401 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C010401 BERWYN
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010 C040401 0031
015 A000401 BANK OF AMERICA, NT & SA
015 B000401 C
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015 E010401 X
<PAGE> PAGE 37
015 A000402 THE BANK OF NEW YORK
015 B000402 C
015 C010402 NEW YORK
015 C020402 NY
015 C030402 10286
015 E010402 X
015 A000403 THE BANK OF BOSTON
015 B000403 S
015 C010403 BUENOS AIRES
015 D010403 ARGENTINA
015 E040403 X
015 A000404 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000404 S
015 C010404 MELBOURNE
015 D010404 AUSTRALIA
015 E040404 X
015 A000405 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000405 S
015 C010405 VIENNA
015 D010405 AUSTRIA
015 E040405 X
015 A000406 STANDARD CHARTERED BANK PLC
015 B000406 S
015 C010406 DHAKA
015 D010406 BANGLADESH
015 E040406 X
015 A000407 BANQUE BRUXELLES LAMBERT
015 B000407 S
015 C010407 BRUSSELS
015 D010407 BELGIUM
015 E040407 X
015 A000408 THE BANK OF BOSTON
015 B000408 S
015 C010408 SAO PAULO
015 D010408 BRAZIL
015 E040408 X
015 A000409 THE ROYAL TRUST CORPORATION OF CANADA
015 B000409 S
015 C010409 MONTREAL
015 D010409 CANADA
015 E040409 X
015 A000410 THE BANK OF BOSTON
015 B000410 S
015 C010410 SANTIAGO
015 D010410 CHILE
015 E040410 X
015 A000411 BANCO DE CHILE
015 B000411 S
015 C010411 SANTIAGO
015 D010411 CHILE
015 E040411 X
<PAGE> PAGE 38
015 A000412 STANDARD CHARTERED BANK
015 B000412 S
015 C010412 SHENZHEN
015 D010412 CHINA
015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
015 C010413 SHANGHAI
015 D010413 CHINA
015 E040413 X
015 A000414 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000414 S
015 C010414 BOGOTA
015 D010414 COLOMBIA
015 E040414 X
015 A000415 CESKOSLOVENSKA OBCHODNI BANKA
015 B000415 S
015 C010415 PRAGUE
015 D010415 CZECH REPUBLIC
015 E040415 X
015 A000416 DEN DANSKE BANK
015 B000416 S
015 C010416 COPENHAGEN
015 D010416 DENMARK
015 E040416 X
015 A000417 CEDEL
015 B000417 S
015 C010417 LUXEMBOURG
015 D010417 LUXEMBOURG
015 E040417 X
015 A000418 FIRST CHICAGO CLEARING CENTRE
015 B000418 S
015 C010418 LONDON
015 D010418 UNITED KINGDOM
015 E040418 X
015 A000419 MERITA BANK
015 B000419 S
015 C010419 HELSINKI
015 D010419 FINLAND
015 E040419 X
015 A000420 BANQUE PARIBAS
015 B000420 S
015 C010420 PARIS
015 D010420 FRANCE
015 E040420 X
015 A000421 DRESDNER BANK A.G.
015 B000421 S
015 C010421 FRANKFURT
015 D010421 GERMANY
015 E040421 X
015 A000422 ALPHA CREDIT BANK A.E.
<PAGE> PAGE 39
015 B000422 S
015 C010422 ATHENS
015 D010422 GREECE
015 E040422 X
015 A000423 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000423 S
015 C010423 HONG KONG
015 D010423 HONG KONG
015 E040423 X
015 A000424 CITIBANK, N.A.
015 B000424 S
015 C010424 BUDAPEST
015 D010424 HUNGARY
015 E040424 X
015 A000425 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000425 S
015 C010425 BOMBAY
015 D010425 INDIA
015 E040425 X
015 A000426 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000426 S
015 C010426 JAKARTA
015 D010426 INDONESIA
015 E040426 X
015 A000427 ALLIED IRISH BANK
015 B000427 S
015 C010427 DUBLIN
015 D010427 IRELAND
015 E040427 X
015 A000428 ISRAEL DISCOUNT BANK
015 B000428 S
015 C010428 TEL AVIV
015 D010428 ISRAEL
015 E040428 X
015 A000429 BANCA COMMERCIALE ITALIANA
015 B000429 S
015 C010429 MILAN
015 D010429 ITALY
015 E040429 X
015 A000430 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000430 S
015 C010430 TOKYO
015 D010430 JAPAN
015 E040430 X
015 A000431 SEOULBANK
015 B000431 S
015 C010431 SEOUL
015 D010431 SOUTH KOREA
015 E040431 X
015 A000432 THE HONGKONG BANK MALAYSIA BERHAD
015 B000432 S
<PAGE> PAGE 40
015 C010432 KUALA LUMPUR
015 D010432 MALAYSIA
015 E040432 X
015 A000433 BANCO NACIONAL DE MEXICO
015 B000433 S
015 C010433 MEXICO CITY
015 D010433 MEXICO
015 E040433 X
015 A000434 BANQUE COMMERCIALE DU MAROC
015 B000434 S
015 C010434 CASABLANCA
015 D010434 MOROCCO
015 E040434 X
015 A000435 MEESPIERSON
015 B000435 S
015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000436 S
015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
015 B000437 S
015 C010437 OSLO
015 D010437 NORWAY
015 E040437 X
015 A000438 STANDARD CHARTERED BANK
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000440 S
015 C010440 MANILA
015 D010440 PHILIPPINES
015 E040440 X
015 A000441 BANK HANDLOWY W WARSZAWIE, S.A.
015 B000441 S
015 C010441 WARSAW
015 D010441 POLAND
015 E040441 X
015 A000442 BANCO COMERCIAL PORTUGUES, S.A.
015 B000442 S
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<PAGE> PAGE 41
015 D010442 PORTUGAL
015 E040442 X
015 A000443 UNITED OVERSEAS BANK
015 B000443 S
015 C010443 SINGAPORE
015 D010443 SINGAPORE
015 E040443 X
015 A000444 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000444 S
015 C010444 JOHANNESBURG
015 D010444 SOUTH AFRICA
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015 A000445 BANCO BILBAO VIZCAYA
015 B000445 S
015 C010445 MADRID
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015 A000446 STANDARD CHARTERED BANK
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015 D010446 SRI LANKA
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015 A000447 SKANDINAVISKA ENSKILDA BANKEN
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015 C010447 STOCKHOLM
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015 A000448 UNION BANK OF SWITZERLAND
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015 C010448 ZURICH
015 D010448 SWITZERLAND
015 E040448 X
015 A000449 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000449 S
015 C010449 TAIPEI
015 D010449 TAIWAN (ROC)
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015 A000450 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000450 S
015 C010450 BANGKOK
015 D010450 THAILAND
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015 A000451 CITIBANK, N.A.
015 B000451 S
015 C010451 ISTANBUL
015 D010451 TURKEY
015 E040451 X
015 A000452 THE BANK OF NEW YORK
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015 C010452 LONDON
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<PAGE> PAGE 42
015 E040452 X
015 A000453 THE BANK OF BOSTON
015 B000453 S
015 C010453 MONTEVIDEO
015 D010453 URUGUAY
015 E040453 X
015 A000454 CITIBANK, N.A.
015 B000454 S
015 C010454 CARACAS
015 D010454 VENEZUELA
015 E040454 X
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<PAGE> PAGE 43
048 D020400 0.440
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048 H010400 0
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
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048 K020400 0.400
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050 000400 N
051 000400 N
052 000400 N
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054 C000400 Y
054 D000400 N
054 E000400 N
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 Y
054 M000400 Y
054 N000400 N
054 O000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 A000400 Y
058 B000400 Y
058 C000400 Y
058 D000400 Y
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059 000400 Y
060 A000400 Y
060 B000400 Y
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<PAGE> PAGE 44
062 D000400 0.0
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062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
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063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 N
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<PAGE> PAGE 45
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
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070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 9326
071 C000400 206477
071 D000400 5
072 A000400 6
072 B000400 499
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072 F000400 618
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072 K000400 5
072 L000400 7
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072 W000400 12
072 X000400 653
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072AA000400 864
072BB000400 27
072CC010400 9633
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<PAGE> PAGE 46
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
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074 C000400 0
074 D000400 1785
074 E000400 1053
074 F000400 212524
074 G000400 0
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074 L000400 1689
074 M000400 0
074 N000400 234555
074 O000400 406
074 P000400 105
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074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 130
074 S000400 0
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008 A000501 FRANKLIN ADVISERS, INC.
008 B000501 A
008 C000501 801-26292
008 D010501 SAN MATEO
008 D020501 CA
008 D030501 94403
008 D040501 7777
010 A000501 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C010501 BERWYN
010 C020501 PA
010 C030501 19312
010 C040501 0031
015 A000501 BANK OF AMERICA, NT & SA
015 B000501 C
015 C010501 SAN FRANCISCO
<PAGE> PAGE 47
015 C020501 CA
015 C030501 94104
015 C040501 1502
015 E010501 X
015 A000502 THE BANK OF NEW YORK
015 B000502 C
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10286
015 E010502 X
015 A000503 THE BANK OF BOSTON
015 B000503 S
015 C010503 BUENOS AIRES
015 D010503 ARGENTINA
015 E040503 X
015 A000504 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000504 S
015 C010504 MELBOURNE
015 D010504 AUSTRALIA
015 E040504 X
015 A000505 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000505 S
015 C010505 VIENNA
015 D010505 AUSTRIA
015 E040505 X
015 A000506 STANDARD CHARTERED BANK PLC
015 B000506 S
015 C010506 DHAKA
015 D010506 BANGLADESH
015 E040506 X
015 A000507 BANQUE BRUXELLES LAMBERT
015 B000507 S
015 C010507 BRUSSELS
015 D010507 BELGIUM
015 E040507 X
015 A000508 THE BANK OF BOSTON
015 B000508 S
015 C010508 SAO PAULO
015 D010508 BRAZIL
015 E040508 X
015 A000509 THE ROYAL TRUST CORPORATION OF CANADA
015 B000509 S
015 C010509 MONTREAL
015 D010509 CANADA
015 E040509 X
015 A000510 THE BANK OF BOSTON
015 B000510 S
015 C010510 SANTIAGO
015 D010510 CHILE
015 E040510 X
015 A000511 BANCO DE CHILE
<PAGE> PAGE 48
015 B000511 S
015 C010511 SANTIAGO
015 D010511 CHILE
015 E040511 X
015 A000512 STANDARD CHARTERED BANK
015 B000512 S
015 C010512 SHENZHEN
015 D010512 CHINA
015 E040512 X
015 A000513 STANDARD CHARTERED BANK
015 B000513 S
015 C010513 SHANGHAI
015 D010513 CHINA
015 E040513 X
015 A000514 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000514 S
015 C010514 BOGOTA
015 D010514 COLOMBIA
015 E040514 X
015 A000515 CESKOSLOVENSKA OBCHODNI BANKA
015 B000515 S
015 C010515 PRAGUE
015 D010515 CZECH REPUBLIC
015 E040515 X
015 A000516 DEN DANSKE BANK
015 B000516 S
015 C010516 COPENHAGEN
015 D010516 DENMARK
015 E040516 X
015 A000517 CEDEL
015 B000517 S
015 C010517 LUXEMBOURG CITY
015 D010517 LUXEMBOURG
015 E040517 X
015 A000518 FIRST CHICAGO CLEARING CENTRE
015 B000518 S
015 C010518 LONDON
015 D010518 UNITED KINGDOM
015 E040518 X
015 A000519 MERITA BANK
015 B000519 S
015 C010519 HELSINKI
015 D010519 FINLAND
015 E040519 X
015 A000520 BANQUE PARIBAS
015 B000520 S
015 C010520 PARIS
015 D010520 FRANCE
015 E040520 X
015 A000521 DRESDNER BANK A.G.
015 B000521 S
<PAGE> PAGE 49
015 C010521 FRANKFURT
015 D010521 GERMANY
015 E040521 X
015 A000522 ALPHA CREDIT BANK A.E.
015 B000522 S
015 C010522 ATHENS
015 D010522 GREECE
015 E040522 X
015 A000523 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000523 S
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015 D010523 HONG KONG
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015 A000524 CITIBANK, N.A.
015 B000524 S
015 C010524 BUDAPEST
015 D010524 HUNGARY
015 E040524 X
015 A000525 THE HONKONG & SHANGHAI BANKING CORP., LTD.
015 B000525 S
015 C010525 BOMBAY
015 D010525 INDIA
015 E040525 X
015 A000526 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000526 S
015 C010526 JAKARTA
015 D010526 INDONESIA
015 E040526 X
015 A000527 ALLIED IRISH BANK
015 B000527 S
015 C010527 DUBLIN
015 D010527 IRELAND
015 E040527 X
015 A000528 ISRAEL DISCOUNT BANK
015 B000528 S
015 C010528 TEL AVIV
015 D010528 ISRAEL
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015 A000529 BANCA COMMERCIALE ITALIANA
015 B000529 S
015 C010529 MILAN
015 D010529 ITALY
015 E040529 X
015 A000530 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000530 S
015 C010530 TOKYO
015 D010530 JAPAN
015 E040530 X
015 A000531 DELETE
015 A000532 SEOULBANK
015 B000532 S
<PAGE> PAGE 50
015 C010532 SEOUL
015 D010532 SOUTH KOREA
015 E040532 X
015 A000533 THE HONGKONG BANK MALAYSIA BERHAD
015 B000533 S
015 C010533 KUALA LUMPUR
015 D010533 MALAYSIA
015 E040533 X
015 A000534 BANCO NACIONAL DE MEXICO
015 B000534 S
015 C010534 MEXICO CITY
015 D010534 MEXICO
015 E040534 X
015 A000535 BANQUE COMMERCIALE DU MAROC
015 B000535 S
015 C010535 CASABLANCA
015 D010535 MOROCCO
015 E040535 X
015 A000536 MEESPIERSON
015 B000536 S
015 C010536 AMSTERDAM
015 D010536 NETHERLANDS
015 E040536 X
015 A000537 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000537 S
015 C010537 WELLINGTON
015 D010537 NEW ZEALAND
015 E040537 X
015 A000538 DEN NORSKE BANK A.S.
015 B000538 S
015 C010538 OSLO
015 D010538 NORWAY
015 E040538 X
015 A000539 STANDARD CHARTERED BANK
015 B000539 S
015 C010539 KARACHI
015 D010539 PAKISTAN
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015 A000540 CITIBANK, N.A.
015 B000540 S
015 C010540 LIMA
015 D010540 PERU
015 E040540 X
015 A000541 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000541 S
015 C010541 MANILA
015 D010541 PHILIPPINES
015 E040541 X
015 A000542 BANK HANDLOWY W WARSZAWIE, S.A.
015 B000542 S
015 C010542 WARSAW
<PAGE> PAGE 51
015 D010542 POLAND
015 E040542 X
015 A000543 BANCO COMERCIAL PORTUGUES, S.A.
015 B000543 S
015 C010543 LISBON
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015 E040543 X
015 A000544 UNITED OVERSEAS BANK
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015 C010544 SINGAPORE
015 D010544 SINGAPORE
015 E040544 X
015 A000545 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000545 S
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015 D010545 SOUTH AFRICA
015 E040545 X
015 A000546 BANCO BILBAO VIZCAYA
015 B000546 S
015 C010546 MADRID
015 D010546 SPAIN
015 E040546 X
015 A000547 STANDARD CHARTERED BANK
015 B000547 S
015 C010547 COLOMBO
015 D010547 SRI LANKA
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015 A000548 SKANDINAVISKA ENSKILDA BANKEN
015 B000548 S
015 C010548 STOCKHOLM
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015 A000550 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 B000551 S
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015 E040551 X
015 A000552 CITIBANK, N.A.
015 B000552 S
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<PAGE> PAGE 52
015 E040552 X
015 A000553 THE BANK OF NEW YORK
015 B000553 S
015 C010553 LONDON
015 D010553 UNITED KINGDOM
015 E040553 X
015 A000554 THE BANK OF BOSTON
015 B000554 S
015 C010554 MONTEVIDEO
015 D010554 URUGUAY
015 E040554 X
015 A000555 CITIBANK, N.A.
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015 E040555 X
028 A010500 20314
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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066 C000500 N
066 D000500 N
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066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 Y
070 B010500 Y
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070 C020500 N
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070 E020500 N
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070 I010500 N
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<PAGE> PAGE 55
070 J010500 Y
070 J020500 Y
070 K010500 N
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070 M010500 Y
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070 N020500 N
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070 O020500 N
070 P010500 Y
070 P020500 Y
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<PAGE> PAGE 56
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008 B000601 A
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<PAGE> PAGE 57
010 C030601 19312
010 C040601 0031
015 A000601 BANK OF AMERICA, NT & SA
015 B000601 C
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015 C040601 1502
015 E010601 X
015 A000602 THE BANK OF NEW YORK
015 B000602 C
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015 A000603 THE BANK OF BOSTON
015 B000603 S
015 C010603 BUENOS AIRES
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015 A000604 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
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015 D010605 AUSTRIA
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015 A000607 BANQUE BRUXELLES LAMBERT
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015 D010608 BRAZIL
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<PAGE> PAGE 58
015 B000610 S
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015 D010610 CHILE
015 E040610 X
015 A000611 BANCO DE CHILE
015 B000611 S
015 C010611 SANTIAGO
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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015 A000632 SEOULBANK
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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070 A020600 Y
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070 F020600 N
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070 G020600 N
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<PAGE> PAGE 65
070 I010600 N
070 I020600 N
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070 N020600 N
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070 P020600 N
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070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 66
072BB000600 2489
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008 D010701 SAN MATEO
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008 D030701 94403
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<PAGE> PAGE 67
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015 A000701 BANK OF AMERICA, NT & SA
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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015 C010728 TEL AVIV
015 D010728 ISRAEL
015 E040728 X
015 A000729 BANCA COMMERCIALE ITALIANA
015 B000729 S
015 C010729 MILAN
015 D010729 ITALY
015 E040729 X
015 A000730 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000730 S
015 C010730 TOKYO
015 D010730 JAPAN
015 E040730 X
015 A000731 SEOULBANK
015 B000731 S
015 C010731 SEOUL
015 D010731 SOUTH KOREA
015 E040731 X
015 A000732 THE HONGKONG BANK MALAYSIA BERHAD
015 B000732 S
015 C010732 KUALA LUMPUR
015 D010732 MALAYSIA
015 E040732 X
015 A000733 BANCO NACIONAL DE MEXICO
015 B000733 S
015 C010733 MEXICO CITY
015 D010733 MEXICO
015 E040733 X
015 A000734 BANQUE COMMERCIALE DU MAROC
015 B000734 S
015 C010734 CASABLANCA
015 D010734 MOROCCO
015 E040734 X
015 A000735 MEESPIERSON
015 B000735 S
015 C010735 AMSTERDAM
015 D010735 NETHERLANDS
015 E040735 X
015 A000736 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000736 S
015 C010736 WELLINGTON
015 D010736 NEW ZEALAND
015 E040736 X
015 A000737 DEN NORSKE BANK A.S.
015 B000737 S
015 C010737 OSLO
015 D010737 NORWAY
015 E040737 X
<PAGE> PAGE 71
015 A000738 STANDARD CHARTERED BANK
015 B000738 S
015 C010738 KARACHI
015 D010738 PAKISTAN
015 E040738 X
015 A000739 CITIBANK, N.A.
015 B000739 S
015 C010739 LIMA
015 D010739 PERU
015 E040739 X
015 A000740 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000740 S
015 C010740 MANILA
015 D010740 PHILIPPINES
015 E040740 X
015 A000741 BANK HANDLOWY W. WARZAWIE, S.A.
015 B000741 S
015 C010741 WARSAW
015 D010741 POLAND
015 E040741 X
015 A000742 BANCO COMERCIAL PORTUGUES, S.A.
015 B000742 S
015 C010742 LISBON
015 D010742 PORTUGAL
015 E040742 X
015 A000743 UNITED OVERSEAS BANK
015 B000743 S
015 C010743 SINGAPORE
015 D010743 SINGAPORE
015 E040743 X
015 A000744 STANDARD BANK OF SOUTH AFRICA LIMITED
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015 C010744 JOHANNESBURG
015 D010744 SOUTH AFRICA
015 E040744 X
015 A000745 BANCO BILBAO VIZCAYA
015 B000745 S
015 C010745 MADRID
015 D010745 SPAIN
015 E040745 X
015 A000746 STANDARD CHARTERED BANK
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015 C010746 COLOMBO
015 D010746 SRI LANKA
015 E040746 X
015 A000747 SKANDINAVISKA ENSKILDA BANKEN
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015 C010747 STOCKHOLM
015 D010747 SWEDEN
015 E040747 X
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<PAGE> PAGE 72
015 B000748 S
015 C010748 ZURICH
015 D010748 SWITZERLAND
015 E040748 X
015 A000749 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000749 S
015 C010749 TAIPEI
015 D010749 TAIWAN (ROC)
015 E040749 X
015 A000750 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000750 S
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015 B000751 S
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015 E040751 X
015 A000752 THE BANK OF NEW YORK
015 B000752 S
015 C010752 LONDON
015 D010752 UNITED KINGDOM
015 E040752 X
015 A000753 THE BANK OF BOSTON
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015 C010753 MONTEVIDEO
015 D010753 URUGUAY
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015 A000754 CITIBANK, N.A.
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015 C010754 CARACAS
015 D010754 VENEZUELA
015 E040754 X
015 A000755 DELETE
015 A000756 DELETE
015 A000757 DELETE
015 A000758 DELETE
015 A000759 DELETE
015 A000760 DELETE
015 A000761 DELETE
015 A000762 DELETE
015 A000763 DELETE
015 A000764 DELETE
015 A000765 DELETE
015 A000766 DELETE
015 A000767 DELETE
015 A000768 DELETE
015 A000769 DELETE
015 A000770 DELETE
015 A000771 DELETE
<PAGE> PAGE 73
015 A000772 DELETE
015 A000773 DELETE
015 A000774 DELETE
015 A000775 DELETE
015 A000776 DELETE
015 A000777 DELETE
015 A000778 DELETE
015 A000779 DELETE
015 A000780 DELETE
015 A000781 DELETE
015 A000782 DELETE
015 A000783 DELETE
015 A000784 DELETE
015 A000785 DELETE
015 A000786 DELETE
015 A000787 DELETE
015 A000788 DELETE
015 A000789 DELETE
015 A000790 DELETE
015 A000791 DELETE
015 A000792 DELETE
015 A000793 DELETE
015 A000794 DELETE
015 A000795 DELETE
015 A000796 DELETE
015 A000797 DELETE
015 A000798 DELETE
015 A000799 DELETE
028 A010700 2772
028 A020700 0
028 A030700 0
028 A040700 6980
028 B010700 2094
028 B020700 0
028 B030700 0
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028 C010700 1601
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028 C030700 0
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028 D020700 0
028 D030700 0
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028 E010700 1865
028 E020700 0
028 E030700 0
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028 F020700 17028
028 F030700 0
<PAGE> PAGE 74
028 F040700 4126
028 G010700 11343
028 G020700 17028
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045 000700 Y
046 000700 N
047 000700 Y
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048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 15000000
048 K020700 0.400
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 Y
054 M000700 Y
054 N000700 N
<PAGE> PAGE 75
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 Y
058 B000700 Y
058 C000700 Y
058 D000700 Y
058 E000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 2000
062 A000700 Y
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062 F000700 0.0
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062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 27.3
062 N000700 0.0
062 O000700 0.0
062 P000700 1.1
062 Q000700 68.3
062 R000700 0.0
063 A000700 0
063 B000700 6.7
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
<PAGE> PAGE 76
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 182372
071 B000700 196347
071 C000700 218013
071 D000700 84
072 A000700 6
072 B000700 9158
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072 F000700 637
072 G000700 0
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072 J000700 32
072 K000700 8
072 L000700 9
072 M000700 1
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072 O000700 0
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<PAGE> PAGE 77
072 V000700 0
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008 A000801 FRANKLIN ADVISERS, INC.
008 B000801 A
<PAGE> PAGE 78
008 C000801 801-26292
008 D010801 SAN MATEO
008 D020801 CA
008 D030801 94403
008 D040801 7777
010 A000801 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C010801 BERWYN
010 C020801 PA
010 C030801 19312
010 C040801 0031
015 A000801 BANK OF AMERICA, NT & SA
015 B000801 C
015 C010801 SAN FRANCISCO
015 C020801 CA
015 C030801 94104
015 C040801 1502
015 E010801 X
015 A000802 THE BANK OF NEW YORK
015 B000802 C
015 C010802 NEW YORK
015 C020802 NY
015 C030802 10286
015 E010802 X
015 A000803 THE BANK OF BOSTON
015 B000803 S
015 C010803 BUENOS AIRES
015 D010803 ARGENTINA
015 E040803 X
015 A000804 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000804 S
015 C010804 MELBOURNE
015 D010804 AUSTRALIA
015 E040804 X
015 A000805 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000805 S
015 C010805 VIENNA
015 D010805 AUSTRIA
015 E040805 X
015 A000806 STANDARD CHARTERED BANK PLC
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015 C010806 DHAKA
015 D010806 BANGLADESH
015 E040806 X
015 A000807 BANQUE BRUXELLES LAMBERT
015 B000807 S
015 C010807 BRUSSELS
015 D010807 BELGIUM
015 E040807 X
015 A000808 THE BANK OF BOSTON
015 B000808 S
015 C010808 SAO PAULO
<PAGE> PAGE 79
015 D010808 BRAZIL
015 E040808 X
015 A000809 THE ROYAL TRUST CORPORATION OF CANADA
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015 C010809 MONTREAL
015 D010809 CANADA
015 E040809 X
015 A000810 THE BANK OF BOSTON
015 B000810 S
015 C010810 SANTIAGO
015 D010810 CHILE
015 E040810 X
015 A000811 BANCO DE CHILE
015 B000811 S
015 C010811 SANTIAGO
015 D010811 CHILE
015 E040811 X
015 A000812 STANDARD CHARTERED BANK
015 B000812 S
015 C010812 SHENZHEN
015 D010812 CHINA
015 E040812 X
015 A000813 STANDARD CHARTERED BANK
015 B000813 S
015 C010813 SHANGHAI
015 D010813 CHINA
015 E040813 X
015 A000814 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000814 S
015 C010814 BOGOTA
015 D010814 COLOMBIA
015 E040814 X
015 A000815 CESKOSLOVENSKA OBCHODNI BANKA
015 B000815 S
015 C010815 PRAGUE
015 D010815 CZECH REPUBLIC
015 E040815 X
015 A000816 DEN DANSKE BANK
015 B000816 S
015 C010816 COPENHAGEN
015 D010816 DENMARK
015 E040816 X
015 A000817 CEDEL
015 B000817 S
015 C010817 LUXEMBOURG CITY
015 D010817 LUXEMBOURG
015 E040817 X
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015 C010818 LONDON
015 D010818 UNITED KINGDOM
<PAGE> PAGE 80
015 E040818 X
015 A000819 MERITA BANK
015 B000819 S
015 C010819 HELSINKI
015 D010819 FINLAND
015 E040819 X
015 A000820 BANQUE PARIBAS
015 B000820 S
015 C010820 PARIS
015 D010820 FRANCE
015 E040820 X
015 A000821 DRESDNER BANK A.G.
015 B000821 S
015 C010821 FRANKFURT
015 D010821 GERMANY
015 E040821 X
015 A000822 ALPHA CREDIT BANK A.E.
015 B000822 S
015 C010822 ATHENS
015 D010822 GREECE
015 E040822 X
015 A000823 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000823 S
015 C010823 HONG KONG
015 D010823 HONG KONG
015 E040823 X
015 A000824 CITIBANK, N.A.
015 B000824 S
015 C010824 BUDAPEST
015 D010824 HUNGARY
015 E040824 X
015 A000825 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000825 S
015 C010825 BOMBAY
015 D010825 INDIA
015 E040825 X
015 A000826 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000826 S
015 C010826 JAKARTA
015 D010826 INDONESIA
015 E040826 X
015 A000827 ALLIED IRISH BANK
015 B000827 S
015 C010827 DUBLIN
015 D010827 IRELAND
015 E040827 X
015 A000828 ISRAEL DISCOUNT BANK
015 B000828 S
015 C010828 TEL AVIV
015 D010828 ISRAEL
015 E040828 X
<PAGE> PAGE 81
015 A000829 BANCA COMMERCIALE ITALIANA
015 B000829 S
015 C010829 MILAN
015 D010829 ITALY
015 E040829 X
015 A000830 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000830 S
015 C010830 TOKYO
015 D010830 JAPAN
015 E040830 X
015 A000831 SEOULBANK
015 B000831 S
015 C010831 SEOUL
015 D010831 SOUTH KOREA
015 E040831 X
015 A000832 THE HONGKONG BANK MALAYSIA BERHAD
015 B000832 S
015 C010832 KUALA LUMPUR
015 D010832 MALAYSIA
015 E040832 X
015 A000833 BANCO NACIONAL DE MEXICO
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015 C010833 MEXICO CITY
015 D010833 MEXICO
015 E040833 X
015 A000834 BANQUE COMMERCIALE DU MAROC
015 B000834 S
015 C010834 CASABLANCA
015 D010834 MOROCCO
015 E040834 X
015 A000835 MEESPIERSON
015 B000835 S
015 C010835 AMSTERDAM
015 D010835 NETHERLANDS
015 E040835 X
015 A000836 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000836 S
015 C010836 WELLINGTON
015 D010836 NEW ZEALAND
015 E040836 X
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015 C010837 OSLO
015 D010837 NORWAY
015 E040837 X
015 A000838 STANDARD CHARTERED BANK
015 B000838 S
015 C010838 KARACHI
015 D010838 PAKISTAN
015 E040838 X
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<PAGE> PAGE 82
015 B000839 S
015 C010839 LIMA
015 D010839 PERU
015 E040839 X
015 A000840 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000840 S
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015 D010840 PHILIPPINES
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015 A000841 BANK HANDLOWY W WARSZAWIE, S.A.
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<PAGE> PAGE 83
015 C010849 TAIPEI
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<PAGE> PAGE 84
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048 J020800 0.000
048 K010800 15000000
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050 000800 N
051 000800 N
052 000800 N
053 A000800 N
054 A000800 Y
054 B000800 Y
054 C000800 Y
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 Y
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 N
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<PAGE> PAGE 85
054 O000800 N
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
058 A000800 Y
058 B000800 Y
058 C000800 Y
058 D000800 Y
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059 000800 Y
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060 B000800 Y
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067 000800 N
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069 000800 N
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070 D020800 N
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070 E020800 N
<PAGE> PAGE 86
070 F010800 N
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<PAGE> PAGE 87
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074 U020800 0
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075 A000800 0
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076 000800 0.00
008 A000901 FRANKLIN ADVISERS, INC.
008 B000901 A
<PAGE> PAGE 88
008 C000901 801-26292
008 D010901 SAN MATEO
008 D020901 CA
008 D030901 94403
008 D040901 7777
010 A000901 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C010901 BERWYN
010 C020901 PA
010 C030901 19312
010 C040901 0031
015 A000901 BANK OF AMERICA, NT & SA
015 B000901 C
015 C010901 SAN FRANCISCO
015 C020901 CA
015 C030901 94104
015 C040901 1502
015 E010901 X
015 A000902 THE BANK OF NEW YORK
015 B000902 C
015 C010902 NEW YORK
015 C020902 NY
015 C030902 10286
015 E010902 X
015 A000903 THE BANK OF BOSTON
015 B000903 S
015 C010903 BUENOS AIRES
015 D010903 ARGENTINA
015 E040903 X
015 A000904 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000904 S
015 C010904 MELBOURNE
015 D010904 AUSTRALIA
015 E040904 X
015 A000905 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000905 S
015 C010905 VIENNA
015 D010905 AUSTRIA
015 E040905 X
015 A000906 STANDARD CHARTERED BANK PLC
015 B000906 S
015 C010906 DHAKA
015 D010906 BANGLADESH
015 E040906 X
015 A000907 BANQUE BRUXELLES LAMBERT
015 B000907 S
015 C010907 BRUSSELS
015 D010907 BELGIUM
015 E040907 X
015 A000908 THE BANK OF BOSTON
015 B000908 S
015 C010908 SAO PAULO
<PAGE> PAGE 89
015 D010908 BRAZIL
015 E040908 X
015 A000909 THE ROYAL TRUST CORPORATION OF CANADA
015 B000909 S
015 C010909 MONTREAL
015 D010909 CANADA
015 E040909 X
015 A000910 THE BANK OF BOSTON
015 B000910 S
015 C010910 SANTIAGO
015 D010910 CHILE
015 E040910 X
015 A000911 BANCO DE CHILE
015 B000911 S
015 C010911 SANTIAGO
015 D010911 CHILE
015 E040911 X
015 A000912 STANDARD CHARTERED BANK
015 B000912 S
015 C010912 SHENZHEN
015 D010912 CHINA
015 E040912 X
015 A000913 STANDARD CHARTERED BANK
015 B000913 S
015 C010913 SHANGHAI
015 D010913 CHINA
015 E040913 X
015 A000914 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000914 S
015 C010914 BOGOTA
015 D010914 COLOMBIA
015 E040914 X
015 A000915 CESKOSLOVENSKA OBCHODNI BANKA
015 B000915 S
015 C010915 PRAGUE
015 D010915 CZECH REPUBLIC
015 E040915 X
015 A000916 DEN DANSKE BANK
015 B000916 S
015 C010916 COPENHAGEN
015 D010916 DENMARK
015 E040916 X
015 A000917 CEDEL
015 B000917 S
015 C010917 LUXEMBOURG CITY
015 D010917 LUXEMBOURG
015 E040917 X
015 A000918 FIRST CHICAGO CLEARING CENTRE
015 B000918 S
015 C010918 LONDON
015 D010918 UNITED KINGDOM
<PAGE> PAGE 90
015 E040918 X
015 A000919 MERITA BANK
015 B000919 S
015 C010919 HELSINKI
015 D010919 FINLAND
015 E040919 X
015 A000920 BANQUE PARIBAS
015 B000920 S
015 C010920 PARIS
015 D010920 FRANCE
015 E040920 X
015 A000921 DRESDNER BANK A.G.
015 B000921 S
015 C010921 FRANKFURT
015 D010921 GERMANY
015 E040921 X
015 A000922 ALPHA CREDIT BANK A.E.
015 B000922 S
015 C010922 ATHENS
015 D010922 GREECE
015 E040922 X
015 A000923 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000923 S
015 C010923 HONG KONG
015 D010923 HONG KONG
015 E040923 X
015 A000924 CITIBANK, N.A.
015 B000924 S
015 C010924 BUDAPEST
015 D010924 HUNGARY
015 E040924 X
015 A000925 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000925 S
015 C010925 BOMBAY
015 D010925 INDIA
015 E040925 X
015 A000926 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000926 S
015 C010926 JAKARTA
015 D010926 INDONESIA
015 E040926 X
015 A000927 ALLIED IRISH BANK
015 B000927 S
015 C010927 DUBLIN
015 D010927 IRELAND
015 E040927 X
015 A000928 ISRAEL DISCOUNT BANK
015 B000928 S
015 C010928 TEL AVIV
015 D010928 ISRAEL
015 E040928 X
<PAGE> PAGE 91
015 A000929 BANCA COMMERCIALE ITALIANA
015 B000929 S
015 C010929 MILAN
015 D010929 ITALY
015 E040929 X
015 A000930 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000930 S
015 C010930 TOKYO
015 D010930 JAPAN
015 E040930 X
015 A000931 DELETE
015 A000932 SEOULBANK
015 B000932 S
015 C010932 SEOUL
015 D010932 SOUTH KOREA
015 E040932 X
015 A000933 THE HONGKONG BANK MALAYSIA BERHAD
015 B000933 S
015 C010933 KUALA LUMPUR
015 D010933 MALAYSIA
015 E040933 X
015 A000934 BANCO NACIONAL DE MEXICO
015 B000934 S
015 C010934 MEXICO CITY
015 D010934 MEXICO
015 E040934 X
015 A000935 BANQUE COMMERCIALE DU MAROC
015 B000935 S
015 C010935 CASABLANCA
015 D010935 MOROCCO
015 E040935 X
015 A000936 MEESPIERSON
015 B000936 S
015 C010936 AMSTERDAM
015 D010936 NETHERLANDS
015 E040936 X
015 A000937 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000937 S
015 C010937 WELLINGTON
015 D010937 NEW ZEALAND
015 E040937 X
015 A000938 DEN NORSKE BANK A.S.
015 B000938 S
015 C010938 OSLO
015 D010938 NORWAY
015 E040938 X
015 A000939 STANDARD CHARTERED BANK
015 B000939 S
015 C010939 KARACHI
015 D010939 PAKISTAN
015 E040939 X
<PAGE> PAGE 92
015 A000940 CITIBANK, N.A.
015 B000940 S
015 C010940 LIMA
015 D010940 PERU
015 E040940 X
015 A000941 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000941 S
015 C010941 MANILA
015 D010941 PHILIPPINES
015 E040941 X
015 A000942 BANK HANDLOWY W WARSZAWIE, S.A.
015 B000942 S
015 C010942 WARSAW
015 D010942 POLAND
015 E040942 X
015 A000943 BANCO COMERCIAL PORTUGUES, S.A.
015 B000943 S
015 C010943 LISBON
015 D010943 PORTUGAL
015 E040943 X
015 A000944 UNITED OVERSEAS BANK
015 B000944 S
015 C010944 SINGAPORE
015 D010944 SINGAPORE
015 E040944 X
015 A000945 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000945 S
015 C010945 JOHANNESBURG
015 D010945 SOUTH AFRICA
015 E040945 X
015 A000946 BANCO BILBAO VIZCAYA
015 B000946 S
015 C010946 MADRID
015 D010946 SPAIN
015 E040946 X
015 A000947 STANDARD CHARTERED BANK
015 B000947 S
015 C010947 COLOMBO
015 D010947 SRI LANKA
015 E040947 X
015 A000948 SKANDINAVISKA ENSKILDA BANKEN
015 B000948 S
015 C010948 STOCKHOLM
015 D010948 SWEDEN
015 E040948 X
015 A000949 UNION BANK OF SWITZERLAND
015 B000949 S
015 C010949 ZURICH
015 D010949 SWITZERLAND
015 E040949 X
015 A000950 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
<PAGE> PAGE 93
015 B000950 S
015 C010950 TAIPEI
015 D010950 TAIWAN (ROC)
015 E040950 X
015 A000951 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000951 S
015 C010951 BANGKOK
015 D010951 THAILAND
015 E040951 X
015 A000952 CITIBANK, N.A.
015 B000952 S
015 C010952 ISTANBUL
015 D010952 TURKEY
015 E040952 X
015 A000953 THE BANK OF NEW YORK
015 B000953 S
015 C010953 LONDON
015 D010953 UNITED KINGDOM
015 E040953 X
015 A000954 THE BANK OF BOSTON
015 B000954 S
015 C010954 MONTEVIDEO
015 D010954 URUGUAY
015 E040954 X
015 A000955 CITIBANK, N.A.
015 B000955 S
015 C010955 CARACAS
015 D010955 VENEZUELA
015 E040955 X
028 A010900 21461
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028 A040900 17191
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028 B030900 0
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028 D010900 26478
028 D020900 0
028 D030900 0
028 D040900 19944
028 E010900 18308
028 E020900 0
028 E030900 0
028 E040900 26849
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028 F020900 78054
<PAGE> PAGE 94
028 F030900 0
028 F040900 19226
028 G010900 124167
028 G020900 78054
028 G030900 0
028 G040900 130964
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.000
048 A010900 100000
048 A020900 0.625
048 B010900 150000
048 B020900 0.500
048 C010900 9750000
048 C020900 0.450
048 D010900 2500000
048 D020900 0.440
048 E010900 2500000
048 E020900 0.420
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 15000000
048 K020900 0.400
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
054 A000900 Y
054 B000900 Y
054 C000900 Y
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 Y
054 H000900 Y
054 I000900 N
054 J000900 Y
054 K000900 N
054 L000900 Y
054 M000900 Y
<PAGE> PAGE 95
054 N000900 N
054 O000900 N
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 Y
058 B000900 Y
058 C000900 Y
058 D000900 Y
058 E000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 2000
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 3.3
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 7.1
062 N000900 0.0
062 O000900 0.0
062 P000900 36.0
062 Q000900 11.4
062 R000900 41.3
063 A000900 0
063 B000900 7.8
064 A000900 N
064 B000900 Y
065 000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
<PAGE> PAGE 96
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 N
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 Y
070 P020900 Y
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
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071 B000900 96672
071 C000900 1191741
071 D000900 8
072 A000900 6
072 B000900 37842
072 C000900 15135
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072 S000900 3
<PAGE> PAGE 97
072 T000900 0
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072 X000900 3207
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<PAGE> PAGE 98
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
010 A001001 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011001 BERWYN
010 C021001 PA
010 C031001 19312
010 C041001 0031
015 A001001 BANK OF AMERICA, NT & SA
015 B001001 C
015 C011001 SAN FRANCISCO
015 C021001 CA
015 C031001 94104
015 C041001 1502
015 E011001 X
028 A011000 5959
028 A021000 0
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<PAGE> PAGE 99
048 001000 0.000
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048 B011000 150000
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048 C011000 9750000
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048 J011000 0
048 J021000 0.000
048 K011000 15000000
048 K021000 0.400
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 N
054 A001000 Y
054 B001000 Y
054 C001000 Y
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 Y
054 H001000 Y
054 I001000 N
054 J001000 Y
054 K001000 N
054 L001000 Y
054 M001000 Y
054 N001000 N
054 O001000 N
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 Y
058 B001000 Y
058 C001000 Y
058 D001000 Y
<PAGE> PAGE 100
058 E001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
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062 A001000 Y
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062 H001000 0.0
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062 L001000 0.0
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062 N001000 96.9
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062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 22.6
064 A001000 N
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
<PAGE> PAGE 101
070 J021000 N
070 K011000 N
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 25554
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<PAGE> PAGE 102
072DD011000 41655
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008 A001101 FRANKLIN ADVISERS, INC.
008 B001101 A
008 C001101 801-26292
008 D011101 SAN MATEO
008 D021101 CA
008 D031101 94403
008 D041101 7777
010 A001101 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011101 BERWYN
010 C021101 PA
010 C031101 19312
<PAGE> PAGE 103
010 C041101 0031
015 A001101 BANK OF AMERICA, NT & SA
015 B001101 C
015 C011101 SAN FRANCISCO
015 C021101 CA
015 C031101 94104
015 C041101 1502
015 E011101 X
015 A001102 THE BANK OF NEW YORK
015 B001102 C
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10286
015 E011102 X
015 A001103 THE BANK OF BOSTON
015 B001103 S
015 C011103 BUENOS AIRES
015 D011103 ARGENTINA
015 E041103 X
015 A001104 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001104 S
015 C011104 MELBOURNE
015 D011104 AUSTRALIA
015 E041104 X
015 A001105 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001105 S
015 C011105 VIENNA
015 D011105 AUSTRIA
015 E041105 X
015 A001106 STANDARD CHARTERED BANK PLC
015 B001106 S
015 C011106 DHAKA
015 D011106 BANGLADESH
015 E041106 X
015 A001107 BANQUE BRUXELLES LAMBERT
015 B001107 S
015 C011107 BRUSSELS
015 D011107 BELGIUM
015 E041107 X
015 A001108 THE BANK OF BOSTON
015 B001108 S
015 C011108 SAO PAULO
015 D011108 BRAZIL
015 E041108 X
015 A001109 THE ROYAL TRUST CORPORATION OF CANADA
015 B001109 S
015 C011109 MONTREAL
015 D011109 CANADA
015 E041109 X
015 A001110 THE BANK OF BOSTON
015 B001110 S
<PAGE> PAGE 104
015 C011110 SANTIAGO
015 D011110 CHILE
015 E041110 X
015 A001111 BANCO DE CHILE
015 B001111 S
015 C011111 SANTIAGO
015 D011111 CHILE
015 E041111 X
015 A001112 STANDARD CHARTERED BANK
015 B001112 S
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015 D011112 CHINA
015 E041112 X
015 A001113 STANDARD CHARTERED BANK
015 B001113 S
015 C011113 SHANGHAI
015 D011113 CHINA
015 E041113 X
015 A001114 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 D011114 COLOMBIA
015 E041114 X
015 A001115 CESKOSLOVENSKA OBCHODNI BANKA
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015 D011115 CZECH REPUBLIC
015 E041115 X
015 A001116 DEN DANSKE BANK
015 B001116 S
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015 D011116 DENMARK
015 E041116 X
015 A001117 CEDEL
015 B001117 S
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015 D011117 LUXEMBOURG
015 E041117 X
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015 E041119 X
015 A001120 BANQUE PARIBAS
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<PAGE> PAGE 105
015 D011120 FRANCE
015 E041120 X
015 A001121 DRESDNER BANK A.G.
015 B001121 S
015 C011121 FRANKFURT
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015 E041121 X
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015 B001122 S
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015 E041122 X
015 A001123 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001123 S
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015 D011123 HONG KONG
015 E041123 X
015 A001124 CITIBANK, N.A.
015 B001124 S
015 C011124 BUDAPEST
015 D011124 HUNGARY
015 E041124 X
015 A001125 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001125 S
015 C011125 BOMBAY
015 D011125 INDIA
015 E041125 X
015 A001126 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B001126 S
015 C011126 JAKARTA
015 D011126 INDONESIA
015 E041126 X
015 A001127 ALLIED IRISH BANK
015 B001127 S
015 C011127 DUBLIN
015 D011127 IRELAND
015 E041127 X
015 A001128 ISRAEL DISCOUNT BANK
015 B001128 S
015 C011128 TEL AVIV
015 D011128 ISRAEL
015 E041128 X
015 A001129 BANCA COMMERCIALE ITALIANA
015 B001129 S
015 C011129 MILAN
015 D011129 ITALY
015 E041129 X
015 A001130 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B001130 S
015 C011130 TOKYO
015 D011130 JAPAN
<PAGE> PAGE 106
015 E041130 X
015 A001131 DELETE
015 A001132 SEOULBANK
015 B001132 S
015 C011132 SEOUL
015 D011132 SOUTH KOREA
015 E041132 X
015 A001133 THE HONGKONG BANK MALAYSIA BERHAD
015 B001133 S
015 C011133 KUALA LUMPUR
015 D011133 MALAYSIA
015 E041133 X
015 A001134 BANCO NACIONAL DE MEXICO
015 B001134 S
015 C011134 MEXICO CITY
015 D011134 MEXICO
015 E041134 X
015 A001135 BANQUE COMMERCIALE DU MAROC
015 B001135 S
015 C011135 CASABLANCA
015 D011135 MOROCCO
015 E041135 X
015 A001136 MEESPIERSON
015 B001136 S
015 C011136 AMSTERDAM
015 D011136 NETHERLANDS
015 E041136 X
015 A001137 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001137 S
015 C011137 WELLINGTON
015 D011137 NEW ZEALAND
015 E041137 X
015 A001138 DEN NORSKE BANK A.S.
015 B001138 S
015 C011138 OSLO
015 D011138 NORWAY
015 E041138 X
015 A001139 STANDARD CHARTERED BANK
015 B001139 S
015 C011139 KARACHI
015 D011139 PAKISTAN
015 E041139 X
015 A001140 CITIBANK, N.A.
015 B001140 S
015 C011140 LIMA
015 D011140 PERU
015 E041140 X
015 A001141 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001141 S
015 C011141 MANILA
015 D011141 PHILIPPINES
<PAGE> PAGE 107
015 E041141 X
015 A001142 BANK HANDLOWY W WARSZAWIE, S.A.
015 B001142 S
015 C011142 WARSAW
015 D011142 POLAND
015 E041142 X
015 A001143 BANCO COMERCIAL PORTUGUES, S.A.
015 B001143 S
015 C011143 LISBON
015 D011143 PORTUGAL
015 E041143 X
015 A001144 UNITED OVERSEAS BANK
015 B001144 S
015 C011144 SINGAPORE
015 D011144 SINGAPORE
015 E041144 X
015 A001145 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001145 S
015 C011145 JOHANNESBURG
015 D011145 SOUTH AFRICA
015 E041145 X
015 A001146 BANCO BILBAO VIZCAYA
015 B001146 S
015 C011146 MADRID
015 D011146 SPAIN
015 E041146 X
015 A001147 STANDARD CHARTERED BANK
015 B001147 S
015 C011147 COLOMBO
015 D011147 SRI LANKA
015 E041147 X
015 A001148 SKANDINAVISKA ENSKILDA BANKEN
015 B001148 S
015 C011148 STOCKHOLM
015 D011148 SWEDEN
015 E041148 X
015 A001149 UNION BANK OF SWITZERLAND
015 B001149 S
015 C011149 ZURICH
015 D011149 SWITZERLAND
015 E041149 X
015 A001150 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001150 S
015 C011150 TAIPEI
015 D011150 TAIWAN (ROC)
015 E041150 X
015 A001151 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B001151 S
015 C011151 BANGKOK
015 D011151 THAILAND
015 E041151 X
<PAGE> PAGE 108
015 A001152 CITIBANK, N.A.
015 B001152 S
015 C011152 ISTANBUL
015 D011152 TURKEY
015 E041152 X
015 A001153 THE BANK OF NEW YORK
015 B001153 S
015 C011153 LONDON
015 D011153 UNITED KINGDOM
015 E041153 X
015 A001154 THE BANK OF BOSTON
015 B001154 S
015 C011154 MONTEVIDEO
015 D011154 URUGUAY
015 E041154 X
015 A001155 CITIBANK, N.A.
015 B001155 S
015 C011155 CARACAS
015 D011155 VENEZUELA
015 E041155 X
028 A011100 2096
028 A021100 0
028 A031100 0
028 A041100 2895
028 B011100 1607
028 B021100 0
028 B031100 0
028 B041100 2691
028 C011100 2659
028 C021100 0
028 C031100 0
028 C041100 1436
028 D011100 1900
028 D021100 0
028 D031100 0
028 D041100 3908
028 E011100 2799
028 E021100 0
028 E031100 0
028 E041100 2746
028 F011100 1275
028 F021100 7414
028 F031100 0
028 F041100 2070
028 G011100 12336
028 G021100 7414
028 G031100 0
028 G041100 15746
028 H001100 0
045 001100 Y
046 001100 N
<PAGE> PAGE 109
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
054 A001100 Y
054 B001100 Y
054 C001100 Y
054 D001100 Y
054 E001100 Y
054 F001100 Y
054 G001100 Y
054 H001100 Y
054 I001100 N
054 J001100 Y
054 K001100 Y
054 L001100 Y
054 M001100 Y
054 N001100 Y
054 O001100 Y
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
058 A001100 Y
<PAGE> PAGE 110
058 B001100 Y
058 C001100 Y
058 D001100 Y
058 E001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 2000
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 23.2
062 N001100 75.7
062 O001100 0.0
062 P001100 0.0
062 Q001100 1.3
062 R001100 0.0
063 A001100 0
063 B001100 4.5
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
<PAGE> PAGE 111
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 Y
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 765
071 B001100 3060
071 C001100 133450
071 D001100 1
072 A001100 6
072 B001100 4278
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 370
072 G001100 0
072 H001100 0
072 I001100 0
072 J001100 3
072 K001100 3
072 L001100 5
072 M001100 0
072 N001100 0
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 2
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 2
072 X001100 385
072 Y001100 119
072 Z001100 4012
072AA001100 40
<PAGE> PAGE 112
072BB001100 20
072CC011100 0
072CC021100 6905
072DD011100 7341
072DD021100 0
072EE001100 72
073 A011100 0.8609
073 A021100 0.0000
073 B001100 0.0085
073 C001100 0.0000
074 A001100 95
074 B001100 0
074 C001100 0
074 D001100 131311
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 44
074 M001100 0
074 N001100 131450
074 O001100 0
074 P001100 40
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 337
074 S001100 0
074 T001100 131073
074 U011100 9025
074 U021100 0
074 V011100 14.52
074 V021100 0.00
074 W001100 0.0000
074 X001100 3
074 Y001100 23191
075 A001100 0
075 B001100 133521
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
010 A001201 DELAWARE VALLEY FINANCIAL SERVICES, INC.
<PAGE> PAGE 113
010 C011201 BERWYN
010 C021201 PA
010 C031201 19312
010 C041201 0031
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 THE BANK OF NEW YORK
015 B001202 C
015 C011202 NEW YORK
015 C021202 NY
015 C031202 10286
015 E011202 X
015 A001203 THE BANK OF BOSTON
015 B001203 S
015 C011203 BUENOS AIRES
015 D011203 ARGENTINA
015 E041203 X
015 A001204 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001204 S
015 C011204 MELBOURNE
015 D011204 AUSTRALIA
015 E041204 X
015 A001205 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001205 S
015 C011205 VIENNA
015 D011205 AUSTRIA
015 E041205 X
015 A001206 STANDARD CHARTERED BANK PLC
015 B001206 S
015 C011206 DHAKA
015 D011206 BANGLADESH
015 E041206 X
015 A001207 BANQUE BRUXELLES LAMBERT
015 B001207 S
015 C011207 BRUSSELS
015 D011207 BELGIUM
015 E041207 X
015 A001208 THE BANK OF BOSTON
015 B001208 S
015 C011208 SAO PAULO
015 D011208 BRAZIL
015 E041208 X
015 A001209 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001209 S
015 C011209 BOGOTA
015 D011209 COLOMBIA
<PAGE> PAGE 114
015 E041209 X
015 A001210 THE ROYAL TRUST CORPORATION OF CANADA
015 B001210 S
015 C011210 MONTREAL
015 D011210 CANADA
015 E041210 X
015 A001211 THE BANK OF BOSTON
015 B001211 S
015 C011211 SANTIAGO
015 D011211 CHILE
015 E041211 X
015 A001212 BANCO DE CHILE
015 B001212 S
015 C011212 SANTIAGO
015 D011212 CHILE
015 E041212 X
015 A001213 STANDARD CHARTERED BANK
015 B001213 S
015 C011213 SHENZHEN
015 D011213 CHINA
015 E041213 X
015 A001214 STANDARD CHARTERED BANK
015 B001214 S
015 C011214 SHANGHAI
015 D011214 CHINA
015 E041214 X
015 A001215 CESKOSLOVENSKA OBCHODNI BANKA
015 B001215 S
015 C011215 PRAGUE
015 D011215 CZECH REPUBLIC
015 E041215 X
015 A001216 DEN DANSKE BANK
015 B001216 S
015 C011216 COPENAGEN
015 D011216 DENMARK
015 E041216 X
015 A001217 CEDEL
015 B001217 S
015 C011217 LUXEMBOURG CITY
015 D011217 LUXEMBOURG
015 E041217 X
015 A001218 FIRST CHICAGO CLEARING CENTRE
015 B001218 S
015 C011218 LONDON
015 D011218 UNITED KINGDOM
015 E041218 X
015 A001219 MERITA BANK
015 B001219 S
015 C011219 HELSINKI
015 D011219 FINLAND
015 E041219 X
<PAGE> PAGE 115
015 A001220 BANQUE PARIBAS
015 B001220 S
015 C011220 PARIS
015 D011220 FRANCE
015 E041220 X
015 A001221 DRESDNER BANK A.G.
015 B001221 S
015 C011221 FRANKFURT
015 D011221 GERMANY
015 E041221 X
015 A001222 ALPHA CREDIT BANK A.E.
015 B001222 S
015 C011222 ATHENS
015 D011222 GREECE
015 E041222 X
015 A001223 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001223 S
015 C011223 HONG KONG
015 D011223 HONG KONG
015 E041223 X
015 A001224 CITIBANK, N.A.
015 B001224 S
015 C011224 BUDAPEST
015 D011224 HUNGARY
015 E041224 X
015 A001225 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001225 S
015 C011225 BOMBAY
015 D011225 INDIA
015 E041225 X
015 A001226 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001226 S
015 C011226 JAKARTA
015 D011226 INDONESIA
015 E041226 X
015 A001227 ALLIED IRISH BANK
015 B001227 S
015 C011227 DUBLIN
015 D011227 IRELAND
015 E041227 X
015 A001228 ISRAEL DISCOUNT BANK
015 B001228 S
015 C011228 TEL AVIV
015 D011228 ISRAEL
015 E041228 X
015 A001229 BANCA COMMERCIALE ITALIANA
015 B001229 S
015 C011229 MILAN
015 D011229 ITALY
015 E041229 X
015 A001230 YASUDA TRUST AND BANKING COMPANY LIMITED
<PAGE> PAGE 116
015 B001230 S
015 C011230 TOKYO
015 D011230 JAPAN
015 E041230 X
015 A001231 SEOULBANK
015 B001231 S
015 C011231 SEOUL
015 D011231 SOUTH KOREA
015 E041231 X
015 A001232 THE HONGKONG BANK MALAYSIA BERHAD
015 B001232 S
015 C011232 KUALA LUMPUR
015 D011232 MALAYSIA
015 E041232 X
015 A001233 BANCO NACIONAL DE MEXICO
015 B001233 S
015 C011233 MEXICO CITY
015 D011233 MEXICO
015 E041233 X
015 A001234 BANQUE COMMERCIALE DU MAROC
015 B001234 S
015 C011234 CASABLANCA
015 D011234 MOROCCO
015 E041234 X
015 A001235 MEESPIERSON
015 B001235 S
015 C011235 AMSTERDAM
015 D011235 NETHERLANDS
015 E041235 X
015 A001236 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001236 S
015 C011236 WELLINGTON
015 D011236 NEW ZEALAND
015 E041236 X
015 A001237 DEN NORSKE BANK A.S.
015 B001237 S
015 C011237 BERGEN/OSLO
015 D011237 NORWAY
015 E041237 X
015 A001238 STANDARD CHARTERED BANK
015 B001238 S
015 C011238 KARACHI
015 D011238 PAKISTAN
015 E041238 X
015 A001239 CITIBANK, N.A.
015 B001239 S
015 C011239 LIMA
015 D011239 PERU
015 E041239 X
015 A001240 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001240 S
<PAGE> PAGE 117
015 C011240 MANILA
015 D011240 PHILIPPINES
015 E041240 X
015 A001241 BANK HANDLOWY W WARSZAWIE, S.A.
015 B001241 S
015 C011241 WARSAW
015 D011241 POLAND
015 E041241 X
015 A001242 BANCO COMERCIAL PORTUGUES, S.A.
015 B001242 S
015 C011242 LISBON
015 D011242 PORTUGAL
015 E041242 X
015 A001243 UNITED OVERSEAS BANK
015 B001243 S
015 C011243 SINGAPORE
015 D011243 SINGAPORE
015 E041243 X
015 A001244 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001244 S
015 C011244 JOHANNESBURG
015 D011244 SOUTH AFRICA
015 E041244 X
015 A001245 BANCO BILBAO VIZCAYA
015 B001245 S
015 C011245 MADRID
015 D011245 SPAIN
015 E041245 X
015 A001246 STANDARD CHARTERED BANK
015 B001246 S
015 C011246 COLOMBO
015 D011246 SRI LANKA
015 E041246 X
015 A001247 SKANDINAVISKA ENSKILDA BANKEN
015 B001247 S
015 C011247 STOCKHOLM
015 D011247 SWEDEN
015 E041247 X
015 A001248 UNION BANK OF SWITZERLAND
015 B001248 S
015 C011248 ZURICH
015 D011248 SWITZERLAND
015 E041248 X
015 A001249 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001249 S
015 C011249 TAIPEI
015 D011249 TAIWAN (ROC)
015 E041249 X
015 A001250 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B001250 S
015 C011250 BANGKOK
<PAGE> PAGE 118
015 D011250 THAILAND
015 E041250 X
015 A001251 CITIBANK, N.A.
015 B001251 S
015 C011251 ISTANBUL
015 D011251 TURKEY
015 E041251 X
015 A001252 THE BANK OF NEW YORK
015 B001252 S
015 C011252 LONDON
015 D011252 UNITED KINGDOM
015 E041252 X
015 A001253 THE BANK OF BOSTON
015 B001253 S
015 C011253 MONTEVIDEO
015 D011253 URUGUAY
015 E041253 X
015 A001254 CITIBANK, N.A.
015 B001254 S
015 C011254 CARACAS
015 D011254 VENEZUELA
015 E041254 X
028 A011200 1146
028 A021200 0
028 A031200 0
028 A041200 1486
028 B011200 1697
028 B021200 0
028 B031200 0
028 B041200 1749
028 C011200 1994
028 C021200 0
028 C031200 0
028 C041200 877
028 D011200 1669
028 D021200 0
028 D031200 0
028 D041200 1730
028 E011200 2631
028 E021200 0
028 E031200 0
028 E041200 1342
028 F011200 920
028 F021200 4218
028 F031200 0
028 F041200 1283
028 G011200 10057
028 G021200 4218
028 G031200 0
028 G041200 8467
028 H001200 0
<PAGE> PAGE 119
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
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
054 A001200 Y
054 B001200 Y
054 C001200 Y
054 D001200 Y
054 E001200 Y
054 F001200 Y
054 G001200 Y
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 Y
054 L001200 Y
054 M001200 Y
054 N001200 Y
054 O001200 Y
055 A001200 N
055 B001200 N
056 001200 N
<PAGE> PAGE 120
057 001200 N
058 A001200 Y
058 B001200 Y
058 C001200 Y
058 D001200 Y
058 E001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 2000
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 22.5
062 N001200 73.9
062 O001200 0.0
062 P001200 1.1
062 Q001200 2.0
062 R001200 0.0
063 A001200 0
063 B001200 9.2
064 A001200 N
064 B001200 N
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
<PAGE> PAGE 121
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 Y
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 2227
071 B001200 0
071 C001200 79029
071 D001200 0
072 A001200 6
072 B001200 2555
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 247
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 3
072 K001200 2
072 L001200 3
072 M001200 0
072 N001200 0
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 2
072 S001200 0
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 2
072 X001200 259
072 Y001200 102
<PAGE> PAGE 122
072 Z001200 2398
072AA001200 0
072BB001200 0
072CC011200 0
072CC021200 7913
072DD011200 4218
072DD021200 0
072EE001200 0
073 A011200 0.8612
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 92
074 B001200 342
074 C001200 0
074 D001200 78891
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 0
074 M001200 0
074 N001200 79325
074 O001200 0
074 P001200 24
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 5
074 S001200 0
074 T001200 79296
074 U011200 5169
074 U021200 0
074 V011200 15.34
074 V021200 0.00
074 W001200 0.0000
074 X001200 3
074 Y001200 0
075 A001200 0
075 B001200 79339
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
<PAGE> PAGE 123
008 D041301 7777
010 A001301 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011301 BERWYN
010 C021301 PA
010 C031301 19312
010 C041301 0031
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 THE BANK OF NEW YORK
015 B001302 C
015 C011302 NEW YORK
015 C021302 NY
015 C031302 10286
015 E011302 X
015 A001303 THE BANK OF BOSTON
015 B001303 S
015 C011303 BUENOS AIRES
015 D011303 ARGENTINA
015 E041303 X
015 A001304 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001304 S
015 C011304 MELBOURNE
015 D011304 AUSTRALIA
015 E041304 X
015 A001305 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001305 S
015 C011305 VIENNA
015 D011305 AUSTRIA
015 E041305 X
015 A001306 STANDARD CHARTERED BANK PLC
015 B001306 S
015 C011306 DHAKA
015 D011306 BANGLADESH
015 E041306 X
015 A001307 BANQUE BRUXELLES LAMBERT
015 B001307 S
015 C011307 BRUSSELS
015 D011307 BELGIUM
015 E041307 X
015 A001308 THE BANK OF BOSTON
015 B001308 S
015 C011308 SAO PAULO
015 D011308 BRAZIL
015 E041308 X
015 A001309 THE ROYAL TRUST CORPORATION OF CANADA
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<PAGE> PAGE 124
015 C011309 MONTREAL
015 D011309 CANADA
015 E041309 X
015 A001310 THE BANK OF BOSTON
015 B001310 S
015 C011310 SANTIAGO
015 D011310 CHILE
015 E041310 X
015 A001311 BANCO DE CHILE
015 B001311 S
015 C011311 SANTIAGO
015 D011311 CHILE
015 E041311 X
015 A001312 STANDARD CHARTERED BANK
015 B001312 S
015 C011312 SHANGHAI
015 D011312 CHINA
015 E041312 X
015 A001313 STANDARD CHARTERED BANK
015 B001313 S
015 C011313 SHENZHEN
015 D011313 CHINA
015 E041313 X
015 A001314 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001314 S
015 C011314 BOGOTA
015 D011314 COLOMBIA
015 E041314 X
015 A001315 CESKOSLOVENSKA OBCHODNI BANKA
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015 C011315 PRAGUE
015 D011315 CZECH REPUBLIC
015 E041315 X
015 A001316 DEN DANSKE BANK
015 B001316 S
015 C011316 COPENHAGEN
015 D011316 DENMARK
015 E041316 X
015 A001317 CEDEL
015 B001317 S
015 C011317 LUXEMBOURG CITY
015 D011317 LUXEMBOURG
015 E041317 X
015 A001318 FIRST CHICAGO CLEARING CENTRE
015 B001318 S
015 C011318 LONDON
015 D011318 UNITED KINGDOM
015 E041318 X
015 A001319 MERITA BANK
015 B001319 S
015 C011319 HELSINKI
<PAGE> PAGE 125
015 D011319 FINLAND
015 E041319 X
015 A001320 BANQUE PARIBAS
015 B001320 S
015 C011320 PARIS
015 D011320 FRANCE
015 E041320 X
015 A001321 DRESDNER BANK A.G.
015 B001321 S
015 C011321 FRANKFURT
015 D011321 GERMANY
015 E041321 X
015 A001322 ALPHA CREDIT BANK A.E.
015 B001322 S
015 C011322 ATHENS
015 D011322 GREECE
015 E041322 X
015 A001323 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001323 S
015 C011323 HONG KONG
015 D011323 HONG KONG
015 E041323 X
015 A001324 CITIBANK, N.A.
015 B001324 S
015 C011324 BUDAPEST
015 D011324 HUNGARY
015 E041324 X
015 A001325 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001325 S
015 C011325 BOMBAY
015 D011325 INDIA
015 E041325 X
015 A001326 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001326 S
015 C011326 JAKARTA
015 D011326 INDONESIA
015 E041326 X
015 A001327 ALLIED IRISH BANK
015 B001327 S
015 C011327 DUBLIN
015 D011327 IRELAND
015 E041327 X
015 A001328 ISRAEL DISCOUNT BANK
015 B001328 S
015 C011328 TEL AVIV
015 D011328 ISRAEL
015 E041328 X
015 A001329 BANCA COMMERCIALE ITALIANA
015 B001329 S
015 C011329 MILAN
015 D011329 ITALY
<PAGE> PAGE 126
015 E041329 X
015 A001330 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B001330 S
015 C011330 TOKYO
015 D011330 JAPAN
015 E041330 X
015 A001331 THE HONGKONG BANK MALAYSIA BERHAD
015 B001331 S
015 C011331 KUALA LUMPUR
015 D011331 MALAYSIA
015 E041331 X
015 A001332 BANCO NACIONAL DE MEXICO
015 B001332 S
015 C011332 MEXICO CITY
015 D011332 MEXICO
015 E041332 X
015 A001333 BANQUE COMMERCIALE DU MAROC
015 B001333 S
015 C011333 CASABLANCA
015 D011333 MOROCCO
015 E041333 X
015 A001334 MEESPIERSON
015 B001334 S
015 C011334 AMSTERDAM
015 D011334 NETHERLANDS
015 E041334 X
015 A001335 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001335 S
015 C011335 WELLINGTON
015 D011335 NEW ZEALAND
015 E041335 X
015 A001336 DEN NORSKE BANK A.S.
015 B001336 S
015 C011336 OSLO
015 D011336 NORWAY
015 E041336 X
015 A001337 STANDARD CHARTERED BANK
015 B001337 S
015 C011337 KARACHI
015 D011337 PAKISTAN
015 E041337 X
015 A001338 CITIBANK, N.A.
015 B001338 S
015 C011338 LIMA
015 D011338 PERU
015 E041338 X
015 A001339 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001339 S
015 C011339 MANILA
015 D011339 PHILIPPINES
015 E041339 X
<PAGE> PAGE 127
015 A001340 BANK HANDLOWY W WARSZAWIE, S.A.
015 B001340 S
015 C011340 WARSAW
015 D011340 POLAND
015 E041340 X
015 A001341 BANCO COMERCIAL PORTUGUES, S.A.
015 B001341 S
015 C011341 LISBON
015 D011341 PORTUGAL
015 E041341 X
015 A001342 UNITED OVERSEAS BANK
015 B001342 S
015 C011342 SINGAPORE
015 D011342 SINGAPORE
015 E041342 X
015 A001343 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001343 S
015 C011343 JOHANNESBURG
015 D011343 SOUTH AFRICA
015 E041343 X
015 A001344 SEOULBANK
015 B001344 S
015 C011344 SEOUL
015 D011344 SOUTH KOREA
015 E041344 X
015 A001345 BANCO BILBAO VIZCAYA
015 B001345 S
015 C011345 MADRID
015 D011345 SPAIN
015 E041345 X
015 A001346 STANDARD CHARTERED BANK
015 B001346 S
015 C011346 COLOMBO
015 D011346 SRI LANKA
015 E041346 X
015 A001347 SKANDINAVISKA ENSKILDA BANKEN
015 B001347 S
015 C011347 STOCKHOLM
015 D011347 SWEDEN
015 E041347 X
015 A001348 UNION BANK OF SWITZERLAND
015 B001348 S
015 C011348 ZURICH
015 D011348 SWITZERLAND
015 E041348 X
015 A001349 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001349 S
015 C011349 TAIPEI
015 D011349 TAIWAN (ROC)
015 E041349 X
015 A001350 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
<PAGE> PAGE 128
015 B001350 S
015 C011350 BANGKOK
015 D011350 THAILAND
015 E041350 X
015 A001351 CITIBANK, N.A.
015 B001351 S
015 C011351 ISTANBUL
015 D011351 TURKEY
015 E041351 X
015 A001352 THE BANK OF NEW YORK
015 B001352 S
015 C011352 LONDON
015 D011352 UNITED KINGDOM
015 E041352 X
015 A001353 THE BANK OF BOSTON
015 B001353 S
015 C011353 MONTEVIDEO
015 D011353 URUGUAY
015 E041353 X
015 A001354 CITIBANK, N.A.
015 B001354 S
015 C011354 CARACAS
015 D011354 VENEZUELA
015 E041354 X
015 A001355 DELETE
028 A011300 4301
028 A021300 0
028 A031300 0
028 A041300 6223
028 B011300 5221
028 B021300 0
028 B031300 0
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028 C011300 6256
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028 C041300 2484
028 D011300 2814
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028 D031300 0
028 D041300 7019
028 E011300 4001
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028 E041300 2803
028 F011300 4512
028 F021300 5201
028 F031300 0
028 F041300 2991
028 G011300 27105
028 G021300 5201
<PAGE> PAGE 129
028 G031300 0
028 G041300 26440
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
048 F011300 0
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
054 A001300 Y
054 B001300 Y
054 C001300 Y
054 D001300 Y
054 E001300 Y
054 F001300 Y
054 G001300 Y
054 H001300 Y
054 I001300 N
054 J001300 Y
054 K001300 Y
054 L001300 Y
054 M001300 Y
054 N001300 Y
054 O001300 Y
<PAGE> PAGE 130
055 A001300 N
055 B001300 N
056 001300 N
057 001300 N
058 A001300 Y
058 B001300 Y
058 C001300 Y
058 D001300 Y
058 E001300 N
059 001300 Y
060 A001300 Y
060 B001300 Y
061 001300 2000
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 2.5
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 14.9
062 N001300 77.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 4.7
062 R001300 0.0
063 A001300 0
063 B001300 13.9
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
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
<PAGE> PAGE 131
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 Y
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 8639
071 B001300 7804
071 C001300 77161
071 D001300 10
072 A001300 6
072 B001300 2519
072 C001300 0
072 D001300 0
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072 J001300 2
072 K001300 2
072 L001300 3
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072 R001300 2
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072 V001300 0
<PAGE> PAGE 132
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072 X001300 250
072 Y001300 96
072 Z001300 2365
072AA001300 309
072BB001300 233
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072DD011300 4092
072DD021300 0
072EE001300 1109
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074 B001300 1965
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074 O001300 0
074 P001300 15
074 Q001300 0
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074 R031300 0
074 R041300 40
074 S001300 0
074 T001300 77350
074 U011300 5171
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008 B001401 A
008 C001401 801-26292
<PAGE> PAGE 133
008 D011401 SAN MATEO
008 D021401 CA
008 D031401 94403
008 D041401 7777
010 A001401 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011401 BERWYN
010 C021401 PA
010 C031401 19312
010 C041401 0031
015 A001401 BANK OF AMERICA, NT & SA
015 B001401 C
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015 C021401 CA
015 C031401 94104
015 C041401 1502
015 E011401 X
028 A011400 2981
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028 G011400 26298
028 G021400 13330
028 G031400 0
028 G041400 47503
028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.000
048 A011400 100000
048 A021400 0.625
<PAGE> PAGE 134
048 B011400 150000
048 B021400 0.500
048 C011400 9750000
048 C021400 0.450
048 D011400 2500000
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048 E011400 2500000
048 E021400 0.420
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048 F021400 0.000
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048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 15000000
048 K021400 0.400
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 N
054 A001400 Y
054 B001400 Y
054 C001400 Y
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 Y
054 H001400 Y
054 I001400 N
054 J001400 Y
054 K001400 N
054 L001400 Y
054 M001400 Y
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 N
057 001400 N
058 A001400 Y
058 B001400 Y
058 C001400 Y
058 D001400 Y
058 E001400 N
059 001400 Y
060 A001400 Y
<PAGE> PAGE 135
060 B001400 Y
061 001400 2000
062 A001400 Y
062 B001400 3.4
062 C001400 0.0
062 D001400 3.9
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 14.1
062 N001400 71.6
062 O001400 17.5
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 18.5
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
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
<PAGE> PAGE 136
070 L011400 N
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
071 A001400 98748
071 B001400 83633
071 C001400 168308
071 D001400 50
072 A001400 6
072 B001400 6269
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 515
072 G001400 0
072 H001400 0
072 I001400 0
072 J001400 2
072 K001400 6
072 L001400 8
072 M001400 1
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072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 3
072 S001400 1
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072 V001400 0
072 W001400 4
072 X001400 540
072 Y001400 0
072 Z001400 5729
072AA001400 8
072BB001400 975
072CC011400 323
072CC021400 0
072DD011400 13330
072DD021400 0
072EE001400 0
<PAGE> PAGE 137
073 A011400 0.8385
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073 B001400 0.0000
073 C001400 0.0000
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074 B001400 6853
074 C001400 5847
074 D001400 179575
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 438
074 K001400 0
074 L001400 1757
074 M001400 0
074 N001400 194470
074 O001400 20060
074 P001400 82
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 348
074 S001400 0
074 T001400 173980
074 U011400 17015
074 U021400 0
074 V011400 10.22
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074 W001400 0.0000
074 X001400 3
074 Y001400 24580
075 A001400 0
075 B001400 181737
076 001400 0.00
008 A001501 FRANKLIN ADVISERS, INC.
008 B001501 A
008 C001501 801-26292
008 D011501 SAN MATEO
008 D021501 CA
008 D031501 94403
008 D041501 7777
010 A001501 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011501 BERWYN
010 C021501 PA
010 C031501 19312
010 C041501 0031
015 A001501 BANK OF AMERICA, NT & SA
015 B001501 C
<PAGE> PAGE 138
015 C011501 SAN FRANCISCO
015 C021501 CA
015 C031501 94104
015 C041501 1502
015 E011501 X
015 A001502 BANK OF BOSTON
015 B001502 S
015 C011502 BUENOS AIRES
015 D011502 ARGENTINA
015 E041502 X
015 A001503 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B001503 S
015 C011503 MELBOURNE
015 D011503 AUSTRALIA
015 E041503 X
015 A001504 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001504 S
015 C011504 VIENNA
015 D011504 AUSTRIA
015 E041504 X
015 A001505 STANDARD CHARTERED BANK PLC
015 B001505 S
015 C011505 DHAKA
015 D011505 BANGLADESH
015 E041505 X
015 A001506 BANQUE BRUXELLES LAMBERT
015 B001506 S
015 C011506 BRUSSELS
015 D011506 BELGIUM
015 E041506 X
015 A001507 THE BANK OF NEW YORK
015 B001507 C
015 C011507 NEW YORK
015 C021507 NY
015 C031507 10286
015 E011507 X
015 A001508 THE BANK OF BOSTON
015 B001508 S
015 C011508 SAO PAULO
015 D011508 BRAZIL
015 E041508 X
015 A001509 ROYAL TRUST CORPORATION OF CANADA
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015 C011509 MONTREAL
015 D011509 CANADA
015 E041509 X
015 A001510 THE BANK OF BOSTON
015 B001510 S
015 C011510 SANTIAGO
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015 E041510 X
<PAGE> PAGE 139
015 A001511 BANCO DE CHILE
015 B001511 S
015 C011511 SANTIAGO
015 D011511 CHILE
015 E041511 X
015 A001512 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C011512 BOGOTA
015 D011512 COLOMBIA
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015 A001513 DEN DANSKE BANK
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015 A001514 MERITA BANK
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015 E041515 X
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015 C011518 ATHENS
015 D011518 GREECE
015 E041518 X
015 A001519 THE HONGKONG AND SHANGHAI BANKING CORP.,LTD.
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015 E041519 X
015 A001520 CITIBANK, N.A.
015 B001520 S
015 C011520 BUDAPEST
015 D011520 HUNGARY
015 E041520 X
015 A001521 THE HONGKONG AND SHANGHAI BANKING CORP.,LTD.
<PAGE> PAGE 140
015 B001521 S
015 C011521 BOMBAY
015 D011521 INDIA
015 E041521 X
015 A001522 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B001522 S
015 C011522 JAKARTA
015 D011522 INDONESIA
015 E041522 X
015 A001523 ALLIED IRISH BANK
015 B001523 S
015 C011523 DUBLIN
015 D011523 IRELAND
015 E041523 X
015 A001524 ISRAEL DISCOUNT BANK
015 B001524 S
015 C011524 TEL AVIV
015 D011524 ISRAEL
015 E041524 X
015 A001525 BANCA COMMERCIALE ITALIANA
015 B001525 S
015 C011525 MILAN
015 D011525 ITALY
015 E041525 X
015 A001526 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B001526 S
015 C011526 TOKYO
015 D011526 JAPAN
015 E041526 X
015 A001527 SEOULBANK
015 B001527 S
015 C011527 SEOUL
015 D011527 SOUTH KOREA
015 E041527 X
015 A001528 CEDEL
015 B001528 S
015 C011528 LUXEMBOURG CITY
015 D011528 LUXEMBOURG
015 E041528 X
015 A001529 THE HONGKONG BANK MALAYSIA BERHAD
015 B001529 S
015 C011529 KUALA LUMPUR
015 D011529 MALAYSIA
015 E041529 X
015 A001530 BANCO NACIONAL DE MEXICO
015 B001530 S
015 C011530 MEXICO CITY
015 D011530 MEXICO
015 E041530 X
015 A001531 MEESPIERSON
015 B001531 S
<PAGE> PAGE 141
015 C011531 AMSTERDAM
015 D011531 NETHERLANDS
015 E041531 X
015 A001532 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B001532 S
015 C011532 WELLINGTON
015 D011532 NEW ZEALAND
015 E041532 X
015 A001533 DEN NORSKE BANK A.S.
015 B001533 S
015 C011533 BERGEN/OSLO
015 D011533 NORWAY
015 E041533 X
015 A001534 STANDARD CHARTERED BANK
015 B001534 S
015 C011534 KARACHI
015 D011534 PAKISTAN
015 E041534 X
015 A001535 CITIBANK, N.A.
015 B001535 S
015 C011535 LIMA
015 D011535 PERU
015 E041535 X
015 A001536 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B001536 S
015 C011536 MANILA
015 D011536 PHILIPPINES
015 E041536 X
015 A001537 BANK HANDLOWY W WARSZAWIE S.A.
015 B001537 S
015 C011537 WARSAW
015 D011537 POLAND
015 E041537 X
015 A001538 BANCO COMERCIAL PORTUGUES, S.A.
015 B001538 S
015 C011538 LISBON
015 D011538 PORTUGAL
015 E041538 X
015 A001539 UNITED OVERSEAS BANK
015 B001539 S
015 C011539 SINGAPORE
015 D011539 SINGAPORE
015 E041539 X
015 A001540 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001540 S
015 C011540 JOHANNESBURG
015 D011540 SOUTH AFRICA
015 E041540 X
015 A001541 BANCO BILBAO VIZCAYA
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015 C011541 MADRID
<PAGE> PAGE 142
015 D011541 SPAIN
015 E041541 X
015 A001542 STANDARD CHARTERED BANK
015 B001542 S
015 C011542 COLOMBO
015 D011542 SRI LANKA
015 E041542 X
015 A001543 SKANDINAVISKA ENSKILDA BANKEN
015 B001543 S
015 C011543 STOCKHOLM
015 D011543 SWEDEN
015 E041543 X
015 A001544 UNION BANK OF SWITZERLAND
015 B001544 S
015 C011544 ZURICH
015 D011544 SWITZERLAND
015 E041544 X
015 A001545 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B001545 S
015 C011545 TAIPEI
015 D011545 TAIWAN (ROC)
015 E041545 X
015 A001546 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B001546 S
015 C011546 BANGKOK
015 D011546 THAILAND
015 E041546 X
015 A001547 CITIBANK, N.A.
015 B001547 S
015 C011547 ISTANBUL
015 D011547 TURKEY
015 E041547 X
015 A001548 THE BANK OF NEW YORK
015 B001548 S
015 C011548 LONDON
015 D011548 UNITED KINGDOM
015 E041548 X
015 A001549 CITIBANK, N.A.
015 B001549 S
015 C011549 CARACAS
015 D011549 VENEZUELA
015 E041549 X
015 A001550 THE BANK OF BOSTON
015 B001550 S
015 C011550 MONTEVIDEO
015 D011550 URUGUAY
015 E041550 X
015 A001551 BANQUE COMMERCIALE DU MAROC
015 B001551 S
015 C011551 CASABLANCA
015 D011551 MOROCCO
<PAGE> PAGE 143
015 E041551 X
015 A001552 FIRST CHICAGO CLEARING CENTRE
015 B001552 S
015 C011552 LONDON
015 D011552 UNITED KINGDOM
015 E041552 X
015 A001553 STANDARD CHARTERED BANK
015 B001553 S
015 C011553 SHENZHEN
015 D011553 CHINA
015 E041553 X
015 A001554 CESKOSLOVENSKA OBCHODNI BANKA
015 B001554 S
015 C011554 PRAHA(PRAGUE)
015 D011554 CZECH REPUBLIC
015 E041554 X
028 A011500 5765
028 A021500 0
028 A031500 0
028 A041500 9990
028 B011500 12303
028 B021500 0
028 B031500 0
028 B041500 6617
028 C011500 13499
028 C021500 0
028 C031500 0
028 C041500 10021
028 D011500 9694
028 D021500 0
028 D031500 0
028 D041500 11190
028 E011500 12707
028 E021500 0
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028 F011500 7175
028 F021500 10369
028 F031500 0
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028 G011500 61143
028 G021500 10369
028 G031500 0
028 G041500 52251
028 H001500 0
045 001500 Y
046 001500 N
047 001500 Y
048 001500 0.000
048 A011500 500000
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<PAGE> PAGE 144
048 B011500 500000
048 B021500 0.625
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 1000000
048 K021500 0.500
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 N
054 A001500 Y
054 B001500 Y
054 C001500 Y
054 D001500 N
054 E001500 N
054 F001500 N
054 G001500 Y
054 H001500 Y
054 I001500 N
054 J001500 Y
054 K001500 N
054 L001500 Y
054 M001500 Y
054 N001500 N
054 O001500 N
055 A001500 N
055 B001500 N
056 001500 N
057 001500 N
058 A001500 Y
058 B001500 Y
058 C001500 Y
058 D001500 Y
058 E001500 N
059 001500 Y
060 A001500 Y
<PAGE> PAGE 145
060 B001500 Y
061 001500 2000
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
063 B001500 0.0
066 A001500 Y
066 B001500 N
066 C001500 N
066 D001500 N
066 E001500 Y
066 F001500 N
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 Y
070 B011500 Y
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
<PAGE> PAGE 146
070 J011500 Y
070 J021500 N
070 K011500 N
070 K021500 N
070 L011500 Y
070 L021500 Y
070 M011500 Y
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 Y
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 35751
071 B001500 19181
071 C001500 427667
071 D001500 4
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072 F001500 1810
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072 K001500 11
072 L001500 15
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<PAGE> PAGE 147
072CC021500 0
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072DD021500 0
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073 C001500 0.0000
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074 E001500 0
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008 A001601 FRANKLIN ADVISERS, INC.
008 B001601 A
008 C001601 801-26292
008 D011601 SAN MATEO
008 D021601 CA
008 D031601 94403
008 D041601 7777
008 A001602 TEMPLETON INVESTMENT COUNSEL, INC.
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<PAGE> PAGE 148
008 D011602 FT. LAUDERDALE
008 D021602 FL
008 D031602 33394
008 D041602 3091
010 A001601 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011601 BERWYN
010 C021601 PA
010 C031601 19312
010 C041601 0031
010 A001602 TEMPLETON GLOBAL INVESTORS, INC.
010 C011602 FT. LAUDERDALE
010 C021602 FL
010 C031602 33394
010 C041602 3091
015 A001601 BANK OF AMERICA, NT & SA
015 B001601 C
015 C011601 SAN FRANCISCO
015 C021601 CA
015 C031601 94104
015 C041601 1502
015 E011601 X
015 A001602 THE BANK OF NEW YORK
015 B001602 C
015 C011602 NEW YORK
015 C021602 NY
015 C031602 10286
015 E011602 X
015 A001603 THE BANK OF BOSTON
015 B001603 S
015 C011603 BUENOS AIRES
015 D011603 ARGENTINA
015 E041603 X
015 A001604 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001604 S
015 C011604 MELBOURNE
015 D011604 AUSTRALIA
015 E041604 X
015 A001605 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001605 S
015 C011605 VIENNA
015 D011605 AUSTRIA
015 E041605 X
015 A001606 STANDARD CHARTERED BANK PLC
015 B001606 S
015 C011606 DHAKA
015 D011606 BANGLADESH
015 E041606 X
015 A001607 BANQUE BRUXELLES LAMBERT
015 B001607 S
015 C011607 BRUSSELS
015 D011607 BELGIUM
<PAGE> PAGE 149
015 E041607 X
015 A001608 THE BANK OF BOSTON
015 B001608 S
015 C011608 SAO PAULO
015 D011608 BRAZIL
015 E041608 X
015 A001609 THE ROYAL TRUST CORPORATION OF CANADA
015 B001609 S
015 C011609 MONTREAL
015 D011609 CANADA
015 E041609 X
015 A001610 THE BANK OF BOSTON
015 B001610 S
015 C011610 SANTIAGO
015 D011610 CHILE
015 E041610 X
015 A001611 BANCO DE CHILE
015 B001611 S
015 C011611 SANTIAGO
015 D011611 CHILE
015 E041611 X
015 A001612 STANDARD CHARTERED BANK
015 B001612 S
015 C011612 SHENZHEN
015 D011612 CHINA
015 E041612 X
015 A001613 STANDARD CHARTERED BANK
015 B001613 S
015 C011613 SHANGHAI
015 D011613 CHINA
015 E041613 X
015 A001614 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001614 S
015 C011614 BOGOTA
015 D011614 COLOMBIA
015 E041614 X
015 A001615 CESKOSLOVENSKA OBCHODNI BANKA
015 B001615 S
015 C011615 PRAGUE
015 D011615 CZECH REPUBLIC
015 E041615 X
015 A001616 DEN DANSKE BANK
015 B001616 S
015 C011616 COPENHAGEN
015 D011616 DENMARK
015 E041616 X
015 A001617 CEDEL
015 B001617 S
015 C011617 LUXEMBOURG CITY
015 D011617 LUXEMBOURG
015 E041617 X
<PAGE> PAGE 150
015 A001618 FIRST CHICAGO CLEARING CENTRE
015 B001618 S
015 C011618 LONDON
015 D011618 UNITED KINGDOM
015 E041618 X
015 A001619 MERITA BANK
015 B001619 S
015 C011619 HELSINKI
015 D011619 FINLAND
015 E041619 X
015 A001620 BANQUE PARIBAS
015 B001620 S
015 C011620 PARIS
015 D011620 FRANCE
015 E041620 X
015 A001621 DRESDNER BANK A.G.
015 B001621 S
015 C011621 FRANKFURT
015 D011621 GERMANY
015 E041621 X
015 A001622 ALPHA CREDIT BANK A.E.
015 B001622 S
015 C011622 ATHENS
015 D011622 GREECE
015 E041622 X
015 A001623 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 C011623 HONG KONG
015 D011623 HONG KONG
015 E041623 X
015 A001624 CITIBANK, N.A.
015 B001624 S
015 C011624 BUDAPEST
015 D011624 HUNGARY
015 E041624 X
015 A001625 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 C011625 BOMBAY
015 D011625 INDIA
015 E041625 X
015 A001626 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001626 S
015 C011626 JAKARTA
015 D011626 INDONESIA
015 E041626 X
015 A001627 ALLIED IRISH BANK
015 B001627 S
015 C011627 DUBLIN
015 D011627 IRELAND
015 E041627 X
015 A001628 ISRAEL DISCOUNT BANK
<PAGE> PAGE 151
015 B001628 S
015 C011628 TEL AVIV
015 D011628 ISRAEL
015 E041628 X
015 A001629 BANCA COMMERCIALE ITALIANA
015 B001629 S
015 C011629 MILAN
015 D011629 ITALY
015 E041629 X
015 A001630 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B001630 S
015 C011630 TOKYO
015 D011630 JAPAN
015 E041630 X
015 A001631 SEOULBANK
015 B001631 S
015 C011631 SEOUL
015 D011631 SOUTH KOREA
015 E041631 X
015 A001632 THE HONGKONG BANK MALAYSIA BERHAD
015 B001632 S
015 C011632 KUALA LUMPUR
015 D011632 MALAYSIA
015 E041632 X
015 A001633 BANCO NACIONAL DE MEXICO
015 B001633 S
015 C011633 MEXICO CITY
015 D011633 MEXICO
015 E041633 X
015 A001634 BANQUE COMMERCIALE DU MAROC
015 B001634 S
015 C011634 CASABLANCA
015 D011634 MOROCCO
015 E041634 X
015 A001635 MEESPIERSON
015 B001635 S
015 C011635 AMSTERDAM
015 D011635 NETHERLANDS
015 E041635 X
015 A001636 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001636 S
015 C011636 WELLINGTON
015 D011636 NEW ZEALAND
015 E041636 X
015 A001637 DEN NORSKE BANK A.S.
015 B001637 S
015 C011637 OSLO
015 D011637 NORWAY
015 E041637 X
015 A001638 STANDARD CHARTERED BANK
015 B001638 S
<PAGE> PAGE 152
015 C011638 KARACHI
015 D011638 PAKISTAN
015 E041638 X
015 A001639 CITIBANK, N.A.
015 B001639 S
015 C011639 LIMA
015 D011639 PERU
015 E041639 X
015 A001640 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 D011640 PHILIPPINES
015 E041640 X
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015 C011641 WARSAW
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015 C011642 LISBON
015 D011642 PORTUGAL
015 E041642 X
015 A001643 UNITED OVERSEAS BANK
015 B001643 S
015 C011643 SINGAPORE
015 D011643 SINGAPORE
015 E041643 X
015 A001644 STANDARD BANK OF SOUTH AFRICA LIMITED
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015 C011645 MADRID
015 D011645 SPAIN
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015 C011647 STOCKHOLM
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<PAGE> PAGE 153
015 D011648 SWITZERLAND
015 E041648 X
015 A001649 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001649 S
015 C011649 TAIPEI
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015 A001650 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
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015 C011653 MONTEVIDEO
015 D011653 URUGUAY
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015 A001654 CITIBANK, N.A.
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015 D011654 VENEZUELA
015 E041654 X
015 A001655 DELETE
015 A001656 DELETE
015 A001657 DELETE
015 A001658 DELETE
015 A001659 DELETE
015 A001660 DELETE
015 A001661 DELETE
015 A001662 DELETE
015 A001663 DELETE
015 A001664 DELETE
015 A001665 DELETE
015 A001666 DELETE
015 A001667 DELETE
015 A001668 DELETE
015 A001669 DELETE
015 A001670 DELETE
015 A001671 DELETE
015 A001672 DELETE
015 A001673 DELETE
<PAGE> PAGE 154
015 A001674 DELETE
015 A001675 DELETE
015 A001676 DELETE
015 A001677 DELETE
015 A001678 DELETE
015 A001679 DELETE
015 A001680 DELETE
015 A001681 DELETE
015 A001682 DELETE
015 A001683 DELETE
015 A001684 DELETE
015 A001685 DELETE
015 A001686 DELETE
015 A001687 DELETE
015 A001688 DELETE
015 A001689 DELETE
015 A001690 DELETE
015 A001691 DELETE
015 A001692 DELETE
015 A001693 DELETE
015 A001694 DELETE
015 A001695 DELETE
015 A001696 DELETE
015 A001697 DELETE
015 A001698 DELETE
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<PAGE> PAGE 155
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050 001600 N
051 001600 N
052 001600 N
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054 C001600 Y
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054 E001600 N
054 F001600 N
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054 O001600 N
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<PAGE> PAGE 156
055 B001600 N
056 001600 Y
057 001600 N
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058 B001600 Y
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066 D001600 Y
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 Y
069 001600 N
070 A011600 Y
070 A021600 Y
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
<PAGE> PAGE 157
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070 M021600 Y
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070 O021600 N
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070 Q021600 N
070 R011600 N
070 R021600 N
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072 F001600 1668
072 G001600 0
072 H001600 0
072 I001600 0
072 J001600 126
072 K001600 12
072 L001600 19
072 M001600 2
072 N001600 0
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 5
072 S001600 1
<PAGE> PAGE 158
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 14
072 X001600 1847
072 Y001600 0
072 Z001600 3158
072AA001600 1962
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073 A011600 0.4400
073 A021600 0.0000
073 B001600 0.2550
073 C001600 0.0000
074 A001600 0
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074 C001600 0
074 D001600 1030
074 E001600 47
074 F001600 378615
074 G001600 0
074 H001600 0
074 I001600 0
074 J001600 0
074 K001600 0
074 L001600 1825
074 M001600 0
074 N001600 391228
074 O001600 1
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074 S001600 0
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<PAGE> PAGE 159
008 A001701 FRANKLIN ADVISERS, INC.
008 B001701 A
008 C001701 801-26292
008 D011701 SAN MATEO
008 D021701 CA
008 D031701 94403
008 D041701 7777
008 A001702 TEMPLETON INVESTMENT COUNSEL, INC.
008 B001702 S
008 C001702 801-15125
008 D011702 FT. LAUDERDALE
008 D021702 FL
008 D031702 33394
008 D041702 3091
010 A001701 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011701 BERWYN
010 C021701 PA
010 C031701 19312
010 C041701 0031
010 A001702 TEMPLETON GLOBAL INVESTORS, INC.
010 C011702 FT. LAUDERDALE
010 C021702 FL
010 C031702 33394
010 C041702 3091
015 A001701 BANK OF AMERICA, NT & SA
015 B001701 C
015 C011701 SAN FRANCISCO
015 C021701 CA
015 C031701 94104
015 C041701 1502
015 E011701 X
015 A001702 THE BANK OF NEW YORK
015 B001702 C
015 C011702 NEW YORK
015 C021702 NY
015 C031702 10286
015 E011702 X
015 A001703 THE BANK OF BOSTON
015 B001703 S
015 C011703 BUENOS AIRES
015 D011703 ARGENTINA
015 E041703 X
015 A001704 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001704 S
015 C011704 MELBOURNE
015 D011704 AUSTRALIA
015 E041704 X
015 A001705 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B001705 S
015 C011705 VIENNA
015 D011705 AUSTRIA
<PAGE> PAGE 160
015 E041705 X
015 A001706 STANDARD CHARTERED BANK PLC
015 B001706 S
015 C011706 DHAKA
015 D011706 BANGLADESH
015 E041706 X
015 A001707 BANQUE BRUXELLES LAMBERT
015 B001707 S
015 C011707 BRUSSELS
015 D011707 BELGIUM
015 E041707 X
015 A001708 THE BANK OF BOSTON
015 B001708 S
015 C011708 SAO PAULO
015 D011708 BRAZIL
015 E041708 X
015 A001709 THE ROYAL TRUST CORPORATION OF CANADA
015 B001709 S
015 C011709 MONTREAL
015 D011709 CANADA
015 E041709 X
015 A001710 THE BANK OF BOSTON
015 B001710 S
015 C011710 SANTIAGO
015 D011710 CHILE
015 E041710 X
015 A001711 BANCO DE CHILE
015 B001711 S
015 C011711 SANTIAGO
015 D011711 CHILE
015 E041711 X
015 A001712 STANDARD CHARTERED BANK
015 B001712 S
015 C011712 SHENZHEN
015 D011712 CHINA
015 E041712 X
015 A001713 STANDARD CHARTERED BANK
015 B001713 S
015 C011713 SHANGHAI
015 D011713 CHINA
015 E041713 X
015 A001714 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001714 S
015 C011714 BOGOTA
015 D011714 COLOMBIA
015 E041714 X
015 A001715 CESKOSLOVENSKA OBCHODNI BANKA
015 B001715 S
015 C011715 PRAGUE
015 D011715 CZECH REPUBLIC
015 E041715 X
<PAGE> PAGE 161
015 A001716 DEN DANSKE BANK
015 B001716 S
015 C011716 COPENHAGEN
015 D011716 DENMARK
015 E041716 X
015 A001717 CEDEL
015 B001717 S
015 C011717 LUXEMBOURG CITY
015 D011717 LUXEMBOURG
015 E041717 X
015 A001718 FIRST CHICAGO CLEARING CENTRE
015 B001718 S
015 C011718 LONDON
015 D011718 UNITED KINGDOM
015 E041718 X
015 A001719 MERITA BANK
015 B001719 S
015 C011719 HELSINKI
015 D011719 FINLAND
015 E041719 X
015 A001720 BANQUE PARIBAS
015 B001720 S
015 C011720 PARIS
015 D011720 FRANCE
015 E041720 X
015 A001721 DRESDNER BANK A.G.
015 B001721 S
015 C011721 FRANKFURT
015 D011721 GERMANY
015 E041721 X
015 A001722 ALPHA CREDIT BANK A.E.
015 B001722 S
015 C011722 ATHENS
015 D011722 GREECE
015 E041722 X
015 A001723 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001723 S
015 C011723 HONG KONG
015 D011723 HONG KONG
015 E041723 X
015 A001724 CITIBANK, N.A.
015 B001724 S
015 C011724 BUDAPEST
015 D011724 HUNGARY
015 E041724 X
015 A001725 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001725 S
015 C011725 BOMBAY
015 D011725 INDIA
015 E041725 X
015 A001726 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
<PAGE> PAGE 162
015 B001726 S
015 C011726 JAKARTA
015 D011726 INDONESIA
015 E041726 X
015 A001727 ALLIED IRISH BANK
015 B001727 S
015 C011727 DUBLIN
015 D011727 IRELAND
015 E041727 X
015 A001728 ISRAEL DISCOUNT BANK
015 B001728 S
015 C011728 TEL AVIV
015 D011728 ISRAEL
015 E041728 X
015 A001729 BANCA COMMERCIALE ITALIANA
015 B001729 S
015 C011729 MILAN
015 D011729 ITALY
015 E041729 X
015 A001730 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B001730 S
015 C011730 TOKYO
015 D011730 JAPAN
015 E041730 X
015 A001731 SEOULBANK
015 B001731 S
015 C011731 SEOUL
015 D011731 SOUTH KOREA
015 E041731 X
015 A001732 THE HONGKONG BANK MALAYSIA BERHAD
015 B001732 S
015 C011732 KUALA LUMPUR
015 D011732 MALAYSIA
015 E041732 X
015 A001733 BANCO NACIONAL DE MEXICO
015 B001733 S
015 C011733 MEXICO CITY
015 D011733 MEXICO
015 E041733 X
015 A001734 BANQUE COMMERCIALE DU MAROC
015 B001734 S
015 C011734 CASABLANCA
015 D011734 MOROCCO
015 E041734 X
015 A001735 MEESPIERSON
015 B001735 S
015 C011735 AMSTERDAM
015 D011735 NETHERLANDS
015 E041735 X
015 A001736 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B001736 S
<PAGE> PAGE 163
015 C011736 WELLINGTON
015 D011736 NEW ZEALAND
015 E041736 X
015 A001737 DEN NORSKE BANK A.S.
015 B001737 S
015 C011737 OSLO
015 D011737 NORWAY
015 E041737 X
015 A001738 STANDARD CHARTERED BANK
015 B001738 S
015 C011738 KARACHI
015 D011738 PAKISTAN
015 E041738 X
015 A001739 CITIBANK, N.A.
015 B001739 S
015 C011739 LIMA
015 D011739 PERU
015 E041739 X
015 A001740 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001740 S
015 C011740 MANILA
015 D011740 PHILIPPINES
015 E041740 X
015 A001741 BANK HANDLOWY W. WARSZAWIE, S.A.
015 B001741 S
015 C011741 WARSAW
015 D011741 POLAND
015 E041741 X
015 A001742 BANCO COMERCIAL PORTUGUES, S.A.
015 B001742 S
015 C011742 LISBON
015 D011742 PORTUGAL
015 E041742 X
015 A001743 UNITED OVERSEAS BANK
015 B001743 S
015 C011743 SINGAPORE
015 D011743 SINGAPORE
015 E041743 X
015 A001744 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001744 S
015 C011744 JOHANNESBURG
015 D011744 SOUTH AFRICA
015 E041744 X
015 A001745 BANCO BILBAO VIZCAYA
015 B001745 S
015 C011745 MADRID
015 D011745 SPAIN
015 E041745 X
015 A001746 STANDARD CHARTERED BANK
015 B001746 S
015 C011746 COLOMBO
<PAGE> PAGE 164
015 D011746 SRI LANKA
015 E041746 X
015 A001747 SKANDINAVISKA ENSKILDA BANKEN
015 B001747 S
015 C011747 STOCKHOLM
015 D011747 SWEDEN
015 E041747 X
015 A001748 UNION BANK OF SWITZERLAND
015 B001748 S
015 C011748 ZURICH
015 D011748 SWITZERLAND
015 E041748 X
015 A001749 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001749 S
015 C011749 TAIPEI
015 D011749 TAIWAN (ROC)
015 E041749 X
015 A001750 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B001750 S
015 C011750 BANGKOK
015 D011750 THAILAND
015 E041750 X
015 A001751 CITIBANK, N.A.
015 B001751 S
015 C011751 ISTANBUL
015 D011751 TURKEY
015 E041751 X
015 A001752 THE BANK OF NEW YORK
015 B001752 S
015 C011752 LONDON
015 D011752 UNITED KINGDOM
015 E041752 X
015 A001753 THE BANK OF BOSTON
015 B001753 S
015 C011753 MONTEVIDEO
015 D011753 URUGUAY
015 E041753 X
015 A001754 CITIBANK, N.A.
015 B001754 S
015 C011754 CARACAS
015 D011754 VENEZUELA
015 E041754 X
015 A001755 DELETE
015 A001756 DELETE
015 A001757 DELETE
015 A001758 DELETE
015 A001759 DELETE
015 A001760 DELETE
015 A001761 DELETE
015 A001762 DELETE
015 A001763 DELETE
<PAGE> PAGE 165
015 A001764 DELETE
015 A001765 DELETE
015 A001766 DELETE
015 A001767 DELETE
015 A001768 DELETE
015 A001769 DELETE
015 A001770 DELETE
015 A001771 DELETE
015 A001772 DELETE
015 A001773 DELETE
015 A001774 DELETE
015 A001775 DELETE
015 A001776 DELETE
015 A001777 DELETE
015 A001778 DELETE
015 A001779 DELETE
015 A001780 DELETE
015 A001781 DELETE
015 A001782 DELETE
015 A001783 DELETE
015 A001784 DELETE
015 A001785 DELETE
015 A001786 DELETE
015 A001787 DELETE
015 A001788 DELETE
015 A001789 DELETE
015 A001790 DELETE
015 A001791 DELETE
015 A001792 DELETE
015 A001793 DELETE
015 A001794 DELETE
015 A001795 DELETE
015 A001796 DELETE
015 A001797 DELETE
015 A001798 DELETE
015 A001799 DELETE
028 A011700 12088
028 A021700 0
028 A031700 0
028 A041700 1871
028 B011700 5867
028 B021700 0
028 B031700 0
028 B041700 6345
028 C011700 13049
028 C021700 0
028 C031700 0
028 C041700 10226
028 D011700 21372
028 D021700 0
028 D031700 0
<PAGE> PAGE 166
028 D041700 2204
028 E011700 9251
028 E021700 0
028 E031700 0
028 E041700 2555
028 F011700 11015
028 F021700 56451
028 F031700 0
028 F041700 1348
028 G011700 72642
028 G021700 56451
028 G031700 0
028 G041700 24549
028 H001700 0
045 001700 Y
046 001700 N
047 001700 Y
048 001700 0.000
048 A011700 100000
048 A021700 1.000
048 B011700 150000
048 B021700 0.900
048 C011700 250000
048 C021700 0.800
048 D011700 0
048 D021700 0.000
048 E011700 0
048 E021700 0.000
048 F011700 0
048 F021700 0.000
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
054 A001700 Y
054 B001700 Y
054 C001700 Y
054 D001700 N
054 E001700 N
054 F001700 N
<PAGE> PAGE 167
054 G001700 Y
054 H001700 Y
054 I001700 N
054 J001700 Y
054 K001700 N
054 L001700 Y
054 M001700 Y
054 N001700 N
054 O001700 N
055 A001700 N
055 B001700 N
056 001700 Y
057 001700 N
058 A001700 Y
058 B001700 Y
058 C001700 Y
058 D001700 Y
058 E001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
061 001700 2000
062 A001700 N
062 B001700 0.0
062 C001700 0.0
062 D001700 0.0
062 E001700 0.0
062 F001700 0.0
062 G001700 0.0
062 H001700 0.0
062 I001700 0.0
062 J001700 0.0
062 K001700 0.0
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
<PAGE> PAGE 168
068 B001700 Y
069 001700 N
070 A011700 Y
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 Y
070 I021700 N
070 J011700 Y
070 J021700 Y
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
071 A001700 82815
071 B001700 41773
071 C001700 786758
071 D001700 5
072 A001700 6
072 B001700 5760
072 C001700 20045
072 D001700 0
072 E001700 0
072 F001700 3766
072 G001700 0
072 H001700 0
072 I001700 0
<PAGE> PAGE 169
072 J001700 335
072 K001700 12
072 L001700 78
072 M001700 5
072 N001700 4
072 O001700 0
072 P001700 0
072 Q001700 0
072 R001700 7
072 S001700 6
072 T001700 0
072 U001700 0
072 V001700 36
072 W001700 0
072 X001700 4249
072 Y001700 0
072 Z001700 21556
072AA001700 16748
072BB001700 4906
072CC011700 72679
072CC021700 0
072DD011700 25386
072DD021700 0
072EE001700 31065
073 A011700 0.3800
073 A021700 0.0000
073 B001700 0.4650
073 C001700 0.0000
074 A001700 4
074 B001700 146904
074 C001700 0
074 D001700 52864
074 E001700 457
074 F001700 800496
074 G001700 0
074 H001700 0
074 I001700 0
074 J001700 142
074 K001700 0
074 L001700 6867
074 M001700 0
074 N001700 1007734
074 O001700 2451
074 P001700 0
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
074 R041700 996
074 S001700 0
074 T001700 1004287
<PAGE> PAGE 170
074 U011700 71174
074 U021700 0
074 V011700 14.11
074 V021700 0.00
074 W001700 0.0000
074 X001700 3
074 Y001700 0
075 A001700 0
075 B001700 935409
076 001700 0.00
008 A001801 TEMPLETON ASSET MANAGEMENT, LTD.
008 B001801 A
008 C001801 801-46997
008 D011801 SINGAPORE
008 D051801 SINGAPORE
008 A001802 DELETE
010 A001801 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011801 BERWYN
010 C021801 PA
010 C031801 19312
010 C041801 0031
010 A001802 TEMPLETON GLOBAL INVESTORS, INC.
010 C011802 FT. LAUDERDALE
010 C021802 FL
010 C031802 33394
010 C041802 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 THE CHASE MANHATTAN BANK, N.A.
015 B001802 C
015 C011802 NEW YORK
015 C021802 NY
015 C031802 10081
015 E011802 X
015 A001803 THE CHASE MANHATTAN BANK, N.A.
015 B001803 S
015 C011803 BUENOS AIRES
015 D011803 ARGENTINA
015 E041803 X
015 A001804 THE CHASE MANHATTAN BANK, N.A.
015 B001804 S
015 C011804 SYDNEY
015 D011804 AUSTRALIA
015 E041804 X
015 A001805 CREDITANSTALT-BANKVEREIN
015 B001805 S
<PAGE> PAGE 171
015 C011805 VIENNA
015 D011805 AUSTRIA
015 E041805 X
015 A001806 STANDARD CHARTERED BANK
015 B001806 S
015 C011806 DHAKA
015 D011806 BANGLADESH
015 E041806 X
015 A001807 GENERALE BANK
015 B001807 S
015 C011807 BRUSSELS
015 D011807 BELGIUM
015 E041807 X
015 A001808 BARCLAYS BANK OF BOTSWANA LIMITED
015 B001808 S
015 C011808 GABORONE
015 D011808 BOTSWANA
015 E041808 X
015 A001809 BANCO CHASE MANHATTAN, S.A.
015 B001809 S
015 C011809 SAO PAULO
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 ROYAL BANK OF CANADA
015 B001811 S
015 C011811 TORONTO
015 D011811 CANADA
015 E041811 X
015 A001812 DELETE
015 A001813 THE CHASE MANHATTAN BANK, N.A.
015 B001813 S
015 C011813 SANTIAGO
015 D011813 CHILE
015 E041813 X
015 A001814 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001814 S
015 C011814 SHANGHAI
015 D011814 CHINA
015 E041814 X
015 A001815 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001815 S
015 C011815 SHENZHEN
015 D011815 CHINA
015 E041815 X
015 A001816 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001816 S
<PAGE> PAGE 172
015 C011816 SANTAFE DE BOGOTA
015 D011816 COLOMBIA
015 E041816 X
015 A001817 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001817 S
015 C011817 PRAGUE
015 D011817 CZECH REPUBLIC
015 E041817 X
015 A001818 DEN DANSKE BANK
015 B001818 S
015 C011818 COPENHAGEN
015 D011818 DENMARK
015 E041818 X
015 A001819 CITIBANK, N.A.
015 B001819 S
015 C011819 QUITO
015 D011819 ECUADOR
015 E041819 X
015 A001820 NATIONAL BANK OF EGYPT
015 B001820 S
015 C011820 CAIRO
015 D011820 EGYPT
015 E041820 X
015 A001821 MERITA BANK
015 B001821 S
015 C011821 HELSINKI
015 D011821 FINLAND
015 E041821 X
015 A001822 BANQUE PARIBAS
015 B001822 S
015 C011822 PARIS
015 D011822 FRANCE
015 E041822 X
015 A001823 CHASE BANK, A.G.
015 B001823 S
015 C011823 FRANKFURT
015 D011823 GERMANY
015 E041823 X
015 A001824 BARCLAYS BANK OF GHANA
015 B001824 S
015 C011824 ACCRA
015 D011824 GHANA
015 E041824 X
015 A001825 BARCLAYS BANK PLC
015 B001825 S
015 C011825 ATHENS
015 D011825 GREECE
015 E041825 X
015 A001826 THE CHASE MANHATTAN BANK, N.A.
015 B001826 S
015 C011826 HONG KONG
<PAGE> PAGE 173
015 D011826 HONG KONG
015 E041826 X
015 A001827 CITIBANK BUDAPEST RT.
015 B001827 S
015 C011827 BUDAPEST
015 D011827 HUNGARY
015 E041827 X
015 A001828 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001828 S
015 C011828 BOMBAY
015 D011828 INDIA
015 E041828 X
015 A001829 DEUTSCHE BANK, A.G., BOMBAY
015 B001829 S
015 C011829 BOMBAY
015 D011829 INDIA
015 E041829 X
015 A001830 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001830 S
015 C011830 JAKARTA
015 D011830 INDONESIA
015 E041830 X
015 A001831 BANK OF IRELAND
015 B001831 S
015 C011831 DUBLIN
015 D011831 IRELAND
015 E041831 X
015 A001832 BANK LEUMI LE-ISRAEL, B.M.
015 B001832 S
015 C011832 TEL AVIV
015 D011832 ISRAEL
015 E041832 X
015 A001833 THE CHASE MANHATTAN BANK, N.A.
015 B001833 S
015 C011833 MILAN
015 D011833 ITALY
015 E041833 X
015 A001834 THE FUJI BANK LIMITED
015 B001834 S
015 C011834 TOKYO
015 D011834 JAPAN
015 E041834 X
015 A001835 THE JAPAN SECURITIES DEPOSITORY CENTER
015 B001835 S
015 C011835 TOKYO
015 D011835 JAPAN
015 E041835 X
015 A001836 ARAB BANK, PLC
015 B001836 S
015 C011836 AMMAN
015 D011836 JORDAN
<PAGE> PAGE 174
015 E041836 X
015 A001837 BARCLAYS BANK OF KENYA LTD.
015 B001837 S
015 C011837 NAIROBI
015 D011837 KENYA
015 E041837 X
015 A001838 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001838 S
015 C011838 SEOUL
015 D011838 SOUTH KOREA
015 E041838 X
015 A001839 CEDEL S.A. (DEPOSITORY)
015 B001839 S
015 C011839 LUXEMBOURG CITY
015 D011839 LUXEMBOURG
015 E041839 X
015 A001840 THE CHASE MANHATTAN BANK, (M) BERHAD
015 B001840 S
015 C011840 KUALA LUMPUR
015 D011840 MALAYSIA
015 E041840 X
015 A001841 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001841 S
015 C011841 PORT LOUIS
015 D011841 MAURITIUS
015 E041841 X
015 A001842 INSTITUCION DE BANCA MULTIPLE
015 B001842 S
015 C011842 MEXICO CITY
015 D011842 MEXICO
015 E041842 X
015 A001843 BANQUE COMMERCIALE DU MAROC
015 B001843 S
015 C011843 CASABLANCA
015 D011843 MOROCCO
015 E041843 X
015 A001844 STANDARD BANK OF NAMIBIA LTD.
015 B001844 S
015 C011844 WINDHOEK
015 D011844 NAMIBIA
015 E041844 X
015 A001845 ABN-AMRO BANK N.V.
015 B001845 S
015 C011845 AMSTERDAM
015 D011845 NETHERLANDS
015 E041845 X
015 A001846 NATIONAL NOMINEES LIMITED
015 B001846 S
015 C011846 AUCKLAND
015 D011846 NEW ZEALAND
015 E041846 X
<PAGE> PAGE 175
015 A001847 AUSTRACLEAR NEW ZEALAND (DEPOSITORY)
015 B001847 S
015 C011847 WELLINGTON
015 D011847 NEW ZEALAND
015 E041847 X
015 A001848 DEN NORSKE BANK A.S.
015 B001848 S
015 C011848 OSLO
015 D011848 NORWAY
015 E041848 X
015 A001849 CITIBANK, N.A.
015 B001849 S
015 C011849 KARACHI
015 D011849 PAKISTAN
015 E041849 X
015 A001850 DEUTSCHE BANK, A.G.
015 B001850 S
015 C011850 KARACHI
015 D011850 PAKISTAN
015 E041850 X
015 A001851 CITIBANK, N.A.
015 B001851 S
015 C011851 LIMA
015 D011851 PERU
015 E041851 X
015 A001852 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001852 S
015 C011852 MANILA
015 D011852 PHILIPPINES
015 E041852 X
015 A001853 BANK HANDLOWY W. WARZAWIE, S.A.
015 B001853 S
015 C011853 WARSAW
015 D011853 POLAND
015 E041853 X
015 A001854 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001854 S
015 C011854 LISBON
015 D011854 PORTUGAL
015 E041854 X
015 A001855 THE CHASE MANHATTAN BANK, N.A.
015 B001855 S
015 C011855 SINGAPORE
015 D011855 SINGAPORE
015 E041855 X
015 A001856 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001856 S
015 C011856 BRATISLAVA
015 D011856 SLOVAKIA
015 E041856 X
015 A001857 THE CENTRAL DEPOSITORY LTD.
<PAGE> PAGE 176
015 B001857 S
015 C011857 JOHANNESBURG
015 D011857 SOUTH AFRICA
015 E041857 X
015 A001858 THE CHASE MANHATTAN BANK
015 B001858 S
015 C011858 MADRID
015 D011858 SPAIN
015 E041858 X
015 A001859 BANQUE BRUXELLES LAMBERT
015 B001859 S
015 C011859 MADRID
015 D011859 SPAIN
015 E041859 X
015 A001860 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001860 S
015 C011860 COLOMBO
015 D011860 SRI LANKA
015 E041860 X
015 A001861 SKANDINAVISKA ENSKILDA BANKEN
015 B001861 S
015 C011861 STOCKHOLM
015 D011861 SWEDEN
015 E041861 X
015 A001862 UNION BANK OF SWITZERLAND
015 B001862 S
015 C011862 ZURICH
015 D011862 SWITZERLAND
015 E041862 X
015 A001863 THE CHASE MANHATTAN BANK, N.A.
015 B001863 S
015 C011863 TAIPEI
015 D011863 TAIWAN (ROC)
015 E041863 X
015 A001864 THE CHASE MANHATTAN BANK, N.A.
015 B001864 S
015 C011864 BANGKOK
015 D011864 THAILAND
015 E041864 X
015 A001865 TAKAS VE SAKLAMA A.S.
015 B001865 S
015 C011865 ISTANBUL
015 D011865 TURKEY
015 E041865 X
015 A001866 THE CHASE MANHATTAN BANK, N.A.
015 B001866 S
015 C011866 LONDON
015 D011866 UNITED KINGDOM
015 E041866 X
015 A001867 FIRST NATIONAL BANK OF CHICAGO
015 B001867 S
<PAGE> PAGE 177
015 C011867 LONDON
015 D011867 UNITED KINGDOM
015 E041867 X
015 A001868 THE FIRST NATIONAL BANK OF BOSTON
015 B001868 S
015 C011868 MONTEVIDEO
015 D011868 URUGUAY
015 E041868 X
015 A001869 CITIBANK, N.A.
015 B001869 S
015 C011869 CARACAS
015 D011869 VENEZUELA
015 E041869 X
015 A001870 BARCLAYS BANK OF ZAMBIA LTD.
015 B001870 S
015 C011870 LUSAKA
015 D011870 ZAMBIA
015 E041870 X
015 A001871 BARCLAYS BANK PLC
015 B001871 S
015 C011871 HARARE
015 D011871 ZIMBABWE
015 E041871 X
015 A001872 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001872 S
015 C011872 JOHANNESBURG
015 D011872 SOUTH AFRICA
015 E041872 X
015 A001873 DELETE
015 A001874 DELETE
015 A001875 DELETE
015 A001876 DELETE
015 A001877 DELETE
015 A001878 DELETE
015 A001879 DELETE
015 A001880 DELETE
015 A001881 DELETE
015 A001882 DELETE
015 A001883 DELETE
015 A001884 DELETE
015 A001885 DELETE
015 A001886 DELETE
015 A001887 DELETE
015 A001888 DELETE
015 A001889 DELETE
015 A001890 DELETE
015 A001891 DELETE
015 A001892 DELETE
015 A001893 DELETE
015 A001894 DELETE
015 A001895 DELETE
<PAGE> PAGE 178
015 A001896 DELETE
015 A001897 DELETE
015 A001898 DELETE
015 A001899 DELETE
028 A011800 16935
028 A021800 0
028 A031800 0
028 A041800 1556
028 B011800 15851
028 B021800 0
028 B031800 0
028 B041800 1934
028 C011800 12718
028 C021800 0
028 C031800 0
028 C041800 13241
028 D011800 19377
028 D021800 0
028 D031800 0
028 D041800 1935
028 E011800 15067
028 E021800 0
028 E031800 0
028 E041800 2522
028 F011800 10172
028 F021800 6220
028 F031800 0
028 F041800 2299
028 G011800 90120
028 G021800 6220
028 G031800 0
028 G041800 23487
028 H001800 0
045 001800 Y
046 001800 N
047 001800 Y
048 001800 1.250
048 A011800 0
048 A021800 0.000
048 B011800 0
048 B021800 0.000
048 C011800 0
048 C021800 0.000
048 D011800 0
048 D021800 0.000
048 E011800 0
048 E021800 0.000
048 F011800 0
048 F021800 0.000
048 G011800 0
048 G021800 0.000
<PAGE> PAGE 179
048 H011800 0
048 H021800 0.000
048 I011800 0
048 I021800 0.000
048 J011800 0
048 J021800 0.000
048 K011800 0
048 K021800 0.000
049 001800 N
050 001800 N
051 001800 N
052 001800 N
053 A001800 N
054 A001800 Y
054 B001800 Y
054 C001800 Y
054 D001800 N
054 E001800 N
054 F001800 N
054 G001800 Y
054 H001800 Y
054 I001800 N
054 J001800 Y
054 K001800 N
054 L001800 Y
054 M001800 Y
054 N001800 N
054 O001800 N
055 A001800 N
055 B001800 N
056 001800 Y
057 001800 N
058 A001800 Y
058 B001800 Y
058 C001800 Y
058 D001800 Y
058 E001800 N
059 001800 Y
060 A001800 Y
060 B001800 Y
061 001800 2000
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
<PAGE> PAGE 180
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
063 A001800 0
063 B001800 0.0
066 A001800 Y
066 B001800 N
066 C001800 N
066 D001800 Y
066 E001800 N
066 F001800 N
066 G001800 N
067 001800 N
068 A001800 N
068 B001800 Y
069 001800 N
070 A011800 Y
070 A021800 N
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 Y
070 I021800 N
070 J011800 Y
070 J021800 Y
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 Y
070 O021800 N
<PAGE> PAGE 181
070 P011800 Y
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
071 A001800 71021
071 B001800 8552
071 C001800 182814
071 D001800 5
072 A001800 6
072 B001800 712
072 C001800 3815
072 D001800 0
072 E001800 0
072 F001800 1317
072 G001800 0
072 H001800 0
072 I001800 0
072 J001800 172
072 K001800 1
072 L001800 3
072 M001800 0
072 N001800 0
072 O001800 0
072 P001800 0
072 Q001800 0
072 R001800 2
072 S001800 0
072 T001800 0
072 U001800 0
072 V001800 0
072 W001800 2
072 X001800 1497
072 Y001800 0
072 Z001800 3030
072AA001800 2011
072BB001800 354
072CC011800 22530
072CC021800 0
072DD011800 2182
072DD021800 0
072EE001800 4038
073 A011800 0.1000
073 A021800 0.0000
073 B001800 0.1850
073 C001800 0.0000
074 A001800 185
074 B001800 0
074 C001800 26880
074 D001800 0
<PAGE> PAGE 182
074 E001800 17439
074 F001800 206642
074 G001800 0
074 H001800 0
074 I001800 0
074 J001800 31
074 K001800 0
074 L001800 1350
074 M001800 0
074 N001800 252527
074 O001800 240
074 P001800 253
074 Q001800 0
074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 100
074 S001800 0
074 T001800 251934
074 U011800 22803
074 U021800 0
074 V011800 11.05
074 V021800 0.00
074 W001800 0.0000
074 X001800 3
074 Y001800 0
075 A001800 0
075 B001800 211924
076 001800 0.00
008 A001901 TEMPLETON GLOBAL ADVISORS LTD.
008 B001901 A
008 C001901 801-42343
008 D011901 NASSAU
008 D051901 BAHAMAS
010 A001901 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C011901 BERWYN
010 C021901 PA
010 C031901 19312
010 C041901 0031
010 A001902 TEMPLETON GLOBAL INVESTORS, INC.
010 C011902 FT. LAUDERDALE
010 C021902 FL
010 C031902 33394
010 C041902 3091
015 A001901 THE CHASE MANHATTAN BANK, N.A.
015 B001901 C
015 C011901 NEW YORK
015 C021901 NY
015 C031901 10081
015 E011901 X
015 A001902 THE CHASE MANHATTAN BANK, N.A.
<PAGE> PAGE 183
015 B001902 S
015 C011902 BUENOS AIRES
015 D011902 ARGENTINA
015 E041902 X
015 A001903 THE CHASE MANHATTAN BANK, N.A.
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 BRUSSELS
015 D011906 BELGIUM
015 E041906 X
015 A001907 BARCLAYS BANK OF BOTSWANA LIMITED
015 B001907 S
015 C011907 GABORONE
015 D011907 BOTSWANA
015 D021907 M5J 2J5
015 E041907 X
015 A001908 BANCO CHASE MANHATTAN, S.A.
015 B001908 S
015 C011908 SAO PAULO
015 D011908 BRAZIL
015 D021908 M5J 2T2
015 E041908 X
015 A001909 ROYAL BANK OF CANADA
015 B001909 S
015 C011909 TORONTO
015 D011909 CANADA
015 E041909 X
015 A001910 THE CANADA TRUST COMPANY
015 B001910 S
015 C011910 TORONTO
015 D011910 CANADA
015 E041910 X
015 A001911 THE CHASE MANHATTAN BANK, N.A.
015 B001911 S
015 C011911 SANTIAGO
015 D011911 CHILE
015 E041911 X
<PAGE> PAGE 184
015 A001912 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001912 S
015 C011912 SHANGHAI
015 D011912 CHINA
015 E041912 X
015 A001913 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001913 S
015 C011913 SHENZHEN
015 D011913 CHINA
015 E041913 X
015 A001914 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001914 S
015 C011914 SANTAFE DE BOGOTA
015 D011914 COLOMBIA
015 E041914 X
015 A001915 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001915 S
015 C011915 PRAGUE
015 D011915 CZECH REPUBLIC
015 E041915 X
015 A001916 DEN DANSKE BANK
015 B001916 S
015 C011916 COPENHAGEN
015 D011916 DENMARK
015 E041916 X
015 A001917 CITIBANK, N.A.
015 B001917 S
015 C011917 QUITO
015 D011917 ECUADOR
015 D021917 10562
015 E041917 X
015 A001918 NATIONAL BANK OF EGYPT
015 B001918 S
015 C011918 CAIRO
015 D011918 EGYPT
015 E041918 X
015 A001919 MERITA BANK
015 B001919 S
015 C011919 HELSINKI
015 D011919 FINLAND
015 D021919 1052
015 E041919 X
015 A001920 BANK OF AMERICA NT & SA
015 B001920 C
015 C011920 SAN FRANCISCO
015 C021920 CA
015 C031920 94104
015 C041920 1502
015 E011920 X
015 A001921 BANQUE PARIBAS
015 B001921 S
<PAGE> PAGE 185
015 C011921 PARIS
015 D011921 FRANCE
015 D021921 10023
015 E041921 X
015 A001922 CHASE BANK, A.G.
015 B001922 S
015 C011922 FRANKFURT
015 D011922 GERMANY
015 E041922 X
015 A001923 BARCLAYS BANK OF GHANA LTD.
015 B001923 S
015 C011923 ACCRA
015 D011923 GHANA
015 D021923 65136
015 E041923 X
015 A001924 BARCLAYS BANK PLC
015 B001924 S
015 C011924 ATHENS
015 D011924 GREECE
015 D021924 20121
015 E041924 X
015 A001925 THE CHASE MANHATTAN BANK, N.A.
015 B001925 S
015 C011925 HONG KONG
015 D011925 HONG KONG
015 D021925 100
015 E041925 X
015 A001926 CITIBANK, N.A.
015 B001926 S
015 C011926 BUDAPEST
015 D011926 HUNGARY
015 E041926 X
015 A001927 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001927 S
015 C011927 BOMBAY
015 D011927 INDIA
015 E041927 X
015 A001928 DEUTSCHE BANK, A.G., BOMBAY
015 B001928 S
015 C011928 BOMBAY
015 D011928 INDIA
015 E041928 X
015 A001929 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001929 S
015 C011929 JAKARTA
015 D011929 INDONESIA
015 D021929 50250
015 E041929 X
015 A001930 BANK OF IRELAND
015 B001930 S
015 C011930 DUBLIN
<PAGE> PAGE 186
015 D011930 IRELAND
015 D021930 11000
015 E041930 X
015 A001931 BANK LEUMI LE-ISRAEL, B.M.
015 B001931 S
015 C011931 TEL AVIV
015 D011931 ISRAEL
015 E041931 X
015 A001932 THE CHASE MANHATTAN BANK, N.A.
015 B001932 S
015 C011932 MILAN
015 D011932 ITALY
015 E041932 X
015 A001933 THE FUJI BANK LIMITED
015 B001933 S
015 C011933 TOKYO
015 D011933 JAPAN
015 E041933 X
015 A001934 THE JAPAN SECURITIES DEPOSITORY CENTER
015 B001934 S
015 C011934 TOKYO
015 D011934 JAPAN
015 E041934 X
015 A001935 ARAB BANK, PLC
015 B001935 S
015 C011935 AMMAN
015 D011935 JORDAN
015 E041935 X
015 A001936 BARCLAYS BANK OF KENYA LTD.
015 B001936 S
015 C011936 NAIROBI
015 D011936 KENYA
015 E041936 X
015 A001937 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001937 S
015 C011937 SEOUL
015 D011937 SOUTH KOREA
015 E041937 X
015 A001938 CEDEL S.A. (DEPOSITORY)
015 B001938 S
015 C011938 LUXEMBOURG CITY
015 D011938 LUXEMBOURG
015 E041938 X
015 A001939 THE CHASE MANHATTAN BANK, (M) BERHAD
015 B001939 S
015 C011939 KUALA LUMPUR
015 D011939 MALAYSIA
015 E041939 X
015 A001940 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001940 S
015 C011940 PORT LOUIS
<PAGE> PAGE 187
015 D011940 MAURITIUS
015 E041940 X
015 A001941 INSTITUCION DE BANCA MULTIPLE
015 B001941 S
015 C011941 MEXICO CITY
015 D011941 MEXICO
015 E041941 X
015 A001942 BANQUE COMMERCIALE DU MAROC
015 B001942 S
015 C011942 CASABLANCA
015 D011942 MOROCCO
015 E041942 X
015 A001943 STANDARD BANK NAMIBIA LTD.
015 B001943 S
015 C011943 WINDHOEK
015 D011943 NAMIBIA
015 E041943 X
015 A001944 ABN-AMRO BANK N.V.
015 B001944 S
015 C011944 AMSTERDAM
015 D011944 NETHERLANDS
015 E041944 X
015 A001945 NATIONAL NOMINEES LIMITED
015 B001945 S
015 C011945 AUCKLAND
015 D011945 NEW ZEALAND
015 E041945 X
015 A001946 AUSTRACLEAR NEW ZEALAND (DEPOSITORY)
015 B001946 S
015 C011946 WELLINGTON
015 D011946 NEW ZEALAND
015 E041946 X
015 A001947 DEN NORSKE BANK A.S.
015 B001947 S
015 C011947 OSLO
015 D011947 NORWAY
015 E041947 X
015 A001948 CITIBANK, N.A.
015 B001948 S
015 C011948 KARACHI
015 D011948 PAKISTAN
015 E041948 X
015 A001949 DEUTSCHE BANK, A.G., KARACHI
015 B001949 S
015 C011949 KARACHI
015 D011949 PAKISTAN
015 E041949 X
015 A001950 CITIBANK, N.A.
015 B001950 S
015 C011950 LIMA
015 D011950 PERU
<PAGE> PAGE 188
015 E041950 X
015 A001951 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001951 S
015 C011951 MANILA
015 D011951 PHILIPPINES
015 E041951 X
015 A001952 BANK HANDLOWY W. WARZAWIE, S.A.
015 B001952 S
015 C011952 WARSAW
015 D011952 POLAND
015 E041952 X
015 A001953 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001953 S
015 C011953 LISBON
015 D011953 PORTUGAL
015 E041953 X
015 A001954 THE CHASE MANHATTAN BANK, N.A.
015 B001954 S
015 C011954 SINGAPORE
015 D011954 SINGAPORE
015 E041954 X
015 A001955 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001955 S
015 C011955 BRATISLAVA
015 D011955 SLOVAKIA
015 E041955 X
015 A001956 THE CENTRAL DEPOSITORY LTD.
015 B001956 S
015 C011956 JOHANNESBURG
015 D011956 SOUTH AFRICA
015 E041956 X
015 A001957 THE CHASE MANHATTAN BANK, N.A.
015 B001957 S
015 C011957 MADRID
015 D011957 SPAIN
015 E041957 X
015 A001958 BANQUE BRUXELLES LAMBERT
015 B001958 S
015 C011958 MADRID
015 D011958 SPAIN
015 E041958 X
015 A001959 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B001959 S
015 C011959 COLOMBO
015 D011959 SRI LANKA
015 E041959 X
015 A001960 SKANDINAVISKA ENSKILDA BANKEN
015 B001960 S
015 C011960 STOCKHOLM
015 D011960 SWEDEN
015 E041960 X
<PAGE> PAGE 189
015 A001961 UNION BANK OF SWITZERLAND
015 B001961 S
015 C011961 ZURICH
015 D011961 SWITZERLAND
015 E041961 X
015 A001962 THE CHASE MANHATTAN BANK, N.A.
015 B001962 S
015 C011962 TAIPEI
015 D011962 TAIWAN (ROC)
015 E041962 X
015 A001963 THE CHASE MANHATTAN BANK, N.A.
015 B001963 S
015 C011963 BANGKOK
015 D011963 THAILAND
015 E041963 X
015 A001964 TAKAS VE SAKLAMA A.S.
015 B001964 S
015 C011964 ISTANBUL
015 D011964 TURKEY
015 E041964 X
015 A001965 THE CHASE MANHATTAN BANK, N.A.
015 B001965 S
015 C011965 LONDON
015 D011965 UNITED KINGDOM
015 E041965 X
015 A001966 FIRST NATIONAL BANK OF CHICAGO
015 B001966 S
015 C011966 LONDON
015 D011966 UNITED KINGDOM
015 D021966 S-106 40
015 E041966 X
015 A001967 THE FIRST NATIONAL BANK OF BOSTON
015 B001967 S
015 C011967 MONTEVIDEO
015 D011967 URUGUAY
015 D021967 8021
015 E041967 X
015 A001968 CITIBANK, N.A.
015 B001968 S
015 C011968 CARACAS
015 D011968 VENEZUELA
015 D021968 10500
015 E041968 X
015 A001969 BARCLAYS BANK OF ZAMBIA LTD.
015 B001969 S
015 C011969 LUSAKA
015 D011969 ZAMBIA
015 E041969 X
015 A001970 BARCLAYS BANK PLC
015 B001970 S
015 C011970 HARARE
<PAGE> PAGE 190
015 D011970 ZIMBABWE
015 E041970 X
015 A001971 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001971 S
015 C011971 JOHANNESBURG
015 D011971 SOUTH AFRICA
015 E041971 X
015 A001978 DELETE
015 A001979 DELETE
015 A001985 DELETE
015 A001986 DELETE
015 A001987 DELETE
015 A001988 DELETE
028 A011900 15141
028 A021900 0
028 A031900 0
028 A041900 6393
028 B011900 18170
028 B021900 0
028 B031900 0
028 B041900 3927
028 C011900 17282
028 C021900 0
028 C031900 0
028 C041900 3939
028 D011900 26945
028 D021900 0
028 D031900 0
028 D041900 2944
028 E011900 23714
028 E021900 0
028 E031900 0
028 E041900 4253
028 F011900 23497
028 F021900 14713
028 F031900 0
028 F041900 4022
028 G011900 124749
028 G021900 14713
028 G031900 0
028 G041900 25478
028 H001900 0
045 001900 Y
046 001900 N
047 001900 Y
048 001900 0.000
048 A011900 100000
048 A021900 1.000
048 B011900 150000
048 B021900 0.900
048 C011900 250000
<PAGE> PAGE 191
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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 500000
048 K021900 0.750
049 001900 N
050 001900 N
051 001900 N
052 001900 N
053 A001900 N
054 A001900 Y
054 B001900 Y
054 C001900 Y
054 D001900 N
054 E001900 N
054 F001900 N
054 G001900 Y
054 H001900 Y
054 I001900 N
054 J001900 Y
054 K001900 N
054 L001900 Y
054 M001900 Y
054 N001900 N
054 O001900 N
055 A001900 N
055 B001900 N
056 001900 Y
057 001900 N
058 A001900 Y
058 B001900 Y
058 C001900 Y
058 D001900 Y
058 E001900 N
059 001900 Y
060 A001900 Y
060 B001900 Y
061 001900 2000
062 A001900 N
<PAGE> PAGE 192
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
063 A001900 0
063 B001900 0.0
066 A001900 Y
066 B001900 N
066 C001900 N
066 D001900 Y
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 Y
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
070 H021900 N
070 I011900 Y
070 I021900 N
070 J011900 Y
070 J021900 Y
070 K011900 N
<PAGE> PAGE 193
070 K021900 N
070 L011900 Y
070 L021900 Y
070 M011900 Y
070 M021900 Y
070 N011900 Y
070 N021900 N
070 O011900 N
070 O021900 N
070 P011900 Y
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
071 A001900 88807
071 B001900 16452
071 C001900 358873
071 D001900 5
072 A001900 6
072 B001900 1590
072 C001900 5971
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072 E001900 0
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072 G001900 0
072 H001900 0
072 I001900 0
072 J001900 85
072 K001900 5
072 L001900 0
072 M001900 1
072 N001900 0
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 5
072 S001900 1
072 T001900 0
072 U001900 0
072 V001900 0
072 W001900 4
072 X001900 1888
072 Y001900 0
072 Z001900 5673
072AA001900 1885
072BB001900 5875
072CC011900 38274
072CC021900 0
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072DD021900 0
<PAGE> PAGE 194
072EE001900 7357
073 A011900 0.2050
073 A021900 0.0000
073 B001900 0.2050
073 C001900 0.0000
074 A001900 117
074 B001900 68320
074 C001900 0
074 D001900 7889
074 E001900 18006
074 F001900 391841
074 G001900 0
074 H001900 0
074 I001900 0
074 J001900 0
074 K001900 0
074 L001900 2167
074 M001900 0
074 N001900 488340
074 O001900 9936
074 P001900 333
074 Q001900 0
074 R011900 0
074 R021900 0
074 R031900 0
074 R041900 88
074 S001900 0
074 T001900 477983
074 U011900 37913
074 U021900 0
074 V011900 12.61
074 V021900 0.00
074 W001900 0.0000
074 X001900 3
074 Y001900 0
075 A001900 0
075 B001900 405897
076 001900 0.00
008 A002001 TEMPLETON GLOBAL ADVISORS LTD.
008 B002001 A
008 C002001 801-42343
008 D012001 NASSAU
008 D052001 BAHAMAS
008 A002002 TEMPLETON INVESTMENT COUNSEL, INC.
008 B002002 S
008 C002002 801-15125
008 D012002 FT. LAUDERDALE
008 D022002 FL
008 D032002 33394
008 D042002 3091
010 A002001 DELAWARE VALLEY FINANCIAL SERVICES, INC.
<PAGE> PAGE 195
010 C012001 BERWYN
010 C022001 PA
010 C032001 19312
010 C042001 0031
010 A002002 TEMPLETON GLOBAL INVESTORS, INC.
010 C012002 FT. LAUDERDALE
010 C022002 FL
010 C032002 33394
010 C042002 3091
015 A002001 THE CHASE MANHATTAN BANK, N.A.
015 B002001 C
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 THE CHASE MANHATTAN BANK, N.A.
015 B002003 S
015 C012003 SYDNEY
015 D012003 AUSTRALIA
015 E042003 X
015 A002004 CREDITANSTALT-BANKVEREIN
015 B002004 S
015 C012004 VIENNA
015 D012004 AUSTRIA
015 E042004 X
015 A002005 STANDARD CHARTERED BANK
015 B002005 S
015 C012005 DHAKA
015 D012005 BANGLADESH
015 E042005 X
015 A002006 GENERALE BANK
015 B002006 S
015 C012006 BRUSSELS
015 D012006 BELGIUM
015 E042006 X
015 A002007 BARCLAYS BANK OF BOTSWANA LIMITED
015 B002007 S
015 C012007 GABORONE
015 D012007 BOTSWANA
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 ROYAL BANK OF CANADA
<PAGE> PAGE 196
015 B002009 S
015 C012009 TORONTO
015 D012009 CANADA
015 E042009 X
015 A002010 THE CANADA TRUST COMPANY
015 B002010 S
015 C012010 TORONTO
015 D012010 CANADA
015 E042010 X
015 A002011 THE CHASE MANHATTAN BANK, N.A.
015 B002011 S
015 C012011 SANTIAGO
015 D012011 CHILE
015 E042011 X
015 A002012 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002012 S
015 C012012 SHANGHAI
015 D012012 CHINA
015 E042012 X
015 A002013 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002013 S
015 C012013 SHENZHEN
015 D012013 CHINA
015 E042013 X
015 A002014 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002014 S
015 C012014 SANTAFE DE BOGOTA
015 D012014 COLOMBIA
015 E042014 X
015 A002015 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002015 S
015 C012015 PRAGUE
015 D012015 CZECH REPUBLIC
015 E042015 X
015 A002016 DEN DANSKE BANK
015 B002016 S
015 C012016 COPENHAGEN
015 D012016 DENMARK
015 E042016 X
015 A002017 CITIBANK, N.A.
015 B002017 S
015 C012017 QUITO
015 D012017 ECUADOR
015 E042017 X
015 A002018 NATIONAL BANK OF EGYPT
015 B002018 S
015 C012018 CAIRO
015 D012018 EGYPT
015 E042018 X
015 A002019 MERITA BANK
015 B002019 S
<PAGE> PAGE 197
015 C012019 HELSINKI
015 D012019 FINLAND
015 E042019 X
015 A002020 BANQUE PARIBAS
015 B002020 S
015 C012020 PARIS
015 D012020 FRANCE
015 E042020 X
015 A002021 CHASE BANK, A.G.
015 B002021 S
015 C012021 FRANKFURT
015 D012021 GERMANY
015 E042021 X
015 A002022 BARCLAYS BANK OF GHANA LTD.
015 B002022 S
015 C012022 ACCRA
015 D012022 GHANA
015 E042022 X
015 A002023 BARCLAYS BANK PLC
015 B002023 S
015 C012023 ATHENS
015 D012023 GREECE
015 E042023 X
015 A002024 THE CHASE MANHATTAN BANK, N.A.
015 B002024 S
015 C012024 HONG KONG
015 D012024 HONG KONG
015 E042024 X
015 A002025 CITIBANK BUDAPEST RT.
015 B002025 S
015 C012025 BUDAPEST
015 D012025 HUNGARY
015 E042025 X
015 A002026 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002026 S
015 C012026 BOMBAY
015 D012026 INDIA
015 E042026 X
015 A002027 DEUTSCHE BANK, A.G., BOMBAY
015 B002027 S
015 C012027 BOMBAY
015 D012027 INDIA
015 E042027 X
015 A002028 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002028 S
015 C012028 JAKARTA
015 D012028 INDONESIA
015 E042028 X
015 A002029 BANK OF IRELAND
015 B002029 S
015 C012029 DUBLIN
<PAGE> PAGE 198
015 D012029 IRELAND
015 E042029 X
015 A002030 BANK LEUMI LE-ISRAEL, B.M.
015 B002030 S
015 C012030 TEL AVIV
015 D012030 ISRAEL
015 E042030 X
015 A002031 THE CHASE MANHATTAN BANK, N.A.
015 B002031 S
015 C012031 MILAN
015 D012031 ITALY
015 E042031 X
015 A002032 THE FUJI BANK LIMITED
015 B002032 S
015 C012032 TOKYO
015 D012032 JAPAN
015 E042032 X
015 A002033 THE JAPAN SECURITIES DEPOSITORY CENTER
015 B002033 S
015 C012033 TOKYO
015 D012033 JAPAN
015 E042033 X
015 A002034 ARAB BANK, PLC
015 B002034 S
015 C012034 AMMAN
015 D012034 JORDAN
015 E042034 X
015 A002035 BARCLAYS BANK OF KENYA LTD.
015 B002035 S
015 C012035 NAIROBI
015 D012035 KENYA
015 E042035 X
015 A002036 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002036 S
015 C012036 SEOUL
015 D012036 SOUTH KOREA
015 E042036 X
015 A002037 CEDEL S.A. (DEPOSITORY)
015 B002037 S
015 C012037 LUXEMBOURG CITY
015 D012037 LUXEMBOURG
015 E042037 X
015 A002038 THE CHASE MANHATTAN BANK, (M) BERHAD
015 B002038 S
015 C012038 KUALA LUMPUR
015 D012038 MALAYSIA
015 E042038 X
015 A002039 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002039 S
015 C012039 PORT LOUIS
015 D012039 MAURITIUS
<PAGE> PAGE 199
015 E042039 X
015 A002040 INSTITUCION DE BANCA MULTIPLE
015 B002040 S
015 C012040 MEXICO CITY
015 D012040 MEXICO
015 E042040 X
015 A002041 BANQUE COMMERCIALE DU MAROC
015 B002041 S
015 C012041 CASABLANCA
015 D012041 MOROCCO
015 E042041 X
015 A002042 STANDARD BANK NAMIBIA LTD.
015 B002042 S
015 C012042 WINDHOEK
015 D012042 NAMIBIA
015 E042042 X
015 A002043 ABN-AMRO BANK N.V.
015 B002043 S
015 C012043 AMSTERDAM
015 D012043 NETHERLANDS
015 E042043 X
015 A002044 NATIONAL NOMINEES LIMITED
015 B002044 S
015 C012044 AUCKLAND
015 D012044 NEW ZEALAND
015 E042044 X
015 A002045 AUSTRACLEAR NEW ZEALAND (DEPOSITORY)
015 B002045 S
015 C012045 WELLINGTON
015 D012045 NEW ZEALAND
015 E042045 X
015 A002046 DEN NORSKE BANK A.S.
015 B002046 S
015 C012046 OSLO
015 D012046 NORWAY
015 E042046 X
015 A002047 CITIBANK, N.A.
015 B002047 S
015 C012047 KARACHI
015 D012047 PAKISTAN
015 E042047 X
015 A002048 DEUTSCHE BANK, A.G., KARACHI
015 B002048 S
015 C012048 KARACHI
015 D012048 PAKISTAN
015 E042048 X
015 A002049 CITIBANK, N.A.
015 B002049 S
015 C012049 LIMA
015 D012049 PERU
015 E042049 X
<PAGE> PAGE 200
015 A002050 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002050 S
015 C012050 MANILA
015 D012050 PHILIPPINES
015 E042050 X
015 A002051 BANK HANDLOWY W. WARZAWIE, S.A.
015 B002051 S
015 C012051 WARSAW
015 D012051 POLAND
015 E042051 X
015 A002052 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B002052 S
015 C012052 LISBON
015 D012052 PORTUGAL
015 E042052 X
015 A002053 THE CHASE MANHATTAN BANK, N.A.
015 B002053 S
015 C012053 SINGAPORE
015 D012053 SINGAPORE
015 E042053 X
015 A002054 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002054 S
015 C012054 BRATISLAVA
015 D012054 SLOVAKIA
015 E042054 X
015 A002055 THE CENTRAL DEPOSITORY LTD.
015 B002055 S
015 C012055 JOHANNESBURG
015 D012055 SOUTH AFRICA
015 E042055 X
015 A002056 THE CHASE MANHATTAN BANK, N.A.
015 B002056 S
015 C012056 MADRID
015 D012056 SPAIN
015 E042056 X
015 A002057 BANQUE BRUXELLES LAMBERT
015 B002057 S
015 C012057 MADRID
015 D012057 SPAIN
015 E042057 X
015 A002058 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002058 S
015 C012058 COLOMBO
015 D012058 SRI LANKA
015 E042058 X
015 A002059 SKANDINAVISKA ENSKILDA BANKEN
015 B002059 S
015 C012059 STOCKHOLM
015 D012059 SWEDEN
015 E042059 X
015 A002060 UNION BANK OF SWITZERLAND
<PAGE> PAGE 201
015 B002060 S
015 C012060 ZURICH
015 D012060 SWITZERLAND
015 E042060 X
015 A002061 THE CHASE MANHATTAN BANK, N.A.
015 B002061 S
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015 D012061 TAIWAN (ROC)
015 E042061 X
015 A002062 THE CHASE MANHATTAN BANK, N.A.
015 B002062 S
015 C012062 BANGKOK
015 D012062 THAILAND
015 E042062 X
015 A002063 TAKAS VE SAKLAMA A.S.
015 B002063 S
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015 D012063 TURKEY
015 E042063 X
015 A002064 THE CHASE MANHATTAN BANK, N.A.
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015 D012064 UNITED KINGDOM
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015 A002065 FIRST NATIONAL BANK OF CHICAGO
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015 C012065 LONDON
015 D012065 UNITED KINGDOM
015 E042065 X
015 A002066 THE FIRST NATIONAL BANK OF BOSTON
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015 C012066 MONTEVIDEO
015 D012066 URUGUAY
015 E042066 X
015 A002067 CITIBANK, N.A.
015 B002067 S
015 C012067 CARACAS
015 D012067 VENEZUELA
015 E042067 X
015 A002068 BARCLAYS BANK OF ZAMBIA LTD.
015 B002068 S
015 C012068 LUSAKA
015 D012068 ZAMBIA
015 E042068 X
015 A002069 BARCLAYS BANK PLC
015 B002069 S
015 C012069 HARARE
015 D012069 ZIMBABWE
015 E042069 X
015 A002070 BANK OF AMERICA, NT & SA
015 B002070 C
<PAGE> PAGE 202
015 C012070 SAN FRANCISCO
015 C022070 CA
015 C032070 94104
015 C042070 1502
015 E012070 X
015 A002071 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B002071 S
015 C012071 JOHANNESBURG
015 D012071 SOUTH AFRICA
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028 A022000 0
028 A032000 0
028 A042000 87
028 B012000 2749
028 B022000 0
028 B032000 0
028 B042000 68
028 C012000 2832
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028 D012000 5521
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028 D032000 0
028 D042000 6
028 E012000 3959
028 E022000 0
028 E032000 0
028 E042000 970
028 F012000 3355
028 F022000 44
028 F032000 0
028 F042000 5
028 G012000 20828
028 G022000 44
028 G032000 0
028 G042000 2250
028 H002000 0
045 002000 Y
046 002000 N
047 002000 Y
048 002000 0.000
048 A012000 200000
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048 B012000 1100000
048 B022000 0.585
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048 C022000 0.000
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048 D022000 0.000
<PAGE> PAGE 203
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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 1300000
048 K022000 0.520
049 002000 N
050 002000 N
051 002000 N
052 002000 N
053 A002000 N
054 A002000 Y
054 B002000 Y
054 C002000 Y
054 D002000 N
054 E002000 N
054 F002000 N
054 G002000 Y
054 H002000 Y
054 I002000 N
054 J002000 Y
054 K002000 N
054 L002000 Y
054 M002000 Y
054 N002000 N
054 O002000 N
055 A002000 N
055 B002000 N
056 002000 Y
057 002000 N
058 A002000 Y
058 B002000 Y
058 C002000 Y
058 D002000 Y
058 E002000 N
059 002000 Y
060 A002000 Y
060 B002000 Y
061 002000 2000
062 A002000 N
062 B002000 0.0
062 C002000 0.0
062 D002000 0.0
<PAGE> PAGE 204
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 N
066 D002000 N
066 E002000 Y
066 F002000 N
066 G002000 N
067 002000 N
068 A002000 N
068 B002000 N
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
070 J022000 Y
070 K012000 Y
070 K022000 Y
070 L012000 Y
070 L022000 Y
<PAGE> PAGE 205
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 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 13297
071 B002000 4100
071 C002000 16301
071 D002000 25
072 A002000 6
072 B002000 425
072 C002000 245
072 D002000 0
072 E002000 0
072 F002000 96
072 G002000 0
072 H002000 0
072 I002000 0
072 J002000 11
072 K002000 2
072 L002000 2
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072 O002000 0
072 P002000 0
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072 R002000 3
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072 T002000 0
072 U002000 0
072 V002000 0
072 W002000 3
072 X002000 117
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072 Z002000 553
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072BB002000 60
072CC012000 1057
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072DD012000 15
072DD022000 0
072EE002000 30
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<PAGE> PAGE 206
073 B002000 0.0100
073 C002000 0.0000
074 A002000 189
074 B002000 5898
074 C002000 4735
074 D002000 8542
074 E002000 428
074 F002000 15410
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074 H002000 0
074 I002000 0
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074 M002000 0
074 N002000 35619
074 O002000 592
074 P002000 18
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074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 22
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074 X002000 3
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008 A002101 FRANKLIN ADVISERS, INC.
008 B002101 A
008 C002101 801-26292
008 D012101 SAN MATEO
008 D022101 CA
008 D032101 94403
008 D042101 7777
008 A002102 DELETE
010 A002101 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C012101 BERWYN
010 C022101 PA
010 C032101 19312
010 C042101 0031
015 A002101 BANK OF AMERICA, NT & SA
015 B002101 C
015 C012101 SAN FRANCISCO
<PAGE> PAGE 207
015 C022101 CA
015 C032101 94104
015 C042101 1502
015 E012101 X
015 A002102 THE BANK OF NEW YORK
015 B002102 C
015 C012102 NEW YORK
015 C022102 NY
015 C032102 10286
015 E012102 X
015 A002103 THE BANK OF BOSTON
015 B002103 S
015 C012103 BUENOS AIRES
015 D012103 ARGENTINA
015 E042103 X
015 A002104 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B002104 S
015 C012104 MELBOURNE
015 D012104 AUSTRALIA
015 E042104 X
015 A002105 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B002105 S
015 C012105 VIENNA
015 D012105 AUSTRIA
015 E042105 X
015 A002106 STANDARD CHARTERED BANK PLC
015 B002106 S
015 C012106 DHAKA
015 D012106 BANGLADESH
015 E042106 X
015 A002107 BANQUE BRUXELLES LAMBERT
015 B002107 S
015 C012107 BRUSSELS
015 D012107 BELGIUM
015 E042107 X
015 A002108 THE BANK OF BOSTON
015 B002108 S
015 C012108 SAO PAULO
015 D012108 BRAZIL
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015 A002109 THE ROYAL TRUST CORPORATION OF CANADA
015 B002109 S
015 C012109 MONTREAL
015 D012109 CANADA
015 E042109 X
015 A002110 THE BANK OF BOSTON
015 B002110 S
015 C012110 SANTIAGO
015 D012110 CHILE
015 E042110 X
015 A002111 BANCO DE CHILE
<PAGE> PAGE 208
015 B002111 S
015 C012111 SANTIAGO
015 D012111 CHILE
015 E042111 X
015 A002112 STANDARD CHARTERED BANK
015 B002112 S
015 C012112 SHENZHEN
015 D012112 CHINA
015 E042112 X
015 A002113 STANDARD CHARTERED BANK
015 B002113 S
015 C012113 SHANGHAI
015 D012113 CHINA
015 E042113 X
015 A002114 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002114 S
015 C012114 BOGOTA
015 D012114 COLOMBIA
015 E042114 X
015 A002115 CESKOSLOVENSKA OBCHODNI BANKA
015 B002115 S
015 C012115 PRAGUE
015 D012115 CZECH REPUBLIC
015 E042115 X
015 A002116 DEN DANSKEN BANK
015 B002116 S
015 C012116 COPENHAGEN
015 D012116 DENMARK
015 E042116 X
015 A002117 CEDEL
015 B002117 S
015 C012117 LUXEMBOURG CITY
015 D012117 LUXEMBOURG
015 E042117 X
015 A002118 FIRST CHICAGO CLEARING CENTRE
015 B002118 S
015 C012118 LONDON
015 D012118 UNITED KINGDOM
015 E042118 X
015 A002119 MERITA BANK
015 B002119 S
015 C012119 HELSINKI
015 D012119 FINLAND
015 E042119 X
015 A002120 BANQUE PARIBAS
015 B002120 S
015 C012120 PARIS
015 D012120 FRANCE
015 E042120 X
015 A002121 DRESDNER BANK A.G.
015 B002121 S
<PAGE> PAGE 209
015 C012121 FRANKFURT
015 D012121 GERMANY
015 E042121 X
015 A002122 ALPHA CREDIT BANK A.E.
015 B002122 S
015 C012122 ATHENS
015 D012122 GREECE
015 E042122 X
015 A002123 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002123 S
015 C012123 HONG KONG
015 D012123 HONG KONG
015 E042123 X
015 A002124 CITIBANK, N.A.
015 B002124 S
015 C012124 BUDAPEST
015 D012124 HUNGARY
015 E042124 X
015 A002125 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002125 S
015 C012125 BOMBAY
015 D012125 INDIA
015 E042125 X
015 A002126 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002126 S
015 C012126 JAKARTA
015 D012126 INDONESIA
015 E042126 X
015 A002127 ALLIED IRISH BANK
015 B002127 S
015 C012127 DUBLIN
015 D012127 IRELAND
015 E042127 X
015 A002128 ISRAEL DISCOUNT BANK
015 B002128 S
015 C012128 TEL AVIV
015 D012128 ISRAEL
015 E042128 X
015 A002129 BANCA COMMERCIALE ITALIANA
015 B002129 S
015 C012129 MILAN
015 D012129 ITALY
015 E042129 X
015 A002130 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B002130 S
015 C012130 TOKYO
015 D012130 JAPAN
015 E042130 X
015 A002131 DELETE
015 A002132 SEOULBANK
015 B002132 S
<PAGE> PAGE 210
015 C012132 SEOUL
015 D012132 SOUTH KOREA
015 E042132 X
015 A002133 THE HONGKONG BANK MALAYSIA BERHAD
015 B002133 S
015 C012133 KUALA LUMPUR
015 D012133 MALAYSIA
015 E042133 X
015 A002134 BANCO NACIONAL DE MEXICO
015 B002134 S
015 C012134 MEXICO CITY
015 D012134 MEXICO
015 E042134 X
015 A002135 BANQUE COMMERCIALE DU MAROC
015 B002135 S
015 C012135 CASABLANCA
015 D012135 MOROCCO
015 E042135 X
015 A002136 MEESPIERSON
015 B002136 S
015 C012136 AMSTERDAM
015 D012136 NETHERLANDS
015 E042136 X
015 A002137 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B002137 S
015 C012137 WELLINGTON
015 D012137 NEW ZEALAND
015 E042137 X
015 A002138 DEN NORSKE BANK A.S.
015 B002138 S
015 C012138 OSLO
015 D012138 NORWAY
015 E042138 X
015 A002139 STANDARD CHARTERED BANK
015 B002139 S
015 C012139 KARACHI
015 D012139 PAKISTAN
015 E042139 X
015 A002140 CITIBANK, N.A.
015 B002140 S
015 C012140 LIMA
015 D012140 PERU
015 E042140 X
015 A002141 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002141 S
015 C012141 MANILA
015 D012141 PHILIPPINES
015 E042141 X
015 A002142 BANK HANDLOWY W WARSZAWIE, S.A.
015 B002142 S
015 C012142 WARSAW
<PAGE> PAGE 211
015 D012142 POLAND
015 E042142 X
015 A002143 BANCO COMERCIAL PORTUGUES, S.A.
015 B002143 S
015 C012143 LISBON
015 D012143 PORTUGAL
015 E042143 X
015 A002144 UNITED OVERSEAS BANK
015 B002144 S
015 C012144 SINGAPORE
015 D012144 SINGAPORE
015 E042144 X
015 A002145 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B002145 S
015 C012145 JOHANNESBURG
015 D012145 SOUTH AFRICA
015 E042145 X
015 A002146 BANCO BILBAO VIZCAYA
015 B002146 S
015 C012146 MADRID
015 D012146 SPAIN
015 E042146 X
015 A002147 STANDARD CHARTERED BANK
015 B002147 S
015 C012147 COLOMBO
015 D012147 SRI LANKA
015 E042147 X
015 A002148 SKANDINAVISKA ENSKILDA BANKEN
015 B002148 S
015 C012148 STOCKHOLM
015 D012148 SWEDEN
015 E042148 X
015 A002149 UNION BANK OF SWITZERLAND
015 B002149 S
015 C012149 ZURICH
015 D012149 SWITZERLAND
015 E042149 X
015 A002150 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B002150 S
015 C012150 TAIPEI
015 D012150 TAIWAN (ROC)
015 E042150 X
015 A002151 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B002151 S
015 C012151 BANGKOK
015 D012151 THAILAND
015 E042151 X
015 A002152 CITIBANK, N.A.
015 B002152 S
015 C012152 ISTANBUL
015 D012152 TURKEY
<PAGE> PAGE 212
015 E042152 X
015 A002153 THE BANK OF NEW YORK
015 B002153 S
015 C012153 LONDON
015 D012153 UNITED KINGDOM
015 E042153 X
015 A002154 THE BANK OF BOSTON
015 B002154 S
015 C012154 MONTEVIDEO
015 D012154 URUGUAY
015 E042154 X
015 A002155 CITIBANK, N.A.
015 B002155 S
015 C012155 CARACAS
015 D012155 VENEZUELA
015 E042155 X
015 A002156 DELETE
015 A002157 DELETE
015 A002158 DELETE
015 A002159 DELETE
015 A002160 DELETE
015 A002161 DELETE
015 A002162 DELETE
015 A002163 DELETE
015 A002164 DELETE
015 A002165 DELETE
015 A002166 DELETE
015 A002167 DELETE
015 A002168 DELETE
028 A012100 2576
028 A022100 0
028 A032100 0
028 A042100 1343
028 B012100 9368
028 B022100 0
028 B032100 0
028 B042100 241
028 C012100 18077
028 C022100 0
028 C032100 0
028 C042100 190
028 D012100 26343
028 D022100 0
028 D032100 0
028 D042100 308
028 E012100 32783
028 E022100 0
028 E032100 0
028 E042100 1350
028 F012100 13516
028 F022100 36
<PAGE> PAGE 213
028 F032100 0
028 F042100 18327
028 G012100 102663
028 G022100 36
028 G032100 0
028 G042100 21759
028 H002100 0
045 002100 Y
046 002100 N
047 002100 Y
048 002100 0.000
048 A012100 500000
048 A022100 0.750
048 B012100 500000
048 B022100 0.625
048 C012100 0
048 C022100 0.000
048 D012100 0
048 D022100 0.000
048 E012100 0
048 E022100 0.000
048 F012100 0
048 F022100 0.000
048 G012100 0
048 G022100 0.000
048 H012100 0
048 H022100 0.000
048 I012100 0
048 I022100 0.000
048 J012100 0
048 J022100 0.000
048 K012100 1000000
048 K022100 0.500
049 002100 N
050 002100 N
051 002100 N
052 002100 N
053 A002100 N
054 A002100 Y
054 B002100 Y
054 C002100 Y
054 D002100 N
054 E002100 N
054 F002100 N
054 G002100 Y
054 H002100 Y
054 I002100 N
054 J002100 Y
054 K002100 N
054 L002100 Y
054 M002100 Y
<PAGE> PAGE 214
054 N002100 N
054 O002100 N
055 A002100 N
055 B002100 N
056 002100 N
057 002100 N
058 A002100 Y
058 B002100 Y
058 C002100 Y
058 D002100 Y
058 E002100 N
059 002100 Y
060 A002100 Y
060 B002100 Y
061 002100 2000
062 A002100 N
062 B002100 0.0
062 C002100 0.0
062 D002100 0.0
062 E002100 0.0
062 F002100 0.0
062 G002100 0.0
062 H002100 0.0
062 I002100 0.0
062 J002100 0.0
062 K002100 0.0
062 L002100 0.0
062 M002100 0.0
062 N002100 0.0
062 O002100 0.0
062 P002100 0.0
062 Q002100 0.0
062 R002100 0.0
063 A002100 0
063 B002100 0.0
066 A002100 Y
066 B002100 N
066 C002100 N
066 D002100 Y
066 E002100 N
066 F002100 N
066 G002100 N
067 002100 N
068 A002100 N
068 B002100 N
069 002100 N
070 A012100 Y
070 A022100 Y
070 B012100 Y
070 B022100 N
070 C012100 Y
<PAGE> PAGE 215
070 C022100 N
070 D012100 Y
070 D022100 N
070 E012100 Y
070 E022100 N
070 F012100 Y
070 F022100 N
070 G012100 Y
070 G022100 N
070 H012100 Y
070 H022100 N
070 I012100 Y
070 I022100 N
070 J012100 Y
070 J022100 Y
070 K012100 N
070 K022100 N
070 L012100 Y
070 L022100 Y
070 M012100 Y
070 M022100 N
070 N012100 Y
070 N022100 N
070 O012100 Y
070 O022100 N
070 P012100 Y
070 P022100 Y
070 Q012100 N
070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 97354
071 B002100 18139
071 C002100 52617
071 D002100 34
072 A002100 6
072 B002100 330
072 C002100 105
072 D002100 0
072 E002100 0
072 F002100 202
072 G002100 0
072 H002100 0
072 I002100 0
072 J002100 1
072 K002100 0
072 L002100 1
072 M002100 0
072 N002100 0
072 O002100 0
072 P002100 0
<PAGE> PAGE 216
072 Q002100 0
072 R002100 4
072 S002100 1
072 T002100 0
072 U002100 0
072 V002100 0
072 W002100 0
072 X002100 209
072 Y002100 0
072 Z002100 226
072AA002100 3635
072BB002100 485
072CC012100 2479
072CC022100 0
072DD012100 34
072DD022100 0
072EE002100 3
073 A012100 0.0037
073 A022100 0.0000
073 B002100 0.0003
073 C002100 0.0000
074 A002100 1434
074 B002100 1846
074 C002100 0
074 D002100 1006
074 E002100 0
074 F002100 92197
074 G002100 0
074 H002100 0
074 I002100 0
074 J002100 4172
074 K002100 0
074 L002100 92
074 M002100 0
074 N002100 100747
074 O002100 620
074 P002100 67
074 Q002100 0
074 R012100 0
074 R022100 0
074 R032100 0
074 R042100 0
074 S002100 0
074 T002100 100060
074 U012100 8238
074 U022100 0
074 V012100 12.15
074 V022100 0.00
074 W002100 0.0000
074 X002100 3
074 Y002100 0
<PAGE> PAGE 217
075 A002100 0
075 B002100 53892
076 002100 0.00
008 A002201 FRANKLIN ADVISERS, INC.
008 B002201 A
008 C002201 801-26292
008 D012201 SAN MATEO
008 D022201 CA
008 D032201 94403
008 D042201 7777
010 A002201 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C012201 BERWYN
010 C022201 PA
010 C032201 19312
010 C042201 0031
015 A002201 THE BANK OF NEW YORK
015 B002201 C
015 C012201 NEW YORK
015 C022201 NY
015 C032201 10286
015 E012201 X
015 A002202 THE BANK OF BOSTON
015 B002202 S
015 C012202 BUENOS AIRES
015 D012202 ARGENTINA
015 E042202 X
015 A002203 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B002203 S
015 C012203 MELBOURNE
015 D012203 AUSTRALIA
015 E042203 X
015 A002204 GIROCREDIT BANK AG DER OSTERREICHSCHEN SPARK
015 B002204 S
015 C012204 VIENNA
015 D012204 AUSTRIA
015 E042204 X
015 A002205 STANDARD CHARTERED BANK
015 B002205 S
015 C012205 DHAKA
015 D012205 BANGLADESH
015 E042205 X
015 A002206 BANQUE BRUXELLES LAMBERT
015 B002206 S
015 C012206 BRUSSELS
015 D012206 BELGIUM
015 E042206 X
015 A002207 BANCO DE CHILE
015 B002207 S
015 C012207 SANTIAGO
015 D012207 CHILE
015 E042207 X
<PAGE> PAGE 218
015 A002208 THE BANK OF BOSTON
015 B002208 S
015 C012208 SAO PAULO
015 D012208 BRAZIL
015 E042208 X
015 A002209 THE ROYAL TRUST CORPORATION OF CANADA
015 B002209 S
015 C012209 MONTREAL
015 D012209 CANADA
015 E042209 X
015 A002210 STANDARD CHARTERED BANK
015 B002210 S
015 C012210 SHANGHAI
015 D012210 CHINA
015 E042210 X
015 A002211 STANDARD CHARTERED BANK
015 B002211 S
015 C012211 SHENZHEN
015 D012211 CHINA
015 E042211 X
015 A002212 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002212 S
015 C012212 BOGOTA
015 D012212 COLOMBIA
015 E042212 X
015 A002213 DEN DANSKE BANK
015 B002213 S
015 C012213 COPENHAGEN
015 D012213 DENMARK
015 E042213 X
015 A002214 MERITA BANK
015 B002214 S
015 C012214 HELSINKI
015 D012214 FINLAND
015 E042214 X
015 A002215 BANQUE PARIBAS
015 B002215 S
015 C012215 PARIS
015 D012215 FRANCE
015 E042215 X
015 A002216 DRESDNER BANK AG
015 B002216 S
015 C012216 FRANKFURT
015 D012216 GERMANY
015 E042216 X
015 A002217 THE BANK OF BOSTON
015 B002217 S
015 C012217 MONTEVIDEO
015 D012217 URUGUAY
015 E042217 X
015 A002218 ALPHA CREDIT BANK A.E.
<PAGE> PAGE 219
015 B002218 S
015 C012218 ATHENS
015 D012218 GREECE
015 E042218 X
015 A002219 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B002219 S
015 C012219 HONG KONG
015 D012219 HONG KONG
015 E042219 X
015 A002220 CITIBANK, N.A.
015 B002220 S
015 C012220 BUDAPEST
015 D012220 HUNGARY
015 E042220 X
015 A002221 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B002221 S
015 C012221 BOMBAY
015 D012221 INDIA
015 E042221 X
015 A002222 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B002222 S
015 C012222 JAKARTA
015 D012222 INDONESIA
015 E042222 X
015 A002223 ALLIED IRISH BANK
015 B002223 S
015 C012223 DUBLIN
015 D012223 IRELAND
015 E042223 X
015 A002224 ISRAEL DISCOUNT BANK
015 B002224 S
015 C012224 TEL AVIV
015 D012224 ISRAEL
015 E042224 X
015 A002225 BANCA COMMERCIALE ITALIANA
015 B002225 S
015 C012225 MILAN
015 D012225 ITALY
015 E042225 X
015 A002226 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B002226 S
015 C012226 TOKYO
015 D012226 JAPAN
015 E042226 X
015 A002227 SEOULBANK
015 B002227 S
015 C012227 SEOUL
015 D012227 SOUTH KOREA
015 E042227 X
015 A002228 CEDEL
015 B002228 S
<PAGE> PAGE 220
015 C012228 LUXEMBOURG CITY
015 D012228 LUXEMBOURG
015 E042228 X
015 A002229 THE HONGKONG BANK MALAYSIA BERHAD
015 B002229 S
015 C012229 KUALA LUMPUR
015 D012229 MALAYSIA
015 E042229 X
015 A002230 BANCO NACIONAL DE MEXICO
015 B002230 S
015 C012230 MEXICO CITY
015 D012230 MEXICO
015 E042230 X
015 A002231 MEESPIERSON
015 B002231 S
015 C012231 AMSTERDAM
015 D012231 NETHERLANDS
015 E042231 X
015 A002232 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B002232 S
015 C012232 WELLINGTON
015 D012232 NEW ZEALAND
015 E042232 X
015 A002233 DEN NORSKE BANK A.S.
015 B002233 S
015 C012233 BERGEN/OSLO
015 D012233 NORWAY
015 E042233 X
015 A002234 STANDARD CHARTERED BANK
015 B002234 S
015 C012234 KARACHI
015 D012234 PAKISTAN
015 E042234 X
015 A002235 CITIBANK, N.A.
015 B002235 S
015 C012235 LIMA
015 D012235 PERU
015 E042235 X
015 A002236 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B002236 S
015 C012236 MANILA
015 D012236 PHILIPPINES
015 E042236 X
015 A002237 BANK HANDLOWY W WARSZAWIE S.A.
015 B002237 S
015 C012237 WARSAW
015 D012237 POLAND
015 E042237 X
015 A002238 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B002238 S
015 C012238 LISBON
<PAGE> PAGE 221
015 D012238 PORTUGAL
015 E042238 X
015 A002239 UNITED OVERSEAS BANK
015 B002239 S
015 C012239 SINGAPORE
015 D012239 SINGAPORE
015 E042239 X
015 A002240 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B002240 S
015 C012240 JOHANNESBURG
015 D012240 SOUTH AFRICA
015 E042240 X
015 A002241 BANCO BILBAO VIZCAYA
015 B002241 S
015 C012241 MADRID/BILBAO
015 D012241 SPAIN
015 E042241 X
015 A002242 STANDARD CHARTERED BANK
015 B002242 S
015 C012242 COLOMBO
015 D012242 SRI LANKA
015 E042242 X
015 A002243 SKANDINAVISKA ENSKILDA BANKEN
015 B002243 S
015 C012243 STOCKHOLM
015 D012243 SWEDEN
015 E042243 X
015 A002244 UNION BANK OF SWITZERLAND
015 B002244 S
015 C012244 ZURICH
015 D012244 SWITZERLAND
015 E042244 X
015 A002245 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B002245 S
015 C012245 TAPEI
015 D012245 TAIWAN (ROC)
015 E042245 X
015 A002246 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B002246 S
015 C012246 BANGKOK
015 D012246 THAILAND
015 E042246 X
015 A002247 CITIBANK, N.A.
015 B002247 S
015 C012247 ISTANBUL
015 D012247 TURKEY
015 E042247 X
015 A002248 THE BANK OF NEW YORK
015 B002248 S
015 C012248 LONDON
015 D012248 UNITED KINGDOM
<PAGE> PAGE 222
015 E042248 X
015 A002249 CITIBANK, N.A
015 B002249 S
015 C012249 CARACAS
015 D012249 VENEZUELA
015 E042249 X
015 A002250 THE BANK OF BOSTON
015 B002250 S
015 C012250 SANTIAGO
015 D012250 CHILE
015 E042250 X
015 A002251 CESKOSLOVENSKA OBCHODNI BANKA
015 B002251 S
015 C012251 PRAGUE
015 D012251 CZECH REPUBLIC
015 E042251 X
015 A002252 FIRST CHICAGO CLEARING CENTRE
015 B002252 S
015 C012252 LONDON
015 D012252 UNITED KINGDOM
015 E042252 X
015 A002253 BANQUE COMMERCIALE DU MAROC
015 B002253 S
015 C012253 CASABLANCA
015 D012253 MOROCCO
015 E042253 X
015 A002254 BANK OF AMERICA, NT & SA
015 B002254 C
015 C012254 SAN FRANCISCO
015 C022254 CA
015 C032254 94104
015 C042254 1502
015 E012254 X
028 A012200 0
028 A022200 0
028 A032200 0
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028 B032200 0
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028 D032200 0
028 D042200 0
028 E012200 2939
028 E022200 0
<PAGE> PAGE 223
028 E032200 0
028 E042200 8
028 F012200 2956
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028 F032200 0
028 F042200 896
028 G012200 5895
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028 G032200 0
028 G042200 904
028 H002200 0
045 002200 Y
046 002200 N
047 002200 Y
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048 A012200 500000
048 A022200 0.750
048 B012200 500000
048 B022200 0.625
048 C012200 0
048 C022200 0.000
048 D012200 0
048 D022200 0.000
048 E012200 0
048 E022200 0.000
048 F012200 0
048 F022200 0.000
048 G012200 0
048 G022200 0.000
048 H012200 0
048 H022200 0.000
048 I012200 0
048 I022200 0.000
048 J012200 0
048 J022200 0.000
048 K012200 1000000
048 K022200 0.500
049 002200 N
050 002200 N
051 002200 N
052 002200 N
053 A002200 N
054 A002200 Y
054 B002200 Y
054 C002200 Y
054 D002200 N
054 E002200 N
054 F002200 N
054 G002200 Y
054 H002200 Y
054 I002200 N
<PAGE> PAGE 224
054 J002200 Y
054 K002200 N
054 L002200 Y
054 M002200 Y
054 N002200 N
054 O002200 N
055 A002200 N
055 B002200 N
056 002200 N
057 002200 N
058 A002200 Y
058 B002200 Y
058 C002200 Y
058 D002200 Y
058 E002200 N
059 002200 Y
060 A002200 Y
060 B002200 Y
061 002200 2000
062 A002200 N
062 B002200 0.0
062 C002200 0.0
062 D002200 0.0
062 E002200 0.0
062 F002200 0.0
062 G002200 0.0
062 H002200 0.0
062 I002200 0.0
062 J002200 0.0
062 K002200 0.0
062 L002200 0.0
062 M002200 0.0
062 N002200 0.0
062 O002200 0.0
062 P002200 0.0
062 Q002200 0.0
062 R002200 0.0
063 A002200 0
063 B002200 0.0
066 A002200 Y
066 B002200 N
066 C002200 N
066 D002200 Y
066 E002200 N
066 F002200 N
066 G002200 N
067 002200 N
068 A002200 N
068 B002200 N
069 002200 N
070 A012200 Y
<PAGE> PAGE 225
070 A022200 Y
070 B012200 Y
070 B022200 N
070 C012200 Y
070 C022200 N
070 D012200 Y
070 D022200 N
070 E012200 N
070 E022200 N
070 F012200 N
070 F022200 N
070 G012200 N
070 G022200 N
070 H012200 N
070 H022200 N
070 I012200 N
070 I022200 N
070 J012200 Y
070 J022200 N
070 K012200 Y
070 K022200 N
070 L012200 Y
070 L022200 N
070 M012200 Y
070 M022200 N
070 N012200 Y
070 N022200 N
070 O012200 N
070 O022200 N
070 P012200 Y
070 P022200 N
070 Q012200 N
070 Q022200 N
070 R012200 N
070 R022200 N
071 A002200 4102
071 B002200 0
071 C002200 514
071 D002200 0
072 A002200 2
072 B002200 6
072 C002200 4
072 D002200 0
072 E002200 0
072 F002200 3
072 G002200 0
072 H002200 0
072 I002200 0
072 J002200 0
072 K002200 0
072 L002200 1
<PAGE> PAGE 226
072 M002200 0
072 N002200 0
072 O002200 0
072 P002200 0
072 Q002200 0
072 R002200 0
072 S002200 0
072 T002200 0
072 U002200 0
072 V002200 0
072 W002200 0
072 X002200 4
072 Y002200 0
072 Z002200 6
072AA002200 0
072BB002200 0
072CC012200 0
072CC022200 13
072DD012200 0
072DD022200 0
072EE002200 0
073 A012200 0.0000
073 A022200 0.0000
073 B002200 0.0000
073 C002200 0.0000
074 A002200 751
074 B002200 271
074 C002200 0
074 D002200 0
074 E002200 0
074 F002200 4089
074 G002200 0
074 H002200 0
074 I002200 0
074 J002200 0
074 K002200 0
074 L002200 3
074 M002200 0
074 N002200 5114
074 O002200 127
074 P002200 2
074 Q002200 0
074 R012200 0
074 R022200 0
074 R032200 0
074 R042200 2
074 S002200 0
074 T002200 4983
074 U012200 490
074 U022200 0
074 V012200 10.18
<PAGE> PAGE 227
074 V022200 0.00
074 W002200 0.0000
074 X002200 3
074 Y002200 0
075 A002200 0
075 B002200 2647
076 002200 0.00
008 A002301 TEMPLETON INVESTMENT COUNSEL, INC.
008 B002301 A
008 C002301 801-15125
008 D012301 FT. LAUDERDALE
008 D022301 FL
008 D032301 33394
008 D042301 3091
010 A002301 DELAWARE VALLEY FINANCIAL SERVICES, INC.
010 C012301 BERWYN
010 C022301 PA
010 C032301 19312
010 C042301 0031
010 A002302 TEMPLETON GLOBAL INVESTORS, INC.
010 C012302 FT. LAUDERDALE
010 C022302 FL
010 C032302 33394
010 C042302 3091
015 A002301 BANK OF AMERICA, NT & SA
015 B002301 C
015 C012301 SAN FRANCISCO
015 C022301 CA
015 C032301 94104
015 C042301 1502
015 E012301 X
015 A002302 THE CHASE MANHATTAN BANK, N.A.
015 B002302 C
015 C012302 NEW YORK
015 C022302 NY
015 C032302 10286
015 E012302 X
015 A002303 THE CHASE MANHATTAN BANK, N.A.
015 B002303 S
015 C012303 BUENOS AIRES
015 D012303 ARGENTINA
015 E042303 X
015 A002304 THE CHASE MANHATTAN BANK, N.A.
015 B002304 S
015 C012304 SYDNEY
015 D012304 AUSTRALIA
015 E042304 X
015 A002305 CREDITANSTALT-BANKVEREIN
015 B002305 S
015 C012305 VIENNA
015 D012305 AUSTRIA
<PAGE> PAGE 228
015 E042305 X
015 A002306 STANDARD CHARTERED BANK
015 B002306 S
015 C012306 DHAKA
015 D012306 BANGLADESH
015 E042306 X
015 A002307 GENERALE BANK
015 B002307 S
015 C012307 BRUSSELS
015 D012307 BELGIUM
015 E042307 X
015 A002308 BARCLAYS BANK OF BOTSWANA LIMITED
015 B002308 S
015 C012308 GABORONE
015 D012308 BOTSWANA
015 E042308 X
015 A002309 BANCO CHASE MANHATTAN, S.A.
015 B002309 S
015 C012309 SAO PAULO
015 D012309 BRAZIL
015 E042309 X
015 A002310 ROYAL BANK OF CANADA
015 B002310 S
015 C012310 TORONTO
015 D012310 CANADA
015 E042310 X
015 A002311 THE CANADA TRUST COMPANY
015 B002311 S
015 C012311 TORONTO
015 D012311 CANADA
015 E042311 X
015 A002312 THE CHASE MANHATTAN BANK, N.A.
015 B002312 S
015 C012312 SANTIAGO
015 D012312 CHILE
015 E042312 X
015 A002313 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002313 S
015 C012313 SHANGHAI
015 D012313 CHINA
015 E042313 X
015 A002314 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002314 S
015 C012314 SHENZHEN
015 D012314 CHINA
015 E042314 X
015 A002315 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002315 S
015 C012315 SANTAFE DE BOGOTA
015 D012315 COLOMBIA
015 E042315 X
<PAGE> PAGE 229
015 A002316 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002316 S
015 C012316 PRAGUE
015 D012316 CZECH REPUBLIC
015 E042316 X
015 A002317 DEN DANSKE BANK
015 B002317 S
015 C012317 COPENHAGEN
015 D012317 DENMARK
015 E042317 X
015 A002318 CITIBANK, N.A.
015 B002318 S
015 C012318 QUITO
015 D012318 ECUADOR
015 E042318 X
015 A002319 NATIONAL BANK OF EGYPT
015 B002319 S
015 C012319 CAIRO
015 D012319 EGYPT
015 E042319 X
015 A002320 MERITA BANK
015 B002320 S
015 C012320 HELSINKI
015 D012320 FINLAND
015 E042320 X
015 A002321 BANQUE PARIBAS
015 B002321 S
015 C012321 PARIS
015 D012321 FRANCE
015 E042321 X
015 A002322 CHASE BANK, A.G.
015 B002322 S
015 C012322 FRANKFURT
015 D012322 GERMANY
015 E042322 X
015 A002323 BARCLAYS BANK OF GHANA LTD.
015 B002323 S
015 C012323 ACCRA
015 D012323 GHANA
015 E042323 X
015 A002324 BARCLAYS BANK PLC
015 B002324 S
015 C012324 ATHENS
015 D012324 GREECE
015 E042324 X
015 A002325 THE CHASE MANHATTAN BANK, N.A.
015 B002325 S
015 C012325 HONG KONG
015 D012325 HONG KONG
015 E042325 X
015 A002326 CITIBANK BUDAPEST RT.
<PAGE> PAGE 230
015 B002326 S
015 C012326 BUDAPEST
015 D012326 HUNGARY
015 E042326 X
015 A002327 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002327 S
015 C012327 BOMBAY
015 D012327 INDIA
015 E042327 X
015 A002328 DEUTSCHE BANK, A.G., BOMBAY
015 B002328 S
015 C012328 BOMBAY
015 D012328 INDIA
015 E042328 X
015 A002329 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002329 S
015 C012329 JAKARTA
015 D012329 INDONESIA
015 E042329 X
015 A002330 BANK OF IRELAND
015 B002330 S
015 C012330 DUBLIN
015 D012330 IRELAND
015 E042330 X
015 A002331 BANK LEUMI LE-ISRAEL, B.M.
015 B002331 S
015 C012331 TEL AVIV
015 D012331 ISRAEL
015 E042331 X
015 A002332 THE CHASE MANHATTAN BANK, N.A.
015 B002332 S
015 C012332 MILAN
015 D012332 ITALY
015 E042332 X
015 A002333 THE FUJI BANK LIMITED
015 B002333 S
015 C012333 TOKYO
015 D012333 JAPAN
015 E042333 X
015 A002334 THE JAPAN SECURITIES DEPOSITORY CENTER
015 B002334 S
015 C012334 TOKYO
015 D012334 JAPAN
015 E042334 X
015 A002335 ARAB BANK, PLC
015 B002335 S
015 C012335 AMMAN
015 D012335 JORDAN
015 E042335 X
015 A002336 BARCLAYS BANK OF KENYA LTD.
015 B002336 S
<PAGE> PAGE 231
015 C012336 NAIROBI
015 D012336 KENYA
015 E042336 X
015 A002337 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002337 S
015 C012337 SEOUL
015 D012337 SOUTH KOREA
015 E042337 X
015 A002338 CEDEL S.A. (DEPOSITORY)
015 B002338 S
015 C012338 LUXEMBOURG CITY
015 D012338 LUXEMBOURG
015 E042338 X
015 A002339 THE CHASE MANHATTAN BANK, (M) BERHAD
015 B002339 S
015 C012339 KUALA LUMPUR
015 D012339 MALAYSIA
015 E042339 X
015 A002340 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002340 S
015 C012340 PORT LOUIS
015 D012340 MAURITIUS
015 E042340 X
015 A002341 INSTITUCION DE BANCA MULTIPLE
015 B002341 S
015 C012341 MEXICO CITY
015 D012341 MEXICO
015 E042341 X
015 A002342 BANQUE COMMERCIALE DU MAROC
015 B002342 S
015 C012342 CASABLANCA
015 D012342 MOROCCO
015 E042342 X
015 A002343 STANDARD BANK NAMIBIA LTD.
015 B002343 S
015 C012343 WINDHOEK
015 D012343 NAMIBIA
015 E042343 X
015 A002344 ABN-AMRO BANK N.V.
015 B002344 S
015 C012344 AMSTERDAM
015 D012344 NETHERLANDS
015 E042344 X
015 A002345 NATIONAL NOMINEES LIMITED
015 B002345 S
015 C012345 AUCKLAND
015 D012345 NEW ZEALAND
015 E042345 X
015 A002346 AUSTRACLEAR NEW ZEALAND (DEPOSITORY)
015 B002346 S
015 C012346 WELLINGTON
<PAGE> PAGE 232
015 D012346 NEW ZEALAND
015 E042346 X
015 A002347 DEN NORSEK BANK A.S.
015 B002347 S
015 C012347 OSLO
015 D012347 NORWAY
015 E042347 X
015 A002348 CITIBANK, N.A.
015 B002348 S
015 C012348 KARACHI
015 D012348 PAKISTAN
015 E042348 X
015 A002349 DEUTSCHE BANK, A.G., KARACHI
015 B002349 S
015 C012349 KARACHI
015 D012349 PAKISTAN
015 E042349 X
015 A002350 CITIBANK, N.A.
015 B002350 S
015 C012350 LIMA
015 D012350 PERU
015 E042350 X
015 A002351 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002351 S
015 C012351 MANILA
015 D012351 PHILIPPINES
015 E042351 X
015 A002352 BANK HANDLOWY W. WARZAWIE, S.A.
015 B002352 S
015 C012352 LISBON
015 D012352 PORTUGAL
015 E042352 X
015 A002353 THE CHASE MANHATTAN BANK, N.A.
015 B002353 S
015 C012353 SINGAPORE
015 D012353 SINGAPORE
015 E042353 X
015 A002354 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002354 S
015 C012354 BRATISLAVA
015 D012354 SLOVAKIA
015 E042354 X
015 A002355 THE CENTRAL DEPOSITORY LTD.
015 B002355 S
015 C012355 JOHANNESBURG
015 D012355 SOUTH AFRICA
015 E042355 X
015 A002356 THE CHASE MANHATTAN BANK, N.A.
015 B002356 S
015 C012356 MADRID
015 D012356 SPAIN
<PAGE> PAGE 233
015 E042356 X
015 A002357 BANQUE BRUXELLES LAMBERT
015 B002357 S
015 C012357 MADRID
015 D012357 SPAIN
015 E042357 X
015 A002358 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B002358 S
015 C012358 COLOMBO
015 D012358 SRI LANKA
015 E042358 X
015 A002359 SKANDINAVISKA ENSKILDA BANKEN
015 B002359 S
015 C012359 STOCKHOLM
015 D012359 SWEDEN
015 E042359 X
015 A002360 UNION BANK OF SWITZERLAND
015 B002360 S
015 C012360 ZURICH
015 D012360 SWITZERLAND
015 E042360 X
015 A002361 THE CHASE MANHATTAN BANK, N.A.
015 B002361 S
015 C012361 TAIPEI
015 D012361 TAIWAN (ROC)
015 E042361 X
015 A002362 THE CHASE MANHATTAN BANK, N.A.
015 B002362 S
015 C012362 BANGKOK
015 D012362 THAILAND
015 E042362 X
015 A002363 TAKAS VE SAKLAMA A.S.
015 B002363 S
015 C012363 ISTANBUL
015 D012363 TURKEY
015 E042363 X
015 A002364 THE CHASE MANHATTAN BANK, N.A.
015 B002364 S
015 C012364 LONDON
015 D012364 UNITED KINGDOM
015 E042364 X
015 A002365 FIRST NATIONAL BANK OF CHICAGO
015 B002365 S
015 C012365 LONDON
015 D012365 UNITED KINGDOM
015 E042365 X
015 A002366 THE FIRST NATIONAL BANK OF BOSTON
015 B002366 S
015 C012366 MONTEVIDEO
015 D012366 URUGUAY
015 E042366 X
<PAGE> PAGE 234
015 A002367 CITIBANK, N.A.
015 B002367 S
015 C012367 CARACAS
015 D012367 VENEZUELA
015 E042367 X
015 A002368 BARCLAYS BANK OF ZAMBIA LTD.
015 B002368 S
015 C012368 LUSAKA
015 D012368 ZAMBIA
015 E042368 X
015 A002369 BARCLAYS BANK PLC
015 B002369 S
015 C012369 HARARE
015 D012369 ZIMBABWE
015 E042369 X
015 A002370 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B002370 S
015 C012370 JOHANNESBURG
015 D012370 SOUTH AFRICA
015 E042370 X
028 A012300 0
028 A022300 0
028 A032300 0
028 A042300 0
028 B012300 0
028 B022300 0
028 B032300 0
028 B042300 0
028 C012300 0
028 C022300 0
028 C032300 0
028 C042300 0
028 D012300 0
028 D022300 0
028 D032300 0
028 D042300 0
028 E012300 2963
028 E022300 0
028 E032300 0
028 E042300 4
028 F012300 2453
028 F022300 0
028 F032300 0
028 F042300 70
028 G012300 5416
028 G022300 0
028 G032300 0
028 G042300 74
028 H002300 0
049 002300 N
050 002300 N
<PAGE> PAGE 235
051 002300 N
052 002300 N
053 A002300 N
054 A002300 Y
054 B002300 Y
054 C002300 Y
054 D002300 N
054 E002300 N
054 F002300 N
054 G002300 Y
054 H002300 Y
054 I002300 N
054 J002300 Y
054 K002300 N
054 L002300 Y
054 M002300 Y
054 N002300 N
054 O002300 N
055 A002300 Y
055 B002300 N
056 002300 Y
057 002300 N
058 A002300 Y
058 B002300 Y
058 C002300 Y
058 D002300 Y
058 E002300 N
059 002300 Y
060 A002300 Y
060 B002300 Y
061 002300 2000
062 A002300 N
062 B002300 0.0
062 C002300 0.0
062 D002300 0.0
062 E002300 0.0
062 F002300 0.0
062 G002300 0.0
062 H002300 0.0
062 I002300 0.0
062 J002300 0.0
062 K002300 0.0
062 L002300 0.0
062 M002300 0.0
062 N002300 0.0
062 O002300 0.0
062 P002300 0.0
062 Q002300 0.0
062 R002300 0.0
063 A002300 0
063 B002300 0.0
<PAGE> PAGE 236
066 A002300 Y
066 B002300 N
066 C002300 N
066 D002300 Y
066 E002300 N
066 F002300 N
066 G002300 N
067 002300 N
068 A002300 N
068 B002300 Y
069 002300 N
070 A012300 Y
070 A022300 Y
070 B012300 Y
070 B022300 N
070 C012300 Y
070 C022300 N
070 D012300 Y
070 D022300 N
070 E012300 Y
070 E022300 N
070 F012300 Y
070 F022300 N
070 G012300 Y
070 G022300 N
070 H012300 Y
070 H022300 N
070 I012300 Y
070 I022300 N
070 J012300 Y
070 J022300 Y
070 K012300 Y
070 K022300 N
070 L012300 Y
070 L022300 Y
070 M012300 Y
070 M022300 Y
070 N012300 Y
070 N022300 N
070 O012300 Y
070 O022300 N
070 P012300 Y
070 P022300 N
070 Q012300 N
070 Q022300 N
070 R012300 N
070 R022300 N
071 A002300 2164
071 B002300 0
071 C002300 1773
071 D002300 0
<PAGE> PAGE 237
072 A002300 6
072 B002300 17
072 C002300 12
072 D002300 0
072 E002300 0
072 F002300 5
072 G002300 0
072 H002300 0
072 I002300 0
072 J002300 0
072 K002300 0
072 L002300 0
072 M002300 0
072 N002300 0
072 O002300 0
072 P002300 0
072 Q002300 0
072 R002300 0
072 S002300 0
072 T002300 0
072 U002300 0
072 V002300 0
072 W002300 0
072 X002300 5
072 Y002300 0
072 Z002300 24
072AA002300 0
072BB002300 3
072CC012300 99
072CC022300 0
072DD012300 0
072DD022300 0
072EE002300 0
073 A012300 0.0000
073 A022300 0.0000
073 B002300 0.0000
073 C002300 0.0000
074 A002300 0
074 B002300 2368
074 C002300 989
074 D002300 0
074 E002300 0
074 F002300 2263
074 G002300 0
074 H002300 0
074 I002300 0
074 J002300 0
074 K002300 0
074 L002300 0
074 M002300 47
074 N002300 5667
<PAGE> PAGE 238
074 O002300 114
074 P002300 0
074 Q002300 0
074 R012300 0
074 R022300 0
074 R032300 0
074 R042300 91
074 S002300 0
074 T002300 5462
074 U012300 529
074 U022300 0
074 V012300 10.33
074 V022300 0.00
074 W002300 0.0000
074 X002300 3
074 Y002300 0
075 A002300 0
075 B002300 2899
076 002300 0.00
075 A003600 0
075 B003600 0
076 003600 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 375,039,414
<INVESTMENTS-AT-VALUE> 375,039,414
<RECEIVABLES> 58,740,688
<ASSETS-OTHER> 4,240
<OTHER-ITEMS-ASSETS> 24,109
<TOTAL-ASSETS> 433,808,451
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,577,862
<TOTAL-LIABILITIES> 4,577,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 429,230,589
<SHARES-COMMON-STOCK> 429,230,589
<SHARES-COMMON-PRIOR> 429,546,853
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 429,230,589
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,712,537
<OTHER-INCOME> 0
<EXPENSES-NET> (908,017)
<NET-INVESTMENT-INCOME> 10,804,520
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,804,520
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,804,520)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 299,789,423
<NUMBER-OF-SHARES-REDEEMED> (310,910,037)
<SHARES-REINVESTED> 10,804,350
<NET-CHANGE-IN-ASSETS> (316,264)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,100,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,176,724
<AVERAGE-NET-ASSETS> 434,918,772
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .020
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.020)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .420
<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 - GROWTH AND INCOME JUNE 30, 1996 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN VALUEMARK FUNDS-GROWTH AND INCOME
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 815,964,222
<INVESTMENTS-AT-VALUE> 929,390,532
<RECEIVABLES> 64,545,458
<ASSETS-OTHER> 527,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 994,463,978
<PAYABLE-FOR-SECURITIES> 908,700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 420,567
<TOTAL-LIABILITIES> 1,329,267
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 843,223,207
<SHARES-COMMON-STOCK> 61,226,096
<SHARES-COMMON-PRIOR> 51,898,238
<ACCUMULATED-NII-CURRENT> 19,325,567
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,159,627
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 113,426,310
<NET-ASSETS> 993,134,711
<DIVIDEND-INCOME> 19,703,938
<INTEREST-INCOME> 1,942,218
<OTHER-INCOME> 0
<EXPENSES-NET> (2,334,314)
<NET-INVESTMENT-INCOME> 19,311,842
<REALIZED-GAINS-CURRENT> 17,316,100
<APPREC-INCREASE-CURRENT> 13,395,811
<NET-CHANGE-FROM-OPS> 50,023,753
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,225,405)
<DISTRIBUTIONS-OF-GAINS> (78,719,995)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,709,215
<NUMBER-OF-SHARES-REDEEMED> (6,694,390)
<SHARES-REINVESTED> 6,313,033
<NET-CHANGE-IN-ASSETS> 103,647,243
<ACCUMULATED-NII-PRIOR> 22,239,184
<ACCUMULATED-GAINS-PRIOR> 78,563,468
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,210,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,334,314
<AVERAGE-NET-ASSETS> 929,409,665
<PER-SHARE-NAV-BEGIN> 17.140
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .630
<PER-SHARE-DIVIDEND> (.400)
<PER-SHARE-DISTRIBUTIONS> (1.440)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.220
<EXPENSE-RATIO> .500
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> PRECIOUS METALS FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 105,596,112
<INVESTMENTS-AT-VALUE> 114,924,117
<RECEIVABLES> 8,988,658
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,912,775
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,804,999
<TOTAL-LIABILITIES> 1,804,999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110,260,160
<SHARES-COMMON-STOCK> 8,182,324
<SHARES-COMMON-PRIOR> 7,467,691
<ACCUMULATED-NII-CURRENT> 789,022
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,730,381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,328,213
<NET-ASSETS> 122,107,776
<DIVIDEND-INCOME> 790,572
<INTEREST-INCOME> 424,852
<OTHER-INCOME> 0
<EXPENSES-NET> (426,630)
<NET-INVESTMENT-INCOME> 788,794
<REALIZED-GAINS-CURRENT> 1,730,651
<APPREC-INCREASE-CURRENT> 4,990,747
<NET-CHANGE-FROM-OPS> 7,510,192
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,593,164)
<DISTRIBUTIONS-OF-GAINS> (1,460,941)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,654,797
<NUMBER-OF-SHARES-REDEEMED> (3,140,697)
<SHARES-REINVESTED> 200,532
<NET-CHANGE-IN-ASSETS> 16,998,962
<ACCUMULATED-NII-PRIOR> 1,615,202
<ACCUMULATED-GAINS-PRIOR> 1,438,861
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395,223
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 426,630
<AVERAGE-NET-ASSETS> 133,500,062
<PER-SHARE-NAV-BEGIN> 14.080
<PER-SHARE-NII> .080
<PER-SHARE-GAIN-APPREC> 1.140
<PER-SHARE-DIVIDEND> (.200)
<PER-SHARE-DISTRIBUTIONS> (.180)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.920
<EXPENSE-RATIO> .640
<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 JUNE 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 183,642,920
<INVESTMENTS-AT-VALUE> 215,361,867
<RECEIVABLES> 19,192,970
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,554,837
<PAYABLE-FOR-SECURITIES> 405,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235,215
<TOTAL-LIABILITIES> 640,815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,861,925
<SHARES-COMMON-STOCK> 13,067,390
<SHARES-COMMON-PRIOR> 12,266,580
<ACCUMULATED-NII-CURRENT> 4,931,182
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 401,968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31,718,947
<NET-ASSETS> 233,914,022
<DIVIDEND-INCOME> 5,087,196
<INTEREST-INCOME> 499,132
<OTHER-INCOME> 0
<EXPENSES-NET> (653,679)
<NET-INVESTMENT-INCOME> 4,932,649
<REALIZED-GAINS-CURRENT> 836,912
<APPREC-INCREASE-CURRENT> 9,633,065
<NET-CHANGE-FROM-OPS> 15,402,626
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,336,429)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,530,457
<NUMBER-OF-SHARES-REDEEMED> (1,250,944)
<SHARES-REINVESTED> 521,297
<NET-CHANGE-IN-ASSETS> 20,440,671
<ACCUMULATED-NII-PRIOR> 9,334,962
<ACCUMULATED-GAINS-PRIOR> (434,944)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 617,918
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 653,679
<AVERAGE-NET-ASSETS> 222,847,292
<PER-SHARE-NAV-BEGIN> 17.400
<PER-SHARE-NII> .370
<PER-SHARE-GAIN-APPREC> .880
<PER-SHARE-DIVIDEND> (.750)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.900
<EXPENSE-RATIO> .590
<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 SERIES JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> FRANKLIN VALUEMARK FUND - UTILITY EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 1,213,133,094
<INVESTMENTS-AT-VALUE> 1,315,480,122
<RECEIVABLES> 11,203,367
<ASSETS-OTHER> 676,256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,327,359,745
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 531,990
<TOTAL-LIABILITIES> 531,990
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,172,665,476
<SHARES-COMMON-STOCK> 74,845,398
<SHARES-COMMON-PRIOR> 79,533,668
<ACCUMULATED-NII-CURRENT> 29,934,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 21,881,440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 102,346,510
<NET-ASSETS> 1,326,827,755
<DIVIDEND-INCOME> 32,015,299
<INTEREST-INCOME> 1,104,841
<OTHER-INCOME> 0
<EXPENSES-NET> (3,333,754)
<NET-INVESTMENT-INCOME> 29,786,386
<REALIZED-GAINS-CURRENT> 29,549,902
<APPREC-INCREASE-CURRENT> (4,178,870)
<NET-CHANGE-FROM-OPS> 55,157,418
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65,540,030)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,308,929
<NUMBER-OF-SHARES-REDEEMED> (11,879,902)
<SHARES-REINVESTED> 3,882,703
<NET-CHANGE-IN-ASSETS> (96,618,445)
<ACCUMULATED-NII-PRIOR> 65,687,973
<ACCUMULATED-GAINS-PRIOR> (7,668,462)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,161,268
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,333,754
<AVERAGE-NET-ASSETS> 1,353,313,492
<PER-SHARE-NAV-BEGIN> 17.90
<PER-SHARE-NII> .490
<PER-SHARE-GAIN-APPREC> .260
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.920)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.73
<EXPENSE-RATIO> .49
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> FRANKLIN HIGH INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 336,198,296
<INVESTMENTS-AT-VALUE> 337,293,936
<RECEIVABLES> 34,393,772
<ASSETS-OTHER> 271,855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 371,959,563
<PAYABLE-FOR-SECURITIES> 4,807,365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165,749
<TOTAL-LIABILITIES> 4,973,114
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 348,437,185
<SHARES-COMMON-STOCK> 28,448,771
<SHARES-COMMON-PRIOR> 26,421,108
<ACCUMULATED-NII-CURRENT> 16,995,921
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 456,693
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,096,650
<NET-ASSETS> 366,986,449
<DIVIDEND-INCOME> 594,966
<INTEREST-INCOME> 17,381,075
<OTHER-INCOME> 0
<EXPENSES-NET> (981,052)
<NET-INVESTMENT-INCOME> 16,994,989
<REALIZED-GAINS-CURRENT> 459,742
<APPREC-INCREASE-CURRENT> (3,843,268)
<NET-CHANGE-FROM-OPS> 13,611,463
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,018,152)
<DISTRIBUTIONS-OF-GAINS> (1,646,547)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,714,936
<NUMBER-OF-SHARES-REDEEMED> (6,241,198)
<SHARES-REINVESTED> 2,553,925
<NET-CHANGE-IN-ASSETS> 6,082,903
<ACCUMULATED-NII-PRIOR> 31,020,827
<ACCUMULATED-GAINS-PRIOR> 1,641,755
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 936,441
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 981,052
<AVERAGE-NET-ASSETS> 361,784,859
<PER-SHARE-NAV-BEGIN> 13.660
<PER-SHARE-NII> .620
<PER-SHARE-GAIN-APPREC> (.120)
<PER-SHARE-DIVIDEND> (1.200)
<PER-SHARE-DISTRIBUTIONS> (1.260)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.900
<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 FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 07
<NAME> GLOBAL INCOME SECURITIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 211454138
<INVESTMENTS-AT-VALUE> 210433794
<RECEIVABLES> 13038496
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 709
<TOTAL-ASSETS> 223472999
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235028
<TOTAL-LIABILITIES> 235028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225667912
<SHARES-COMMON-STOCK> 17747988
<SHARES-COMMON-PRIOR> 18071046
<ACCUMULATED-NII-CURRENT> 5710199
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7017017)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1123123)
<NET-ASSETS> 223237971
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9157921
<OTHER-INCOME> 0
<EXPENSES-NET> 691119
<NET-INVESTMENT-INCOME> 8466802
<REALIZED-GAINS-CURRENT> (1338685)
<APPREC-INCREASE-CURRENT> (4473531)
<NET-CHANGE-FROM-OPS> 2654586
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17028466)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 853401
<NUMBER-OF-SHARES-REDEEMED> (2550831)
<SHARES-REINVESTED> 1374372
<NET-CHANGE-IN-ASSETS> (19956113)
<ACCUMULATED-NII-PRIOR> 14271863
<ACCUMULATED-GAINS-PRIOR> (5678332)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 637086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 691119
<AVERAGE-NET-ASSETS> 230106636
<PER-SHARE-NAV-BEGIN> 12.59
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.30)
<PER-SHARE-DIVIDEND> (.40)
<PER-SHARE-DISTRIBUTIONS> (.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.00
<EXPENSE-RATIO> 0.67
<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 JUNE 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 125,576,693
<INVESTMENTS-AT-VALUE> 125,600,576
<RECEIVABLES> 35,122,920
<ASSETS-OTHER> 648,448
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 161,371,944
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85,861
<TOTAL-LIABILITIES> 85,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157,520,958
<SHARES-COMMON-STOCK> 12,038,869
<SHARES-COMMON-PRIOR> 11,806,190
<ACCUMULATED-NII-CURRENT> 4,370,290
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (629,048)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,883
<NET-ASSETS> 161,286,083
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,865,176
<OTHER-INCOME> 0
<EXPENSES-NET> (494,677)
<NET-INVESTMENT-INCOME> 4,370,499
<REALIZED-GAINS-CURRENT> (202,994)
<APPREC-INCREASE-CURRENT> (2,984,999)
<NET-CHANGE-FROM-OPS> 1,182,506
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,616,357)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 856,663
<NUMBER-OF-SHARES-REDEEMED> (1,271,344)
<SHARES-REINVESTED> 647,360
<NET-CHANGE-IN-ASSETS> (4,616,911)
<ACCUMULATED-NII-PRIOR> 8,616,148
<ACCUMULATED-GAINS-PRIOR> (426,054)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470,692
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 494,677
<AVERAGE-NET-ASSETS> 163,800,060
<PER-SHARE-NAV-BEGIN> 14.050
<PER-SHARE-NII> .390
<PER-SHARE-GAIN-APPREC> (.290)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.750)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.400
<EXPENSE-RATIO> .600
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE FRANKLIN
VALUEMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 09
<NAME> INCOME SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 1,247,363,021
<INVESTMENTS-AT-VALUE> 1,299,067,561
<RECEIVABLES> 20,444,808
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,319,512,369
<PAYABLE-FOR-SECURITIES> 6,934,056
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,528,611
<TOTAL-LIABILITIES> 8,462,667
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,201,472,196
<SHARES-COMMON-STOCK> 81,475,748
<SHARES-COMMON-PRIOR> 76,913,014
<ACCUMULATED-NII-CURRENT> 47,258,926
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,613,204
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51,705,376
<NET-ASSETS> 1,311,049,702
<DIVIDEND-INCOME> 15,134,941
<INTEREST-INCOME> 37,842,015
<OTHER-INCOME> 0
<EXPENSES-NET> (3,206,957)
<NET-INVESTMENT-INCOME> 49,769,999
<REALIZED-GAINS-CURRENT> 10,617,084
<APPREC-INCREASE-CURRENT> (9,077,052)
<NET-CHANGE-FROM-OPS> 51,310,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66,923,858)
<DISTRIBUTIONS-OF-GAINS> (11,129,687)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,460,586
<NUMBER-OF-SHARES-REDEEMED> (7,878,933)
<SHARES-REINVESTED> 4,981,081
<NET-CHANGE-IN-ASSETS> 44,512,200
<ACCUMULATED-NII-PRIOR> 91,003,300
<ACCUMULATED-GAINS-PRIOR> 11,125,807
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,008,518
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,206,957
<AVERAGE-NET-ASSETS> 1,287,503,471
<PER-SHARE-NAV-BEGIN> 16.470
<PER-SHARE-NII> .615
<PER-SHARE-GAIN-APPREC> .018
<PER-SHARE-DIVIDEND> (.873)
<PER-SHARE-DISTRIBUTIONS> (.145)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.090
<EXPENSE-RATIO> .005
<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 SERIES JUNE 30, 1996 SEMI ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> FRANKLIN VALUEMARK FUND - US GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 576,245,965
<INVESTMENTS-AT-VALUE> 572,640,581
<RECEIVABLES> 14,603,615
<ASSETS-OTHER> 380
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 587,244,576
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,523,929
<TOTAL-LIABILITIES> 1,523,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 584,916,525
<SHARES-COMMON-STOCK> 45,724,527
<SHARES-COMMON-PRIOR> 45,944,644
<ACCUMULATED-NII-CURRENT> 20,284,371
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,874,865)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,605,384)
<NET-ASSETS> 585,720,647
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,942,180
<OTHER-INCOME> 0
<EXPENSES-NET> (1,591,134)
<NET-INVESTMENT-INCOME> 20,351,046
<REALIZED-GAINS-CURRENT> (165,616)
<APPREC-INCREASE-CURRENT> (29,588,904)
<NET-CHANGE-FROM-OPS> (9,403,474)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (41,654,771)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,178,004
<NUMBER-OF-SHARES-REDEEMED> (5,696,202)
<SHARES-REINVESTED> 3,298,081
<NET-CHANGE-IN-ASSETS> (57,444,824)
<ACCUMULATED-NII-PRIOR> 41,588,096
<ACCUMULATED-GAINS-PRIOR> (15,709,249)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,494,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,591,134
<AVERAGE-NET-ASSETS> 610,706,706
<PER-SHARE-NAV-BEGIN> 14.00
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> (.728)
<PER-SHARE-DIVIDEND> (.972)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> .520
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> ZERO COUPON FUND - 2000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 125,920,919
<INVESTMENTS-AT-VALUE> 131,311,210
<RECEIVABLES> 43,444
<ASSETS-OTHER> 95,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,449,925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 377,165
<TOTAL-LIABILITIES> 377,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,650,834
<SHARES-COMMON-STOCK> 9,025,164
<SHARES-COMMON-PRIOR> 8,730,149
<ACCUMULATED-NII-CURRENT> 4,012,250
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,385
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,390,291
<NET-ASSETS> 131,072,760
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,277,963
<OTHER-INCOME> 0
<EXPENSES-NET> (265,986)
<NET-INVESTMENT-INCOME> 4,011,977
<REALIZED-GAINS-CURRENT> 19,680
<APPREC-INCREASE-CURRENT> (6,905,014)
<NET-CHANGE-FROM-OPS> (2,873,357)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,341,063)
<DISTRIBUTIONS-OF-GAINS> (72,481)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 799,679
<NUMBER-OF-SHARES-REDEEMED> (1,022,008)
<SHARES-REINVESTED> 517,344
<NET-CHANGE-IN-ASSETS> (6,283,961)
<ACCUMULATED-NII-PRIOR> 7,341,344
<ACCUMULATED-GAINS-PRIOR> 72,186
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 369,885
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 385,211
<AVERAGE-NET-ASSETS> 133,520,769
<PER-SHARE-NAV-BEGIN> 15.730
<PER-SHARE-NII> .460
<PER-SHARE-GAIN-APPREC> (.800)
<PER-SHARE-DIVIDEND> (.860)
<PER-SHARE-DISTRIBUTIONS> (.010)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.520
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> ZERO COUPON FUND - 2005
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-30-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 74,761,492
<INVESTMENTS-AT-VALUE> 78,890,497
<RECEIVABLES> 342,052
<ASSETS-OTHER> 92,441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,324,990
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,499
<TOTAL-LIABILITIES> 28,499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,776,982
<SHARES-COMMON-STOCK> 5,169,145
<SHARES-COMMON-PRIOR> 4,788,425
<ACCUMULATED-NII-CURRENT> 2,397,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,924)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,129,005
<NET-ASSETS> 79,296,491
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,555,448
<OTHER-INCOME> 0
<EXPENSES-NET> (157,619)
<NET-INVESTMENT-INCOME> 2,397,829
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (7,912,643)
<NET-CHANGE-FROM-OPS> (5,514,814)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,218,190)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 614,698
<NUMBER-OF-SHARES-REDEEMED> (516,320)
<SHARES-REINVESTED> 282,342
<NET-CHANGE-IN-ASSETS> (3,925,212)
<ACCUMULATED-NII-PRIOR> 4,217,789
<ACCUMULATED-GAINS-PRIOR> (6,924)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 259,054
<AVERAGE-NET-ASSETS> 79,339,315
<PER-SHARE-NAV-BEGIN> 17.380
<PER-SHARE-NII> 0.440
<PER-SHARE-GAIN-APPREC> (1.620)
<PER-SHARE-DIVIDEND> (0.860)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.340
<EXPENSE-RATIO> 0.400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> ZERO COUPON FUND 2010
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 69,766,814
<INVESTMENTS-AT-VALUE> 74,714,151
<RECEIVABLES> 1,964,705
<ASSETS-OTHER> 726,533
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,405,389
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,432
<TOTAL-LIABILITIES> 55,432
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,149,690
<SHARES-COMMON-STOCK> 5,170,715
<SHARES-COMMON-PRIOR> 4,747,236
<ACCUMULATED-NII-CURRENT> 2,365,319
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (112,389)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,947,337
<NET-ASSETS> 77,349,957
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,518,841
<OTHER-INCOME> 0
<EXPENSES-NET> (153,474)
<NET-INVESTMENT-INCOME> 2,365,367
<REALIZED-GAINS-CURRENT> 76,009
<APPREC-INCREASE-CURRENT> (11,390,023)
<NET-CHANGE-FROM-OPS> (8,948,647)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,092,016)
<DISTRIBUTIONS-OF-GAINS> (1,109,315)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,661,927
<NUMBER-OF-SHARES-REDEEMED> (1,600,406)
<SHARES-REINVESTED> 361,958
<NET-CHANGE-IN-ASSETS> (8,282,835)
<ACCUMULATED-NII-PRIOR> 4,091,968
<ACCUMULATED-GAINS-PRIOR> 920,917
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 250,018
<AVERAGE-NET-ASSETS> 77,162,523
<PER-SHARE-NAV-BEGIN> 18.040
<PER-SHARE-NII> 0.470
<PER-SHARE-GAIN-APPREC> (2.430)
<PER-SHARE-DIVIDEND> (0.880)
<PER-SHARE-DISTRIBUTIONS> (0.240)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.960
<EXPENSE-RATIO> 0.400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> ADJUSTABLE US GOVERNMENT FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 186,098,338
<INVESTMENTS-AT-VALUE> 185,421,610
<RECEIVABLES> 9,048,511
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,470,121
<PAYABLE-FOR-SECURITIES> 20,059,653
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 430,265
<TOTAL-LIABILITIES> 20,489,918
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182,771,415
<SHARES-COMMON-STOCK> 17,015,354
<SHARES-COMMON-PRIOR> 17,665,320
<ACCUMULATED-NII-CURRENT> 5,728,864
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,843,348)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (676,728)
<NET-ASSETS> 173,980,203
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,269,587
<OTHER-INCOME> 0
<EXPENSES-NET> (540,267)
<NET-INVESTMENT-INCOME> 5,729,320
<REALIZED-GAINS-CURRENT> (966,844)
<APPREC-INCREASE-CURRENT> 323,295
<NET-CHANGE-FROM-OPS> 5,085,771
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,329,910)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,425,952
<NUMBER-OF-SHARES-REDEEMED> (4,387,128)
<SHARES-REINVESTED> 1,311,999
<NET-CHANGE-IN-ASSETS> (16,119,394)
<ACCUMULATED-NII-PRIOR> 13,329,454
<ACCUMULATED-GAINS-PRIOR> (12,876,504)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 515,424
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 540,267
<AVERAGE-NET-ASSETS> 181,737,199
<PER-SHARE-NAV-BEGIN> 10.760
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> (0.120)
<PER-SHARE-DIVIDEND> (0.840)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.220
<EXPENSE-RATIO> 0.590
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRATED FROM THE FRANKLIN
VALUEMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRITY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 15
<NAME> RISING DIVIDENDS FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 343,283,118
<INVESTMENTS-AT-VALUE> 449,681,048
<RECEIVABLES> 56,360,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 506,041,434
<PAYABLE-FOR-SECURITIES> 26,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 655,519
<TOTAL-LIABILITIES> 681,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 408,545,842
<SHARES-COMMON-STOCK> 38,005,837
<SHARES-COMMON-PRIOR> 36,588,561
<ACCUMULATED-NII-CURRENT> 5,025,117
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,609,194)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 106,397,930
<NET-ASSETS> 505,359,695
<DIVIDEND-INCOME> 5,431,833
<INTEREST-INCOME> 1,463,710
<OTHER-INCOME> 0
<EXPENSES-NET> (1,868,872)
<NET-INVESTMENT-INCOME> 5,026,671
<REALIZED-GAINS-CURRENT> 203,185
<APPREC-INCREASE-CURRENT> 27,984,801
<NET-CHANGE-FROM-OPS> 33,214,657
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,368,611)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,649,806
<NUMBER-OF-SHARES-REDEEMED> (4,008,624)
<SHARES-REINVESTED> 776,094
<NET-CHANGE-IN-ASSETS> 42,106,418
<ACCUMULATED-NII-PRIOR> 10,367,057
<ACCUMULATED-GAINS-PRIOR> (14,812,379)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,810,335
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,868,872
<AVERAGE-NET-ASSETS> 482,677,067
<PER-SHARE-NAV-BEGIN> 12.660
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> .790
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.300
<EXPENSE-RATIO> .770
<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 JUNE 30, 1996 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> TEMPLETON PACIFIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 334161143
<INVESTMENTS-AT-VALUE> 379691664
<RECEIVABLES> 11536064
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 226
<TOTAL-ASSETS> 391227954
<PAYABLE-FOR-SECURITIES> 1315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 381511
<TOTAL-LIABILITIES> 382826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 349984891
<SHARES-COMMON-STOCK> 26236248
<SHARES-COMMON-PRIOR> 23870100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (431923)
<ACCUMULATED-NET-GAINS> (4238361)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45530521
<NET-ASSETS> 390845128
<DIVIDEND-INCOME> 4574674
<INTEREST-INCOME> 429908
<OTHER-INCOME> 0
<EXPENSES-NET> 1846830
<NET-INVESTMENT-INCOME> 3157752
<REALIZED-GAINS-CURRENT> (3568847)
<APPREC-INCREASE-CURRENT> 42072054
<NET-CHANGE-FROM-OPS> 41660959
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10991812)
<DISTRIBUTIONS-OF-GAINS> (6370263)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6141423
<NUMBER-OF-SHARES-REDEEMED> (4950771)
<SHARES-REINVESTED> 1175496
<NET-CHANGE-IN-ASSETS> 58909247
<ACCUMULATED-NII-PRIOR> 7402137
<ACCUMULATED-GAINS-PRIOR> 5700749
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1668116
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1846830
<AVERAGE-NET-ASSETS> 377453181
<PER-SHARE-NAV-BEGIN> 13.91
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.70)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.90
<EXPENSE-RATIO> .98
<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 VALUMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 17
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 769452857
<INVESTMENTS-AT-VALUE> 853816627
<RECEIVABLES> 153913303
<ASSETS-OTHER> 4422
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1007734352
<PAYABLE-FOR-SECURITIES> 2450798
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 996275
<TOTAL-LIABILITIES> 3447073
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 888649740
<SHARES-COMMON-STOCK> 71173798
<SHARES-COMMON-PRIOR> 63801042
<ACCUMULATED-NII-CURRENT> 19559661
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11714108
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84363770
<NET-ASSETS> 1004287279
<DIVIDEND-INCOME> 20039727
<INTEREST-INCOME> 5760211
<OTHER-INCOME> 0
<EXPENSES-NET> 4243738
<NET-INVESTMENT-INCOME> 21556200
<REALIZED-GAINS-CURRENT> 11842482
<APPREC-INCREASE-CURRENT> 72678896
<NET-CHANGE-FROM-OPS> 106077578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (25386301)
<DISTRIBUTIONS-OF-GAINS> (31064816)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5089140
<NUMBER-OF-SHARES-REDEEMED> (1739985)
<SHARES-REINVESTED> 4023601
<NET-CHANGE-IN-ASSETS> 154170657
<ACCUMULATED-NII-PRIOR> 23389762
<ACCUMULATED-GAINS-PRIOR> 30936442
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3766436
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4243738
<AVERAGE-NET-ASSETS> 935408520
<PER-SHARE-NAV-BEGIN> 13.32
<PER-SHARE-NII> .29
<PER-SHARE-GAIN-APPREC> 1.35
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> (.47)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.11
<EXPENSE-RATIO> .91
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 18
<NAME> DEVELOPING MARKETS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 238224929
<INVESTMENTS-AT-VALUE> 250961248
<RECEIVABLES> 1380161
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 185097
<TOTAL-ASSETS> 252526506
<PAYABLE-FOR-SECURITIES> 239777
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 353189
<TOTAL-LIABILITIES> 592966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234863011
<SHARES-COMMON-STOCK> 22802874
<SHARES-COMMON-PRIOR> 16158219
<ACCUMULATED-NII-CURRENT> 2931786
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1402424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12736319
<NET-ASSETS> 251933540
<DIVIDEND-INCOME> 3815049
<INTEREST-INCOME> 711306
<OTHER-INCOME> 0
<EXPENSES-NET> 1496766
<NET-INVESTMENT-INCOME> 3029589
<REALIZED-GAINS-CURRENT> 1657177
<APPREC-INCREASE-CURRENT> 22530480
<NET-CHANGE-FROM-OPS> 27217246
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2182460)
<DISTRIBUTIONS-OF-GAINS> (4037551)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8261997
<NUMBER-OF-SHARES-REDEEMED> (2185380)
<SHARES-REINVESTED> 568038
<NET-CHANGE-IN-ASSETS> 27217246
<ACCUMULATED-NII-PRIOR> 2084657
<ACCUMULATED-GAINS-PRIOR> 3782798
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1317027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1496766
<AVERAGE-NET-ASSETS> 211923936
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> 1.42
<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 JUNE 30, 1996 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 19
<NAME> TEMPLETON GLOBAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 364644293
<INVESTMENTS-AT-VALUE> 417736030
<RECEIVABLES> 70486811
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 116962
<TOTAL-ASSETS> 488339803
<PAYABLE-FOR-SECURITIES> 9936080
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 420763
<TOTAL-LIABILITIES> 10356843
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 424401420
<SHARES-COMMON-STOCK> 37912576
<SHARES-COMMON-PRIOR> 28840285
<ACCUMULATED-NII-CURRENT> 4132517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3642714)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53091737
<NET-ASSETS> 477982960
<DIVIDEND-INCOME> 5970832
<INTEREST-INCOME> 1590049
<OTHER-INCOME> 0
<EXPENSES-NET> 1888274
<NET-INVESTMENT-INCOME> 5672607
<REALIZED-GAINS-CURRENT> (3989937)
<APPREC-INCREASE-CURRENT> 38274436
<NET-CHANGE-FROM-OPS> 39957106
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7356653)
<DISTRIBUTIONS-OF-GAINS> (7356653)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9952737
<NUMBER-OF-SHARES-REDEEMED> (2052821)
<SHARES-REINVESTED> 1172375
<NET-CHANGE-IN-ASSETS> 139227843
<ACCUMULATED-NII-PRIOR> 5816563
<ACCUMULATED-GAINS-PRIOR> 7703876
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1787343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1888274
<AVERAGE-NET-ASSETS> 405897204
<PER-SHARE-NAV-BEGIN> 11.75
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.41)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.61
<EXPENSE-RATIO> .94
<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 JUNE 30, 1996 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 20
<NAME> TEMPLETON GLOBAL ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 27675297
<INVESTMENTS-AT-VALUE> 29115425
<RECEIVABLES> 6314662
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 189354
<TOTAL-ASSETS> 35619441
<PAYABLE-FOR-SECURITIES> 592177
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40224
<TOTAL-LIABILITIES> 632401
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32950398
<SHARES-COMMON-STOCK> 3078439
<SHARES-COMMON-PRIOR> 1399950
<ACCUMULATED-NII-CURRENT> 532431
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 64865
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1439346
<NET-ASSETS> 34987040
<DIVIDEND-INCOME> 245088
<INTEREST-INCOME> 425369
<OTHER-INCOME> 0
<EXPENSES-NET> 117141
<NET-INVESTMENT-INCOME> 553316
<REALIZED-GAINS-CURRENT> 70513
<APPREC-INCREASE-CURRENT> 1057185
<NET-CHANGE-FROM-OPS> 1681014
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14807)
<DISTRIBUTIONS-OF-GAINS> (29613)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1878207
<NUMBER-OF-SHARES-REDEEMED> (203649)
<SHARES-REINVESTED> 3931
<NET-CHANGE-IN-ASSETS> 20258337
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 23965
<OVERDISTRIB-NII-PRIOR> (6078)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 117141
<AVERAGE-NET-ASSETS> 24195482
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.37
<EXPENSE-RATIO> .97
<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 VALUMARK FUNDS JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 90,561,640
<INVESTMENTS-AT-VALUE> 93,202,863
<RECEIVABLES> 6,110,895
<ASSETS-OTHER> 1,433,722
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,747,480
<PAYABLE-FOR-SECURITIES> 619,708
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,298
<TOTAL-LIABILITIES> 687,006
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,043,947
<SHARES-COMMON-STOCK> 8,237,812
<SHARES-COMMON-PRIOR> 1,298,788
<ACCUMULATED-NII-CURRENT> 225,075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,150,229
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,641,223
<NET-ASSETS> 100,060,474
<DIVIDEND-INCOME> 105,086
<INTEREST-INCOME> 330,028
<OTHER-INCOME> 0
<EXPENSES-NET> (209,612)
<NET-INVESTMENT-INCOME> 225,502
<REALIZED-GAINS-CURRENT> 3,150,203
<APPREC-INCREASE-CURRENT> 2,479,402
<NET-CHANGE-FROM-OPS> 5,855,107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,640)
<DISTRIBUTIONS-OF-GAINS> (2,728)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,766,894
<NUMBER-OF-SHARES-REDEEMED> (1,830,784)
<SHARES-REINVESTED> 2,914
<NET-CHANGE-IN-ASSETS> 86,758,996
<ACCUMULATED-NII-PRIOR> 33,213
<ACCUMULATED-GAINS-PRIOR> 2,754
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 201,695
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 209,612
<AVERAGE-NET-ASSETS> 53,891,807
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> .010
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.150
<EXPENSE-RATIO> .780
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> FRANKLIN CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 4,101,739
<INVESTMENTS-AT-VALUE> 4,088,569
<RECEIVABLES> 274,273
<ASSETS-OTHER> 751,374
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,114,216
<PAYABLE-FOR-SECURITIES> 127,134
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,292
<TOTAL-LIABILITIES> 131,426
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,990,381
<SHARES-COMMON-STOCK> 489,535
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,170)
<NET-ASSETS> 4,982,790
<DIVIDEND-INCOME> 3,876
<INTEREST-INCOME> 6,003
<OTHER-INCOME> 0
<EXPENSES-NET> (4,300)
<NET-INVESTMENT-INCOME> 5,579
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (13,170)
<NET-CHANGE-FROM-OPS> (7,591)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 579,958
<NUMBER-OF-SHARES-REDEEMED> (90,423)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,982,790
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,300
<AVERAGE-NET-ASSETS> 2,646,590
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.170
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.180
<EXPENSE-RATIO> 0.320
<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 JUNE 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> INTERNATIONAL SMALL COMPANIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996<F1>
<INVESTMENTS-AT-COST> 3152944
<INVESTMENTS-AT-VALUE> 3252039
<RECEIVABLES> 2414625
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5666664
<PAYABLE-FOR-SECURITIES> 114339
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90224
<TOTAL-LIABILITIES> 204563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5341353
<SHARES-COMMON-STOCK> 528897
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24325
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2662)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 99095
<NET-ASSETS> 5462101
<DIVIDEND-INCOME> 12036
<INTEREST-INCOME> 17615
<OTHER-INCOME> 0
<EXPENSES-NET> 5326
<NET-INVESTMENT-INCOME> 24325
<REALIZED-GAINS-CURRENT> (2662)
<APPREC-INCREASE-CURRENT> 99095
<NET-CHANGE-FROM-OPS> 120758
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 536166
<NUMBER-OF-SHARES-REDEEMED> (7269)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5462101
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4763
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5326
<AVERAGE-NET-ASSETS> 2898562
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>MAY 1, 1996 EFFECTIVE DATE OF FUND.
</FN>
</TABLE>
WPDOC2\NSAR\822-77D.DOC 8/6/96
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77D(g):
Policies with respect to security investments
At a meeting of the Board of the Board of Trustees on February
13, 1996, the following resolution was approved:
RESOLVED, that the maximum permissable investment in Real
Estate Investment Trusts by the Growth and Income Fund (the
"Fund"), a series of the Trust, be increased from 5% of total
net assets of the Fund to 10% of the total net assets of the
Fund.
WPDOC2\NSAR\1996\841-77D.DOC 8/6/96
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77D(g):
Policies with respect to security investments
At a meeting of the Board of the Board of Trustees on March 21,
1996, the following resolution was approved:
RESOLVED, that the Prospectuses for the Franklin Valuemark
Funds for the May 1, 1996 annual update be supplemented to
indicate that the Templeton Global Asset Allocation Fund
(the "Fund") may invest up to 25% of its total assets in
debt obligations rated BBB or lower by S&P or Baa or lower
by Moody's, or, if unrated, determined by the Manager to be
of comparable quality.
NSAR/1996/842-77C.DOC 8/6/96
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of shareholders.
Capital Growth Fund
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Capital Growth
Fund (the "Fund"), a series of Franklin Valuemark Funds (the
"Trust"), does hereby take the following actions and does hereby
consent to the following votes:
VOTED: That the investment management agreement to be entered
into between Franklin Advisers, Inc. and the Trust on
behalf of the Fund, be, and it hereby is, approved for
the Fund.
VOTED: That the Distribution Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 contained in the
investment management agreement to be entered into
between Franklin Advisers, Inc. and the Trust on behalf
of the Fund, be, and it hereby is, approved on behalf
of the Fund.
VOTED: That the appointment of Coopers & Lybrand as the
independent accountants for the Fund for the fiscal
year ending December 31, 1996, be, and it hereby is,
approved.
By execution hereof, the undersigned shareholder waives prior
notice of the foregoing action by written consent.
ALLIANZ LIFE INSURANCE COMPANY
OF NORTH AMERICA on behalf of
Allianz Life Variable Account B
As of April 24, 1996 By: /s/ James P. Kelso
James P. Kelso
Vice President
Variable Products
WPDOC2\NSAR\1996\844-77C.DOC 8/6/96
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
Templeton International Smaller Companies Fund
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Templeton
International Smaller Companies Fund (the "Fund"), a series of
Franklin Valuemark Funds (the "Trust"), does hereby take the
following actions and does hereby consent to the following votes:
VOTED: That the investment management agreement to be entered
into between Templeton Investment Counsel, Inc. and the
Trust on behalf of the Fund, be, and it hereby is,
approved for the Fund.
VOTED: That the Distribution Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 contained in the
investment management agreement to be entered into
between Templeton Investment Counsel, Inc. and the
Trust on behalf of the Fund, be, and it hereby is,
approved on behalf of the Fund.
VOTED: That the appointment of Coopers & Lybrand as the
independent accountants for the Fund for the fiscal
year ending December 31, 1996, be, and it hereby is,
approved.
By execution hereof, the undersigned shareholder waives prior
notice of the foregoing action by written consent.
ALLIANZ LIFE INSURANCE COMPANY
OF NORTH AMERICA on behalf of
Allianz Life Variable Account B
As of April 24, 1996 By: /s/ James P. Kelso
James P. Kelso
Vice President
Variable Products
WPDOC2\NSAR\1996\FVF-D.DOC 8/6/96
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
EXHIBIT ITEM No. 77D(g):
Policies with respect to security investments
At a meeting of the Board of Trustees on April 18, 1996, the
following resolution was adopted on behalf of the Franklin
Valuemark Templeton Developing Markets Equity Fund, Franklin
Valuemark Templeton Global Growth Fund, Templeton Global Asset
Allocation Fund and Templeton International Smaller Companies
Fund (collectively, the "Affected Series"):
RESOLVED FURTHER, that as a non-fundamental policy, the
Affected Series be, and they hereby are, authorized to
invest up to 5% of their total assets in Russian securities,
consistent with the Affected Series' investment objectives
and policies.
