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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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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015 B000224 S
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<PAGE> PAGE 18
015 C010225 LISBON
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015 A000226 UNITED OVERSEAS BANK LTD.
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015 D010226 SINGAPORE
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015 A000227 STANDARD CORPORATE & MERCHANT BANK
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015 C010227 JOHANNESBURG
015 D010227 SOUTH AFRICA
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015 A000228 BANCO BILBAO VIZCAYA
015 B000228 S
015 C010228 MADRID
015 D010228 SPAIN
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015 A000229 STANDARD CHARTERED BANK
015 B000229 S
015 C010229 COLOMBO
015 D010229 SRI LANKA
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015 A000230 SKANDINAVISKA ENSKILDA BANKEN
015 B000230 S
015 C010230 STOCKHOLM
015 D010230 SWEDEN
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015 D010231 SWITZERLAND
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015 A000232 STANDARD CHARTERED BANK
015 B000232 S
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<PAGE> PAGE 19
015 D010235 ZAMBIA
015 E040235 X
015 A000236 STANBIC BANK ZIMBABWE LTD.
015 B000236 S
015 C010236 HARARE
015 D010236 ZIMBABWE
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015 E040238 X
015 A000239 CREDIT COMMERCIAL DE FRANCE
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015 C010239 PARIS
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015 E040242 X
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015 C010243 SINGAPORE
015 D010243 SINGAPORE
015 E040243 X
015 A000244 USB AG
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015 C010244 ZURICH
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<PAGE> PAGE 20
015 D010245 THAILAND
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<PAGE> PAGE 21
048 C010200 9750000
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051 000200 N
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<PAGE> PAGE 22
062 P000200 0.0
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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 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
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070 O010200 N
070 O020200 N
070 P010200 Y
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070 Q020200 N
070 R010200 N
<PAGE> PAGE 23
070 R020200 N
071 A000200 345846
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071 C000200 1266014
071 D000200 27
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<PAGE> PAGE 24
074 J000200 1035
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008 A000301 FRANKLIN ADVISERS, INC.
008 B000301 A
008 C000301 801-26292
008 D010301 SAN MATEO
008 D020301 CA
008 D030301 94404
008 D040301 1585
015 A000301 BANKBOSTON, N.A.
015 B000301 S
015 C010301 BUENOS AIRES
015 D010301 ARGENTINA
015 E040301 X
015 A000302 NATIONAL AUSTRALIA BANK LTD.
015 B000302 S
015 C010302 MELBOURNE
015 D010302 AUSTRALIA
015 E040302 X
015 A000303 BANK AUSTRIA AG
015 B000303 S
015 C010303 VIENNA
015 D010303 AUSTRIA
015 E040303 X
015 A000304 BANQUE BRUXELLES LAMBERT
015 B000304 S
015 C010304 BRUSSELS
015 D010304 BELGIUM
015 E040304 X
<PAGE> PAGE 25
015 A000305 ROYAL BANK OF CANADA
015 B000305 S
015 C010305 MONTREAL
015 D010305 CANADA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK, HONG KONG
015 B000306 S
015 C010306 HONG KONG
015 D010306 CHINA
015 E040306 X
015 A000307 DELETE
015 A000308 DEN DANSKE BANK
015 B000308 S
015 C010308 COPENHAGEN
015 D010308 DENMARK
015 E040308 X
015 A000309 FIRST CHICAGO CLEARING CENTRE
015 B000309 S
015 C010309 LONDON
015 D010309 EUROMARKET
015 E040309 X
015 A000310 CEDEL
015 B000310 S
015 C010310 LUXEMBOURG CITY
015 D010310 EUROMARKET
015 E040310 X
015 A000311 BANQUE BRUXELLES LAMBERT
015 B000311 S
015 C010311 BRUSSELS
015 D010311 EASDAQ
015 E040311 X
015 A000312 MERITA BANK PLC
015 B000312 S
015 C010312 HELSINKI
015 D010312 FINLAND
015 E040312 X
015 A000313 BANQUE PARIBAS
015 B000313 S
015 C010313 PARIS
015 D010313 FRANCE
015 E040313 X
015 A000314 DRESDNER BANK AG
015 B000314 S
015 C010314 FRANKFURT/MAIN
015 D010314 GERMANY
015 E040314 X
015 A000315 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000315 S
015 C010315 HONG KONG
015 D010315 HONG KONG
015 E040315 X
<PAGE> PAGE 26
015 A000316 HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000316 S
015 C010316 JAKARTA
015 D010316 INDONESIA
015 E040316 X
015 A000317 ALLIED IRISH BANKS, PLC
015 B000317 S
015 C010317 DUBLIN
015 D010317 IRELAND
015 E040317 X
015 A000318 BANK OF TOKYO MITSUBISHI
015 B000318 S
015 C010318 TOKYO
015 D010318 JAPAN
015 E040318 X
015 A000319 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000319 S
015 C010319 LUXEMBOURG CITY
015 D010319 LUXEMBOURG
015 E040319 X
015 A000320 HONGKONG BANK MALAYSIA BERHAD
015 B000320 S
015 C010320 KUALA LUMPUR
015 D010320 MALAYSIA
015 E040320 X
015 A000321 BANCO NACIONAL DE MEXICO
015 B000321 S
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015 D010321 MEXICO
015 E040321 X
015 A000322 MEESPEIRSON
015 B000322 S
015 C010322 AMSTERDAM
015 D010322 NETHERLANDS
015 E040322 X
015 A000323 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000323 S
015 C010323 WELLINGTON
015 D010323 NEW ZEALAND
015 E040323 X
015 A000324 STANDARD CHARTERED BANK
015 B000324 S
015 C010324 KARACHI
015 D010324 PAKISTAN
015 E040324 X
015 A000325 CITIBANK, N.A.
015 B000325 S
015 C010325 LIMA
015 D010325 PERU
015 E040325 X
015 A000326 HONGKONG & SHANGHAI BANKING CORP. LTD.
<PAGE> PAGE 27
015 B000326 S
015 C010326 PASIG CITY MANILA
015 D010326 PHILIPPINES
015 E040326 X
015 A000327 BANCO COMERCIAL PORTUGUES, S.A.
015 B000327 S
015 C010327 LISBON
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015 E040327 X
015 A000328 UNITED OVERSEAS BANK LTD.
015 B000328 S
015 C010328 SINGAPORE
015 D010328 SINGAPORE
015 E040328 X
015 A000329 STANDARD CORPORATE & MERCHANT BANK
015 B000329 S
015 C010329 JOHANNESBURG
015 D010329 SOUTH AFRICA
015 E040329 X
015 A000330 BANCO BILBAO VIZCAYA
015 B000330 S
015 C010330 MADRID
015 D010330 SPAIN
015 E040330 X
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015 C010331 COLOMBO
015 D010331 SRI LANKA
015 E040331 X
015 A000332 SKANDINAVISKA ENSKILDA BANKEN
015 B000332 S
015 C010332 STOCKHOLM
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015 E040333 X
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<PAGE> PAGE 28
015 C010336 LONDON
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015 A000337 STANBIC BANK ZAMBIA LTD.
015 B000337 S
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015 A000338 STANBIC BANK ZIMBABWE LTD.
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<PAGE> PAGE 29
015 C010346 ZURICH
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015 A000347 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000347 S
015 C010347 BANGKOK
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<PAGE> PAGE 30
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<PAGE> PAGE 31
066 A000300 Y
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<PAGE> PAGE 32
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<PAGE> PAGE 33
074 O000300 159
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008 A000401 FRANKLIN ADVISERS, INC.
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008 C000401 801-26292
008 D010401 SAN MATEO
008 D020401 CA
008 D030401 94404
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015 A000401 BANKBOSTON, N.A.
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015 C010404 BRUSSELS
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015 A000405 ROYAL BANK OF CANADA
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<PAGE> PAGE 34
015 A000406 DEN DANSKE BANK
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<PAGE> PAGE 35
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015 B000423 S
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015 D010423 PHILIPPINES
015 E040423 X
015 A000424 BANCO COMERCIAL PORTUGUES, S.A.
015 B000424 S
015 C010424 LISBON
015 D010424 PORTUGAL
015 E040424 X
015 A000425 UNITED OVERSEAS BANK LTD.
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<PAGE> PAGE 36
015 C010426 JOHANNESBURG
015 D010426 SOUTH AFRICA
015 E040426 X
015 A000427 BANCO BILBAO VIZCAYA
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015 C010427 MADRID
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015 E040427 X
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015 D010428 SRI LANKA
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015 A000436 STANBIC BANK ZIMBABWE LTD.
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<PAGE> PAGE 37
015 C010436 HARARE
015 D010436 ZIMBABWE
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015 A000437 COMMONWEALTH BANK OF AUSTRALIA
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015 C010437 BURWOOD
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015 E040437 X
015 A000438 CREDIT COMMERCIAL DE FRANCE
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015 D010438 FRANCE
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015 C010441 AMSTERDAM
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015 C010443 ZURICH
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<PAGE> PAGE 38
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<PAGE> PAGE 39
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
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058 B000400 Y
058 C000400 Y
058 D000400 Y
058 E000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
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062 L000400 0.0
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062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
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066 C000400 Y
066 D000400 N
066 E000400 N
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 Y
070 B020400 N
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<PAGE> PAGE 40
070 C020400 N
070 D010400 Y
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
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 41
072 Q000400 0
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<PAGE> PAGE 42
075 A000400 0
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008 A000501 FRANKLIN ADVISERS, INC.
008 B000501 A
008 C000501 801-26292
008 D010501 SAN MATEO
008 D020501 CA
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015 A000501 BANKBOSTON, N.A.
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015 E040501 X
015 A000502 NATIONAL AUSTRALIA BANK LTD.
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015 E040502 X
015 A000503 BANK AUSTRIA AG
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015 A000504 BANQUE BRUXELLES LAMBERT
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015 D010505 BRAZIL
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015 A000506 ROYAL BANK OF CANADA
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015 A000507 STANDARD CHARTERED BANK, HONG KONG
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015 C010507 HONG KONG
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015 E040507 X
015 A000508 DEUTSCHE BANK
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015 C010508 MUMBAI
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015 A000509 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
<PAGE> PAGE 43
015 B000509 S
015 C010509 PRAHA (PRAGUE)
015 D010509 CZECH REPUBLIC
015 E040509 X
015 A000510 DEN DANSKE BANK
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015 A000511 FIRST CHICAGO CLEARING CENTRE
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015 C010511 LONDON
015 D010511 EUROMARKET
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015 C010512 LUXEMBOURG CITY
015 D010512 EUROMARKET
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015 C010513 BRUSSELS
015 D010513 EASDAQ
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015 A000514 MERITA BANK PLC
015 B000514 S
015 C010514 HELSINKI
015 D010514 FINLAND
015 E040514 X
015 A000515 BANQUE PARIBAS
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015 D010515 FRANCE
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015 B000516 S
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015 D010516 GERMANY
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015 B000517 S
015 C010517 ATHENS
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<PAGE> PAGE 44
015 C010519 JAKARTA
015 D010519 INDONESIA
015 E040519 X
015 A000520 ALLIED IRISH BANKS, PLC
015 B000520 S
015 C010520 DUBLIN
015 D010520 IRELAND
015 E040520 X
015 A000521 BANCA COMMERICALE ITALIANA
015 B000521 S
015 C010521 MILAN
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015 E040521 X
015 A000522 BANK OF TOKYO MITSUBISHI
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015 E040522 X
015 A000523 BANQUE INTERNATIONALE A LUXEMBOURG
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015 D010524 MALAYSIA
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015 E040525 X
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015 B000526 S
015 C010526 AMSTERDAM
015 D010526 NETHERLANDS
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015 B000527 S
015 C010527 WELLINGTON
015 D010527 NEW ZEALAND
015 E040527 X
015 A000528 DEN NORSKE BANK ASA
015 B000528 S
015 C010528 OSLO
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015 B000529 S
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<PAGE> PAGE 45
015 D010529 PAKISTAN
015 E040529 X
015 A000530 CITIBANK, N.A.
015 B000530 S
015 C010530 LIMA
015 D010530 PERU
015 E040530 X
015 A000531 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000531 S
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015 D010531 PHILIPPINES
015 E040531 X
015 A000532 BANK HANDLOWY W. WARSZAWIE S.A.
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015 D010535 SOUTH AFRICA
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015 D010538 SRI LANKA
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
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<PAGE> PAGE 49
058 B000500 Y
058 C000500 Y
058 D000500 Y
058 E000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 2000
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066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
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070 C020500 N
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070 E020500 N
070 F010500 N
070 F020500 N
<PAGE> PAGE 50
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 Y
070 K010500 N
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070 L020500 Y
070 M010500 Y
070 M020500 Y
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070 N020500 Y
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070 P020500 Y
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<PAGE> PAGE 51
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008 A000601 FRANKLIN ADVISERS, INC.
008 B000601 A
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<PAGE> PAGE 52
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008 D030601 94404
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015 E040601 X
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015 E040602 X
015 A000603 BANK AUSTRIA AG
015 B000603 S
015 C010603 VIENNA
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015 A000604 BANQUE BRUXELLES LAMBERT
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015 C010604 BRUSSELS
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015 C010610 LUXEMBOURG CITY
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<PAGE> PAGE 53
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015 A000612 MERITA BANK PLC
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015 E040612 X
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015 B000613 S
015 C010613 PARIS
015 D010613 FRANCE
015 E040613 X
015 A000614 DRESDNER BANK AG
015 B000614 S
015 C010614 FRANKFURT/MAIN
015 D010614 GERMANY
015 E040614 X
015 A000615 HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 D010615 HONG KONG
015 E040615 X
015 A000616 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000616 S
015 C010616 JAKARTA
015 D010616 INDONESIA
015 E040616 X
015 A000617 ALLIED IRISH BANKS, PLC
015 B000617 S
015 C010617 DUBLIN
015 D010617 IRELAND
015 E040617 X
015 A000618 BANK OF TOKYO MITSUBISHI
015 B000618 S
015 C010618 TOKYO
015 D010618 JAPAN
015 E040618 X
015 A000619 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000619 S
015 C010619 LUXEMBOURG CITY
015 D010619 LUXEMBOURG
015 E040619 X
015 A000620 HONGKONG BANK MALAYSIA BERHAD
015 B000620 S
015 C010620 KUALA LUMPUR
015 D010620 MALAYSIA
015 E040620 X
015 A000621 BANCO NACIONAL DE MEXICO
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<PAGE> PAGE 54
015 D010621 MEXICO
015 E040621 X
015 A000622 MEESPIERSON
015 B000622 S
015 C010622 AMSTERDAM
015 D010622 NETHERLANDS
015 E040622 X
015 A000623 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
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015 C010623 WELLINGTON
015 D010623 NEW ZEALAND
015 E040623 X
015 A000624 STANDARD CHARTERED BANK
015 B000624 S
015 C010624 KARACHI
015 D010624 PAKISTAN
015 E040624 X
015 A000625 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000625 S
015 C010625 PASIG CITY MANILA
015 D010625 PHILIPPINES
015 E040625 X
015 A000626 BANCO COMERCIAL PORTUGUES, S.A.
015 B000626 S
015 C010626 LISBON
015 D010626 PORTUGAL
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015 A000627 UNITED OVERSEAS BANK LTD.
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015 C010627 SINGAPORE
015 D010627 SINGAPORE
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015 A000628 STANDARD CORPORATE & MERCHANT BANK
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015 D010628 SOUTH AFRICA
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015 D010629 SPAIN
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015 A000630 STANDARD CHARTERED BANK
015 B000630 S
015 C010630 COLOMBO
015 D010630 SRI LANKA
015 E040630 X
015 A000631 SKANDINAVISKA ENSKILDA BANKEN
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015 C010631 STOCKHOLM
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<PAGE> PAGE 55
015 E040631 X
015 A000632 BANK LEU LTD.
015 B000632 S
015 C010632 ZURICH
015 D010632 SWITZERLAND
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015 A000633 STANDARD CHARTERED BANK
015 B000633 S
015 C010633 BANGKOK
015 D010633 THAILAND
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015 A000634 OSMANLI BANKASI A.S.
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015 A000635 BANK OF NEW YORK
015 B000635 S
015 C010635 LONDON
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015 C030636 10286
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015 A000637 STANBIC BANK ZAMBIA LTD.
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015 C010637 LUSAKA
015 D010637 ZAMBIA
015 E040637 X
015 A000638 STANBIC BANK ZIMBABWE LTD.
015 B000638 S
015 C010638 HARARE
015 D010638 ZIMBABWE
015 E040638 X
015 A000639 COMMONWEALTH BANK OF AUSTRALIA
015 B000639 S
015 C010639 BURWOOD
015 D010639 AUSTRALIA
015 E040639 X
015 A000640 CREDIT COMMERCIAL DE FRANCE
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015 C010640 PARIS
015 D010640 FRANCE
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015 A000641 FUJI BANK, LTD.
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015 D010641 JAPAN
<PAGE> PAGE 56
015 E040641 X
015 A000642 KAS-ASSOCIATIE NV
015 B000642 S
015 C010642 AMSTERDAM
015 D010642 NETHERLANDS
015 E040642 X
015 A000643 BANK LABOUCHERE NV
015 B000643 S
015 C010643 AMSTERDAM
015 D010643 NETHERLANDS
015 E040643 X
015 A000644 DEVELOPMENT BANK OF SINGAPORE
015 B000644 S
015 C010644 SINGAPORE
015 D010644 SINGAPORE
015 E040644 X
015 A000645 UBS AG
015 B000645 S
015 C010645 ZURICH
015 D010645 SWITZERLAND
015 E040645 X
015 A000646 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000646 S
015 C010646 BANGKOK
015 D010646 THAILAND
015 E040646 X
024 000600 N
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028 A020600 0
028 A030600 0
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028 B010600 7157
028 B020600 0
028 B030600 0
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<PAGE> PAGE 57
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048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 15000000
048 K020600 0.400
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 Y
055 B000600 N
056 000600 N
057 000600 N
058 A000600 Y
058 B000600 Y
058 C000600 Y
058 D000600 Y
058 E000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 2000
062 A000600 Y
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<PAGE> PAGE 58
062 C000600 0.0
062 D000600 3.0
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062 G000600 0.0
062 H000600 0.0
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062 J000600 0.0
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062 N000600 0.0
062 O000600 0.0
062 P000600 94.9
062 Q000600 0.0
062 R000600 0.3
063 A000600 0
063 B000600 4.0
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
<PAGE> PAGE 59
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 Y
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 194868
071 B000600 203682
071 C000600 467165
071 D000600 42
072 A000600 12
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072 K000600 26
072 L000600 25
072 M000600 3
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<PAGE> PAGE 60
074 A000600 0
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008 A000701 FRANKLIN ADVISERS, INC.
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
008 D020701 CA
008 D030701 94404
008 D040701 1585
008 A000702 TEMPLETON INVESTMENT COUNSEL, INC.
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008 D010702 FT. LAUDERDALE
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008 D040702 3091
015 A000701 BANKBOSTON, N.A.
015 B000701 S
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<PAGE> PAGE 61
015 E040701 X
015 A000702 NATIONAL AUSTRALIA BANK LTD.
015 B000702 S
015 C010702 MELBOURNE
015 D010702 AUSTRALIA
015 E040702 X
015 A000703 BANK AUSTRIA
015 B000703 S
015 C010703 VIENNA
015 D010703 AUSTRIA
015 E040703 X
015 A000704 STANDARD CHARTERED BANK PLC
015 B000704 S
015 C010704 DHAKA
015 D010704 BANGLADESH
015 E040704 X
015 A000705 BANQUE BRUXELLES LAMBERT
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015 C010705 BRUSSELS
015 D010705 BELGIUM
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015 A000706 BANKBOSTON, N.A.
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015 C010706 SAO PAULO
015 D010706 BRAZIL
015 E040706 X
015 A000707 ROYAL BANK OF CANADA
015 B000707 S
015 C010707 MONTREAL
015 D010707 CANADA
015 E040707 X
015 A000708 THE HONG KONG & SHANGHAI BANKING CORP
015 B000708 S
015 C010708 HONG KONG
015 D010708 HONG KONG
015 E040708 X
015 A000709 DELETE
015 A000710 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000710 S
015 C010710 PRAHA (PRAGUE)
015 D010710 CZECH REPUBLIC
015 E040710 X
015 A000711 DEN DANSKE BANK
015 B000711 S
015 C010711 COPENHAGEN
015 D010711 DENMARK
015 E040711 X
015 A000712 FIRST CHICAGO CLEARING CENTRE
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015 C010712 LONDON
015 D010712 EUROMARKET
<PAGE> PAGE 62
015 E040712 X
015 A000713 CEDEL
015 B000713 S
015 C010713 LUXEMBOURG CITY
015 D010713 EUROMARKET
015 E040713 X
015 A000714 BANQUE BRUXELLES LAMBERT
015 B000714 S
015 C010714 BRUSSELS
015 D010714 EASDAQ
015 E040714 X
015 A000715 MERITA BANK PLC
015 B000715 S
015 C010715 HELSINKI
015 D010715 FINLAND
015 E040715 X
015 A000716 BANQUE PARIBAS
015 B000716 S
015 C010716 PARIS
015 D010716 FRANCE
015 E040716 X
015 A000717 DRESDNER BANK AG
015 B000717 S
015 C010717 FRANKFURT/MAIN
015 D010717 GERMANY
015 E040717 X
015 A000718 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000718 S
015 C010718 JAKARTA
015 D010718 INDONESIA
015 E040718 X
015 A000719 STANDARD CHARTERED BANK, HONG KONG
015 B000719 S
015 C010719 HONG KONG
015 D010719 CHINA
015 E040719 X
015 A000720 ALLIED IRISH BANKS, PLC
015 B000720 S
015 C010720 DUBLIN
015 D010720 IRELAND
015 E040720 X
015 A000721 BANK OF TOKYO MITSUBISHI
015 B000721 S
015 C010721 TOKYO
015 D010721 JAPAN
015 E040721 X
015 A000722 BANQUE INTERNATIONALE A LUXEMBOURG
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<PAGE> PAGE 63
015 A000723 HONGKONG BANK MALAYSIA BERHAD
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015 C010723 KUALA LUMPUR
015 D010723 MALAYSIA
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015 A000724 BANCO NACIONAL DE MEXICO
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015 A000725 MEESPIERSON
015 B000725 S
015 C010725 AMSTERDAM
015 D010725 NETHERLANDS
015 E040725 X
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015 D010726 NEW ZEALAND
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015 A000727 STANDARD CHARTERED BANK
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015 D010727 PAKISTAN
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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051 000700 N
052 000700 N
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064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
<PAGE> PAGE 68
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070 A010700 Y
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070 M010700 Y
070 M020700 Y
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070 O010700 N
070 O020700 N
070 P010700 Y
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070 Q020700 N
070 R010700 N
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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008 A000901 FRANKLIN ADVISERS, INC.
008 B000901 A
008 C000901 801-26292
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015 B000902 S
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015 D010902 AUSTRALIA
015 E040902 X
015 A000903 BANK AUSTRIA AG
015 B000903 S
015 C010903 VIENNA
015 D010903 AUSTRIA
015 E040903 X
015 A000904 BANQUE BRUXELLES LAMBERT
015 B000904 S
015 C010904 BRUSSELS
015 D010904 BELGIUM
015 E040904 X
015 A000905 BANKBOSTON, N.A.
015 B000905 S
015 C010905 SAO PAULO
015 D010905 BRAZIL
015 E040905 X
015 A000906 ROYAL BANK OF CANADA
015 B000906 S
015 C010906 MONTREAL
015 D010906 CANADA
015 E040906 X
015 A000907 STANDARD CHARTERED BANK, HONG KONG
015 B000907 S
015 C010907 HONG KONG
015 D010907 CHINA
<PAGE> PAGE 71
015 E040907 X
015 A000908 DELETE
015 A000909 DEN DANSKE BANK
015 B000909 S
015 C010909 COPENHAGEN
015 D010909 DENMARK
015 E040909 X
015 A000910 FIRST CHICAGO CLEARING CENTRE
015 B000910 S
015 C010910 LONDON
015 D010910 EUROMARKET
015 E040910 X
015 A000911 CEDEL
015 B000911 S
015 C010911 LUXEMBOURG CITY
015 D010911 EUROMARKET
015 E040911 X
015 A000912 BANQUE BRUXELLES LAMBERT
015 B000912 S
015 C010912 BRUSSELS
015 D010912 EASDAQ
015 E040912 X
015 A000913 MERITA BANK PLC
015 B000913 S
015 C010913 HELSINKI
015 D010913 FINLAND
015 E040913 X
015 A000914 BANQUE PARIBAS
015 B000914 S
015 C010914 PARIS
015 D010914 FRANCE
015 E040914 X
015 A000915 DRESDNER BANK AG
015 B000915 S
015 C010915 FRANKFURT/MAIN
015 D010915 GERMANY
015 E040915 X
015 A000916 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000916 S
015 C010916 HONG KONG
015 D010916 HONG KONG
015 E040916 X
015 A000917 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000917 S
015 C010917 JAKARTA
015 D010917 INDONESIA
015 E040917 X
015 A000918 ALLIED IRISH BANKS, PLC
015 B000918 S
015 C010918 DUBLIN
015 D010918 IRELAND
<PAGE> PAGE 72
015 E040918 X
015 A000919 BANK OF TOKYO MITSUBISHI
015 B000919 S
015 C010919 TOKYO
015 D010919 JAPAN
015 E040919 X
015 A000920 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000920 S
015 C010920 LUXEMBOURG CITY
015 D010920 LUXEMBOURG
015 E040920 X
015 A000921 HONGKONG BANK MALAYSIA BERHAD
015 B000921 S
015 C010921 KUALA LUMPUR
015 D010921 MALAYSIA
015 E040921 X
015 A000922 BANCO NACIONAL DE MEXICO
015 B000922 S
015 C010922 MEXICO CITY
015 D010922 MEXICO
015 E040922 X
015 A000923 MEESPIERSON
015 B000923 S
015 C010923 AMSTERDAM
015 D010923 NETHERLANDS
015 E040923 X
015 A000924 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000924 S
015 C010924 WELLINGTON
015 D010924 NEW ZEALAND
015 E040924 X
015 A000925 STANDARD CHARTERED BANK
015 B000925 S
015 C010925 KARACHI
015 D010925 PAKISTAN
015 E040925 X
015 A000926 CITIBANK, N.A.
015 B000926 S
015 C010926 LIMA
015 D010926 PERU
015 E040926 X
015 A000927 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000927 S
015 C010927 PASIG CITY MANILA
015 D010927 PHILIPPINES
015 E040927 X
015 A000928 BANCO COMERCIAL PORTUGUES S.A.
015 B000928 S
015 C010928 LISBON
015 D010928 PORTUGAL
015 E040928 X
<PAGE> PAGE 73
015 A000929 UNITED OVERSEAS BANK LTD.
015 B000929 S
015 C010929 SINGAPORE
015 D010929 SINGAPORE
015 E040929 X
015 A000930 STANDARD CORPORATE & MERCHANT BANK
015 B000930 S
015 C010930 JOHANNESBURG
015 D010930 SOUTH AFRICA
015 E040930 X
015 A000931 BANCO BILBAO VIZCAYA
015 B000931 S
015 C010931 MADRID
015 D010931 SPAIN
015 E040931 X
015 A000932 STANDARD CHARTERED BANK
015 B000932 S
015 C010932 COLOMBO
015 D010932 SRI LANKA
015 E040932 X
015 A000933 SKANDINAVISKA ENSKILDA BANKEN
015 B000933 S
015 C010933 STOCKHOLM
015 D010933 SWEDEN
015 E040933 X
015 A000934 BANK LEU LTD.
015 B000934 S
015 C010934 ZURICH
015 D010934 SWITZERLAND
015 E040934 X
015 A000935 STANDARD CHARTERED BANK
015 B000935 S
015 C010935 BANGKOK
015 D010935 THAILAND
015 E040935 X
015 A000936 OSMANLI BANKASI A.S.
015 B000936 S
015 C010936 ISTANBUL
015 D010936 TURKEY
015 E040936 X
015 A000937 BANK OF NEW YORK
015 B000937 S
015 C010937 LONDON
015 D010937 UNITED KINGDOM
015 E040937 X
015 A000938 BANK OF NEW YORK
015 B000938 C
015 C010938 NEW YORK
015 C020938 NY
015 C030938 10286
015 E010938 X
<PAGE> PAGE 74
015 A000939 CITIBANK, N.A.
015 B000939 S
015 C010939 CARACAS
015 D010939 VENEZUELA
015 E040939 X
015 A000940 STANBIC BANK ZAMBIA LTD.
015 B000940 S
015 C010940 LUSAKA
015 D010940 ZAMBIA
015 E040940 X
015 A000941 STANBIC BANK ZIMBABWE LTD.
015 B000941 S
015 C010941 HARARE
015 D010941 ZIMBABWE
015 E040941 X
015 A000942 COMMONWEALTH BANK OF AUSTRALIA
015 B000942 S
015 C010942 BURWOOD
015 D010942 AUSTRALIA
015 E040942 X
015 A000943 CREDIT COMMERCIAL DE FRANCE
015 B000943 S
015 C010943 PARIS
015 D010943 FRANCE
015 E040943 X
015 A000944 FUJI BANK, LTD.
015 B000944 S
015 C010944 TOKYO
015 D010944 JAPAN
015 E040944 X
015 A000945 KAS-ASSOCIATIE NV
015 B000945 S
015 C010945 AMSTERDAM
015 D010945 NETHERLANDS
015 E040945 X
015 A000946 BANK LABOUCHERE NV
015 B000946 S
015 C010946 AMSTERDAM
015 D010946 NETHERLANDS
015 E040946 X
015 A000947 DEVELOPMENT BANK OF SINGAPORE
015 B000947 S
015 C010947 SINGAPORE
015 D010947 SINGAPORE
015 E040947 X
015 A000948 UBS AG
015 B000948 S
015 C010948 ZURICH
015 D010948 SWITZERLAND
015 E040948 X
015 A000949 BANGKOK BANK PUBLIC COMPANY LTD.
<PAGE> PAGE 75
015 B000949 S
015 C010949 BANGKOK
015 D010949 THAILAND
015 E040949 X
015 A000950 DELETE
015 A000951 DELETE
015 A000952 DELETE
024 000900 N
028 A010900 7841
028 A020900 0
028 A030900 0
028 A040900 33582
028 B010900 5590
028 B020900 0
028 B030900 0
028 B040900 43527
028 C010900 4346
028 C020900 0
028 C030900 0
028 C040900 28517
028 D010900 10808
028 D020900 0
028 D030900 0
028 D040900 26681
028 E010900 5122
028 E020900 0
028 E030900 0
028 E040900 29800
028 F010900 4997
028 F020900 0
028 F030900 0
028 F040900 32304
028 G010900 38704
028 G020900 0
028 G030900 0
028 G040900 194411
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
<PAGE> PAGE 76
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
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 0.8
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 13.3
062 N000900 0.0
062 O000900 0.0
062 P000900 23.7
062 Q000900 13.7
062 R000900 46.6
063 A000900 0
063 B000900 12.8
064 A000900 N
<PAGE> PAGE 77
064 B000900 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 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
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 Y
070 O010900 N
070 O020900 N
070 P010900 Y
070 P020900 Y
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 153409
071 B000900 273993
071 C000900 1255210
071 D000900 12
072 A000900 12
072 B000900 65764
072 C000900 31422
072 D000900 0
072 E000900 0
<PAGE> PAGE 78
072 F000900 6134
072 G000900 0
072 H000900 0
072 I000900 0
072 J000900 96
072 K000900 68
072 L000900 69
072 M000900 8
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 33
072 S000900 21
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 35
072 X000900 6464
072 Y000900 0
072 Z000900 90722
072AA000900 48594
072BB000900 26844
072CC010900 0
072CC020900 93204
072DD010900 102763
072DD020900 0
072EE000900 24268
073 A010900 1.4200
073 A020900 0.0000
073 B000900 0.3300
073 C000900 0.0000
074 A000900 3298
074 B000900 9199
074 C000900 0
074 D000900 601600
074 E000900 95246
074 F000900 457742
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 4326
074 K000900 0
074 L000900 15023
074 M000900 0
074 N000900 1186434
074 O000900 35
074 P000900 478
074 Q000900 0
074 R010900 0
074 R020900 0
<PAGE> PAGE 79
074 R030900 0
074 R040900 81
074 S000900 0
074 T000900 1185840
074 U010900 70074
074 U020900 0
074 V010900 16.92
074 V020900 0.00
074 W000900 0.0000
074 X000900 3
074 Y000900 11605
075 A000900 0
075 B000900 1307534
076 000900 0.00
008 A001001 FRANKLIN ADVISERS, INC.
008 B001001 A
008 C001001 801-26292
008 D011001 SAN MATEO
008 D021001 CA
008 D031001 94404
008 D041001 1585
015 A001001 BANKBOSTON N.A.
015 B001001 S
015 C011001 BUENOS AIRES
015 D011001 ARGENTINA
015 E041001 X
015 A001002 NATIONAL AUSTRALIA BANK LTD.
015 B001002 S
015 C011002 MELBOURNE
015 D011002 AUSTRALIA
015 E041002 X
015 A001003 BANK AUSTRIA AG
015 B001003 S
015 C011003 VIENNA
015 D011003 AUSTRIA
015 E041003 X
015 A001004 BANQUE BRUXELLES LAMBERT
015 B001004 S
015 C011004 BRUSSELS
015 D011004 BELGIUM
015 E041004 X
015 A001005 ROYAL BANK OF CANADA
015 B001005 S
015 C011005 MONTREAL
015 D011005 CANADA
015 E041005 X
015 A001006 DEN DANSKE BANK
015 B001006 S
015 C011006 COPENHAGEN
015 D011006 DENMARK
015 E041006 X
<PAGE> PAGE 80
015 A001007 FIRST CHICAGO CLEARING CENTRE
015 B001007 S
015 C011007 LONDON
015 D011007 EUROMARKET
015 E041007 X
015 A001008 CEDEL
015 B001008 S
015 C011008 LUXEMBOURG CITY
015 D011008 EUROMARKET
015 E041008 X
015 A001009 BANQUE BRUXELLES LAMBERT
015 B001009 S
015 C011009 BRUSSELS
015 D011009 EASDAQ
015 E041009 X
015 A001010 MERITA BANK PLC
015 B001010 S
015 C011010 HELSINKI
015 D011010 FINLAND
015 E041010 X
015 A001011 BANQUE PARIBAS
015 B001011 S
015 C011011 PARIS
015 D011011 FRANCE
015 E041011 X
015 A001012 DRESDNER BANK AG
015 B001012 S
015 C011012 FRANKFURT/MAIN
015 D011012 GERMANY
015 E041012 X
015 A001013 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001013 S
015 C011013 HONG KONG
015 D011013 HONG KONG
015 E041013 X
015 A001014 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001014 S
015 C011014 JAKARTA
015 D011014 INDONESIA
015 E041014 X
015 A001015 ALLIED IRISH BANKS, PLC
015 B001015 S
015 C011015 DUBLIN
015 D011015 IRELAND
015 E041015 X
015 A001016 BANK OF TOKYO MITSUBISHI
015 B001016 S
015 C011016 TOKYO
015 D011016 JAPAN
015 E041016 X
015 A001017 BANQUE INTERNATIONALE A LUXEMBOURG
<PAGE> PAGE 81
015 B001017 S
015 C011017 LUXEMBOURG CITY
015 D011017 LUXEMBOURG
015 E041017 X
015 A001018 HONGKONG BANK MALAYSIA BERHAD
015 B001018 S
015 C011018 KUALA LUMPUR
015 D011018 MALAYSIA
015 E041018 X
015 A001019 BANCO NACIONAL DE MEXICO
015 B001019 S
015 C011019 MEXICO CITY
015 D011019 MEXICO
015 E041019 X
015 A001020 MEESPIERSON
015 B001020 S
015 C011020 AMSTERDAM
015 D011020 NETHERLANDS
015 E041020 X
015 A001021 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B001021 S
015 C011021 WELLINGTON
015 D011021 NEW ZEALAND
015 E041021 X
015 A001022 STANDARD CHARTERED BANK
015 B001022 S
015 C011022 KARACHI
015 D011022 PAKISTAN
015 E041022 X
015 A001023 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001023 S
015 C011023 PASIG CITY MANILA
015 D011023 PHILIPPINES
015 E041023 X
015 A001024 BANCO COMERCIAL PORTUGUES, S.A.
015 B001024 S
015 C011024 LISBON
015 D011024 PORTUGAL
015 E041024 X
015 A001025 UNITED OVERSEAS BANK LTD.
015 B001025 S
015 C011025 SINGAPORE
015 D011025 SINGAPORE
015 E041025 X
015 A001026 STANDARD CORPORATE & MERCHANT BANK
015 B001026 S
015 C011026 JOHANNESBURG
015 D011026 SOUTH AFRICA
015 E041026 X
015 A001027 BANCO BILBAO VIZCAYA
015 B001027 S
<PAGE> PAGE 82
015 C011027 MADRID
015 D011027 SPAIN
015 E041027 X
015 A001028 STANDARD CHARTERED BANK
015 B001028 S
015 C011028 COLOMBO
015 D011028 SRI LANKA
015 E041028 X
015 A001029 SKANDINAVISKA ENSKILDA BANKEN
015 B001029 S
015 C011029 STOCKHOLM
015 D011029 SWEDEN
015 E041029 X
015 A001030 BANK LEU LTD.
015 B001030 S
015 C011030 ZURICH
015 D011030 SWITZERLAND
015 E041030 X
015 A001031 STANDARD CHARTERED BANK
015 B001031 S
015 C011031 BANGKOK
015 D011031 THAILAND
015 E041031 X
015 A001032 OSMANLI BANKASI A.S.
015 B001032 S
015 C011032 ISTANBUL
015 D011032 TURKEY
015 E041032 X
015 A001033 BANK OF NEW YORK
015 B001033 S
015 C011033 LONDON
015 D011033 UNITED KINGDOM
015 E041033 X
015 A001034 BANK OF NEW YORK
015 B001034 C
015 C011034 NEW YORK
015 C021034 NY
015 C031034 10286
015 E011034 X
015 A001035 STANBIC BANK ZAMBIA LTD.
015 B001035 S
015 C011035 LUSAKA
015 D011035 ZAMBIA
015 E041035 X
015 A001036 STANBIC BANK ZIMBABWE LTD.
015 B001036 S
015 C011036 HARARE
015 D011036 ZIMBABWE
015 E041036 X
015 A001037 COMMONWEALTH BANK OF AUSTRALIA
015 B001037 S
<PAGE> PAGE 83
015 C011037 BURWOOD
015 D011037 AUSTRALIA
015 E041037 X
015 A001038 FUJI BANK, LTD.
015 B001038 S
015 C011038 TOKYO
015 D011038 JAPAN
015 E041038 X
015 A001039 KAS-ASSOCIATIE NV
015 B001039 S
015 C011039 AMSTERDAM
015 D011039 NETHERLANDS
015 E041039 X
015 A001040 BANK LABOUCHERE NV
015 B001040 S
015 C011040 AMSTERDAM
015 D011040 NETHERLANDS
015 E041040 X
015 A001041 DEVELOPMENT BANK OF SINGAPORE
015 B001041 S
015 C011041 SINGAPORE
015 D011041 SINGAPORE
015 E041041 X
015 A001042 UBS AG
015 B001042 S
015 C011042 ZURICH
015 D011042 SWITZERLAND
015 E041042 X
015 A001043 CREDIT COMMERCIAL DE FRANCE
015 B001043 S
015 C011043 PARIS
015 D011043 FRANCE
015 E041043 X
015 A001044 BANGKOK BANK PUBLIC COMPANY LTD.
015 B001044 S
015 C011044 BANGKOK
015 D011044 THAILAND
015 E041044 X
024 001000 N
028 A011000 9477
028 A021000 0
028 A031000 0
028 A041000 17195
028 B011000 33148
028 B021000 0
028 B031000 0
028 B041000 15133
028 C011000 26052
028 C021000 0
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028 C041000 27016
<PAGE> PAGE 84
028 D011000 17561
028 D021000 0
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028 E011000 5762
028 E021000 0
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028 F011000 8557
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028 F041000 19237
028 G011000 100557
028 G021000 0
028 G031000 0
028 G041000 125459
028 H001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.000
048 A011000 100000
048 A021000 0.625
048 B011000 150000
048 B021000 0.500
048 C011000 9750000
048 C021000 0.450
048 D011000 2500000
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048 E011000 2500000
048 E021000 0.420
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048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
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
055 A001000 N
055 B001000 N
056 001000 N
<PAGE> PAGE 85
057 001000 N
058 A001000 Y
058 B001000 Y
058 C001000 Y
058 D001000 Y
058 E001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 2000
062 A001000 Y
062 B001000 0.0
062 C001000 0.0
062 D001000 2.2
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.9
062 N001000 98.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 22.5
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
<PAGE> PAGE 86
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
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 Y
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 224436
071 B001000 291443
071 C001000 716169
071 D001000 31
072 A001000 12
072 B001000 49026
072 C001000 0
072 D001000 0
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072 F001000 3531
072 G001000 0
072 H001000 0
072 I001000 0
072 J001000 7
072 K001000 37
072 L001000 37
072 M001000 5
072 N001000 0
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 18
072 S001000 7
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 35
072 X001000 3677
072 Y001000 0
<PAGE> PAGE 87
072 Z001000 45349
072AA001000 5011
072BB001000 2202
072CC011000 3506
072CC021000 0
072DD011000 50959
072DD021000 0
072EE001000 0
073 A011000 1.0300
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 15361
074 C001000 0
074 D001000 703383
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074 L001000 5488
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074 O001000 12746
074 P001000 295
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074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 359
074 S001000 0
074 T001000 710832
074 U011000 51194
074 U021000 0
074 V011000 13.89
074 V021000 0.00
074 W001000 0.0000
074 X001000 3
074 Y001000 65608
075 A001000 0
075 B001000 729026
076 001000 0.00
008 A001201 FRANKLIN ADVISERS, INC.
008 B001201 A
008 C001201 801-26292
008 D011201 SAN MATEO
008 D021201 CA
008 D031201 94404
<PAGE> PAGE 88
008 D041201 1585
015 A001201 BANKBOSTON, N.A.
015 B001201 S
015 C011201 BUENOS AIRES
015 D011201 ARGENTINA
015 E041201 X
015 A001202 NATIONAL AUSTRALIA BANK LTD.
015 B001202 S
015 C011202 MELBOURNE
015 D011202 AUSTRALIA
015 E041202 X
015 A001203 BANK AUSTRIA AG
015 B001203 S
015 C011203 VIENNA
015 D011203 AUSTRIA
015 E041203 X
015 A001204 BANQUE BRUXELLES LAMBERT
015 B001204 S
015 C011204 BRUSSELS
015 D011204 BELGIUM
015 E041204 X
015 A001205 ROYAL BANK OF CANADA
015 B001205 S
015 C011205 MONTREAL
015 D011205 CANADA
015 E041205 X
015 A001206 STANDARD CHARTERED BANK, HONG KONG
015 B001206 S
015 C011206 HONG KONG
015 D011206 CHINA
015 E041206 X
015 A001207 CREDIT COMMERCIAL DE FRANCE
015 B001207 S
015 C011207 PARIS
015 D011207 FRANCE
015 E041207 X
015 A001208 DEN DANSKE BANK
015 B001208 S
015 C011208 COPENHAGEN
015 D011208 DENMARK
015 E041208 X
015 A001209 FIRST CHICAGO CLEARING CENTRE
015 B001209 S
015 C011209 LONDON
015 D011209 EUROMARKET
015 E041209 X
015 A001210 CEDEL
015 B001210 S
015 C011210 LUXEMBOURG CITY
015 D011210 EUROMARKET
015 E041210 X
<PAGE> PAGE 89
015 A001211 BANQUE BRUXELLES LAMBERT
015 B001211 S
015 C011211 BRUSSELS
015 D011211 EASDAQ
015 E041211 X
015 A001212 MERITA BANK PLC
015 B001212 S
015 C011212 HELSINKI
015 D011212 FINLAND
015 E041212 X
015 A001213 BANQUE PARIBAS
015 B001213 S
015 C011213 PARIS
015 D011213 FRANCE
015 E041213 X
015 A001214 DRESDNER BANK AG
015 B001214 S
015 C011214 FRANKFURT/MAIN
015 D011214 GERMANY
015 E041214 X
015 A001215 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001215 S
015 C011215 HONG KONG
015 D011215 HONG KONG
015 E041215 X
015 A001216 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001216 S
015 C011216 JAKARTA
015 D011216 INDONESIA
015 E041216 X
015 A001217 ALLIED IRISH BANKS, PLC
015 B001217 S
015 C011217 DUBLIN
015 D011217 IRELAND
015 E041217 X
015 A001218 BANK OF TOKYO MITSUBISHI
015 B001218 S
015 C011218 TOKYO
015 D011218 JAPAN
015 E041218 X
015 A001219 BANQUE INTERNATIONALE A LUXEMBOURG
015 B001219 S
015 C011219 LUXEMBOURG CITY
015 D011219 LUXEMBOURG
015 E041219 X
015 A001220 HONGKONG BANK MALAYSIA BERHAD
015 B001220 S
015 C011220 KUALA LUMPUR
015 D011220 MALAYSIA
015 E041220 X
015 A001221 BANCO NACIONAL DE MEXICO
<PAGE> PAGE 90
015 B001221 S
015 C011221 MEXICO CITY
015 D011221 MEXICO
015 E041221 X
015 A001222 MEESPIERSON
015 B001222 S
015 C011222 AMSTERDAM
015 D011222 NETHERLANDS
015 E041222 X
015 A001223 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B001223 S
015 C011223 WELLINGTON
015 D011223 NEW ZEALAND
015 E041223 X
015 A001224 STANDARD CHARTERED BANK
015 B001224 S
015 C011224 KARACHI
015 D011224 PAKISTAN
015 E041224 X
015 A001225 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001225 S
015 C011225 PASIG CITY MANILA
015 D011225 PHILIPPINES
015 E041225 X
015 A001226 BANCO COMERCIAL PORTUGUES, S.A.
015 B001226 S
015 C011226 LISBON
015 D011226 PORTUGAL
015 E041226 X
015 A001227 UNITED OVERSEAS BANK LTD.
015 B001227 S
015 C011227 SINGAPORE
015 D011227 SINGAPORE
015 E041227 X
015 A001228 STANDARD CORPORATE & MERCHANT BANK
015 B001228 S
015 C011228 JOHANNESBURG
015 D011228 SOUTH AFRICA
015 E041228 X
015 A001229 BANCO BILBAO VIZCAYA
015 B001229 S
015 C011229 MADRID
015 D011229 SPAIN
015 E041229 X
015 A001230 STANDARD CHARTERED BANK
015 B001230 S
015 C011230 COLOMBO
015 D011230 SRI LANKA
015 E041230 X
015 A001231 SKANDINAVISKA ENSKILDA BANKEN
015 B001231 S
<PAGE> PAGE 91
015 C011231 STOCKHOLM
015 D011231 SWEDEN
015 E041231 X
015 A001232 BANK LEU LTD.
015 B001232 S
015 C011232 ZURICH
015 D011232 SWITZERLAND
015 E041232 X
015 A001233 STANDARD CHARTERED BANK
015 B001233 S
015 C011233 BANGKOK
015 D011233 THAILAND
015 E041233 X
015 A001234 OSMANLI BANKASI A.S.
015 B001234 S
015 C011234 ISTANBUL
015 D011234 TURKEY
015 E041234 X
015 A001235 BANK OF NEW YORK
015 B001235 S
015 C011235 LONDON
015 D011235 UNITED KINGDOM
015 E041235 X
015 A001236 BANK OF NEW YORK
015 B001236 C
015 C011236 NEW YORK
015 C021236 NY
015 C031236 10286
015 E011236 X
015 A001237 STANBIC BANK ZAMBIA LTD.
015 B001237 S
015 C011237 LUSAKA
015 D011237 ZAMBIA
015 E041237 X
015 A001238 STANBIC BANK ZIMBABWE LTD.
015 B001238 S
015 C011238 HARARE
015 D011238 ZIMBABWE
015 E041238 X
015 A001239 COMMONWEALTH BANK OF AUSTRALIA
015 B001239 S
015 C011239 BURWOOD
015 D011239 AUSTRALIA
015 E041239 X
015 A001240 FUJI BANK, LTD.
015 B001240 S
015 C011240 TOKYO
015 D011240 JAPAN
015 E041240 X
015 A001241 KAS-ASSOCIATIE NV
015 B001241 S
<PAGE> PAGE 92
015 C011241 AMSTERDAM
015 D011241 NETHERLANDS
015 E041241 X
015 A001242 BANK LABOUCHERE NV
015 B001242 S
015 C011242 AMSTERDAM
015 D011242 NETHERLANDS
015 E041242 X
015 A001243 DEVELOPMENT BANK OF SINGAPORE
015 B001243 S
015 C011243 SINGAPORE
015 D011243 SINGAPORE
015 E041243 X
015 A001244 UBS AG
015 B001244 S
015 C011244 ZURICH
015 D011244 SWITZERLAND
015 E041244 X
015 A001245 BANGKOK BANK PUBLIC COMPANY LTD.
015 B001245 S
015 C011245 THAILAND
015 D011245 BANGKOK
015 E041245 X
024 001200 N
028 A011200 241
028 A021200 0
028 A031200 0
028 A041200 3114
028 B011200 1029
028 B021200 0
028 B031200 0
028 B041200 2228
028 C011200 3226
028 C021200 0
028 C031200 0
028 C041200 3787
028 D011200 1570
028 D021200 0
028 D031200 0
028 D041200 2708
028 E011200 357
028 E021200 0
028 E031200 0
028 E041200 3295
028 F011200 1096
028 F021200 0
028 F031200 0
028 F041200 2626
028 G011200 7519
028 G021200 0
028 G031200 0
<PAGE> PAGE 93
028 G041200 17758
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.000
048 A011200 100000
048 A021200 0.625
048 B011200 150000
048 B021200 0.500
048 C011200 9750000
048 C021200 0.450
048 D011200 2500000
048 D021200 0.440
048 E011200 2500000
048 E021200 0.420
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 15000000
048 K021200 0.400
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
055 A001200 N
055 B001200 N
056 001200 N
057 001200 N
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
<PAGE> PAGE 94
062 D001200 0.7
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 3.8
062 N001200 93.3
062 O001200 0.0
062 P001200 0.0
062 Q001200 2.2
062 R001200 0.0
063 A001200 0
063 B001200 1.9
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
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
<PAGE> PAGE 95
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 17946
071 B001200 44461
071 C001200 101380
071 D001200 18
072 A001200 12
072 B001200 7174
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 639
072 G001200 0
072 H001200 0
072 I001200 0
072 J001200 1
072 K001200 5
072 L001200 6
072 M001200 1
072 N001200 0
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 4
072 S001200 1
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 12
072 X001200 669
072 Y001200 262
072 Z001200 6767
072AA001200 1819
072BB001200 66
072CC011200 0
072CC021200 1139
072DD011200 7809
072DD021200 0
072EE001200 1249
073 A011200 1.2100
073 A021200 0.0000
073 B001200 0.1900
073 C001200 0.0000
074 A001200 0
<PAGE> PAGE 96
074 B001200 645
074 C001200 0
074 D001200 92943
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 93588
074 O001200 0
074 P001200 35
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 10
074 S001200 0
074 T001200 93543
074 U011200 6315
074 U021200 0
074 V011200 14.81
074 V021200 0.00
074 W001200 0.0000
074 X001200 3
074 Y001200 5739
075 A001200 0
075 B001200 101488
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 94404
008 D041301 1585
015 A001301 BANKBOSTON, N.A.
015 B001301 S
015 C011301 BUENOS AIRES
015 D011301 ARGENTINA
015 E041301 X
015 A001302 NATIONAL AUSTRALIA BANK LTD.
015 B001302 S
015 C011302 MELBOURNE
015 D011302 AUSTRALIA
015 E041302 X
015 A001303 BANK AUSTRIA AG
015 B001303 S
<PAGE> PAGE 97
015 C011303 VIENNA
015 D011303 AUSTRIA
015 E041303 X
015 A001304 BANQUE BRUXELLES LAMBERT
015 B001304 S
015 C011304 BRUSSELS
015 D011304 BELGIUM
015 E041304 X
015 A001305 ROYAL BANK OF CANADA
015 B001305 S
015 C011305 MONTREAL
015 D011305 CANADA
015 E041305 X
015 A001306 STANDARD CHARTERED BANK, HONG KONG
015 B001306 S
015 C011306 HONG KONG
015 D011306 CHINA
015 E041306 X
015 A001307 KAS-ASSOCIATIE NV
015 B001307 S
015 C011307 AMSTERDAM
015 D011307 NETHERLANDS
015 E041307 X
015 A001308 DEN DANSKE BANK
015 B001308 S
015 C011308 COPENHAGEN
015 D011308 DENMARK
015 E041308 X
015 A001309 FIRST CHICAGO CLEARING CENTRE
015 B001309 S
015 C011309 LONDON
015 D011309 EUROMARKET
015 E041309 X
015 A001310 CEDEL
015 B001310 S
015 C011310 LUXEMBOURG CITY
015 D011310 EUROMARKET
015 E041310 X
015 A001311 BANQUE BRUXELLES LAMBERT
015 B001311 S
015 C011311 BRUSSELS
015 D011311 EASDAQ
015 E041311 X
015 A001312 MERITA BANK PLC
015 B001312 S
015 C011312 HELSINKI
015 D011312 FINLAND
015 E041312 X
015 A001313 BANQUE PARIBAS
015 B001313 S
015 C011313 PARIS
<PAGE> PAGE 98
015 D011313 FRANCE
015 E041313 X
015 A001314 DRESDNER BANK AG
015 B001314 S
015 C011314 FRANKFURT/MAIN
015 D011314 GERMANY
015 E041314 X
015 A001315 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001315 S
015 C011315 JAKARTA
015 D011315 INDONESIA
015 E041315 X
015 A001316 HONGKONG & SHANGHAI BANKING CORP.
015 B001316 S
015 C011316 HONG KONG
015 D011316 HONG KONG
015 E041316 X
015 A001317 ALLIED IRISH BANKS, PLC
015 B001317 S
015 C011317 DUBLIN
015 D011317 IRELAND
015 E041317 X
015 A001318 BANK OF TOKYO MITSUBISHI
015 B001318 S
015 C011318 TOKYO
015 D011318 JAPAN
015 E041318 X
015 A001319 BANQUE INTERNATIONALE A LUXEMBOURG
015 B001319 S
015 C011319 LUXEMBOURG CITY
015 D011319 LUXEMBOURG
015 E041319 X
015 A001320 HONGKONG BANK MALAYSIA BERHAD
015 B001320 S
015 C011320 KUALA LUMPUR
015 D011320 MALAYSIA
015 E041320 X
015 A001321 BANCO NACIONAL DE MEXICO
015 B001321 S
015 C011321 MEXICO CITY
015 D011321 MEXICO
015 E041321 X
015 A001322 MEESPIERSON
015 B001322 S
015 C011322 AMSTERDAM
015 D011322 NETHERLANDS
015 E041322 X
015 A001323 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B001323 S
015 C011323 WELLINGTON
015 D011323 NEW ZEALAND
<PAGE> PAGE 99
015 E041323 X
015 A001324 STANDARD CHARTERED BANK
015 B001324 S
015 C011324 KARACHI
015 D011324 PAKISTAN
015 E041324 X
015 A001325 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001325 S
015 C011325 PASIG CITY MANILA
015 D011325 PHILIPPINES
015 E041325 X
015 A001326 BANCO COMERCIAL PORTUGUES, S.A.
015 B001326 S
015 C011326 LISBON
015 D011326 PORTUGAL
015 E041326 X
015 A001327 UNITED OVERSEAS BANK LTD.
015 B001327 S
015 C011327 SINGAPORE
015 D011327 SINGAPORE
015 E041327 X
015 A001328 STANDARD CORPORATE & MERCHANT BANK
015 B001328 S
015 C011328 JOHANNESBURG
015 D011328 SOUTH AFRICA
015 E041328 X
015 A001329 BANCO BILBAO VIZCAYA
015 B001329 S
015 C011329 MADRID
015 D011329 SPAIN
015 E041329 X
015 A001330 STANDARD CHARTERED BANK
015 B001330 S
015 C011330 COLOMBO
015 D011330 SRI LANKA
015 E041330 X
015 A001331 SKANDINAVISKA ENSKILDA BANKEN
015 B001331 S
015 C011331 STOCKHOLM
015 D011331 SWEDEN
015 E041331 X
015 A001332 BANK LEU LTD.
015 B001332 S
015 C011332 ZURICH
015 D011332 SWITZERLAND
015 E041332 X
015 A001333 STANDARD CHARTERED BANK
015 B001333 S
015 C011333 BANGKOK
015 D011333 THAILAND
015 E041333 X
<PAGE> PAGE 100
015 A001334 OSMANLI BANKASI A.S.
015 B001334 S
015 C011334 ISTANBUL
015 D011334 TURKEY
015 E041334 X
015 A001335 BANK OF NEW YORK
015 B001335 S
015 C011335 LONDON
015 D011335 UNITED KINGDOM
015 E041335 X
015 A001336 BANK OF NEW YORK
015 B001336 C
015 C011336 NEW YORK
015 C021336 NY
015 C031336 10286
015 E011336 X
015 A001337 STANBIC BANK ZAMBIA LTD.
015 B001337 S
015 C011337 LUSAKA
015 D011337 ZAMBIA
015 E041337 X
015 A001338 STANBIC BANK ZIMBABWE LTD.
015 B001338 S
015 C011338 HARARE
015 D011338 ZIMBABWE
015 E041338 X
015 A001339 COMMONWEALTH BANK OF AUSTRALIA
015 B001339 S
015 C011339 BURWOOD
015 D011339 AUSTRALIA
015 E041339 X
015 A001340 CREDIT COMMERCIAL DE FRANCE
015 B001340 S
015 C011340 PARIS
015 D011340 FRANCE
015 E041340 X
015 A001341 FUJI BANK, LTD.
015 B001341 S
015 C011341 TOKYO
015 D011341 JAPAN
015 E041341 X
015 A001342 DEVELOPMENT BANK OF SINGAPORE
015 B001342 S
015 C011342 SINGAPORE
015 D011342 SINGAPORE
015 E041342 X
015 A001343 UBS AG
015 B001343 S
015 C011343 ZURICH
015 D011343 SWITZERLAND
015 E041343 X
<PAGE> PAGE 101
015 A001344 BANK LABOUCHERE NV
015 B001344 S
015 C011344 AMSTERDAM
015 D011344 NETHERLANDS
015 E041344 X
015 A001345 BANGKOK BANK PUBLIC COMPANY LTD.
015 B001345 S
015 C011345 BANGKOK
015 D011345 THAILAND
015 E041345 X
024 001300 N
028 A011300 931
028 A021300 0
028 A031300 0
028 A041300 1600
028 B011300 2004
028 B021300 0
028 B031300 0
028 B041300 2236
028 C011300 3563
028 C021300 0
028 C031300 0
028 C041300 1416
028 D011300 1909
028 D021300 0
028 D031300 0
028 D041300 1660
028 E011300 1030
028 E021300 0
028 E031300 0
028 E041300 1817
028 F011300 1448
028 F021300 0
028 F031300 0
028 F041300 1550
028 G011300 10885
028 G021300 0
028 G031300 0
028 G041300 10279
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
<PAGE> PAGE 102
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
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 0.4
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 8.4
062 N001300 87.4
062 O001300 0.0
062 P001300 1.3
<PAGE> PAGE 103
062 Q001300 2.6
062 R001300 0.0
063 A001300 0
063 B001300 6.6
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 N
070 A011300 Y
070 A021300 Y
070 B011300 N
070 B021300 N
070 C011300 N
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 N
070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 N
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 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 3063
071 B001300 5908
071 C001300 79147
071 D001300 4
<PAGE> PAGE 104
072 A001300 12
072 B001300 4959
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 498
072 G001300 0
072 H001300 0
072 I001300 0
072 J001300 1
072 K001300 5
072 L001300 4
072 M001300 1
072 N001300 0
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 3
072 S001300 1
072 T001300 0
072 U001300 0
072 V001300 0
072 W001300 11
072 X001300 524
072 Y001300 206
072 Z001300 4641
072AA001300 454
072BB001300 0
072CC011300 4294
072CC021300 0
072DD011300 4795
072DD021300 0
072EE001300 1109
073 A011300 1.1000
073 A021300 0.0000
073 B001300 0.2500
073 C001300 0.0000
074 A001300 0
074 B001300 382
074 C001300 0
074 D001300 84212
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 15
074 M001300 0
074 N001300 84609
<PAGE> PAGE 105
074 O001300 0
074 P001300 22
074 Q001300 0
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008 A001401 FRANKLIN ADVISERS, INC.
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015 A001401 BANKBOSTON, N.A.
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015 E041402 X
015 A001403 BANK AUSTRIA AG
015 B001403 S
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015 A001404 BANQUE BRUXELLES LAMBERT
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015 C011404 BRUSSELS
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015 A001405 ROYAL BANK OF CANADA
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<PAGE> PAGE 106
015 A001406 STANDARD CHARTERED BANK, HONG KONG
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015 C011406 HONG KONG
015 D011406 CHINA
015 E041406 X
015 A001407 DELETE
015 A001408 DEN DANSKE BANK
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015 C011408 COPENHAGEN
015 D011408 DENMARK
015 E041408 X
015 A001409 FIRST CHICAGO CLEARING CENTRE
015 B001409 S
015 C011409 LONDON
015 D011409 EUROMARKET
015 E041409 X
015 A001410 CEDEL
015 B001410 S
015 C011410 LUXEMBOURG CITY
015 D011410 EUROMARKET
015 E041410 X
015 A001411 BANQUE BRUXELLES LAMBERT
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015 C011411 BRUSSELS
015 D011411 EASDAQ
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015 A001412 MERITA BANK PLC
015 B001412 S
015 C011412 HELSINKI
015 D011412 FINLAND
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015 A001413 BANQUE PARIBAS
015 B001413 S
015 C011413 PARIS
015 D011413 FRANCE
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015 A001414 DRESDNER BANK AG
015 B001414 S
015 C011414 FRANKFURT/MAIN
015 D011414 GERMANY
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015 A001415 HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 C011415 HONG KONG
015 D011415 HONG KONG
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015 A001416 HONGKONG & SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 107
015 A001417 ALLIED IRISH BANKS, PLC
015 B001417 S
015 C011417 DUBLIN
015 D011417 IRELAND
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015 A001418 BANK OF TOKYO MITSUBISHI
015 B001418 S
015 C011418 TOKYO
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015 A001419 BANQUE INTERNATIONALE A LUXEMBOURG
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015 C011419 LUXEMBOURG CITY
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015 A001420 HONGKONG BANK MALAYSIA BERHAD
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015 C011422 AMSTERDAM
015 D011422 NETHERLANDS
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<PAGE> PAGE 108
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015 A001430 STANDARD CHARTERED BANK
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015 D011430 SRI LANKA
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015 A001431 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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067 001400 N
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068 B001400 N
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<PAGE> PAGE 112
070 A021400 Y
070 B011400 N
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070 F011400 N
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070 G011400 N
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070 H011400 N
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
015 C011609 LONDON
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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<PAGE> PAGE 138
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015 A001853 DEVELOPMENT BANK OF SINGAPORE
015 B001853 S
015 C011853 SINGAPORE
015 D011853 SINGAPORE
015 E041853 X
015 A001854 UBS AG
015 B001854 S
015 C011854 ZURICH
015 D011854 SWITZERLAND
015 E041854 X
015 A001855 BANGKOK BANK PUBLIC COMPANY LTD.
015 B001855 S
015 C011855 BANGKOK
015 D011855 THAILAND
015 E041855 X
024 001800 N
028 A011800 28298
028 A021800 0
028 A031800 0
028 A041800 35943
028 B011800 13639
028 B021800 0
028 B031800 0
028 B041800 56909
028 C011800 12165
028 C021800 0
028 C031800 0
028 C041800 39650
028 D011800 15825
028 D021800 0
028 D031800 0
028 D041800 40858
028 E011800 10686
028 E021800 0
028 E031800 0
028 E041800 29757
<PAGE> PAGE 139
028 F011800 18769
028 F021800 0
028 F031800 0
028 F041800 48588
028 G011800 99382
028 G021800 0
028 G031800 0
028 G041800 251705
028 H001800 0
045 001800 Y
046 001800 N
047 001800 Y
048 001800 0.000
048 A011800 100000
048 A021800 1.000
048 B011800 150000
048 B021800 0.900
048 C011800 250000
048 C021800 0.800
048 D011800 0
048 D021800 0.000
048 E011800 0
048 E021800 0.000
048 F011800 0
048 F021800 0.000
048 G011800 0
048 G021800 0.000
048 H011800 0
048 H021800 0.000
048 I011800 0
048 I021800 0.000
048 J011800 0
048 J021800 0.000
048 K011800 500000
048 K021800 0.750
049 001800 N
050 001800 N
051 001800 N
052 001800 N
053 A001800 N
055 A001800 Y
055 B001800 N
056 001800 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
<PAGE> PAGE 140
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
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 Y
070 B011800 Y
070 B021800 N
070 C011800 Y
070 C021800 N
070 D011800 Y
070 D021800 N
070 E011800 Y
070 E021800 N
070 F011800 Y
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 Y
070 H021800 N
070 I011800 N
070 I021800 N
<PAGE> PAGE 141
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 N
070 O021800 N
070 P011800 Y
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
071 A001800 54558
071 B001800 155324
071 C001800 912369
071 D001800 6
072 A001800 12
072 B001800 10196
072 C001800 31700
072 D001800 0
072 E001800 0
072 F001800 8901
072 G001800 0
072 H001800 0
072 I001800 0
072 J001800 634
072 K001800 71
072 L001800 88
072 M001800 7
072 N001800 14
072 O001800 0
072 P001800 0
072 Q001800 0
072 R001800 37
072 S001800 13
072 T001800 0
072 U001800 0
072 V001800 0
072 W001800 12
072 X001800 9777
072 Y001800 0
072 Z001800 32119
072AA001800 56635
072BB001800 32629
072CC011800 3814
<PAGE> PAGE 142
072CC021800 0
072DD011800 34702
072DD021800 0
072EE001800 69708
073 A011800 0.5300
073 A021800 0.0000
073 B001800 1.0500
073 C001800 0.0000
074 A001800 0
074 B001800 109252
074 C001800 0
074 D001800 0
074 E001800 15896
074 F001800 833990
074 G001800 0
074 H001800 0
074 I001800 0
074 J001800 480
074 K001800 0
074 L001800 2753
074 M001800 0
074 N001800 962371
074 O001800 3696
074 P001800 659
074 Q001800 0
074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 2116
074 S001800 0
074 T001800 955900
074 U011800 61584
074 U021800 0
074 V011800 15.52
074 V021800 0.00
074 W001800 0.0000
074 X001800 3
074 Y001800 0
075 A001800 0
075 B001800 1106768
076 001800 0.00
008 A001901 TEMPLETON ASSET MANAGEMENT LTD.
008 B001901 A
008 C001901 801-46997
008 D011901 SUNTEC TOWER ONE
008 D051901 SINGAPORE
008 D061901 038987
015 A001901 CHASE MANHATTAN BANK
015 B001901 S
015 C011901 BUENOS AIRES
015 D011901 ARGENTINA
<PAGE> PAGE 143
015 E041901 X
015 A001902 CHASE MANHATTAN BANK
015 B001902 S
015 C011902 SYDNEY
015 D011902 AUSTRALIA
015 E041902 X
015 A001903 AUSTRIA BANK AG
015 B001903 S
015 C011903 VIENNA
015 D011903 AUSTRIA
015 E041903 X
015 A001904 BRITISH BANK OF THE MIDDLE EAST
015 B001904 S
015 C011904 MANAMA
015 D011904 BAHRAIN
015 E041904 X
015 A001905 STANDARD CHARTERED BANK PLC
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 BANK OF BERMUDA LIMITED
015 B001907 S
015 C011907 HAMILTON
015 D011907 BERMUDA
015 E041907 X
015 A001908 BARCLAYS BANK OF BOTSWANA LTD.
015 B001908 S
015 C011908 GABORONE
015 D011908 BOTSWANA
015 E041908 X
015 A001909 CITIBANK, N.A., SAO PAULO
015 B001909 S
015 C011909 SAO PAULO
015 D011909 BRAZIL
015 E041909 X
015 A001910 ROYAL BANK OF CANADA
015 B001910 S
015 C011910 TORONTO
015 D011910 CANADA
015 E041910 X
015 A001911 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001911 S
015 C011911 SHANGHAI
015 D011911 CHINA
015 E041911 X
<PAGE> PAGE 144
015 A001912 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001912 S
015 C011912 SHENZHEN
015 D011912 CHINA
015 E041912 X
015 A001913 CITITRUST COLOMBIA SA SOCIEDAD FIDUCIARIA
015 B001913 S
015 C011913 SANTAFE DE BOGOTA
015 D011913 COLOMBIA
015 E041913 X
015 A001914 PRIVREDNA BANKA ZAGRED D.D.
015 B001914 S
015 C011914 ZAGREB
015 D011914 CROATIA
015 E041914 X
015 A001915 BARCLAYS BANK PLC
015 B001915 S
015 C011915 CYPRUS
015 D011915 CYPRUS
015 E041915 X
015 A001916 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B001916 S
015 C011916 PRAGUE
015 D011916 CZECH REPUBLIC
015 E041916 X
015 A001917 DEN DANSKE BANK
015 B001917 S
015 C011917 COPENHAGEN
015 D011917 DENMARK
015 E041917 X
015 A001918 CITIBANK, N.A.
015 B001918 S
015 C011918 QUITO
015 D011918 ECUADOR
015 E041918 X
015 A001919 NATIONAL BANK OF EGYPT
015 B001919 S
015 C011919 CAIRO
015 D011919 EGYPT
015 E041919 X
015 A001920 FIRST CHICAGO CLEARING CENTRE
015 B001920 S
015 C011920 LONDON
015 D011920 EUROMARKET
015 E041920 X
015 A001921 CEDEL
015 B001921 S
015 C011921 LUXEMBOURG CITY
015 D011921 EUROMARKET
015 E041921 X
015 A001922 BANQUE BRUXELLES LAMBERT
<PAGE> PAGE 145
015 B001922 S
015 C011922 BRUSSELS
015 D011922 EASDAQ
015 E041922 X
015 A001923 MERITA BANK PLC
015 B001923 S
015 C011923 HELSINKI
015 D011923 FINLAND
015 E041923 X
015 A001924 BANQUE PARIBAS
015 B001924 S
015 C011924 PARIS
015 D011924 FRANCE
015 E041924 X
015 A001925 DRESDNER BANK AG
015 B001925 S
015 C011925 FRANKFURT
015 D011925 GERMANY
015 E041925 X
015 A001926 BARCLAYS BANK OF GHANA LTD.
015 B001926 S
015 C011926 ACCRA
015 D011926 GHANA
015 E041926 X
015 A001927 BARCLAYS BANK PLC
015 B001927 S
015 C011927 ATHENS
015 D011927 GREECE
015 E041927 X
015 A001928 CHASE MANHATTAN BANK
015 B001928 S
015 C011928 HONG KONG
015 D011928 HONG KONG
015 E041928 X
015 A001929 CITIBANK BUDAPEST RT.
015 B001929 S
015 C011929 BUDAPEST
015 D011929 HUNGARY
015 E041929 X
015 A001930 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001930 S
015 C011930 BOMBAY
015 D011930 INDIA
015 E041930 X
015 A001931 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001931 S
015 C011931 JAKARTA
015 D011931 INDONESIA
015 E041931 X
015 A001932 BANK OF IRELAND
015 B001932 S
<PAGE> PAGE 146
015 C011932 DUBLIN
015 D011932 IRELAND
015 E041932 X
015 A001933 BANK LEUMI LE-ISRAEL B.M.
015 B001933 S
015 C011933 TEL AVIV
015 D011933 ISRAEL
015 E041933 X
015 A001934 BANQUE PARIBAS, MILAN
015 B001934 S
015 C011934 MILAN
015 D011934 ITALY
015 E041934 X
015 A001935 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B001935 S
015 C011935 ABIDJAN
015 D011935 IVORY COAST
015 E041935 X
015 A001936 FUJI BANK, LTD.
015 B001936 S
015 C011936 TOKYO
015 D011936 JAPAN
015 E041936 X
015 A001937 ARAB BANK LIMITED
015 B001937 S
015 C011937 AMMAN
015 D011937 JORDAN
015 E041937 X
015 A001938 BARCLAYS BANK OF KENYA
015 B001938 S
015 C011938 NAIROBI
015 D011938 KENYA
015 E041938 X
015 A001939 BRITISH BANK OF THE MIDDLE EAST
015 B001939 S
015 C011939 BEIRUT
015 D011939 LEBANON
015 E041939 X
015 A001940 BANQUE GENERALE DU LUXEMBOURG
015 B001940 S
015 C011940 LUXEMBOURG CITY
015 D011940 LUXEMBOURG
015 E041940 X
015 A001941 CHASE MANHATTAN BANK (M) BERHAD
015 B001941 S
015 C011941 KUALA LUMPUR
015 D011941 MALAYSIA
015 E041941 X
015 A001942 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001942 S
015 C011942 PORT LOUIS
<PAGE> PAGE 147
015 D011942 MAURITIUS
015 E041942 X
015 A001943 CHASE MANHATTAN BANK, MEXICO S.A.
015 B001943 S
015 C011943 MEXICO CITY
015 D011943 MEXICO
015 E041943 X
015 A001944 BANQUE COMMERCIALE DU MAROC
015 B001944 S
015 C011944 CASABLANCA
015 D011944 MOROCCO
015 E041944 X
015 A001945 STANDARD BANK NAMIBIA LIMITED
015 B001945 S
015 C011945 WINDHOEK
015 D011945 NAMIBIA
015 E041945 X
015 A001946 ABN-AMRO BANK N.V.
015 B001946 S
015 C011946 AMSTERDAM
015 D011946 NETHERLANDS
015 E041946 X
015 A001947 NATIONAL NOMINEES LIMITED
015 B001947 S
015 C011947 AUCKLAND
015 D011947 NEW ZEALAND
015 E041947 X
015 A001948 DEN NORSKE BANK
015 B001948 S
015 C011948 OSLO
015 D011948 NORWAY
015 E041948 X
015 A001949 BRITISH BANK OF THE MIDDLE EAST
015 B001949 S
015 C011949 MUSCAT
015 D011949 OMAN
015 E041949 X
015 A001950 CITIBANK, N.A.
015 B001950 S
015 C011950 KARACHI
015 D011950 PAKISTAN
015 E041950 X
015 A001951 CITIBANK, N.A.
015 B001951 S
015 C011951 LIMA
015 D011951 PERU
015 E041951 X
015 A001952 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001952 S
015 C011952 MANILA
015 D011952 PHILIPPINES
<PAGE> PAGE 148
015 E041952 X
015 A001953 BANK HANDLOWY W WARSZAWIE, S.A.
015 B001953 S
015 C011953 WARSAW
015 D011953 POLAND
015 E041953 X
015 A001954 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B001954 S
015 C011954 LISBON
015 D011954 PORTUGAL
015 E041954 X
015 A001955 ING BANK N.V., BUCHAREST BRANCH
015 B001955 S
015 C011955 BUCHAREST
015 D011955 ROMANIA
015 E041955 X
015 A001956 CHASE MANHATTAN BANK INTERNATIONAL
015 B001956 S
015 C011956 MOSCOW
015 D011956 RUSSIA
015 E041956 X
015 A001957 STANDARD CHARTERED BANK, PLC
015 B001957 S
015 C011957 SINGAPORE
015 D011957 SINGAPORE
015 E041957 X
015 A001958 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001958 S
015 C011958 BRATISLAVA
015 D011958 SLOVAKIA
015 E041958 X
015 A001959 BANKA CREDITANSTALT D.D.
015 B001959 S
015 C011959 LJUBLIJANA
015 D011959 SLOVENIA
015 E041959 X
015 A001960 STANDARD BANK OF SOUTH AFRICA LTD.
015 B001960 S
015 C011960 JOHANNESBURG
015 D011960 SOUTH AFRICA
015 E041960 X
015 A001961 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001961 S
015 C011961 SEOUL
015 D011961 SOUTH KOREA
015 E041961 X
015 A001962 CHASE MANHATTAN BANK
015 B001962 S
015 C011962 MADRID
015 D011962 SPAIN
015 E041962 X
<PAGE> PAGE 149
015 A001963 HONGKONG & SHANGHAI BANKING CORP.
015 B001963 S
015 C011963 COLOMBO
015 D011963 SRI LANKA
015 E041963 X
015 A001964 STANBIC BANK SWAZILAND LIMITED
015 B001964 S
015 C011964 MBABANE
015 D011964 SWAZILAND
015 E041964 X
015 A001965 SKANDINAVISKA ENSKILDA BANKEN
015 B001965 S
015 C011965 STOCKHOLM
015 D011965 SWEDEN
015 E041965 X
015 A001966 UBS AG
015 B001966 S
015 C011966 ZURICH
015 D011966 SWITZERLAND
015 E041966 X
015 A001967 CHASE MANHATTAN BANK
015 B001967 S
015 C011967 TAIPEI
015 D011967 TAIWAN
015 E041967 X
015 A001968 CHASE MANHATTAN BANK
015 B001968 S
015 C011968 BANGKOK
015 D011968 THAILAND
015 E041968 X
015 A001969 CHASE MANHATTAN BANK
015 B001969 S
015 C011969 ISTANBUL
015 D011969 TURKEY
015 E041969 X
015 A001970 CHASE MANHATTAN BANK
015 B001970 S
015 C011970 LONDON
015 D011970 UNITED KINGDOM
015 E041970 X
015 A001971 CHASE MANHATTAN BANK
015 B001971 C
015 C011971 NEW YORK
015 C021971 NY
015 C031971 10286
015 E011971 X
015 A001972 BANKBOSTON, N.A.
015 B001972 S
015 C011972 MONTEVIDEO
015 D011972 URUGUAY
015 E041972 X
<PAGE> PAGE 150
015 A001973 CITIBANK, N.A.
015 B001973 S
015 C011973 CARACAS
015 D011973 VENEZUELA
015 E041973 X
015 A001974 BARCLAYS BANK OF ZAMBIA LTD.
015 B001974 S
015 C011974 LUSAKA
015 D011974 ZAMBIA
015 E041974 X
015 A001975 BARCLAYS BANK PLC
015 B001975 S
015 C011975 HARARE
015 D011975 ZIMBABWE
015 E041975 X
015 A001976 CANADA TRUSTCO MORTGAGE COMPANY
015 B001976 S
015 C011976 TORONTO
015 D011976 CANADA
015 E041976 X
015 A001977 DEUTSCHE BANK, A.G., BOMBAY
015 B001977 S
015 C011977 BOMBAY
015 D011977 INDIA
015 E041977 X
015 A001978 STANDARD CHARTERED BANK
015 B001978 S
015 C011978 JAKARTA
015 D011978 INDONESIA
015 E041978 X
015 A001979 DEUTSCHE BANK, A.G., KARACHI
015 B001979 S
015 C011979 KARACHI
015 D011979 PAKISTAN
015 E041979 X
015 A001980 FIRST CHICAGO NBD CORPORATION
015 B001980 S
015 C011980 LONDON
015 D011980 UNITED KINGDOM
015 E041980 X
015 A001981 ING BANK
015 B001981 S
015 C011981 SOFIA
015 D011981 BULGARIA
015 E041981 X
024 001900 N
025 A001901 DELETE
025 D001901 0
025 D001902 0
025 D001903 0
025 D001904 0
<PAGE> PAGE 151
025 D001905 0
025 D001906 0
025 D001907 0
025 D001908 0
028 A011900 1168
028 A021900 0
028 A031900 0
028 A041900 10451
028 B011900 2879
028 B021900 0
028 B031900 0
028 B041900 12339
028 C011900 5297
028 C021900 0
028 C031900 0
028 C041900 7724
028 D011900 6297
028 D021900 0
028 D031900 0
028 D041900 8501
028 E011900 2176
028 E021900 0
028 E031900 0
028 E041900 4328
028 F011900 1929
028 F021900 0
028 F031900 0
028 F041900 5533
028 G011900 19746
028 G021900 0
028 G031900 0
028 G041900 48876
028 H001900 0
045 001900 Y
046 001900 N
047 001900 Y
048 001900 1.250
048 A011900 0
048 A021900 0.000
048 B011900 0
048 B021900 0.000
048 C011900 0
048 C021900 0.000
048 D011900 0
048 D021900 0.000
048 E011900 0
048 E021900 0.000
048 F011900 0
048 F021900 0.000
048 G011900 0
048 G021900 0.000
<PAGE> PAGE 152
048 H011900 0
048 H021900 0.000
048 I011900 0
048 I021900 0.000
048 J011900 0
048 J021900 0.000
048 K011900 0
048 K021900 0.000
049 001900 N
050 001900 N
051 001900 N
052 001900 N
053 A001900 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
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
<PAGE> PAGE 153
066 F001900 N
066 G001900 N
067 001900 N
068 A001900 N
068 B001900 Y
069 001900 N
070 A011900 Y
070 A021900 N
070 B011900 Y
070 B021900 N
070 C011900 Y
070 C021900 N
070 D011900 Y
070 D021900 N
070 E011900 Y
070 E021900 N
070 F011900 Y
070 F021900 N
070 G011900 Y
070 G021900 N
070 H011900 Y
070 H021900 N
070 I011900 N
070 I021900 N
070 J011900 Y
070 J021900 Y
070 K011900 Y
070 K021900 N
070 L011900 Y
070 L021900 Y
070 M011900 Y
070 M021900 Y
070 N011900 Y
070 N021900 N
070 O011900 Y
070 O021900 N
070 P011900 Y
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
071 A001900 70251
071 B001900 102356
071 C001900 192044
071 D001900 37
072 A001900 12
072 B001900 1121
072 C001900 6154
072 D001900 0
072 E001900 0
<PAGE> PAGE 154
072 F001900 2633
072 G001900 0
072 H001900 0
072 I001900 0
072 J001900 268
072 K001900 17
072 L001900 14
072 M001900 1
072 N001900 0
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 12
072 S001900 18
072 T001900 0
072 U001900 0
072 V001900 0
072 W001900 6
072 X001900 2969
072 Y001900 0
072 Z001900 4306
072AA001900 32801
072BB001900 60491
072CC011900 0
072CC021900 32988
072DD011900 7007
072DD021900 0
072EE001900 22786
073 A011900 0.2900
073 A021900 0.0000
073 B001900 0.9400
073 C001900 0.0000
074 A001900 0
074 B001900 0
074 C001900 0
074 D001900 0
074 E001900 11408
074 F001900 150477
074 G001900 0
074 H001900 0
074 I001900 0
074 J001900 74
074 K001900 0
074 L001900 1135
074 M001900 0
074 N001900 163094
074 O001900 0
074 P001900 172
074 Q001900 0
074 R011900 0
074 R021900 0
<PAGE> PAGE 155
074 R031900 0
074 R041900 489
074 S001900 0
074 T001900 162433
074 U011900 23505
074 U021900 0
074 V011900 6.91
074 V021900 0.00
074 W001900 0.0000
074 X001900 3
074 Y001900 0
075 A001900 0
075 B001900 210673
076 001900 0.00
008 A002001 TEMPLETON GLOBAL ADVISORS LTD.
008 B002001 A
008 C002001 801-42343
008 D012001 NASSAU
008 D052001 BAHAMAS
015 A002001 CHASE MANHATTAN BANK
015 B002001 S
015 C012001 BUENOS AIRES
015 D012001 ARGENTINA
015 E042001 X
015 A002002 CHASE MANHATTAN BANK
015 B002002 S
015 C012002 SYDNEY
015 D012002 AUSTRALIA
015 E042002 X
015 A002003 AUSTRIA BANK AG
015 B002003 S
015 C012003 VIENNA
015 D012003 AUSTRIA
015 E042003 X
015 A002004 BRITISH BANK OF THE MIDDLE EAST
015 B002004 S
015 C012004 MANAMA
015 D012004 BAHRAIN
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 BANK OF BERMUDA LIMITED
015 B002007 S
<PAGE> PAGE 156
015 C012007 HAMILTON
015 D012007 BERMUDA
015 E042007 X
015 A002008 BARCLAYS BANK OF BOTSWANA LTD.
015 B002008 S
015 C012008 GABORONE
015 D012008 BOTSWANA
015 E042008 X
015 A002009 CITIBANK, N.A., SAO PAULO
015 B002009 S
015 C012009 SAO PAULO
015 D012009 BRAZIL
015 E042009 X
015 A002010 ROYAL BANK OF CANADA
015 B002010 S
015 C012010 TORONTO
015 D012010 CANADA
015 E042010 X
015 A002011 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002011 S
015 C012011 SHANGHAI
015 D012011 CHINA
015 E042011 X
015 A002012 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002012 S
015 C012012 SHENZHEN
015 D012012 CHINA
015 E042012 X
015 A002013 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002013 S
015 C012013 SANTAFE DE BOGOTA
015 D012013 COLOMBIA
015 E042013 X
015 A002014 PRIVREDNA BANKA ZAGREB D.D.
015 B002014 S
015 C012014 ZAGREB
015 D012014 CROATIA
015 E042014 X
015 A002015 BARCLAYS BANK PLC
015 B002015 S
015 C012015 CYPRUS
015 D012015 CYPRUS
015 E042015 X
015 A002016 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002016 S
015 C012016 PRAGUE
015 D012016 CZECH REPUBLIC
015 E042016 X
015 A002017 DEN DANSKE BANK
015 B002017 S
015 C012017 COPENHAGEN
<PAGE> PAGE 157
015 D012017 DENMARK
015 E042017 X
015 A002018 CITIBANK, N.A.
015 B002018 S
015 C012018 QUITO
015 D012018 ECUADOR
015 E042018 X
015 A002019 NATIONAL BANK OF EGYPT
015 B002019 S
015 C012019 CAIRO
015 D012019 EGYPT
015 E042019 X
015 A002020 FIRST CHICAGO CLEARING CENTRE
015 B002020 S
015 C012020 LONDON
015 D012020 EUROMARKET
015 E042020 X
015 A002021 CEDEL
015 B002021 S
015 C012021 LUXEMBOURG CITY
015 D012021 EUROMARKET
015 E042021 X
015 A002022 BANQUE BRUXELLES LAMBERT
015 B002022 S
015 C012022 BRUSSELS
015 D012022 EASDAQ
015 E042022 X
015 A002023 MERITA BANK PLC
015 B002023 S
015 C012023 HELSINKI
015 D012023 FINLAND
015 E042023 X
015 A002024 BANQUE PARIBAS
015 B002024 S
015 C012024 PARIS
015 D012024 FRANCE
015 E042024 X
015 A002025 DRESDNER BANK AG
015 B002025 S
015 C012025 FRANKFURT
015 D012025 GERMANY
015 E042025 X
015 A002026 BARCLAYS BANK OF GHANA LTD.
015 B002026 S
015 C012026 ACCRA
015 D012026 GHANA
015 E042026 X
015 A002027 BARCLAYS BANK PLC
015 B002027 S
015 C012027 ATHENS
015 D012027 GREECE
<PAGE> PAGE 158
015 E042027 X
015 A002028 CHASE MANHATTAN BANK
015 B002028 S
015 C012028 HONG KONG
015 D012028 HONG KONG
015 E042028 X
015 A002029 CITIBANK BUDAPEST RT.
015 B002029 S
015 C012029 BUDAPEST
015 D012029 HUNGARY
015 E042029 X
015 A002030 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002030 S
015 C012030 BOMBAY
015 D012030 INDIA
015 E042030 X
015 A002031 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002031 S
015 C012031 JAKARTA
015 D012031 INDONESIA
015 E042031 X
015 A002032 BANK OF IRELAND
015 B002032 S
015 C012032 DUBLIN
015 D012032 IRELAND
015 E042032 X
015 A002033 BANK LEUMI LE-ISRAEL B.M.
015 B002033 S
015 C012033 TEL AVIV
015 D012033 ISRAEL
015 E042033 X
015 A002034 BANQUE PARIBAS, MILAN
015 B002034 S
015 C012034 MILAN
015 D012034 ITALY
015 E042034 X
015 A002035 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B002035 S
015 C012035 ABIDJAN
015 D012035 IVORY COAST
015 E042035 X
015 A002036 FUJI BANK, LTD.
015 B002036 S
015 C012036 TOKYO
015 D012036 JAPAN
015 E042036 X
015 A002037 BARCLAYS BANK OF KENYA LTD.
015 B002037 S
015 C012037 NAIROBI
015 D012037 KENYA
015 E042037 X
<PAGE> PAGE 159
015 A002038 BRITISH BANK OF THE MIDDLE EAST
015 B002038 S
015 C012038 BEIRUT
015 D012038 LEBANON
015 E042038 X
015 A002039 BANQUE GENERALE DU LUXEMBOURG
015 B002039 S
015 C012039 LUXEMBOURG CITY
015 D012039 LUXEMBOURG
015 E042039 X
015 A002040 CHASE MANHATTAN BANK (M) BERHAD
015 B002040 S
015 C012040 KUALA LUMPUR
015 D012040 MALAYSIA
015 E042040 X
015 A002041 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002041 S
015 C012041 PORT LOUIS
015 D012041 MAURITIUS
015 E042041 X
015 A002042 CHASE MANHATTAN BANK MEXICO S.A.
015 B002042 S
015 C012042 MEXICO CITY
015 D012042 MEXICO
015 E042042 X
015 A002043 BANQUE COMMERCIALE DU MAROC
015 B002043 S
015 C012043 CASABLANCA
015 D012043 MOROCCO
015 E042043 X
015 A002044 STANDARD BANK NAMIBIA LIMITED
015 B002044 S
015 C012044 WINDHOEK
015 D012044 NAMIBIA
015 E042044 X
015 A002045 ABN-AMRO BANK N.V.
015 B002045 S
015 C012045 AMSTERDAM
015 D012045 NETHERLANDS
015 E042045 X
015 A002046 NATIONAL NOMINEES LIMITED
015 B002046 S
015 C012046 AUCKLAND
015 D012046 NEW ZEALAND
015 E042046 X
015 A002047 DEN NORSKE BANK
015 B002047 S
015 C012047 OSLO
015 D012047 NORWAY
015 E042047 X
015 A002048 BRITISH BANK OF THE MIDDLE EAST
<PAGE> PAGE 160
015 B002048 S
015 C012048 MUSCAT
015 D012048 OMAN
015 E042048 X
015 A002049 CITIBANK, N.A.
015 B002049 S
015 C012049 KARACHI
015 D012049 PAKISTAN
015 E042049 X
015 A002050 CITIBANK, N.A.
015 B002050 S
015 C012050 LIMA
015 D012050 PERU
015 E042050 X
015 A002051 HONGKONG & SHANGHAI BANKING CORP.
015 B002051 S
015 C012051 MANILA
015 D012051 PHILIPPINES
015 E042051 X
015 A002052 BANK HANDLOWY W WARSZAWIE, S.A.
015 B002052 S
015 C012052 WARSAW
015 D012052 POLAND
015 E042052 X
015 A002053 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B002053 S
015 C012053 LISBON
015 D012053 PORTUGAL
015 E042053 X
015 A002054 ING BANK N.V., BUCHAREST BRANCH
015 B002054 S
015 C012054 BUCHAREST
015 D012054 ROMANIA
015 E042054 X
015 A002055 CHASE MANHATTAN BANK INTERNATIONAL
015 B002055 S
015 C012055 MOSCOW
015 D012055 RUSSIA
015 E042055 X
015 A002056 STANDARD CHARTERED BANK, PLC
015 B002056 S
015 C012056 SINGAPORE
015 D012056 SINGAPORE
015 E042056 X
015 A002057 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002057 S
015 C012057 BRATISLAVA
015 D012057 SLOVAKIA
015 E042057 X
015 A002058 STANDARD BANK OF SOUTH AFRICA LTD.
015 B002058 S
<PAGE> PAGE 161
015 C012058 JOHANNESBURG
015 D012058 SOUTH AFRICA
015 E042058 X
015 A002059 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002059 S
015 C012059 SEOUL
015 D012059 SOUTH KOREA
015 E042059 X
015 A002060 CHASE MANHATTAN BANK
015 B002060 S
015 C012060 MADRID
015 D012060 SPAIN
015 E042060 X
015 A002061 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002061 S
015 C012061 COLOMBO
015 D012061 SRI LANKA
015 E042061 X
015 A002062 STANBIC BANK SWAZILAND LIMITED
015 B002062 S
015 C012062 MBABANE
015 D012062 SWAZILAND
015 E042062 X
015 A002063 SKANDINAVISKA ENSKILDA BANKEN
015 B002063 S
015 C012063 STOCKHOLM
015 D012063 SWEDEN
015 E042063 X
015 A002064 UBS AG
015 B002064 S
015 C012064 ZURICH
015 D012064 SWITZERLAND
015 E042064 X
015 A002065 CHASE MANHATTAN BANK
015 B002065 S
015 C012065 BANGKOK
015 D012065 THAILAND
015 E042065 X
015 A002066 CHASE MANHATTAN BANK
015 B002066 S
015 C012066 ISTANBUL
015 D012066 TURKEY
015 E042066 X
015 A002067 CHASE MANHATTAN BANK
015 B002067 S
015 C012067 LONDON
015 D012067 UNITED KINGDOM
015 E042067 X
015 A002068 CHASE MANHATTAN BANK
015 B002068 C
015 C012068 NEW YORK
<PAGE> PAGE 162
015 C022068 NY
015 C032068 10286
015 E012068 X
015 A002069 BANKBOSTON, N.A.
015 B002069 S
015 C012069 MONTEVIDEO
015 D012069 URUGUAY
015 E042069 X
015 A002070 CITIBANK, N.A.
015 B002070 S
015 C012070 CARACAS
015 D012070 VENEZUELA
015 E042070 X
015 A002071 BARCLAYS BANK OF ZAMBIA
015 B002071 S
015 C012071 LUSAKA
015 D012071 ZAMBIA
015 E042071 X
015 A002072 BARCLAYS BANK PLC
015 B002072 S
015 C012072 HARARE
015 D012072 ZIMBABWE
015 E042072 X
015 A002073 CANADA TRUSTCO MORTGAGE COMPANY
015 B002073 S
015 C012073 TORONTO
015 D012073 CANADA
015 E042073 X
015 A002074 DEUTSCHE BANK, A.G., BOMBAY
015 B002074 S
015 C012074 BOMBAY
015 D012074 INDIA
015 E042074 X
015 A002075 STANDARD CHARTERED BANK
015 B002075 S
015 C012075 JAKARTA
015 D012075 INDONESIA
015 E042075 X
015 A002076 DEUTSCHE BANK, A.G., KARACHI
015 B002076 S
015 C012076 KARACHI
015 D012076 PAKISTAN
015 E042076 X
015 A002077 FIRST CHICAGO NBD CORPORATION
015 B002077 S
015 C012077 LONDON
015 D012077 UNITED KINGDOM
015 E042077 X
024 002000 Y
025 A002001 MORGAN STANLEY DEAN WITTER & CO.
025 B002001 13-2655998
<PAGE> PAGE 163
025 C002001 E
025 D002001 7320
025 A002002 DELETE
025 D002002 0
025 A002003 DELETE
025 D002003 0
025 D002004 0
025 D002005 0
025 D002006 0
025 D002007 0
025 D002008 0
028 A012000 9547
028 A022000 0
028 A032000 0
028 A042000 14774
028 B012000 6168
028 B022000 0
028 B032000 0
028 B042000 27837
028 C012000 4094
028 C022000 0
028 C032000 0
028 C042000 14893
028 D012000 3819
028 D022000 0
028 D032000 0
028 D042000 18099
028 E012000 7868
028 E022000 0
028 E032000 0
028 E042000 11299
028 F012000 4852
028 F022000 0
028 F032000 0
028 F042000 15528
028 G012000 36348
028 G022000 0
028 G032000 0
028 G042000 102430
028 H002000 0
045 002000 Y
046 002000 N
047 002000 Y
048 002000 0.000
048 A012000 100000
048 A022000 1.000
048 B012000 150000
048 B022000 0.900
048 C012000 250000
048 C022000 0.800
048 D012000 0
<PAGE> PAGE 164
048 D022000 0.000
048 E012000 0
048 E022000 0.000
048 F012000 0
048 F022000 0.000
048 G012000 0
048 G022000 0.000
048 H012000 0
048 H022000 0.000
048 I012000 0
048 I022000 0.000
048 J012000 0
048 J022000 0.000
048 K012000 500000
048 K022000 0.750
049 002000 N
050 002000 N
051 002000 N
052 002000 N
053 A002000 N
055 A002000 Y
055 B002000 N
056 002000 Y
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
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
<PAGE> PAGE 165
063 A002000 0
063 B002000 0.0
066 A002000 Y
066 B002000 N
066 C002000 N
066 D002000 Y
066 E002000 N
066 F002000 N
066 G002000 N
067 002000 N
068 A002000 N
068 B002000 Y
069 002000 N
070 A012000 Y
070 A022000 Y
070 B012000 Y
070 B022000 N
070 C012000 Y
070 C022000 N
070 D012000 Y
070 D022000 N
070 E012000 Y
070 E022000 N
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 Y
070 K022000 Y
070 L012000 Y
070 L022000 Y
070 M012000 Y
070 M022000 Y
070 N012000 Y
070 N022000 N
070 O012000 N
070 O022000 N
070 P012000 Y
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 227707
071 B002000 223609
<PAGE> PAGE 166
071 C002000 692311
071 D002000 32
072 A002000 12
072 B002000 4860
072 C002000 19582
072 D002000 0
072 E002000 0
072 F002000 6409
072 G002000 0
072 H002000 0
072 I002000 0
072 J002000 270
072 K002000 54
072 L002000 50
072 M002000 5
072 N002000 0
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 23
072 S002000 7
072 T002000 0
072 U002000 0
072 V002000 0
072 W002000 4
072 X002000 6822
072 Y002000 0
072 Z002000 17620
072AA002000 98992
072BB002000 22838
072CC012000 0
072CC022000 33429
072DD012000 20207
072DD022000 0
072EE002000 73601
073 A012000 0.4100
073 A022000 0.0000
073 B002000 1.4900
073 C002000 0.0000
074 A002000 9
074 B002000 42669
074 C002000 0
074 D002000 13361
074 E002000 17301
074 F002000 669917
074 G002000 0
074 H002000 0
074 I002000 0
074 J002000 3759
074 K002000 0
074 L002000 1687
<PAGE> PAGE 167
074 M002000 0
074 N002000 748703
074 O002000 418
074 P002000 520
074 Q002000 0
074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 685
074 S002000 0
074 T002000 747080
074 U012000 50584
074 U022000 0
074 V012000 14.77
074 V022000 0.00
074 W002000 0.0000
074 X002000 3
074 Y002000 0
075 A002000 0
075 B002000 774578
076 002000 0.00
008 A002101 TEMPLETON GLOBAL ADVISORS LTD.
008 B002101 A
008 C002101 801-42343
008 D012101 NASSAU
008 D052101 BAHAMAS
008 A002102 TEMPLETON INVESTMENT COUNSEL, INC.
008 B002102 S
008 C002102 801-15125
008 D012102 FT. LAUDERDALE
008 D022102 FL
008 D032102 33394
008 D042102 3091
015 A002101 CHASE MANHATTAN BANK
015 B002101 S
015 C012101 BUENOS AIRES
015 D012101 ARGENTINA
015 E042101 X
015 A002102 CHASE MANHATTAN BANK
015 B002102 S
015 C012102 SYDNEY
015 D012102 AUSTRALIA
015 E042102 X
015 A002103 AUSTRIA BANK AG
015 B002103 S
015 C012103 VIENNA
015 D012103 AUSTRIA
015 E042103 X
015 A002104 BRITISH BANK OF THE MIDDLE EAST
015 B002104 S
015 C012104 MANAMA
<PAGE> PAGE 168
015 D012104 BAHRAIN
015 E042104 X
015 A002105 STANDARD CHARTERED BANK
015 B002105 S
015 C012105 DHAKA
015 D012105 BANGLADESH
015 E042105 X
015 A002106 GENERALE BANK
015 B002106 S
015 C012106 BRUSSELS
015 D012106 BELGIUM
015 E042106 X
015 A002107 BANK OF BERMUDA LIMITED
015 B002107 S
015 C012107 HAMILTON
015 D012107 BERMUDA
015 E042107 X
015 A002108 BARCLAYS BANK OF BOTSWANA LTD.
015 B002108 S
015 C012108 GABORONE
015 D012108 BOTSWANA
015 E042108 X
015 A002109 CITIBANK, N.A., SAO PAULO
015 B002109 S
015 C012109 SAO PAULO
015 D012109 BRAZIL
015 E042109 X
015 A002110 ROYAL BANK OF CANADA
015 B002110 S
015 C012110 TORONTO
015 D012110 CANADA
015 E042110 X
015 A002111 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002111 S
015 C012111 SHANGHAI
015 D012111 CHINA
015 E042111 X
015 A002112 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002112 S
015 C012112 SHENZHEN
015 D012112 CHINA
015 E042112 X
015 A002113 PRIVREDNA BANKA ZAGREB D.D.
015 B002113 S
015 C012113 ZAGREB
015 D012113 CROATIA
015 E042113 X
015 A002114 BARCLAYS BANK PLC
015 B002114 S
015 C012114 CYPRUS
015 D012114 CYPRUS
<PAGE> PAGE 169
015 E042114 X
015 A002115 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002115 S
015 C012115 PRAGUE
015 D012115 CZECH REPUBLIC
015 E042115 X
015 A002116 DEN DANSKE BANK
015 B002116 S
015 C012116 COPENHAGEN
015 D012116 DENMARK
015 E042116 X
015 A002117 CITIBANK, N.A.
015 B002117 S
015 C012117 QUITO
015 D012117 ECUADOR
015 E042117 X
015 A002118 NATIONAL BANK OF EGYPT
015 B002118 S
015 C012118 CAIRO
015 D012118 EGYPT
015 E042118 X
015 A002119 FIRST CHICAGO CLEARING CENTRE
015 B002119 S
015 C012119 LONDON
015 D012119 EUROMARKET
015 E042119 X
015 A002120 CEDEL
015 B002120 S
015 C012120 LUXEMBOURG CITY
015 D012120 EUROMARKET
015 E042120 X
015 A002121 BANQUE BRUXELLES LAMBERT
015 B002121 S
015 C012121 BRUSSELS
015 D012121 EASDAQ
015 E042121 X
015 A002122 MERITA BANK PLC.
015 B002122 S
015 C012122 HELSINKI
015 D012122 FINLAND
015 E042122 X
015 A002123 BANQUE PARIBAS
015 B002123 S
015 C012123 PARIS
015 D012123 FRANCE
015 E042123 X
015 A002124 DRESDNER BANK AG
015 B002124 S
015 C012124 FRANKFURT
015 D012124 GERMANY
015 E042124 X
<PAGE> PAGE 170
015 A002125 BARCLAYS BANK OF GHANA LTD.
015 B002125 S
015 C012125 ACCRA
015 D012125 GHANA
015 E042125 X
015 A002126 BARCLAYS BANK PLC
015 B002126 S
015 C012126 ATHENS
015 D012126 GREECE
015 E042126 X
015 A002127 CHASE MANHATTAN BANK
015 B002127 S
015 C012127 HONG KONG
015 D012127 HONG KONG
015 E042127 X
015 A002128 CITIBANK BUDAPEST RT.
015 B002128 S
015 C012128 BUDAPEST
015 D012128 HUNGARY
015 E042128 X
015 A002129 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002129 S
015 C012129 BOMBAY
015 D012129 INDIA
015 E042129 X
015 A002130 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002130 S
015 C012130 JAKARTA
015 D012130 INDONESIA
015 E042130 X
015 A002131 BANK OF IRELAND
015 B002131 S
015 C012131 DUBLIN
015 D012131 IRELAND
015 E042131 X
015 A002132 BANK LEUMI LE-ISRAEL B.M.
015 B002132 S
015 C012132 TEL AVIV
015 D012132 ISRAEL
015 E042132 X
015 A002133 BANQUE PARIBAS, MILAN
015 B002133 S
015 C012133 MILAN
015 D012133 ITALY
015 E042133 X
015 A002134 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B002134 S
015 C012134 ABIDJAN
015 D012134 IVORY COAST
015 E042134 X
015 A002135 FUJI BANK, LTD.
<PAGE> PAGE 171
015 B002135 S
015 C012135 TOKYO
015 D012135 JAPAN
015 E042135 X
015 A002136 BARCLAYS BANK OF KENYA LTD.
015 B002136 S
015 C012136 NAIROBI
015 D012136 KENYA
015 E042136 X
015 A002137 BRITISH BANK OF THE MIDDLE EAST
015 B002137 S
015 C012137 BEIRUT
015 D012137 LEBANON
015 E042137 X
015 A002138 BANQUE GENERALE DU LUXEMBOURG
015 B002138 S
015 C012138 LUXEMBOURG CITY
015 D012138 LUXEMBOURG
015 E042138 X
015 A002139 CHASE MANHATTAN BANK BERHAD
015 B002139 S
015 C012139 KUALA LUMPUR
015 D012139 MALAYSIA
015 E042139 X
015 A002140 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002140 S
015 C012140 PORT LOUIS
015 D012140 MAURITIUS
015 E042140 X
015 A002141 CHASE MANHATTAN BANK MEXICO S.A.
015 B002141 S
015 C012141 MEXICO CITY
015 D012141 MEXICO
015 E042141 X
015 A002142 BANQUE COMMERCIALE DU MAROC
015 B002142 S
015 C012142 CASABLANCA
015 D012142 MOROCCO
015 E042142 X
015 A002143 STANDARD BANK NAMIBIA LIMITED
015 B002143 S
015 C012143 WINDHOEK
015 D012143 NAMIBIA
015 E042143 X
015 A002144 ABN-AMRO BANK N.V.
015 B002144 S
015 C012144 AMSTERDAM
015 D012144 NETHERLANDS
015 E042144 X
015 A002145 NATIONAL NOMINEES LIMITED
015 B002145 S
<PAGE> PAGE 172
015 C012145 AUCKLAND
015 D012145 NEW ZEALAND
015 E042145 X
015 A002146 DEN NORSKE BANK
015 B002146 S
015 C012146 OSLO
015 D012146 NORWAY
015 E042146 X
015 A002147 BRITISH BANK OF THE MIDDLE EAST
015 B002147 S
015 C012147 MUSCAT
015 D012147 OMAN
015 E042147 X
015 A002148 DEUTSCHE BANK A.G.
015 B002148 S
015 C012148 KARACHI
015 D012148 PAKISTAN
015 E042148 X
015 A002149 CITIBANK, N.A.
015 B002149 S
015 C012149 LIMA
015 D012149 PERU
015 E042149 X
015 A002150 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002150 S
015 C012150 MANILA
015 D012150 PHILIPPINES
015 E042150 X
015 A002151 BANK HANDLOWY W WARSZAWIE, S.A.
015 B002151 S
015 C012151 WARSAW
015 D012151 POLAND
015 E042151 X
015 A002152 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B002152 S
015 C012152 LISBON
015 D012152 PORTUGAL
015 E042152 X
015 A002153 ING BANK N.V., BUCHAREST BRANCH
015 B002153 S
015 C012153 BUCHAREST
015 D012153 ROMANIA
015 E042153 X
015 A002154 CHASE MANHATTAN BANK INTERNATIONAL
015 B002154 S
015 C012154 MOSCOW
015 D012154 RUSSIA
015 E042154 X
015 A002155 STANDARD CHARTERED BANK PLC
015 B002155 S
015 C012155 SINGAPORE
<PAGE> PAGE 173
015 D012155 SINGAPORE
015 E042155 X
015 A002156 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002156 S
015 C012156 BRATISLAVA
015 D012156 SLOVAKIA
015 E042156 X
015 A002157 STANDARD BANK OF SOUTH AFRICA LTD.
015 B002157 S
015 C012157 JOHANNESBURG
015 D012157 SOUTH AFRICA
015 E042157 X
015 A002158 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002158 S
015 C012158 SEOUL
015 D012158 SOUTH KOREA
015 E042158 X
015 A002159 CHASE MANHATTAN BANK
015 B002159 S
015 C012159 MADRID
015 D012159 SPAIN
015 E042159 X
015 A002160 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002160 S
015 C012160 COLOMBO
015 D012160 SRI LANKA
015 E042160 X
015 A002161 STANBIC BANK SWAZILAND LIMITED
015 B002161 S
015 C012161 MBABANE
015 D012161 SWAZILAND
015 E042161 X
015 A002162 SKANDINAVISKA ENSKILDA BANKEN
015 B002162 S
015 C012162 STOCKHOLM
015 D012162 SWEDEN
015 E042162 X
015 A002163 UBS AG
015 B002163 S
015 C012163 ZURICH
015 D012163 SWITZERLAND
015 E042163 X
015 A002164 CHASE MANHATTAN BANK
015 B002164 S
015 C012164 BANGKOK
015 D012164 THAILAND
015 E042164 X
015 A002165 CHASE MANHATTAN BANK
015 B002165 S
015 C012165 ISTANBUL
015 D012165 TURKEY
<PAGE> PAGE 174
015 E042165 X
015 A002166 CHASE MANHATTAN BANK
015 B002166 S
015 C012166 LONDON
015 D012166 UNITED KINGDOM
015 E042166 X
015 A002167 CHASE MANHATTAN BANK
015 B002167 C
015 C012167 NEW YORK
015 C022167 NY
015 C032167 10286
015 E012167 X
015 A002168 BANKBOSTON, N.A.
015 B002168 S
015 C012168 MONTEVIDEO
015 D012168 URUGUAY
015 E042168 X
015 A002169 CITIBANK, N.A.
015 B002169 S
015 C012169 CARACAS
015 D012169 VENEZUELA
015 E042169 X
015 A002170 BARCLAYS BANK OF ZAMBIA LTD.
015 B002170 S
015 C012170 LUSAKA
015 D012170 ZAMBIA
015 E042170 X
015 A002171 DEUTSCHE BANK, A.G., BOMBAY
015 B002171 S
015 C012171 BOMBAY
015 D012171 INDIA
015 E042171 X
015 A002172 STANDARD CHARTERED BANK
015 B002172 S
015 C012172 JAKARTA
015 D012172 INDONESIA
015 E042172 X
015 A002173 DEUTSCHE BANK, A.G., KARACHI
015 B002173 S
015 C012173 KARACHI
015 D012173 PAKISTAN
015 E042173 X
015 A002174 FIRST CHICAGO NBD CORPORATION
015 B002174 S
015 C012174 LONDON
015 D012174 UNITED KINGDOM
015 E042174 X
015 A002175 CANADA TRUSTCO MORTGAGE COMPANY
015 B002175 S
015 C012175 TORONTO
015 D012175 CANADA
<PAGE> PAGE 175
015 E042175 X
015 A002176 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B002176 S
015 C012176 SANTAFE DE BOGOTA
015 D012176 COLOMBIA
015 E042176 X
015 A002177 BARCLAYS BANK PLC
015 B002177 S
015 C012177 HARARE
015 D012177 ZIMBABWE
015 E042177 X
024 002100 N
025 A002101 DELETE
025 D002101 0
025 A002102 DELETE
025 D002102 0
025 A002103 DELETE
025 D002103 0
025 D002104 0
025 D002105 0
025 D002106 0
025 D002107 0
025 D002108 0
028 A012100 1489
028 A022100 0
028 A032100 0
028 A042100 3264
028 B012100 1035
028 B022100 0
028 B032100 0
028 B042100 2499
028 C012100 597
028 C022100 0
028 C032100 0
028 C042100 3157
028 D012100 370
028 D022100 0
028 D032100 0
028 D042100 2746
028 E012100 863
028 E022100 0
028 E032100 0
028 E042100 1498
028 F012100 607
028 F022100 0
028 F032100 0
028 F042100 2042
028 G012100 4961
028 G022100 0
028 G032100 0
028 G042100 15206
<PAGE> PAGE 176
028 H002100 0
045 002100 Y
046 002100 N
047 002100 Y
048 002100 0.000
048 A012100 200000
048 A022100 0.650
048 B012100 1100000
048 B022100 0.585
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 1300000
048 K022100 0.520
049 002100 N
050 002100 N
051 002100 N
052 002100 N
053 A002100 N
055 A002100 N
055 B002100 N
056 002100 Y
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
<PAGE> PAGE 177
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 N
066 E002100 Y
066 F002100 N
066 G002100 N
067 002100 Y
068 A002100 N
068 B002100 Y
069 002100 N
070 A012100 Y
070 A022100 Y
070 B012100 Y
070 B022100 N
070 C012100 Y
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 N
070 I022100 N
070 J012100 Y
070 J022100 Y
070 K012100 Y
070 K022100 N
070 L012100 Y
070 L022100 Y
070 M012100 Y
070 M022100 Y
<PAGE> PAGE 178
070 N012100 Y
070 N022100 N
070 O012100 Y
070 O022100 N
070 P012100 Y
070 P022100 N
070 Q012100 N
070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 44587
071 B002100 45976
071 C002100 75526
071 D002100 59
072 A002100 12
072 B002100 2648
072 C002100 2001
072 D002100 0
072 E002100 0
072 F002100 586
072 G002100 135
072 H002100 0
072 I002100 0
072 J002100 22
072 K002100 5
072 L002100 5
072 M002100 1
072 N002100 0
072 O002100 0
072 P002100 0
072 Q002100 0
072 R002100 4
072 S002100 0
072 T002100 0
072 U002100 0
072 V002100 0
072 W002100 1
072 X002100 759
072 Y002100 0
072 Z002100 3890
072AA002100 8552
072BB002100 5834
072CC012100 0
072CC022100 7346
072DD012100 3275
072DD022100 0
072EE002100 3894
073 A012100 0.4900
073 A022100 0.0000
073 B002100 0.5800
073 C002100 0.0000
<PAGE> PAGE 179
074 A002100 9
074 B002100 5211
074 C002100 0
074 D002100 26562
074 E002100 1358
074 F002100 47971
074 G002100 0
074 H002100 0
074 I002100 0
074 J002100 0
074 K002100 0
074 L002100 697
074 M002100 2
074 N002100 81810
074 O002100 0
074 P002100 55
074 Q002100 0
074 R012100 0
074 R022100 0
074 R032100 0
074 R042100 85
074 S002100 0
074 T002100 81670
074 U012100 6447
074 U022100 0
074 V012100 12.67
074 V022100 0.00
074 W002100 0.0000
074 X002100 3
074 Y002100 0
075 A002100 0
075 B002100 90115
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 94404
008 D042201 1585
015 A002201 BANKBOSTON, N.A.
015 B002201 S
015 C012201 BUENOS AIRES
015 D012201 ARGENTINA
015 E042201 X
015 A002202 NATIONAL AUSTRALIA BANK LTD.
015 B002202 S
015 C012202 MELBOURNE
015 D012202 AUSTRALIA
015 E042202 X
015 A002203 BANK AUSTRIA AG
<PAGE> PAGE 180
015 B002203 S
015 C012203 VIENNA
015 D012203 AUSTRIA
015 E042203 X
015 A002204 BANQUE BRUXELLES LAMBERT
015 B002204 S
015 C012204 BRUSSELS
015 D012204 BELGIUM
015 E042204 X
015 A002205 ROYAL BANK OF CANADA
015 B002205 S
015 C012205 MONTREAL
015 D012205 CANADA
015 E042205 X
015 A002206 DEN DANSKE BANK
015 B002206 S
015 C012206 COPENHAGEN
015 D012206 DENMARK
015 E042206 X
015 A002207 FIRST CHICAGO CLEARING CENTRE
015 B002207 S
015 C012207 LONDON
015 D012207 EUROMARKET
015 E042207 X
015 A002208 CEDEL
015 B002208 S
015 C012208 LUXEMBOURG CITY
015 D012208 EUROMARKET
015 E042208 X
015 A002209 BANQUE BRUXELLES LAMBERT
015 B002209 S
015 C012209 BRUSSELS
015 D012209 EASDAQ
015 E042209 X
015 A002210 MERITA BANK PLC
015 B002210 S
015 C012210 HELSINKI
015 D012210 FINLAND
015 E042210 X
015 A002211 BANQUE PARIBAS
015 B002211 S
015 C012211 PARIS
015 D012211 FRANCE
015 E042211 X
015 A002212 DRESDNER BANK AG
015 B002212 S
015 C012212 FRANKFURT/MAIN
015 D012212 GERMANY
015 E042212 X
015 A002213 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002213 S
<PAGE> PAGE 181
015 C012213 HONG KONG
015 D012213 HONG KONG
015 E042213 X
015 A002214 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002214 S
015 C012214 JAKARTA
015 D012214 INDONESIA
015 E042214 X
015 A002215 ALLIED IRISH BANKS, PLC
015 B002215 S
015 C012215 DUBLIN
015 D012215 IRELAND
015 E042215 X
015 A002216 BANK OF TOKYO MITSUBISHI
015 B002216 S
015 C012216 TOKYO
015 D012216 JAPAN
015 E042216 X
015 A002217 BANQUE INTERNATIONALE A LUXEMBOURG
015 B002217 S
015 C012217 LUXEMBOURG CITY
015 D012217 LUXEMBOURG
015 E042217 X
015 A002218 HONGKONG BANK MALAYSIA BERHAD
015 B002218 S
015 C012218 KUALA LUMPUR
015 D012218 MALAYSIA
015 E042218 X
015 A002219 BANCO NACIONAL DE MEXICO
015 B002219 S
015 C012219 MEXICO CITY
015 D012219 MEXICO
015 E042219 X
015 A002220 MEESPIERSON
015 B002220 S
015 C012220 AMSTERDAM
015 D012220 NETHERLANDS
015 E042220 X
015 A002221 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B002221 S
015 C012221 WELLINGTON
015 D012221 NEW ZEALAND
015 E042221 X
015 A002222 STANDARD CHARTERED BANK
015 B002222 S
015 C012222 KARACHI
015 D012222 PAKISTAN
015 E042222 X
015 A002223 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002223 S
015 C012223 PASIG CITY MANILA
<PAGE> PAGE 182
015 D012223 PHILIPPINES
015 E042223 X
015 A002224 BANCO COMERCIAL PORTUGUES, S.A.
015 B002224 S
015 C012224 LISBON
015 D012224 PORTUGAL
015 E042224 X
015 A002225 UNITED OVERSEAS BANK LTD.
015 B002225 S
015 C012225 SINGAPORE
015 D012225 SINGAPORE
015 E042225 X
015 A002226 STANDARD CORPORATE & MERCHANT BANK
015 B002226 S
015 C012226 JOHANNESBURG
015 D012226 SOUTH AFRICA
015 E042226 X
015 A002227 BANCO BILBAO VIZCAYA
015 B002227 S
015 C012227 MADRID
015 D012227 SPAIN
015 E042227 X
015 A002228 STANDARD CHARTERED BANK
015 B002228 S
015 C012228 COLOMBO
015 D012228 SRI LANKA
015 E042228 X
015 A002229 SKANDINAVISKA ENSKILDA BANKEN
015 B002229 S
015 C012229 STOCKHOLM
015 D012229 SWEDEN
015 E042229 X
015 A002230 BANK LEU LTD.
015 B002230 S
015 C012230 ZURICH
015 D012230 SWITZERLAND
015 E042230 X
015 A002231 STANDARD CHARTERED BANK
015 B002231 S
015 C012231 BANGKOK
015 D012231 THAILAND
015 E042231 X
015 A002232 OSMANLI BANKASI A.S.
015 B002232 S
015 C012232 ISTANBUL
015 D012232 TURKEY
015 E042232 X
015 A002233 BANK OF NEW YORK
015 B002233 S
015 C012233 LONDON
015 D012233 UNITED KINGDOM
<PAGE> PAGE 183
015 E042233 X
015 A002234 BANK OF NEW YORK
015 B002234 C
015 C012234 NEW YORK
015 C022234 NY
015 C032234 10286
015 E012234 X
015 A002235 STANBIC BANK ZAMBIA LTD.
015 B002235 S
015 C012235 LUSAKA
015 D012235 ZAMBIA
015 E042235 X
015 A002236 STANBIC BANK ZIMBABWE LTD.
015 B002236 S
015 C012236 HARARE
015 D012236 ZIMBABWE
015 E042236 X
015 A002237 COMMONWEALTH BANK OF AUSTRALIA
015 B002237 S
015 C012237 BURWOOD
015 D012237 AUSTRALIA
015 E042237 X
015 A002238 CREDIT COMMERCIAL DE FRANCE
015 B002238 S
015 C012238 PARIS
015 D012238 FRANCE
015 E042238 X
015 A002239 FUJI BANK, LTD.
015 B002239 S
015 C012239 TOKYO
015 D012239 JAPAN
015 E042239 X
015 A002240 KAS-ASSOCIATIE NV
015 B002240 S
015 C012240 AMSTERDAM
015 D012240 NETHERLANDS
015 E042240 X
015 A002241 BANK LABOUCHERE NV
015 B002241 S
015 C012241 AMSTERDAM
015 D012241 NETHERLANDS
015 E042241 X
015 A002242 DEVELOPMENT BANK OF SINGAPORE
015 B002242 S
015 C012242 SINGAPORE
015 D012242 SINGAPORE
015 E042242 X
015 A002243 UBS AG
015 B002243 S
015 C012243 ZURICH
015 D012243 SWITZERLAND
<PAGE> PAGE 184
015 E042243 X
015 A002244 BANGKOK BANK PUBLIC COMPANY LTD.
015 B002244 S
015 C012244 BANGKOK
015 D012244 THAILAND
015 E042244 X
024 002200 N
028 A012200 6556
028 A022200 0
028 A032200 0
028 A042200 16304
028 B012200 9092
028 B022200 0
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028 G022200 0
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048 B022200 0.625
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048 D012200 0
048 D022200 0.000
048 E012200 0
048 E022200 0.000
048 F012200 0
<PAGE> PAGE 185
048 F022200 0.000
048 G012200 0
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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
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
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062 D002200 0.0
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062 F002200 0.0
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062 H002200 0.0
062 I002200 0.0
062 J002200 0.0
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062 L002200 0.0
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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
<PAGE> PAGE 186
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
070 A022200 Y
070 B012200 Y
070 B022200 N
070 C012200 Y
070 C022200 N
070 D012200 Y
070 D022200 N
070 E012200 Y
070 E022200 N
070 F012200 Y
070 F022200 N
070 G012200 Y
070 G022200 N
070 H012200 Y
070 H022200 N
070 I012200 N
070 I022200 N
070 J012200 Y
070 J022200 N
070 K012200 N
070 K022200 N
070 L012200 Y
070 L022200 Y
070 M012200 Y
070 M022200 Y
070 N012200 Y
070 N022200 Y
070 O012200 Y
070 O022200 N
070 P012200 Y
070 P022200 Y
070 Q012200 N
070 Q022200 N
070 R012200 N
070 R022200 N
071 A002200 170641
071 B002200 154235
071 C002200 290953
071 D002200 53
072 A002200 12
072 B002200 1709
<PAGE> PAGE 187
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072 K002200 18
072 L002200 17
072 M002200 2
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072 X002200 2425
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072BB002200 34791
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073 A022200 0.0000
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<PAGE> PAGE 188
074 Q002200 0
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074 R042200 8627
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074 Y002200 2137
075 A002200 0
075 B002200 315241
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008 A002301 FRANKLIN ADVISERS, INC.
008 B002301 A
008 C002301 801-26292
008 D012301 SAN MATEO
008 D022301 CA
008 D032301 94404
008 D042301 1585
015 A002301 BANKBOSTON, N.A.
015 B002301 S
015 C012301 BUENOS AIRES
015 D012301 ARGENTINA
015 E042301 X
015 A002302 NATIONAL AUSTRALIA BANK LTD.
015 B002302 S
015 C012302 MELBOURNE
015 D012302 AUSTRALIA
015 E042302 X
015 A002303 BANK AUSTRIA AG
015 B002303 S
015 C012303 VIENNA
015 D012303 AUSTRIA
015 E042303 X
015 A002304 BANQUE BRUXELLES LAMBERT
015 B002304 S
015 C012304 BRUSSELS
015 D012304 BELGIUM
015 E042304 X
015 A002305 ROYAL BANK OF CANADA
015 B002305 S
015 C012305 MONTREAL
015 D012305 CANADA
015 E042305 X
015 A002306 DEN DANSKE BANK
015 B002306 S
<PAGE> PAGE 189
015 C012306 COPENHAGEN
015 D012306 DENMARK
015 E042306 X
015 A002307 FIRST CHICAGO CLEARING CENTRE
015 B002307 S
015 C012307 LONDON
015 D012307 EUROMARKET
015 E042307 X
015 A002308 CEDEL
015 B002308 S
015 C012308 LUXEMBOURG CITY
015 D012308 EUROMARKET
015 E042308 X
015 A002309 BANQUE BRUXELLES LAMBERT
015 B002309 S
015 C012309 BRUSSELS
015 D012309 EASDAQ
015 E042309 X
015 A002310 MERITA BANK PLC
015 B002310 S
015 C012310 HELSINKI
015 D012310 FINLAND
015 E042310 X
015 A002311 BANQUE PARIBAS
015 B002311 S
015 C012311 PARIS
015 D012311 FRANCE
015 E042311 X
015 A002312 DRESDNER BANK AG
015 B002312 S
015 C012312 FRANKFURT/MAIN
015 D012312 GERMANY
015 E042312 X
015 A002313 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002313 S
015 C012313 HONG KONG
015 D012313 HONG KONG
015 E042313 X
015 A002314 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002314 S
015 C012314 JAKARTA
015 D012314 INDONESIA
015 E042314 X
015 A002315 ALLIED IRISH BANKS, PLC
015 B002315 S
015 C012315 DUBLIN
015 D012315 IRELAND
015 E042315 X
015 A002316 BANK OF TOKYO MITSUBISHI
015 B002316 S
015 C012316 TOKYO
<PAGE> PAGE 190
015 D012316 JAPAN
015 E042316 X
015 A002317 BANQUE INTERNATIONALE A LUXEMBOURG
015 B002317 S
015 C012317 LUXEMBOURG CITY
015 D012317 LUXEMBOURG
015 E042317 X
015 A002318 HONGKONG BANK MALAYSIA BERHAD
015 B002318 S
015 C012318 KUALA LUMPUR
015 D012318 MALAYSIA
015 E042318 X
015 A002319 BANCO NACIONAL DE MEXICO
015 B002319 S
015 C012319 MEXICO CITY
015 D012319 MEXICO
015 E042319 X
015 A002320 MEESPIERSON
015 B002320 S
015 C012320 AMSTERDAM
015 D012320 NETHERLANDS
015 E042320 X
015 A002321 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B002321 S
015 C012321 WELLINGTON
015 D012321 NEW ZEALAND
015 E042321 X
015 A002322 STANDARD CHARTERED BANK
015 B002322 S
015 C012322 KARACHI
015 D012322 PAKISTAN
015 E042322 X
015 A002323 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002323 S
015 C012323 PASIG CITY MANILA
015 D012323 PHILIPPINES
015 E042323 X
015 A002324 BANCO COMERCIAL PORTUGUES, S.A.
015 B002324 S
015 C012324 LISBON
015 D012324 PORTUGAL
015 E042324 X
015 A002325 UNITED OVERSEAS BANK LTD.
015 B002325 S
015 C012325 SINGAPORE
015 D012325 SINGAPORE
015 E042325 X
015 A002326 STANDARD CORPORATE & MERCHANT BANK
015 B002326 S
015 C012326 JOHANNESBURG
015 D012326 SOUTH AFRICA
<PAGE> PAGE 191
015 E042326 X
015 A002327 BANCO BILBAO VIZCAYA
015 B002327 S
015 C012327 MADRID
015 D012327 SPAIN
015 E042327 X
015 A002328 SKANDINAVISKA ENSKILDA BANKEN
015 B002328 S
015 C012328 STOCKHOLM
015 D012328 SWEDEN
015 E042328 X
015 A002329 BANK LEU LTD.
015 B002329 S
015 C012329 ZURICH
015 D012329 SWITZERLAND
015 E042329 X
015 A002330 STANDARD CHARTERED BANK
015 B002330 S
015 C012330 BANGKOK
015 D012330 THAILAND
015 E042330 X
015 A002331 OSMANLI BANKASI A.S.
015 B002331 S
015 C012331 ISTANBUL
015 D012331 TURKEY
015 E042331 X
015 A002332 BANK OF NEW YORK
015 B002332 S
015 C012332 LONDON
015 D012332 UNITED KINGDOM
015 E042332 X
015 A002333 BANK OF NEW YORK
015 B002333 C
015 C012333 NEW YORK
015 C022333 NY
015 C032333 10286
015 E012333 X
015 A002334 STANBIC BANK ZAMBIA LTD.
015 B002334 S
015 C012334 LUSAKA
015 D012334 ZAMBIA
015 E042334 X
015 A002335 STANBIC BANK ZIMBABWE LTD.
015 B002335 S
015 C012335 HARARE
015 D012335 ZIMBABWE
015 E042335 X
015 A002336 COMMONWEALTH BANK OF AUSTRALIA
015 B002336 S
015 C012336 BURWOOD
015 D012336 AUSTRALIA
<PAGE> PAGE 192
015 E042336 X
015 A002337 CREDIT COMMERCIAL DE FRANCE
015 B002337 S
015 C012337 PARIS
015 D012337 FRANCE
015 E042337 X
015 A002338 FUJI BANK, LTD.
015 B002338 S
015 C012338 TOKYO
015 D012338 JAPAN
015 E042338 X
015 A002339 KAS-ASSOCIATIE NV
015 B002339 S
015 C012339 AMSTERDAM
015 D012339 NETHERLANDS
015 E042339 X
015 A002340 BANK LABOUCHERE NV
015 B002340 S
015 C012340 AMSTERDAM
015 D012340 NETHERLANDS
015 E042340 X
015 A002341 DEVELOPMENT BANK OF SINGAPORE
015 B002341 S
015 C012341 SINGAPORE
015 D012341 SINGAPORE
015 E042341 X
015 A002342 UBS AG
015 B002342 S
015 C012342 ZURICH
015 D012342 SWITZERLAND
015 E042342 X
015 A002343 BANGKOK BANK PUBLIC COMPANY LTD.
015 B002343 S
015 C012343 BANGKOK
015 D012343 THAILAND
015 E042343 X
024 002300 N
028 A012300 21481
028 A022300 0
028 A032300 0
028 A042300 2288
028 B012300 10101
028 B022300 0
028 B032300 0
028 B042300 7174
028 C012300 9553
028 C022300 0
028 C032300 0
028 C042300 2987
028 D012300 19014
028 D022300 0
<PAGE> PAGE 193
028 D032300 0
028 D042300 6634
028 E012300 18528
028 E022300 0
028 E032300 0
028 E042300 4870
028 F012300 12035
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028 F032300 0
028 F042300 12201
028 G012300 90712
028 G022300 0
028 G032300 0
028 G042300 36154
028 H002300 0
045 002300 Y
046 002300 N
047 002300 Y
048 002300 0.000
048 A012300 500000
048 A022300 0.750
048 B012300 500000
048 B022300 0.625
048 C012300 0
048 C022300 0.000
048 D012300 0
048 D022300 0.000
048 E012300 0
048 E022300 0.000
048 F012300 0
048 F022300 0.000
048 G012300 0
048 G022300 0.000
048 H012300 0
048 H022300 0.000
048 I012300 0
048 I022300 0.000
048 J012300 0
048 J022300 0.000
048 K012300 1000000
048 K022300 0.500
049 002300 N
050 002300 N
051 002300 N
052 002300 N
053 A002300 N
055 A002300 N
055 B002300 N
056 002300 N
057 002300 N
058 A002300 Y
<PAGE> PAGE 194
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
066 A002300 Y
066 B002300 N
066 C002300 Y
066 D002300 N
066 E002300 N
066 F002300 N
066 G002300 N
067 002300 N
068 A002300 N
068 B002300 N
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
<PAGE> PAGE 195
070 G012300 Y
070 G022300 N
070 H012300 Y
070 H022300 N
070 I012300 N
070 I022300 N
070 J012300 Y
070 J022300 N
070 K012300 Y
070 K022300 N
070 L012300 Y
070 L022300 Y
070 M012300 Y
070 M022300 N
070 N012300 Y
070 N022300 N
070 O012300 N
070 O022300 N
070 P012300 Y
070 P022300 N
070 Q012300 N
070 Q022300 N
070 R012300 N
070 R022300 N
071 A002300 83963
071 B002300 14985
071 C002300 123098
071 D002300 12
072 A002300 12
072 B002300 1612
072 C002300 1068
072 D002300 0
072 E002300 0
072 F002300 1140
072 G002300 0
072 H002300 0
072 I002300 0
072 J002300 2
072 K002300 8
072 L002300 7
072 M002300 1
072 N002300 0
072 O002300 0
072 P002300 0
072 Q002300 0
072 R002300 5
072 S002300 2
072 T002300 0
072 U002300 0
072 V002300 0
072 W002300 1
<PAGE> PAGE 196
072 X002300 1166
072 Y002300 0
072 Z002300 1515
072AA002300 1812
072BB002300 5138
072CC012300 31692
072CC022300 0
072DD012300 539
072DD022300 0
072EE002300 0
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073 A022300 0.0000
073 B002300 0.0000
073 C002300 0.0000
074 A002300 0
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074 C002300 0
074 D002300 0
074 E002300 0
074 F002300 187096
074 G002300 0
074 H002300 0
074 I002300 0
074 J002300 0
074 K002300 0
074 L002300 669
074 M002300 0
074 N002300 221229
074 O002300 0
074 P002300 135
074 Q002300 0
074 R012300 0
074 R022300 0
074 R032300 0
074 R042300 142
074 S002300 0
074 T002300 220952
074 U012300 13740
074 U022300 0
074 V012300 16.08
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074 W002300 0.0000
074 X002300 3
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075 A002300 0
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076 002300 0.00
008 A002401 TEMPLETON INVESTMENT COUNSEL, INC.
008 B002401 A
008 C002401 801-15125
008 D012401 FT. LAUDERDALE
<PAGE> PAGE 197
008 D022401 FL
008 D032401 33394
008 D042401 3091
015 A002401 CHASE MANHATTAN BANK
015 B002401 S
015 C012401 BUENOS AIRES
015 D012401 ARGENTINA
015 E042401 X
015 A002402 CHASE MANHATTAN BANK
015 B002402 S
015 C012402 SYDNEY
015 D012402 AUSTRALIA
015 E042402 X
015 A002403 AUSTRIA BANK AG
015 B002403 S
015 C012403 VIENNA
015 D012403 AUSTRIA
015 E042403 X
015 A002404 BRITISH BANK OF THE MIDDLE EAST
015 B002404 S
015 C012404 MANAMA
015 D012404 BAHRAIN
015 E042404 X
015 A002405 STANDARD CHARTERED BANK PLC
015 B002405 S
015 C012405 DHAKA
015 D012405 BANGLADESH
015 E042405 X
015 A002406 GENERALE BANK
015 B002406 S
015 C012406 BRUSSELS
015 D012406 BELGIUM
015 E042406 X
015 A002407 BANK OF BERMUDA LIMITED
015 B002407 S
015 C012407 HAMILTON
015 D012407 BERMUDA
015 E042407 X
015 A002408 BARCLAYS BANK OF BOTSWANA LTD.
015 B002408 S
015 C012408 GABORONE
015 D012408 BOTSWANA
015 E042408 X
015 A002409 CITIBANK, N.A., SAO PAULO
015 B002409 S
015 C012409 SAO PAULO
015 D012409 BRAZIL
015 E042409 X
015 A002410 ROYAL BANK OF CANADA
015 B002410 S
015 C012410 TORONTO
<PAGE> PAGE 198
015 D012410 CANADA
015 E042410 X
015 A002411 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002411 S
015 C012411 SHANGHAI
015 D012411 CHINA
015 E042411 X
015 A002412 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002412 S
015 C012412 SHENZHEN
015 D012412 CHINA
015 E042412 X
015 A002413 PRIVREDNA BANKA ZAGREB D.D.
015 B002413 S
015 C012413 ZAGREB
015 D012413 CROATIA
015 E042413 X
015 A002414 BARCLAYS BANK PLC
015 B002414 S
015 C012414 CYPRUS
015 D012414 CYPRUS
015 E042414 X
015 A002415 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002415 S
015 C012415 PRAGUE
015 D012415 CZECH REPUBLIC
015 E042415 X
015 A002416 DEN DANSKE BANK
015 B002416 S
015 C012416 COPENHAGEN
015 D012416 DENMARK
015 E042416 X
015 A002417 CITIBANK, N.A.
015 B002417 S
015 C012417 QUITO
015 D012417 ECUADOR
015 E042417 X
015 A002418 NATIONAL BANK OF EGYPT
015 B002418 S
015 C012418 CAIRO
015 D012418 EGYPT
015 E042418 X
015 A002419 FIRST CHICAGO CLEARING CENTRE
015 B002419 S
015 C012419 LONDON
015 D012419 EUROMARKET
015 E042419 X
015 A002420 CEDEL
015 B002420 S
015 C012420 LUXEMBOURG CITY
015 D012420 EUROMARKET
<PAGE> PAGE 199
015 E042420 X
015 A002421 BANQUE BRUXELLES LAMBERT
015 B002421 S
015 C012421 BRUSSELS
015 D012421 EASDAQ
015 E042421 X
015 A002422 MERITA BANK PLC
015 B002422 S
015 C012422 HELSINKI
015 D012422 FINLAND
015 E042422 X
015 A002423 BANQUE PARIBAS
015 B002423 S
015 C012423 PARIS
015 D012423 FRANCE
015 E042423 X
015 A002424 DRESDNER BANK AG
015 B002424 S
015 C012424 FRANKFURT
015 D012424 GERMANY
015 E042424 X
015 A002425 BARCLAYS BANK OF GHANA LTD.
015 B002425 S
015 C012425 ACCRA
015 D012425 GHANA
015 E042425 X
015 A002426 BARCLAYS BANK PLC
015 B002426 S
015 C012426 ATHENS
015 D012426 GREECE
015 E042426 X
015 A002427 CHASE MANHATTAN BANK
015 B002427 S
015 C012427 HONG KONG
015 D012427 HONG KONG
015 E042427 X
015 A002428 CITIBANK BUDAPEST RT.
015 B002428 S
015 C012428 BUDAPEST
015 D012428 HUNGARY
015 E042428 X
015 A002429 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002429 S
015 C012429 BOMBAY
015 D012429 INDIA
015 E042429 X
015 A002430 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002430 S
015 C012430 JAKARTA
015 D012430 INDONESIA
015 E042430 X
<PAGE> PAGE 200
015 A002431 BANK OF IRELAND
015 B002431 S
015 C012431 DUBLIN
015 D012431 IRELAND
015 E042431 X
015 A002432 BANK LEUMI LE-ISRAEL B.M.
015 B002432 S
015 C012432 TEL AVIV
015 D012432 ISRAEL
015 E042432 X
015 A002433 BANQUE PARIBAS, MILAN
015 B002433 S
015 C012433 MILAN
015 D012433 ITALY
015 E042433 X
015 A002434 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE
015 B002434 S
015 C012434 ABIDJAN
015 D012434 IVORY COAST
015 E042434 X
015 A002435 FUJI BANK, LTD.
015 B002435 S
015 C012435 TOKYO
015 D012435 JAPAN
015 E042435 X
015 A002436 BARCLAYS BANK OF KENYA, LTD.
015 B002436 S
015 C012436 NAIROBI
015 D012436 KENYA
015 E042436 X
015 A002437 BRITISH BANK OF THE MIDDLE EAST
015 B002437 S
015 C012437 BEIRUT
015 D012437 LEBANON
015 E042437 X
015 A002438 BANQUE GENERALE DU LUXEMBOURG
015 B002438 S
015 C012438 LUXEMBOURG CITY
015 D012438 LUXEMBOURG
015 E042438 X
015 A002439 CHASE MANHATTAN BANK BERHAD
015 B002439 S
015 C012439 KUALA LUMPUR
015 D012439 MALAYSIA
015 E042439 X
015 A002440 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002440 S
015 C012440 MANILA
015 D012440 PHILIPPINES
015 E042440 X
015 A002441 HONGKONG & SHANGHAI BANKING CORP. LTD.
<PAGE> PAGE 201
015 B002441 S
015 C012441 PORT LOUIS
015 D012441 MAURITIUS
015 E042441 X
015 A002442 CHASE MANHATTAN BANK, S.A.
015 B002442 S
015 C012442 MEXICO CITY
015 D012442 MEXICO
015 E042442 X
015 A002443 BANQUE COMMERCIALE DU MAROC
015 B002443 S
015 C012443 CASABLANCA
015 D012443 MOROCCO
015 E042443 X
015 A002444 STANDARD BANK NAMIBIA LIMITED
015 B002444 S
015 C012444 WINDHOEK
015 D012444 NAMIBIA
015 E042444 X
015 A002445 ABN-AMRO BANK N.V.
015 B002445 S
015 C012445 AMSTERDAM
015 D012445 NETHERLANDS
015 E042445 X
015 A002446 NATIONAL NOMINEES LIMITED
015 B002446 S
015 C012446 AUCKLAND
015 D012446 NEW ZEALAND
015 E042446 X
015 A002447 DEN NORSKE BANK
015 B002447 S
015 C012447 OSLO
015 D012447 NORWAY
015 E042447 X
015 A002448 BRITISH BANK OF THE MIDDLE EAST
015 B002448 S
015 C012448 MUSCAT
015 D012448 OMAN
015 E042448 X
015 A002449 DEUTSCHE BANK A.G., KARACHI
015 B002449 S
015 C012449 KARACHI
015 D012449 PAKISTAN
015 E042449 X
015 A002450 CITIBANK, N.A.
015 B002450 S
015 C012450 LIMA
015 D012450 PERU
015 E042450 X
015 A002451 BANK HANDLOWY W WARSZAWIE, S.A.
015 B002451 S
<PAGE> PAGE 202
015 C012451 WARSAW
015 D012451 POLAND
015 E042451 X
015 A002452 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B002452 S
015 C012452 LISBON
015 D012452 PORTUGAL
015 E042452 X
015 A002453 ING BANK N.V. BUCHAREST BRANCH
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015 C012453 BUCHAREST
015 D012453 ROMANIA
015 E042453 X
015 A002454 CHASE MANHATTAN BANK INTERNATIONAL
015 B002454 S
015 C012454 MOSCOW
015 D012454 RUSSIA
015 E042454 X
015 A002455 STANDARD CHARTERED BANK, PLC
015 B002455 S
015 C012455 SINGAPORE
015 D012455 SINGAPORE
015 E042455 X
015 A002456 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B002456 S
015 C012456 BRATISLAVA
015 D012456 SLOVAKIA
015 E042456 X
015 A002457 STANDARD BANK OF SOUTH AFRICA LTD.
015 B002457 S
015 C012457 JOHANNESBURG
015 D012457 SOUTH AFRICA
015 E042457 X
015 A002458 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002458 S
015 C012458 SEOUL
015 D012458 SOUTH KOREA
015 E042458 X
015 A002459 CHASE MANHATTAN BANK
015 B002459 S
015 C012459 MADRID
015 D012459 SPAIN
015 E042459 X
015 A002460 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002460 S
015 C012460 COLOMBO
015 D012460 SRI LANKA
015 E042460 X
015 A002461 STANBIC BANK SWAZILAND LIMITED
015 B002461 S
015 C012461 MBABANE
<PAGE> PAGE 203
015 D012461 SWAZILAND
015 E042461 X
015 A002462 SKANDINAVISKA ENSKILDA BANKEN
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015 C012462 STOCKHOLM
015 D012462 SWEDEN
015 E042462 X
015 A002463 UBS AG
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015 C012463 ZURICH
015 D012463 SWITZERLAND
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015 D012464 THAILAND
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015 D012466 UNITED KINGDOM
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015 C012468 MONTEVIDEO
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015 A002469 CITIBANK, N.A.
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015 A002470 BARCLAYS BANK OF ZAMBIA LTD.
015 B002470 S
015 C012470 LUSAKA
015 D012470 ZAMBIA
015 E042470 X
015 A002471 BARCLAYS BANK PLC
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015 C012471 HARARE
<PAGE> PAGE 204
015 D012471 ZIMBABWE
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015 A002472 CANADA TRUSTCO MORTGAGE COMPANY
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015 C012472 TORONTO
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015 A002473 DEUTSCHE BANK, A.G., BOMBAY
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015 C012473 BOMBAY
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015 E042473 X
015 A002474 STANDARD CHARTERED BANK
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015 C012474 JAKARTA
015 D012474 INDONESIA
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015 D012475 PAKISTAN
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015 A002476 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C012476 SANTAFE DE BOGOTA
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015 A002477 FIRST CHICAGO NBD CORP.
015 B002477 S
015 C012477 LONDON
015 D012477 UNITED KINGDOM
015 E042477 X
015 A002478 DELETE
024 002400 N
025 A002401 DELETE
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025 D002405 0
025 D002406 0
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025 D002408 0
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<PAGE> PAGE 205
028 C012400 2043
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050 002400 N
051 002400 N
052 002400 N
<PAGE> PAGE 206
053 A002400 N
055 A002400 N
055 B002400 N
056 002400 Y
057 002400 N
058 A002400 Y
058 B002400 Y
058 C002400 Y
058 D002400 Y
058 E002400 N
059 002400 Y
060 A002400 Y
060 B002400 Y
061 002400 2000
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062 D002400 0.0
062 E002400 0.0
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062 H002400 0.0
062 I002400 0.0
062 J002400 0.0
062 K002400 0.0
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<PAGE> PAGE 207
070 D012400 Y
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<PAGE> PAGE 208
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<PAGE> PAGE 209
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<PAGE> PAGE 210
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<PAGE> PAGE 211
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<PAGE> PAGE 212
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<PAGE> PAGE 213
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<PAGE> PAGE 214
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<PAGE> PAGE 215
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<PAGE> PAGE 216
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<PAGE> PAGE 217
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<PAGE> PAGE 218
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<PAGE> PAGE 219
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<PAGE> PAGE 220
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<PAGE> PAGE 221
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<PAGE> PAGE 222
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<PAGE> PAGE 223
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<PAGE> PAGE 224
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<PAGE> PAGE 225
015 D012649 JORDAN
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<PAGE> PAGE 226
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<PAGE> PAGE 227
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<PAGE> PAGE 228
050 002600 N
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<PAGE> PAGE 229
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<PAGE> PAGE 230
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<PAGE> PAGE 231
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<PAGE> PAGE 232
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<PAGE> PAGE 233
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<PAGE> PAGE 234
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<PAGE> PAGE 235
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<PAGE> PAGE 236
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<PAGE> PAGE 237
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<PAGE> PAGE 238
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<PAGE> PAGE 239
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<PAGE> PAGE 240
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015 C012807 LONDON
015 D012807 EUROMARKET
015 E042807 X
015 A002808 CEDEL
<PAGE> PAGE 241
015 B002808 S
015 C012808 LUXEMBOURG CITY
015 D012808 EUROMARKET
015 E042808 X
015 A002809 BANQUE BRUXELLES LAMBERT
015 B002809 S
015 C012809 BRUSSELS
015 D012809 EASDAQ
015 E042809 X
015 A002810 MERITA BANK PLC
015 B002810 S
015 C012810 HELSINKI
015 D012810 FINLAND
015 E042810 X
015 A002811 BANQUE PARIBAS
015 B002811 S
015 C012811 PARIS
015 D012811 FRANCE
015 E042811 X
015 A002812 DRESDNER BANK AG
015 B002812 S
015 C012812 FRANKFURT/MAIN
015 D012812 GERMANY
015 E042812 X
015 A002813 NATIONAL BANK OF GREECE SA
015 B002813 S
015 C012813 ATHENS
015 D012813 GREECE
015 E042813 X
015 A002814 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002814 S
015 C012814 HONGKONG
015 D012814 HONGKONG
015 E042814 X
015 A002815 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B002815 S
015 C012815 JAKARTA
015 D012815 INDONESIA
015 E042815 X
015 A002816 ALLIED IRISH BANKS, PLC
015 B002816 S
015 C012816 DUBLIN
015 D012816 IRELAND
015 E042816 X
015 A002817 BANCA COMMERCIALE ITALIANA
015 B002817 S
015 C012817 MILAN
015 D012817 ITALY
015 E042817 X
015 A002818 BANK OF TOKYO MITSUBISHI
015 B002818 S
<PAGE> PAGE 242
015 C012818 TOKYO
015 D012818 JAPAN
015 E042818 X
015 A002819 BANQUE INTERNATIONALE A LUXEMBOURG
015 B002819 S
015 C012819 LUXEMBOURG CITY
015 D012819 LUXEMBOURG
015 E042819 X
015 A002820 HONGKONG BANK MALAYSIA BERHAD
015 B002820 S
015 C012820 KUALA LUMPUR
015 D012820 MALAYSIA
015 E042820 X
015 A002821 BANCO NACIONAL DE MEXICO
015 B002821 S
015 C012821 MEXICO CITY
015 D012821 MEXICO
015 E042821 X
015 A002822 MEES PIERSON
015 B002822 S
015 C012822 AMSTERDAM
015 D012822 NETHERLANDS
015 E042822 X
015 A002823 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B002823 S
015 C012823 WELLINGTON
015 D012823 NEW ZEALAND
015 E042823 X
015 A002824 DEN NORSKE BANK ASA
015 B002824 S
015 C012824 OSLO
015 D012824 NORWAY
015 E042824 X
015 A002825 HONGKONG SHANGHAI BANKING CORP. LTD.
015 B002825 S
015 C012825 PASIG CITY MANILA
015 D012825 PHILIPPINES
015 E042825 X
015 A002826 BANCO COMERCIAL PORTUGUES, S.A.
015 B002826 S
015 C012826 LISBON
015 D012826 PORTUGAL
015 E042826 X
015 A002827 UNITED OVERSEAS BANK LTD.
015 B002827 S
015 C012827 SINGAPORE
015 D012827 SINGAPORE
015 E042827 X
015 A002828 STANDARD CORPORATE & MERCHANT BANK
015 B002828 S
015 C012828 JOHANNESBURG
<PAGE> PAGE 243
015 D012828 SOUTH AFRICA
015 E042828 X
015 A002829 BANCO BILBAO VIZCAYA
015 B002829 S
015 C012829 MADRID
015 D012829 SPAIN
015 E042829 X
015 A002830 SKANDINAVISKA ENSKILDA BANKEN
015 B002830 S
015 C012830 STOCKHOLM
015 D012830 SWEDEN
015 E042830 X
015 A002831 BANK LEU LTD.
015 B002831 S
015 C012831 ZURICH
015 D012831 SWITZERLAND
015 E042831 X
015 A002832 STANDARD CHARTERED BANK
015 B002832 S
015 C012832 BANGKOK
015 D012832 THAILAND
015 E042832 X
015 A002833 OSMANLI BANKASI A.S.
015 B002833 S
015 C012833 ISTANBUL
015 D012833 TURKEY
015 E042833 X
015 A002834 BANK OF NEW YORK
015 B002834 S
015 C012834 LONDON
015 D012834 UNITED KINGDOM
015 E042834 X
015 A002835 BANK OF NEW YORK
015 B002835 C
015 C012835 NEW YORK
015 C022835 NY
015 C032835 10286
015 E012835 X
015 A002836 STANBIC BANK ZAMBIA LTD.
015 B002836 S
015 C012836 LUSAKA
015 D012836 ZAMBIA
015 E042836 X
015 A002837 STANBIC BANK ZIMBABWE LTD.
015 B002837 S
015 C012837 HARARE
015 D012837 ZIMBABWE
015 E042837 X
015 A002838 COMMONWEALTH BANK OF AUSTRALIA
015 B002838 S
015 C012838 BURWOOD
<PAGE> PAGE 244
015 D012838 AUSTRALIA
015 E042838 X
015 A002839 CREDIT COMMERCIAL DE FRANCE
015 B002839 S
015 C012839 PARIS
015 D012839 FRANCE
015 E042839 X
015 A002840 BANQUE PARIBAS SA
015 B002840 S
015 C012840 MILAN
015 D012840 ITALY
015 E042840 X
015 A002841 FUJI BANK, LTD.
015 B002841 S
015 C012841 TOKYO
015 D012841 JAPAN
015 E042841 X
015 A002842 KAS-ASSOCIATIE NV
015 B002842 S
015 C012842 AMSTERDAM
015 D012842 NETHERLANDS
015 E042842 X
015 A002843 BANK LABOUCHERE NV
015 B002843 S
015 C012843 AMSTERDAM
015 D012843 NETHERLANDS
015 E042843 X
015 A002844 DEVELOPMENT BANK OF SINGAPORE
015 B002844 S
015 C012844 SINGAPORE
015 D012844 SINGAPORE
015 E042844 X
015 A002845 UBS AG
015 B002845 S
015 C012845 ZURICH
015 D012845 SWITZERLAND
015 E042845 X
015 A002846 BANGKOK BANK PUBLIC COMPANY LTD.
015 B002846 S
015 C012846 BANGKOK
015 D012846 THAILAND
015 E042846 X
024 002800 N
028 A012800 2011
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028 A032800 0
028 A042800 25
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028 B042800 155
<PAGE> PAGE 245
028 C012800 1109
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028 F032800 0
028 F042800 326
028 G012800 8033
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028 G032800 0
028 G042800 895
028 H002800 0
045 002800 Y
046 002800 N
047 002800 Y
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048 H012800 0
048 H022800 0.000
048 I012800 0
048 I022800 0.000
048 J012800 0
048 J022800 0.000
048 K012800 1300000
048 K022800 0.400
049 002800 N
050 002800 N
051 002800 N
052 002800 N
<PAGE> PAGE 246
053 A002800 N
055 A002800 Y
055 B002800 N
056 002800 N
057 002800 N
058 A002800 Y
058 B002800 Y
058 C002800 Y
058 D002800 Y
058 E002800 N
059 002800 Y
060 A002800 N
060 B002800 N
061 002800 2000
062 A002800 N
062 B002800 0.0
062 C002800 0.0
062 D002800 0.0
062 E002800 0.0
062 F002800 0.0
062 G002800 0.0
062 H002800 0.0
062 I002800 0.0
062 J002800 0.0
062 K002800 0.0
062 L002800 0.0
062 M002800 0.0
062 N002800 0.0
062 O002800 0.0
062 P002800 0.0
062 Q002800 0.0
062 R002800 0.0
063 A002800 0
063 B002800 0.0
066 A002800 Y
066 B002800 N
066 C002800 N
066 D002800 N
066 E002800 N
066 F002800 N
066 G002800 Y
067 002800 N
068 A002800 N
068 B002800 N
069 002800 N
070 A012800 Y
070 A022800 Y
070 B012800 Y
070 B022800 N
070 C012800 Y
070 C022800 N
<PAGE> PAGE 247
070 D012800 Y
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070 E012800 Y
070 E022800 N
070 F012800 Y
070 F022800 N
070 G012800 Y
070 G022800 N
070 H012800 Y
070 H022800 N
070 I012800 N
070 I022800 N
070 J012800 Y
070 J022800 N
070 K012800 Y
070 K022800 N
070 L012800 Y
070 L022800 Y
070 M012800 Y
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070 N012800 Y
070 N022800 N
070 O012800 Y
070 O022800 N
070 P012800 Y
070 P022800 N
070 Q012800 Y
070 Q022800 N
070 R012800 Y
070 R022800 N
071 A002800 9432
071 B002800 1004
071 C002800 4404
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072 A002800 8
072 B002800 27
072 C002800 26
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072 E002800 0
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072 G002800 4
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072 I002800 0
072 J002800 0
072 K002800 0
072 L002800 1
072 M002800 0
072 N002800 0
072 O002800 0
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072 Q002800 0
<PAGE> PAGE 248
072 R002800 2
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072BB002800 198
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072DD022800 0
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073 A022800 0.0000
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073 C002800 0.0000
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074 B002800 1252
074 C002800 0
074 D002800 0
074 E002800 0
074 F002800 7965
074 G002800 0
074 H002800 0
074 I002800 0
074 J002800 22
074 K002800 134
074 L002800 6
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074 N002800 9379
074 O002800 358
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<PAGE> PAGE 249
075 B002800 4431
076 002800 0.00
SIGNATURE LAURA FERGERSON
TITLE ASST TREASURER
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors of Franklin
Valuemark Funds:
In planning and performing our audit of the financial statements of
Franklin Valuemark Funds for the year ended December 31, 1998, we
considered its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Franklin Valuemark Funds is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use,
or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also, projection
of any evaluation of internal control to future periods is subject
to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of any specific internal control component does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above, as
of December 31, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
S\PricewaterhouseCoopers LLP
San Francisco, California
February 4, 1999
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
Exhibit 77Q(a)
Certificate of Amendment
of
Agreement and Declaration of Trust
of
Franklin Valuemark Funds
The undersigned certify that:
1.They constitute a majority of the Trustees of
the Franklin Valuemark Funds (the "Trust"), a
Massachusetts business trust.
2. They hereby adopt the following amendment to the
Agreement and Declaration of Trust of the Trust, which
deletes in its entirety the Section of the Agreement and
Declaration of Trust entitled "Section 1. Division of
Beneficial Interest." of Article III and replaces such
Section of Article III with the following:
"Section 1. Division of Beneficial
Interest. The beneficial interest in the Trust shall at
all times be divided into an unlimited number of shares,
with a par value of $.01 per Share. The Trustees may
authorize the division of the Shares into separate Series
and the division of Series into separate classes or
sub-series of Shares (subject to any applicable rule,
regulation or order of the Commission or other applicable
law or regulation). The different Series and classes
shall be established and designated and shall have such
preference, conversion or other rights, voting powers,
restrictions, limitations as to dividends, qualifications,
terms and conditions of redemption and other characteristics
as the Trustees may determine.
Notwithstanding the provisions of Section 6(d) of
this Article III or any other provision of this Agreement
and Declaration of Trust, if any matter submitted to shareholders
for a vote affects only the interests of one class of a
Series then only such affected class shall be entitled to
vote on the matter. Each Share of a Series shall have equal
rights with each other Share of that Series with respect to
the assets of the Trust pertaining to that Series.
Notwithstanding any other provision of this Agreement
and Declaration of Trust, the dividends payable to the
holders of any Series (or class) (subject to any applicable
rule, regulation or order of the Commission or any other
applicable law or regulation) shall be determined by the
Trustees and need not be individually declared, but may be
declared and paid in accordance with a formula adopted by
the Trustees. Except as otherwise provided herein, all
references in this Agreement and Declaration of Trust to
Shares or Series of Shares shall apply without discrimination
to the Shares of each Series.
Shareholders shall have not preemptive or other
right to subscribe to any additional Shares or other
securities issued by the Trust or any Series or class.
The Trustees may from time to time divide or combine
the Shares of any particular Series or class into a
greater or lesser number of Shares of that Series or
class without thereby changing the proportionate beneficial
interest of the Shares of that Series or class in the
assets belonging to that Series or class or in any way
affecting the rights of Shares of any other Series or class."
3. It is the determination of the Trustees
that approval of the shareholders of the Trust is not
required by the Investment Company Act of 1940, as
amended, or other applicable law. This Amendment is
made pursuant to Article III, Section 5 of this
Agreement and Declaration of Trust which empowers
the Trustees to change provisions relating to
Shares of the Trust and to Article VIII, Section 9,
which empowers the Trustees to amend the Agreement
and Declaration of Trust by an instrument in writing
signed by a majority of the then Trustees.
We declare under penalty of perjury
that the matters set forth in this certificate are
true and correct of our own knowledge.
Dated: October 16, 1998
/s/ Charles B. Johnson
Charles B. Johnson
Frank H. Abbott, III
/s/ Harris J. Ashton
Lowell C. Anderson Harris J. Ashton
/s/ S. Joseph Fortunato
Robert F. Carlson S. Joseph Fortunato
/s/ Charles E. Johnson /s/ Rupert H. Johnson, Jr.
Charles E. Johnson Rupert H. Johnson, Jr.
/s/ Gordon S. Macklin
Frank W.T. LaHaye Gordon S. Macklin
Q:\LEGAL\WPDOC1\FVF\WORK\charter\CERTAMD.doc
2
NAME OF REGISTRANT:
Franklin Valuemark Funds
File No. 811-5583
Exhibit 77I: Terms of new or amended securities:
All series of the registrant began offering an
additional class of shares on December 28, 1998.
All shares purchased before the initial offering of
Class 2 shares of a fund on December 28, 1998 are
considered Class 1 shares. After that date, all
shares are designated either Class 1 or Class 2.
Class 2 shares have a Rule 12b-1 distribution plan
and are currently subject to fees of .30% per year
of Class 2's average daily net assets which will
affect the performance of Class 2 shares. Class 1
shares do not bear any Rule 12b-1 fees., Class 1 and
Class 2. The full title of each series and class is:
Money Market Fund - Class 1
Money Market Fund - Class 2
Growth and Income Fund - Class 1
Growth and Income Fund - Class 2
Natural Resources Securities Fund - Class 1
Natural Resources Securities Fund - Class 2
Real Estate Securities Fund - Class 1
Real Estate Securities Fund - Class 2
Global Utilities Securities Fund - Class 1
Global Utilities Securities Fund - Class 2
High Income Fund - Class 1
High Income Fund - Class 2
Templeton Global Income Securities Fund Class 1
Templeton Global Income Securities Fund Class 2
Income Securities Fund Class 1
Income Securities Fund Class 2
U.S. Government Securities Fund - Class 1
U.S. Government Securities Fund - Class 2
Zero Coupon Fund - 2000 - Class 1
Zero Coupon Fund - 2000 - Class 2
Zero Coupon Fund - 2005 - Class 1
Zero Coupon Fund - 2005 - Class 2
Zero Coupon Fund - 2010 - Class 1
Zero Coupon Fund - 2010 - Class 2
Rising Dividend Fund - Class 1
Rising Dividend Fund - Class 2
Templeton Pacific Growth Fund - Class 1
Templeton Pacific Growth Fund - Class 2
Templeton International Equity Fund - Class 1
Templeton International Equity Fund - Class 2
Templeton Developing Markets Equity Fund - Class 1
Templeton Developing Markets Equity Fund - Class 2
Templeton Global Growth Fund - Class 1
Templeton Global Growth Fund - Class 2
Templeton Global Asset Allocation Fund - Class 1
Templeton Global Asset Allocation Fund - Class 2
Small Cap Fund - Class 1
Small Cap Fund - Class 2
Capital Growth Fund - Class 1
Capital Growth Fund - Class 2
Templeton International Smaller Companies Fund - Class 1
Templeton International Smaller Companies Fund - Class 2
Mutual Discovery Securities Fund - Class 1
Mutual Discovery Securities Fund - Class 2
Mutual Shares Securities Fund - Class 1
Mutual Shares Securities Fund - Class 2
Global Health Care Securities Fund - Class 1
Global Health Care Securities Fund - Class 2
Value Securities Fund - Class 1
Value Securities Fund - Class 2
Shares of each class represent proportionate interests in the
assets of Registrant's series. On matters that affect a series
as a whole, each class has the same voting and other rights
and preferences as any other class. On matters that only affect
one class, only shareholders of that class may vote. Each class
votes separately on matters affecting only that class, or expressly
required to be voted on separately by state or federal law. Shares
of each class of a series have the same voting and other rights
and preferences as other classes and series of the trust for
matters that affect the Registrant as a whole.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 393,230,633
<INVESTMENTS-AT-VALUE> 393,230,633
<RECEIVABLES> 22,450,940
<ASSETS-OTHER> 323
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 415,681,896
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,341,138
<TOTAL-LIABILITIES> 1,341,138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 414,340,758
<SHARES-COMMON-STOCK> 414,340,758
<SHARES-COMMON-PRIOR> 367,449,139
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 414,340,758
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 21,340,606
<OTHER-INCOME> 0
<EXPENSES-NET> (1,736,719)
<NET-INVESTMENT-INCOME> 19,603,887
<REALIZED-GAINS-CURRENT> (371)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 19,603,516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (19,603,516)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 748,602,052
<NUMBER-OF-SHARES-REDEEMED> (721,314,062)
<SHARES-REINVESTED> 19,603,629
<NET-CHANGE-IN-ASSETS> 46,891,619
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,986,485)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,051,901)
<AVERAGE-NET-ASSETS> 385,871,787
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> .450 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER .53%
<FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> FVF-GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,015,815,938
<INVESTMENTS-AT-VALUE> 1,260,729,291
<RECEIVABLES> 63,334,652
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,324,063,943
<PAYABLE-FOR-SECURITIES> 3,781,601
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,539,069
<TOTAL-LIABILITIES> 5,320,670
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 911,478,110
<SHARES-COMMON-STOCK> 64,782,428
<SHARES-COMMON-PRIOR> 63,702,777
<ACCUMULATED-NII-CURRENT> 43,273,575
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 119,084,055
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 244,907,533
<NET-ASSETS> 1,318,743,273
<DIVIDEND-INCOME> 46,208,572
<INTEREST-INCOME> 4,365,468
<OTHER-INCOME> 0
<EXPENSES-NET> (6,564,237)
<NET-INVESTMENT-INCOME> 44,009,803
<REALIZED-GAINS-CURRENT> 119,155,296
<APPREC-INCREASE-CURRENT> (59,404,856)
<NET-CHANGE-FROM-OPS> 103,760,243
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,569,458)
<DISTRIBUTIONS-OF-GAINS> (102,500,145)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,617,417
<NUMBER-OF-SHARES-REDEEMED> (15,929,952)
<SHARES-REINVESTED> 7,392,186
<NET-CHANGE-IN-ASSETS> (19,732,853)
<ACCUMULATED-NII-PRIOR> 42,883,458
<ACCUMULATED-GAINS-PRIOR> 102,378,676
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,301,582)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,564,237)
<AVERAGE-NET-ASSETS> 1,344,873,092
<PER-SHARE-NAV-BEGIN> 21.010
<PER-SHARE-NII> .690
<PER-SHARE-GAIN-APPREC> .990
<PER-SHARE-DIVIDEND> (.690)
<PER-SHARE-DISTRIBUTIONS> (1.640)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.360
<EXPENSE-RATIO> .490
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> FVF-NATURAL RESOURCES SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 52,749,663
<INVESTMENTS-AT-VALUE> 42,557,132
<RECEIVABLES> 3,544,296
<ASSETS-OTHER> 14,658
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,116,086
<PAYABLE-FOR-SECURITIES> 159,484
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,556
<TOTAL-LIABILITIES> 189,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,798,998
<SHARES-COMMON-STOCK> 5,476,199
<SHARES-COMMON-PRIOR> 6,564,617
<ACCUMULATED-NII-CURRENT> 727,057
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (23,406,478)
<ACCUM-APPREC-OR-DEPREC> (10,192,531)
<NET-ASSETS> 45,927,046
<DIVIDEND-INCOME> 805,210
<INTEREST-INCOME> 346,769
<OTHER-INCOME> 0
<EXPENSES-NET> (400,817)
<NET-INVESTMENT-INCOME> 751,162
<REALIZED-GAINS-CURRENT> (16,988,914)
<APPREC-INCREASE-CURRENT> (1,662,177)
<NET-CHANGE-FROM-OPS> (17,899,929)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (946,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,505,454
<NUMBER-OF-SHARES-REDEEMED> (4,685,716)
<SHARES-REINVESTED> 91,844
<NET-CHANGE-IN-ASSETS> (28,997,264)
<ACCUMULATED-NII-PRIOR> 940,017
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6,434,773)
<GROSS-ADVISORY-FEES> (388,527)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (400,817)
<AVERAGE-NET-ASSETS> 62,166,993
<PER-SHARE-NAV-BEGIN> 11.410
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> (3.020)
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.390
<EXPENSE-RATIO> .640
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> FVF-REAL ESTATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 257,934,343
<INVESTMENTS-AT-VALUE> 274,003,947
<RECEIVABLES> 8,500,443
<ASSETS-OTHER> 166,718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,671,108
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 380,701
<TOTAL-LIABILITIES> 380,701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 222,814,957
<SHARES-COMMON-STOCK> 14,164,554
<SHARES-COMMON-PRIOR> 17,207,897
<ACCUMULATED-NII-CURRENT> 18,909,704
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,496,142
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,069,604
<NET-ASSETS> 282,290,407
<DIVIDEND-INCOME> 21,149,114
<INTEREST-INCOME> 911,621
<OTHER-INCOME> 0
<EXPENSES-NET> (1,976,304)
<NET-INVESTMENT-INCOME> 20,084,431
<REALIZED-GAINS-CURRENT> 24,686,332
<APPREC-INCREASE-CURRENT> (114,230,527)
<NET-CHANGE-FROM-OPS> (69,459,764)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,362,062)
<DISTRIBUTIONS-OF-GAINS> (9,509,537)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,938,333
<NUMBER-OF-SHARES-REDEEMED> (6,098,998)
<SHARES-REINVESTED> 1,117,322
<NET-CHANGE-IN-ASSETS> (158,263,856)
<ACCUMULATED-NII-PRIOR> 14,187,335
<ACCUMULATED-GAINS-PRIOR> 9,319,347
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,911,113)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,976,304)
<AVERAGE-NET-ASSETS> 369,115,183
<PER-SHARE-NAV-BEGIN> 25.600
<PER-SHARE-NII> 1.450
<PER-SHARE-GAIN-APPREC> (5.600)
<PER-SHARE-DIVIDEND> (.940)
<PER-SHARE-DISTRIBUTIONS> (.580)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.930
<EXPENSE-RATIO> .540
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> FVF-GLOBAL UTILITIES SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 748,493,181
<INVESTMENTS-AT-VALUE> 946,201,152
<RECEIVABLES> 47,805,634
<ASSETS-OTHER> 1,128
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 994,007,914
<PAYABLE-FOR-SECURITIES> 5,063,024
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,189,694
<TOTAL-LIABILITIES> 7,252,718
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 676,131,605
<SHARES-COMMON-STOCK> 48,260,709
<SHARES-COMMON-PRIOR> 55,569,232
<ACCUMULATED-NII-CURRENT> 32,999,590
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 79,916,030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 197,707,971
<NET-ASSETS> 986,755,196
<DIVIDEND-INCOME> 37,119,920
<INTEREST-INCOME> 1,161,718
<OTHER-INCOME> 0
<EXPENSES-NET> (5,242,000)
<NET-INVESTMENT-INCOME> 33,039,638
<REALIZED-GAINS-CURRENT> 80,008,445
<APPREC-INCREASE-CURRENT> (5,715,083)
<NET-CHANGE-FROM-OPS> 107,333,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,481,848)
<DISTRIBUTIONS-OF-GAINS> (61,944,426)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,621,862
<NUMBER-OF-SHARES-REDEEMED> (15,318,738)
<SHARES-REINVESTED> 5,388,353
<NET-CHANGE-IN-ASSETS> (143,148,905)
<ACCUMULATED-NII-PRIOR> 42,429,889
<ACCUMULATED-GAINS-PRIOR> 61,863,922
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,965,295)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,242,000)
<AVERAGE-NET-ASSETS> 1,047,937,631
<PER-SHARE-NAV-BEGIN> 20.330
<PER-SHARE-NII> .760
<PER-SHARE-GAIN-APPREC> 1.410
<PER-SHARE-DIVIDEND> (.830)
<PER-SHARE-DISTRIBUTIONS> (1.220)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.450
<EXPENSE-RATIO> .500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 06
<NAME> FVF-HIGH INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 457,417,080
<INVESTMENTS-AT-VALUE> 425,050,056
<RECEIVABLES> 22,234,569
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 447,284,625
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 676,120
<TOTAL-LIABILITIES> 676,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 418,759,743
<SHARES-COMMON-STOCK> 33,620,945
<SHARES-COMMON-PRIOR> 34,324,418
<ACCUMULATED-NII-CURRENT> 48,138,649
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,077,601
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (32,367,488)
<NET-ASSETS> 446,608,505
<DIVIDEND-INCOME> 244,920
<INTEREST-INCOME> 50,773,641
<OTHER-INCOME> 0
<EXPENSES-NET> (2,554,617)
<NET-INVESTMENT-INCOME> 48,463,944
<REALIZED-GAINS-CURRENT> 11,863,739
<APPREC-INCREASE-CURRENT> (53,325,986)
<NET-CHANGE-FROM-OPS> 7,001,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (44,113,847)
<DISTRIBUTIONS-OF-GAINS> (2,617,950)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,350,296
<NUMBER-OF-SHARES-REDEEMED> (16,477,344)
<SHARES-REINVESTED> 3,423,575
<NET-CHANGE-IN-ASSETS> (49,427,327)
<ACCUMULATED-NII-PRIOR> 44,013,099
<ACCUMULATED-GAINS-PRIOR> 2,607,265
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,439,509)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,554,617)
<AVERAGE-NET-ASSETS> 486,582,922
<PER-SHARE-NAV-BEGIN> 14.450
<PER-SHARE-NII> 1.430
<PER-SHARE-GAIN-APPREC> (1.250)
<PER-SHARE-DIVIDEND> (1.270)
<PER-SHARE-DISTRIBUTIONS> (.080)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.280
<EXPENSE-RATIO> .530
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 007
<NAME> FVF-GLOBAL INCOME SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 141,515,105
<INVESTMENTS-AT-VALUE> 144,317,858
<RECEIVABLES> 6,867,323
<ASSETS-OTHER> 12,586
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 151,197,767
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 257,030
<TOTAL-LIABILITIES> 257,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,643,290
<SHARES-COMMON-STOCK> 11,725,182
<SHARES-COMMON-PRIOR> 14,265,198
<ACCUMULATED-NII-CURRENT> 4,943,426
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,498,798)
<ACCUM-APPREC-OR-DEPREC> 2,852,819
<NET-ASSETS> 150,940,737
<DIVIDEND-INCOME> 243
<INTEREST-INCOME> 12,503,384
<OTHER-INCOME> 0
<EXPENSES-NET> (1,054,755)
<NET-INVESTMENT-INCOME> 11,448,872
<REALIZED-GAINS-CURRENT> (5,620,478)
<APPREC-INCREASE-CURRENT> 5,419,749
<NET-CHANGE-FROM-OPS> 11,248,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,370,027)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 884,521
<NUMBER-OF-SHARES-REDEEMED> (4,428,598)
<SHARES-REINVESTED> 1,004,061
<NET-CHANGE-IN-ASSETS> (34,075,437)
<ACCUMULATED-NII-PRIOR> 11,163,308
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3,177,047)
<GROSS-ADVISORY-FEES> (959,858)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,054,755)
<AVERAGE-NET-ASSETS> 166,971,646
<PER-SHARE-NAV-BEGIN> 12.970
<PER-SHARE-NII> 1.070
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> (0.980)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.870
<EXPENSE-RATIO> 0.630
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 09
<NAME> FVF-INCOME SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,081,875,650
<INVESTMENTS-AT-VALUE> 1,154,588,474
<RECEIVABLES> 28,547,744
<ASSETS-OTHER> 3,298,193
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,186,434,411
<PAYABLE-FOR-SECURITIES> 35,056
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 559,468
<TOTAL-LIABILITIES> 594,524
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,001,451,620
<SHARES-COMMON-STOCK> 70,073,792
<SHARES-COMMON-PRIOR> 76,595,043
<ACCUMULATED-NII-CURRENT> 82,921,968
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,754,109
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,712,190
<NET-ASSETS> 1,185,839,887
<DIVIDEND-INCOME> 31,421,627
<INTEREST-INCOME> 65,763,832
<OTHER-INCOME> 0
<EXPENSES-NET> (6,463,873)
<NET-INVESTMENT-INCOME> 90,721,586
<REALIZED-GAINS-CURRENT> 21,750,117
<APPREC-INCREASE-CURRENT> (93,203,950)
<NET-CHANGE-FROM-OPS> 19,267,753
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (102,762,930)
<DISTRIBUTIONS-OF-GAINS> (24,268,308)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,561,398
<NUMBER-OF-SHARES-REDEEMED> (19,594,845)
<SHARES-REINVESTED> 7,512,196
<NET-CHANGE-IN-ASSETS> (220,946,732)
<ACCUMULATED-NII-PRIOR> 102,009,670
<ACCUMULATED-GAINS-PRIOR> 24,225,942
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,133,729
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,463,873
<AVERAGE-NET-ASSETS> 1,307,553,842
<PER-SHARE-NAV-BEGIN> 18.370
<PER-SHARE-NII> 1.37
<PER-SHARE-GAIN-APPREC> (1.07)
<PER-SHARE-DIVIDEND> (1.420)
<PER-SHARE-DISTRIBUTIONS> (.330)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.920
<EXPENSE-RATIO> .490
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 674,193,318
<INVESTMENTS-AT-VALUE> 703,382,469
<RECEIVABLES> 20,849,033
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 724,231,502
<PAYABLE-FOR-SECURITIES> 12,745,746
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 653,833
<TOTAL-LIABILITIES> 13,399,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649,317,117
<SHARES-COMMON-STOCK> 51,193,736
<SHARES-COMMON-PRIOR> 54,949,206
<ACCUMULATED-NII-CURRENT> 45,248,069
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (12,922,414)
<ACCUM-APPREC-OR-DEPREC> 29,189,151
<NET-ASSETS> 710,831,923
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 49,026,676
<OTHER-INCOME> 0
<EXPENSES-NET> (3,677,417)
<NET-INVESTMENT-INCOME> 45,349,259
<REALIZED-GAINS-CURRENT> 2,808,941
<APPREC-INCREASE-CURRENT> 3,506,133
<NET-CHANGE-FROM-OPS> 51,664,333
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50,958,932)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,470,243
<NUMBER-OF-SHARES-REDEEMED> (18,034,303)
<SHARES-REINVESTED> 3,808,590
<NET-CHANGE-IN-ASSETS> (54,252,518)
<ACCUMULATED-NII-PRIOR> 50,857,742
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (15,731,355)
<GROSS-ADVISORY-FEES> (3,530,641)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,677,417)
<AVERAGE-NET-ASSETS> 729,025,655
<PER-SHARE-NAV-BEGIN> 13.920
<PER-SHARE-NII> 0.990
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.030)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.890
<EXPENSE-RATIO> 0.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUEMARK FUNDS DECEMBER 31,1998 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> FVF-ZERO COUPON FUND - 2000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 87,962,406
<INVESTMENTS-AT-VALUE> 92,942,991
<RECEIVABLES> 645,274
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,588,265
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,439
<TOTAL-LIABILITIES> 45,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,093,447
<SHARES-COMMON-STOCK> 6,315,319
<SHARES-COMMON-PRIOR> 7,375,291
<ACCUMULATED-NII-CURRENT> 6,716,921
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,751,873
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,980,585
<NET-ASSETS> 93,542,826
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,174,486
<OTHER-INCOME> 0
<EXPENSES-NET> (407,229)
<NET-INVESTMENT-INCOME> 6,767,257
<REALIZED-GAINS-CURRENT> 1,752,805
<APPREC-INCREASE-CURRENT> (1,138,823)
<NET-CHANGE-FROM-OPS> 7,381,239
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,809,331)
<DISTRIBUTIONS-OF-GAINS> (1,249,416)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 646,397
<NUMBER-OF-SHARES-REDEEMED> (2,343,411)
<SHARES-REINVESTED> 637,042
<NET-CHANGE-IN-ASSETS> (18,107,625)
<ACCUMULATED-NII-PRIOR> 7,759,277
<ACCUMULATED-GAINS-PRIOR> 1,248,202
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (639,490)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (668,729)
<AVERAGE-NET-ASSETS> 101,488,056
<PER-SHARE-NAV-BEGIN> 15.140
<PER-SHARE-NII> 1.220
<PER-SHARE-GAIN-APPREC> (.150)
<PER-SHARE-DIVIDEND> (1.210)
<PER-SHARE-DISTRIBUTIONS> (.190)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.810
<EXPENSE-RATIO> .400 <F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> EXPENSE RATIO EXCLUDING WAIVER .66%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> FVF-ZERO COUPON FUND - 2005
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 70,821,491
<INVESTMENTS-AT-VALUE> 84,211,842
<RECEIVABLES> 397,499
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,609,341
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 121,956
<TOTAL-LIABILITIES> 121,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,008,092
<SHARES-COMMON-STOCK> 4,761,895
<SHARES-COMMON-PRIOR> 4,533,896
<ACCUMULATED-NII-CURRENT> 4,635,667
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 453,275
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,390,351
<NET-ASSETS> 84,487,385
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,958,805
<OTHER-INCOME> 0
<EXPENSES-NET> (317,925)
<NET-INVESTMENT-INCOME> 4,640,880
<REALIZED-GAINS-CURRENT> 454,474
<APPREC-INCREASE-CURRENT> 4,293,862
<NET-CHANGE-FROM-OPS> 9,389,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,795,119)
<DISTRIBUTIONS-OF-GAINS> (1,109,296)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 977,903
<NUMBER-OF-SHARES-REDEEMED> (1,107,098)
<SHARES-REINVESTED> 357,194
<NET-CHANGE-IN-ASSETS> 7,191,874
<ACCUMULATED-NII-PRIOR> 4,789,906
<ACCUMULATED-GAINS-PRIOR> 1,108,097
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (498,204)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (523,655)
<AVERAGE-NET-ASSETS> 79,711,438
<PER-SHARE-NAV-BEGIN> 17.050
<PER-SHARE-NII> 1.010
<PER-SHARE-GAIN-APPREC> 1.030
<PER-SHARE-DIVIDEND> (1.100)
<PER-SHARE-DISTRIBUTIONS> (.250)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.740
<EXPENSE-RATIO> .400<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 0.66%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> FVF-ZERO COUPON FUND - 2010
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 73,310,421
<INVESTMENTS-AT-VALUE> 93,593,821
<RECEIVABLES> 96,928
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,690,749
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175,614
<TOTAL-LIABILITIES> 175,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,099,065
<SHARES-COMMON-STOCK> 4,908,874
<SHARES-COMMON-PRIOR> 4,797,365
<ACCUMULATED-NII-CURRENT> 4,906,277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,226,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,283,400
<NET-ASSETS> 93,515,135
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,265,740
<OTHER-INCOME> 0
<EXPENSES-NET> (354,133)
<NET-INVESTMENT-INCOME> 4,911,607
<REALIZED-GAINS-CURRENT> 2,320,295
<APPREC-INCREASE-CURRENT> 4,482,254
<NET-CHANGE-FROM-OPS> 11,714,156
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,888,749)
<DISTRIBUTIONS-OF-GAINS> (676,395)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,622,702
<NUMBER-OF-SHARES-REDEEMED> (2,825,253)
<SHARES-REINVESTED> 314,060
<NET-CHANGE-IN-ASSETS> 8,000,409
<ACCUMULATED-NII-PRIOR> 4,883,419
<ACCUMULATED-GAINS-PRIOR> 582,493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (552,900)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (580,538)
<AVERAGE-NET-ASSETS> 88,464,237
<PER-SHARE-NAV-BEGIN> 17.830
<PER-SHARE-NII> 1.090
<PER-SHARE-GAIN-APPREC> 1.390
<PER-SHARE-DIVIDEND> (1.110)
<PER-SHARE-DISTRIBUTIONS> (0.150)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.050
<EXPENSE-RATIO> 0.400<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER 0.66%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 16
<NAME> FVF-RISING DIVIDENDS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 562,238,731
<INVESTMENTS-AT-VALUE> 734,636,200
<RECEIVABLES> 20,256,954
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 754,893,154
<PAYABLE-FOR-SECURITIES> 1,917,039
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,107,119
<TOTAL-LIABILITIES> 3,024,158
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 476,747,598
<SHARES-COMMON-STOCK> 41,526,463
<SHARES-COMMON-PRIOR> 39,640,221
<ACCUMULATED-NII-CURRENT> 9,359,456
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 93,364,473
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 172,397,469
<NET-ASSETS> 751,868,996
<DIVIDEND-INCOME> 14,098,193
<INTEREST-INCOME> 907,840
<OTHER-INCOME> 0
<EXPENSES-NET> (5,641,383)
<NET-INVESTMENT-INCOME> 9,364,650
<REALIZED-GAINS-CURRENT> 93,670,542
<APPREC-INCREASE-CURRENT> (58,097,205)
<NET-CHANGE-FROM-OPS> 44,937,987
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,600,227)
<DISTRIBUTIONS-OF-GAINS> (105,391,578)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,051,992
<NUMBER-OF-SHARES-REDEEMED> (14,609,606)
<SHARES-REINVESTED> 6,443,856
<NET-CHANGE-IN-ASSETS> (28,428,788)
<ACCUMULATED-NII-PRIOR> 8,595,033
<ACCUMULATED-GAINS-PRIOR> 105,085,509
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5,508,829)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,641,383)
<AVERAGE-NET-ASSETS> 781,461,047
<PER-SHARE-NAV-BEGIN> 19.680
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> 1.070
<PER-SHARE-DIVIDEND> (.220)
<PER-SHARE-DISTRIBUTIONS> (2.650)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.110
<EXPENSE-RATIO> .720
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 017
<NAME> FVF-PACIFIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 173,769,693
<INVESTMENTS-AT-VALUE> 100,069,876
<RECEIVABLES> 1,283,514
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,353,390
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,584,005
<TOTAL-LIABILITIES> 2,584,005
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 197,065,844
<SHARES-COMMON-STOCK> 13,152,815
<SHARES-COMMON-PRIOR> 17,827,473
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (24,677,894)
<ACCUM-APPREC-OR-DEPREC> (73,618,565)
<NET-ASSETS> 98,769,385
<DIVIDEND-INCOME> 4,230,810
<INTEREST-INCOME> 52,701
<OTHER-INCOME> 0
<EXPENSES-NET> (1,271,591)
<NET-INVESTMENT-INCOME> 3,011,920
<REALIZED-GAINS-CURRENT> (24,149,643)
<APPREC-INCREASE-CURRENT> (1,803,583)
<NET-CHANGE-FROM-OPS> (22,941,306)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,322,439)
<DISTRIBUTIONS-OF-GAINS> (1,619,542)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,315,500
<NUMBER-OF-SHARES-REDEEMED> (18,106,232)
<SHARES-REINVESTED> 1,116,074
<NET-CHANGE-IN-ASSETS> (66,634,430)
<ACCUMULATED-NII-PRIOR> 1,603,896
<ACCUMULATED-GAINS-PRIOR> 1,235,091
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,142,027)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,271,591)
<AVERAGE-NET-ASSETS> 115,780,809
<PER-SHARE-NAV-BEGIN> 9.280
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (1.520)
<PER-SHARE-DIVIDEND> (0.350)
<PER-SHARE-DISTRIBUTIONS> (0.110)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.510
<EXPENSE-RATIO> 1.100
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 018
<NAME> FVF-INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 687,390,373
<INVESTMENTS-AT-VALUE> 849,885,524
<RECEIVABLES> 112,485,257
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 962,370,781
<PAYABLE-FOR-SECURITIES> 3,696,126
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,774,553
<TOTAL-LIABILITIES> 6,470,679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 739,071,907
<SHARES-COMMON-STOCK> 61,584,184
<SHARES-COMMON-PRIOR> 72,046,407
<ACCUMULATED-NII-CURRENT> 30,263,329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,069,715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 162,495,151
<NET-ASSETS> 955,900,102
<DIVIDEND-INCOME> 31,699,971
<INTEREST-INCOME> 10,196,096
<OTHER-INCOME> 0
<EXPENSES-NET> (9,776,950)
<NET-INVESTMENT-INCOME> 32,119,117
<REALIZED-GAINS-CURRENT> 24,006,171
<APPREC-INCREASE-CURRENT> 3,813,638
<NET-CHANGE-FROM-OPS> 59,938,926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,702,026)
<DISTRIBUTIONS-OF-GAINS> (69,708,108)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,071,020
<NUMBER-OF-SHARES-REDEEMED> (22,907,488)
<SHARES-REINVESTED> 6,374,245
<NET-CHANGE-IN-ASSETS> (205,529,447)
<ACCUMULATED-NII-PRIOR> 33,171,270
<ACCUMULATED-GAINS-PRIOR> 69,446,620
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (8,900,761)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (9,776,950)
<AVERAGE-NET-ASSETS> 1,106,768,060
<PER-SHARE-NAV-BEGIN> 16.120
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> 0.420
<PER-SHARE-DIVIDEND> (0.530)
<PER-SHARE-DISTRIBUTIONS> (1.050)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.520
<EXPENSE-RATIO> 0.880
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 019
<NAME> FVF-DEVELOPING MARKETS EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 228,078,693
<INVESTMENTS-AT-VALUE> 161,884,954
<RECEIVABLES> 1,209,238
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 163,094,192
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 660,905
<TOTAL-LIABILITIES> 660,905
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,154,666
<SHARES-COMMON-STOCK> 23,505,375
<SHARES-COMMON-PRIOR> 27,183,878
<ACCUMULATED-NII-CURRENT> 3,107,117
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,634,757)
<ACCUM-APPREC-OR-DEPREC> (66,193,739)
<NET-ASSETS> 162,433,287
<DIVIDEND-INCOME> 6,153,898
<INTEREST-INCOME> 1,121,539
<OTHER-INCOME> 0
<EXPENSES-NET> (2,969,326)
<NET-INVESTMENT-INCOME> 4,306,111
<REALIZED-GAINS-CURRENT> (27,689,978)
<APPREC-INCREASE-CURRENT> (32,987,790)
<NET-CHANGE-FROM-OPS> (56,371,657)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,007,398)
<DISTRIBUTIONS-OF-GAINS> (22,786,132)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,171,249
<NUMBER-OF-SHARES-REDEEMED> (13,892,294)
<SHARES-REINVESTED> 4,042,542
<NET-CHANGE-IN-ASSETS> (117,246,764)
<ACCUMULATED-NII-PRIOR> 4,921,147
<ACCUMULATED-GAINS-PRIOR> 14,728,610
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,633,409)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,969,326)
<AVERAGE-NET-ASSETS> 210,672,688
<PER-SHARE-NAV-BEGIN> 10.290
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (2.350)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> (0.940)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.910
<EXPENSE-RATIO> 1.410
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 020
<NAME> FVF-GLOBAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 655,019,443
<INVESTMENTS-AT-VALUE> 700,579,123
<RECEIVABLES> 48,114,456
<ASSETS-OTHER> 9,339
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 748,702,918
<PAYABLE-FOR-SECURITIES> 417,525
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,205,039
<TOTAL-LIABILITIES> 1,622,564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 610,980,332
<SHARES-COMMON-STOCK> 50,584,398
<SHARES-COMMON-PRIOR> 49,430,801
<ACCUMULATED-NII-CURRENT> 14,679,029
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,861,313
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,559,680
<NET-ASSETS> 747,080,354
<DIVIDEND-INCOME> 19,581,841
<INTEREST-INCOME> 4,859,793
<OTHER-INCOME> 0
<EXPENSES-NET> (6,821,514)
<NET-INVESTMENT-INCOME> 17,620,120
<REALIZED-GAINS-CURRENT> 76,153,893
<APPREC-INCREASE-CURRENT> (33,429,013)
<NET-CHANGE-FROM-OPS> 60,345,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,206,508)
<DISTRIBUTIONS-OF-GAINS> (73,600,973)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,659,421
<NUMBER-OF-SHARES-REDEEMED> (12,002,187)
<SHARES-REINVESTED> 6,496,363
<NET-CHANGE-IN-ASSETS> (11,364,221)
<ACCUMULATED-NII-PRIOR> 17,068,595
<ACCUMULATED-GAINS-PRIOR> 73,505,215
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,409,332)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,821,514)
<AVERAGE-NET-ASSETS> 774,577,648
<PER-SHARE-NAV-BEGIN> 15.340
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 0.980
<PER-SHARE-DIVIDEND> (0.410)
<PER-SHARE-DISTRIBUTIONS> (1.490)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.770
<EXPENSE-RATIO> 0.880
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FVF-GLOBAL ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 77,076,589
<INVESTMENTS-AT-VALUE> 75,890,946
<RECEIVABLES> 5,908,076
<ASSETS-OTHER> 10,714
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,809,736
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,118
<TOTAL-LIABILITIES> 140,118
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,594,186
<SHARES-COMMON-STOCK> 6,446,500
<SHARES-COMMON-PRIOR> 6,808,249
<ACCUMULATED-NII-CURRENT> 2,772,913
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,482,850
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,180,331)
<NET-ASSETS> 81,669,618
<DIVIDEND-INCOME> 2,000,965
<INTEREST-INCOME> 2,647,941
<OTHER-INCOME> 0
<EXPENSES-NET> (758,673)
<NET-INVESTMENT-INCOME> 3,890,233
<REALIZED-GAINS-CURRENT> 2,718,229
<APPREC-INCREASE-CURRENT> (7,345,527)
<NET-CHANGE-FROM-OPS> (737,065)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,274,568)
<DISTRIBUTIONS-OF-GAINS> (3,894,373)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,163,365
<NUMBER-OF-SHARES-REDEEMED> (2,081,709)
<SHARES-REINVESTED> 556,595
<NET-CHANGE-IN-ASSETS> (11,732,204)
<ACCUMULATED-NII-PRIOR> 2,954,949
<ACCUMULATED-GAINS-PRIOR> 3,861,293
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (585,747)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (758,873)
<AVERAGE-NET-ASSETS> 90,114,852
<PER-SHARE-NAV-BEGIN> 13.720
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.590)
<PER-SHARE-DIVIDEND> (0.490)
<PER-SHARE-DISTRIBUTIONS> (0.580)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.670
<EXPENSE-RATIO> 0.840
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> FVF-SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 278,870,540
<INVESTMENTS-AT-VALUE> 295,130,887
<RECEIVABLES> 29,142,867
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,273,754
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,813,896
<TOTAL-LIABILITIES> 8,813,896
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 298,001,840
<SHARES-COMMON-STOCK> 22,999,329
<SHARES-COMMON-PRIOR> 20,826,160
<ACCUMULATED-NII-CURRENT> 1,532,535
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (334,864)
<ACCUM-APPREC-OR-DEPREC> 16,260,347
<NET-ASSETS> 315,459,858
<DIVIDEND-INCOME> 2,319,218
<INTEREST-INCOME> 1,708,834
<OTHER-INCOME> 0
<EXPENSES-NET> (2,424,640)
<NET-INVESTMENT-INCOME> 1,603,412
<REALIZED-GAINS-CURRENT> (229,426)
<APPREC-INCREASE-CURRENT> (8,381,265)
<NET-CHANGE-FROM-OPS> (7,007,279)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (201,399)
<DISTRIBUTIONS-OF-GAINS> (25,854,889)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,354,452
<NUMBER-OF-SHARES-REDEEMED> (10,047,779)
<SHARES-REINVESTED> 1,866,496
<NET-CHANGE-IN-ASSETS> 1,998,319
<ACCUMULATED-NII-PRIOR> 160,082
<ACCUMULATED-GAINS-PRIOR> 25,718,276
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,365,309)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,424,640)
<AVERAGE-NET-ASSETS> 315,241,423
<PER-SHARE-NAV-BEGIN> 15.050
<PER-SHARE-NII> .070
<PER-SHARE-GAIN-APPREC> (.200)
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (1.190)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.720
<EXPENSE-RATIO> .770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> FVF-CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 142,185,516
<INVESTMENTS-AT-VALUE> 187,095,726
<RECEIVABLES> 34,132,722
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 221,228,448
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 276,810
<TOTAL-LIABILITIES> 276,810
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 178,051,699
<SHARES-COMMON-STOCK> 13,740,476
<SHARES-COMMON-PRIOR> 8,150,036
<ACCUMULATED-NII-CURRENT> 1,509,991
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,520,262)
<ACCUM-APPREC-OR-DEPREC> 44,910,210
<NET-ASSETS> 220,951,638
<DIVIDEND-INCOME> 1,068,089 <F1>
<INTEREST-INCOME> 1,612,127
<OTHER-INCOME> 0
<EXPENSES-NET> (1,165,683)
<NET-INVESTMENT-INCOME> 1,514,533
<REALIZED-GAINS-CURRENT> (3,325,719)
<APPREC-INCREASE-CURRENT> 31,691,954
<NET-CHANGE-FROM-OPS> 29,880,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (539,187)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,664,745
<NUMBER-OF-SHARES-REDEEMED> (4,111,363)
<SHARES-REINVESTED> 37,058
<NET-CHANGE-IN-ASSETS> 111,596,651
<ACCUMULATED-NII-PRIOR> 534,645
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (194,543)
<GROSS-ADVISORY-FEES> (1,140,016)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,165,683)
<AVERAGE-NET-ASSETS> 152,021,936
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> .100
<PER-SHARE-GAIN-APPREC> 2.620
<PER-SHARE-DIVIDEND> (.060)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 16.080
<EXPENSE-RATIO> .770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> NET OF FOREIGN TAXES OF $13,205
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 024
<NAME> FVF-INTERNATIONAL SMALLER COMPANIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 27,037,946
<INVESTMENTS-AT-VALUE> 23,513,325
<RECEIVABLES> 1,539,891
<ASSETS-OTHER> 7,190
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,060,406
<PAYABLE-FOR-SECURITIES> 6,555
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54,407
<TOTAL-LIABILITIES> 60,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,447,075
<SHARES-COMMON-STOCK> 2,718,508
<SHARES-COMMON-PRIOR> 2,922,545
<ACCUMULATED-NII-CURRENT> 620,960
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,543,970)
<ACCUM-APPREC-OR-DEPREC> (3,524,621)
<NET-ASSETS> 24,999,444
<DIVIDEND-INCOME> 933,588
<INTEREST-INCOME> 95,262
<OTHER-INCOME> 0
<EXPENSES-NET> (337,764)
<NET-INVESTMENT-INCOME> 691,086
<REALIZED-GAINS-CURRENT> (2,334,096)
<APPREC-INCREASE-CURRENT> (2,224,314)
<NET-CHANGE-FROM-OPS> (3,867,324)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (741,651)
<DISTRIBUTIONS-OF-GAINS> (858,571)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,335,385
<NUMBER-OF-SHARES-REDEEMED> (1,687,180)
<SHARES-REINVESTED> 147,758
<NET-CHANGE-IN-ASSETS> (7,201,261)
<ACCUMULATED-NII-PRIOR> 716,993
<ACCUMULATED-GAINS-PRIOR> 603,229
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (259,908)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (337,764)
<AVERAGE-NET-ASSETS> 30,579,068
<PER-SHARE-NAV-BEGIN> 11.020
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (1.520)
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (0.300)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.200
<EXPENSE-RATIO> 1.100
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 025
<NAME> FVF-MUTUAL DISCOVERY SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 213,660,535
<INVESTMENTS-AT-VALUE> 213,213,658
<RECEIVABLES> 5,986,940
<ASSETS-OTHER> 16,128,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,328,673
<PAYABLE-FOR-SECURITIES> 687,510
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,984,986
<TOTAL-LIABILITIES> 12,672,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,209,714
<SHARES-COMMON-STOCK> 19,904,649
<SHARES-COMMON-PRIOR> 16,326,424
<ACCUMULATED-NII-CURRENT> 4,105,301
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11,697,678)
<ACCUM-APPREC-OR-DEPREC> (961,160)
<NET-ASSETS> 224,656,177
<DIVIDEND-INCOME> 4,294,930
<INTEREST-INCOME> 2,702,240
<OTHER-INCOME> 0
<EXPENSES-NET> (2,376,966)
<NET-INVESTMENT-INCOME> 4,620,204
<REALIZED-GAINS-CURRENT> (11,326,928)
<APPREC-INCREASE-CURRENT> (12,566,983)
<NET-CHANGE-FROM-OPS> (19,273,707)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,306,778)
<DISTRIBUTIONS-OF-GAINS> (3,076,305)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,041,503
<NUMBER-OF-SHARES-REDEEMED> (3,946,113)
<SHARES-REINVESTED> 482,835
<NET-CHANGE-IN-ASSETS> 26,003,415
<ACCUMULATED-NII-PRIOR> 2,888,764
<ACCUMULATED-GAINS-PRIOR> 2,608,666
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,904,631)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,376,966)
<AVERAGE-NET-ASSETS> 238,166,003
<PER-SHARE-NAV-BEGIN> 12.170
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.760)
<PER-SHARE-DIVIDEND> (0.170)
<PER-SHARE-DISTRIBUTIONS> (0.150)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.290
<EXPENSE-RATIO> 1.000
<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 DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 026
<NAME> FVF-MUTUAL SHARES SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 461,651,206
<INVESTMENTS-AT-VALUE> 480,791,143
<RECEIVABLES> 6,903,191
<ASSETS-OTHER> 17,169,425
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 504,863,759
<PAYABLE-FOR-SECURITIES> 2,925,780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,494,292
<TOTAL-LIABILITIES> 22,420,072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 463,931,743
<SHARES-COMMON-STOCK> 40,335,247
<SHARES-COMMON-PRIOR> 31,841,450
<ACCUMULATED-NII-CURRENT> 11,568,707
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (9,697,437)
<ACCUM-APPREC-OR-DEPREC> 16,640,674
<NET-ASSETS> 482,443,687
<DIVIDEND-INCOME> 8,857,531
<INTEREST-INCOME> 7,107,398
<OTHER-INCOME> 0
<EXPENSES-NET> (3,626,930)
<NET-INVESTMENT-INCOME> 12,337,999
<REALIZED-GAINS-CURRENT> (9,502,532)
<APPREC-INCREASE-CURRENT> (8,967,243)
<NET-CHANGE-FROM-OPS> (6,131,776)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,124,853)
<DISTRIBUTIONS-OF-GAINS> (4,478,333)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,012,852
<NUMBER-OF-SHARES-REDEEMED> (4,280,005)
<SHARES-REINVESTED> 760,950
<NET-CHANGE-IN-ASSETS> 94,656,355
<ACCUMULATED-NII-PRIOR> 4,591,164
<ACCUMULATED-GAINS-PRIOR> 4,047,825
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,841,641)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,626,930)
<AVERAGE-NET-ASSETS> 473,887,460
<PER-SHARE-NAV-BEGIN> 12.180
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> (0.130)
<PER-SHARE-DISTRIBUTIONS> (0.120)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.960
<EXPENSE-RATIO> 0.770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 27
<NAME> FVF-GLOBAL HEALTH CARE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6,550,381
<INVESTMENTS-AT-VALUE> 7,426,374
<RECEIVABLES> 1,769,464
<ASSETS-OTHER> 24,221
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,220,059
<PAYABLE-FOR-SECURITIES> 222,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,995
<TOTAL-LIABILITIES> 229,734
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,350,695
<SHARES-COMMON-STOCK> 839,490
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 25,087
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (261,450)
<ACCUM-APPREC-OR-DEPREC> 875,993
<NET-ASSETS> 8,990,325
<DIVIDEND-INCOME> 5,185
<INTEREST-INCOME> 45,137
<OTHER-INCOME> 0
<EXPENSES-NET> (25,235)
<NET-INVESTMENT-INCOME> 25,087
<REALIZED-GAINS-CURRENT> (261,450)
<APPREC-INCREASE-CURRENT> 875,993
<NET-CHANGE-FROM-OPS> 639,630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,315,108
<NUMBER-OF-SHARES-REDEEMED> (475,618)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,990,325
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (18,119)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (25,235)
<AVERAGE-NET-ASSETS> 4,470,870
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .680
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.710
<EXPENSE-RATIO> .840<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUEMARK FUNDS DECEMBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 28
<NAME> VALUE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 8,367,867
<INVESTMENTS-AT-VALUE> 7,965,479
<RECEIVABLES> 1,413,054
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,378,533
<PAYABLE-FOR-SECURITIES> 358,183
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,879
<TOTAL-LIABILITIES> 365,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,477,723
<SHARES-COMMON-STOCK> 1,156,792
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 28,176
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (90,040)
<ACCUM-APPREC-OR-DEPREC> (402,388)
<NET-ASSETS> 9,013,471
<DIVIDEND-INCOME> 26,282
<INTEREST-INCOME> 26,594
<OTHER-INCOME> 0
<EXPENSES-NET> (24,700)
<NET-INVESTMENT-INCOME> 28,176
<REALIZED-GAINS-CURRENT> (90,040)
<APPREC-INCREASE-CURRENT> (402,388)
<NET-CHANGE-FROM-OPS> (464,252)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,367,931
<NUMBER-OF-SHARES-REDEEMED> (211,139)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,013,471
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (17,968)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (24,700)
<AVERAGE-NET-ASSETS> 4,431,192
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> (2.230)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.790
<EXPENSE-RATIO> 0.950<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
