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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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<PAGE> PAGE 18
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015 A000207 CANADA TRUST
015 B000207 S
015 C010207 TORONTO
015 D010207 CANADA
015 D020207 M5J 2T2
015 E040207 X
015 A000208 DEN DANSKE BANK
015 B000208 S
015 C010208 COPENHAGEN
015 D010208 DENMARK
015 E040208 X
015 A000209 KANSALLIS-OSAKE-PANKKI
015 B000209 S
015 C010209 HELSINKI
015 D010209 FINLAND
015 D020209 500
015 E040209 X
015 A000210 BANQUE PARIBAS
015 B000210 S
015 C010210 PARIS
015 D010210 FRANCE
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015 E040210 X
015 A000211 CHASE BANK A.G.
015 B000211 S
015 C010211 FRANKFURT
015 D010211 GERMANY
015 D020211 60441
015 E040211 X
015 A000212 BARCLAYS BANK PLC
015 B000212 S
015 C010212 ATHENS
015 D010212 GREECE
015 D020212 10562
015 E040212 X
"015 A000213 THE CHASE MANHATTAN BANK, N.A."
015 B000213 S
015 C010213 HONG KONG
015 D010213 HONG KONG
015 E040213 X
<PAGE> PAGE 19
015 A000214 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000214 S
015 C010214 JAKARTA
015 D010214 INDONESIA
015 D020214 10023
015 E040214 X
015 A000215 BANK OF IRELAND
015 B000215 S
015 C010215 DUBLIN
015 D010215 IRELAND
015 D020215 1
015 E040215 X
"015 A000216 THE CHASE MANHATTAN BANK, N.A."
015 B000216 S
015 C010216 MILAN
015 D010216 ITALY
015 D020216 20121
015 E040216 X
"015 A000217 THE CHASE MANHATTAN BANK, N.A."
015 B000217 S
015 C010217 TOKYO
015 D010217 JAPAN
015 D020217 100
015 E040217 X
"015 A000218 THE CHASE MANHATTAN BANK, N.A."
015 B000218 S
015 C010218 KUALA LUMPUR
015 D010218 MALAYSIA
015 D020218 50250
015 E040218 X
"015 A000219 THE CHASE MANHATTAN BANK, N.A."
015 B000219 S
015 C010219 MEXICO D.F.
015 D010219 MEXICO
015 D020219 06660
015 E040219 X
015 A000220 ABN AMRO N.V.
015 B000220 S
015 C010220 DE BREDA
015 D010220 NETHERLANDS
015 D020220 4800
015 E040220 X
015 A000221 NATIONAL NOMINEES LIMITED
015 B000221 S
015 C010221 AUCKLAND
015 D010221 NEW ZEALAND
015 E040221 X
015 A000222 DEN NORSKE BANK
015 B000222 S
015 C010222 OSLO
015 D010222 NORWAY
<PAGE> PAGE 20
015 D020222 1
015 E040222 X
015 A000223 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000223 S
015 C010223 MANILA
015 D010223 PHILIPPINES
015 E040223 X
015 A000224 BANCO ESPIRITO SANTO & COMMERCIAL DE LISBOA
015 B000224 S
015 C010224 LISBON
015 D010224 PORTUGAL
015 D020224 P-1200
015 E040224 X
015 A000225 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000225 S
015 C010225 SHENZHEN
015 D010225 CHINA
015 E040225 X
"015 A000226 THE CHASE MANHATTAN BANK, N.A."
015 B000226 S
015 C010226 SINGAPORE
015 D010226 SINGAPORE
015 D020226 0104
015 E040226 X
015 A000227 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000227 S
015 C010227 SEOUL
015 D010227 SOUTH KOREA
015 E040227 X
"015 A000228 THE CHASE MANHATTAN BANK, N.A."
015 B000228 S
015 C010228 MADRID
015 D010228 SPAIN
015 D020228 28042
015 E040228 X
015 A000229 THE HONGKONG & SHANGHAI BANKING CORP. & LTD.
015 B000229 S
015 C010229 COLOMBO
015 D010229 SRI LANKA
015 D020229 1
015 E040229 X
015 A000230 SKANDINAVISKA ENSKILDA BANKEN
015 B000230 S
015 C010230 STOCKHOLM
015 D010230 SWEDEN
015 D020230 S-106 40
015 E040230 X
015 A000231 UNION BANK OF SWITZERLAND
015 B000231 S
015 C010231 ZURICH
015 D010231 SWITZERLAND
<PAGE> PAGE 21
015 D020231 8021
015 E040231 X
"015 A000232 THE CHASE MANHATTAN BANK, N.A."
015 B000232 S
015 C010232 BANGKOK
015 D010232 THAILAND
015 D020232 10500
015 E040232 X
"015 A000233 THE CHASE MANHATTAN BANK, N.A."
015 B000233 S
015 C010233 ISTANBUL
015 D010233 TURKEY
015 E040233 X
"015 A000234 THE CHASE MANHATTAN BANK, N.A."
015 B000234 S
015 C010234 LONDON
015 D010234 UNITED KINGDOM
015 D020234 EC2P 2HD
015 E040234 X
015 A000235 CITIBANK N.A.
015 B000235 S
015 C010235 CARACAS
015 D010235 VENEZUELA
015 D020235 1010
015 E040235 X
015 A000236 AUSTRACLEAR RESERVE BANK
015 B000236 S
015 C010236 SYDNEY
015 D010236 AUSTRALIA
015 E040236 X
015 A000237 CEDEL S.A
015 B000237 S
015 C010237 LUXEMBOURG
015 D010237 LUXEMBOURG
015 E040237 X
015 A000238 FIRST CHICAGO CLEARING CENTRE
015 B000238 S
015 C010238 LONDON
015 D010238 UNITED KINGDOM
015 D020238 EC3A 1AA
015 E040238 X
"015 A000239 BANCO CHASE MANHATTAN, S.A."
015 B000239 S
015 C010239 SAO PAULO
015 D010239 BRAZIL
015 D020239 SP04719-002
015 E040239 X
015 A000240 CITITRUST COLOMBIA S.A.
015 B000240 S
015 C010240 SANTAFE DE BOGOTA
015 D010240 COLOMBIA
<PAGE> PAGE 22
015 E040240 X
"015 A000241 CITIBANK, N.A."
015 B000241 S
015 C010241 LIMA
015 D010241 PERU
015 D020241 27
015 E040241 X
015 A000242 STANDARD CHARTERED BANK
015 B000242 S
015 C010242 DHAKA
015 D010242 BANGLADESH
015 D020242 1000
015 E040242 X
015 A000243 BANK LEUMI LE-ISRAEL B.M.
015 B000243 S
015 C010243 TEL AVIV
015 D010243 ISRAEL
015 D020243 65136
015 E040243 X
015 A000244 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000244 S
015 C010244 SHANGHAI
015 D010244 CHINA
015 D020244 1376
015 E040244 X
015 A000245 CITIBANK BUDAPEST RT.
015 B000245 S
015 C010245 BUDAPEST
015 D010245 HUNGARY
015 D020245 1052
015 E040245 X
015 A000246 BANQUE COMMERCIALE DU MAROC
015 B000246 S
015 C010246 CASABLANCA
015 D010246 MOROCCO
015 D020246 1
015 E040246 X
015 A000247 STANDARD BANK OF SOUTH AFRICA
015 B000247 S
015 C010247 JOHANNESBURG
015 D010247 SOUTH AFRICA
015 E040247 X
015 A000248 THE FIRST NATIONAL BANK OF BOSTON
015 B000248 S
015 C010248 MONTEVIDEO
015 D010248 URUGUAY
015 E040248 X
"015 A000249 CESKOSLOVENSKA OBCHODNI BANKA, A.S."
015 B000249 S
015 C010249 PRAHA
015 D010249 CZECH REPUBLIC
<PAGE> PAGE 23
015 D020249 11520
015 E040249 X
015 A000250 BARCLAYS BANK OF ZIMBABWE
015 B000250 S
015 C010250 HARARE
015 D010250 ZIMBABWE
015 E040250 X
"015 A000251 BANK HANDLOWY W. WARSAWIE, S.A."
015 B000251 S
015 C010251 WARSAW
015 D010251 POLAND
015 D020251 00-0920
015 E040251 X
015 A000252 CITIBANK N.A.
015 B000252 S
015 C010252 KARACHI
015 D010252 PAKISTAN
015 E040252 X
015 A000253 NATIONAL BANK OF EGYPT
015 B000253 S
015 C010253 CAIRO
015 D010253 EGYPT
015 E040253 X
015 A000254 HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000254 S
015 C010254 PORT LOUIS
015 D010254 MAURITIUS
015 E040254 X
015 A000255 BARCLAYS BANK OF GHANA LTD
015 B000255 S
015 C010255 ACCRA
015 D010255 GHANA
015 E040255 X
"015 A000256 CESKOSLOVENSKA OBCHODNI BANKA, S.A."
015 B000256 S
015 C010256 BRATISLAVA
015 D010256 SLOVAK REPUBLIC
015 D020256 815 63
015 E040256 X
024 000200 N
025 D000201 0
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028 A010200 31153
028 A020200 882
028 A030200 0
<PAGE> PAGE 24
028 A040200 10978
028 B010200 18205
028 B020200 929
028 B030200 0
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028 C010200 18403
028 C020200 166
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028 D010200 24548
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028 G010200 146244
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045 000200 Y
046 000200 N
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048 I020200 0.000
048 J010200 0
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<PAGE> PAGE 25
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
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063 A000200 0
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066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
<PAGE> PAGE 26
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 157148
071 B000200 38885
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072 B000200 4554
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072 L000200 13
072 M000200 24
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<PAGE> PAGE 27
072 Z000200 9344
072AA000200 10336
072BB000200 8221
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074 E000200 49258
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008 A000301 TEMPLETON INVESTMENT COUNSEL INC
008 B000301 A
008 C000301 801-15125
008 D010301 FT. LAUDERDALE
008 D020301 FL
008 D030301 33394
<PAGE> PAGE 28
008 D040301 3091
"015 A000301 THE CHASE MANHATTAN BANK, N.A."
015 B000301 S
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10081
015 E010301 X
"015 A000302 THE CHASE MANHATTAN BANK, N.A."
015 B000302 S
015 C010302 BUENOS AIRES
015 D010302 ARGENTINA
015 E040302 X
015 A000303 THE CHASE MANHATTAN BANK AUSTRALIA LTD.
015 B000303 S
015 C010303 SYDNEY
015 D010303 AUSTRALIA
015 E040303 X
015 A000304 CREDITANSTALT-BANKVEREIN
015 B000304 S
015 C010304 VIENNA
015 D010304 AUSTRIA
015 D020304 A-1011
015 E040304 X
015 A000305 GENERALE BANK
015 B000305 S
015 C010305 BRUXELLES
015 D010305 BELGIUM
015 D020305 1000
015 E040305 X
015 A000306 THE ROYAL BANK OF CANADA
015 B000306 S
015 C010306 TORONTO
015 D010306 CANADA
015 D020306 M5J 2J5
015 E040306 X
015 A000307 CANADA TRUST
015 B000307 S
015 C010307 TORONTO
015 D010307 CANADA
015 D020307 M5J 2T2
015 E040307 X
015 A000308 DEN DANSKE BANK
015 B000308 S
015 C010308 COPENHAGEN
015 D010308 DENMARK
015 E040308 X
015 A000309 KANSALLIS-OSAKE-PANKKI
015 B000309 S
015 C010309 HELSINKI
015 D010309 FINLAND
015 D020309 500
<PAGE> PAGE 29
015 E040309 X
015 A000310 BANQUE PARIBAS
015 B000310 S
015 C010310 PARIS
015 D010310 FRANCE
015 D020310 75078
015 E040310 X
015 A000311 CHASE BANK A.G.
015 B000311 S
015 C010311 FRANKFURT
015 D010311 GERMANY
015 D020311 60441
015 E040311 X
015 A000312 BARCLAYS BANK PLC
015 B000312 S
015 C010312 ATHENS
015 D010312 GREECE
015 D020312 10562
015 E040312 X
"015 A000313 THE CHASE MANHATTAN BANK, N.A."
015 B000313 S
015 C010313 HONG KONG
015 D010313 HONG KONG
015 E040313 X
015 A000314 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000314 S
015 C010314 JAKARTA
015 D010314 INDONESIA
015 D020314 10023
015 E040314 X
015 A000315 BANK OF IRELAND
015 B000315 S
015 C010315 DUBLIN
015 D010315 IRELAND
015 D020315 1
015 E040315 X
"015 A000316 THE CHASE MANHATTAN BANK, N.A."
015 B000316 S
015 C010316 MILAN
015 D010316 ITALY
015 D020316 20121
015 E040316 X
"015 A000317 THE CHASE MANHATTAN BANK, N.A."
015 B000317 S
015 C010317 TOKYO
015 D010317 JAPAN
015 D020317 100
015 E040317 X
"015 A000318 THE CHASE MANHATTAN BANK, N.A."
015 B000318 S
015 C010318 KUALA LUMPUR
<PAGE> PAGE 30
015 D010318 MALAYSIA
015 D020318 50250
015 E040318 X
"015 A000319 THE CHASE MANHATTAN BANK, N.A."
015 B000319 S
015 C010319 MEXICO D.F.
015 D010319 MEXICO
015 D020319 11000
015 E040319 X
015 A000320 ABN AMRO NV
015 B000320 S
015 C010320 DE BREDA
015 D010320 NETHERLANDS
015 D020320 4800
015 E040320 X
015 A000321 NATIONAL NOMINEES LIMITED
015 B000321 S
015 C010321 AUCKLAND
015 D010321 NEW ZEALAND
015 E040321 X
015 A000322 DEN NORSKE BANK
015 B000322 S
015 C010322 OSLO
015 D010322 NORWAY
015 D020322 1
015 E040322 X
015 A000323 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000323 S
015 C010323 MANILA
015 D010323 PHILIPPINES
015 E040323 X
015 A000324 BANCO ESPIRITO SANTO & COMERCIAL DE LISBOA
015 B000324 S
015 C010324 LISBON
015 D010324 PORTUGAL
015 D020324 1200
015 E040324 X
015 A000325 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000325 S
015 C010325 SHENZHEN
015 D010325 CHINA
015 E040325 X
"015 A000326 THE CHASE MANHATTAN BANK, N.A."
015 B000326 S
015 C010326 SINGAPORE
015 D010326 SINGAPORE
015 D020326 0104
015 E040326 X
015 A000327 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000327 S
015 C010327 SEOUL
<PAGE> PAGE 31
015 D010327 SOUTH KOREA
015 E040327 X
"015 A000328 THE CHASE MANHATTAN BANK, N.A."
015 B000328 S
015 C010328 MADRID
015 D010328 SPAIN
015 D020328 28042
015 E040328 X
015 A000329 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000329 S
015 C010329 COLOMBO
015 D010329 SRI LANKA
015 D020329 1
015 E040329 X
015 A000330 SKANDINAVISKA ENSKILDA BANKEN
015 B000330 S
015 C010330 STOCKHOLM
015 D010330 SWEDEN
015 D020330 S-106 40
015 E040330 X
015 A000331 UNION BANK OF SWITZERLAND
015 B000331 S
015 C010331 ZURICH
015 D010331 SWITZERLAND
015 D020331 8021
015 E040331 X
"015 A000332 THE CHASE MANHATTAN BANK, N.A."
015 B000332 S
015 C010332 BANGKOK
015 D010332 THAILAND
015 D020332 10500
015 E040332 X
"015 A000333 THE CHASE MANHATTAN BANK, N.A."
015 B000333 S
015 C010333 ISTANBUL
015 D010333 TURKEY
015 E040333 X
"015 A000334 THE CHASE MANHATTAN BANK, N.A."
015 B000334 S
015 C010334 LONDON
015 D010334 UNITED KINGDOM
015 D020334 EC2P 2HD
015 E040334 X
015 A000335 CITIBANK N.A.
015 B000335 S
015 C010335 CARACAS
015 D010335 VENEZUELA
015 D020335 1010
015 E040335 X
015 A000336 AUSTRACLEAR RESERVE BANK
015 B000336 S
<PAGE> PAGE 32
015 C010336 SYDNEY
015 D010336 AUSTRALIA
015 E040336 X
015 A000337 CEDEL S.A
015 B000337 S
015 C010337 LUXEMBOURG
015 D010337 LUXEMBOURG
015 E040337 X
015 A000338 FIRST CHICAGO CLEARING CENTRE
015 B000338 S
015 C010338 LONDON
015 D010338 UNITED KINGDOM
015 D020338 EC3A 1AA
015 E040338 X
015 A000339 STANDARD CHARTERED BANK
015 B000339 S
015 C010339 DHAKA
015 D010339 BANGLADESH
015 D020339 1000
015 E040339 X
015 A000340 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000340 S
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015 D010340 CHINA
015 E040340 X
015 A000342 BANK LEUMI LE-ISRAEL B.M.
015 B000342 S
015 C010342 TEL AVIV
015 D010342 ISRAEL
015 D020342 65136
015 E040342 X
015 A000343 STANDARD BANK OF SOUTH AFRICA
015 B000343 S
015 C010343 JOHANNESBURG
015 D010343 SOUTH AFRICA
015 E040343 X
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015 B000344 S
015 C010344 MONTEVIDEO
015 D010344 URUGUAY
015 E040344 X
"015 A000345 CESKOSLOVENSKA OBCHODNI BANKA, A.S."
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015 E040345 X
015 A000346 NATIONAL BANK OF EGYPT
015 B000346 S
015 C010346 CAIRO
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015 E040346 X
<PAGE> PAGE 33
015 A000347 HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000347 S
015 C010347 PORT LOUIS
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015 E040347 X
015 A000348 BANQUE COMMERCIALE DU MAROC
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015 C010348 CASABLANCA
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015 D020348 01
015 E040348 X
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"015 A000351 CITIBANK, N.A."
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015 E040351 X
"015 A000352 BANK HANDLOWY W. WARSAWIE, S.A."
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015 E040352 X
"015 A000353 CESKLOVENSKA OBCHODNI BANKA, S.A."
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015 D010353 SLOVAKIA
015 E040353 X
015 A000354 BARCLAYS BANK OF ZIMBABWE
015 B000354 S
015 C010354 HARARE
015 D010354 ZIMBABWE
015 E040354 X
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<PAGE> PAGE 34
028 A020300 0
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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"008 A000401 TEMPLETON INVESTMENT COUNSEL, INC."
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<PAGE> PAGE 38
"015 A000401 THE CHASE MANHATTAN BANK, N.A."
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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"015 A000428 THE CHASE MANHATTAN BANK, N.A."
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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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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"008 A000501 TEMPLETON INVESTMENT COUNSEL, INC."
008 B000501 A
008 C000501 801-15125
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008 D020501 FL
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"015 A000501 THE CHASE MANHATTAN BANK, N.A."
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015 E040502 X
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
"015 A000534 THE CHASE MANHATTAN BANK, N.A."
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015 C010534 LONDON
015 D010534 UNITED KINGDOM
015 D020534 EC2P 2HD
015 E040534 X
015 A000535 CITIBANK N.A.
015 B000535 S
015 C010535 CARACAS
015 D010535 VENEZUELA
015 D020535 1010
015 E040535 X
015 A000536 AURSTRACLEAR RESERVE BANK
015 B000536 S
015 C010536 SYDNEY
015 D010536 AUSTRALIA
015 E040536 X
015 A000537 CEDEL S.A
015 B000537 S
015 C010537 LUXEMBOURG
015 D010537 LUXEMBOURG
015 E040537 X
015 A000538 FIRST CHICAGO CLEARING CENTRE
015 B000538 S
015 C010538 LONDON
015 D010538 UNITED KINGDOM
015 D020538 EC3A 1AA
015 E040538 X
015 A000539 THE FIRST NATIONAL BANK OF BOSTON
015 B000539 S
015 C010539 MONTEVIDEO
015 D010539 URUGUAY
015 E040539 X
015 A000540 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000540 S
015 C010540 SHANGHAI
015 D010540 CHINA
015 E040540 X
015 A000541 BANK LEUMI LE-ISRAEL B. M.
015 B000541 S
015 C010541 TEL AVIV
015 D010541 ISRAEL
015 D020541 65136
015 E040541 X
015 A000542 STANDARD CHARTERED BANK
015 B000542 S
015 C010542 DHAKA
015 D010542 BANGLADESH
015 D020542 1000
015 E040542 X
015 A000543 BANCO CHASE MANHATTAN S. A.
<PAGE> PAGE 53
015 B000543 S
015 C010543 SAO PAULO
015 D010543 BRAZIL
015 D020543 SP04719002
015 E040543 X
"015 A000544 CESKOSLOVENSKA OBCHODNI BANKA, A.S."
015 B000544 S
015 C010544 PRAHA
015 D010544 CZECH REPUBLIC
015 D020544 115 20
015 E040544 X
015 A000545 NATIONAL BANK OF EGYPT
015 B000545 S
015 C010545 CAIRO
015 D010545 EGYPT
015 E040545 X
015 A000546 CITIBANK BUDAPEST RT.
015 B000546 S
015 C010546 BUDAPEST
015 D010546 HUNGARY
015 D020546 1052
015 E040546 X
015 A000547 HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000547 S
015 C010547 PORT LOUIS
015 D010547 MAURITIUS
015 E040547 X
015 A000548 BANQUE COMMERCIALE DU MAROC
015 B000548 S
015 C010548 CASABLANCA
015 D010548 MOROCCO
015 D020548 01
015 E040548 X
015 A000549 BARCLAYS BANK OF ZIMBABWE
015 B000549 S
015 C010549 HARARE
015 D010549 ZIMBABWE
015 E040549 X
015 A000550 BARCLAYS BANK PLC
015 B000550 S
015 C010550 ACCRA
015 D010550 GHANA
015 E040550 X
015 A000551 CITIBANK NA
015 B000551 S
015 C010551 LIMA
015 D010551 PERU
015 D020551 27
015 E040551 X
015 A000552 CESKOSLOVENSKA OBCHODNI BANKA S.A.
015 B000552 S
<PAGE> PAGE 54
015 C010552 BRATISLAVA
015 D010552 SLOVAKIA
015 E040552 X
015 A000553 BANK HANDLOWY W. WARSAWIE S.A.
015 B000553 S
015 C010553 WARSAW
015 D010553 POLAND
015 D020553 01-211
015 E040553 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 7700
028 A020500 2776
028 A030500 0
028 A040500 103
028 B010500 0
028 B020500 1551
028 B030500 0
028 B040500 2
028 C010500 2647
028 C020500 492
028 C030500 0
028 C040500 16350
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 103
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 5452
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 10347
028 G020500 4819
028 G030500 0
028 G040500 22010
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.700
<PAGE> PAGE 55
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
<PAGE> PAGE 56
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 17039
071 B000500 25081
071 C000500 35120
071 D000500 49
072 A000500 6
072 B000500 211
072 C000500 620
<PAGE> PAGE 57
072 D000500 0
072 E000500 0
072 F000500 139
072 G000500 21
072 H000500 0
072 I000500 0
072 J000500 36
072 K000500 0
072 L000500 6
072 M000500 2
072 N000500 11
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 9
072 S000500 0
072 T000500 0
072 U000500 1
072 V000500 0
072 W000500 1
072 X000500 226
072 Y000500 33
072 Z000500 638
072AA000500 3312
072BB000500 1409
072CC010500 326
072CC020500 0
072DD010500 246
072DD020500 0
072EE000500 1878
073 A010500 0.0400
073 A020500 0.0000
073 B000500 0.3050
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 2823
074 D000500 909
074 E000500 1390
074 F000500 27990
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 162
074 K000500 0
074 L000500 408
074 M000500 4
074 N000500 33686
074 O000500 129
074 P000500 0
074 Q000500 0
<PAGE> PAGE 58
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 81
074 S000500 0
074 T000500 33476
074 U010500 3989
074 U020500 0
074 V010500 8.39
074 V020500 0.00
074 W000500 0.0000
074 X000500 32
074 Y000500 0
075 A000500 0
075 B000500 40030
076 000500 0.00
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.700
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
071 A000600 0
<PAGE> PAGE 59
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 0
072 B000600 0
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 0
072 H000600 0
028 A011700 0
028 A021700 0
028 A031700 0
028 A041700 0
028 B011700 0
028 B021700 0
028 B031700 0
028 B041700 0
028 C011700 0
028 C021700 0
028 C031700 0
028 C041700 0
028 D011700 0
028 D021700 0
028 D031700 0
028 D041700 0
028 E011700 0
028 E021700 0
028 E031700 0
028 E041700 0
028 F011700 0
028 F021700 0
028 F031700 0
028 F041700 0
028 G011700 0
028 G021700 0
028 G031700 0
028 G041700 0
028 H001700 0
SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON INSTITUTIONAL FUNDS, INC. GROWTH SERIES, JUNE 30, 1995
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000865722
<NAME> GROWTH SERIES
<SERIES>
<NUMBER> 4
<NAME> TIFI GROWTH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 186216301
<INVESTMENTS-AT-VALUE> 208795461
<RECEIVABLES> 2297525
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 241168
<TOTAL-ASSETS> 211334154
<PAYABLE-FOR-SECURITIES> 688718
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 237520
<TOTAL-LIABILITIES> 926238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180915239
<SHARES-COMMON-STOCK> 17436290
<SHARES-COMMON-PRIOR> 17740337
<ACCUMULATED-NII-CURRENT> 2896789
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4016728
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22579160
<NET-ASSETS> 210407916
<DIVIDEND-INCOME> 3254729
<INTEREST-INCOME> 499533
<OTHER-INCOME> 0
<EXPENSES-NET> 857473
<NET-INVESTMENT-INCOME> 2896789
<REALIZED-GAINS-CURRENT> 5575197
<APPREC-INCREASE-CURRENT> 12890135
<NET-CHANGE-FROM-OPS> 21362121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1295829)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 797580
<NUMBER-OF-SHARES-REDEEMED> (1219502)
<SHARES-REINVESTED> 117875
<NET-CHANGE-IN-ASSETS> 16349037
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (262640)
<GROSS-ADVISORY-FEES> 695451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 857473
<AVERAGE-NET-ASSETS> 200371862
<PER-SHARE-NAV-BEGIN> 10.94
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> .86
<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
TEMPLETON INSTITUTIONAL FUNDS INC., EMERGING MARKET SERIES JUNE 30, 1995
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000865722
<NAME> EMERGING MARKET SERIES
<SERIES>
<NUMBER> 2
<NAME> TIFI EMERGING MARKET SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 722741662
<INVESTMENTS-AT-VALUE> 701024421
<RECEIVABLES> 8456333
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 539707
<TOTAL-ASSETS> 710020461
<PAYABLE-FOR-SECURITIES> 14598048
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1872491
<TOTAL-LIABILITIES> 16470539
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 703965932
<SHARES-COMMON-STOCK> 61486541
<SHARES-COMMON-PRIOR> 51997882
<ACCUMULATED-NII-CURRENT> 9343761
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1957470
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (21717241)
<NET-ASSETS> 693549922
<DIVIDEND-INCOME> 9574867
<INTEREST-INCOME> 4553773
<OTHER-INCOME> 0
<EXPENSES-NET> 4784879
<NET-INVESTMENT-INCOME> 9343761
<REALIZED-GAINS-CURRENT> 2114935
<APPREC-INCREASE-CURRENT> (2592178)
<NET-CHANGE-FROM-OPS> 8866518
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1107139)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13666882
<NUMBER-OF-SHARES-REDEEMED> (4362876)
<SHARES-REINVESTED> 184653
<NET-CHANGE-IN-ASSETS> 110671640
<ACCUMULATED-NII-PRIOR> (19125063)
<ACCUMULATED-GAINS-PRIOR> 949674
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3764222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4784879
<AVERAGE-NET-ASSETS> 607840364
<PER-SHARE-NAV-BEGIN> 11.21
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.28
<EXPENSE-RATIO> 1.59
<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
TEMPLETON INSTITUTIONAL FUNDS INC., GLOBAL FIXED INCOME SERIES
JUNE 30, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000865722
<NAME> GLOBAL FIXED INCOME SERIES
<SERIES>
<NUMBER> 3
<NAME> TIFI GLOBAL FIXED INCOME SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 80619
<INVESTMENTS-AT-VALUE> 80237
<RECEIVABLES> 7693
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15881
<TOTAL-ASSETS> 103811
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2755
<TOTAL-LIABILITIES> 2755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153093
<SHARES-COMMON-STOCK> 12398
<SHARES-COMMON-PRIOR> 12398
<ACCUMULATED-NII-CURRENT> 2230
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (54096)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (171)
<NET-ASSETS> 101056
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2726
<OTHER-INCOME> 0
<EXPENSES-NET> 496
<NET-INVESTMENT-INCOME> 2230
<REALIZED-GAINS-CURRENT> 4
<APPREC-INCREASE-CURRENT> 475
<NET-CHANGE-FROM-OPS> 2709
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2709
<ACCUMULATED-NII-PRIOR> 25007
<ACCUMULATED-GAINS-PRIOR> (54100)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 272
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18465
<AVERAGE-NET-ASSETS> 99386
<PER-SHARE-NAV-BEGIN> 7.93
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> .04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.15<F1>
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE TEMPLETON INSTITUTIONAL FUNDS, GLOBAL FIXED
INCOME SERIES SEMI-ANNUAL REPORT JUNE 30, 1995, WITHOUT REIMBURSEMENT EQUALED
37.47%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON INSTITUTIONAL FUNDS, INC. FOREIGN EQUITY SERIES, JUNE 30, 1995
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000865722
<NAME> FOREIGN EQUITY SERIES
<SERIES>
<NUMBER> 1
<NAME> TIFI FOREIGN EQUITY SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1371210637
<INVESTMENTS-AT-VALUE> 1442814984
<RECEIVABLES> 17002357
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 39930
<TOTAL-ASSETS> 1459857271
<PAYABLE-FOR-SECURITIES> 10711856
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2651015
<TOTAL-LIABILITIES> 13362871
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1359897219
<SHARES-COMMON-STOCK> 105459635
<SHARES-COMMON-PRIOR> 85023429
<ACCUMULATED-NII-CURRENT> 23467123
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8474289)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71604347
<NET-ASSETS> 1446494400
<DIVIDEND-INCOME> 22289632
<INTEREST-INCOME> 5460789
<OTHER-INCOME> 0
<EXPENSES-NET> 5687868
<NET-INVESTMENT-INCOME> 22062553
<REALIZED-GAINS-CURRENT> (5407151)
<APPREC-INCREASE-CURRENT> 71467133
<NET-CHANGE-FROM-OPS> 88122535
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (461544)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25832024
<NUMBER-OF-SHARES-REDEEMED> (5460153)
<SHARES-REINVESTED> 64335
<NET-CHANGE-IN-ASSETS> 353267593
<ACCUMULATED-NII-PRIOR> 1866114
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (3067138)
<GROSS-ADVISORY-FEES> 4372216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5687868
<AVERAGE-NET-ASSETS> 1260770984
<PER-SHARE-NAV-BEGIN> 12.82
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .66
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.72
<EXPENSE-RATIO> .91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON INSTITUTIONAL FUNDS INC., FOREIGN EQUITY SERIES (SOUTH AFRICA
FREE) JUNE 30, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000865722
<NAME> SOUTH AFRICA FREE
<SERIES>
<NUMBER> 5
<NAME> TIFI SOUTH AFRICA FREE
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 31406390
<INVESTMENTS-AT-VALUE> 33112060
<RECEIVABLES> 569851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 4143
<TOTAL-ASSETS> 33686054
<PAYABLE-FOR-SECURITIES> 128533
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81358
<TOTAL-LIABILITIES> 209891
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30060162
<SHARES-COMMON-STOCK> 3989017
<SHARES-COMMON-PRIOR> 4869622
<ACCUMULATED-NII-CURRENT> 1096301
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 614030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1705670
<NET-ASSETS> 33476163
<DIVIDEND-INCOME> 620311
<INTEREST-INCOME> 211048
<OTHER-INCOME> 0
<EXPENSES-NET> 192707
<NET-INVESTMENT-INCOME> 638652
<REALIZED-GAINS-CURRENT> 1903284
<APPREC-INCREASE-CURRENT> 325449
<NET-CHANGE-FROM-OPS> 2867385
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (246287)
<DISTRIBUTIONS-OF-GAINS> (1877963)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1309806
<NUMBER-OF-SHARES-REDEEMED> (280068)
<SHARES-REINVESTED> 609657
<NET-CHANGE-IN-ASSETS> (6100316)
<ACCUMULATED-NII-PRIOR> 703936
<ACCUMULATED-GAINS-PRIOR> 588682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139003
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226089
<AVERAGE-NET-ASSETS> 40030165
<PER-SHARE-NAV-BEGIN> 8.13
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> .44
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.31)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.39<F1>
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>EXPENSE RATIO PER THE TEMPLETON INSTITUTIONAL FUNDS, INC. FOREIGN EQUITY
SERIES (SOUTH AFRICA FREE) SEMI-ANNUAL REPORT JUNE 30, 1995, WITHOUT
REIMBURSEMENT EQUALED 1.14%.
</FN>
</TABLE>
