<PAGE> PAGE 1
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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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008 A000201 FRANKLIN ADVISERS, INC.
008 B000201 A
008 C000201 801-26292
008 D010201 SAN MATEO
008 D020201 CA
008 D030201 94403
008 D040201 7777
015 A000201 THE BANK OF NEW YORK
015 B000201 C
015 C010201 NEW YORK
015 C020201 NY
015 C030201 10286
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015 A000203 CITIBANK DELAWARE
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015 C010203 NEW CASTLE
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<PAGE> PAGE 13
015 E010203 X
015 A000204 THE BANK OF BOSTON
015 B000204 S
015 C010204 BUENOS AIRES
015 D010204 ARGENTINA
015 E040204 X
015 A000205 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 C010205 MELBOURNE
015 D010205 AUSTRALIA
015 E040205 X
015 A000206 CREDITANSTALT BANKVEREIN
015 B000206 S
015 C010206 VIENNA
015 D010206 AUSTRIA
015 E040206 X
015 A000207 STANDARD CHARTERED BANK PLC
015 B000207 S
015 C010207 DHAKA
015 D010207 BANGLADESH
015 E040207 X
015 A000208 BANQUE BRUXELLES LAMBERT
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015 C010208 BRUSSELS
015 D010208 BELGIUM
015 E040208 X
015 A000209 THE FIRST NATIONAL BANK OF BOSTON
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015 C010209 SAO PAULO
015 D010209 BRAZIL
015 E040209 X
015 A000210 THE ROYAL BANK OF CANADA
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015 C010210 MONTREAL
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015 C010211 SANTIAGO
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015 A000212 BANCO DE CHILE
015 B000212 S
015 C010212 SANTIAGO
015 D010212 CHILE
015 E040212 X
015 A000213 STANDARD CHARTERED BANK
015 B000213 S
015 C010213 HONG KONG
015 D010213 CHINA
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<PAGE> PAGE 14
015 A000214 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
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015 C010214 ACCRA
015 D010214 GHANA
015 E040214 X
015 A000215 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000215 S
015 C010215 BOGOTA
015 D010215 COLOMBIA
015 E040215 X
015 A000216 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000216 S
015 C010216 PRAHA (PRAGUE)
015 D010216 CZECH REPUBLIC
015 E040216 X
015 A000217 DEN DANSKE BANK
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015 C010217 COPENHAGEN
015 D010217 DENMARK
015 E040217 X
015 A000218 MERITA BANK LTD.
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015 C010218 HELSINKI
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015 D010222 HONG KONG
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015 A000223 CITIBANK, N.A.
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<PAGE> PAGE 15
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015 A000225 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 C010225 JAKARTA
015 D010225 INDONESIA
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015 A000226 ALLIED IRISH BANKS, PLC
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015 A000227 BANK LEUMI LE-ISRAEL B.M.
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015 C010229 TOKYO
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<PAGE> PAGE 16
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015 A000235 MEESPIERSON
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015 A000243 UNITED OVERSEAS BANK LTD
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015 D010243 SINGAPORE
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<PAGE> PAGE 17
015 D010244 SOUTH AFRICA
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015 A000245 SEOULBANK
015 B000245 S
015 C010245 SEOUL
015 D010245 SOUTH KOREA
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015 C010246 MADRID
015 D010246 SPAIN
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015 A000247 SKANDINAVISKA ENSKILDA BANKEN
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015 A000248 UNION BANK OF SWITZERLAND
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015 A000249 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 A000251 CITIBANK, N.A.
015 B000251 S
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015 A000254 CITIBANK, N.A.
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<PAGE> PAGE 18
015 E040254 X
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015 C010255 COLOMBO
015 D010255 SRI LANKA
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015 A000256 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
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015 A000262 THE BRITISH BANK OF THE MIDDLE EAST
015 B000262 S
015 C010262 AMMAN
015 D010262 JORDAN
015 E040262 X
015 A000263 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
015 B000263 S
015 C010263 NAIROBI
015 D010263 KENYA
015 E040263 X
015 A000264 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000264 S
015 C010264 LAGOS
015 D010264 NIGERIA
015 E040264 X
<PAGE> PAGE 19
015 A000265 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000265 S
015 C010265 WINDHOEK
015 D010265 NAMIBIA
015 E040265 X
015 A000266 KAS - ASSOCIATIE NV
015 B000266 S
015 C010266 AMSTERDAM
015 D010266 NETHERLANDS
015 E040266 X
015 A000267 DEVELOPMENT BANK OF SINGAPORE
015 B000267 S
015 C010267 SINGAPORE
015 D010267 SINGAPORE
015 E040267 X
015 A000268 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000268 S
015 C010268 BRATISLAVA
015 D010268 SLOVAK REPUBLIC
015 E040268 X
015 A000269 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000269 S
015 C010269 MBABANE
015 D010269 SWAZILAND
015 E040269 X
015 A000270 BANK LEU LTD.
015 B000270 S
015 C010270 ZURICH
015 D010270 SWITZERLAND
015 E040270 X
015 A000271 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000271 S
015 C010271 BANGKOK
015 D010271 THAILAND
015 E040271 X
015 A000272 FIRST CHICAGO CLEARING CENTRE
015 B000272 S
015 C010272 LONDON
015 D010272 UNITED KINGDOM
015 E040272 X
015 A000273 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA
015 B000273 S
015 C010273 LUSAKA
015 D010273 ZAMBIA
015 E040273 X
015 A000274 SCMB JOHANNESBURG VIA STANBIC BANK ZIMBABWE
015 B000274 S
015 C010274 HARARE
015 D010274 ZIMBABWE
015 E040274 X
024 000200 N
<PAGE> PAGE 20
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 72932
028 A020200 0
028 A030200 0
028 A040200 36615
028 B010200 92613
028 B020200 30092
028 B030200 0
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028 C010200 163777
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028 D020200 0
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028 E010200 142730
028 E020200 0
028 E030200 0
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028 F010200 146124
028 F020200 0
028 F030200 0
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028 G010200 789653
028 G020200 30092
028 G030200 0
028 G040200 245824
028 H000200 789653
029 000200 Y
030 A000200 11023
030 B000200 4.50
030 C000200 0.00
031 A000200 0
031 B000200 243
032 000200 11266
033 000200 0
034 000200 Y
035 000200 33
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
<PAGE> PAGE 21
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 362
044 000200 430
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.625
048 B010200 150000
048 B020200 0.500
048 C010200 9750000
048 C020200 0.450
048 D010200 2500000
048 D020200 0.440
048 E010200 2500000
048 E020200 0.420
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 15000000
048 K020200 0.400
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
<PAGE> PAGE 22
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 100
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
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
<PAGE> PAGE 23
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
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 Y
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 1125841
071 B000200 402190
071 C000200 727635
071 D000200 55
072 A000200 12
072 B000200 4607
072 C000200 3508
072 D000200 0
072 E000200 0
072 F000200 3859
072 G000200 0
072 H000200 0
072 I000200 962
072 J000200 18
072 K000200 216
072 L000200 126
072 M000200 18
072 N000200 146
<PAGE> PAGE 24
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 35
072 S000200 4
072 T000200 2416
072 U000200 3
072 V000200 0
072 W000200 135
072 X000200 7938
072 Y000200 0
072 Z000200 177
072AA000200 88950
072BB000200 48393
072CC010200 0
072CC020200 72391
072DD010200 2394
072DD020200 0
072EE000200 31494
073 A010200 0.0670
073 A020200 0.0000
073 B000200 1.5940
073 C000200 0.0000
074 A000200 1829
074 B000200 148519
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 1101913
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 4803
074 K000200 0
074 L000200 8450
074 M000200 633
074 N000200 1266147
074 O000200 25960
074 P000200 2689
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1204
074 S000200 0
074 T000200 1236294
074 U010200 56510
074 U020200 8774
074 V010200 18.96
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074 W000200 0.0000
<PAGE> PAGE 25
074 X000200 114987
074 Y000200 6045
075 A000200 0
075 B000200 799844
076 000200 0.00
008 A000301 FRANKLIN ADVISERS, INC.
008 B000301 A
008 C000301 801-26292
008 D010301 SAN MATEO
008 D020301 CA
008 D030301 94403
008 D040301 7777
015 A000301 THE BANK OF NEW YORK
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10286
015 E010301 X
015 A000302 BANK OF AMERICA NT & SA
015 B000302 C
015 C010302 SAN FRANCISCO
015 C020302 CA
015 C030302 94104
015 C040302 1502
015 E010302 X
015 A000303 CITIBANK DELAWARE
015 B000303 C
015 C010303 NEW CASTLE
015 C020303 DE
015 C030303 19720
015 C040303 2409
015 E010303 X
015 A000304 THE BANK OF BOSTON
015 B000304 S
015 C010304 BUENOS AIRES
015 D010304 ARGENTINA
015 E040304 X
015 A000305 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000305 S
015 C010305 MELBOURNE
015 D010305 AUSTRALIA
015 E040305 X
015 A000306 CREDITANSTALT BANKVEREIN
015 B000306 S
015 C010306 VIENNA
015 D010306 AUSTRIA
015 E040306 X
015 A000307 STANDARD CHARTERED BANK PLC
015 B000307 S
015 C010307 DHAKA
015 D010307 BANGLADESH
<PAGE> PAGE 26
015 E040307 X
015 A000308 BANQUE BRUXELLES LAMBERT
015 B000308 S
015 C010308 BRUSSELS
015 D010308 BELGIUM
015 E040308 X
015 A000309 THE FIRST NATIONAL BANK OF BOSTON
015 B000309 S
015 C010309 SAO PAULO
015 D010309 BRAZIL
015 E040309 X
015 A000310 THE ROYAL BANK OF CANADA
015 B000310 S
015 C010310 MONTREAL
015 D010310 CANADA
015 E040310 X
015 A000311 THE FIRST NATIONAL BANK OF BOSTON
015 B000311 S
015 C010311 SANTIAGO
015 D010311 CHILE
015 E040311 X
015 A000312 BANCO DE CHILE
015 B000312 S
015 C010312 SANTIAGO
015 D010312 CHILE
015 E040312 X
015 A000313 STANDARD CHARTERED BANK
015 B000313 S
015 C010313 HONG KONG
015 D010313 CHINA
015 E040313 X
015 A000314 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
015 B000314 S
015 C010314 GABARONE
015 D010314 BOTSWANA
015 E040314 X
015 A000315 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000315 S
015 C010315 BOGOTA
015 D010315 COLOMBIA
015 E040315 X
015 A000316 CESKOSLOVENSKA OBCHODNI BANKA
015 B000316 S
015 C010316 PRAHA (PRAGUE)
015 D010316 CZECH REPUBLIC
015 E040316 X
015 A000317 DEN DANSKE BANK
015 B000317 S
015 C010317 COPENHAGEN
015 D010317 DENMARK
015 E040317 X
<PAGE> PAGE 27
015 A000318 MERITA BANK LTD
015 B000318 S
015 C010318 HELSINKI
015 D010318 FINLAND
015 E040318 X
015 A000319 BANQUE PARIBAS
015 B000319 S
015 C010319 PARIS
015 D010319 FRANCE
015 E040319 X
015 A000320 DRESDNER BANK AG
015 B000320 S
015 C010320 FRANKFURT/MAIN
015 D010320 GERMANY
015 E040320 X
015 A000321 NATIONAL BANK OF GREECE SA
015 B000321 S
015 C010321 ATHENS
015 D010321 GREECE
015 E040321 X
015 A000322 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000322 S
015 C010322 HONG KONG
015 D010322 HONG KONG
015 E040322 X
015 A000323 CITIBANK, N.A.
015 B000323 S
015 C010323 BUDAPEST
015 D010323 HUNGARY
015 E040323 X
015 A000324 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000324 S
015 C010324 MUMBAI
015 D010324 INDIA
015 E040324 X
015 A000325 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000325 S
015 C010325 JAKARTA
015 D010325 INDONESIA
015 E040325 X
015 A000326 ALLIED IRISH BANKS, PLC
015 B000326 S
015 C010326 DUBLIN
015 D010326 IRELAND
015 E040326 X
015 A000327 BANK LEUMI LE-ISARAEL B.M.
015 B000327 S
015 C010327 TEL AVIV
015 D010327 ISRAEL
015 E040327 X
015 A000328 BANCA COMMERCIALE ITALIANA
<PAGE> PAGE 28
015 B000328 S
015 C010328 MILAN
015 D010328 ITALY
015 E040328 X
015 A000329 BANK OF TOKYO MITSUBISHI
015 B000329 S
015 C010329 TOKYO
015 D010329 JAPAN
015 E040329 X
015 A000330 CEDEL
015 B000330 S
015 C010330 LUXEMBOURG CITY
015 D010330 LUXEMBOURG
015 E040330 X
015 A000331 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000331 S
015 C010331 LUXEMBOURG CITY
015 D010331 LUXEMBOURG
015 E040331 X
015 A000332 THE HONGKONG BANK MALAYSIA BERHAD
015 B000332 S
015 C010332 KUALA LUMPUR
015 D010332 MALAYSIA
015 E040332 X
015 A000333 BANCO NACIONAL DE MEXICO
015 B000333 S
015 C010333 MEXICO CITY
015 D010333 MEXICO
015 E040333 X
015 A000334 BANQUE COMMERCIALE DU MAROC
015 B000334 S
015 C010334 CASABLANCA
015 D010334 MOROCCO
015 E040334 X
015 A000335 MEESPIERSON
015 B000335 S
015 C010335 AMSTERDAM
015 D010335 NETHERLANDS
015 E040335 X
015 A000336 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000336 S
015 C010336 WELLINGTON
015 D010336 NEW ZEALAND
015 E040336 X
015 A000337 DEN NORSKE BANK A.S.
015 B000337 S
015 C010337 OSLO
015 D010337 NORWAY
015 E040337 X
015 A000338 STANDARD CHARTERED BANK
015 B000338 S
<PAGE> PAGE 29
015 C010338 KARACHI
015 D010338 PAKISTAN
015 E040338 X
015 A000339 CITIBANK, N.A.
015 B000339 S
015 C010339 LIMA
015 D010339 PERU
015 E040339 X
015 A000340 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000340 S
015 C010340 PASIG CITY MANILA
015 D010340 PHILIPPINES
015 E040340 X
015 A000341 BANK HANDLOWY W WARSZAWIE S.A.
015 B000341 S
015 C010341 WARSAW
015 D010341 POLAND
015 E040341 X
015 A000342 BANCO COMERCIAL PORTUGUES, S.A.
015 B000342 S
015 C010342 LISBON
015 D010342 PORTUGAL
015 E040342 X
015 A000343 UNITED OVERSEAS BANK
015 B000343 S
015 C010343 SINGAPORE
015 D010343 SINGAPORE
015 E040343 X
015 A000344 STANDARD CORPORATE AND MERCHANT BANK
015 B000344 S
015 C010344 JOHANNESBURG
015 D010344 SOUTH AFRICA
015 E040344 X
015 A000345 SEOULBANK
015 B000345 S
015 C010345 SEOUL
015 D010345 SOUTH KOREA
015 E040345 X
015 A000346 BANCO BILBAO VIZCAYA
015 B000346 S
015 C010346 MADRID
015 D010346 SPAIN
015 E040346 X
015 A000347 STANDARD CHARTERED BANK
015 B000347 S
015 C010347 COLOMBO
015 D010347 SRI LANKA
015 E040347 X
015 A000348 SKANDINAVISKA ENSKILDA BANKEN
015 B000348 S
015 C010348 STOCKHOLM
<PAGE> PAGE 30
015 D010348 SWEDEN
015 E040348 X
015 A000349 UNION BANK OF SWITZERLAND
015 B000349 S
015 C010349 ZURICH
015 D010349 SWITZERLAND
015 E040349 X
015 A000350 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000350 S
015 C010350 TAIPEI
015 D010350 TAIWAN (R.O.C.)
015 E040350 X
015 A000351 THE SIAM COMMERCIAL BANK PUBLIC CO LTD
015 B000351 S
015 C010351 BANGKOK
015 D010351 THAILAND
015 E040351 X
015 A000352 CITIBANK, N.A.
015 B000352 S
015 C010352 ISTANBUL
015 D010352 TURKEY
015 E040352 X
015 A000353 THE BANK OF NEW YORK
015 B000353 S
015 C010353 LONDON
015 D010353 UNITED KINGDOM
015 E040353 X
015 A000354 THE FIRST NATIONAL BANK OF BOSTON
015 B000354 S
015 C010354 MONTEVIDEO
015 D010354 URUGUAY
015 E040354 X
015 A000355 CITIBANK, N.A.
015 B000355 S
015 C010355 CARACAS
015 D010355 VENEZUELA
015 E040355 X
015 A000356 CITIBANK, N.A.
015 B000356 S
015 C010356 QUITO
015 D010356 ECUADOR
015 E040356 X
015 A000357 CITIBANK, N.A. - EGYPT BRANCH
015 B000357 S
015 C010357 CAIRO
015 D010357 EGYPT
015 E040357 X
015 A000358 CREDIT COMMERCIAL DE FRANCE
015 B000358 S
015 C010358 PARIS
015 D010358 FRANCE
<PAGE> PAGE 31
015 E040358 X
015 A000359 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
015 B000359 S
015 C010359 ACCRA
015 D010359 GHANA
015 E040359 X
015 A000360 JASDEC
015 B000360 S
015 C010360 TOKYO
015 D010360 JAPAN
015 E040360 X
015 A000361 BANQUE PARIBAS SA
015 B000361 S
015 C010361 MILAN
015 D010361 ITALY
015 E040361 X
015 A000362 THE BRITISH BANK OF THE MIDDLE EAST
015 B000362 S
015 C010362 AMMAN
015 D010362 JORDON
015 E040362 X
015 A000363 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
015 B000363 S
015 C010363 NAIROBI
015 D010363 KENYA
015 E040363 X
015 A000364 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000364 S
015 C010364 WINDHOEK
015 D010364 NAMIBIA
015 E040364 X
015 A000365 KAS - ASSOCIATIE NV
015 B000365 S
015 C010365 AMSTERDAM
015 D010365 NETHERLANDS
015 E040365 X
015 A000366 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000366 S
015 C010366 LAGOS
015 D010366 NIGERIA
015 E040366 X
015 A000367 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000367 S
015 C010367 BRATISLAVA
015 D010367 SLOVAK REPUBLIC
015 E040367 X
015 A000368 DEVELOPMENT BANK OF SINGAPORE
015 B000368 S
015 C010368 SINGAPORE
015 D010368 SINGAPORE
015 E040368 X
<PAGE> PAGE 32
015 A000369 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000369 S
015 C010369 MBABANE
015 D010369 SWAZILAND
015 E040369 X
015 A000370 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000370 S
015 C010370 BANGKOK
015 D010370 THAILAND
015 E040370 X
015 A000371 FIRST CHICAGO CLEARING CENTRE
015 B000371 S
015 C010371 LONDON
015 D010371 UNITED KINGDOM
015 E040371 X
015 A000372 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA
015 B000372 S
015 C010372 LUSAKA
015 D010372 ZAMBIA
015 E040372 X
015 A000373 SCMB JOHANNESBURG VIA STANBIC BANK ZIMBABWE
015 B000373 S
015 C010373 HARARE
015 D010373 ZIMBABWE
015 E040373 X
015 A000374 BANK LEU LTD
015 B000374 S
015 C010374 ZURICH
015 D010374 SWITZERLAND
015 E040374 X
024 000300 N
025 D000301 0
025 D000302 0
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025 D000305 0
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<PAGE> PAGE 33
028 D010300 15427
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031 A000300 252
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032 000300 3079
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037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
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042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
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042 H000300 0
043 000300 362
044 000300 430
045 000300 Y
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<PAGE> PAGE 34
048 B020300 0.500
048 C010300 9750000
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048 E020300 0.420
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048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 15000000
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050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
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054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 100
062 A000300 N
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062 C000300 0.0
<PAGE> PAGE 35
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
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062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
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063 B000300 0.0
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066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
<PAGE> PAGE 36
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 173705
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071 C000300 133077
071 D000300 73
072 A000300 12
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<PAGE> PAGE 37
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008 B000401 A
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015 A000401 THE BANK OF NEW YORK
015 B000401 C
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<PAGE> PAGE 38
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015 A000403 CITIBANK DELAWARE
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015 E040404 X
015 A000405 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 A000408 BANQUE BRUXELLES LAMBERT
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015 A000409 THE FIRST NATIONAL BANK OF BOSTON
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015 D010409 BRAZIL
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<PAGE> PAGE 39
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015 A000412 BANCO DE CHILE
015 B000412 S
015 C010412 SANTIAGO
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015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
015 C010413 HONG KONG
015 D010413 CHINA
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015 A000414 DELETE
015 A000415 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
015 B000415 S
015 C010415 GABARONE
015 D010415 BOTSWANA
015 E040415 X
015 A000416 CESKOSLOVENSKA OBCHODNI BANKA
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015 D010416 CZECH REPUBLIC
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<PAGE> PAGE 40
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015 A000423 CITIBANK, N.A.
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015 E040423 X
015 A000424 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 D010424 INDIA
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015 A000425 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 D010425 INDONESIA
015 E040425 X
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015 D010426 IRELAND
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015 A000427 BANK LEUMI LE-ISRAEL B.M.
015 B000427 S
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015 E040427 X
015 A000428 BANCA COMMERCIALE ITALIANA
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015 D010429 JAPAN
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015 D010430 LUXEMBOURG
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015 C010431 LUXEMBOURG CITY
015 D010431 LUXEMBOURG
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015 A000432 THE HONGKONG BANK MALAYSIA BERHAD
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<PAGE> PAGE 41
015 A000433 BANCO NACIONAL DE MEXICO
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015 C010433 MEXICO CITY
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015 A000434 BANQUE COMMERCIALE DU MAROC
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015 D010434 MOROCCO
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015 A000435 MEESPIERSON
015 B000435 S
015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000436 S
015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
015 B000437 S
015 C010437 OSLO
015 D010437 NORWAY
015 E040437 X
015 A000438 STANDARD CHARTERED BANK
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000440 S
015 C010440 PASIG CITY MANILA
015 D010440 PHILIPPINES
015 E040440 X
015 A000441 BANK HANDLOWY W WARSZAWIE S.A.
015 B000441 S
015 C010441 WARSAW
015 D010441 POLAND
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015 A000442 BANCO COMERCIAL PORTUGUES, S.A.
015 B000442 S
015 C010442 LISBON
015 D010442 PORTUGAL
015 E040442 X
015 A000443 UNITED OVERSEAS BANK
<PAGE> PAGE 42
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015 C010443 SINGAPORE
015 D010443 SINGAPORE
015 E040443 X
015 A000444 STANDARD CORPORATE AND MERCHANT BANK
015 B000444 S
015 C010444 JOHANNESBURG
015 D010444 SOUTH AFRICA
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015 A000445 SEOULBANK
015 B000445 S
015 C010445 SEOUL
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015 A000446 BANCO BILBAO VIZCAYA
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015 C010446 MADRID
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015 A000447 STANDARD CHARTERED BANK
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015 C010447 COLOMBO
015 D010447 SRI LANKA
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<PAGE> PAGE 43
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015 A000454 THE FIRST NATIONAL BANK OF BOSTON
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015 A000459 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
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015 D010461 JAPAN
015 E040461 X
015 A000462 THE BRITISH BANK OF THE MIDDLE EAST
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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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<PAGE> PAGE 49
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<PAGE> PAGE 50
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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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008 D040501 7777
015 A000501 THE BANK OF NEW YORK
015 B000501 C
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015 C010502 SAN FRANCISCO
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015 C030502 94104
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015 E010502 X
015 A000503 CITIBANK DELAWARE
015 B000503 C
015 C010503 NEW CASTLE
015 C020503 DE
015 C030503 19720
015 C040503 2409
015 E010503 X
015 A000504 THE BANK OF BOSTON
015 B000504 S
<PAGE> PAGE 51
015 C010504 BUENOS AIRES
015 D010504 ARGENTINA
015 E040504 X
015 A000505 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 A000506 CREDITANSTALT BANKVEREIN
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015 C010507 DHAKA
015 D010507 BANGLADESH
015 E040507 X
015 A000508 BANQUE BRUXELLES LAMBERT
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015 C010508 BRUSSELS
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015 E040508 X
015 A000509 THE FIRST NATIONAL BANK OF BOSTON
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015 C010509 SAO PAULO
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015 D010510 CANADA
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015 A000511 THE FIRST NATIONAL BANK OF BOSTON
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015 C010511 SANTIAGO
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015 A000512 BANCO DE CHILE
015 B000512 S
015 C010512 SANTIAGO
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015 E040512 X
015 A000513 STANDARD CHARTERED BANK
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015 C010513 HONG KONG
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015 A000514 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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015 A000525 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
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015 A000526 ALLIED IRISH BANKS, PLC
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015 E040527 X
015 A000528 BANCA COMMERCIALE ITALIANA
015 B000528 S
015 C010528 MILAN
015 D010528 ITALY
015 E040528 X
015 A000529 BANK OF TOKYO MITSUBISHI
015 B000529 S
015 C010529 TOKYO
015 D010529 JAPAN
015 E040529 X
015 A000530 CEDEL
015 B000530 S
015 C010530 LUXEMBOURG CITY
015 D010530 LUXEMBOURG
015 E040530 X
015 A000531 BANQUE INTERNATIONALE A LUXEMBOURRG
015 B000531 S
015 C010531 LUXEMBOURG CITY
015 D010531 LUXEMBOURG
015 E040531 X
015 A000532 THE HONGKONG BANK MALAYSIA BERHAD
015 B000532 S
015 C010532 KUALA LUMPUR
015 D010532 MALAYSIA
015 E040532 X
015 A000533 BANCO NACIONAL DE MEXICO
015 B000533 S
015 C010533 MEXICO CITY
015 D010533 MEXICO
015 E040533 X
015 A000534 BANQUE COMMERCIALE DU MAROC
015 B000534 S
015 C010534 CASABLANCA
015 D010534 MOROCCO
015 E040534 X
<PAGE> PAGE 54
015 A000535 MEESPIERSON
015 B000535 S
015 C010535 AMSTERDAM
015 D010535 NETHERLANDS
015 E040535 X
015 A000536 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000536 S
015 C010536 WELLINGTON
015 D010536 NEW ZEALAND
015 E040536 X
015 A000537 DEN NORSKE BANK A.S.
015 B000537 S
015 C010537 OSLO
015 D010537 NORWAY
015 E040537 X
015 A000538 STANDARD CHARTERED BANK
015 B000538 S
015 C010538 KARACHI
015 D010538 PAKISTAN
015 E040538 X
015 A000539 CITIBANK, N.A.
015 B000539 S
015 C010539 LIMA
015 D010539 PERU
015 E040539 X
015 A000540 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000540 S
015 C010540 PASIG CITY MANILA
015 D010540 PHILIPPINES
015 E040540 X
015 A000541 BANK HANDLOWY W WARSZAWIE S.A.
015 B000541 S
015 C010541 WARSAW
015 D010541 POLAND
015 E040541 X
015 A000542 BANCO COMERCIAL PORTUGUES, S.A.
015 B000542 S
015 C010542 LISBON
015 D010542 PORTUGAL
015 E040542 X
015 A000543 UNITED OVERSEAS BANK LTD.
015 B000543 S
015 C010543 SINGAPORE
015 D010543 SINGAPORE
015 E040543 X
015 A000544 STANDARD CORPORATE AND MERCHANT BANK
015 B000544 S
015 C010544 JOHANNESBURG
015 D010544 SOUTH AFRICA
015 E040544 X
015 A000545 SEOULBANK
<PAGE> PAGE 55
015 B000545 S
015 C010545 SEOUL
015 D010545 SOUTH KOREA
015 E040545 X
015 A000546 BANCO BILBAO VIZCAYA
015 B000546 S
015 C010546 MADRID
015 D010546 SPAIN
015 E040546 X
015 A000547 STANDARD CHARTERED BANK
015 B000547 S
015 C010547 COLOMBO
015 D010547 SRI LANKA
015 E040547 X
015 A000548 SKANDINAVISKA ENSKILDA BANKEN
015 B000548 S
015 C010548 STOCKHOLM
015 D010548 SWEDEN
015 E040548 X
015 A000549 UNION BANK OF SWITZERLAND
015 B000549 S
015 C010549 ZURICH
015 D010549 SWITZERLAND
015 E040549 X
015 A000550 THE HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B000550 S
015 C010550 TAIPEI
015 D010550 TAIWAN (R.O.C.)
015 E040550 X
015 A000551 THE SIAM COMMERCIAL BANK PUBLIC CO LTD.
015 B000551 S
015 C010551 BANGKOK
015 D010551 THAILAND
015 E040551 X
015 A000552 CITIBANK, N.A.
015 B000552 S
015 C010552 ISTANBUL
015 D010552 TURKEY
015 E040552 X
015 A000553 THE BANK OF NEW YORK
015 B000553 S
015 C010553 LONDON
015 D010553 UNITED KINGDOM
015 E040553 X
015 A000554 THE FIRST NATIONAL BANK OF BOSTON
015 B000554 S
015 C010554 MONTEVIDEO
015 D010554 URUGUAY
015 E040554 X
015 A000555 CITIBANK, N.A.
015 B000555 S
<PAGE> PAGE 56
015 C010555 CARACAS
015 D010555 VENEZUELA
015 E040555 X
015 A000556 CITIBANK, N.A.
015 B000556 S
015 C010556 QUITO
015 D010556 ECUADOR
015 E040556 X
015 A000557 CITIBANK, N.A. - EGYPT BRANCH
015 B000557 S
015 C010557 CAIRO
015 D010557 EGYPT
015 E040557 X
015 A000558 SCMB JOHANNESBURG VIA MERCHANT BANK LTD.
015 B000558 S
015 C010558 ACCRA
015 D010558 GHANA
015 E040558 X
015 A000559 THE BRITISH BANK OF THE MIDDLE EAST
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015 C010559 AMMAN
015 D010559 JORDAN
015 E040559 X
015 A000560 JASDEC
015 B000560 S
015 C010560 TOKYO
015 D010560 JAPAN
015 E040560 X
015 A000561 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
015 B000561 S
015 C010561 NAIROBI
015 D010561 KENYA
015 E040561 X
015 A000562 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
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015 D010562 NIGERIA
015 E040562 X
015 A000563 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
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015 C010563 WINDHOEK
015 D010563 NAMIBIA
015 E040563 X
015 A000564 KAS - ASSOCIATE NV
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015 C010564 AMSTERDAM
015 D010564 NETHERLANDS
015 E040564 X
015 A000565 DEVELOPMENT BANK OF SINGAPORE
015 B000565 S
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<PAGE> PAGE 57
015 D010565 SINGAPORE
015 E040565 X
015 A000566 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000566 S
015 C010566 BRATISLAVA
015 D010566 SLOVAK REPUBLIC
015 E040566 X
015 A000567 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000567 S
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015 E040567 X
015 A000568 BANK LEU LTD.
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015 E040573 X
015 A000574 BANQUE PARIBAS SA
015 B000574 S
015 C010574 MILAN
015 D010574 ITALY
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024 000500 N
025 A000501 DELETE
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<PAGE> PAGE 58
025 D000503 0
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034 000500 Y
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037 000500 N
038 000500 0
039 000500 Y
040 000500 Y
<PAGE> PAGE 59
041 000500 Y
042 A000500 0
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042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 13
044 000500 17
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.650
048 A010500 0
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048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
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048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
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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 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
<PAGE> PAGE 60
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 100
062 A000500 N
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062 C000500 0.0
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062 E000500 0.0
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062 I000500 0.0
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062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
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066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 Y
070 B010500 Y
070 B020500 N
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<PAGE> PAGE 61
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 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
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071 B000500 7204
071 C000500 9435
071 D000500 76
072 A000500 12
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<PAGE> PAGE 62
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072EE000500 1367
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074 B000500 2049
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<PAGE> PAGE 63
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008 A000601 FRANKLIN ADVISERS, INC.
008 B000601 A
008 C000601 801-26292
008 D010601 SAN MATEO
008 D020601 CA
008 D030601 94403
008 D040601 7777
015 A000601 THE BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
015 A000602 BANK OF AMERICA NT & SA
015 B000602 C
015 C010602 SAN FRANCISCO
015 C020602 CA
015 C030602 94104
015 C040602 1502
015 E010602 X
015 A000603 CITIBANK DELAWARE
015 B000603 C
015 C010603 NEW CASTLE
015 C020603 DE
015 C030603 19720
015 C040603 2409
015 E010603 X
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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048 H020600 0.000
048 I010600 0
048 I020600 0.000
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048 J020600 0.000
048 K010600 0
048 K020600 0.000
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050 000600 N
051 000600 N
052 000600 N
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053 B000600 Y
053 C000600 N
054 A000600 Y
054 B000600 Y
054 C000600 Y
054 D000600 Y
054 E000600 Y
054 F000600 Y
054 G000600 Y
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054 K000600 Y
054 L000600 Y
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055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
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<PAGE> PAGE 66
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066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 N
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 N
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070 K020600 N
<PAGE> PAGE 67
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
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<PAGE> PAGE 68
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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 94403
008 D040701 7777
008 A000702 TEMPLETON INVESTMENT COUNSEL, INC.
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008 D030702 33394
008 D040702 3091
<PAGE> PAGE 69
015 A000701 THE BANK OF NEW YORK
015 B000701 C
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015 C020701 NY
015 C030701 10286
015 E010701 X
015 A000702 BANK OF AMERICA NT & SA
015 B000702 C
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015 E010702 X
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015 B000703 C
015 C010703 NEW CASTLES
015 C020703 DE
015 C030703 19720
015 C040703 2409
015 E010703 X
015 A000704 THE BANK OF BOSTON
015 B000704 S
015 C010704 BUENOS AIRES
015 D010704 ARGENTINA
015 E040704 X
015 A000705 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000705 S
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015 D010705 AUSTRALIA
015 E040705 X
015 A000706 CREDITANSTALT BANKVEREIN
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015 D010706 AUSTRIA
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015 D010707 BANGLADESH
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<PAGE> PAGE 70
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015 C010710 MONTREAL
015 D010710 CANADA
015 E040710 X
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015 A000712 BANCO DE CHILE
015 B000712 S
015 C010712 SANTIAGO
015 D010712 CHILE
015 E040712 X
015 A000713 STANDARD CHARTERED BANK
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015 D010713 CHINA
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015 A000714 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
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<PAGE> PAGE 71
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015 A000722 THE HONGKONG AND SHANGHAI BANKING CORP LTD
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015 E040723 X
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015 C010724 MUMBAI
015 D010724 INDIA
015 E040724 X
015 A000725 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000725 S
015 C010725 JAKARTA
015 D010725 INDONESIA
015 E040725 X
015 A000726 ALLIED IRISH BANKS, PLC
015 B000726 S
015 C010726 DUBLIN
015 D010726 IRELAND
015 E040726 X
015 A000727 BANK LEUMI LE-ISRAEL B.M.
015 B000727 S
015 C010727 TEL AVIV
015 D010727 ISRAEL
015 E040727 X
015 A000728 BANCA COMMERCIALE ITALIANA
015 B000728 S
015 C010728 MILAN
015 D010728 ITALY
015 E040728 X
015 A000729 BANK OF TOKYO MITSUBISHI
015 B000729 S
015 C010729 TOKYO
015 D010729 JAPAN
015 E040729 X
015 A000730 CEDEL
015 B000730 S
015 C010730 LUXEMBOURG CITY
<PAGE> PAGE 72
015 D010730 LUXEMBOURG
015 E040730 X
015 A000731 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000731 S
015 C010731 LUXEMBOURG CITY
015 D010731 LUXEMBOURG
015 E040731 X
015 A000732 THE HONGKONG BANK MALAYSIA BERHAD
015 B000732 S
015 C010732 KUALA LUMPUR
015 D010732 MALAYSIA
015 E040732 X
015 A000733 BANCO NACIONAL DE MEXICO
015 B000733 S
015 C010733 MEXICO CITY
015 D010733 MEXICO
015 E040733 X
015 A000734 BANQUE COMMERCIALE DU MAROC
015 B000734 S
015 C010734 CASABLANCA
015 D010734 MOROCCO
015 E040734 X
015 A000735 MEESPIERSON
015 B000735 S
015 C010735 AMSTERDAM
015 D010735 NETHERLANDS
015 E040735 X
015 A000736 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000736 S
015 C010736 WELLINGTON
015 D010736 NEW ZEALAND
015 E040736 X
015 A000737 DEN NORSKE BANK A.S.
015 B000737 S
015 C010737 OSLO
015 D010737 NORWAY
015 E040737 X
015 A000738 STANDARD CHARTERED BANK
015 B000738 S
015 C010738 KARACHI
015 D010738 PAKISTAN
015 E040738 X
015 A000739 CITIBANK, N.A.
015 B000739 S
015 C010739 LIMA
015 D010739 PERU
015 E040739 X
015 A000740 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000740 S
015 C010740 PASIG CITY MANILA
015 D010740 PHILIPPINES
<PAGE> PAGE 73
015 E040740 X
015 A000741 BANK HANDLOWY W WARSZAWIE S.A.
015 B000741 S
015 C010741 WARSAW
015 D010741 POLAND
015 E040741 X
015 A000742 BANCO COMERCIAL PORTUGUES, S.A.
015 B000742 S
015 C010742 LISBON
015 D010742 PORTUGAL
015 E040742 X
015 A000743 UNITED OVERSEAS BANK LTD
015 B000743 S
015 C010743 SINGAPORE
015 D010743 SINGAPORE
015 E040743 X
015 A000744 STANDARD CORPORATE AND MERCHANT BANK
015 B000744 S
015 C010744 JOHANNESBURG
015 D010744 SOUTH AFRICA
015 E040744 X
015 A000745 SEOULBANK
015 B000745 S
015 C010745 SEOUL
015 D010745 SOUTH KOREA
015 E040745 X
015 A000746 BANCO BILBAO VIZCAYA
015 B000746 S
015 C010746 MADRID
015 D010746 SPAIN
015 E040746 X
015 A000747 STANDARD CHARTERED BANK
015 B000747 S
015 C010747 COLOMBO
015 D010747 SRI LANKA
015 E040747 X
015 A000748 SKANDINAVISKA ENSKILDA BANKEN
015 B000748 S
015 C010748 STOCKHOLM
015 D010748 SWEDEN
015 E040748 X
015 A000749 UNION BANK OF SWITZERLAND
015 B000749 S
015 C010749 ZURICH
015 D010749 SWITZERLAND
015 E040749 X
015 A000750 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000750 S
015 C010750 TAIPEI
015 D010750 TAIWAN (R.O.C.)
015 E040750 X
<PAGE> PAGE 74
015 A000751 THE SIAM COMMERCIAL BANK PUBLIC CO LTD
015 B000751 S
015 C010751 BANGKOK
015 D010751 THAILAND
015 E040751 X
015 A000752 CITIBANK, N.A.
015 B000752 S
015 C010752 ISTANBUL
015 D010752 TURKEY
015 E040752 X
015 A000753 THE BANK OF NEW YORK
015 B000753 S
015 C010753 LONDON
015 D010753 UNITED KINGDOM
015 E040753 X
015 A000754 THE FIRST NATIONAL BANK OF BOSTON
015 B000754 S
015 C010754 MONTEVIDEO
015 D010754 URUGUAY
015 E040754 X
015 A000755 CITIBANK, N.A.
015 B000755 C
015 C010755 CARACAS
015 D010755 VENEZUELA
015 E040755 X
015 A000756 CITIBANK, N.A.
015 B000756 S
015 C010756 QUITO
015 D010756 ECUADOR
015 E040756 X
015 A000757 CITIBANK, N.A. - EGYPT BRANCH
015 B000757 S
015 C010757 CAIRO
015 D010757 EGYPT
015 E040757 X
015 A000758 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
015 B000758 S
015 C010758 ACCRA
015 D010758 GHANA
015 E040758 X
015 A000759 JASDEC (DEPOSITORY)
015 B000759 S
015 C010759 TOKYO
015 D010759 JAPAN
015 E040759 X
015 A000760 THE BRITISH BANK OF THE MIDDLE EAST
015 B000760 S
015 C010760 AMMAN
015 D010760 JORDAN
015 E040760 X
015 A000761 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
<PAGE> PAGE 75
015 B000761 S
015 C010761 NAIROBI
015 D010761 KENYA
015 E040761 X
015 A000762 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000762 S
015 C010762 WINDHOEK
015 D010762 NAMIBIA
015 E040762 X
015 A000763 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000763 S
015 C010763 LAGOS
015 D010763 NIGERIA
015 E040763 X
015 A000764 DELETE
015 A000765 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000765 S
015 C010765 BRATISLAVA
015 D010765 SLOVAK REPUBLIC
015 E040765 X
015 A000766 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000766 S
015 C010766 MBABANE
015 D010766 SWAZILAND
015 E040766 X
015 A000767 BANK LEU LTD
015 B000767 S
015 C010767 ZURICH
015 D010767 SWITZERLAND
015 E040767 X
015 A000768 FIRST CHICAGO CLEARING CENTRE
015 B000768 S
015 C010768 LONDON
015 D010768 UNITED KINGDOM
015 E040768 X
015 A000769 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA
015 B000769 S
015 C010769 LUSAKA
015 D010769 ZAMBIA
015 E040769 X
015 A000770 SCMB VIA STANBIC
015 B000770 S
015 C010770 HARARE
015 D010770 ZIMBABWE
015 E040770 X
015 A000771 CREDIT COMMERCIAL DE FRANCE
015 B000771 S
015 C010771 PARIS
015 D010771 FRANCE
015 E040771 X
015 A000772 BANQUE PARIBAS SA
<PAGE> PAGE 76
015 B000772 S
015 C010772 MILAN
015 D010772 ITALY
015 E040772 X
015 A000773 KAS - ASSOCIATIE NV
015 B000773 S
015 C010773 AMSTERDAM
015 D010773 NETHERLANDS
015 E040773 X
015 A000774 DEVELOPMENT BANK OF SINGAPORE
015 B000774 S
015 C010774 SINGAPORE
015 D010774 SINGAPORE
015 E040774 X
015 A000775 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000775 S
015 C010775 BANGKOK
015 D010775 THAILAND
015 E040775 X
024 000700 N
025 D000701 0
025 D000702 0
025 D000703 0
025 D000704 0
025 D000705 0
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 2646
028 A020700 99
028 A030700 0
028 A040700 410
028 B010700 2101
028 B020700 655
028 B030700 0
028 B040700 1310
028 C010700 2728
028 C020700 114
028 C030700 0
028 C040700 306
028 D010700 3918
028 D020700 126
028 D030700 0
028 D040700 861
028 E010700 4023
028 E020700 139
028 E030700 0
028 E040700 592
028 F010700 4776
028 F020700 152
028 F030700 0
<PAGE> PAGE 77
028 F040700 1560
028 G010700 20192
028 G020700 1285
028 G030700 0
028 G040700 5039
028 H000700 20192
029 000700 Y
030 A000700 331
030 B000700 4.25
030 C000700 0.00
031 A000700 24
031 B000700 0
032 000700 307
033 000700 0
034 000700 Y
035 000700 0
036 A000700 N
036 B000700 0
037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 Y
042 A000700 0
042 B000700 0
042 C000700 100
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 33
044 000700 32
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.000
048 A010700 100000
048 A020700 0.625
048 B010700 150000
048 B020700 0.500
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
<PAGE> PAGE 78
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 250000
048 K020700 0.450
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 Y
054 B000700 Y
054 C000700 Y
054 D000700 Y
054 E000700 Y
054 F000700 Y
054 G000700 Y
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 Y
054 L000700 Y
054 M000700 Y
054 N000700 Y
054 O000700 Y
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 100
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 18.7
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
<PAGE> PAGE 79
062 M000700 1.9
062 N000700 4.7
062 O000700 0.0
062 P000700 26.9
062 Q000700 39.4
062 R000700 6.3
063 A000700 0
063 B000700 5.7
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
<PAGE> PAGE 80
071 A000700 36119
071 B000700 21281
071 C000700 18624
071 D000700 114
072 A000700 12
072 B000700 1706
072 C000700 125
072 D000700 0
072 E000700 0
072 F000700 130
072 G000700 0
072 H000700 0
072 I000700 13
072 J000700 4
072 K000700 5
072 L000700 11
072 M000700 0
072 N000700 16
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 2
072 S000700 0
072 T000700 30
072 U000700 0
072 V000700 0
072 W000700 6
072 X000700 217
072 Y000700 169
072 Z000700 1783
072AA000700 962
072BB000700 380
072CC010700 0
072CC020700 329
072DD010700 1770
072DD020700 0
072EE000700 519
073 A010700 0.9560
073 A020700 0.0000
073 B000700 0.2690
073 C000700 0.0000
074 A000700 787
074 B000700 6521
074 C000700 0
074 D000700 25414
074 E000700 2168
074 F000700 16
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 179
<PAGE> PAGE 81
074 K000700 39
074 L000700 776
074 M000700 687
074 N000700 36587
074 O000700 1613
074 P000700 13
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 97
074 S000700 0
074 T000700 34864
074 U010700 3210
074 U020700 0
074 V010700 10.86
074 V020700 0.00
074 W000700 0.0000
074 X000700 1898
074 Y000700 5067
075 A000700 0
075 B000700 20732
076 000700 0.00
008 A000801 FRANKLIN ADVISERS, INC.
008 B000801 A
008 C000801 801-26292
008 D010801 SAN MATEO
008 D020801 CA
008 D030801 94403
008 D040801 7777
015 A000801 THE BANK OF NEW YORK
015 B000801 C
015 C010801 NEW YORK
015 C020801 NY
015 C030801 10286
015 E010801 X
015 A000802 BANK OF AMERICA NT & SA
015 B000802 C
015 C010802 SAN FRANCISCO
015 C020802 CA
015 C030802 94104
015 C040802 1502
015 E010802 X
015 A000803 CITIBANK DELAWARE
015 B000803 C
015 C010803 NEW CASTLE
015 C020803 DE
015 C030803 19720
015 C040803 2409
015 E010803 X
015 A000804 THE BANK OF BOSTON
<PAGE> PAGE 82
015 B000804 S
015 C010804 BUENOS AIRES
015 D010804 ARGENTINA
015 E040804 X
015 A000805 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000805 S
015 C010805 MELBOURNE
015 D010805 AUSTRALIA
015 E040805 X
015 A000806 CREDITANSTALT BANKVEREIN
015 B000806 S
015 C010806 VIENNA
015 D010806 AUSTRIA
015 E040806 X
015 A000807 STANDARD CHARTERED BANK PLC
015 B000807 S
015 C010807 DHAKA
015 D010807 BANGLADESH
015 E040807 X
015 A000808 BANQUE BRUXELLES LAMBERT
015 B000808 S
015 C010808 BRUSSELS
015 D010808 BELGIUM
015 E040808 X
015 A000809 THE FIRST NATIONAL BANK OF BOSTON
015 B000809 S
015 C010809 SAO PAULO
015 D010809 BRAZIL
015 E040809 X
015 A000810 THE ROYAL BANK OF CANADA
015 B000810 S
015 C010810 MONTREAL
015 D010810 CANADA
015 E040810 X
015 A000811 THE FIRST NATIONAL BANK OF BOSTON
015 B000811 S
015 C010811 SANTIAGO
015 D010811 CHILE
015 E040811 X
015 A000812 BANCO DE CHILE
015 B000812 S
015 C010812 SANTIAGO
015 D010812 CHILE
015 E040812 X
015 A000813 THE STANDARD CHARTERED BANK
015 B000813 S
015 C010813 HONG KONG
015 D010813 CHINA
015 E040813 X
015 A000814 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
015 B000814 S
<PAGE> PAGE 83
015 C010814 GABARONE
015 D010814 BOTSWANA
015 E040814 X
015 A000815 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000815 S
015 C010815 BOGOTA
015 D010815 COLOMBIA
015 E040815 X
015 A000816 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000816 S
015 C010816 PRAHA (PRAGUE)
015 D010816 CZECH REPUBLIC
015 E040816 X
015 A000817 DEN DANSKE BANK
015 B000817 S
015 C010817 COPENHAGEN
015 D010817 DENMARK
015 E040817 X
015 A000818 MERITA BANK LTD
015 B000818 S
015 C010818 HELSINKI
015 D010818 FINLAND
015 E040818 X
015 A000819 BANQUE PARIBAS
015 B000819 S
015 C010819 PARIS
015 D010819 FRANCE
015 E040819 X
015 A000820 DRESDNER BANK AG
015 B000820 S
015 C010820 FRANKFURT/MAIN
015 D010820 GERMANY
015 E040820 X
015 A000821 NATIONAL BANK OF GREECE SA
015 B000821 S
015 C010821 ATHENS
015 D010821 GREECE
015 E040821 X
015 A000822 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000822 S
015 C010822 HONG KONG
015 D010822 HONG KONG
015 E040822 X
015 A000823 CITIBANK, N.A.
015 B000823 S
015 C010823 BUDAPEST
015 D010823 HUNGARY
015 E040823 X
015 A000824 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000824 S
015 C010824 MUMBAI
<PAGE> PAGE 84
015 D010824 INDIA
015 E040824 X
015 A000825 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000825 S
015 C010825 JAKARTA
015 D010825 INDONESIA
015 E040825 X
015 A000826 ALLIED IRISH BANKS, PLC
015 B000826 S
015 C010826 DUBLIN
015 D010826 IRELAND
015 E040826 X
015 A000827 BANK LEUMI LE-ISRAEL B.M.
015 B000827 S
015 C010827 TEL AVIV
015 D010827 ISRAEL
015 E040827 X
015 A000828 BANCA COMMERCIALE ITALIANA
015 B000828 S
015 C010828 MILAN
015 D010828 ITALY
015 E040828 X
015 A000829 BANK OF TOKYO MITSUBISHI
015 B000829 S
015 C010829 TOKYO
015 D010829 JAPAN
015 E040829 X
015 A000830 CEDEL
015 B000830 S
015 C010830 LUXEMBOURG CITY
015 D010830 LUXEMBOURG
015 E040830 X
015 A000831 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000831 S
015 C010831 LUXEMBOURG CITY
015 D010831 LUXEMBOURG
015 E040831 X
015 A000832 THE HONGKONG BANK MALAYSIA BERHAD
015 B000832 S
015 C010832 KUALA LUMPUR
015 D010832 MALAYSIA
015 E040832 X
015 A000833 BANCO NACIONAL DE MEXICO
015 B000833 S
015 C010833 MEXICO CITY
015 D010833 MEXICO
015 E040833 X
015 A000834 BANQUE COMMERCIALE DU MAROC
015 B000834 S
015 C010834 CASABLANCA
015 D010834 MOROCCO
<PAGE> PAGE 85
015 E040834 X
015 A000835 MEESPIERSON
015 B000835 S
015 C010835 AMSTERDAM
015 D010835 NETHERLANDS
015 E040835 X
015 A000836 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000836 S
015 C010836 WELLINGTON
015 D010836 NEW ZEALAND
015 E040836 X
015 A000837 DEN NORSKE BANK A.S.
015 B000837 S
015 C010837 OSLO
015 D010837 NORWAY
015 E040837 X
015 A000838 STANDARD CHARTERED BANK
015 B000838 S
015 C010838 KARACHI
015 D010838 PAKISTAN
015 E040838 X
015 A000839 CITIBANK, N.A.
015 B000839 S
015 C010839 LIMA
015 D010839 PERU
015 E040839 X
015 A000840 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000840 S
015 C010840 PASIG CITY MANILA
015 D010840 PHILIPPINES
015 E040840 X
015 A000841 BANK HANDLOWY W WARSZAWIE S.A.
015 B000841 S
015 C010841 WARSAW
015 D010841 POLAND
015 E040841 X
015 A000842 BANCO COMERCIAL PORTUGUES, S.A.
015 B000842 S
015 C010842 LISBON
015 D010842 PORTUGAL
015 E040842 X
015 A000843 UNITED OVERSEAS BANK LTD
015 B000843 S
015 C010843 SINGAPORE
015 D010843 SINGAPORE
015 E040843 X
015 A000844 STANDARD CORPORATE AND MERCHANT BANK
015 B000844 S
015 C010844 JOHANNESBURG
015 D010844 SOUTH AFRICA
015 E040844 X
<PAGE> PAGE 86
015 A000845 SEOULBANK
015 B000845 S
015 C010845 SEOUL
015 D010845 SOUTH KOREA
015 E040845 X
015 A000846 BANCO BILBAO VIZCAYA
015 B000846 S
015 C010846 MADRID
015 D010846 SPAIN
015 E040846 X
015 A000847 STANDARD CHARTERED BANK
015 B000847 S
015 C010847 COLOMBO
015 D010847 SRI LANKA
015 E040847 X
015 A000848 SKANDINAVISKA ENSKILDA BANKEN
015 B000848 S
015 C010848 STOCKHOLM
015 D010848 SWEDEN
015 E040848 X
015 A000849 UNION BANK OF SWITZERLAND
015 B000849 S
015 C010849 ZURICH
015 D010849 SWITZERLAND
015 E040849 X
015 A000850 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000850 S
015 C010850 TAIPEI
015 D010850 TAIWAN (R.O.C.)
015 E040850 X
015 A000851 THE SIAM COMMERCIAL BANK PUBLIC CO LTD
015 B000851 S
015 C010851 BANGKOK
015 D010851 THAILAND
015 E040851 X
015 A000852 CITIBANK, N.A.
015 B000852 S
015 C010852 ISTANBUL
015 D010852 TURKEY
015 E040852 X
015 A000853 THE BANK OF NEW YORK
015 B000853 S
015 C010853 LONDON
015 D010853 UNITED KINGDOM
015 E040853 X
015 A000854 THE FIRST NATIONAL BANK OF BOSTON
015 B000854 S
015 C010854 MONTEVIDEO
015 D010854 URUGUAY
015 E040854 X
015 A000855 CITIBANK, N.A.
<PAGE> PAGE 87
015 B000855 S
015 C010855 CARACAS
015 D010855 VENEZUELA
015 E040855 X
015 A000856 CITIBANK, N.A.
015 B000856 S
015 C010856 QUITO
015 D010856 ECUADOR
015 E040856 X
015 A000857 CITIBANK, N.A. - EGYPT BRANCH
015 B000857 S
015 C010857 CAIRO
015 D010857 EGYPT
015 E040857 X
015 A000858 CREDIT COMMERCIAL DE FRANCE
015 B000858 S
015 C010858 PARIS
015 D010858 FRANCE
015 E040858 X
015 A000859 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
015 B000859 S
015 C010859 ACCRA
015 D010859 GHANA
015 E040859 X
015 A000860 BANQUE PARIBAS SA
015 B000860 S
015 C010860 MILAN
015 D010860 ITALY
015 E040860 X
015 A000861 JASDEC
015 B000861 S
015 C010861 TOKYO
015 D010861 JAPAN
015 E040861 X
015 A000862 THE BRITISH BANK OF THE MIDDLE EAST
015 B000862 S
015 C010862 AMMAN
015 D010862 JORDAN
015 E040862 X
015 A000863 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
015 B000863 S
015 C010863 NAIROBI
015 D010863 KENYA
015 E040863 X
015 A000864 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000864 S
015 C010864 WINDHOEK
015 D010864 NAMIBIA
015 E040864 X
015 A000865 KAS - ASSOCIATIE NV
015 B000865 S
<PAGE> PAGE 88
015 C010865 AMSTERDAM
015 D010865 NETHERLANDS
015 E040865 X
015 A000866 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000866 S
015 C010866 LAGOS
015 D010866 NIGERIA
015 E040866 X
015 A000867 DEVELOPMENT BANK OF SINGAPORE
015 B000867 S
015 C010867 SINGAPORE
015 D010867 SINGAPORE
015 E040867 X
015 A000868 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000868 S
015 C010868 BRATISLAVA
015 D010868 SLOVAK REPUBLIC
015 E040868 X
015 A000869 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000869 S
015 C010869 MBABANE
015 D010869 SWAZILAND
015 E040869 X
015 A000870 BANK LEU LTD
015 B000870 S
015 C010870 ZURICH
015 D010870 SWITZERLAND
015 E040870 X
015 A000871 BANGKOK BANK PUBLIC COMPANY LTD
015 B000871 S
015 C010871 BANGKOK
015 D010871 THAILAND
015 E040871 X
015 A000872 FIRST CHICAGO CLEARING CENTRE
015 B000872 S
015 C010872 LONDON
015 D010872 UNITED KINGDOM
015 E040872 X
015 A000873 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA
015 B000873 S
015 C010873 LUSAKA
015 D010873 ZAMBIA
015 E040873 X
015 A000874 SCMB JOHANNESBURG VIA STANBIC
015 B000874 S
015 C010874 HARARE
015 D010874 ZIMBABWE
015 E040874 X
024 000800 N
025 D000801 0
025 D000802 0
<PAGE> PAGE 89
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 6040
028 A020800 0
028 A030800 0
028 A040800 1631
028 B010800 3911
028 B020800 726
028 B030800 0
028 B040800 2225
028 C010800 13360
028 C020800 0
028 C030800 0
028 C040800 1883
028 D010800 5877
028 D020800 0
028 D030800 0
028 D040800 4262
028 E010800 6910
028 E020800 0
028 E030800 0
028 E040800 4682
028 F010800 4281
028 F020800 0
028 F030800 0
028 F040800 4282
028 G010800 40379
028 G020800 726
028 G030800 0
028 G040800 18965
028 H000800 40379
029 000800 Y
030 A000800 742
030 B000800 4.50
030 C000800 0.00
031 A000800 84
031 B000800 0
032 000800 658
033 000800 0
034 000800 Y
035 000800 0
036 A000800 N
036 B000800 0
037 000800 N
038 000800 0
039 000800 Y
040 000800 Y
<PAGE> PAGE 90
041 000800 Y
042 A000800 0
042 B000800 0
042 C000800 100
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 83
044 000800 87
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.000
048 A010800 100000
048 A020800 0.625
048 B010800 150000
048 B020800 0.500
048 C010800 9750000
048 C020800 0.450
048 D010800 2500000
048 D020800 0.440
048 E010800 2500000
048 E020800 0.420
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 15000000
048 K020800 0.400
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
053 C000800 N
054 A000800 Y
054 B000800 Y
054 C000800 Y
054 D000800 Y
054 E000800 Y
054 F000800 Y
054 G000800 Y
<PAGE> PAGE 91
054 H000800 Y
054 I000800 N
054 J000800 Y
054 K000800 Y
054 L000800 Y
054 M000800 Y
054 N000800 Y
054 O000800 Y
055 A000800 N
055 B000800 N
056 000800 N
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 100
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 Y
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
<PAGE> PAGE 92
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 Y
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 Y
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 46355
071 B000800 11481
071 C000800 24793
071 D000800 46
072 A000800 12
072 B000800 210
072 C000800 265
072 D000800 0
072 E000800 0
072 F000800 175
072 G000800 0
072 H000800 0
072 I000800 43
072 J000800 3
072 K000800 8
072 L000800 7
072 M000800 0
072 N000800 40
<PAGE> PAGE 93
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 2
072 S000800 0
072 T000800 81
072 U000800 0
072 V000800 0
072 W000800 6
072 X000800 365
072 Y000800 92
072 Z000800 204
072AA000800 1461
072BB000800 1406
072CC010800 442
072CC020800 0
072DD010800 152
072DD020800 0
072EE000800 679
073 A010800 0.0920
073 A020800 0.0000
073 B000800 0.3220
073 C000800 0.0000
074 A000800 0
074 B000800 2674
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 43910
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 13
074 K000800 42
074 L000800 104
074 M000800 0
074 N000800 46743
074 O000800 16
074 P000800 37
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 181
074 S000800 0
074 T000800 46509
074 U010800 3226
074 U020800 80
074 V010800 14.07
074 V020800 14.07
074 W000800 0.0000
<PAGE> PAGE 94
074 X000800 6203
074 Y000800 1558
075 A000800 0
075 B000800 27910
076 000800 0.00
008 A000901 FRANKLIN ADVISERS, INC.
008 B000901 A
008 C000901 801-26292
008 D010901 SAN MATEO
008 D020901 CA
008 D030901 94403
008 D040901 7777
015 A000901 THE BANK OF NEW YORK
015 B000901 C
015 C010901 NEW YORK
015 C020901 NY
015 C030901 10286
015 E010901 X
015 A000902 BANK OF AMERICA NT & SA
015 B000902 C
015 C010902 SAN FRANCISCO
015 C020902 CA
015 C030902 94104
015 C040902 1502
015 E010902 X
015 A000903 CITIBANK DELAWARE
015 B000903 C
015 C010903 NEW CASTLE
015 C020903 DE
015 C030903 19720
015 C040903 2409
015 E010903 X
015 A000904 THE BANK OF BOSTON
015 B000904 S
015 C010904 BUENOS AIRES
015 D010904 ARGENTINA
015 E040904 X
015 A000905 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000905 S
015 C010905 MELBOURNE
015 D010905 AUSTRALIA
015 E040905 X
015 A000906 CREDITANSTALT BANKVEREIN
015 B000906 S
015 C010906 VIENNA
015 D010906 AUSTRIA
015 E040906 X
015 A000907 STANDARD CHARTERED BANK PLC
015 B000907 S
015 C010907 DHAKA
015 D010907 BANGLADESH
<PAGE> PAGE 95
015 E040907 X
015 A000908 BANQUE BRUXELLES LAMBERT
015 B000908 S
015 C010908 BRUSSELS
015 D010908 BELGIUM
015 E040908 X
015 A000909 THE FIRST NATIONAL BANK OF BOSTON
015 B000909 S
015 C010909 SAO PAULO
015 D010909 BRAZIL
015 E040909 X
015 A000910 THE ROYAL BANK OF CANADA
015 B000910 S
015 C010910 MONTREAL
015 D010910 CANADA
015 E040910 X
015 A000911 THE FIRST NATIONAL BANK OF BOSTON
015 B000911 S
015 C010911 SANTIAGO
015 D010911 CHILE
015 E040911 X
015 A000912 BANCO DE CHILE
015 B000912 S
015 C010912 SANTIAGO
015 D010912 CHILE
015 E040912 X
015 A000913 STANDARD CHARTERED BANK
015 B000913 S
015 C010913 HONG KONG
015 D010913 CHINA
015 E040913 X
015 A000914 SCMB JOHANNESBURG VIA STANBIC BANK BOTSWANA
015 B000914 S
015 C010914 GABARONE
015 D010914 BOTSWANA
015 E040914 X
015 A000915 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000915 S
015 C010915 BOGOTA
015 D010915 COLOMBIA
015 E040915 X
015 A000916 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000916 S
015 C010916 PRAHA (PRAGUE)
015 D010916 CZECH REPUBLIC
015 E040916 X
015 A000917 DEN DANSKE BANK
015 B000917 S
015 C010917 COPENHAGEN
015 D010917 DENMARK
015 E040917 X
<PAGE> PAGE 96
015 A000918 MERITA BANK
015 B000918 S
015 C010918 HELSINKI
015 D010918 FINLAND
015 E040918 X
015 A000919 BANQUE PARIBAS
015 B000919 S
015 C010919 PARIS
015 D010919 FRANCE
015 E040919 X
015 A000920 DRESDNER BANK AG
015 B000920 S
015 C010920 FRANKFURT/MAIN
015 D010920 GERMANY
015 E040920 X
015 A000921 NATIONAL GANK OF GREECE SA
015 B000921 S
015 C010921 ATHENS
015 D010921 GREECE
015 E040921 X
015 A000922 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000922 S
015 C010922 HONG KONG
015 D010922 HONG KONG
015 E040922 X
015 A000923 CITIBANK, N.A.
015 B000923 S
015 C010923 BUDAPEST
015 D010923 HUNGARY
015 E040923 X
015 A000924 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000924 S
015 C010924 MUMBAI
015 D010924 INDIA
015 E040924 X
015 A000925 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000925 S
015 C010925 JAKARTA
015 D010925 INDONESIA
015 E040925 X
015 A000926 ALLIED IRISH BANKS, PLC
015 B000926 S
015 C010926 DUBLIN
015 D010926 IRELAND
015 E040926 X
015 A000927 BANK LEUMI LE-ISRAEL B.M.
015 B000927 S
015 C010927 TEL AVIV
015 D010927 ISRAEL
015 E040927 X
015 A000928 BANCA COMMERCIALE ITALIANA
<PAGE> PAGE 97
015 B000928 S
015 C010928 MILAN
015 D010928 ITALY
015 E040928 X
015 A000929 BANK OF TOKYO MITSUBISHI
015 B000929 S
015 C010929 TOKYO
015 D010929 JAPAN
015 E040929 X
015 A000930 CEDEL
015 B000930 S
015 C010930 LUXEMBOURG CITY
015 D010930 LUXEMBOURG
015 E040930 X
015 A000931 DELETE
015 A000932 THE HONGKONG BANK MALAYSIA BERHAD
015 B000932 S
015 C010932 KUALA LUMPUR
015 D010932 MALAYSIA
015 E040932 X
015 A000933 BANCO NACIONAL DE MEXICO
015 B000933 S
015 C010933 MEXICO CITY
015 D010933 MEXICO
015 E040933 X
015 A000934 BANQUE COMMERCIALE DU MAROC
015 B000934 S
015 C010934 CASABLANCA
015 D010934 MOROCCO
015 E040934 X
015 A000935 MEESPIERSON
015 B000935 S
015 C010935 AMSTERDAM
015 D010935 NETHERLANDS
015 E040935 X
015 A000936 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000936 S
015 C010936 WELLINGTON
015 D010936 NEW ZEALAND
015 E040936 X
015 A000937 DEN NORSKE BANK A.S.
015 B000937 S
015 C010937 OSLO
015 D010937 NORWAY
015 E040937 X
015 A000938 STANDARD CHARTERED BANK
015 B000938 S
015 C010938 KARACHI
015 D010938 PAKISTAN
015 E040938 X
015 A000939 CITIBANK, N.A.
<PAGE> PAGE 98
015 B000939 S
015 C010939 LIMA
015 D010939 PERU
015 E040939 X
015 A000940 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000940 S
015 C010940 PASIG CITY MANILA
015 D010940 PHILIPPINES
015 E040940 X
015 A000941 BANK HANDLOWY W WARSZAWIE S.A.
015 B000941 S
015 C010941 WARSAW
015 D010941 POLAND
015 E040941 X
015 A000942 BANCO COMERCIAL PORTUGUES, S.A.
015 B000942 S
015 C010942 LISBON
015 D010942 PORTUGAL
015 E040942 X
015 A000943 UNITED OVERSEAS BANK LTD
015 B000943 S
015 C010943 SINGAPORE
015 D010943 SINGAPORE
015 E040943 X
015 A000944 STANDARD CORPORATE AND MERCHANT BANK
015 B000944 S
015 C010944 JOHANNESBURG
015 D010944 SOUTH AFRICA
015 E040944 X
015 A000945 SEOULBANK
015 B000945 S
015 C010945 SEOUL
015 D010945 SOUTH KOREA
015 E040945 X
015 A000946 BANCO BILBAO VIZCAYA
015 B000946 S
015 C010946 MADRID
015 D010946 SPAIN
015 E040946 X
015 A000947 STANDARD CHARTERED BANK
015 B000947 S
015 C010947 COLOMBO
015 D010947 SRI LANKA
015 E040947 X
015 A000948 SKANDINAVISKA ENSKILDA BANKEN
015 B000948 S
015 C010948 STOCKHOLM
015 D010948 SWEDEN
015 E040948 X
015 A000949 UNION BANK OF SWITZERLAND
015 B000949 S
<PAGE> PAGE 99
015 C010949 ZURICH
015 D010949 SWITZERLAND
015 E040949 X
015 A000950 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000950 S
015 C010950 TAIPEI
015 D010950 TAIWAN (R.O.C.)
015 E040950 X
015 A000951 THE SIAM COMMERCIAL BANK PUBLIC CO LTD
015 B000951 S
015 C010951 BANGKOK
015 D010951 THAILAND
015 E040951 X
015 A000952 CITIBANK, N.A.
015 B000952 S
015 C010952 ISTANBUL
015 D010952 TURKEY
015 E040952 X
015 A000953 THE BANK OF NEW YORK
015 B000953 S
015 C010953 LONDON
015 D010953 UNITED KINGDOM
015 E040953 X
015 A000954 THE FIRST NATIONAL BANK OF BOSTON
015 B000954 S
015 C010954 MONTEVIDEO
015 D010954 URUGUAY
015 E040954 X
015 A000955 CITIBANK, N.A.
015 B000955 S
015 C010955 CARACAS
015 D010955 VENEZUELA
015 E040955 X
015 A000956 CITIBANK, N.A.
015 B000956 S
015 C010956 QUITO
015 D010956 ECUADOR
015 E040956 X
015 A000957 CITIBANK N.A. - EGYPT BRANCH
015 B000957 S
015 C010957 CAIRO
015 D010957 EGYPT
015 E040957 X
015 A000958 CREDIT COMMERICAL DE FRANCE
015 B000958 S
015 C010958 PARIS
015 D010958 FRANCE
015 E040958 X
015 A000959 SCMB JOHANNESBURG VIA MERCHANT BANK LTD
015 B000959 S
015 C010959 ACCRA
<PAGE> PAGE 100
015 D010959 GHANA
015 E040959 X
015 A000960 BANQUE PARIBAS SA
015 B000960 S
015 C010960 MILAN
015 D010960 ITALY
015 E040960 X
015 A000961 JASDEC
015 B000961 S
015 C010961 TOKYO
015 D010961 JAPAN
015 E040961 X
015 A000962 THE BRITISH BANK OF THE MIDDLE EAST
015 B000962 S
015 C010962 AMMAN
015 D010962 JORDAN
015 E040962 X
015 A000963 SCMB JOHANNESBURG VIA STANBIC BANK KENYA
015 B000963 S
015 C010963 NAIROBI
015 D010963 KENYA
015 E040963 X
015 A000964 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000964 S
015 C010964 LUXEMBOURG CITY
015 D010964 LUXEMBOURG
015 E040964 X
015 A000965 SCMB JOHANNESBURG VIA STANBIC BANK NAMIBIA
015 B000965 S
015 C010965 WINDHOEK
015 D010965 NAMIBIA
015 E040965 X
015 A000966 KAS - ASSOCIATIE NV
015 B000966 S
015 C010966 AMSTERDAM
015 D010966 NETHERLANDS
015 E040966 X
015 A000967 SCMB JOHANNESBURG VIA STANBIC MERCHANT BANK
015 B000967 S
015 C010967 LAGOS
015 D010967 NIGERIA
015 E040967 X
015 A000968 DEVELOPMENT BANK OF SINGAPORE
015 B000968 S
015 C010968 SINGAPORE
015 D010968 SINGAPORE
015 E040968 X
015 A000969 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B000969 S
015 C010969 BRATISLAVA
015 D010969 SLOVAK REPUBLIC
<PAGE> PAGE 101
015 E040969 X
015 A000970 SCMB JOHANNESBURG VIA STANBIC BANK SWAZILAND
015 B000970 S
015 C010970 MBABANE
015 D010970 SWAZILAND
015 E040970 X
015 A000971 BANK LEU LTD.
015 B000971 S
015 C010971 ZURICH
015 D010971 SWITZERLAND
015 E040971 X
015 A000972 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000972 S
015 C010972 BANGKOK
015 D010972 THAILAND
015 E040972 X
015 A000973 FIRST CHICAGO CLEARING CENTRE
015 B000973 S
015 C010973 LONDON
015 D010973 UNITED KINGDOM
015 E040973 X
015 A000974 SCMB JOHANNESBURG VIA STANBIC BANK ZAMBIA
015 B000974 S
015 C010974 LUSAKA
015 D010974 ZAMBIA
015 E040974 X
015 A000975 SCMB JOHANNESBURG VIA STANBIC BANK ZIMBABWE
015 B000975 S
015 C010975 HARARE
015 D010975 ZIMBABWE
015 E040975 X
024 000900 Y
025 A000901 MERRILL LYNCH PIERCE FENNER
025 B000901 13-5674085
025 C000901 E
025 D000901 19
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 565
028 A020900 0
028 A030900 0
028 A040900 114
028 B010900 368
028 B020900 22
028 B030900 0
028 B040900 234
<PAGE> PAGE 102
028 C010900 493
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028 C030900 0
028 C040900 71
028 D010900 617
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028 D030900 0
028 D040900 168
028 E010900 510
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028 E030900 0
028 E040900 195
028 F010900 269
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028 F040900 34
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028 G020900 22
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028 G040900 816
028 H000900 2822
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030 B000900 4.50
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031 A000900 9
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032 000900 68
033 000900 0
034 000900 Y
035 000900 0
036 A000900 N
036 B000900 0
037 000900 N
038 000900 0
039 000900 Y
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 100
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 6
044 000900 22
045 000900 Y
046 000900 N
047 000900 Y
<PAGE> PAGE 103
048 000900 0.000
048 A010900 500000
048 A020900 0.750
048 B010900 500000
048 B020900 0.625
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048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
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 1000000
048 K020900 0.500
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
054 A000900 Y
054 B000900 Y
054 C000900 Y
054 D000900 Y
054 E000900 Y
054 F000900 Y
054 G000900 Y
054 H000900 Y
054 I000900 N
054 J000900 Y
054 K000900 Y
054 L000900 Y
054 M000900 Y
054 N000900 Y
054 O000900 Y
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
<PAGE> PAGE 104
060 A000900 Y
060 B000900 Y
061 000900 100
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062 C000900 0.0
062 D000900 0.0
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 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 Y
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 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 N
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
<PAGE> PAGE 105
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 Y
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 4961
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<PAGE> PAGE 106
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SIGNATURE LAURA FERGERSON
TITLE ASST TREASURER
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of Franklin
Strategic Series:
In planning and performing our audit of the financial
statements and financial highlights of the funds
comprising the Franklin Strategic Series for the
year ended April 30, 1997, we considered its internal
control structure, including procedures for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and financial
highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control
structure.
The management of the Franklin Strategic Series is
responsible for establishing and maintaining an
internal control structure. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of internal control structure policies
and procedures. Two of the objectives of an internal
control structure are to provide management with
reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or
disposition and that transactions are executed in
accordance with management's authorization and recorded
properly to permit preparation of financial statements
in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not
be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that
it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure
would not necessarily disclose all matters in the
internal control structure that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material
weakness is a condition in which the design or
operation of the specific internal control structure
elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that
would be material in relation to the financial
statements and financial highlights being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above,
as of April 30, 1997.
This report is intended solely for the information and
use of management of the Franklin Strategic Series
and the Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
June 10, 1997
NAME OF REGISTRANT:
Franklin Strategic Series
File No. 811-6243
EXHIBIT ITEM No. 77I(b):
Two series of the registrant began offering an additional class of shares on
January 1, 1997: Franklin Small Cap Growth Fund - Advisor Class and
Franklin Natural Resources Fund - Advisor Class. Class I, Class II and
Advisor Class shares differ as to sales charges, expenses and services.
Shares of each class of a series represent proportionate interests in the
assets of the series and have the same voting and other rights and
preferences as the other classes and series of the Registrant for matters
that affect the Registrant as a whole.
wpdoc2\nsar\1997\fss-77i.doc 5/14/97
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRAREGIC SERIES FUND APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN CALIFORNIA GROWTH FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 251,549,991
<INVESTMENTS-AT-VALUE> 261,134,980
<RECEIVABLES> 52,526,645
<ASSETS-OTHER> 1,636,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 315,297,977
<PAYABLE-FOR-SECURITIES> 7,195,906
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 647,565
<TOTAL-LIABILITIES> 7,843,471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,690,591
<SHARES-COMMON-STOCK> 14,617,798
<SHARES-COMMON-PRIOR> 4,445,434
<ACCUMULATED-NII-CURRENT> 667,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,511,305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,584,989
<NET-ASSETS> 307,454,506
<DIVIDEND-INCOME> 1,741,798
<INTEREST-INCOME> 1,447,110
<OTHER-INCOME> 0
<EXPENSES-NET> (1,841,785)
<NET-INVESTMENT-INCOME> 1,347,123
<REALIZED-GAINS-CURRENT> 5,419,170
<APPREC-INCREASE-CURRENT> (1,845,799)
<NET-CHANGE-FROM-OPS> 4,920,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (856,516)
<DISTRIBUTIONS-OF-GAINS> (3,662,883)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,366,627
<NUMBER-OF-SHARES-REDEEMED> (3,404,453)
<SHARES-REINVESTED> 210,190
<NET-CHANGE-IN-ASSETS> 226,279,740
<ACCUMULATED-NII-PRIOR> 192,438
<ACCUMULATED-GAINS-PRIOR> 885,590
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 953,389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,841,785
<AVERAGE-NET-ASSETS> 166,492,484
<PER-SHARE-NAV-BEGIN> 18.260
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> 1.510
<PER-SHARE-DIVIDEND> (.122)
<PER-SHARE-DISTRIBUTIONS> (.428)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.350
<EXPENSE-RATIO> 1.080
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN STRATEGIC INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 27,533,894
<INVESTMENTS-AT-VALUE> 27,598,731
<RECEIVABLES> 7,585,750
<ASSETS-OTHER> 1,402,751
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,587,232
<PAYABLE-FOR-SECURITIES> 1,613,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,122
<TOTAL-LIABILITIES> 1,723,333
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,428,285
<SHARES-COMMON-STOCK> 3,210,392
<SHARES-COMMON-PRIOR> 1,208,880
<ACCUMULATED-NII-CURRENT> 141,184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 164,134
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 130,296
<NET-ASSETS> 34,863,899
<DIVIDEND-INCOME> 124,616
<INTEREST-INCOME> 1,706,081
<OTHER-INCOME> 0
<EXPENSES-NET> (48,105)
<NET-INVESTMENT-INCOME> 1,782,592
<REALIZED-GAINS-CURRENT> 632,481
<APPREC-INCREASE-CURRENT> (329,459)
<NET-CHANGE-FROM-OPS> 2,085,614
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,770,285)
<DISTRIBUTIONS-OF-GAINS> (519,339)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,512,297
<NUMBER-OF-SHARES-REDEEMED> (668,531)
<SHARES-REINVESTED> 157,746
<NET-CHANGE-IN-ASSETS> 21,842,363
<ACCUMULATED-NII-PRIOR> 59,325
<ACCUMULATED-GAINS-PRIOR> 119,947
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129,938
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217,494
<AVERAGE-NET-ASSETS> 20,732,301
<PER-SHARE-NAV-BEGIN> 10.770
<PER-SHARE-NII> .930
<PER-SHARE-GAIN-APPREC> .385
<PER-SHARE-DIVIDEND> (.956)
<PER-SHARE-DISTRIBUTIONS> (.269)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.860
<EXPENSE-RATIO> .230
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN MIDCAP SECURITIES FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 60,000
<INVESTMENTS-AT-VALUE> 60,000
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,000
<SHARES-COMMON-STOCK> 6,000
<SHARES-COMMON-PRIOR> 6,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,000
<NET-ASSETS> 60,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<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> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 60,000
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 0.000
<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
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN MIDCAP GROWTH FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 9,571,641
<INVESTMENTS-AT-VALUE> 10,766,062
<RECEIVABLES> 2,437,362
<ASSETS-OTHER> 7,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,210,923
<PAYABLE-FOR-SECURITIES> 329,589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,715
<TOTAL-LIABILITIES> 358,304
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,472,196
<SHARES-COMMON-STOCK> 963,185
<SHARES-COMMON-PRIOR> 531,781
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 186,002
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,194,421
<NET-ASSETS> 12,852,619
<DIVIDEND-INCOME> 33,488
<INTEREST-INCOME> 55,445
<OTHER-INCOME> 0
<EXPENSES-NET> (111,521)
<NET-INVESTMENT-INCOME> (22,588)
<REALIZED-GAINS-CURRENT> 545,132
<APPREC-INCREASE-CURRENT> (3,730)
<NET-CHANGE-FROM-OPS> 518,814
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,689)
<DISTRIBUTIONS-OF-GAINS> (1,366,521)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 436,500
<NUMBER-OF-SHARES-REDEEMED> (104,275)
<SHARES-REINVESTED> 99,179
<NET-CHANGE-IN-ASSETS> 5,278,007
<ACCUMULATED-NII-PRIOR> 26,979
<ACCUMULATED-GAINS-PRIOR> 1,006,649
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 111,521
<AVERAGE-NET-ASSETS> 10,464,410
<PER-SHARE-NAV-BEGIN> 14.240
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 0.933
<PER-SHARE-DIVIDEND> (0.050)
<PER-SHARE-DISTRIBUTIONS> (1.763)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.340
<EXPENSE-RATIO> 1.070
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30,1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BE
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 155,203,756
<INVESTMENTS-AT-VALUE> 170,282,083
<RECEIVABLES> 11,501,594
<ASSETS-OTHER> 1,135,312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,918,989
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 428,804
<TOTAL-LIABILITIES> 428,804
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,539,760
<SHARES-COMMON-STOCK> 12,036,730
<SHARES-COMMON-PRIOR> 11,709,122
<ACCUMULATED-NII-CURRENT> 1,924,489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,947,934
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,078,002
<NET-ASSETS> 182,490,185
<DIVIDEND-INCOME> 6,273,880
<INTEREST-INCOME> 452,855
<OTHER-INCOME> 0
<EXPENSES-NET> (1,807,035)
<NET-INVESTMENT-INCOME> 4,919,700
<REALIZED-GAINS-CURRENT> 20,104,534
<APPREC-INCREASE-CURRENT> (3,808,807)
<NET-CHANGE-FROM-OPS> 21,215,427
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,357,887)
<DISTRIBUTIONS-OF-GAINS> (13,464,544)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,133,940
<NUMBER-OF-SHARES-REDEEMED> (2,859,257)
<SHARES-REINVESTED> 1,052,925
<NET-CHANGE-IN-ASSETS> 12,538,678
<ACCUMULATED-NII-PRIOR> 1,473,140
<ACCUMULATED-GAINS-PRIOR> 4,840,336
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,007,080
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,807,035
<AVERAGE-NET-ASSETS> 176,320,876
<PER-SHARE-NAV-BEGIN> 14.280
<PER-SHARE-NII> .420
<PER-SHARE-GAIN-APPREC> 1.351
<PER-SHARE-DIVIDEND> (.383)
<PER-SHARE-DISTRIBUTIONS> (1.208)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.460
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 1,116,787,829
<INVESTMENTS-AT-VALUE> 1,101,912,894
<RECEIVABLES> 161,771,575
<ASSETS-OTHER> 1,828,738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,265,513,207
<PAYABLE-FOR-SECURITIES> 25,960,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,259,212
<TOTAL-LIABILITIES> 29,219,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,228,152,526
<SHARES-COMMON-STOCK> 56,510,250
<SHARES-COMMON-PRIOR> 22,525,659
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,016,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,874,935)
<NET-ASSETS> 1,236,293,746
<DIVIDEND-INCOME> 3,507,667
<INTEREST-INCOME> 4,606,507
<OTHER-INCOME> 0
<EXPENSES-NET> (7,937,518)
<NET-INVESTMENT-INCOME> 176,656
<REALIZED-GAINS-CURRENT> 40,556,983
<APPREC-INCREASE-CURRENT> (72,391,160)
<NET-CHANGE-FROM-OPS> (31,657,521)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,394,320)
<DISTRIBUTIONS-OF-GAINS> (28,319,877)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,625,870
<NUMBER-OF-SHARES-REDEEMED> (21,003,120)
<SHARES-REINVESTED> 1,361,841
<NET-CHANGE-IN-ASSETS> 767,279,787
<ACCUMULATED-NII-PRIOR> 124,074
<ACCUMULATED-GAINS-PRIOR> 16,100,061
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,859,067
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,937,518
<AVERAGE-NET-ASSETS> 799,844,264
<PER-SHARE-NAV-BEGIN> 19.750
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .044
<PER-SHARE-DIVIDEND> (.067)
<PER-SHARE-DISTRIBUTIONS> (.797)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.960
<EXPENSE-RATIO> .920
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 158,208,945
<INVESTMENTS-AT-VALUE> 142,420,421
<RECEIVABLES> 22,816,436
<ASSETS-OTHER> 32,501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,269,358
<PAYABLE-FOR-SECURITIES> 3,903,540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 613,746
<TOTAL-LIABILITIES> 4,517,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,453,745
<SHARES-COMMON-STOCK> 9,348,985
<SHARES-COMMON-PRIOR> 5,630,910
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,087,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,789,350)
<NET-ASSETS> 160,752,072
<DIVIDEND-INCOME> 300,791
<INTEREST-INCOME> 806,990
<OTHER-INCOME> 0
<EXPENSES-NET> (1,722,873)
<NET-INVESTMENT-INCOME> (615,092)
<REALIZED-GAINS-CURRENT> 9,002,325
<APPREC-INCREASE-CURRENT> (33,436,572)
<NET-CHANGE-FROM-OPS> (25,049,339)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (288,917)
<DISTRIBUTIONS-OF-GAINS> (3,142,405)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,894,341
<NUMBER-OF-SHARES-REDEEMED> (6,350,088)
<SHARES-REINVESTED> 173,822
<NET-CHANGE-IN-ASSETS> 51,837,682
<ACCUMULATED-NII-PRIOR> 67,625
<ACCUMULATED-GAINS-PRIOR> 2,154,213
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 873,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,722,873
<AVERAGE-NET-ASSETS> 149,550,161
<PER-SHARE-NAV-BEGIN> 19.34
<PER-SHARE-NII> (.060)
<PER-SHARE-GAIN-APPREC> (2.753)
<PER-SHARE-DIVIDEND> (.037)
<PER-SHARE-DISTRIBUTIONS> (.380)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.11
<EXPENSE-RATIO> 1.140
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN CALIFORNIA GROWTH FUND CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 251,549,991
<INVESTMENTS-AT-VALUE> 261,134,980
<RECEIVABLES> 52,526,645
<ASSETS-OTHER> 1,636,352
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 315,297,977
<PAYABLE-FOR-SECURITIES> 7,195,906
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 647,565
<TOTAL-LIABILITIES> 7,843,471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 294,690,591
<SHARES-COMMON-STOCK> 1,274,090
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 667,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,511,305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,584,989
<NET-ASSETS> 307,454,506
<DIVIDEND-INCOME> 1,741,798
<INTEREST-INCOME> 1,447,110
<OTHER-INCOME> 0
<EXPENSES-NET> (1,841,785)
<NET-INVESTMENT-INCOME> 1,347,123
<REALIZED-GAINS-CURRENT> 5,419,170
<APPREC-INCREASE-CURRENT> (1,845,799)
<NET-CHANGE-FROM-OPS> 4,920,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,424)
<DISTRIBUTIONS-OF-GAINS> (130,572)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,316,359
<NUMBER-OF-SHARES-REDEEMED> (49,082)
<SHARES-REINVESTED> 6,813
<NET-CHANGE-IN-ASSETS> 226,279,740
<ACCUMULATED-NII-PRIOR> 192,438
<ACCUMULATED-GAINS-PRIOR> 885,590
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 953,389
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,841,785
<AVERAGE-NET-ASSETS> 166,492,484
<PER-SHARE-NAV-BEGIN> 18.050
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 1.646
<PER-SHARE-DIVIDEND> (.048)
<PER-SHARE-DISTRIBUTIONS> (.428)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.270
<EXPENSE-RATIO> 1.860
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 091
<NAME> FRANKLIN BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> JUN-3-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,636,276
<INVESTMENTS-AT-VALUE> 4,923,328
<RECEIVABLES> 703,928
<ASSETS-OTHER> 6,989
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,634,245
<PAYABLE-FOR-SECURITIES> 18,934
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,367
<TOTAL-LIABILITIES> 34,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,285,111
<SHARES-COMMON-STOCK> 516,168
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 12,294
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,519
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 287,020
<NET-ASSETS> 5,599,944
<DIVIDEND-INCOME> 36,106
<INTEREST-INCOME> 41,262
<OTHER-INCOME> 0
<EXPENSES-NET> (41,753)
<NET-INVESTMENT-INCOME> 35,615
<REALIZED-GAINS-CURRENT> 15,018
<APPREC-INCREASE-CURRENT> 287,020
<NET-CHANGE-FROM-OPS> 337,653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,820)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 612,646
<NUMBER-OF-SHARES-REDEEMED> (98,638)
<SHARES-REINVESTED> 2,160
<NET-CHANGE-IN-ASSETS> 5,599,944
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,144
<AVERAGE-NET-ASSETS> 3,334,385
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> .821
<PER-SHARE-DIVIDEND> (.061)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.850
<EXPENSE-RATIO> 1.250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRAREGIC SERIES FUND APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN GLOBAL UTILITIES FUND CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 155,203,756
<INVESTMENTS-AT-VALUE> 170,282,083
<RECEIVABLES> 11,501,594
<ASSETS-OTHER> 1,135,312
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,918,989
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 428,804
<TOTAL-LIABILITIES> 428,804
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,539,760
<SHARES-COMMON-STOCK> 589,033
<SHARES-COMMON-PRIOR> 191,462
<ACCUMULATED-NII-CURRENT> 1,924,489
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,947,934
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,078,002
<NET-ASSETS> 182,490,185
<DIVIDEND-INCOME> 6,273,880
<INTEREST-INCOME> 452,855
<OTHER-INCOME> 0
<EXPENSES-NET> (1,807,035)
<NET-INVESTMENT-INCOME> 4,919,700
<REALIZED-GAINS-CURRENT> 20,104,534
<APPREC-INCREASE-CURRENT> (3,808,807)
<NET-CHANGE-FROM-OPS> 21,215,427
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (103,773)
<DISTRIBUTIONS-OF-GAINS> (541,655)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 476,121
<NUMBER-OF-SHARES-REDEEMED> (117,318)
<SHARES-REINVESTED> 38,768
<NET-CHANGE-IN-ASSETS> 12,538,678
<ACCUMULATED-NII-PRIOR> 1,473,140
<ACCUMULATED-GAINS-PRIOR> 4,840,336
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,007,080
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,807,035
<AVERAGE-NET-ASSETS> 176,320,876
<PER-SHARE-NAV-BEGIN> 14.240
<PER-SHARE-NII> .320
<PER-SHARE-GAIN-APPREC> 1.328
<PER-SHARE-DIVIDEND> (.310)
<PER-SHARE-DISTRIBUTIONS> (1.208)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.370
<EXPENSE-RATIO> 1.770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN SMALL CAP GROWTH FUND CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 1,116,787,829
<INVESTMENTS-AT-VALUE> 1,101,912,894
<RECEIVABLES> 161,771,575
<ASSETS-OTHER> 1,828,738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,265,513,207
<PAYABLE-FOR-SECURITIES> 25,960,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,259,212
<TOTAL-LIABILITIES> 29,219,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,228,152,526
<SHARES-COMMON-STOCK> 7,784,393
<SHARES-COMMON-PRIOR> 1,225,769
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,016,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,874,935)
<NET-ASSETS> 1,236,293,746
<DIVIDEND-INCOME> 3,507,667
<INTEREST-INCOME> 4,606,507
<OTHER-INCOME> 0
<EXPENSES-NET> (7,937,518)
<NET-INVESTMENT-INCOME> 176,656
<REALIZED-GAINS-CURRENT> 40,556,983
<APPREC-INCREASE-CURRENT> (72,391,160)
<NET-CHANGE-FROM-OPS> (31,657,521)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,174,405)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,092,087
<NUMBER-OF-SHARES-REDEEMED> (674,976)
<SHARES-REINVESTED> 141,513
<NET-CHANGE-IN-ASSETS> 767,279,787
<ACCUMULATED-NII-PRIOR> 124,074
<ACCUMULATED-GAINS-PRIOR> 16,100,061
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,859,067
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,937,518
<AVERAGE-NET-ASSETS> 799,844,264
<PER-SHARE-NAV-BEGIN> 19.660
<PER-SHARE-NII> (.050)
<PER-SHARE-GAIN-APPREC> (.033)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.797)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.780
<EXPENSE-RATIO> 1.690
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN GLOBAL HEALTH CARE FUND CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 158,208,945
<INVESTMENTS-AT-VALUE> 142,420,421
<RECEIVABLES> 22,816,436
<ASSETS-OTHER> 32,501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,269,358
<PAYABLE-FOR-SECURITIES> 3,903,540
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 613,746
<TOTAL-LIABILITIES> 4,517,286
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 169,453,745
<SHARES-COMMON-STOCK> 628,581
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,087,677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,789,350)
<NET-ASSETS> 160,752,072
<DIVIDEND-INCOME> 300,791
<INTEREST-INCOME> 806,990
<OTHER-INCOME> 0
<EXPENSES-NET> (1,722,873)
<NET-INVESTMENT-INCOME> (615,092)
<REALIZED-GAINS-CURRENT> 9,002,325
<APPREC-INCREASE-CURRENT> (33,436,572)
<NET-CHANGE-FROM-OPS> (25,049,339)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (90,072)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 642,015
<NUMBER-OF-SHARES-REDEEMED> (18,004)
<SHARES-REINVESTED> 4,570
<NET-CHANGE-IN-ASSETS> 51,837,682
<ACCUMULATED-NII-PRIOR> 67,625
<ACCUMULATED-GAINS-PRIOR> 2,154,213
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 873,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,722,873
<AVERAGE-NET-ASSETS> 149,550,161
<PER-SHARE-NAV-BEGIN> 17.370
<PER-SHARE-NII> (.070)
<PER-SHARE-GAIN-APPREC> (.850)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.380)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.070
<EXPENSE-RATIO> 1.920
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIES IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 081
<NAME> FRANKLIN NATURAL RESOURCES FUND CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 42,285,656
<INVESTMENTS-AT-VALUE> 43,909,884
<RECEIVABLES> 2,833,294
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,743,178
<PAYABLE-FOR-SECURITIES> 16,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 217,793
<TOTAL-LIABILITIES> 233,973
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,258,447
<SHARES-COMMON-STOCK> 3,226,036
<SHARES-COMMON-PRIOR> 754,261
<ACCUMULATED-NII-CURRENT> 227,995
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (601,447)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,624,210
<NET-ASSETS> 46,509,205
<DIVIDEND-INCOME> 265,233
<INTEREST-INCOME> 209,971
<OTHER-INCOME> 0
<EXPENSES-NET> (273,251)
<NET-INVESTMENT-INCOME> 201,953
<REALIZED-GAINS-CURRENT> 52,954
<APPREC-INCREASE-CURRENT> 442,249
<NET-CHANGE-FROM-OPS> 697,156
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (151,754)
<DISTRIBUTIONS-OF-GAINS> (678,900)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,011,712
<NUMBER-OF-SHARES-REDEEMED> (1,593,404)
<SHARES-REINVESTED> 53,467
<NET-CHANGE-IN-ASSETS> 36,600,337
<ACCUMULATED-NII-PRIOR> 16,048
<ACCUMULATED-GAINS-PRIOR> 186,460
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 175,237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364,968
<AVERAGE-NET-ASSETS> 27,910,372
<PER-SHARE-NAV-BEGIN> 13.140
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> 1.254
<PER-SHARE-DIVIDEND> (.092)
<PER-SHARE-DISTRIBUTIONS> (.322)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.070
<EXPENSE-RATIO> .980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN STRATEGIC SERIES APRIL 30, 1997 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 083
<NAME> FRANKLIN NATURAL RESOURCES FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 42,285,656
<INVESTMENTS-AT-VALUE> 43,909,884
<RECEIVABLES> 2,833,294
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,743,178
<PAYABLE-FOR-SECURITIES> 16,180
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 217,793
<TOTAL-LIABILITIES> 233,973
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,258,447
<SHARES-COMMON-STOCK> 79,796
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 227,995
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (601,447)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,624,210
<NET-ASSETS> 46,509,205
<DIVIDEND-INCOME> 265,233
<INTEREST-INCOME> 209,971
<OTHER-INCOME> 0
<EXPENSES-NET> (273,251)
<NET-INVESTMENT-INCOME> 201,953
<REALIZED-GAINS-CURRENT> 52,594
<APPREC-INCREASE-CURRENT> 442,249
<NET-CHANGE-FROM-OPS> 697,156
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 147,426
<NUMBER-OF-SHARES-REDEEMED> (67,630)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 36,600,337
<ACCUMULATED-NII-PRIOR> 16,048
<ACCUMULATED-GAINS-PRIOR> 186,460
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 175,237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364,968
<AVERAGE-NET-ASSETS> 27,910,372
<PER-SHARE-NAV-BEGIN> 14.660
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.590)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.070
<EXPENSE-RATIO> .640
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN STRATEGIC SERIES APRIL 30, 1997 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> FRANKLIN SMALL CAP GROWTH FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 1,116,787,829
<INVESTMENTS-AT-VALUE> 1,101,912,894
<RECEIVABLES> 161,771,575
<ASSETS-OTHER> 1,828,738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,265,513,207
<PAYABLE-FOR-SECURITIES> 25,960,249
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,259,212
<TOTAL-LIABILITIES> 29,219,461
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,228,152,526
<SHARES-COMMON-STOCK> 989,630
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,016,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14,874,935)
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</TABLE>
