SUPPLEMENT TO THE PROSPECTUS
Prospectus Dated May 1, 1995
TEMPLETON VARIABLE ANNUITY FUND
The discussion under "MANAGEMENT OF THE FUND- INVESTMENT MANAGER" is amended by
replacing the text of the third paragraph, beginning with the fourth line of
that paragraph, with the following text:
The lead portfolio manager for the Fund is Mark R. Beveridge. Mr.
Beveridge, Vice President of the Investment Manager, joined the Templeton
organization in 1985. He has responsibility for the industrial component and
Latin American bank industries and has market coverage of Thailand, Philippines
and the Andean Pact nations. Prior to joining the Templeton organization, Mr.
Beveridge was a principal with a financial accounting software firm based in
Miami, Florida. He has a Bachelors Degree in Business Administration with
emphasis in finance from the University of Miami. Lauretta A. Reeves, Vice
President of the Investment Manager, and Howard J. Leonard, Senior Vice
President of the Investment Manager, exercise secondary portfolio management
responsibilities. Ms. Reeves joined the Templeton organization in 1987 as an
equity trader and moved into the research group in 1989. She has research
responsibility for the chemical, medical supply and European and Asian banking
sectors, as well as the coverage of the Belgian market. Prior to joining the
Templeton organization, Ms. Reeves was manager of equity trading for First
Equity Corporation of Florida, a regional brokerage firm. Previously, she worked
in similar positions with two other brokerage houses. She received her Masters
in Business Administration from Nova University and a B.A. in Business
Administration with high honors from Florida International University. Mr.
Leonard has research responsibilities for the global forest products, money
management and airline industries, and coverage of Indonesia, Switzerland,
Brazil and India. Prior to joining the Templeton organization in 1989, Mr.
Leonard was director of investment research at First Pennsylvania Bank, where he
was responsible for equity and fixed income research activities and its proxy
voting service for large pension plan sponsors. He also previously worked at
Provident National Bank as a security analyst. Mr. Leonard hold a B.B.A. in
Finance and Economics from Temple University.
August 8, 1995
