SUPPLEMENT TO THE PROSPECTUS
Prospectus Dated May 1, 1995
Templeton Variable Products Series Fund
The discussion under "MANAGEMENT OF THE TRUST- INVESTMENT MANAGERS" is amended
by deleting the fifth paragraph and inserting the following text:
The lead portfolio manager for Templeton Stock Fund is Mark R.
Beveridge. Mr. Beveridge, Vice President of TICI, 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 TICI, and Howard J. Leonard, Senior Vice President of TICI,
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.
The lead portfolio manager for the Templeton International Fund is
Lauretta A. Reeves. Peter Nori and Gary Motyl exercise secondary portfolio
management responsibility. Mr. Nori is a research analyst whose current
responsibilities include covering data processing/software, textile and
apparel stocks. Mr. Nori completed Franklin's management training program
before moving into portfolio research in 1990 as an equity analyst and
co-portfolio manager of the Franklin Convertible Securities Fund. He
holds a B.S. degree in Finance and an M.B.A. with an emphasis in finance
from the University of San Francisco. Mr. Motyl has been a security
analyst and portfolio manager with TICI since 1981. His research
responsibilities include the global automobile industry. Prior to joining
the Templeton organization, Mr. Motyl worked from 1974-1979 as a security
analyst at Standard & Poor's Corporation, and then worked as a research
analyst and portfolio manager from 1979-1981 with Landmark First National
Bank. He holds a B.S. in Finance from Lehigh University and an M.B.A.
from Pace University.
The lead portfolio manager for the equity portion of the Templeton
Asset Allocation Fund is Gary Clemons, Vice President of TICI. He is a research
analyst with responsibility for the financial services and telecommunications
industry, as well as country coverage of Argentina and Sweden. Prior to joining
the Templeton organization in 1993, Mr. Clemons worked as a research analyst for
Structured Asset Management in New York, a subsidiary of Templeton
International, where his duties included management of a small capitalization
fund. He holds an M.B.A. with an emphasis on Finance/Investment banking from the
University of Wisconsin and a B.S. from the University of Nevada-Reno. Peter
Nori and James Chaney exercise secondary portfolio management responsibilities
for the equity portion of the Templeton Asset Allocation Fund. Mr. Chaney,
Senior Vice President of TICI, has global research responsibility for
merchandising, regional banks and environmental companies. Prior to joining the
Templeton organization in 1991, Mr. Chaney spent six years with GE Investments,
where he was vice president of international equities. He also has seven years
experience as an international consulting engineer and project manager. Mr.
Chaney holds an M.B.A. with high honors from Columbia University, an M.S. in
Engineering from Northeastern University and a B.S. in Engineering from the
University of Massachssetts-Amherst.
August 8, 1995 TLTIP STKR 08/95
