SUPPLEMENT TO THE PROSPECTUS
Prospectus Dated May 1, 1996
TEMPLETON VARIABLE PRODUCTS SERIES FUND-- TEMPLETON INTERNATIONAL FUND
The discussion under "Management of the Trust-- Investment Manger" is amended by
deleting the fifth paragraph and replacing it with the following text:
The lead portfolio manager for the Fund since July 1996 is Peter Nori. Mr. Nori,
Vice President of TICI, 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 has exercised secondary
portfolio management responsibilities for the Fund since 1995. Mr. Nori's
current responsibilities include covering the data processing/software, textile
and apparel stocks, steel stocks and country coverage of Austria. He holds a
B.A. degree in Finance and an M.B.A. with an emphasis on finance from the
University of San Francisco and is a Chartered Financial Analyst. Gary Motyl and
Stephen Oler exercise secondary portfolio management responsibilities. Mr.
Motyl, Executive Vice President and Director of TICI, has been a security
analyst and portfolio manager with TICI since 1981. His research
responsibilities include the global automobile industry and country coverage of
Germany. Prior to joining the Templeton organization, Mr. Motyl worked from 1974
to 1979 as a security analyst with Standard & Poor's Corporation, and from 1979
to 1981 was a research analyst and portfolio manager with Landmark First
National Bank. Mr. Motyl holds a B.S. degree in Finance from Lehigh University
and an M.B.A. from Pace University and is a Chartered Financial Analyst. Mr.
Oler, Vice President of TICI, is a portfolio manager and research analyst whose
research responsibilities include industry coverage of the global non-life
insurance industry and country coverage of Mexico and Greece. Before joining the
Templeton organization in 1996, Mr. Oler was a senior vice president at Baring
Asset Management, where he was responsible for Latin American portfolio
management and research. During his 11-year stay at Barings, he followed
European equities from the London office, then moved in 1989 to the Boston
office where he followed Canadian equities. Beginning in 1993 he devoted his
full time to following Latin stocks. Mr. Oler received a master of philosophy
degree in international relations from King's College, Cambridge University, and
a B.A. degree with honors from the University of Pennsylvania in American
history. He is a Chartered Financial Analyst.
July 30, 1996
