SUPPLEMENT TO THE ANNUAL REPORT
DATED DECEMBER 31, 1996
TEMPLETON VARIABLE PRODUCTS SERIES FUND
Due to a printing error, the legends for the graphical lines showing the Total
Returns Index Comparison for the Templeton Stock Fund (page 7) were reversed.
The $28,745 line, therefore, represents the Templeton Stock Fund performance and
the $22,895 line represents the MSCI World Index performance and not as shown in
the printed graph.
April 22, 1997
Templeton Stock Fund
Total Return Index Comparison - $10,000 Investment (8/24/88 - 12/31/96)
(THERE IS A LINE GRAPH ACCOMPANYING THIS STICKER WHICH
REPRESENTED THE FOLLOWING:
THE TEMPLETON STOCK FUND TOTAL RETURN OF $28,745;
MSCI WORLD INDEX TOTAL RETURN OF $22,895;
CONSUMER PRICE INDEX TOTAL RETURN OF $13,338)
Templeton Stock Fund 1 MSCI World Index 2 Consumer Price Index 3
1. Total return measures the change in the Fund's net asset value over the
period shown, assuming reinvestment of dividends and capital gains. It does not
include any variable insurance contract fees and charges, which are described in
the Performance Summary. Past performance is not predictive of future results.
2. Index is unmanaged and includes reinvested dividends.
3. Source: U.S. Bureau of Labor Statistics
