SUPPLEMENT DATED SEPTEMBER 14, 1998
TO THE PROSPECTUS DATED MAY 1, 1998
OF
TEMPLETON VARIABLE PRODUCTS SERIES FUND
The "Portfolio Management" sections for the Mutual Shares Investments Fund and
Mutual Discovery Investment Fund ("Funds"), with the exception of the first
paragraph, is replaced with the following:
The following persons are primarily responsible for the day-to-day management of
the Funds' portfolios.
MICHAEL F. PRICE
Chief Executive Officer and President
Franklin Mutual Advisers, Inc.
Mr. Price has a Bachelor of Arts degree in Business Administration from the
University of Oklahoma. Before November 1996, Mr. Price was President and
Chairman of Heine Securities Corporation, the predecessor of Franklin Mutual. He
became Chief Executive Officer of Franklin Mutual in November 1996 and has
managed the Funds from inception. After November 1, 1998, Mr. Price will
continue as Chairman of the Board of Directors of Franklin Mutual but will not
be involved in daily portfolio management.
PETER A. LANGERMAN
Senior Vice President and Chief Operating Officer
Franklin Mutual Advisers, Inc.
Mr. Langerman has a Bachelor of Arts degree from Yale University, a Masters in
Science from New York University Graduate School of Business and a Juris Doctor
from Stanford University Law School. Before November 1996, he was a research
analyst for Heine Securities Corporation, the predecessor of Franklin Mutual. He
has been with the Franklin Templeton Group since November 1996 and has managed
the Funds from inception. On November 1, 1998, Mr. Langerman will become Chief
Executive Officer of Franklin Mutual.
ROBERT L. FRIEDMAN
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Friedman has a Bachelor of Arts degree in Humanities from the John Hopkins
University and a Masters in Business Administration from the Wharton School,
University of Pennsylvania. Before November 1996, Mr. Friedman was a research
analyst for Heine Securities Corporation, the predecessor of Franklin Mutual. He
has been with the Franklin Templeton Group since November 1996 and has managed
the Funds from inception. On November 1, 1998, Mr. Friedman will become Chief
Investment Officer of Franklin Mutual.
JEFFREY A. ALTMAN
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Altman has a Bachelor of Science degree from Tulane University. Before
October 1996, Mr. Altman was employed as a research analyst and trader for Heine
Securities Corporation, the predecessor of Franklin Mutual. He has been with the
Franklin Templeton Group since November 1996 and has managed the Funds from
inception.
PAGE
RAYMOND GAREA
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Garea has a Bachelor of Science degree in Engineering from Case Institute of
Technology and a Masters in Business Administration from the University of
Michigan. Before November 1996, he was a research analyst for Heine Securities
Corporation, the predecessor of Franklin Mutual. He has been with the Franklin
Templeton Group since November 1996 and has managed the Funds from inception.
LAWRENCE N. SONDIKE
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Sondike has a Bachelor of Arts degree from Cornell University and a Masters
in Business Administration from New York University Graduate School of Business.
Before November 1996, he was a research analyst for Heine Securities
Corporation, the predecessor of Franklin Mutual. He has been with the Franklin
Templeton Group since November 1996, and has managed the Funds from inception.
DAVID E. MARCUS
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Marcus holds a Bachelor of Science in Business Administration/Finance from
Northeastern University. Before November 1996, he was a research analyst for
Heine Securities Corporation, the predecessor of Franklin Mutual. He has been
with the Franklin Templeton Group since November 1996 and has managed the Funds
from inception.
DAVID J. WINTERS
Senior Vice President
Franklin Mutual Advisers, Inc.
Mr. Winters is a Chartered Financial Analyst and holds a Bachelor of Arts degree
in Economics from Cornell University. Before November 1996, he was a research
analyst for Heine Securities Corporation, the predecessor of Franklin Mutual. He
has been with the Franklin Templeton Group since November 1996 and has managed
the Funds from inception.
