<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
VARIABLE PRODUCTS SERIES FUND - TEMPLETON ASSET ALLOCATION FUND JUNE 30, 2000
SEMIANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 005
<NAME> TEMPLETON ASSET ALLOCATION FUND - CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 514990305
<INVESTMENTS-AT-VALUE> 606799275
<RECEIVABLES> 33595798
<ASSETS-OTHER> 14352653
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 654747726
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1199266
<TOTAL-LIABILITIES> 1199266
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 561835430
<SHARES-COMMON-STOCK> 33299930
<SHARES-COMMON-PRIOR> 28735325
<ACCUMULATED-NII-CURRENT> 417427
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (507151)
<ACCUM-APPREC-OR-DEPREC> 91802754
<NET-ASSETS> 653548460
<DIVIDEND-INCOME> 4423522
<INTEREST-INCOME> 1794760
<OTHER-INCOME> 0
<EXPENSES-NET> (1733623)
<NET-INVESTMENT-INCOME> 4484659
<REALIZED-GAINS-CURRENT> 16818685
<APPREC-INCREASE-CURRENT> (29209919)
<NET-CHANGE-FROM-OPS> (7906575)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15153507)
<DISTRIBUTIONS-OF-GAINS> (104057397)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152523
<NUMBER-OF-SHARES-REDEEMED> (1739393)
<SHARES-REINVESTED> 6151475
<NET-CHANGE-IN-ASSETS> (38962378)
<ACCUMULATED-NII-PRIOR> 11558951
<ACCUMULATED-GAINS-PRIOR> 90365268
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1356767)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1733623)
<AVERAGE-NET-ASSETS> 679306354
<PER-SHARE-NAV-BEGIN> 23.37
<PER-SHARE-NII> 0.14<F1>
<PER-SHARE-GAIN-APPREC> (0.44)<F1>
<PER-SHARE-DIVIDEND> (0.52)<F1>
<PER-SHARE-DISTRIBUTIONS> (3.62)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.93
<EXPENSE-RATIO> 0.76<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>ANNUALIZED.
</FN>
</TABLE>
