<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE TEMPLETON
VARIABLE PRODUCTS SERIES FUND MUTUAL SHARES INVESTMENTS FUND JUNE 30, 2000
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000829959
<NAME> TEMPLETON VARIABLE PRODUCTS SERIES FUND
<SERIES>
<NUMBER> 011
<NAME> MUTUAL SHARES INVESTMENTS FUND - CLASS 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 5300423
<INVESTMENTS-AT-VALUE> 5466786
<RECEIVABLES> 53010
<ASSETS-OTHER> 1444823
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6964619
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11004
<TOTAL-LIABILITIES> 11004
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6799206
<SHARES-COMMON-STOCK> 358254
<SHARES-COMMON-PRIOR> 279032
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20158)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (21589)
<ACCUM-APPREC-OR-DEPREC> 196156
<NET-ASSETS> 6953615
<DIVIDEND-INCOME> 27797
<INTEREST-INCOME> 18213
<OTHER-INCOME> 0
<EXPENSES-NET> (15949)
<NET-INVESTMENT-INCOME> 30061
<REALIZED-GAINS-CURRENT> 112856
<APPREC-INCREASE-CURRENT> (105350)
<NET-CHANGE-FROM-OPS> 37567
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (41453)
<DISTRIBUTIONS-OF-GAINS> (33991)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 86202
<NUMBER-OF-SHARES-REDEEMED> (14294)
<SHARES-REINVESTED> 7314
<NET-CHANGE-IN-ASSETS> 924000
<ACCUMULATED-NII-PRIOR> 20861
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (71229)
<GROSS-ADVISORY-FEES> (12341)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (15949)
<AVERAGE-NET-ASSETS> 6234016
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 0.02<F1>
<PER-SHARE-DIVIDEND> (0.12)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.10)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 0.65<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>ANNUALIZED.
</FN>
</TABLE>
