<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON VARIABLE PRODUCTS SERIES FUND - FRANKLIN SMALL CAP INVESTMENTS 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> 015
<NAME> SMALL CAP INVESTMENTS - CLASS 2
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000<F1>
<INVESTMENTS-AT-COST> 60,029,952
<INVESTMENTS-AT-VALUE> 71,482,790
<RECEIVABLES> 62,744,343
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,227,133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 190,203
<TOTAL-LIABILITIES> 190,203
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,604,990
<SHARES-COMMON-STOCK> 8,623,158
<SHARES-COMMON-PRIOR> 4,525,661
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (5,520)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (15,378)
<ACCUM-APPREC-OR-DEPREC> 11,452,838
<NET-ASSETS> 134,036,930
<DIVIDEND-INCOME> 52,576
<INTEREST-INCOME> 896,578
<OTHER-INCOME> 169
<EXPENSES-NET> (423,677)
<NET-INVESTMENT-INCOME> 525,646
<REALIZED-GAINS-CURRENT> 442,991
<APPREC-INCREASE-CURRENT> 11,452,838
<NET-CHANGE-FROM-OPS> 12,421,475
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (636,523)
<DISTRIBUTIONS-OF-GAINS> (1,852,431)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,037,190
<NUMBER-OF-SHARES-REDEEMED> (8,713,456)
<SHARES-REINVESTED> 150,615
<NET-CHANGE-IN-ASSETS> 61,239,993
<ACCUMULATED-NII-PRIOR> 128,998
<ACCUMULATED-GAINS-PRIOR> 1,444,668
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (269,087)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (335,906)
<AVERAGE-NET-ASSETS> 108,791,611
<PER-SHARE-NAV-BEGIN> 15.740
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> (.310)<F2>
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> (.280)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 15.070
<EXPENSE-RATIO> 2.130<F3>
<FN>
<F1>FOR THE PERIOD JANUARY 1, 2000 THROUGH APRIL 30, 2000.
<F2>Based on average shares outstanding.
<F3>Annualized
</FN>
</TABLE>
