FVF-VULSTIK
SUPPLEMENT DATED September 30, 1997
TO THE PROSPECTUS OF
FRANKLIN VALUEMARK FUNDS
Dated May 1, 1997
Supplemented June 1, 1997
The discussions under "Portfolio Operations- High Income Fund" is amended by
replacing it with the following text:
High Income Fund
Jeff Holbrook
Chris Molumphy
R. Martin Wiskemann
The "Biographical Information" is amended by the addition of the following text:
Jeff Holbrook
Portfolio Manager
Franklin Advisers, Inc.
Mr. Holbrook is a Chartered Financial Analyst and holds a Master of Business
Administration degree in Finance from University of Chicago and a Bachelor of
Science degree from Brigham Young University. Mr. Holbrook joined the Franklin
Templeton Group in July 1992. Mr. Holbrook is a member of several securities
industry-related associations. He has managed the High Income Fund since
September 1997.
