FVF-6/97stk
SUPPLEMENT DATED JUNE 1, 1997
TO THE PROSPECTUS OF
FRANKLIN VALUEMARK FUNDS
Dated May 1, 1997
The discussion under "Highlighted Risk Considerations - Foreign Transactions"
is amended by adding the following text:
Hong Kong is scheduled to revert to the sovereignty of China on July 1,
1997. As with any major political transfer of power, this could result in
political, social, economic, market or other developments in Hong Kong,
China or other countries that could affect the value of Fund investments.
The discussions under "Portfolio Operations - Templeton International Equity
Fund, Templeton International Smaller Companies Fund" is amended by replacing
it with the following text:
Templeton International Equity Fund
Howard J. Leonard
Mark Beveridge
William Howard
Templeton International Smaller Companies Fund
Simon Rudolph
Peter A. Nori
The "Biographical Information" is amended by the addition of the following
text:
Howard J. Leonard
Senior Vice President of Templeton Investment Counsel, Inc.
Mr. Howard is a Chartered Financial Analyst and holds a bachelor of
business administration degree in finance and economics from Temple
University. Mr. Leonard manages the Templeton Global Opportunities Trust
and has served on the portfolio team for the Templeton Latin American Fund
since inception. Prior to joining the Franklin Templeton organization in
1989, Mr. Leonard was director of investment research at First Pennsylvania
Bank. Mr. Leonard has managed the Templeton International Equity Fund since
June 1997.
Peter A. Nori
Vice President of Templeton Investment Counsel, Inc.
Mr. Nori is a Chartered Financial Analyst and holds both a Master of
Business Administration degree and a Bachelor of Science degree in finance
from the University of San Francisco. After completing the Franklin
management training program, Mr. Nori joined portfolio research in 1990 as
an equity analyst and co-portfolio manager of the Franklin Convertible
Securities Fund. In 1994, Mr. Nori joined the Templeton organization and
currently is also the portfolio manager of Templeton American Trust, Inc.
Mr. Nori has managed the Templeton International Smaller Companies Fund
since June 1997.
Simon Rudolph
Vice President of Templeton Investment Counsel, Inc.
Mr. Rudolph is a Chartered Accountant and holds a Bachelor of Arts degree
in economic history from Durham University in England. Mr. Rudolph has been
a securities analyst since 1986. Before joining the Franklin Templeton
organization in 1997, he was an executive director with Morgan Stanley. Mr.
Rudolph has managed the Templeton International Smaller Companies Fund
since June 1997.
