# EDGAR Filing Document

**Accession Number:** 0000837274
**File Stem:** 0001741773-25-002537
**Filing Date:** 2025-6
**Character Count:** 5215
**Document Hash:** 75dceb3c86fcba757909f8cc02c8d22d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-25-002537.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001741773-25-002537

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**EFFECTIVENESS DATE**: 20250624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST
- **CENTRAL INDEX KEY:** 0000837274

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-23493
- **FILM NUMBER:** 251066943

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN VALUEMARK ANNUITY FUNDS
- **DATE OF NAME CHANGE:** 19881129

## Series and Classes Contracts Data

### FRANKLIN SMALL-MID CAP GROWTH VIP FUND (Series ID: S000007314)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020096 | Class 1      |  |
| C000020097 | Class 2      |  |
| C000061777 | Class 4      |  |

#### GOF-P9 06/25

#### FRANKLIN STRATEGIC SERIES

#### FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

#### SUPPLEMENT DATED JUNE 24, 2025

#### TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

#### STATEMENT OF ADDITIONAL INFORMATION ("SAI")

#### OF EACH FUND LISTED IN SCHEDULE A
<br>**Effective December 31, 2025, Michael McCarthy is anticipated to retire and step down as a member of the portfolio management team for each fund listed in <u>Schedule A</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Effective December 31, 2025, the Summary Prospectus, Prospectus and SAI of Franklin Small Cap Growth Fund is amended as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. The following is added to the section titled "Fund Summary – Portfolio Managers" in the fund's Summary Prospectus and Prospectus:** 

**JJ Swartz**<br>Portfolio Manager of Advisers and portfolio manager of the Fund since December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. The following is added to the section titled "Fund Details – Management" in the fund's Prospectus:**

**JJ Swartz Portfolio Manager of Advisers**<br>Mr. Swartz has been a portfolio manager of the Fund since December 2025. He joined Franklin Templeton in 2022. Prior to joining Franklin Templeton, Mr. Swartz was a vice president at BlackRock.

The portfolio managers of the Fund are jointly and primarily responsible for the day-to-day management of the Fund. Each portfolio manager has equal authority over all aspects of the Funds' investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with

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anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. The following is added to the section titled "Management and Other Services – Portfolio managers" in the fund's SAI:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Type of<br>Account** | **Number of**<br>**Accounts**<br>**Managed** | **Total Assets**<br>**Managed**<br>**(x $1 million)** | **Number of Accounts** <br>**Managed for which** <br>**Advisory Fee is** <br>**Performance-Based** | **Assets Managed for which** <br>**Advisory Fee is** <br>**Performance-Based** <br>**(x $1 million)** |
| JJ Swartz\* | Registered<br>Investment<br>Companies |  |  |  |  |
|  | Other Pooled<br>Investment<br>Vehicles |  |  |  |  |
|  | Other<br>Accounts |  |  |  |  |

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\*Information is provided as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. The following is added to the section titled "Management and Other Services – Portfolio managers – Ownership of Fund shares" in the fund's SAI:** 

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Beneficially Owned** |
| JJ Swartz\* | $10001–$50000 |
| \*Information is provided as of May 31, 2025 |  |

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SCHEDULE A

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Date of Summary Prospectus,</u> <br><u>Prospectus and SAI</u>** |
| **<u>FRANKLIN STRATEGIC SERIES</u>** |  |
| Franklin Small Cap Growth Fund | September 1, 2024 |
| Franklin Small-Mid Cap Growth Fund | September 1, 2024 |
| **<u>FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST</u>** |  |
| Franklin Small-Mid Cap Growth VIP Fund | May 1, 2025 |

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#### Please retain this supplement for future reference.

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