TG P2 03/24

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

SUPPLEMENT DATED MARCH 28, 2024

TO THE PROSPECTUS DATED MAY 1, 2023, AS AMENDED AUGUST 16, 2023, AND TO THE STATEMENT OF ADDITIONAL INFORMATION (“SAI”) DATED MAY 1, 2023, OF

Effective March 31, 2024, the prospectus and SAI of the Fund are amended as follows:

1)  The following is added below the “Fund Summaries – Investment Manager” section of the prospectus:

Sub-Advisor

Templeton Asset Management Ltd. (Asset Management)

2) The following is added to the end of the “Fund Summaries – Portfolio Managers” section of the prospectus:

Peter D. Sartori

Portfolio Manager of Asset Management and portfolio manager of the Fund since March 2024.

3) The following is added after the first paragraph in the “Fund Details – Management” section of the prospectus:

Under a separate agreement with Global Advisors, Templeton Asset Management Ltd. (Asset Management), 7 Temasek Boulevard, Suntec Tower One #38-03, Singapore 038987, serves as the Fund’s sub-advisor. The sub-advisor provides the investment manager with investment management advice (which may include research and analysis services). The sub-advisor is an indirect wholly owned subsidiary of Resources. For purposes of the Fund’s investment strategies, techniques and risks, the term “investment manager” includes the sub-advisor. Investment advisory responsibilities and fees may be reallocated periodically between the investment manager and the sub-advisor.

4) The following is added to the end of the list of portfolio managers under the “Fund Details – Management” section of the prospectus:

Peter D. Sartori Portfolio Manager of Asset Management

Mr. Sartori has been portfolio manager of the Fund since March 2024, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton in 2019.

5) The following is added before the “Fees Paid” table in section of the SAI titled “Management and Other Services – Investment manager and services provided – Name of sub-advisors, annual fee rates and fees paid over the last three fiscal years:”

Effective March 31, 2024, the Growth Fund’s sub-advisor is Templeton Asset Management Ltd., an indirect, wholly owned subsidiary of Resources. The sub-advisor has an agreement with the investment manager and provides the investment manager with investment management advice, research and assistance. The sub-advisor’s activities are subject to the board’s review and control, as well as the investment manager’s instruction and supervision. The investment manager pays the Fund’s sub-advisor a fee equal to 25% of the “net investment advisory fee” paid by the Fund to the investment manager. The “net investment advisory fee,” in this case, is defined to equal: (i) 96% of an amount equal to the total investment management fee payable to the investment manager minus any Fund fees and/or expenses waived and/or reimbursed by the investment manager, minus (ii) any amounts paid by the investment manager to the Fund’s administrator for administrative services. Investment advisory responsibilities and fees may be reallocated periodically between the investment manager and the sub-advisor.

6) The table in the section of the SAI titled “Management and Other Services – Portfolio Managers” is amended to include the following:

1. These figures represent registered investment companies other than the Fund.

2. The various pooled investment vehicles and accounts listed are managed by a team of investment professionals. Accordingly, the portfolio managers listed would not be solely responsible for managing such listed amounts.

*Information is provided as of February 29, 2024.

Please keep this supplement for future reference.