Class 1

This semi-annual shareholder report contains important information about Franklin Allocation VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$28	0.56%

^[1],[2],[3]

0.56%

^[1]

1,196

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$546,277,640
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	1,196
Portfolio Turnover Rate	43.28%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Allocation VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$41	0.81%

^[6],[7],[8]

0.81%

^[6]

1,196

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$546,277,640
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	1,196
Portfolio Turnover Rate	43.28%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Allocation VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$46	0.91%

^{[11],[12],[13]}

0.91%

^[11]

1,196

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$546,277,640
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	1,196
Portfolio Turnover Rate	43.28%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin DynaTech VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$45	0.86%

^{[16],[17],[18]}

0.86%

^[16]

109

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$202,805,333
Total Number of Portfolio Holdings	109
Portfolio Turnover Rate	18.40%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin DynaTech VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$50	0.96%

^{[21],[22],[23]}

0.96%

^[21]

109

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$202,805,333
Total Number of Portfolio Holdings	109
Portfolio Turnover Rate	18.40%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Global Real Estate VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$52	1.00%

^{[26],[27],[28]}

1.00%

^[26]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$107,024,953
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	13.71%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Global Real Estate VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$65	1.25%

^{[30],[31],[32]}

1.25%

^[30]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$107,024,953
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	13.71%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals VIP Fund for the period May 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1^1,²	$16	0.69%

^{[34],[35],[36],[37]}

0.69%

^[34],[35]

168

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$66,400,073
Total Number of Portfolio Holdings	168
Portfolio Turnover Rate	1.58%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Gold and Precious Metals VIP Fund for the period May 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2^1,²	$21	0.91%

^{[39],[40],[41],[42]}

0.91%

^[39],[40]

168

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$66,400,073
Total Number of Portfolio Holdings	168
Portfolio Turnover Rate	1.58%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Growth and Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$31	0.59%

^{[44],[45],[46]}

0.59%

^[44]

92

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$61,188,924
Total Number of Portfolio Holdings	92
Portfolio Turnover Rate	30.63%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Growth and Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$44	0.84%

^{[48],[49],[50]}

0.84%

^[48]

92

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$61,188,924
Total Number of Portfolio Holdings	92
Portfolio Turnover Rate	30.63%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$24	0.47%

^{[52],[53],[54]}

0.47%

^[52]

303

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$3,297,507,449
Total Number of Portfolio Holdings	303
Portfolio Turnover Rate	18.09%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$37	0.72%

^{[56],[57],[58]}

0.72%

^[56]

303

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$3,297,507,449
Total Number of Portfolio Holdings	303
Portfolio Turnover Rate	18.09%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$42	0.82%

^{[60],[61],[62]}

0.82%

^[60]

303

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$3,297,507,449
Total Number of Portfolio Holdings	303
Portfolio Turnover Rate	18.09%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Large Cap Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$44	0.85%

^{[64],[65],[66]}

0.85%

^[64]

68

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$86,041,056
Total Number of Portfolio Holdings	68
Portfolio Turnover Rate	15.68%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Large Cap Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$57	1.10%

^{[69],[70],[71]}

1.10%

^[69]

68

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$86,041,056
Total Number of Portfolio Holdings	68
Portfolio Turnover Rate	15.68%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$45	0.91%

^{[74],[75],[76]}

0.91%

^[74]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$419,556,932
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	65
Portfolio Turnover Rate	26.05%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$58	1.16%

^{[78],[79],[80]}

1.16%

^[78]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$419,556,932
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	65
Portfolio Turnover Rate	26.05%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$63	1.26%

^{[82],[83],[84]}

1.26%

^[82]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$419,556,932
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	65
Portfolio Turnover Rate	26.05%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Mutual Shares VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$35	0.69%

^{[86],[87],[88]}

0.69%

^[86]

59

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,924,556,546
Total Number of Portfolio Holdings	59
Portfolio Turnover Rate	31.54%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Mutual Shares VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$48	0.94%

^{[91],[92],[93]}

0.94%

^[91]

59

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,924,556,546
Total Number of Portfolio Holdings	59
Portfolio Turnover Rate	31.54%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Mutual Shares VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$53	1.04%

^{[96],[97],[98]}

1.04%

^[96]

59

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,924,556,546
Total Number of Portfolio Holdings	59
Portfolio Turnover Rate	31.54%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Rising Dividends VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$32	0.62%

^{[101],[102],[103]}

0.62%

^[101]

56

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,621,806,101
Total Number of Portfolio Holdings	56
Portfolio Turnover Rate	14.92%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Rising Dividends VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$44	0.87%

^{[105],[106],[107]}

0.87%

^[105]

56

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,621,806,101
Total Number of Portfolio Holdings	56
Portfolio Turnover Rate	14.92%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Rising Dividends VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$50	0.98%

^{[109],[110],[111]}

0.98%

^[109]

56

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,621,806,101
Total Number of Portfolio Holdings	56
Portfolio Turnover Rate	14.92%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Small Cap Value VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$36	0.65%

^{[113],[114],[115]}

0.65%

^[113]

96

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,310,202,888
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	43.33%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Small Cap Value VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$49	0.90%

^{[117],[118],[119]}

0.90%

^[117]

96

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,310,202,888
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	43.33%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Small Cap Value VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$55	1.00%

^{[121],[122],[123]}

1.00%

^[121]

96

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,310,202,888
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	43.33%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$43	0.83%

^{[125],[126],[127]}

0.83%

^[125]

90

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$422,912,292
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	33.84%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$56	1.08%

^{[129],[130],[131]}

1.08%

^[129]

90

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$422,912,292
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	33.84%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$61	1.18%

^{[133],[134],[135]}

1.18%

^[133]

90

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$422,912,292
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	33.84%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin Strategic Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$40	0.81%

^{[137],[138],[139]}

0.81%

^[137]

798

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$260,549,400
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	798
Portfolio Turnover Rate	175.25%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin Strategic Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$53	1.06%

^{[142],[143],[144]}

1.06%

^[142]

798

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$260,549,400
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	798
Portfolio Turnover Rate	175.25%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Franklin Strategic Income VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$58	1.16%

^{[147],[148],[149]}

1.16%

^[147]

798

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$260,549,400
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	798
Portfolio Turnover Rate	175.25%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$26	0.53%

^{[152],[153],[154]}

0.53%

^[152]

659

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$476,454,369
Total Number of Portfolio Holdings	659
Portfolio Turnover Rate	14.29%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$39	0.78%

^{[156],[157],[158]}

0.78%

^[156]

659

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$476,454,369
Total Number of Portfolio Holdings	659
Portfolio Turnover Rate	14.29%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Templeton Emerging Markets VIP Fund (previously known as Templeton Developing Markets VIP Fund) for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$65	1.10%

^{[160],[161],[162]}

1.10%

^[160]

89

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$434,858,738
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	11.77%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Templeton Emerging Markets VIP Fund (previously known as Templeton Developing Markets VIP Fund) for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$80	1.35%

^{[164],[165],[166]}

1.35%

^[164]

89

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$434,858,738
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	11.77%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Templeton Emerging Markets VIP Fund (previously known as Templeton Developing Markets VIP Fund) for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$86	1.45%

^{[168],[169],[170]}

1.45%

^[168]

89

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$434,858,738
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	11.77%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Templeton Foreign VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$43	0.81%

^{[172],[173],[174]}

0.81%

^[172]

53

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$937,100,913
Total Number of Portfolio Holdings	53
Portfolio Turnover Rate	18.51%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Templeton Foreign VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$57	1.06%

^{[176],[177],[178]}

1.06%

^[176]

53

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$937,100,913
Total Number of Portfolio Holdings	53
Portfolio Turnover Rate	18.51%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Templeton Foreign VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$62	1.16%

^{[180],[181],[182]}

1.16%

^[180]

53

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$937,100,913
Total Number of Portfolio Holdings	53
Portfolio Turnover Rate	18.51%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Templeton Global Bond VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$24	0.48%

^{[184],[185],[186]}

0.48%

^[184]

64

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,394,410,959
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	64
Portfolio Turnover Rate	0%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Templeton Global Bond VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$37	0.73%

^{[188],[189],[190]}

0.73%

^[188]

64

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,394,410,959
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	64
Portfolio Turnover Rate	0%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Templeton Global Bond VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$42	0.83%

^{[192],[193],[194]}

0.83%

^[192]

64

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$1,394,410,959
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)	64
Portfolio Turnover Rate	0%

https://www.franklintempleton.com/regulatory-fund-documents

Class 1

This semi-annual shareholder report contains important information about Templeton Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 1¹	$44	0.87%

^{[196],[197],[198]}

0.87%

^[196]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$360,513,564
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	50.52%

https://www.franklintempleton.com/regulatory-fund-documents

Class 2

This semi-annual shareholder report contains important information about Templeton Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 2¹	$57	1.12%

^{[200],[201],[202]}

1.12%

^[200]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$360,513,564
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	50.52%

https://www.franklintempleton.com/regulatory-fund-documents

Class 4

This semi-annual shareholder report contains important information about Templeton Growth VIP Fund for the period January 1, 2026, to June 30, 2026.

(800) 362-6243

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class 4¹	$62	1.22%

^{[204],[205],[206]}

1.22%

^[204]

65

KEY FUND STATISTICS (as of June 30, 2026)


Total Net Assets	$360,513,564
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	50.52%