497K 1 c497k.htm

GOF P12 09/24

FRANKLIN STRATEGIC SERIES

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

SUPPLEMENT DATED SEPTEMBER 5, 2024

TO THE SUMMARY PROSPECTUS, PROSPECTUS AND

STATEMENT OF ADDITIONAL INFORMATION (“SAI’)

OF EACH FUND LISTED IN SCHEDULE A

Effective September 30, 2024, the following changes are made to the Summary Prospectus, Prospectus and SAI of Franklin Growth Opportunities Fund and Franklin Large Cap Growth VIP Fund:

1) The following is added to the section titled “Fund Summaries – Portfolio Managers” in each fund’s Summary Prospectus and Prospectus:

Anthony Hardy, CFA
Vice President and Portfolio Manager of Advisers and portfolio manager of the Fund since September 2024.

2) The following is added to the section titled “Fund Details – Management” in each fund’s Prospectus:

Anthony Hardy, CFA Vice President and Portfolio Manager of Advisers
Mr. Hardy has been a portfolio manager of the Fund since September 2024. He joined Franklin Templeton in 2015.

3) The following is added to the table in the section titled “Management and Other Services – Portfolio managers” in each fund’s SAI:

      

Name

Type of
Account

Number of

Accounts

Managed

Total Assets

Managed

(x $1 million)

Number of Accounts

Managed for which

Advisory Fee is

Performance-Based

Assets Managed for which

Advisory Fee is

Performance-Based

(x $1 million)

Anthony Hardy*

Registered

Investment

Companies

None

None

None

None

 

Other Pooled

Investment

Vehicles

15

485.2

None

None

 

Other

Accounts

None

None

None

None

*Information is provided as of July 31, 2024.

4) The following is added to the SAI of Franklin Growth Opportunities Fund in the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares”:

  

Portfolio Manager

Dollar Range of Fund Shares Beneficially Owned

Anthony Hardy*

$100,001 - $500,000

*Information is provided as of July 31, 2024

 

5) The following is added to the SAI of Franklin Large Cap Growth VIP Fund in the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares”:

As of July 31, 2024, Anthony Hardy did not own any shares of the Fund.

SCHEDULE A

   

Fund

 

Date of Summary

Prospectus,

Prospectus and SAI

 

  

FRANKLIN STRATEGIC SERIES

 

Franklin Growth Opportunities Fund..……

September 1, 2024

  

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

 

Franklin Large Cap Growth VIP Fund……

May 1, 2024

Please retain this supplement for future reference.