497K 1 c497k.htm

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


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 Schedule A.

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

a. The following is added to the section titled “Fund Summary – Portfolio Managers” in the fund's Summary Prospectus and Prospectus:

JJ Swartz
Portfolio Manager of Advisers and portfolio manager of the Fund since December 2025.

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

JJ Swartz Portfolio Manager of Advisers
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

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.

c. The following is added to the section titled “Management and Other Services – Portfolio managers” in the 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)

JJ Swartz*

Registered

Investment

Companies

None

None

None

None

 

Other Pooled

Investment

Vehicles

None

None

None

None

 

Other

Accounts

None

None

None

None

*Information is provided as of May 31, 2025.

d. The following is added to the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares” in the fund’s SAI:

  

Portfolio Manager

Dollar Range of Fund Shares Beneficially Owned

JJ Swartz*

$10,001–$50,000

  
  

*Information is provided as of May 31, 2025

 

SCHEDULE A  

  

Fund

Date of Summary Prospectus,
Prospectus and SAI

  

FRANKLIN STRATEGIC SERIES

 

Franklin Small Cap Growth Fund

September 1, 2024

Franklin Small-Mid Cap Growth Fund

September 1, 2024

  

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

 

Franklin Small-Mid Cap Growth VIP Fund

May 1, 2025

Please retain this supplement for future reference.