Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin US Government Securities VIP 1 Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Fees and Expenses Taken from prospectus dated 2024-05-01   Maximum Fees Administrative 0.15% Management 0.63% 12b-1 --- Actual Fees 12b-1 --- Management 0.49% Expense Ratio 0.53% (taken from annual report dated 2024-06-30) Total Annual Operating Expense 0.52%

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Management Inception Date: 1989-03-14

Mngr Name Michael V. Salm Mngr Start Date 2024-09-30 Biography Mr. Salm is a Co-Head of Fixed Income, specializing in liquid markets and securitized strategies. In this role, he oversees investment strategies related to mortgage and securitized products, interest-rate and volatility derivatives, and money markets. In addition, he manages trading operations and Putnam's Fixed Income quantitative teams. He is a portfolio manager of core global, core plus, global government, fixed income global alpha, and dedicated mortgage strategies, as well as fixed income hedge funds. Mr. Salm joined Putnam in 1997 and has been in the investment industry since 1989. Previously at Putnam, he served as a Portfolio Manager responsible for mortgage strategies in fixed income portfolios. Prior to joining Putnam, Mr. Salm was a Mortgage Specialist at BlackRock Financal Management from 1996 to 1997, a Vice President and Trader at Nomura Securities from 1994 to 1996, a Vice President and Structurer at Nikko Securities from 1993 to 1994, and an Analyst at Fitch Investor Services from 1991 to 1992. Mr. Salm earned a B.S. from Cornell University. Mngr Name Jatin Misra Mngr Start Date 2024-09-30 Biography Jatin Misra is Portfolio Manager. Previously served as Analyst and Quantitative Analyst. Joined Putnam Management since 2004. Mngr Name Neil Dhruv Mngr Start Date 2019-10-24 Biography Portfolio Manager of FT Institutional and portfolio manager of FRANKLIN STRATEGIC MORTGAGE PORTFOLIO since October 2019. Mngr Name Paul Varunok Mngr Start Date 2004-12-31 Biography Mr. Varunok is portfolio manager of Franklin Advisers. He joined Franklin Templeton Investments in 2001. Previously, Varunok was a fixed-income analyst for Prudential Securities, Inc. Investment Advisor(s) Franklin Advisers, Inc. Web Site www.franklintempleton.com Issuer Franklin Templeton Investments Subadvisor(s) ---

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