Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin Small Mid Cap Growth VIP 2 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 0.80% 12b-1 --- Actual Fees 12b-1 0.25% Management 0.80% Expense Ratio 1.07% (taken from annual report dated 2024-06-30) Total Annual Operating Expense 1.10%

Waiver Data Type Date % ManagementFee Contractual --- 0.02

Management Inception Date: 1999-01-06

Mngr Name Jennifer Chen Mngr Start Date 2024-09-30 Biography Jennifer Chen is a research analyst with the Franklin Equity Group. She specializes in the equity research and analysis of companies in the media, entertainment, and video gaming industries. Prior to joining Franklin Templeton in 2021, Ms. Chen was a private equity director at Saban Capital Group, a media and entertainment-focused investment firm. She started her career as an investment banking analyst in the mergers and acquisitions group at Morgan Stanley. Ms. Chen earned her BS in business administration from UC Berkeley and her MBA from Stanford Graduate School of Business Mngr Name Michael McCarthy Mngr Start Date 1995-11-01 Biography Michael McCarthy is executive vice president and portfolio manager for Franklin Equity Group (FEG). He is the lead portfolio manager for the Franklin Small Cap Growth strategy, and also assists with the management of the Franklin Small-Mid Cap Growth strategy, which he has helped manage since its inception in 1992. Mr. McCarthy is a Chartered Financial Analyst (CFA) charter holder and earned his B.A. in history from the University of California, Los Angeles. He is a member of the Security Analysts of San Francisco (SASF) and the CFA Institute Mngr Name John P. Scandalios Mngr Start Date 2016-09-01 Biography John P. Scandalios is a vice president, research analyst and portfolio manager with Franklin Equity Group. He is the co-manager of the Franklin Technology Fund, Franklin Small-Mid Cap Growth Fund and is a member of the Technology/Communications Research Team. Mr. Scandalios specializes in research analysis of the semiconductor industry. Mr. Scandalios joined Franklin Templeton Investments(FTI) as an analyst in 1996. Prior to FTI, he completed the management-training program at Chase Manhattan in New York, and was an assistant portfolio manager for Chase Private Bank in Los Angeles. Investment Advisor(s) Franklin Advisers, Inc. Web Site www.franklintempleton.com Issuer Franklin Templeton Investments Subadvisor(s) ---

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