Voting a Proxy

PROXY STATEMENT

From time to time, you may be asked to vote on certain business matters regarding the fund(s) in which you are invested. If your fund requires a proxy vote, the request, along with an explanation of the matter will be sent to you. You may vote your proxy online, by phone or by mail.

PROXY VENDOR

To avoid a conflict of interest and to keep in line with industry standards, we work with a third party vendor to manage the proxy/vote gathering process. If your fund requires a proxy vote, you most likely will receive communications on the matter directly from the vendor.

PROXY VOTING

Franklin Templeton Investments provides the proxy voting policies and procedures of its U.S. registered Investment Managers, as well as the proxy voting records of its mutual funds. Franklin Templeton's Investment Managers understand that their proxy voting decisions may affect the value of shareholdings. Each Investment Manager is committed to fulfilling their fiduciary duty to vote proxies in the best interests of their shareholders. The proxy voting policies and procedures serve as a guideline for proxy voting decisions and detail the process by which such decisions are made.

Important Legal Information

Shares of the insurance funds of the Franklin Templeton Variable Insurance Products Trust (FTVIPT) are sold only to insurance company separate accounts to serve as the investment vehicles for variable contracts (Contracts), and are not offered to the public. Not all funds and classes are available in all Contracts. For more information on our insurance funds, contact your financial advisor or see the Contract prospectus, which includes the applicable FTVIPT fund.

For more information on any of our funds, contact your financial advisor or download a prospectus, which contains important information about a fund’s investment goals, sales charges, expenses and risks. Please read the prospectus carefully before investing. Franklin Templeton Distributors, Inc. One Franklin Parkway, San Mateo, CA 94403.

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Franklin Distributors, LLC. Member FINRA/SIPC. Prior to July 7, 2021, Franklin Templeton Distributors, Inc., and Legg Mason Investor Services, LLC served as mutual fund distributors for Franklin Templeton.