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0001379491-13-000247.txt : 20130426 0001379491-13-000247.hdr.sgml : 20130426 20130426153038 ACCESSION NUMBER: 0001379491-13-000247 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130426 DATE AS OF CHANGE: 20130426 EFFECTIVENESS DATE: 20130426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST CENTRAL INDEX KEY: 0000837274 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-23493 FILM NUMBER: 13787100 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN VALUEMARK FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN VALUEMARK ANNUITY FUNDS DATE OF NAME CHANGE: 19881129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST CENTRAL INDEX KEY: 0000837274 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05583 FILM NUMBER: 13787101 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-312-2000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN VALUEMARK FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN VALUEMARK ANNUITY FUNDS DATE OF NAME CHANGE: 19881129

0000837274 S000040299 Franklin Managed Volatility Global Allocation VIP Fund

C000125190 Class 5

485BPOS 1 filing1611.htm PRIMARY DOCUMENT

As filed with the Securities and Exchange Commission on April 26, 2013

File Nos. 033-23493

811-05583

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.		[ ]

Post-Effective Amendment No.	72	[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No.

[X]

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

(Exact Name of Registrant as Specified in Charter)

ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code (650)312-2000

KAREN L. SKIDMORE, ESQ., ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective (check appropriate box)

[X]	immediately upon filing pursuant to paragraph (b)
[ ]	on (date) pursuant to paragraph (b)
[ ]	60 days after filing pursuant to paragraph (a)(1)
[ ]	on (date) pursuant to paragraph (a)(1) of Rule 485
[ ]	75 days after filing pursuant to paragraph (a)(2)
[ ]	on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

[ ]	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, asa mended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Mateo and the State of California, on the 25th day of April, 2013.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

By: /s/KAREN L. SKIDMORE

Karen L. Skidmore

Vice President and Secretary

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Amendment has been signed below by the following persons in the capacities and on the dates indicated:

EDWARD B. JAMIESON*		President & Chief Executive Officer –
Edward B. Jamieson		Investment Management
		Dated: April 25, 2013

LAURA F. FERGERSON*		Chief Executive Officer –
Laura F. Fergerson		Finance and Administration
		Dated: April 25, 2013

GASTON GARDEY*		Chief Financial Officer and
Gaston Gardey		Chief Accounting Officer
		Dated: April 25, 2013

HARRIS J. ASHTON*		Trustee
Harris J. Ashton		Dated: April 25, 2013

SAM GINN*		Trustee
Sam Ginn		Dated: April 25, 2013

EDITH E. HOLIDAY*		Trustee
Edith E. Holiday		Dated: April 25, 2013

CHARLES B. JOHNSON*		Trustee
Charles B. Johnson		Dated: April 25, 2013

RUPERT H. JOHNSON, JR.*		Trustee
Rupert H. Johnson, Jr.		Dated: April 25, 2013

J. MICHAEL LUTTIG*		Trustee
J. Michael Luttig		Dated: April 25, 2013

FRANK A. OLSON*		Trustee
Frank A. Olson		Dated: April 25, 2013

LARRY D. THOMPSON*		Trustee
Larry D. Thompson		Dated: April 25, 2013

JOHN B. WILSON*		Trustee
John B. Wilson		Dated: April 25, 2013

*By /s/KAREN L. SKIDMORE

Karen L. Skidmore, Attorney-in-Fact

(Pursuant to Power of Attorney previously filed)

EXHIBIT INDEX


Index No.	Description of Exhibit

EX-101.INS	XBRL Instance Document

EX-101.SCH	XBRL Taxonomy Extension Schema Document

EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 ftvip5-20130401.xml FTVIP5-20130401.XML 00008372742013-04-012013-04-010000837274ftvip5:S000040299Member2013-04-012013-04-010000837274ftvip5:S000040299Memberftvip5:C000125190Member2013-04-012013-04-01 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000837274FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST485BPOS2013-01-162013-04-012012-12-31false2013-04-01~ http://xbrl.sec.gov/rr/role/RiskReturnDetail column period compact * row primary compact * ~Fund SummaryInvestment GoalTotal return (including income and capital gains) while seeking to manage volatility.Fees and Expenses of the FundThese tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. The tables and the example do not include any fees or sales charges imposed by variable insurance contracts, qualified retirement plans or other mutual funds. If they were included, your costs would be higher.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact ftvip5_S000040299Member column rr_ProspectusShareClassAxis compact * row primary compact * ~<div>ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a percentage of the value of your investment)</div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact ftvip5_S000040299Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.01000.00100.00500.00400.00100.00120.01720.00670.0105ExampleThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:107466~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact ftvip5_S000040299Member column rr_ProspectusShareClassAxis compact * row primary compact * ~Portfolio Turnover<div>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance.</div>Principal Investment Strategies<div>Under normal market conditions, the Fund seeks to achieve its investment goal by using an asset allocation strategy that seeks to diversify the Fund's portfolio across global asset classes (principally global equity and global fixed income securities), regions and sectors while seeking to limit the expected volatility of the Fund's returns to about 10% or less per year (target volatility). This strategy may result in the Fund outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. There is no guarantee that the Fund will achieve its target volatility.The Funds 10% or less total return target volatility is not a total return performance target the Fund does not expect, nor does it represent, that its total return performance will be 10% per year or within any specified targeted range. It is possible that the Fund could meet its target volatility level while having negative performance returns. Also, efforts to manage the Fund's volatility could limit the Fund's gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed, and if unsuccessful may result in substantial losses.Under normal market conditions, the Fund invests principally in a diversified portfolio of stocks and other equity securities (including unaffiliated exchange-traded funds (ETFs) and mutual funds), bonds and other debt securities, and short-term (money market) investments allocated across the following broad asset classes, in approximately the following baseline percentages (plus or minus 5%):55% Global Equity (U.S./International/Emerging Markets)37% Global Fixed Income (U.S./International)5% Commodity-Linked Instruments3% Cash, Cash Equivalents and Money Market SecuritiesAt the discretion of the investment manager, and without the approval of shareholders, the above allocations (including sub-allocations within each asset class) may vary from time to time, e.g., based on market conditions, the investment managers assessment of an asset class' relative attractiveness as an investment opportunity, or as part of the managed volatility strategy. At any given time, the Fund may be invested substantially or entirely in equity securities, global fixed income securities or cash and cash equivalents. However, emerging market equity, emerging market debt, and commodity-linked instruments are each intended to be limited to no more than 5% of the Funds net assets and to 10% of the Funds net assets in the aggregate.The Fund also employs a managed volatility strategy, or volatility control process, principally by focusing on investments that the investment manager believes offer attractive returns relative to the risks assumed and by hedging through the use of derivatives. The managed volatility strategy seeks to stabilize the total return volatility of the Fund around its expected target volatility level of 10% or less over a one-year period and to reduce the downside risk of the Fund during periods of significant and sustained market declines. In this context, "volatility" is a statistical measurement of the frequency and level of up and down fluctuations in the value of the Fund's returns over time. Volatility, in other words, represents the expected average annual deviation of the Fund's return around the average Fund return.In some years, the markets will be more volatile than 10%, meaning the Fund could lose more than 10% in any given year and still be within the boundaries of the 10% average volatility target. The investment manager uses bottom-up risk reduction investment strategies, including investing in low volatility stocks and stock indices (currently, largely through risk-reducing equity ETFs seeking to replicate certain low volatility stock indices). The investment manager also uses a top-down, risk reduction hedging strategy, using derivatives instruments (principally stock index and government bond futures).For example, when a particular asset class or classes appear to present high future volatility, reduction in the exposure to such classes would typically be sought; when such volatility appears to be reduced then exposure would typically be increased. The Funds exposure to various asset classes may be adjusted through the use of derivatives as often as daily or may not be adjusted for extended periods of time. The timing and extent of such adjustments are within the sole discretion of the investment manager.With respect to the Funds global equity investments, the Fund may invest in equity securities of U.S. and non-U.S. companies in any industry and of any market capitalization through direct investments, ETFs or mutual funds. The Fund currently intends to focus principally on unaffiliated ETFs that use an active portfolio construction process designed to select stocks that are expected to have low volatility and correspond generally to the performance (before fees and expenses) of specific minimum volatility domestic and international equity indices. The emerging markets sub-set of the global equity strategy will invest predominantly in equity securities of companies located in emerging market countries, applying a fundamental research, value-oriented, long-term approach.With respect to the Funds global fixed-income investments, the Fund will invest predominantly in debt securities issued by governments and government agencies located around the world.With respect to its cash investments, the Fund expects to hold high quality money market securities, including U.S. Government securities, U.S. Government agency securities, bank obligations, commercial paper, repurchase agreements and affiliated money market funds.With respect to the Funds commodity investments, the investment manager currently intends to purchase exchange-traded notes (ETNs) to gain exposure to commodities. The ETNs are designed to provide investors, such as the Fund, with a cost-effective investment in broad-based commodities, as measured by various commodity indices.For hedging or investment purposes, the Fund may enter into various transactions involving complex instruments that include but not limited to, currency forwards, interest rate/bond futures, equity index futures, and exchange traded notes (ETNs). The managed volatility strategy regularly uses stock index futures, interest rate/bond futures, and currency forwards, while in the global fixed income portion of the Funds portfolio, the Fund may, from time to time, use interest rate/bond futures and currency forwards. Derivative instruments can be used to adjust or obtain net long or net negative (short) exposure to various asset classes, regions, currencies, sectors or securities for hedging or investment purposes, or to otherwise manage the Funds volatility.In connection with the Funds managed volatility strategy, the investment manager uses a combination of proprietary and third-party risk modeling systems to help it estimate the expected volatility of the Funds portfolio on a daily basis. Based on those estimates, the investment manager adjusts the Funds exposure to certain markets and asset classes (through derivatives or other investments) in an attempt to manage the Funds expected volatility. The Fund may, from time to time, have a net short position in certain asset classes, regions, currencies and sectors.The Fund is structured as a multi-manager fund, with the investment manager responsible for the Fund's overall asset allocation, investment strategies including the managed volatility strategy, and investment performance monitoring; managing portions of the Fund's portfolio; and managing the commodity-linked instruments. The investment manager sub-contracts with various other investment managers within Franklin Templeton Investments (the "Sub-Advisors") who currently independently manage the following separate portions of the Funds portfolio: (1) the emerging markets sub-set of the global equity portion; and (2) the global fixed income portion.</div>Principal Risks<div>You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.MarketThe market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A securitys market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.Individual stock prices tend to go up and down more dramatically than those of other types of investments. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.Managed Volatility StrategyThere can be no guarantee that the Fund will achieve its annualized target volatility. The actual volatility that the Fund experiences may be significantly higher or lower than its target volatility goal. In addition, the managed volatility strategy could limit the Funds gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed and, if unsuccessful, may cause the Fund to experience substantial losses greater than what the Fund might have experienced had such strategy not be implemented at all. The Fund could experience volatility greater than its volatility goal at any time and for any period of time, particularly in periods of high volatility in certain markets, the Fund will experience volatility greater than its volatility goal.The proprietary and third-party risk models used by the investment manager may perform differently than expected and may negatively affect Fund performance and the ability of the Fund to meet its targeted volatility for various reasons, including errors in using or building the models, technical issues implementing the models and various non-quantitative factors (e.g., market or trading system dysfunctions, investor fear or over-reaction).Interest RateWhen interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.CreditAn issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.Investing in ETFs and Other Mutual FundsBecause the Fund invests to a large extent in ETFs and other mutual funds, the Funds performance is directly related to the performance of the underlying ETFs and other mutual funds held by it. Investing in an ETF may be more costly than if the Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. The Fund also pays brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETFs underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an investment in an ETF may not achieve its intended purpose or may reduce the diversification benefits to the Fund.Foreign SecuritiesInvesting in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments - the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices - government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information - foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets - the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.Emerging Market CountriesThe Funds investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.Derivative InstrumentsThe performance of derivative instruments (including currency-related derivatives) depends largely on the performance of an underlying currency, security or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.ManagementThe Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. In addition, the investment manager's allocation of Fund assets among different asset classes, Sub-Advisors, ETFs, mutual funds and direct investments may not prove beneficial in light of subsequent market events.CommoditiesAlthough it is anticipated that the Fund will only have a 5% allocation of its assets to commodities, investing in physical commodities, either directly or through complex securities such as ETNs, presents unique risks. Investing in physical commodities, including trading in futures contracts thereon, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated, or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Certain commodities are used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry may have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and gross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which certain commodities prices are influenced by those markets.Index and Passive InvestingThe Fund will have exposure to certain broad-based securities, interest rate and commodity indexes. The sponsors of these indexes are under no obligation to continue the calculation and dissemination of the indexes. None of the index sponsors has any obligation or responsibility to the Fund or its shareholders in connection with any such modification, discontinuance or suspension, including any obligation or responsibility to notify the Fund of any such modification, discontinuance or suspension.With respect to the Funds investment in passively managed ETFs, there is the risk that an ETF may not replicate exactly the performance of the benchmark index it seeks to track due to imperfect correlation between an ETFs portfolio securities and those in its index, rounding, timing of cash flows, the size of the ETF, fees and expenses borne by the ETF and changes to the index. In addition, some ETFs may use representative sampling, which is a method of indexing that involves investing in a representative sample of securities that collectively have a similar investment profile to the index. In these cases, an ETF is subject to an increased risk of tracking error, in that the ETF may not have an investment profile similar to those of its index and, therefore, an investment in an ETF may not produce the intended investment result. These risks may be heightened during times of increased market volatility or other unusual market conditions. In addition, because ETFs purchased by the Fund are not actively managed, they may be affected by a general decline in market segments relating to their respective indices, as such ETFs do not attempt to take defensive positions in declining markets.</div>Performance<div>Because the Fund is new, it has no performance history.</div>The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly owned by the Fund (Subsidiary). This waiver may not be terminated and will remain in effect for as long as the investment manager's contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that common expenses of the Fund (excluding Rule 12b-1 fees and acquired fund fees and expenses) do not exceed 0.83% (other than certain non-routine expenses), until April 30, 2014. The investment manager also has agreed in advance to reduce its fees as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the terms set forth above.Other expenses and Acquired fund fees and expenses are based on estimated amounts for the current fiscal year. EX-101.SCH 3 ftvip5-20130401.xsd FTVIP5-20130401.XSD EX-101.DEF 4 ftvip5-20130401_def.xml FTVIP5-20130401_DEF.XML EX-101.LAB 5 ftvip5-20130401_lab.xml FTVIP5-20130401_LAB.XML Expense Example, No Redemption: Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Bar Chart [Table] Performance [Table] Expense Example, No Redemption Narrative [Text Block] Market Index Performance [Table] Expense Example, No Redemption [Table] Risk/Return Detail [Table] Performance Measure [Axis] Before Taxes After Taxes on Distributions After Taxes on Distributions and Sales Amendment Description Amendment Flag Document Creation Date Document Effective Date Document [Axis] Prospectus Document Period End Date Document Type Entities [Table] Entity [Text Block] Series Trading Symbol Registrant Name Central Index Key Series [Axis] Risk/Return [Heading] Objective Section: Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Strategy Section: Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Past Does Not Indicate Future [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Annual Return Caption [Text] Caption Annual Return, Column [Text] Column Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual 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percentage) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Other Expenses (as a percentage of Assets): Other Expenses Other expenses of the Fund Other expenses of the Subsidiary (including Subsidiary management fee) Component3 Other Expenses Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Total Expenses Fee Waiver or Reimbursement Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Net Expenses Expenses Represent Both Master and Feeder [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example by Year [Heading] Expense Example by, Year, Caption [Text] Expense Example, By Year, Column [Text] Column Expense Example, with Redemption, 1 Year 1 Year Expense Example, with Redemption, 3 Years 3 Years Expense Example, with Redemption, 5 Years 5 Years Expense Example, with Redemption, 10 Years 10 Years Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption, By Year, Column [Text] Column Expense Example, No Redemption, 1 Year 1 Year Expense Example, No Redemption, 3 Years 3 Years Expense Example, No Redemption, 5 Years 5 Years Expense Example, No Redemption, 10 Years 10 Years Expense Example Closing [Text Block] Prospectus Date Prospectus: Share Class [Axis] Share Classes Prospectus [Line Items] Form N-1A: Risk/Return: Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Bar Chart and Performance Table Section: Bar Chart Narrative: Bar Chart Table: Bar Chart Closing: Average Annual Return: DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAbstract DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsAndSalesAbstract Market Index Return: Performance Narrative: Performance Table Section: Performance Table Closing: Expenses: Shareholder Fees: Operating Expenses: Net Expenses (as a percentage of Assets): Expenses (as a percentage of Assets): Other Expenses over Assets: Expense Footnotes: Expense Footnotes [Text Block] Expense Example Narrative: Expense Example: Expense Example Closing: Expense Example Footnotes [Text Block] Portfolio Turnover: Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint, Minimum Investment Required [Amount] Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Bar Chart Footnotes [Text Block] Performance Table One Class of after Tax Shown [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Index No Deduction for Fees, Expenses, Taxes [Text] Annual Return 2013 Annual Return 2014 Performance Availability Website Address [Text] Performance Availability Phone [Text] EX-101.PRE 6 ftvip5-20130401_pre.xml FTVIP5-20130401_PRE.XML XML 7 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { 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Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Dec. 31, 2012

Registrant Name

dei_EntityRegistrantName

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST

Central Index Key

dei_EntityCentralIndexKey

0000837274

Amendment Flag

dei_AmendmentFlag

false

Document Creation Date

dei_DocumentCreationDate

Jan. 16, 2013

Document Effective Date

dei_DocumentEffectiveDate

Apr. 01, 2013

Prospectus Date

rr_ProspectusDate

Apr. 01, 2013

Risk/Return [Heading]

rr_RiskReturnHeading

Fund Summary

Franklin Managed Volatility Global Allocation VIP Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Goal

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

Total return (including income and capital gains) while seeking to manage volatility.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. The tables and the example do not include any fees or sales charges imposed by variable insurance contracts, qualified retirement plans or other mutual funds. If they were included, your costs would be higher.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund seeks to achieve its investment goal by using an asset allocation strategy that seeks to diversify the Fund's portfolio across global asset classes (principally global equity and global fixed income securities), regions and sectors while seeking to limit the expected volatility of the Fund's returns to about 10% or less per year (target volatility). This strategy may result in the Fund outperforming the general securities market during periods of flat or negative market performance, and underperforming the general securities market during periods of positive market performance. There is no guarantee that the Fund will achieve its target volatility.

The Fund’s 10% or less total return target volatility is not a total return performance target – the Fund does not expect, nor does it represent, that its total return performance will be 10% per year or within any specified targeted range. It is possible that the Fund could meet its target volatility level while having negative performance returns. Also, efforts to manage the Fund's volatility could limit the Fund's gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed, and if unsuccessful may result in substantial losses.

Under normal market conditions, the Fund invests principally in a diversified portfolio of stocks and other equity securities (including unaffiliated exchange-traded funds (ETFs) and mutual funds), bonds and other debt securities, and short-term (money market) investments allocated across the following broad asset classes, in approximately the following baseline percentages (plus or minus 5%):

55% Global Equity (U.S./International/Emerging Markets)

37% Global Fixed Income (U.S./International)

5% Commodity-Linked Instruments

3% Cash, Cash Equivalents and Money Market Securities

At the discretion of the investment manager, and without the approval of shareholders, the above allocations (including sub-allocations within each asset class) may vary from time to time, e.g., based on market conditions, the investment manager’s assessment of an asset class' relative attractiveness as an investment opportunity, or as part of the managed volatility strategy. At any given time, the Fund may be invested substantially or entirely in equity securities, global fixed income securities or cash and cash equivalents. However, emerging market equity, emerging market debt, and commodity-linked instruments are each intended to be limited to no more than 5% of the Fund’s net assets and to 10% of the Fund’s net assets in the aggregate.

The Fund also employs a managed volatility strategy, or volatility control process, principally by focusing on investments that the investment manager believes offer attractive returns relative to the risks assumed and by hedging through the use of derivatives. The managed volatility strategy seeks to stabilize the total return volatility of the Fund around its expected target volatility level of 10% or less over a one-year period and to reduce the downside risk of the Fund during periods of significant and sustained market declines. In this context, "volatility" is a statistical measurement of the frequency and level of up and down fluctuations in the value of the Fund's returns over time. Volatility, in other words, represents the expected average annual deviation of the Fund's return around the average Fund return.

In some years, the markets will be more volatile than 10%, meaning the Fund could lose more than 10% in any given year and still be within the boundaries of the 10% average volatility target. The investment manager uses bottom-up risk reduction investment strategies, including investing in low volatility stocks and stock indices (currently, largely through risk-reducing equity ETFs seeking to replicate certain low volatility stock indices). The investment manager also uses a top-down, risk reduction hedging strategy, using derivatives instruments (principally stock index and government bond futures).

For example, when a particular asset class or classes appear to present high future volatility, reduction in the exposure to such classes would typically be sought; when such volatility appears to be reduced then exposure would typically be increased. The Fund’s exposure to various asset classes may be adjusted through the use of derivatives as often as daily or may not be adjusted for extended periods of time. The timing and extent of such adjustments are within the sole discretion of the investment manager.

With respect to the Fund’s global equity investments, the Fund may invest in equity securities of U.S. and non-U.S. companies in any industry and of any market capitalization through direct investments, ETFs or mutual funds. The Fund currently intends to focus principally on unaffiliated ETFs that use an active portfolio construction process designed to select stocks that are expected to have low volatility and correspond generally to the performance (before fees and expenses) of specific minimum volatility domestic and international equity indices. The emerging markets sub-set of the global equity strategy will invest predominantly in equity securities of companies located in emerging market countries, applying a fundamental research, value-oriented, long-term approach.

With respect to the Fund’s global fixed-income investments, the Fund will invest predominantly in debt securities issued by governments and government agencies located around the world.

With respect to its cash investments, the Fund expects to hold high quality money market securities, including U.S. Government securities, U.S. Government agency securities, bank obligations, commercial paper, repurchase agreements and affiliated money market funds.

With respect to the Fund’s commodity investments, the investment manager currently intends to purchase exchange-traded notes (ETNs) to gain exposure to commodities. The ETNs are designed to provide investors, such as the Fund, with a cost-effective investment in broad-based commodities, as measured by various commodity indices.

For hedging or investment purposes, the Fund may enter into various transactions involving complex instruments that include but not limited to, currency forwards, interest rate/bond futures, equity index futures, and exchange traded notes (ETNs). The managed volatility strategy regularly uses stock index futures, interest rate/bond futures, and currency forwards, while in the global fixed income portion of the Fund’s portfolio, the Fund may, from time to time, use interest rate/bond futures and currency forwards. Derivative instruments can be used to adjust or obtain net long or net negative (short) exposure to various asset classes, regions, currencies, sectors or securities for hedging or investment purposes, or to otherwise manage the Fund’s volatility.

In connection with the Fund’s managed volatility strategy, the investment manager uses a combination of proprietary and third-party risk modeling systems to help it estimate the expected volatility of the Fund’s portfolio on a daily basis. Based on those estimates, the investment manager adjusts the Fund’s exposure to certain markets and asset classes (through derivatives or other investments) in an attempt to manage the Fund’s expected volatility. The Fund may, from time to time, have a net short position in certain asset classes, regions, currencies and sectors.

The Fund is structured as a multi-manager fund, with the investment manager responsible for the Fund's overall asset allocation, investment strategies including the managed volatility strategy, and investment performance monitoring; managing portions of the Fund's portfolio; and managing the commodity-linked instruments. The investment manager sub-contracts with various other investment managers within Franklin Templeton Investments (the "Sub-Advisors") who currently independently manage the following separate portions of the Fund’s portfolio: (1) the emerging markets sub-set of the global equity portion; and (2) the global fixed income portion.

Risk [Heading]

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Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Market

The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A security’s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Individual stock prices tend to go up and down more dramatically than those of other types of investments. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

Managed Volatility Strategy

There can be no guarantee that the Fund will achieve its annualized target volatility. The actual volatility that the Fund experiences may be significantly higher or lower than its target volatility goal. In addition, the managed volatility strategy could limit the Fund’s gains in rising markets, may expose the Fund to costs to which it would otherwise not have been exposed and, if unsuccessful, may cause the Fund to experience substantial losses greater than what the Fund might have experienced had such strategy not be implemented at all. The Fund could experience volatility greater than its volatility goal at any time and for any period of time, particularly in periods of high volatility in certain markets, the Fund will experience volatility greater than its volatility goal.

The proprietary and third-party risk models used by the investment manager may perform differently than expected and may negatively affect Fund performance and the ability of the Fund to meet its targeted volatility for various reasons, including errors in using or building the models, technical issues implementing the models and various non-quantitative factors (e.g., market or trading system dysfunctions, investor fear or over-reaction).

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

Credit

An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

Investing in ETFs and Other Mutual Funds

Because the Fund invests to a large extent in ETFs and other mutual funds, the Fund’s performance is directly related to the performance of the underlying ETFs and other mutual funds held by it. Investing in an ETF may be more costly than if the Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. The Fund also pays brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETFs’ underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an investment in an ETF may not achieve its intended purpose or may reduce the diversification benefits to the Fund.

Foreign Securities

Investing in foreign securities typically involves more risks than investing in U.S. securities, and includes risks associated with: political and economic developments - the political, economic and social structures of some foreign countries may be less stable and more volatile than those in the U.S.; trading practices - government supervision and regulation of foreign securities and currency markets, trading systems and brokers may be less than in the U.S.; availability of information - foreign issuers may not be subject to the same disclosure, accounting and financial reporting standards and practices as U.S. issuers; limited markets - the securities of certain foreign issuers may be less liquid (harder to sell) and more volatile; and currency exchange rate fluctuations and policies. The risks of foreign investments may be greater in developing or emerging market countries.

Emerging Market Countries

The Fund’s investments in emerging market countries are subject to all of the risks of foreign investing generally, and have additional heightened risks due to a lack of established legal, political, business and social frameworks to support securities markets, including: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasiveness of corruption and crime; currency exchange rate volatility; and inflation, deflation or currency devaluation.

Derivative Instruments

The performance of derivative instruments (including currency-related derivatives) depends largely on the performance of an underlying currency, security or index, and such instruments often have risks similar to their underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that exceeds the Fund's initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results. In addition, the investment manager's allocation of Fund assets among different asset classes, Sub-Advisors, ETFs, mutual funds and direct investments may not prove beneficial in light of subsequent market events.

Commodities

Although it is anticipated that the Fund will only have a 5% allocation of its assets to commodities, investing in physical commodities, either directly or through complex securities such as ETNs, presents unique risks. Investing in physical commodities, including trading in futures contracts thereon, is speculative and can be extremely volatile. Market prices of commodities may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships (whether actual, perceived, anticipated, unanticipated, or unrealized); weather; agriculture; trade; domestic and foreign political and economic events and policies; diseases; pestilence; technological developments; and monetary and other governmental policies, action and inaction. The current or "spot" prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Certain commodities are used primarily in one industry, and fluctuations in levels of activity in (or the availability of alternative resources to) one industry may have a disproportionate effect on global demand for a particular commodity. Moreover, recent growth in industrial production and gross domestic product has made China and other developing nations oversized users of commodities and has increased the extent to which certain commodities prices are influenced by those markets.

Index and Passive Investing

The Fund will have exposure to certain broad-based securities, interest rate and commodity indexes. The sponsors of these indexes are under no obligation to continue the calculation and dissemination of the indexes. None of the index sponsors has any obligation or responsibility to the Fund or its shareholders in connection with any such modification, discontinuance or suspension, including any obligation or responsibility to notify the Fund of any such modification, discontinuance or suspension.

With respect to the Fund’s investment in passively managed ETFs, there is the risk that an ETF may not replicate exactly the performance of the benchmark index it seeks to track due to imperfect correlation between an ETF’s portfolio securities and those in its index, rounding, timing of cash flows, the size of the ETF, fees and expenses borne by the ETF and changes to the index. In addition, some ETFs may use representative sampling, which is a method of indexing that involves investing in a representative sample of securities that collectively have a similar investment profile to the index. In these cases, an ETF is subject to an increased risk of tracking error, in that the ETF may not have an investment profile similar to those of its index and, therefore, an investment in an ETF may not produce the intended investment result. These risks may be heightened during times of increased market volatility or other unusual market conditions. In addition, because ETFs purchased by the Fund are not actively managed, they may be affected by a general decline in market segments relating to their respective indices, as such ETFs do not attempt to take defensive positions in declining markets.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

Because the Fund is new, it has no performance history.

Franklin Managed Volatility Global Allocation VIP Fund | Class 5

Risk/Return:

rr_RiskReturnAbstract

Maximum Cumulative Sales Charge (as a percentage of Offering Price)

rr_MaximumCumulativeSalesChargeOverOfferingPrice

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.00%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.10%

Other expenses of the Fund

rr_Component1OtherExpensesOverAssets

0.40%

Other expenses of the Subsidiary (including Subsidiary management fee)

rr_Component2OtherExpensesOverAssets

0.10%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.50%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.12%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

1.72%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

0.67%

^[2]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

1.05%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

107

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

466

[1]

Other expenses and Acquired fund fees and expenses are based on estimated amounts for the current fiscal year.

[2]

The investment manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid by a Cayman Islands-based company that is wholly owned by the Fund (Subsidiary). This waiver may not be terminated and will remain in effect for as long as the investment manager's contract with the Subsidiary is in place. Additionally, the investment manager has contractually agreed to waive or assume certain expenses so that common expenses of the Fund (excluding Rule 12b-1 fees and acquired fund fees and expenses) do not exceed 0.83% (other than certain non-routine expenses), until April 30, 2014. The investment manager also has agreed in advance to reduce its fees as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the terms set forth above.

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Fund Summary

Franklin Managed Volatility Global Allocation VIP Fund

Investment Goal

Total return (including income and capital gains) while seeking to manage volatility.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	Franklin Managed Volatility Global Allocation VIP Fund Class 5
Maximum Cumulative Sales Charge (as a percentage of Offering Price)

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Franklin Managed Volatility Global Allocation VIP Fund Class 5
Management Fees (as a percentage of Assets)		1.00%
Distribution and Service (12b-1) Fees		0.10%
Other expenses of the Fund		0.40%
Other expenses of the Subsidiary (including Subsidiary management fee)		0.10%
Other Expenses (as a percentage of Assets):	^[1]	0.50%
Acquired Fund Fees and Expenses	^[1]	0.12%
Expenses (as a percentage of Assets)		1.72%
Fee Waiver or Reimbursement	^[2]	0.67%
Net Expenses (as a percentage of Assets)		1.05%

[1]

Other expenses and Acquired fund fees and expenses are based on estimated amounts for the current fiscal year.

[2]

Example

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Franklin Managed Volatility Global Allocation VIP Fund Class 5	107	466

Portfolio Turnover

Principal Investment Strategies

55% Global Equity (U.S./International/Emerging Markets)

37% Global Fixed Income (U.S./International)

5% Commodity-Linked Instruments

3% Cash, Cash Equivalents and Money Market Securities

With respect to the Fund’s global fixed-income investments, the Fund will invest predominantly in debt securities issued by governments and government agencies located around the world.

Principal Risks

Market

Managed Volatility Strategy

Interest Rate

Credit

Investing in ETFs and Other Mutual Funds

Foreign Securities

Emerging Market Countries

Derivative Instruments

Management

Commodities

Index and Passive Investing

Performance

Because the Fund is new, it has no performance history.

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SAM GINN*

LARRY D. THOMPSON*

JOHN B. WILSON*