Equity

Templeton Developing Markets VIP Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital appreciation by investing at least 80% of its net assets in securities of "developing market countries.

Benchmark^2,3: MSCI Emerging Markets Index-NR
Fund Inception Date: 03/04/1996
Share Class Inception Date: 03/04/1996

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁴: 1.12%
Net Expense Ratio^4,5: 1.11%
12b-1 Fee: 0.00%

Identifiers

Ticker: —
Fund Number: 717
CUSIP Code: 355150772
Bloomberg Code: —

Top Sectors

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

Top Sectors
Semiconductors & Semiconductor Equipment24.50%
Banks16.01%
Technology Hardware & Equipment9.08%
Consumer Discretionary Distribution & Retail8.70%
Media & Entertainment7.31%

Additional Fund Info

Asset Class: Equity
Morningstar Category⁶: Diversified Emerging Markets
Lipper Classification: Emerging Markets Funds
Investment Style: Blend

Manager and Commentary

Templeton Global Investments

Managed Fund Since 2017

Managed Fund Since 2020

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 5 out of 5 stars
57 Funds in category

5 Years: 5 Years: 3 out of 5 stars
57 Funds in category

10 Years: 10 Years: 5 out of 5 stars
46 Funds in category

Rating Category: Diversified Emerging Markets

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $346.58 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers

Fund: 86
Benchmark: 1,190

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Cash Flow

Fund: 7.59x
Benchmark: 9.82x

Price to Book

Fund: 2.09x
Benchmark: 2.19x

Price to Earnings (12-Month Trailing)

Fund: 14.38x
Benchmark: 15.97x

Geographic Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Geographic Allocation
Geography	Fund	Benchmark
Asia	80.33%	81.08%
China	24.12%	28.77%
Taiwan	21.17%	20.50%
South Korea	20.59%	12.92%
India	9.82%	15.25%
Thailand	2.03%	1.02%
Hong Kong	1.63%	—
Indonesia	0.54%	1.12%
Philippines	0.42%	0.37%
Latin America	11.35%	7.01%
Brazil	7.61%	4.17%
Mexico	2.43%	1.90%
Chile	0.94%	0.47%
Peru	0.38%	0.33%
Middle East/Africa	3.29%	9.46%
South Africa	2.07%	3.38%
United Arab Emirates	1.21%	1.44%
North America	2.22%	—
United States	2.22%	—
Europe	1.34%	2.45%
Hungary	1.06%	0.29%
Turkiye	0.28%	0.42%
Russia	0.00%	—
Cash & Cash Equivalents	1.46%	—
Cash & Cash Equivalents	1.46%	—

Holdings
As of 10/31/2025 (Updated Monthly)

Taiwan Semiconductor Manufacturing Co Ltd ORD TWD10

SK hynix Inc ORD KRW5000

Prosus NV ORD EUR 0.05 CL N

Samsung Electronics Co Ltd ORD KRW 100

ICICI Bank Ltd ORD INR2 (DEMAT)

Alibaba Group Holding Ltd ORD HKD 0.000003125

Tencent Holdings Ltd ORD HKD 0.000020

Hon Hai Precision Industry Co Ltd ORD TWD10

Grupo Financiero Banorte SAB de CV ORD MXN3.5

MediaTek Inc ORD TWD10

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 65-6196778

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jun 14	0.472078	—	—	—	—	—	0.045778	—	—
	0.472078	—	—	—	—	—	0.045778	—	—

Jun 14

Supplemental Tax Information

Foreign Source Income: 37.53%
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Templeton Developing Markets VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Templeton Developing Markets VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Report - Templeton Developing Markets VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Templeton Developing Markets VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin Templeton Variable Insurance Products	Download Document
Checkbox	Summary Prospectus - Templeton Developing Markets VIP Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance. These and other risks are discussed in the fund’s prospectus.

Important Information

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares.

The MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets.
MSCI Emerging Markets Index-NR reflects the performance of MSCI Emerging Markets Index (gross returns) from fund inception through 12/31/2000 and the MSCI Emerging Markets Index-NR thereafter
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI.
Net Returns (NR) include income net of tax withholding when dividends are paid.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Net Returns (NR) include income net of tax withholding when dividends are paid.
MSCI Emerging Markets Index-NR reflects performance of the MSCI Emerging Markets Index (gross returns) from fund inception through 12/31/2000 and the MSCI Emerging Markets Index-NR thereafter.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Personalize Your Experience

Welcome to the Franklin Templeton site for the United States.

Individual Investor

Financial Professional

Institutional Investor

Templeton Developing Markets VIP Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Manager and Commentary

Performance

Ratings ⁶

Portfolio

Assets

Positions

Portfolio Statistics

Geographic Allocation

Holdings
As of 10/31/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 65-6196778

Distributions per Share ($)

Supplemental Tax Information

Pricing

Documents

Risks

Important Information

Footnotes

Individual Investor

Financial Professional

Institutional Investor

Templeton Developing Markets VIP Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Manager and Commentary

Performance

Ratings 6

Portfolio

Geographic Allocation

Distributions & Tax

Federal ID Number 65-6196778

Pricing

Documents

Risks

Important Information

Footnotes

Ratings ⁶