Equity

Franklin Small-Mid Cap Growth VIP Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital growth by investing at least 80% of its net assets in equity securities of small and medium-sized companies, within the market capitalization ranges of the Russell 2500™ Index for small-sized companies and Russell Midcap® Index for medium-sized companies, at the time of purchase.

Benchmark: Russell Midcap Growth Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 11/01/1995
Share Class Inception Date: 11/01/1995

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.84%
Net Expense Ratio^2,3: 0.83%
12b-1 Fee: 0.00%

Identifiers

Ticker: —
Fund Number: 723
CUSIP Code: 355150749
Bloomberg Code: FSMGVIP US

Top Sectors

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Sectors
Capital Goods15.74%
Software & Services13.74%
Consumer Services11.50%
Financial Services9.21%
Consumer Discretionary Distribution & Retail9.04%

Additional Fund Info

Asset Class: Equity
Morningstar Category⁴: Mid-Cap Growth
Lipper Classification: Mid-Cap Growth Funds
Investment Style: Growth

Manager and Commentary

About the Team

Franklin Equity Group

Growth equity managers with a focus on in-depth fundamental research, we offer expertise in managing global, U.S. and sector-specific strategies across the market capitalization spectrum. Our center of gravity in Silicon Valley allows us to follow companies across their private to public life cycles, developing deeper insights into future industry trends and identifying potential disruptors.

Franklin Equity Group

Managed Fund Since 2016

Managed Fund Since 1995

Managed Fund Since 2024

Latest Insights

November 27, 2025

2026: The year innovation becomes the economy

October 13, 2025

Colossal Tech: How AI capex is shaping the economy

October 6, 2025

From fast follower to fast leader: My journey into China’s biotech boom

October 1, 2025

Physical AI is about to reshape our world

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $407.58 Million

Positions

As of 11/30/2025 (Updated Monthly)

Number of Issuers

Fund: 81
Benchmark: 280

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 33.18x
Benchmark: 28.83x

Price to Cash Flow

Fund: 24.96x
Benchmark: 23.55x

Price to Book

Fund: 8.42x
Benchmark: 11.33x

Sector Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Capital Goods	15.74%	16.26%
Software & Services	13.74%	12.52%
Consumer Services	11.50%	12.66%
Financial Services	9.21%	8.77%
Consumer Discretionary Distribution & Retail	9.04%	5.92%
Health Care Equipment & Services	8.89%	9.19%
Pharmaceuticals, Biotechnology & Life Sciences	7.45%	7.41%
Media & Entertainment	5.69%	5.41%
Semiconductors & Semiconductor Equipment	5.11%	2.69%
Commercial & Professional Services	3.63%	3.89%
Energy	2.23%	2.66%
Utilities	1.92%	3.09%
Consumer Durables & Apparel	1.07%	2.57%
Banks	0.99%	0.10%
Transportation	0.89%	0.40%
Consumer Staples Distribution & Retail	0.80%	1.16%
Equity Real Estate Investment Trusts (REITs)	0.55%	0.96%
Real Estate Management & Development	0.31%	0.43%
Technology Hardware & Equipment	—	2.01%
Insurance	—	0.81%
Food, Beverage & Tobacco	—	0.42%
Telecommunication Services	—	0.35%
Materials	—	0.33%
Cash & Cash Equivalents	1.25%	—

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

ROBLOX Corp COM USD 0.0001 CL A

Royal Caribbean Cruises Ltd ORD USD.01

Vertiv Holdings Co COM USD 0.0001

Datadog Inc COM USD 0.00001 CL A

Howmet Aerospace Inc COM USD1

Monolithic Power Systems Inc COM USD1

Doordash Inc COM USD 0.00001 CL A

AXON ENTERPRISE INC COM USD.00001

ARES MANAGEMENT CORP COM USD NPV CL A

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

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

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund

Proposed 2025 distribution dates for Franklin, Templeton and Mutual Series funds (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

06/13/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Financial Statements and Other Information - Franklin Small-Mid Cap Growth VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Franklin Small-Mid Cap Growth VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Report - Franklin Small-Mid Cap Growth VIP Fund - Class 1	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Small-Mid Cap Growth VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin Templeton Variable Insurance Products	Download Document
Checkbox	Summary Prospectus - Franklin Small-Mid Cap Growth 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. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. To the extent the fund invests in privately held companies they present certain challenges and involve incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Franklin Small-Mid Cap Growth VIP Fund is a series of Franklin Templeton Variable Insurance Products Trust, shares of which are generally sold only to insurance company separate accounts to serve as investment options for variable insurance products.

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

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

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.

The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe.
Source: FTSE.

Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. The fund may charge a 2% fee on redemptions within seven days.

Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

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.
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.

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