Equity

Franklin Large Cap Growth VIP Fund

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NAV 1 $0.16(0.80%)
$20.11
As of 11/26/2025
Total Net Assets
$88.97M
As of 10/31/2025 (Updated Monthly)

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Overview

Fund Facts

Fund description

Seeks capital appreciation. The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies. Large-capitalization companies are those with market capitalization values within those of the top 50% of companies in the Russell 1000 Index® at the time of purchase.

Benchmark2
S&P 500 Index
Additional Benchmark3
Russell 1000 Growth Index
Fund Inception Date
05/01/1996
Share Class Inception Date
04/30/1996

Sales Charges, Expenses & Fees

As of 05/01/2025
Gross Expense Ratio4
0.82%
Net Expense Ratio4,5
0.82%
12b-1 Fee
0.00%

Identifiers

Ticker
—
Fund Number
721
CUSIP Code
355150731
Bloomberg Code
FLCVIPI US

Top Sectors

View portfolio section for additional info

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

Semiconductors & Semiconductor Equipment20.42%
Software & Services16.79%
Media & Entertainment16.78%
Technology Hardware & Equipment8.56%
Consumer Discretionary Distribution & Retail6.55%

Additional Fund Info

Asset Class
Equity
Morningstar Category6
Large Growth
Lipper Classification
Large-Cap Growth Funds
Investment Style
Growth

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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
[Grant Bowerss avatar]

Managed Fund Since 2014

[Sara Araghis avatar]

Managed Fund Since 2016

[Anthony J. Hardys avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

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

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Ratings 6

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 2 out of 5 stars  
As of 10/31/2025
3 Years
3 Years: 2 out of 5 stars  
210 Funds in category
5 Years
5 Years: 2 out of 5 stars  
200 Funds in category
10 Years
10 Years: 2 out of 5 stars  
191 Funds in category
Rating Category
Large Growth

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.

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Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets
$88.97 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers
Fund
63
Benchmark
503

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Price to Cash Flow
Fund
30.56x
Benchmark
19.89x
Price to Earnings (12-Month Forward)
Fund
37.77x
Benchmark
25.23x
Price to Book
Fund
11.78x
Benchmark
5.49x

Geographic Allocation

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

Geography Fund
Benchmark

North America

 98.08% 100.00%

Asia

 1.01% —

Middle East/Africa

 0.27% —

Latin America/Caribbean

 0.24% —

Cash & Cash Equivalents

 0.40% —

Chart

Bar chart with 2 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from 0 to 100.
End of interactive chart.

Holdings

As of 10/31/2025 (Updated Monthly)

NVIDIA Corp COM USD.001
Microsoft Corp COM USD0.001
Broadcom Inc COM USD 1
Meta Platforms Inc COM USD NPV CL A
Alphabet Inc COM USD.001 CL A
Apple Inc COM USD.00001
Amazon.com Inc COM USD.01
Mastercard Inc COM USD.0001 CL A
Eli Lilly & Co COM NPV
Netflix Inc COM USD.001

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. 

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Distributions & Tax

Federal ID Number 94-3239303

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 ($)

Jun 14

Supplemental Tax Information

Foreign Source Income
—
Foreign Source Qualified Dividends
—
Direct U.S. Government Obligations
—
Specified Private Activity Bond Interest
—
Dividends Received Deduction
—
Section 163(j)
—
Indiana Resident Taxable Income
—
Utah Resident Taxable Income
—

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.

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Documents

Regulatory Documents
 Name Download Add to Cart
Annual Financial Statements and Other Information - Franklin Large Cap Growth VIP FundMailed hardcopies unavailable.Download Document
Annual Report - Franklin Large Cap Growth VIP Fund - Class 1Download Document
Semi-Annual Report - Franklin Large Cap Growth VIP Fund - Class 1Download Document
Semi-Annual Financial Statements and Other Information - Franklin Large Cap Growth VIP FundMailed hardcopies unavailable.Download Document
Prospectus - Franklin Templeton Variable Insurance ProductsDownload Document
Summary Prospectus - Franklin Large Cap Growth VIP FundDownload Document
Statement of Additional Information - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Franklin Templeton Variable Insurance ProductsMailed hardcopies unavailable.Download Document

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Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Large-capitalization companies may fall out of favor with investors based on market and economic conditions. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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.

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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 Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.
Source: FTSE.

The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.

Footnotes

  1. 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.

  2. Source: FTSE. Important data provider notices and terms available at www.franklintempletondatasources.com

  3. Effective May 1, 2023, the Russell 1000 Growth Index was added as an additional benchmark.

  4. 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.

  5. Net Expense Ratio represents the expense ratio applicable to investors. 

  6. 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.