Equity

Franklin Mutual Shares VIP Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation, with income as a secondary goal. Its strategy is focused on undervalued mid- and large-cap equity securities, which may include foreign securities and, to a lesser extent, distressed securities and merger arbitrage.

Benchmark: Russell 1000 Value Index
Fund Inception Date: 11/08/1996
Share Class Inception Date: 01/06/1999

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio²: 0.94%
Net Expense Ratio^2,3: 0.94%
12b-1 Fee: 0.25%

Identifiers

Ticker: —
Fund Number: 744
CUSIP Code: 355150558
Bloomberg Code: —

Top Sectors

View portfolio section for additional info

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

Top Sectors
Pharmaceuticals, Biotechnology & Life Sciences10.94%
Capital Goods8.26%
Banks8.12%
Financial Services6.73%
Consumer Discretionary Distribution & Retail6.08%

Additional Fund Info

Asset Class: Equity
Morningstar Category⁴: Large Value
Lipper Classification: Multi-Cap Value Funds
Investment Style: Value

Manager and Commentary

About the Team

Uncompromising value investors

Franklin Mutual Series has been investing with our clients’ interests in mind since 1949. We are more than formulaic value investors. As one team with one focus, we transcend traditional value investing, applying deep fundamental research to find undervalued companies and the catalyst that will unlock that value and deliver results.

Franklin Mutual Series

Managed Fund Since 2020

Managed Fund Since 2025

Latest Insights

December 1, 2025

Global Value Outlook: International value can shine even brighter in 2026

November 20, 2025

Value Vantage Point: Broken growth: When yesterday’s high-flying tech is today’s value

October 16, 2025

Value Vantage Point: Smaller company stocks get back on track

September 19, 2025

Value Vantage Point: Value, not politics, can continue to drive European stocks

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $1.95 Billion

Positions

As of 11/30/2025 (Updated Monthly)

Number of Issuers

Fund: 59
Benchmark: 870

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Price to Cash Flow

Fund: 11.47x
Benchmark: 13.19x

Price to Book

Fund: 2.71x
Benchmark: 3.00x

Price to Earnings (12-Month Trailing)

Fund: 17.93x
Benchmark: 20.90x

Geographic Allocation

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

Geographic Allocation
Geography	Fund	Benchmark
North America	87.50%	100.00%
United States	87.50%	100.00%
Europe	11.42%	—
United Kingdom	4.46%	—
Switzerland	4.08%	—
Ireland	1.47%	—
Netherlands	1.40%	—
Cash & Cash Equivalents	1.08%	—
Cash & Cash Equivalents	1.08%	—

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

Alphabet Inc COM USD.001 CL A

Amazon.com Inc COM USD.01

Thermo Fisher Scientific Inc COM USD1

Dover Corp COM USD1

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

Chevron Corp COM USD.75

PPL Corp COM USD.01

HALEON PLC ORD GBP 0.01

Bank of America Corp COM USD.01

Johnson Controls International plc ORD USD.01

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 65-0704393

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
Sep 30	0.3584	—	0.3213	—	—	—	—	—	—
	0.3584	—	0.3213	—	—	—	—	—	—

Sep 30

Supplemental Tax Information

Foreign Source Income: —
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.: 3.48%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 68.69%
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 - Franklin Mutual Shares VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Annual Report - Franklin Mutual Shares VIP Fund - Class 2	Download Document
Checkbox	Semi-Annual Report - Franklin Mutual Shares VIP Fund - Class 2	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Mutual Shares VIP FundMailed hardcopies unavailable.	Download Document
Checkbox	Prospectus - Franklin Templeton Variable Insurance Products	Download Document
Checkbox	Summary Prospectus - Franklin Mutual Shares VIP FundMailed hardcopies unavailable.	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. 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. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Investments in companies engaged in mergers, reorganizations or liquidations also involve special risks as pending deals may not be completed on time or on favorable terms. 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 Mutual Shares 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 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE.

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.
Special situations includes investments in merger arbitrage and stressed and distressed debt.

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