Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin Mutual Shares VIP 2 Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 1084 Large Value Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 2,080.48 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation; income is a secondary goal. The fund invests primarily in equity securities of U.S. and foreign companies that the investment manager believes are available at market prices less than their value based on certain recognized or objective criteria. The equity securities in which the fund invests are primarily common stock. To a lesser extent, it also invests in merger arbitrage securities and the debt and equity of distressed companies. The fund may invest a significant portion of its assets (up to 35%) in foreign securities, which may include sovereign debt and participations in foreign government debt.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 87.2 Non-U.S. Stocks 9.5 Bonds 3.0 Cash 0.2 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 33.48 Basic Materials 2.34 Consumer Cyclical 6.39 Financial Services 18.98 Real Estate 5.77 Sensitive 39.95 Communication Services 6.49 Energy 7.00 Industrials 15.87 Technology 10.59 Defensive 26.56 Consumer Defensive 6.77 Healthcare 16.07 Utilities 3.72 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 57 Total Number of Bond Holdings 10 % of Net Assets in Top 10 Holdings 23.42 Turnover % (as of 2023-12-31) 50.67 30 Day SEC Yield % 1.72 Top Holdings Sector P/E % of Net Assets Bank of America Corp 15.15 2.84 JPMorgan Chase & Co 12.34 2.80 Medtronic PLC 30.05 2.52 Fiserv Inc 38.20 2.37 Chevron Corp 14.73 2.21 The Walt Disney Co 36.86 2.15 American Tower Corp --- 2.15 EOG Resources Inc 9.42 2.14 Global Payments Inc 19.57 2.12 Elevance Health Inc 14.77 2.12 Data through 2024-09-30

Principal Risks    Event-Driven Investment/Arbitrage Strategies, Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Active Management, Market/Market Volatility, Other, Derivatives, Socially Conscious, Portfolio Diversification, Small Cap, Mid-Cap Show Risk Definitions

Other Information Inception Date: 1999-01-06 Portfolio Manager(s) Christian Correa   (2020-11-02) Christian Correa, CFA is a portfolio manager and director of research for Franklin Mutual Series. Mr. Correa has been a lead or co-lead portfolio manager of the Franklin Mutual Beacon Fund since 2007 and co-lead portfolio manager of the Franklin Mutual Global Discovery Fund since 2018. Prior to joining Franklin Mutual Series in 2003, he worked at Lehman Brothers Holdings Inc. He has more than a decade of investment experience. He holds a B.A. from Claremont McKenna College, an M.A. (economics) from Northwestern Univ. and is a graduate of Harvard Law School. Grace Hoefig   (2020-11-02) Grace Hoefig, Vice President and Portfolio Manager of Franklin Advisory Services. Ms. Hoefig joined Franklin Templeton in February 2008 as a research analyst. She has been in the investment industry for more than 20 years. Prior to joining Franklin Templeton, Ms. Hoefig was a managing director at AXIA Capital Management LLC., and has held senior analyst positions at Heine Securities Co., First Manhattan Co. and Neuberger & Berman. Investment Advisor(s) Franklin Mutual Advisers, LLC Issuer Franklin Templeton Investments Subadvisor(s) ---

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