Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin Rising Dividends VIP 1 Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1293 Large Blend Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 1,537.54 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation; preservation of capital is also an important consideration. The fund invests at least 80% of its net assets in equity securities of financially sound companies that have paid consistently rising dividends. It invests predominantly in equity securities, mostly common stocks. Companies that have paid consistently rising dividends include those companies that currently pay dividends on their common stocks and have maintained or increased their dividend rate during the last four consecutive years. The fund may invest up to 25% of its total assets in foreign securities.

Morningstar Category: Large Blend Large-blend portfolios are fairly representative of the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of US industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

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 95.9 Non-U.S. Stocks 1.3 Bonds 0.0 Cash 2.7 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 24.38 Basic Materials 8.41 Consumer Cyclical 8.00 Financial Services 7.97 Real Estate 0.00 Sensitive 45.51 Communication Services 0.00 Energy 3.15 Industrials 20.23 Technology 22.13 Defensive 30.11 Consumer Defensive 11.06 Healthcare 19.05 Utilities 0.00 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 53 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 37.62 Turnover % (as of 2022-12-31) 12.59 30 Day SEC Yield % 1.09 Top Holdings Sector P/E % of Net Assets Microsoft Corp 38.04 9.66 Roper Technologies Inc 44.02 4.19 Stryker Corp 43.38 4.14 Linde PLC 36.88 3.97 Visa Inc Class A 32.15 2.82 Accenture PLC Class A 31.42 2.76 Franklin IFT Money Market --- --- 2.74 UnitedHealth Group Inc 20.73 2.70 Texas Instruments Inc 24.64 2.36 Analog Devices Inc 35.32 2.28 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Active Management, Market/Market Volatility, Industry and Sector Investing, Other, Management, Small Cap, Mid-Cap, Technology Sector Show Risk Definitions

Other Information Inception Date: 1992-01-27 Portfolio Manager(s) Matthew D. Quinlan   (2019-05-01) Matt Quinlan is a vice president, research analyst and portfolio manager for the Franklin Equity Group. He is the lead manager of the Franklin Equity Income Fund and a co-manager of the Franklin Income Fund and the Franklin Convertible Securities Fund. Mr. Quinlan is the leader of the Consumer Research Team and he has research coverage responsibilities for the retail and consumer products sectors. He also analyzes debt and equity investments for the Core/Hybrid Team. Prior to joining Franklin Templeton in 2005, Mr. Quinlan worked in investment banking at Citigroup. Nicholas P.B. Getaz   (2014-02-01) Nicholas Getaz, CFA, Portfolio Manager/Research Analyst of Franklin Advisory Services. Mr. Getaz joined Franklin Templeton Investments in March 2011 as a research analyst. He has been in the investment industry for more than 15 years. Prior to joining Franklin Templeton, Mr. Getaz worked as a research analyst with Goldman Sachs Asset Management, conducting bottom-up, fundamental research into companies in the Industrials, Transportation, Energy and Materials sectors. He began his career in the European Financial Sponsor team in the Investment Banking Division of Goldman Sachs. Amritha Kasturirangan   (2019-09-30) Amritha Kasturirangan, CFA, Vice President, Research Analyst and Portfolio Manager of Franklin Advisers. Ms. Kasturirangan joined Franklin Templeton as a research analyst in April 2012. Previously, she worked as a research analyst for the Chennai, India office of Franklin Templeton from April 2009 to Aug 2011. Prior to joining Franklin Templeton, Ms. Kasturirangan worked in equity research at Goldman Sachs. Her previous experience includes investment banking, with a focus on the media/telecom sectors and management consulting. Ms. Kasturirangan has an M.B.A. from the Wharton Business School of the University of Pennsylvania with a major in finance and a B.A. degree in natural sciences from the University of Cambridge, U.K. She is a Chartered Financial Analyst (CFA) charterholder. Nayan Sheth   (2019-09-30) Nayan Sheth, CFA, Vice President, Research Analyst and Portfolio Manager of Franklin Advisers. Mr. Sheth joined Franklin Templeton as a research analyst in January of 2014. Prior to joining Franklin Templeton, he worked as a research analyst with Mirae Asset Global Investments in New York, performing research on companies in the technology and media sectors in the United States and Western Europe. Mr. Sheth's previous experience included working at Perennial Investment Partners in Sydney, Australia, where he covered the global technology and media sectors. From 2003 to 2007, Mr. Sheth was a research associate at TIAA-CREF, where he worked on the U.S. Growth Portfolio Management team and the media research team. Mr. Sheth began his career at J.P. Morgan in 2001, where he was a research associate on the U.S. beverage equity research team. He holds a B.A. in economics from Rutgers University, an MBA from the Columbia University Graduate School of Business, and is a Chartered Financial Analyst (CFA) charterholder. Investment Advisor(s) Franklin Advisers, Inc. Issuer Franklin Templeton Investments Subadvisor(s) ---

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