Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Templeton Developing Markets 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 721 Diversified Emerging Mkts Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 261.45 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets in emerging markets investments. Its investments in equity securities may include investments in the securities of companies of any capitalization, including a portion in small and mid capitalization companies. The fund, from time to time, may have significant investments in one or more countries, such as China or South Korea, or in particular industries or sectors. It may invest up to 20% of its net assets in the securities of issuers in developed market countries. The fund is non-diversified.

Morningstar Category: Diversified Emerging Mkts Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets.

Investment Risks Foreign Securities Funds/Emerging Market Funds: Risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks. Non-Diversified Funds: Funds that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 1.7 Non-U.S. Stocks 95.4 Bonds 0.0 Cash 3.0 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 39.42 Basic Materials 4.50 Consumer Cyclical 8.89 Financial Services 25.79 Real Estate 0.24 Sensitive 53.77 Communication Services 11.66 Energy 3.70 Industrials 3.84 Technology 34.57 Defensive 6.81 Consumer Defensive 2.36 Healthcare 4.00 Utilities 0.45 Data through 2024-02-29 Morningstar World Regions % Fund Americas 15.2 North America 1.7 Latin America 13.5 Greater Europe 6.6 United Kingdom 1.4 Europe Developed 2.8 Europe Emerging 1.2 Africa/Middle East 1.2 Greater Asia 78.2 Japan 0.0 Australasia 0.0 Asia Developed 40.4 Asia Emerging 37.8 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 78 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 45.24 Turnover % (as of 2022-12-31) 27.39 30 Day SEC Yield % 2.12 Top Holdings Sector Country % of Net Assets Taiwan Semiconductor Manufacturing Co Ltd Taiwan 12.04 Samsung Electronics Co Ltd South Korea 5.40 ICICI Bank Ltd India 5.21 Alibaba Group Holding Ltd Ordinary Shares China 3.88 Samsung Life Insurance Co Ltd South Korea 3.53 Tencent Holdings Ltd China 3.52 Petroleo Brasileiro SA Petrobras Participating Preferred Brazil 3.26 Franklin IFT Money Market --- United States 2.97 MediaTek Inc Taiwan 2.72 Prosus NV Ordinary Shares - Class N Netherlands 2.71 Data through 2024-02-29

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

Other Information Inception Date: 1996-03-04 Portfolio Manager(s) Chetan Sehgal   (2017-04-03) Andrew Ness   (2020-11-09) Prior to joining Franklin Templeton in September 2018, Andrew was as a Portfolio Manager at Martin Currie, an Edinburgh based asset manager. He began his career at Murray Johnstone in 1994 and also worked with Deutsche Asset Management in both London and New York before joining Scottish Widows Investment Partnership in 2007. Mr Ness holds a B.A. (Hons) in Economics and an MSc in Business Economics from the University of Strathclyde in the UK. He is an Associate Member of the UK Society of Investment Professionals and a member of the CFA Institute. Investment Advisor(s) Templeton Asset Management Ltd. Issuer Franklin Templeton Investments Subadvisor(s) Franklin Templeton Inv Mgmt Ltd

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