Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Franklin Mutual Global Discovery 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 149 Global Large-Stock Value Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 451.37 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. The fund invests primarily in equity securities (including securities convertible into, or that the investment manager expects to be exchanged for, common or preferred stock) 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 (fundamental value). Following this value-oriented strategy, the fund invests primarily in undervalued securities. The advisor presently does not intend to invest more than a portion (no more than 25%) of its assets in securities of issuers located in emerging market countries.

Morningstar Category: Global Large-Stock Value Global large-stock value portfolios invest in a variety of international stocks and typically skew towards large caps that are less expensive or growing more slowly than other global large-cap stocks. World large stock value portfolios have few geographical limitations. It is common for these portfolios to invest the majority of their assets in developed markets, with the remainder divided among the globe’s emerging markets. These portfolios are not significantly overweight U.S. equity exposure relative to the Morningstar Global Market Index and maintain at least a 20% absolute U.S. exposure.

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 49.5 Non-U.S. Stocks 46.9 Bonds 2.8 Cash 0.8 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 30.96 Basic Materials 3.17 Consumer Cyclical 7.97 Financial Services 17.98 Real Estate 1.84 Sensitive 38.95 Communication Services 7.94 Energy 9.11 Industrials 15.36 Technology 6.54 Defensive 30.09 Consumer Defensive 10.80 Healthcare 19.29 Utilities 0.00 Data through 2024-03-31 Morningstar World Regions % Fund Americas 51.4 North America 51.4 Latin America 0.0 Greater Europe 35.9 United Kingdom 14.4 Europe Developed 21.5 Europe Emerging 0.0 Africa/Middle East 0.0 Greater Asia 12.8 Japan 7.2 Australasia 0.0 Asia Developed 3.9 Asia Emerging 1.7 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 55 Total Number of Bond Holdings 9 % of Net Assets in Top 10 Holdings 21.85 Turnover % (as of 2022-12-31) 55.49 30 Day SEC Yield % 1.99 Top Holdings Sector Country % of Net Assets Shell PLC United Kingdom 2.54 CVS Health Corp United States 2.27 Medtronic PLC United States 2.21 Deutsche Telekom AG Germany 2.16 Global Payments Inc United States 2.15 BNP Paribas Act. Cat.A France 2.14 Everest Group Ltd United States 2.14 General Motors Co United States 2.10 Johnson Controls International PLC United States 2.07 Seven & i Holdings Co Ltd Japan 2.07 Data through 2024-03-31

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

Other Information Inception Date: 1996-11-08 Portfolio Manager(s) Christian Correa   (2018-01-01) 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. Timothy Rankin   (2010-12-31) Rankin, CFA, has been a co-lead portfolio manager for the Franklin Mutual since January 2018. He is a Portfolio Manager at Franklin Templeton Investments. With 17 years of investment management experience, Rankin first started at Franklin in 1997 as a Research Analyst and became Assistant Portfolio Manager in 2001. In 2004, he left to serve as Managing Director at Blue Harbour Group, LLC before re-joining Franklin in 2010. Prior to his original employment with the Mutual Series Funds, Rankin was an Equity Analyst at Glickenhaus & Co. Investment Advisor(s) Franklin Mutual Advisers, LLC Issuer Franklin Templeton Investments Subadvisor(s) ---

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