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Franklin Mutual Shares VIP Division

Portfolio Composition

  as of 02/29/2024
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Asset Type Net Short Long U.S. Stocks 86.35% 0.0%   86.35%   Non-U.S. Stocks 9.88% 0.0%   9.88%   U.S. Bonds 3.75% 0.0%   3.75%   Cash 0.01% 0.0%   0.02%   Total 99.99%

Top 10 Holdings   as of 02/29/2024    What's this? % of Net Assets JPMorgan Chase & Co 3.82 CVS Health Corp 2.56 Medtronic PLC 2.49 Fiserv Inc 2.48 Chevron Corp 2.45 The Kraft Heinz Co 2.43 United Parcel Service Inc Class B 2.37 General Motors Co 2.35 Merck & Co Inc 2.34 The Walt Disney Co 2.33 Total*: 25.62 *Values may exceed 100% if both long and short positions are included in the portfolio	Morningstar Style Box™   as of 02/29/2024    What's this?
Stock Sector Breakdown   as of 02/29/2024    What's this? % of Net Assets Cyclical 31.09 Basic Materials 1.04 Consumer Cyclical 8.12 Financial Svcs 17.39 Real Estate 4.54 Defensive 24.38 Consumer Defensive 6.28 Healthcare 18.10 Sensitive 44.55 Comm Svcs 7.65 Energy 9.37 Industrials 17.70 Technology 9.83	Analysis   as of 02/29/2024 Average Market Cap (mil): $57,521.87 Price/Earnings Ratio: 12.29 Price/Book Ratio: 1.94 Price/Cash Flow Ratio: 7.46 Turnover Ratio: 59.99% # Stock Holdings: 51 # Bond Holdings: 12 # Other Holdings: 4 Total # of Holdings: 67

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Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options. Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation does not guarantee a profit or protect against a loss. Investing in real estate, small-cap, international, and high-yield investment options involves additional risks. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect a portion of the fees and expenses of this share class. For time periods prior to inception date of the fund, predecessor performance is reflected. Please see the fund's prospectus for more information on specific expenses, and the fund's most recent shareholder report for actual date of first sale. Expenses are deducted from income earned by the fund. As a result, dividends and investment results will differ for each share class. Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure. Investing involves risk, including possible loss of principal. Equity investment options involve greater risk, including heightened volatility, than fixed-income investment options.