NPORT-P
    false
    
      
      
        
          0000837274
          XXXXXXXX
        
      
      
      
      
        S000007314
        C000020096
        C000061777
        C000020097
      
      
      
    
  
  
    
      Franklin Templeton Variable Insurance Products Trust
      811-05583
      0000837274
      549300PIBKZH7YTTWU55
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin Small-Mid Cap Growth VIP Fund
      S000007314
      549300EJP5P7UN3DQF32
      2022-12-31
      2022-03-31
      N
    
    
      484216196.10
      2590486.33
      481625709.77
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      642202.29000000
      
        
      
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Entegris, Inc.
        IYX6OWO7BT5DKO3BYG52
        Entegris, Inc.
        29362U104
        
          
          
        
        40400.00000000
        NS
        USD
        5302904.00000000
        1.101042550766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Match Group, Inc.
        15OMOPB0A8K0EFUVD031
        Match Group, Inc.
        57667L107
        
          
          
        
        49824.00000000
        NS
        USD
        5417861.76000000
        1.124911243336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crowdstrike Holdings, Inc.
        549300YBY08K9KM4HX32
        Crowdstrike Holdings, Inc., Class A
        22788C105
        
          
          
        
        33500.00000000
        NS
        USD
        7607180.00000000
        1.579479634430
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CoStar Group, Inc.
        N/A
        CoStar Group, Inc.
        22160N109
        
          
          
        
        123350.00000000
        NS
        USD
        8216343.50000000
        1.705960320084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties, Inc.
        529900PEQG66LENB6798
        Equity LifeStyle Properties, Inc.
        29472R108
        
          
          
        
        38400.00000000
        NS
        USD
        2936832.00000000
        0.609774756709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lattice Semiconductor Corp.
        549300LRBBPZDQ2II567
        Lattice Semiconductor Corp.
        518415104
        
          
          
        
        72655.00000000
        NS
        USD
        4428322.25000000
        0.919453044172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Therapeutics plc
        529900P0GSQ79OOZEV53
        Horizon Therapeutics plc
        N/A
        
          
          
        
        42400.00000000
        NS
        USD
        4460904.00000000
        0.926217996570
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR, Inc.
        62944T105
        
          
          
        
        882.00000000
        NS
        USD
        3940132.14000000
        0.818090077018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Semtech Corp.
        549300J7WUY317SW6O61
        Semtech Corp.
        816850101
        
          
          
        
        53600.00000000
        NS
        USD
        3716624.00000000
        0.771683056906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jazz Pharmaceuticals plc
        635400GAUMJCLEZRRV50
        Jazz Pharmaceuticals plc
        N/A
        
          
          
        
        16500.00000000
        NS
        USD
        2568555.00000000
        0.533309361999
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Benchling, Inc.
        N/A
        Benchling, Inc., Series F
        N/A
        
          
        
        35200.00000000
        NS
        USD
        932800.00000000
        0.193677368354
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Arteris, Inc.
        N/A
        Arteris, Inc.
        04302A104
        
          
          
        
        91900.00000000
        NS
        USD
        1194700.00000000
        0.248055694653
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neurocrine Biosciences, Inc.
        549300FECER0XBN49756
        Neurocrine Biosciences, Inc.
        64125C109
        
          
          
        
        7900.00000000
        NS
        USD
        740625.00000000
        0.153776051605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Snowflake, Inc.
        254900CJNSY1K7T53Z16
        Snowflake, Inc., Class A
        833445109
        
          
          
        
        7400.00000000
        NS
        USD
        1695562.00000000
        0.352049727745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA Communications Corp.
        5299001HX8ZN8Y8QIT49
        SBA Communications Corp.
        78410G104
        
          
          
        
        15957.00000000
        NS
        USD
        5490803.70000000
        1.140056186498
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic Services, Inc.
        NKNQHM6BLECKVOQP7O46
        Republic Services, Inc.
        760759100
        
          
          
        
        34700.00000000
        NS
        USD
        4597750.00000000
        0.954631346859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mettler-Toledo International, Inc.
        5493000BD5GJNUDIUG10
        Mettler-Toledo International, Inc.
        592688105
        
          
          
        
        4880.00000000
        NS
        USD
        6701167.20000000
        1.391364095409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freshpet, Inc.
        549300S4ZK8ZQ6HNPN59
        Freshpet, Inc.
        358039105
        
          
          
        
        33900.00000000
        NS
        USD
        3479496.00000000
        0.722448143738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinterest, Inc.
        N/A
        Pinterest, Inc., Class A
        72352L106
        
          
          
        
        131800.00000000
        NS
        USD
        3243598.00000000
        0.673468615607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marqeta, Inc.
        N/A
        Marqeta, Inc., Class A
        57142B104
        
          
          
        
        126178.00000000
        NS
        USD
        1393005.12000000
        0.289229808903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        10X Genomics, Inc.
        5493003Z6741WNLG7H43
        10X Genomics, Inc., Class A
        88025U109
        
          
          
        
        31700.00000000
        NS
        USD
        2411419.00000000
        0.500683196740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zscaler, Inc.
        529900MZ0RTK1BWRNF46
        Zscaler, Inc.
        98980G102
        
          
          
        
        17100.00000000
        NS
        USD
        4125888.00000000
        0.856658587011
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp.
        54930073RLKQ51TILZ35
        Bio-Techne Corp.
        09073M104
        
          
          
        
        16025.00000000
        NS
        USD
        6939466.00000000
        1.440842101912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teleflex, Inc.
        UUL85LWXB4NGSWWXIQ25
        Teleflex, Inc.
        879369106
        
          
          
        
        12750.00000000
        NS
        USD
        4524082.50000000
        0.939335755593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks, Inc.
        635400H1WKBLOQERUU95
        Arista Networks, Inc.
        040413106
        
          
          
        
        38500.00000000
        NS
        USD
        5350730.00000000
        1.110972668497
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lululemon Athletica, Inc.
        549300D9GZ4BMLDW5T40
        Lululemon Athletica, Inc.
        550021109
        
          
          
        
        22800.00000000
        NS
        USD
        8327244.00000000
        1.728986603305
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bill.com Holdings, Inc.
        549300IBF9VZZIGOZW63
        Bill.com Holdings, Inc.
        090043100
        
          
          
        
        22148.00000000
        NS
        USD
        5022944.92000000
        1.042914615666
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paylocity Holding Corp.
        549300VH75FTB4DIEE07
        Paylocity Holding Corp.
        70438V106
        
          
          
        
        23450.00000000
        NS
        USD
        4825306.50000000
        1.001878928411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HealthEquity, Inc.
        529900LRJU1RAFQHM467
        HealthEquity, Inc.
        42226A107
        
          
          
        
        36300.00000000
        NS
        USD
        2448072.00000000
        0.508293463230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trane Technologies plc
        549300BURLR9SLYY2705
        Trane Technologies plc
        N/A
        
          
          
        
        35600.00000000
        NS
        USD
        5436120.00000000
        1.128702203749
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GLOBALFOUNDRIES, Inc.
        549300BA76VK784VMX48
        GLOBALFOUNDRIES, Inc.
        N/A
        
          
          
        
        18600.00000000
        NS
        USD
        1161012.00000000
        0.241061051444
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Chipotle Mexican Grill, Inc.
        N/A
        Chipotle Mexican Grill, Inc.
        169656105
        
          
          
        
        5430.00000000
        NS
        USD
        8590422.90000000
        1.783630467755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PTC Therapeutics, Inc.
        549300UJLWOIWFDGB318
        PTC Therapeutics, Inc.
        69366J200
        
          
          
        
        45300.00000000
        NS
        USD
        1690143.00000000
        0.350924580169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeva Systems, Inc.
        549300YZEXPDB92M2F02
        Veeva Systems, Inc., Class A
        922475108
        
          
          
        
        32100.00000000
        NS
        USD
        6819966.00000000
        1.416030303543
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ROBLOX Corp.
        N/A
        ROBLOX Corp., Class A
        771049103
        
          
          
        
        39700.00000000
        NS
        USD
        1835728.00000000
        0.381152410006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransDigm Group, Inc.
        N/A
        TransDigm Group, Inc.
        893641100
        
          
          
        
        10100.00000000
        NS
        USD
        6580554.00000000
        1.366321163200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MarketAxess Holdings, Inc.
        5493002U1CA1XJOVID83
        MarketAxess Holdings, Inc.
        57060D108
        
          
          
        
        10700.00000000
        NS
        USD
        3640140.00000000
        0.755802675429
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lyft, Inc.
        549300H7I5VN334XVZ52
        Lyft, Inc., Class A
        55087P104
        
          
          
        
        49300.00000000
        NS
        USD
        1893120.00000000
        0.393068717387
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Duck Creek Technologies, Inc.
        N/A
        Duck Creek Technologies, Inc.
        264120106
        
          
          
        
        92370.00000000
        NS
        USD
        2043224.40000000
        0.424234910751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSCI, Inc.
        549300HTIN2PD78UB763
        MSCI, Inc.
        55354G100
        
          
          
        
        13300.00000000
        NS
        USD
        6688304.00000000
        1.388693307754
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognex Corp.
        549300JQTYZCLC43S226
        Cognex Corp.
        192422103
        
          
          
        
        51700.00000000
        NS
        USD
        3988655.00000000
        0.828164883869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Levi Strauss & Co.
        MB0UERO0RDFKU8258G77
        Levi Strauss & Co., Class A
        52736R102
        
          
          
        
        100700.00000000
        NS
        USD
        1989832.00000000
        0.413149040766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darden Restaurants, Inc.
        CY1NFSCCB5GUXC7WZC70
        Darden Restaurants, Inc.
        237194105
        
          
          
        
        34100.00000000
        NS
        USD
        4533595.00000000
        0.941310837032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Datadog, Inc.
        549300F6JNO0KRPO1K63
        Datadog, Inc., Class A
        23804L103
        
          
          
        
        32700.00000000
        NS
        USD
        4953069.00000000
        1.028406270579
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Olaplex Holdings, Inc.
        N/A
        Olaplex Holdings, Inc.
        679369108
        
          
          
        
        59200.00000000
        NS
        USD
        925296.00000000
        0.192119311994
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANSYS, Inc.
        549300VJV8H15Z5FJ571
        ANSYS, Inc.
        03662Q105
        
          
          
        
        25000.00000000
        NS
        USD
        7941250.00000000
        1.648842625903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Five Below, Inc.
        529900AAXP5Z6BGI7418
        Five Below, Inc.
        33829M101
        
          
          
        
        31350.00000000
        NS
        USD
        4964899.50000000
        1.030862638618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Generac Holdings, Inc.
        529900S2H2AHJHSFFI84
        Generac Holdings, Inc.
        368736104
        
          
          
        
        15400.00000000
        NS
        USD
        4577804.00000000
        0.950489956648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HubSpot, Inc.
        529900BLNVEW0MVKJB37
        HubSpot, Inc.
        443573100
        
          
          
        
        11200.00000000
        NS
        USD
        5319328.00000000
        1.104452667724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Keysight Technologies, Inc.
        549300GLKVIO8YRCYN02
        Keysight Technologies, Inc.
        49338L103
        
          
          
        
        27350.00000000
        NS
        USD
        4320479.50000000
        0.897061641925
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVB Financial Group
        549300D2KJ20JMXE7542
        SVB Financial Group
        78486Q101
        
          
          
        
        7200.00000000
        NS
        USD
        4028040.00000000
        0.836342395825
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEX Corp.
        549300U5Y5EL6PHYLF13
        IDEX Corp.
        45167R104
        
          
          
        
        14550.00000000
        NS
        USD
        2789671.50000000
        0.579219805631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Okta, Inc.
        549300N8J06I8MRHU620
        Okta, Inc.
        679295105
        
          
          
        
        35500.00000000
        NS
        USD
        5359080.00000000
        1.112706379931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alnylam Pharmaceuticals, Inc.
        529900S3ZI14OWRJII50
        Alnylam Pharmaceuticals, Inc.
        02043Q107
        
          
          
        
        16700.00000000
        NS
        USD
        2726943.00000000
        0.566195480158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Petco Health & Wellness Co., Inc.
        N/A
        Petco Health & Wellness Co., Inc.
        71601V105
        
          
          
        
        126500.00000000
        NS
        USD
        2475605.00000000
        0.514010143101
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Expedia Group, Inc.
        N/A
        Expedia Group, Inc.
        30212P303
        
          
          
        
        15900.00000000
        NS
        USD
        3111153.00000000
        0.645969045441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monday.com Ltd.
        N/A
        Monday.com Ltd.
        N/A
        
          
          
        
        9200.00000000
        NS
        USD
        1454244.00000000
        0.301944844409
        Long
        EC
        CORP
        IL
        
        N
        
        1
        
          N
          N
          
        
      
      
        DexCom, Inc.
        549300YSK3QDSFR5EU59
        DexCom, Inc.
        252131107
        
          
          
        
        12488.00000000
        NS
        USD
        6388860.80000000
        1.326519882638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rockwell Automation, Inc.
        VH3R4HHBHH12O0EXZJ88
        Rockwell Automation, Inc.
        773903109
        
          
          
        
        20900.00000000
        NS
        USD
        5852627.00000000
        1.215181598755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BellRing Brands, Inc.
        549300S3BOK5CMTS8054
        BellRing Brands, Inc.
        07831C103
        
          
          
        
        126100.00000000
        NS
        USD
        2910388.00000000
        0.604284186031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        YETI Holdings, Inc.
        549300DSQICIGNT5GO63
        YETI Holdings, Inc.
        98585X104
        
          
          
        
        46000.00000000
        NS
        USD
        2759080.00000000
        0.572868089063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DraftKings, Inc.
        5493008P45UYYL683Z97
        DraftKings, Inc., Class A
        26142R104
        
          
          
        
        150533.00000000
        NS
        USD
        2930877.51000000
        0.608538425284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Certara, Inc.
        N/A
        Certara, Inc.
        15687V109
        
          
          
        
        57100.00000000
        NS
        USD
        1226508.00000000
        0.254659993251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ball Corp.
        0BGI85ALH27ZJP15DY16
        Ball Corp.
        058498106
        
          
          
        
        50100.00000000
        NS
        USD
        4509000.00000000
        0.936204174431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OneTrust LLC
        N/A
        OneTrust LLC, Series C
        N/A
        
          
        
        82367.00000000
        NS
        USD
        1318362.99000000
        0.273731855101
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Allegro MicroSystems, Inc.
        N/A
        Allegro MicroSystems, Inc.
        01749D105
        
          
          
        
        34559.00000000
        NS
        USD
        981475.60000000
        0.203783888627
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker, Inc.
        549300DJ09SMTO561131
        Stanley Black & Decker, Inc.
        854502101
        
          
          
        
        16846.00000000
        NS
        USD
        2354902.34000000
        0.488948636301
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insulet Corp.
        549300TZTYD2PYN92D43
        Insulet Corp.
        45784P101
        
          
          
        
        19800.00000000
        NS
        USD
        5274522.00000000
        1.095149592931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Delta Air Lines, Inc.
        Q2CCMS6R0AS67HJMBN42
        Delta Air Lines, Inc.
        247361702
        
          
          
        
        86300.00000000
        NS
        USD
        3414891.00000000
        0.709034200360
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avery Dennison Corp.
        549300PW7VPFCYKLIV37
        Avery Dennison Corp.
        053611109
        
          
          
        
        25800.00000000
        NS
        USD
        4488426.00000000
        0.931932392509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Figs, Inc.
        N/A
        Figs, Inc., Class A
        30260D103
        
          
          
        
        54500.00000000
        NS
        USD
        1172840.00000000
        0.243516900408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wynn Resorts Ltd.
        254900CEKKWIHTEAB172
        Wynn Resorts Ltd.
        983134107
        
          
          
        
        59000.00000000
        NS
        USD
        4704660.00000000
        0.976829082119
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Proterra, Inc.
        N/A
        Proterra, Inc.
        74374T109
        
          
          
        
        178000.00000000
        NS
        USD
        1338560.00000000
        0.277925362547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDEXX Laboratories, Inc.
        OGMTXK0LUU1HKV2P0J84
        IDEXX Laboratories, Inc.
        45168D104
        
          
          
        
        18650.00000000
        NS
        USD
        10202669.00000000
        2.118381305863
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zebra Technologies Corp.
        PO0I32GKZ3HZMMDPZZ08
        Zebra Technologies Corp., Class A
        989207105
        
          
          
        
        11100.00000000
        NS
        USD
        4592070.00000000
        0.953452007824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust Money Market Portfolio
        N/A
        Institutional Fiduciary Trust Money Market Portfolio
        8611239C3
        
          
        
        1817485.00000000
        NS
        USD
        1817485.00000000
        0.377364613875
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Coterra Energy, Inc.
        FCNMH6O7VWU7LHXMK351
        Coterra Energy, Inc.
        127097103
        
          
          
        
        129200.00000000
        NS
        USD
        3484524.00000000
        0.723492107940
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        West Pharmaceutical Services, Inc.
        5493007NKRGM1RJQ1P16
        West Pharmaceutical Services, Inc.
        955306105
        
          
          
        
        13400.00000000
        NS
        USD
        5503514.00000000
        1.142695227509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Databricks, Inc.
        N/A
        Databricks, Inc., Series G
        N/A
        
          
        
        8626.00000000
        NS
        USD
        1514496.24000000
        0.314455023740
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Black Knight, Inc.
        549300TUSNXS3BFFML48
        Black Knight, Inc.
        09215C105
        
          
          
        
        78200.00000000
        NS
        USD
        4534818.00000000
        0.941564768659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp.
        N/A
        Terreno Realty Corp.
        88146M101
        
          
          
        
        43950.00000000
        NS
        USD
        3254497.50000000
        0.675731680012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ares Management Corp.
        529900JUV61FH7B8VW38
        Ares Management Corp.
        03990B101
        
          
          
        
        61400.00000000
        NS
        USD
        4987522.00000000
        1.035559750824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newsela, Inc.
        N/A
        Newsela, Inc., Series D
        N/A
        
          
        
        48915.00000000
        NS
        USD
        882741.37000000
        0.183283689407
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Fanatics Holdings, Inc.
        N/A
        Fanatics Holdings, Inc.
        N/A
        
          
        
        94539.00000000
        NS
        USD
        6413525.76000000
        1.331641071043
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Avalara, Inc.
        549300Q16CMW239SS315
        Avalara, Inc.
        05338G106
        
          
          
        
        51900.00000000
        NS
        USD
        5164569.00000000
        1.072320039240
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avantor, Inc.
        N/A
        Avantor, Inc.
        05352A100
        
          
          
        
        141300.00000000
        NS
        USD
        4778766.00000000
        0.992215719190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransUnion
        549300ZS772LUNUMRB03
        TransUnion
        89400J107
        
          
          
        
        58900.00000000
        NS
        USD
        6086726.00000000
        1.263787600314
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inari Medical, Inc.
        N/A
        Inari Medical, Inc.
        45332Y109
        
          
          
        
        29400.00000000
        NS
        USD
        2664816.00000000
        0.553296044198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line, Inc.
        5299009TWK32WE417T96
        Old Dominion Freight Line, Inc.
        679580100
        
          
          
        
        24250.00000000
        NS
        USD
        7242990.00000000
        1.503862823988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Etsy, Inc.
        54930089Q7XT501AEA40
        Etsy, Inc.
        29786A106
        
          
          
        
        23900.00000000
        NS
        USD
        2970292.00000000
        0.616722060252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tradeweb Markets, Inc.
        N/A
        Tradeweb Markets, Inc., Class A
        892672106
        
          
          
        
        26000.00000000
        NS
        USD
        2284620.00000000
        0.474355906185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co.
        549300OJ9VZHZRO6I137
        Tractor Supply Co.
        892356106
        
          
          
        
        32837.00000000
        NS
        USD
        7663170.69000000
        1.591104987659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Copart, Inc.
        549300KVYX3JWMYEHU61
        Copart, Inc.
        217204106
        
          
          
        
        33800.00000000
        NS
        USD
        4240886.00000000
        0.880535634616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DocuSign, Inc.
        549300Q7PVDWRZ39JG09
        DocuSign, Inc.
        256163106
        
          
          
        
        50800.00000000
        NS
        USD
        5441696.00000000
        1.129859949253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiTime Corp.
        N/A
        SiTime Corp.
        82982T106
        
          
          
        
        27900.00000000
        NS
        USD
        6914178.00000000
        1.435591551643
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guardant Health, Inc.
        254900M8C3E5VC8BR186
        Guardant Health, Inc.
        40131M109
        
          
          
        
        52000.00000000
        NS
        USD
        3444480.00000000
        0.715177767741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allbirds, Inc.
        N/A
        Allbirds, Inc., Class A
        01675A109
        
          
          
        
        92392.00000000
        NS
        USD
        555275.92000000
        0.115292001389
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Synopsys, Inc.
        QG7T915N9S0NY5UKNE63
        Synopsys, Inc.
        871607107
        
          
          
        
        36750.00000000
        NS
        USD
        12247672.50000000
        2.542985611347
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seagen, Inc.
        N/A
        Seagen, Inc.
        81181C104
        
          
          
        
        22300.00000000
        NS
        USD
        3212315.00000000
        0.666973322818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MongoDB, Inc.
        549300TPTG69WKWE1Z37
        MongoDB, Inc.
        60937P106
        
          
          
        
        14600.00000000
        NS
        USD
        6476414.00000000
        1.344698563349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        21157700.00100000
        NS
        USD
        21157700.00000000
        4.392975617955
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalent, Inc.
        N/A
        Catalent, Inc.
        148806102
        
          
          
        
        26100.00000000
        NS
        USD
        2894490.00000000
        0.600983282512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fastenal Co.
        529900PP0C7H2HHPSJ32
        Fastenal Co.
        311900104
        
          
          
        
        130800.00000000
        NS
        USD
        7769520.00000000
        1.613186306792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BigCommerce Holdings, Inc.
        549300MOVEFQ78DMPG58
        BigCommerce Holdings, Inc., Series 1
        08975P108
        
          
          
        
        37200.00000000
        NS
        USD
        815052.00000000
        0.169229337941
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allbirds, Inc.
        N/A
        Allbirds, Inc., Class A
        01675A109
        
          
          
        
        122500.00000000
        NS
        USD
        736225.00000000
        0.152862479112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BLAIZE, Inc.
        N/A
        BLAIZE, Inc., Series D
        N/A
        
          
        
        206272.00000000
        NS
        USD
        1954422.46000000
        0.405796954015
        Long
        EC
        CORP
        US
        Y
        
        3
        
          N
          N
          N
        
      
      
        Vail Resorts, Inc.
        529900PSZHRNU9HKH870
        Vail Resorts, Inc.
        91879Q109
        
          
          
        
        12700.00000000
        NS
        USD
        3305429.00000000
        0.686306593055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Burlington Stores, Inc.
        5299003Z37DVGKKC1W09
        Burlington Stores, Inc.
        122017106
        
          
          
        
        22000.00000000
        NS
        USD
        4007740.00000000
        0.832127504554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alkami Technology, Inc.
        N/A
        Alkami Technology, Inc.
        01644J108
        
          
          
        
        57374.00000000
        NS
        USD
        821021.94000000
        0.170468877251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blaize, Inc. Ltd.
        N/A
        Blaize, Inc. Ltd., Series D
        N/A
        
          
        
        26474.00000000
        NS
        USD
        21337.01000000
        0.004430205773
        Long
        EC
        CORP
        GB
        Y
        
        3
        
          N
          N
          N
        
      
      
        Roku, Inc.
        549300KR6ITU0YIR1T71
        Roku, Inc.
        77543R102
        
          
          
        
        39356.00000000
        NS
        USD
        4930126.12000000
        1.023642637838
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudflare, Inc.
        5493007DY18BGNLDWU14
        Cloudflare, Inc., Class A
        18915M107
        
          
          
        
        49200.00000000
        NS
        USD
        5889240.00000000
        1.222783560041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monolithic Power Systems, Inc.
        529900TB7O85LSZ1XU31
        Monolithic Power Systems, Inc.
        609839105
        
          
          
        
        12250.00000000
        NS
        USD
        5949580.00000000
        1.235311960991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palo Alto Networks, Inc.
        549300QXR2YVZV231H43
        Palo Alto Networks, Inc.
        697435105
        
          
          
        
        12100.00000000
        NS
        USD
        7532371.00000000
        1.563947033391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-02
      Franklin Templeton Variable Insurance Products Trust
      Jeffrey W. White 
      Jeffrey W. White 
      Assistant Treasurer
    
  
  XXXX




Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
VIP-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
2
Franklin
DynaTech
VIP
Fund
29
Franklin
Global
Real
Estate
VIP
Fund
33
Franklin
Growth
and
Income
VIP
Fund
35
Franklin
Income
VIP
Fund
40
Franklin
Large
Cap
Growth
VIP
Fund
50
Franklin
Mutual
Global
Discovery
VIP
Fund
54
Franklin
Mutual
Shares
VIP
Fund
59
Franklin
Rising
Dividends
VIP
Fund
65
Franklin
Small
Cap
Value
VIP
Fund
68
Franklin
Small-Mid
Cap
Growth
VIP
Fund
72
Franklin
Strategic
Income
VIP
Fund
77
Franklin
U.S.
Government
Securities
VIP
Fund
107
Franklin
VolSmart
Allocation
VIP
Fund
111
Templeton
Developing
Markets
VIP
Fund
120
Templeton
Foreign
VIP
Fund
124
Templeton
Global
Bond
VIP
Fund
127
Templeton
Growth
VIP
Fund
134
Notes
to
Schedules
of
Investments
138
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Allocation
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
58.1%
Aerospace
&
Defense
1.7%
BAE
Systems
plc
.....................................
United
Kingdom
64,028
$
601,362
BWX
Technologies,
Inc.
................................
United
States
5,501
296,284
Curtiss-Wright
Corp.
...................................
United
States
643
96,553
Dassault
Aviation
SA
...................................
France
3,067
484,397
General
Dynamics
Corp.
................................
United
States
4,915
1,185,399
Huntington
Ingalls
Industries,
Inc.
.........................
United
States
257
51,256
Lockheed
Martin
Corp.
.................................
United
States
5,577
2,461,688
MTU
Aero
Engines
AG
.................................
Germany
6,500
1,503,524
Northrop
Grumman
Corp.
...............................
United
States
4,087
1,827,788
Raytheon
Technologies
Corp.
............................
United
States
23,411
2,319,328
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
215,152
282,946
Textron,
Inc.
.........................................
United
States
1,339
99,595
11,210,120
Air
Freight
&
Logistics
0.7%
CH
Robinson
Worldwide,
Inc.
............................
United
States
911
98,124
Deutsche
Post
AG
.....................................
Germany
17,177
820,345
DSV
A/S
............................................
Denmark
5,700
1,092,599
Expeditors
International
of
Washington,
Inc.
.................
United
States
2,019
208,280
United
Parcel
Service,
Inc.,
B
............................
United
States
9,925
2,128,516
4,347,864
Airlines
0.0%
a
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
162,581
301,586
Auto
Components
0.3%
a
Aptiv
plc
............................................
United
States
2,400
287,304
Bridgestone
Corp.
.....................................
Japan
8,900
345,503
a
Continental
AG
.......................................
Germany
5,382
385,868
Faurecia
SE
.........................................
France
14,847
386,204
Gentex
Corp.
........................................
United
States
1,746
50,931
Valeo
..............................................
France
22,517
415,967
1,871,777
Automobiles
0.6%
Bayerische
Motoren
Werke
AG
...........................
Germany
6,205
536,294
Honda
Motor
Co.
Ltd.
..................................
Japan
22,800
646,365
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
3,600
180,864
Stellantis
NV
.........................................
United
States
50,053
810,442
a
Tesla,
Inc.
...........................................
United
States
1,078
1,161,653
Thor
Industries,
Inc.
...................................
United
States
1,641
129,147
Toyota
Motor
Corp.
....................................
Japan
15,300
276,015
Yamaha
Motor
Co.
Ltd.
.................................
Japan
3,800
85,182
3,825,962
Banks
2.0%
Bank
Leumi
Le-Israel
BM
...............................
Israel
19,789
213,191
Bank
of
America
Corp.
.................................
United
States
19,136
788,786
Bank
OZK
...........................................
United
States
1,953
83,393
Barclays
plc
.........................................
United
Kingdom
153,754
298,071
Citigroup,
Inc.
........................................
United
States
1,455
77,697
Comerica,
Inc.
.......................................
United
States
4,125
373,024
DBS
Group
Holdings
Ltd.
...............................
Singapore
36,600
959,001
FinecoBank
Banca
Fineco
SpA
...........................
Italy
72,000
1,092,394
ING
Groep
NV
.......................................
Netherlands
102,058
1,065,725
Israel
Discount
Bank
Ltd.,
A
..............................
Israel
35,990
223,838
JPMorgan
Chase
&
Co.
.................................
United
States
5,985
815,875
Kasikornbank
PCL
....................................
Thailand
98,692
476,042
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
KB
Financial
Group,
Inc.
................................
South
Korea
15,896
$
794,870
KeyCorp
............................................
United
States
31,477
704,455
Lloyds
Banking
Group
plc
...............................
United
Kingdom
1,058,321
644,532
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
42,600
263,349
People's
United
Financial,
Inc.
............................
United
States
1,513
30,245
Pinnacle
Financial
Partners,
Inc.
..........................
United
States
946
87,108
Popular,
Inc.
.........................................
United
States
2,598
212,361
Raiffeisen
Bank
International
AG
..........................
Austria
8,379
118,973
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
19,385
657,045
Societe
Generale
SA
...................................
France
28,774
771,460
Standard
Chartered
plc
.................................
United
Kingdom
127,777
848,250
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
25,200
796,125
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
.................
Japan
81,800
512,886
Wintrust
Financial
Corp.
................................
United
States
1,897
176,288
13,084,984
Beverages
1.0%
a
Boston
Beer
Co.,
Inc.
(The),
A
............................
United
States
39
15,151
Brown-Forman
Corp.,
B
................................
United
States
6,591
441,729
Coca-Cola
Co.
(The)
...................................
United
States
7,774
481,988
a
Coca-Cola
HBC
AG,
DI
.................................
Italy
1,985
41,402
Constellation
Brands,
Inc.,
A
.............................
United
States
2,304
530,657
a
Monster
Beverage
Corp.
................................
United
States
13,369
1,068,183
PepsiCo,
Inc.
........................................
United
States
17,656
2,955,261
Pernod
Ricard
SA
.....................................
France
4,214
925,988
6,460,359
Biotechnology
1.7%
AbbVie,
Inc.
.........................................
United
States
14,535
2,356,269
Amgen,
Inc.
.........................................
United
States
4,736
1,145,259
a
Argenx
SE,
ADR
......................................
Netherlands
100
31,531
a
Biogen,
Inc.
.........................................
United
States
996
209,758
CSL
Ltd.
............................................
Australia
8,875
1,771,946
a
Genmab
A/S
.........................................
Denmark
3,600
1,300,345
Gilead
Sciences,
Inc.
..................................
United
States
26,177
1,556,223
a
Mirati
Therapeutics,
Inc.
................................
United
States
900
73,998
a
Moderna
,
Inc.
........................................
United
States
1,761
303,350
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
1,509
141,469
a
PTC
Therapeutics,
Inc.
.................................
United
States
1,400
52,234
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
2,334
1,630,112
a
United
Therapeutics
Corp.
...............................
United
States
111
19,914
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
1,592
415,464
11,007,872
Building
Products
0.8%
A
O
Smith
Corp.
......................................
United
States
1,871
119,538
AGC,
Inc.
...........................................
Japan
10,900
435,567
Allegion
plc
..........................................
United
States
3,177
348,771
a
Builders
FirstSource
,
Inc.
...............................
United
States
6,002
387,369
Carlisle
Cos.,
Inc.
.....................................
United
States
2,100
516,432
Cie
de
Saint-Gobain
...................................
France
11,702
696,368
Geberit
AG
..........................................
Switzerland
1,606
990,030
Johnson
Controls
International
plc
.........................
United
States
12,300
806,511
Lennox
International,
Inc.
...............................
United
States
181
46,673
Masco
Corp.
.........................................
United
States
1,562
79,662
Owens
Corning
.......................................
United
States
3,252
297,558
Trane
Technologies
plc
.................................
United
States
4,356
665,161
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Building
Products
(continued)
a
Trex
Co.,
Inc.
........................................
United
States
493
$
32,208
5,421,848
Capital
Markets
1.9%
Bank
of
New
York
Mellon
Corp.
(The)
......................
United
States
7,988
396,444
BlackRock,
Inc.
.......................................
United
States
965
737,424
Carlyle
Group,
Inc.
(The)
................................
United
States
5,251
256,826
Cboe
Global
Markets,
Inc.
...............................
United
States
882
100,918
Charles
Schwab
Corp.
(The)
.............................
United
States
12,531
1,056,489
Deutsche
Boerse
AG
...................................
Germany
6,600
1,188,233
Evercore
,
Inc.,
A
......................................
United
States
1,379
153,510
FactSet
Research
Systems,
Inc.
..........................
United
States
1,413
613,454
Intercontinental
Exchange,
Inc.
...........................
United
States
5,655
747,139
Intermediate
Capital
Group
plc
...........................
United
Kingdom
46,000
1,068,067
Invesco
Ltd.
.........................................
United
States
1,962
45,244
Jefferies
Financial
Group,
Inc.
............................
United
States
7,793
256,000
Lazard
Ltd.,
A
........................................
United
States
3,831
132,170
MarketAxess
Holdings,
Inc.
..............................
United
States
400
136,080
Moody's
Corp.
........................................
United
States
886
298,945
MSCI,
Inc.
...........................................
United
States
659
331,398
Nasdaq,
Inc.
.........................................
United
States
3,000
534,600
Partners
Group
Holding
AG
..............................
Switzerland
502
621,578
S&P
Global,
Inc.
......................................
United
States
4,949
2,029,981
SBI
Holdings,
Inc.
.....................................
Japan
2,300
58,038
SEI
Investments
Co.
...................................
United
States
657
39,558
T
Rowe
Price
Group,
Inc.
...............................
United
States
1,117
168,879
Tradeweb
Markets,
Inc.,
A
...............................
United
States
5,000
439,350
UBS
Group
AG
.......................................
Switzerland
67,019
1,309,639
12,719,964
Chemicals
2.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
7,904
1,975,289
Albemarle
Corp.
......................................
United
States
4,830
1,068,155
Arkema
SA
..........................................
France
443
52,963
BASF
SE
...........................................
Germany
1,949
111,226
Celanese
Corp.
.......................................
United
States
629
89,865
CF
Industries
Holdings,
Inc.
.............................
United
States
5,570
574,044
b
Covestro
AG,
144A,
Reg
S
..............................
Germany
18,186
915,888
a
Danimer
Scientific,
Inc.
.................................
United
States
700
4,102
Dow,
Inc.
...........................................
United
States
2,165
137,954
Ecolab,
Inc.
..........................................
United
States
6,021
1,063,068
Huntsman
Corp.
......................................
United
States
878
32,934
Koninklijke
DSM
NV
...................................
Netherlands
6,400
1,145,075
Linde
plc
............................................
United
Kingdom
8,185
2,614,535
LyondellBasell
Industries
NV,
A
...........................
United
States
4,678
480,992
Mitsubishi
Chemical
Holdings
Corp.
.......................
Japan
22,500
149,660
Mosaic
Co.
(The)
.....................................
United
States
3,939
261,943
NewMarket
Corp.
.....................................
United
States
47
15,246
Nitto
Denko
Corp.
.....................................
Japan
7,800
559,236
Novozymes
A/S,
B
....................................
Denmark
956
65,557
Olin
Corp.
...........................................
United
States
4,730
247,284
Sherwin-Williams
Co.
(The)
..............................
United
States
1,200
299,544
Sika
AG
............................................
Switzerland
3,400
1,124,903
Sumitomo
Chemical
Co.
Ltd.
.............................
Japan
33,900
155,241
Symrise
AG
.........................................
Germany
9,000
1,079,182
Tosoh
Corp.
.........................................
Japan
13,100
193,635
Westlake
Corp.
.......................................
United
States
1,063
131,174
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Chemicals
(continued)
Yara
International
ASA
.................................
Brazil
2,608
$
130,450
14,679,145
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
.........................................
United
States
2,719
1,156,635
a
Copart
,
Inc.
..........................................
United
States
1,327
166,499
Republic
Services,
Inc.
.................................
United
States
6,093
807,323
Rollins,
Inc.
..........................................
United
States
1,523
53,381
2,183,838
Communications
Equipment
0.3%
a
Arista
Networks,
Inc.
...................................
United
States
1,668
231,819
Cisco
Systems,
Inc.
...................................
United
States
14,719
820,731
a
F5,
Inc.
.............................................
United
States
384
80,237
Juniper
Networks,
Inc.
..................................
United
States
3,270
121,513
Motorola
Solutions,
Inc.
.................................
United
States
1,038
251,404
Telefonaktiebolaget
LM
Ericsson,
B
........................
Sweden
20,036
182,594
1,688,298
Construction
&
Engineering
0.0%
Quanta
Services,
Inc.
..................................
United
States
351
46,195
Sinopec
Engineering
Group
Co.
Ltd.,
H
.....................
China
270,500
137,798
183,993
Construction
Materials
0.1%
Eagle
Materials,
Inc.
...................................
United
States
101
12,965
James
Hardie
Industries
plc,
CDI
.........................
United
States
2,618
78,540
Martin
Marietta
Materials,
Inc.
............................
United
States
1,463
563,094
654,599
Consumer
Finance
0.0%
Synchrony
Financial
...................................
United
States
1,548
53,886
Containers
&
Packaging
0.0%
Amcor
plc
...........................................
United
States
4,121
46,691
Avery
Dennison
Corp.
..................................
United
States
352
61,237
International
Paper
Co.
.................................
United
States
1,489
68,717
Packaging
Corp.
of
America
.............................
United
States
581
90,700
Silgan
Holdings,
Inc.
...................................
United
States
217
10,032
277,377
Distributors
0.0%
Genuine
Parts
Co.
....................................
United
States
1,096
138,118
LKQ
Corp.
..........................................
United
States
1,859
84,417
Pool
Corp.
..........................................
United
States
277
117,130
339,665
Diversified
Consumer
Services
0.0%
a
Grand
Canyon
Education,
Inc.
............................
United
States
1,144
111,094
H&R
Block,
Inc.
.......................................
United
States
1,337
34,815
145,909
Diversified
Financial
Services
0.5%
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
3,017
1,064,730
EXOR
NV
...........................................
Netherlands
7,904
600,941
Investor
AB,
B
........................................
Sweden
53,000
1,151,315
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Financial
Services
(continued)
Sofina
SA
...........................................
Belgium
675
$
245,307
3,062,293
Diversified
Telecommunication
Services
0.5%
AT&T,
Inc.
...........................................
United
States
17,370
410,453
b
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
22,000
1,058,881
Deutsche
Telekom
AG
..................................
Germany
8,172
152,217
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
41,800
1,214,603
Verizon
Communications,
Inc.
............................
United
States
8,177
416,536
3,252,690
Electric
Utilities
0.4%
Alliant
Energy
Corp.
...................................
United
States
1,427
89,159
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,170
216,501
Duke
Energy
Corp.
....................................
United
States
1,670
186,472
Evergy
,
Inc.
..........................................
United
States
1,230
84,058
Exelon
Corp.
.........................................
United
States
2,649
126,172
Hawaiian
Electric
Industries,
Inc.
..........................
United
States
653
27,628
NextEra
Energy,
Inc.
...................................
United
States
8,692
736,299
NRG
Energy,
Inc.
.....................................
United
States
7,006
268,750
OGE
Energy
Corp.
....................................
United
States
524
21,369
PPL
Corp.
...........................................
United
States
3,349
95,648
Red
Electrica
Corp.
SA
.................................
Spain
24,285
498,664
Southern
Co.
(The)
....................................
United
States
6,919
501,697
2,852,417
Electrical
Equipment
0.7%
Acuity
Brands,
Inc.
....................................
United
States
1,159
219,399
AMETEK,
Inc.
........................................
United
States
2,618
348,665
a
Array
Technologies,
Inc.
................................
United
States
28,600
322,322
Eaton
Corp.
plc
.......................................
United
States
1,326
201,234
Emerson
Electric
Co.
..................................
United
States
22,524
2,208,478
a
Generac
Holdings,
Inc.
.................................
United
States
260
77,287
Hubbell,
Inc.
.........................................
United
States
183
33,630
Mitsubishi
Electric
Corp.
................................
Japan
50,400
578,101
nVent
Electric
plc
.....................................
United
States
8,700
302,586
Rockwell
Automation,
Inc.
...............................
United
States
789
220,944
4,512,646
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
A
....................................
United
States
11,866
894,103
a
Arrow
Electronics,
Inc.
.................................
United
States
2,235
265,138
Cognex
Corp.
........................................
United
States
1,387
107,007
Jabil,
Inc.
...........................................
United
States
4,733
292,168
a
Keysight
Technologies,
Inc.
..............................
United
States
3,585
566,322
Kyocera
Corp.
........................................
Japan
7,400
414,151
National
Instruments
Corp.
..............................
United
States
2,133
86,579
Shimadzu
Corp.
......................................
Japan
1,700
58,478
TE
Connectivity
Ltd.
...................................
Switzerland
7,749
1,014,964
3,698,910
Energy
Equipment
&
Services
0.1%
SBM
Offshore
NV
.....................................
Netherlands
45,253
717,474
a
Tecnicas
Reunidas
SA
.................................
Spain
12,121
103,271
820,745
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Entertainment
0.5%
Activision
Blizzard,
Inc.
.................................
United
States
2,975
$
238,327
a
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
17,200
1,168,337
Electronic
Arts,
Inc.
....................................
United
States
1,108
140,173
Nintendo
Co.
Ltd.
.....................................
Japan
900
454,342
a
ROBLOX
Corp.,
A
.....................................
United
States
5,300
245,072
a
Skillz
,
Inc.
...........................................
United
States
421
1,263
Square
Enix
Holdings
Co.
Ltd.
............................
Japan
1,100
48,735
a
Walt
Disney
Co.
(The)
..................................
United
States
6,112
838,322
World
Wrestling
Entertainment,
Inc.,
A
......................
United
States
119
7,430
3,142,001
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
Crown
Castle
International
Corp.
..........................
United
States
4,685
864,851
CubeSmart
..........................................
United
States
534
27,784
Extra
Space
Storage,
Inc.
...............................
United
States
985
202,516
Goodman
Group
......................................
Australia
33,319
566,345
Life
Storage,
Inc.
......................................
United
States
208
29,209
National
Retail
Properties,
Inc.
...........................
United
States
1,157
51,996
Orion
Office
REIT,
Inc.
..................................
United
States
241
3,374
Public
Storage
.......................................
United
States
5,723
2,233,572
Realty
Income
Corp.
...................................
United
States
2,396
166,043
Segro
plc
...........................................
United
Kingdom
63,260
1,112,135
Simon
Property
Group,
Inc.
..............................
United
States
633
83,277
SL
Green
Realty
Corp.
.................................
United
States
188
15,262
Spirit
Realty
Capital,
Inc.
................................
United
States
714
32,858
STORE
Capital
Corp.
..................................
United
States
1,416
41,390
VICI
Properties,
Inc.
...................................
United
States
1,922
54,700
Weyerhaeuser
Co.
....................................
United
States
14,455
547,845
WP
Carey,
Inc.
.......................................
United
States
1,056
85,367
6,118,524
Food
&
Staples
Retailing
0.9%
Albertsons
Cos.,
Inc.,
A
.................................
United
States
4,479
148,927
Casey's
General
Stores,
Inc.
.............................
United
States
221
43,795
Costco
Wholesale
Corp.
................................
United
States
960
552,816
Jeronimo
Martins
SGPS
SA
.............................
Portugal
5,315
127,524
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
41,129
1,323,115
Kroger
Co.
(The)
......................................
United
States
26,662
1,529,599
Sundrug
Co.
Ltd.
......................................
Japan
18,743
456,550
Walgreens
Boots
Alliance,
Inc.
...........................
United
States
4,477
200,435
Walmart,
Inc.
........................................
United
States
9,216
1,372,447
5,755,208
Food
Products
1.0%
Archer-Daniels-Midland
Co.
.............................
United
States
11,734
1,059,111
Bunge
Ltd.
..........................................
United
States
347
38,451
Campbell
Soup
Co.
....................................
United
States
847
37,751
Conagra
Brands,
Inc.
..................................
United
States
1,246
41,828
Flowers
Foods,
Inc.
....................................
United
States
7,122
183,107
General
Mills,
Inc.
.....................................
United
States
4,339
293,837
Hershey
Co.
(The)
....................................
United
States
5,532
1,198,397
Hormel
Foods
Corp.
...................................
United
States
1,884
97,101
Ingredion,
Inc.
........................................
United
States
415
36,167
J
M
Smucker
Co.
(The)
.................................
United
States
672
90,996
Kellogg
Co.
..........................................
United
States
1,491
96,155
Lamb
Weston
Holdings,
Inc.
.............................
United
States
2,032
121,737
McCormick
&
Co.,
Inc.
.................................
United
States
7,700
768,460
Nestle
SA
...........................................
Switzerland
11,826
1,537,601
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Tyson
Foods,
Inc.,
A
...................................
United
States
10,661
$
955,545
6,556,244
Gas
Utilities
0.2%
National
Fuel
Gas
Co.
..................................
United
States
2,931
201,360
Naturgy
Energy
Group
SA
...............................
Spain
3,981
119,285
Osaka
Gas
Co.
Ltd.
...................................
Japan
19,200
329,055
Tokyo
Gas
Co.
Ltd.
....................................
Japan
19,600
358,865
UGI
Corp.
...........................................
United
States
7,389
267,630
1,276,195
Health
Care
Equipment
&
Supplies
2.3%
Abbott
Laboratories
....................................
United
States
13,660
1,616,798
Alcon,
Inc.
...........................................
Switzerland
15,262
1,209,146
Becton
Dickinson
and
Co.
...............................
United
States
4,400
1,170,400
BioMerieux
..........................................
France
1,590
169,725
Cochlear
Ltd.
........................................
Australia
6,900
1,152,108
Cooper
Cos.,
Inc.
(The)
.................................
United
States
68
28,396
a
Edwards
Lifesciences
Corp.
.............................
United
States
4,921
579,300
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
......................
New
Zealand
8,544
143,360
Getinge
AB,
B
........................................
Sweden
1,528
60,859
GN
Store
Nord
A/S
....................................
Denmark
10,500
514,748
a
Haemonetics
Corp.
....................................
United
States
4,024
254,397
a
Hologic
,
Inc.
.........................................
United
States
8,208
630,539
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,706
933,284
a
Intuitive
Surgical,
Inc.
..................................
United
States
4,666
1,407,639
Medtronic
plc
........................................
United
States
9,800
1,087,310
Olympus
Corp.
.......................................
Japan
7,500
142,162
a
Quidel
Corp.
.........................................
United
States
1,318
148,222
ResMed
,
Inc.
........................................
United
States
884
214,379
Sonova
Holding
AG
....................................
Switzerland
1,610
672,559
Straumann
Holding
AG
.................................
Switzerland
74
118,155
Stryker
Corp.
........................................
United
States
7,992
2,136,661
Teleflex,
Inc.
.........................................
United
States
2,284
810,432
15,200,579
Health
Care
Providers
&
Services
1.0%
Cardinal
Health,
Inc.
...................................
United
States
786
44,566
Chemed
Corp.
.......................................
United
States
98
49,642
CVS
Health
Corp.
.....................................
United
States
14,717
1,489,507
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
9,055
606,865
a
Guardant
Health,
Inc.
..................................
United
States
1,300
86,112
a
Henry
Schein,
Inc.
.....................................
United
States
988
86,144
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
3,345
881,943
a
Molina
Healthcare,
Inc.
.................................
United
States
288
96,074
Premier,
Inc.,
A
.......................................
United
States
532
18,934
Quest
Diagnostics,
Inc.
.................................
United
States
4,260
583,024
Sonic
Healthcare
Ltd.
..................................
Australia
24,129
637,102
UnitedHealth
Group,
Inc.
................................
United
States
3,919
1,998,572
6,578,485
Health
Care
Technology
0.1%
Cerner
Corp.
.........................................
United
States
1,778
166,350
a
Certara
,
Inc.
.........................................
United
States
1,000
21,480
a
Veeva
Systems,
Inc.,
A
.................................
United
States
1,200
254,952
442,782
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
0.8%
a
Airbnb,
Inc.,
A
........................................
United
States
1,000
$
171,760
a
Booking
Holdings,
Inc.
.................................
United
States
253
594,158
Compass
Group
plc
...................................
United
Kingdom
19,540
420,535
Domino's
Pizza,
Inc.
...................................
United
States
1,127
458,700
b
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
.................
France
5,137
203,826
a
Las
Vegas
Sands
Corp.
.................................
United
States
8,338
324,098
McDonald's
Corp.
.....................................
United
States
9,449
2,336,549
Starbucks
Corp.
......................................
United
States
2,000
181,940
Yum!
Brands,
Inc.
.....................................
United
States
3,716
440,457
5,132,023
Household
Durables
0.3%
Barratt
Developments
plc
...............................
United
Kingdom
32,730
222,836
DR
Horton,
Inc.
.......................................
United
States
2,517
187,542
Garmin
Ltd.
..........................................
United
States
961
113,984
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...................
China
42,300
214,535
Iida
Group
Holdings
Co.
Ltd.
.............................
Japan
7,900
136,220
Lennar
Corp.,
A
.......................................
United
States
1,673
135,797
a
NVR,
Inc.
...........................................
United
States
37
165,289
Persimmon
plc
.......................................
United
Kingdom
1,925
53,984
PulteGroup,
Inc.
......................................
United
States
3,151
132,027
Sekisui
House
Ltd.
....................................
Japan
21,800
421,733
Sony
Group
Corp.
.....................................
Japan
3,548
365,048
Taylor
Wimpey
plc
.....................................
United
Kingdom
52,501
89,412
Whirlpool
Corp.
.......................................
United
States
169
29,200
2,267,607
Household
Products
0.5%
Church
&
Dwight
Co.,
Inc.
...............................
United
States
1,586
157,616
Colgate-Palmolive
Co.
.................................
United
States
18,371
1,393,073
Kimberly-Clark
Corp.
...................................
United
States
973
119,835
Procter
&
Gamble
Co.
(The)
.............................
United
States
12,270
1,874,856
3,545,380
Industrial
Conglomerates
0.9%
3M
Co.
.............................................
United
States
4,729
704,053
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
139,500
1,020,088
Hitachi
Ltd.
..........................................
Japan
20,846
1,043,350
Honeywell
International,
Inc.
.............................
United
States
5,400
1,050,732
Roper
Technologies,
Inc.
................................
United
States
4,200
1,983,366
5,801,589
Insurance
0.8%
Aegon
NV
...........................................
Netherlands
11,996
63,601
AIA
Group
Ltd.
.......................................
Hong
Kong
66,146
690,693
American
Financial
Group,
Inc.
...........................
United
States
2,180
317,452
Assured
Guaranty
Ltd.
.................................
United
States
184
11,713
Dai-ichi
Life
Holdings,
Inc.
...............................
Japan
38,900
790,576
Erie
Indemnity
Co.,
A
...................................
United
States
1,700
299,421
Fidelity
National
Financial,
Inc.
...........................
United
States
8,721
425,934
First
American
Financial
Corp.
............................
United
States
3,395
220,064
Japan
Post
Holdings
Co.
Ltd.
............................
Japan
75,200
552,355
MetLife,
Inc.
.........................................
United
States
3,760
264,253
NN
Group
NV
........................................
Netherlands
5,248
265,998
Old
Republic
International
Corp.
..........................
United
States
9,657
249,827
Progressive
Corp.
(The)
................................
United
States
2,532
288,623
Prudential
plc,
(GBP
Traded)
.............................
United
Kingdom
27,878
411,602
Prudential
plc,
(HKD
Traded)
.............................
United
Kingdom
6,200
89,607
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Swiss
Life
Holding
AG
..................................
Switzerland
952
$
610,047
5,551,766
Interactive
Media
&
Services
1.8%
a
Alphabet,
Inc.,
A
......................................
United
States
2,738
7,615,336
a
Alphabet,
Inc.,
C
......................................
United
States
786
2,195,290
b
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
12,552
103,628
a
Baidu,
Inc.,
ADR
......................................
China
1,585
209,696
a
Match
Group,
Inc.
.....................................
United
States
2,531
275,221
a
Meta
Platforms,
Inc.,
A
.................................
United
States
7,781
1,730,183
12,129,354
Internet
&
Direct
Marketing
Retail
1.4%
a
Alibaba
Group
Holding
Ltd.
..............................
China
48,393
660,410
a
Amazon.com,
Inc.
.....................................
United
States
1,590
5,183,320
a
boohoo
Group
plc
.....................................
United
Kingdom
225,000
260,680
eBay,
Inc.
...........................................
United
States
2,549
145,956
a,b
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
11,474
384,866
a
MercadoLibre
,
Inc.
....................................
Brazil
1,200
1,427,376
a
Prosus
NV
..........................................
China
6,718
362,336
Qurate
Retail,
Inc.,
A
...................................
United
States
1,467
6,983
a
Vipshop
Holdings
Ltd.,
ADR
.............................
China
41,900
377,100
ZOZO,
Inc.
..........................................
Japan
6,500
173,606
8,982,633
IT
Services
3.0%
Accenture
plc,
A
......................................
United
States
12,774
4,307,776
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
743
1,471,856
a
Akamai
Technologies,
Inc.
...............................
United
States
643
76,768
a
Amadeus
IT
Group
SA
.................................
Spain
23,017
1,496,725
Amdocs
Ltd.
.........................................
United
States
869
71,440
Automatic
Data
Processing,
Inc.
..........................
United
States
2,134
485,570
Capgemini
SE
........................................
France
530
117,625
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
6,958
623,924
a
DXC
Technology
Co.
...................................
United
States
19,100
623,233
a
EPAM
Systems,
Inc.
...................................
United
States
145
43,008
Fujitsu
Ltd.
..........................................
Japan
3,400
509,470
a
Gartner,
Inc.
.........................................
United
States
951
282,884
Genpact
Ltd.
.........................................
United
States
5,750
250,183
International
Business
Machines
Corp.
.....................
United
States
4,017
522,290
Jack
Henry
&
Associates,
Inc.
............................
United
States
491
96,752
Keywords
Studios
plc
..................................
Ireland
38,000
1,307,970
a
Marqeta
,
Inc.,
A
.......................................
United
States
3,700
40,848
Mastercard
,
Inc.,
A
....................................
United
States
6,055
2,163,936
a
Okta
,
Inc.
...........................................
United
States
1,700
256,632
Paychex,
Inc.
........................................
United
States
2,220
302,963
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
1,600
33,728
a
PayPal
Holdings,
Inc.
..................................
United
States
2,600
300,690
a
Shopify,
Inc.,
A
.......................................
Canada
1,600
1,081,536
a
Snowflake,
Inc.,
A
.....................................
United
States
1,700
389,521
a
Twilio
,
Inc.,
A
.........................................
United
States
1,762
290,395
Visa,
Inc.,
A
..........................................
United
States
10,954
2,429,269
Western
Union
Co.
(The)
................................
United
States
627
11,750
19,588,742
Leisure
Products
0.0%
Brunswick
Corp.
......................................
United
States
205
16,582
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
(continued)
Polaris,
Inc.
..........................................
United
States
158
$
16,641
33,223
Life
Sciences
Tools
&
Services
1.6%
a
10X
Genomics,
Inc.,
A
..................................
United
States
1,300
98,891
Agilent
Technologies,
Inc.
...............................
United
States
5,085
672,898
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
76
42,805
Danaher
Corp.
.......................................
United
States
4,787
1,404,171
Eurofins
Scientific
SE
..................................
Luxembourg
1,200
118,723
a
Evotec
SE
...........................................
Germany
34,000
1,023,289
a
Illumina,
Inc.
.........................................
United
States
2,446
854,632
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
2,028
2,784,829
Sartorius
Stedim
Biotech
................................
France
718
294,000
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,850
1,092,703
a
Waters
Corp.
........................................
United
States
2,131
661,441
West
Pharmaceutical
Services,
Inc.
........................
United
States
3,280
1,347,129
10,395,511
Machinery
1.1%
Allison
Transmission
Holdings,
Inc.
........................
United
States
615
24,145
Atlas
Copco
AB,
A
.....................................
Sweden
1,120
58,120
CNH
Industrial
NV
.....................................
United
Kingdom
10,159
160,034
Cummins,
Inc.
........................................
United
States
980
201,008
Deere
&
Co.
.........................................
United
States
2,186
908,196
Donaldson
Co.,
Inc.
...................................
United
States
4,700
244,071
Dover
Corp.
.........................................
United
States
5,900
925,710
GEA
Group
AG
.......................................
Germany
8,398
344,258
Graco
,
Inc.
..........................................
United
States
1,057
73,694
Illinois
Tool
Works,
Inc.
.................................
United
States
5,845
1,223,943
Ingersoll
Rand,
Inc.
....................................
United
States
7,726
389,004
Lincoln
Electric
Holdings,
Inc.
............................
United
States
237
32,661
MISUMI
Group,
Inc.
...................................
Japan
15,100
449,595
NGK
Insulators
Ltd.
....................................
Japan
3,800
54,214
Otis
Worldwide
Corp.
..................................
United
States
1,887
145,205
PACCAR,
Inc.
........................................
United
States
1,668
146,901
Pentair
plc
..........................................
United
States
9,121
494,449
a
Proterra
,
Inc.
.........................................
United
States
10,200
76,704
Snap-on,
Inc.
........................................
United
States
2,044
420,001
Stanley
Black
&
Decker,
Inc.
.............................
United
States
3,152
440,618
Techtronic
Industries
Co.
Ltd.
............................
Hong
Kong
17,500
280,378
Toro
Co.
(The)
.......................................
United
States
707
60,441
Toyota
Industries
Corp.
.................................
Japan
2,050
141,413
Xylem,
Inc.
..........................................
United
States
2,400
204,624
7,499,387
Marine
0.1%
Nippon
Yusen
KK
.....................................
Japan
1,600
139,976
SITC
International
Holdings
Co.
Ltd.
.......................
China
71,000
248,268
388,244
Media
0.6%
a,b
Ascential
plc,
144A,
Reg
S
..............................
United
Kingdom
255,000
1,161,132
Cable
One,
Inc.
.......................................
United
States
361
528,591
Comcast
Corp.,
A
.....................................
United
States
11,247
526,585
CyberAgent
,
Inc.
......................................
Japan
66,700
825,488
Fox
Corp.,
A
.........................................
United
States
841
33,177
Hakuhodo
DY
Holdings,
Inc.
.............................
Japan
4,400
55,240
a
Informa
plc
..........................................
United
Kingdom
47,733
374,017
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
(continued)
Interpublic
Group
of
Cos.,
Inc.
(The)
.......................
United
States
2,298
$
81,464
a
Nordic
Entertainment
Group
AB,
B
........................
Sweden
7,500
302,768
Omnicom
Group,
Inc.
..................................
United
States
1,430
121,378
4,009,840
Metals
&
Mining
0.7%
Anglo
American
plc
....................................
South
Africa
3,551
184,532
ArcelorMittal
SA
......................................
Luxembourg
20,106
644,165
a
Cleveland-Cliffs,
Inc.
...................................
United
States
704
22,676
Fortescue
Metals
Group
Ltd.
.............................
Australia
12,467
191,654
Newmont
Corp.
.......................................
United
States
3,233
256,862
Nucor
Corp.
.........................................
United
States
10,692
1,589,366
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
327
59,955
Rio
Tinto
Ltd.
........................................
Australia
684
61,154
South32
Ltd.
.........................................
Australia
140,991
535,982
Southern
Copper
Corp.
.................................
Peru
302
22,922
Steel
Dynamics,
Inc.
...................................
United
States
1,224
102,118
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
13,465
682,270
United
States
Steel
Corp.
...............................
United
States
413
15,587
Wheaton
Precious
Metals
Corp.
..........................
Brazil
9,047
430,189
4,799,432
Multiline
Retail
0.4%
Dollar
General
Corp.
...................................
United
States
1,554
345,967
Kohl's
Corp.
.........................................
United
States
3,751
226,786
Next
plc
............................................
United
Kingdom
4,672
367,484
Seria
Co.
Ltd.
........................................
Japan
11,548
262,216
Target
Corp.
.........................................
United
States
8,287
1,758,667
2,961,120
Multi-Utilities
0.4%
Ameren
Corp.
........................................
United
States
1,291
121,044
Consolidated
Edison,
Inc.
...............................
United
States
2,071
196,082
DTE
Energy
Co.
......................................
United
States
6,082
804,101
E.ON
SE
............................................
Germany
73,603
855,247
NiSource,
Inc.
........................................
United
States
5,960
189,528
Sempra
Energy
.......................................
United
States
587
98,686
WEC
Energy
Group,
Inc.
................................
United
States
1,270
126,759
2,391,447
Oil,
Gas
&
Consumable
Fuels
1.6%
APA
Corp.
...........................................
United
States
9,286
383,790
BP
plc
..............................................
United
Kingdom
390,842
1,916,202
Chevron
Corp.
.......................................
United
States
8,395
1,366,958
ConocoPhillips
.......................................
United
States
17,857
1,785,700
Continental
Resources,
Inc.
.............................
United
States
1,857
113,890
Coterra
Energy,
Inc.
...................................
United
States
3,027
81,638
Devon
Energy
Corp.
...................................
United
States
1,439
85,088
EOG
Resources,
Inc.
..................................
United
States
3,800
453,074
Equinor
ASA
.........................................
Norway
14,379
536,977
Exxon
Mobil
Corp.
.....................................
United
States
11,879
981,086
Galp
Energia
SGPS
SA,
B
..............................
Portugal
35,794
452,594
Lundin
Energy
AB
.....................................
Sweden
9,685
406,420
Shell
plc
............................................
Netherlands
48,862
1,339,347
Texas
Pacific
Land
Corp.
................................
United
States
8
10,817
TotalEnergies
SE
.....................................
France
12,808
648,167
10,561,748
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
.................................
United
States
3,031
$
188,286
a
Sylvamo
Corp.
.......................................
United
States
136
4,526
192,812
Personal
Products
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
2,005
546,002
a
Herbalife
Nutrition
Ltd.
.................................
United
States
3,148
95,573
L'Oreal
SA
..........................................
France
3,586
1,432,605
a
Olaplex
Holdings,
Inc.
..................................
United
States
1,600
25,008
Unilever
plc
..........................................
United
Kingdom
7,162
325,200
2,424,388
Pharmaceuticals
2.9%
Astellas
Pharma,
Inc.
..................................
Japan
10,000
156,268
AstraZeneca
plc
......................................
United
Kingdom
6,236
827,038
AstraZeneca
plc,
ADR
..................................
United
Kingdom
9,014
597,989
Bayer
AG
...........................................
Germany
16,344
1,118,066
Bristol-Myers
Squibb
Co.
................................
United
States
7,355
537,136
a
Catalent
,
Inc.
........................................
United
States
10,789
1,196,500
Eli
Lilly
&
Co.
........................................
United
States
6,622
1,896,342
GlaxoSmithKline
plc
...................................
United
States
21,090
456,358
Hikma
Pharmaceuticals
plc
..............................
Jordan
39,000
1,052,222
Ipsen
SA
............................................
France
1,887
236,237
Johnson
&
Johnson
...................................
United
States
12,511
2,217,325
Merck
&
Co.,
Inc.
.....................................
United
States
5,458
447,829
Novo
Nordisk
A/S,
B
...................................
Denmark
12,306
1,365,137
Organon
&
Co.
.......................................
United
States
8,157
284,924
Orion
OYJ,
B
........................................
Finland
5,764
261,818
Otsuka
Holdings
Co.
Ltd.
...............................
Japan
6,800
234,954
Pfizer,
Inc.
...........................................
United
States
65,520
3,391,970
Recordati
Industria
Chimica
e
Farmaceutica
SpA
..............
Italy
5,649
283,276
Roche
Holding
AG
....................................
Switzerland
3,544
1,402,226
Roche
Holding
AG,
BR
.................................
Switzerland
160
69,976
Sanofi
..............................................
France
3,145
321,587
Takeda
Pharmaceutical
Co.
Ltd.,
ADR
......................
Japan
29,604
423,929
Zoetis,
Inc.
..........................................
United
States
1,811
341,536
19,120,643
Professional
Services
0.9%
Adecco
Group
AG
.....................................
Switzerland
14,695
666,588
Booz
Allen
Hamilton
Holding
Corp.
........................
United
States
702
61,664
a
Clarivate
plc
.........................................
United
States
69,000
1,156,440
a
CoStar
Group,
Inc.
....................................
United
States
6,500
432,965
Equifax,
Inc.
.........................................
United
States
1,890
448,119
Experian
plc
.........................................
United
Kingdom
27,000
1,040,271
a
FTI
Consulting,
Inc.
....................................
United
States
138
21,696
ManpowerGroup
,
Inc.
..................................
United
States
143
13,431
Persol
Holdings
Co.
Ltd.
................................
Japan
5,100
114,286
Randstad
NV
........................................
Netherlands
6,102
367,115
RELX
plc
...........................................
United
Kingdom
9,254
287,986
Robert
Half
International,
Inc.
............................
United
States
4,405
502,963
Verisk
Analytics,
Inc.
...................................
United
States
1,161
249,185
Wolters
Kluwer
NV
....................................
Netherlands
4,634
494,081
5,856,790
Real
Estate
Management
&
Development
0.3%
a
CBRE
Group,
Inc.,
A
...................................
United
States
10,530
963,706
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
30,500
208,482
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
a
Jones
Lang
LaSalle,
Inc.
................................
United
States
1,574
$
376,910
LEG
Immobilien
SE
....................................
Germany
3,864
440,084
1,989,182
Road
&
Rail
1.0%
AMERCO
...........................................
United
States
24
14,327
Canadian
Pacific
Railway
Ltd.
............................
Canada
8,660
714,796
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
4,324
868,216
Knight-Swift
Transportation
Holdings,
Inc.
...................
United
States
5,298
267,337
Landstar
System,
Inc.
..................................
United
States
1,439
217,044
Nippon
Express
Holdings,
Inc.
............................
Japan
3,200
219,870
Norfolk
Southern
Corp.
.................................
United
States
2,500
713,050
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
2,118
632,604
Ryder
System,
Inc.
....................................
United
States
1,720
136,448
Schneider
National,
Inc.,
B
..............................
United
States
237
6,043
a
Uber
Technologies,
Inc.
.................................
United
States
4,038
144,076
Union
Pacific
Corp.
....................................
United
States
10,170
2,778,546
6,712,357
Semiconductors
&
Semiconductor
Equipment
3.4%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
3,432
375,255
Analog
Devices,
Inc.
...................................
United
States
9,000
1,486,620
Applied
Materials,
Inc.
..................................
United
States
3,344
440,739
ASML
Holding
NV
.....................................
Netherlands
1,954
1,305,883
ASML
Holding
NV,
NYRS
...............................
Netherlands
1,622
1,083,382
Broadcom,
Inc.
.......................................
United
States
391
246,205
Intel
Corp.
...........................................
United
States
22,389
1,109,599
KLA
Corp.
...........................................
United
States
955
349,587
Lam
Research
Corp.
...................................
United
States
588
316,115
Micron
Technology,
Inc.
.................................
United
States
17,919
1,395,711
Monolithic
Power
Systems,
Inc.
...........................
United
States
2,185
1,061,211
NVIDIA
Corp.
........................................
United
States
8,997
2,454,921
NXP
Semiconductors
NV
...............................
China
5,431
1,005,169
QUALCOMM,
Inc.
.....................................
United
States
9,890
1,511,390
Skyworks
Solutions,
Inc.
................................
United
States
1,167
155,538
STMicroelectronics
NV
.................................
Singapore
27,935
1,214,331
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
41,586
853,656
Teradyne,
Inc.
........................................
United
States
538
63,608
Texas
Instruments,
Inc.
.................................
United
States
27,010
4,955,795
Tokyo
Electron
Ltd.
....................................
Japan
1,700
873,162
22,257,877
Software
5.2%
a
Adobe,
Inc.
..........................................
United
States
1,468
668,850
a
AppLovin
Corp.,
A
.....................................
United
States
1,100
60,577
a
Aspen
Technology,
Inc.
.................................
United
States
381
63,006
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,200
352,596
a
Autodesk,
Inc.
........................................
United
States
3,242
694,923
a
Avalara,
Inc.
.........................................
United
States
3,680
366,197
AVEVA
Group
plc
.....................................
United
Kingdom
29,000
926,349
a
Bill.com
Holdings,
Inc.
..................................
United
States
4,400
997,876
a
Cadence
Design
Systems,
Inc.
...........................
United
States
4,452
732,176
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,500
207,390
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
500
113,540
a
CyberArk
Software
Ltd.
.................................
United
States
8,900
1,501,875
a
Dropbox,
Inc.,
A
......................................
United
States
3,759
87,397
a
Fair
Isaac
Corp.
......................................
United
States
355
165,593
a
Fortinet,
Inc.
.........................................
United
States
569
194,450
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Gitlab
,
Inc.,
A
........................................
United
States
500
$
27,225
a
HashiCorp
,
Inc.,
A
.....................................
United
States
900
48,600
Intuit,
Inc.
...........................................
United
States
5,821
2,798,970
a
Manhattan
Associates,
Inc.
..............................
United
States
768
106,529
Microsoft
Corp.
.......................................
United
States
51,729
15,948,568
a
Nice
Ltd.,
ADR
.......................................
Israel
4,600
1,007,400
Oracle
Corp.
.........................................
United
States
9,263
766,328
Oracle
Corp.
Japan
....................................
Japan
2,000
138,611
a
Paycom
Software,
Inc.
.................................
United
States
700
242,466
a
Procore
Technologies,
Inc.
..............................
United
States
300
17,388
a
PTC,
Inc.
...........................................
United
States
4,921
530,090
Sage
Group
plc
(The)
..................................
United
Kingdom
9,117
83,543
a
salesforce.com,
Inc.
...................................
United
States
2,353
499,589
a
ServiceNow
,
Inc.
......................................
United
States
3,455
1,924,055
SimCorp
A/S
.........................................
Denmark
12,500
916,768
a
Synopsys,
Inc.
.......................................
United
States
2,477
825,510
a
Teradata
Corp.
.......................................
United
States
3,080
151,813
Trend
Micro,
Inc.
......................................
Japan
1,100
64,246
a
Tyler
Technologies,
Inc.
.................................
United
States
796
354,132
WiseTech
Global
Ltd.
..................................
Australia
4,730
178,043
a
Workday,
Inc.,
A
......................................
United
States
3,220
771,061
a
Zoom
Video
Communications,
Inc.,
A
......................
United
States
582
68,228
34,601,958
Specialty
Retail
0.9%
a
AutoNation,
Inc.
......................................
United
States
1,435
142,897
a
AutoZone,
Inc.
.......................................
United
States
197
402,782
Bath
&
Body
Works,
Inc.
................................
United
States
1,673
79,969
Best
Buy
Co.,
Inc.
.....................................
United
States
2,767
251,520
Dick's
Sporting
Goods,
Inc.
..............................
United
States
2,161
216,143
Foot
Locker,
Inc.
......................................
United
States
762
22,601
Home
Depot,
Inc.
(The)
.................................
United
States
3,938
1,178,762
Kingfisher
plc
........................................
United
Kingdom
115,754
386,376
Lithia
Motors,
Inc.,
A
...................................
United
States
308
92,437
Lowe's
Cos.,
Inc.
......................................
United
States
6,091
1,231,539
a
O'Reilly
Automotive,
Inc.
................................
United
States
627
429,470
Penske
Automotive
Group,
Inc.
...........................
United
States
1,074
100,655
Ross
Stores,
Inc.
.....................................
United
States
7,000
633,220
Tractor
Supply
Co.
....................................
United
States
834
194,631
a
Ulta
Beauty,
Inc.
......................................
United
States
231
91,989
a
Victoria's
Secret
&
Co.
.................................
United
States
121
6,215
Williams-Sonoma,
Inc.
.................................
United
States
2,336
338,720
5,799,926
Technology
Hardware,
Storage
&
Peripherals
1.8%
Apple,
Inc.
..........................................
United
States
53,257
9,299,205
Brother
Industries
Ltd.
..................................
Japan
9,600
174,602
Canon,
Inc.
..........................................
Japan
12,400
302,275
a
Dell
Technologies,
Inc.,
C
...............................
United
States
379
19,022
Elecom
Co.
Ltd.
......................................
Japan
11,500
138,146
Hewlett
Packard
Enterprise
Co.
...........................
United
States
9,024
150,791
HP,
Inc.
.............................................
United
States
27,698
1,005,437
NetApp,
Inc.
.........................................
United
States
1,519
126,077
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
16,938
967,124
12,182,679
Textiles,
Apparel
&
Luxury
Goods
0.6%
Burberry
Group
plc
....................................
United
Kingdom
3,007
65,647
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Carter's,
Inc.
.........................................
United
States
277
$
25,481
a
Deckers
Outdoor
Corp.
.................................
United
States
315
86,238
Hermes
International
...................................
France
467
661,057
a
Lululemon
Athletica
,
Inc.
................................
United
States
498
181,884
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
420
299,836
NIKE,
Inc.,
B
.........................................
United
States
16,752
2,254,149
Pandora
A/S
.........................................
Denmark
2,038
194,178
Swatch
Group
AG
(The)
................................
Switzerland
1,163
63,286
Tapestry,
Inc.
........................................
United
States
2,197
81,619
3,913,375
Thrifts
&
Mortgage
Finance
0.1%
Housing
Development
Finance
Corp.
Ltd.
...................
India
21,075
657,650
MGIC
Investment
Corp.
.................................
United
States
10,476
141,950
New
York
Community
Bancorp,
Inc.
........................
United
States
1,185
12,703
812,303
Tobacco
0.3%
Altria
Group,
Inc.
......................................
United
States
9,569
499,980
British
American
Tobacco
plc
.............................
United
Kingdom
5,342
224,366
Imperial
Brands
plc
....................................
United
Kingdom
37,413
788,156
Philip
Morris
International,
Inc.
...........................
United
States
4,769
448,000
1,960,502
Trading
Companies
&
Distributors
0.8%
Fastenal
Co.
.........................................
United
States
17,368
1,031,659
Ferguson
plc
.........................................
United
States
3,807
515,811
ITOCHU
Corp.
.......................................
Japan
2,000
67,660
Marubeni
Corp.
.......................................
Japan
80,200
931,414
Mitsubishi
Corp.
......................................
Japan
37,700
1,414,933
MSC
Industrial
Direct
Co.,
Inc.,
A
..........................
United
States
285
24,285
Watsco
,
Inc.
.........................................
United
States
545
166,029
WW
Grainger,
Inc.
.....................................
United
States
1,639
845,380
4,997,171
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
..........................
United
States
2,719
450,076
Wireless
Telecommunication
Services
0.1%
KDDI
Corp.
..........................................
Japan
22,600
741,070
a
T-Mobile
US,
Inc.
.....................................
United
States
692
88,818
829,888
Total
Common
Stocks
(Cost
$287,922,825)
.....................................
383,869,738
Management
Investment
Companies
3.1%
Capital
Markets
3.1%
Schwab
U.S.
TIPS
ETF
.................................
United
States
219,598
13,331,795
a,c
Templeton
Global
Bond
VIP
Fund,
Class
1
..................
United
States
511,021
7,113,412
20,445,207
Total
Management
Investment
Companies
(Cost
$21,720,257)
....................
20,445,207
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.1%
Automobiles
0.1%
d
Bayerische
Motoren
Werke
AG,
2.74%
.....................
Germany
3,425
$
265,330
Health
Care
Equipment
&
Supplies
0.0%
d
Sartorius
AG,
0.32%
...................................
Germany
241
106,378
Total
Preferred
Stocks
(Cost
$444,350)
.........................................
371,708
Principal
Amount
*
Corporate
Bonds
10.1%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond,
3.5%,
3/01/39
............................
United
States
300,000
259,170
Senior
Note,
2.196%,
2/04/26
..........................
United
States
350,000
331,286
Northrop
Grumman
Corp.
,
Senior
Bond
,
5.25
%
,
5/01/50
........
United
States
100,000
125,118
Raytheon
Technologies
Corp.
,
Senior
Bond
,
4.5
%
,
6/01/42
......
United
States
300,000
332,007
1,047,581
Air
Freight
&
Logistics
0.1%
FedEx
Corp.
,
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
447,831
Senior
Bond,
4.75%,
11/15/45
..........................
United
States
100,000
106,982
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.......
United
States
100,000
105,375
660,188
Airlines
0.1%
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
525,000
528,463
Banks
1.6%
b
Banco
de
Chile
,
Senior
Bond
,
144A,
2.99
%
,
12/09/31
..........
Chile
200,000
184,851
Bancolombia
SA
,
Senior
Note
,
3
%
,
1/29/25
..................
Colombia
650,000
632,970
Bank
of
America
Corp.
,
L
,
Sub.
Bond
,
4.183
%
,
11/25/27
........
United
States
960,000
979,952
b
BNP
Paribas
SA
,
Senior
Bond
,
144A,
3.052%
to
1/13/30,
FRN
thereafter
,
1/13/31
...................................
France
200,000
187,441
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/03/30,
FRN
thereafter,
6/03/31
.....
United
States
700,000
642,536
Senior
Bond,
3.057%
to
1/25/32,
FRN
thereafter,
1/25/33
.....
United
States
100,000
93,540
Senior
Note,
3.352%
to
4/24/24,
FRN
thereafter,
4/24/25
......
United
States
1,100,000
1,103,195
Credit
Suisse
Group
Funding
Guernsey
Ltd.
,
Senior
Note
,
3.8
%
,
9/15/22
...........................................
Switzerland
1,200,000
1,212,650
HSBC
Holdings
plc
,
Senior
Bond,
2.357%
to
8/18/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
200,000
177,755
Senior
Note,
1.645%
to
8/18/25,
FRN
thereafter,
4/18/26
......
United
Kingdom
525,000
494,525
Senior
Note,
2.013%
to
9/22/27,
FRN
thereafter,
9/22/28
......
United
Kingdom
300,000
272,361
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
5/01/27,
FRN
thereafter,
5/01/28
......
United
States
1,200,000
1,204,678
Sub.
Bond,
2.956%
to
5/13/30,
FRN
thereafter,
5/13/31
.......
United
States
300,000
281,229
e
PNC
Financial
Services
Group,
Inc.
(The)
,
T
,
Junior
Sub.
Bond
,
3.4%
to
9/15/26,
FRN
thereafter
,
Perpetual
.....................
United
States
400,000
361,200
b
Standard
Chartered
plc
,
Senior
Note
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
470,000
474,418
SVB
Financial
Group
,
Senior
Note
,
3.125
%
,
6/05/30
...........
United
States
100,000
96,256
Truist
Bank
,
Sub.
Note
,
2.25
%
,
3/11/30
.....................
United
States
400,000
367,095
Truist
Financial
Corp.
,
Sub.
Note
,
3.875
%
,
3/19/29
............
United
States
860,000
877,417
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
b
UniCredit
SpA
,
Senior
Note
,
144A,
1.982%
to
6/03/26,
FRN
thereafter
,
6/03/27
...................................
Italy
500,000
$
451,360
US
Bancorp
,
Sub.
Note
,
3
%
,
7/30/29
.......................
United
States
300,000
294,333
Wells
Fargo
&
Co.
,
Senior
Bond
,
2.879%
to
10/30/29,
FRN
thereafter
,
10/30/30
..................................
United
States
200,000
190,307
10,580,069
Beverages
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
............................
Belgium
100,000
111,374
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
3.5%,
6/01/30
............................
Belgium
420,000
426,484
Senior
Bond,
5.8%,
1/23/59
............................
Belgium
250,000
316,913
Constellation
Brands,
Inc.
,
Senior
Bond
,
2.25
%
,
8/01/31
........
United
States
450,000
396,991
1,251,762
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond,
4.85%,
6/15/44
...........................
United
States
400,000
445,187
Senior
Bond,
4.75%,
3/15/45
...........................
United
States
300,000
327,877
Senior
Bond,
4.25%,
11/21/49
..........................
United
States
370,000
385,361
Amgen,
Inc.
,
Senior
Note
,
2.45
%
,
2/21/30
...................
United
States
980,000
925,148
2,083,573
Building
Products
0.1%
Carrier
Global
Corp.
,
Senior
Bond
,
3.577
%
,
4/05/50
...........
United
States
430,000
394,919
Capital
Markets
0.3%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
3.5%,
1/23/25
............................
United
States
425,000
428,826
Sub.
Note,
4.25%,
10/21/25
...........................
United
States
400,000
410,176
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/22/27,
FRN
thereafter,
7/22/28
.....
United
States
1,060,000
1,064,181
Senior
Bond,
3.622%
to
4/01/30,
FRN
thereafter,
4/01/31
.....
United
States
300,000
298,825
2,202,008
Chemicals
0.1%
CF
Industries,
Inc.
,
Senior
Bond
,
5.15
%
,
3/15/34
..............
United
States
400,000
445,192
b
Yara
International
ASA
,
Senior
Note
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
93,389
538,581
Consumer
Finance
0.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
200,000
179,661
Capital
One
Financial
Corp.
,
Senior
Note
,
3.75
%
,
3/09/27
.......
United
States
435,000
438,950
618,611
Containers
&
Packaging
0.0%
WRKCo
,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
235,000
219,938
Diversified
Financial
Services
0.3%
b
CK
Hutchison
International
19
Ltd.
,
Senior
Note
,
144A,
3.25
%
,
4/11/24
...........................................
United
Kingdom
635,000
639,505
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
700,000
618,561
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Financial
Services
(continued)
b
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.......
Japan
500,000
$
452,908
1,710,974
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/41
.....................
United
States
525,000
484,740
Orange
SA
,
Senior
Bond
,
8.75
%
,
3/01/31
...................
France
300,000
417,401
Verizon
Communications,
Inc.
,
Senior
Bond,
1.75%,
1/20/31
...........................
United
States
200,000
174,652
Senior
Bond,
2.55%,
3/21/31
...........................
United
States
200,000
186,089
b
Senior
Bond,
144A,
2.355%,
3/15/32
.....................
United
States
710,000
642,479
Senior
Bond,
2.85%,
9/03/41
...........................
United
States
400,000
353,266
2,258,627
Electric
Utilities
0.6%
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
213,375
Duke
Energy
Corp.
,
Senior
Bond
,
3.75
%
,
9/01/46
.............
United
States
200,000
189,370
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
260,990
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.25
%
,
7/12/31
Italy
400,000
354,905
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
850,000
878,591
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
700,000
709,697
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
............
United
States
700,000
702,972
b
State
Grid
Overseas
Investment
BVI
Ltd.
,
Senior
Note
,
144A,
3.5
%
,
5/04/27
...........................................
China
600,000
605,108
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
232,946
4,147,954
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.875
%
,
5/12/30
.....................
United
States
600,000
627,908
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond
,
4.08
%
,
12/15/47
................................
United
States
485,000
491,968
b
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.75
%
,
5/01/24
.
United
States
410,000
417,732
909,700
Entertainment
0.1%
b
Magallanes,
Inc.
,
Senior
Bond,
144A,
5.05%,
3/15/42
......................
United
States
200,000
204,421
Senior
Note,
144A,
4.054%,
3/15/29
.....................
United
States
100,000
100,611
Netflix,
Inc.
,
Senior
Bond
,
5.75
%
,
3/01/24
...................
United
States
400,000
420,460
Walt
Disney
Co.
(The)
,
Senior
Bond
,
2.65
%
,
1/13/31
...........
United
States
200,000
191,253
916,745
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
4.9
%
,
12/15/30
United
States
50,000
55,347
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
..............
United
States
360,000
329,867
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
100,000
93,042
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
595,000
592,150
1,070,406
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
&
Staples
Retailing
0.1%
Kroger
Co.
(The)
,
Senior
Bond
,
5.4
%
,
1/15/49
................
United
States
400,000
$
481,534
Food
Products
0.1%
b
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
400,000
374,077
b
JBS
Finance
Luxembourg
SARL
,
Senior
Bond
,
144A,
3.625
%
,
1/15/32
...........................................
United
States
400,000
366,896
740,973
Health
Care
Equipment
&
Supplies
0.1%
STERIS
Irish
FinCo
.
UnLtd
.
Co.
,
Senior
Bond,
3.75%,
3/15/51
...........................
United
States
250,000
233,468
Senior
Note,
2.7%,
3/15/31
............................
United
States
200,000
183,383
416,851
Health
Care
Providers
&
Services
0.5%
Anthem,
Inc.
,
Senior
Bond
,
5.1
%
,
1/15/44
...................
United
States
400,000
462,736
Centene
Corp.
,
Senior
Note
,
3
%
,
10/15/30
..................
United
States
450,000
414,005
Cigna
Corp.
,
Senior
Bond,
2.375%,
3/15/31
..........................
United
States
400,000
366,817
Senior
Note,
3.05%,
10/15/27
..........................
United
States
550,000
546,032
CVS
Health
Corp.
,
Senior
Bond,
5.3%,
12/05/43
...........................
United
States
500,000
583,662
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
200,000
226,420
HCA,
Inc.
,
Senior
Secured
Bond
,
4.5
%
,
2/15/27
..............
United
States
408,000
421,998
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
600,000
562,003
3,583,673
Hotels,
Restaurants
&
Leisure
0.1%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
650,000
596,876
Household
Durables
0.1%
MDC
Holdings,
Inc.
,
Senior
Bond
,
2.5
%
,
1/15/31
..............
United
States
456,000
398,812
Mohawk
Industries,
Inc.
,
Senior
Note
,
3.625
%
,
5/15/30
.........
United
States
290,000
285,272
NVR,
Inc.
,
Senior
Bond
,
3
%
,
5/15/30
.......................
United
States
200,000
186,951
871,035
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
453,740
Independent
Power
and
Renewable
Electricity
Producers
0.1%
b
Colbun
SA
,
Senior
Note,
144A,
3.95%,
10/11/27
.....................
Chile
200,000
202,436
Senior
Note,
144A,
3.15%,
3/06/30
......................
Chile
200,000
185,704
388,140
Insurance
0.7%
Aflac,
Inc.
,
Senior
Bond
,
4.75
%
,
1/15/49
....................
United
States
700,000
802,845
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
500,000
534,127
Aon
Corp.
,
Senior
Note
,
2.8
%
,
5/15/30
.....................
United
States
500,000
476,924
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
800,000
735,398
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
3.85
%
,
3/15/52
.
United
States
200,000
204,770
Manulife
Financial
Corp.
,
Sub.
Bond
,
4.061%
to
2/24/27,
FRN
thereafter
,
2/24/32
...................................
Canada
200,000
199,900
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
......
United
States
250,000
$
290,451
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
250,000
270,450
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
3.6
%
,
1/11/24
...........................................
United
States
940,000
954,036
4,468,901
Interactive
Media
&
Services
0.1%
b
Tencent
Holdings
Ltd.
,
Senior
Note,
144A,
3.595%,
1/19/28
.....................
China
500,000
488,051
Senior
Note,
144A,
2.39%,
6/03/30
......................
China
500,000
445,127
933,178
Internet
&
Direct
Marketing
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
4.2
%
,
12/06/47
.......
China
800,000
743,399
Amazon.com,
Inc.
,
Senior
Bond
,
4.05
%
,
8/22/47
..............
United
States
500,000
545,574
1,288,973
IT
Services
0.2%
Fidelity
National
Information
Services,
Inc.
,
Senior
Bond
,
2.25
%
,
3/01/31
...........................................
United
States
650,000
575,793
Fiserv,
Inc.
,
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
200,000
184,880
Senior
Note,
3.5%,
7/01/29
............................
United
States
470,000
463,184
1,223,857
Life
Sciences
Tools
&
Services
0.0%
Bio-Rad
Laboratories,
Inc.
,
Senior
Note
,
3.3
%
,
3/15/27
.........
United
States
50,000
49,282
Thermo
Fisher
Scientific,
Inc.
,
Senior
Note
,
0.797
%
,
10/18/23
....
United
States
200,000
195,214
244,496
Machinery
0.0%
Caterpillar,
Inc.
,
Senior
Note
,
2.6
%
,
4/09/30
..................
United
States
300,000
292,965
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond,
2.8%,
4/01/31
.....................
United
States
350,000
315,979
Senior
Secured
Bond,
3.5%,
3/01/42
.....................
United
States
100,000
82,958
Comcast
Corp.
,
Senior
Bond,
4.25%,
1/15/33
...........................
United
States
300,000
324,605
Senior
Bond,
4.049%,
11/01/52
.........................
United
States
500,000
519,574
Fox
Corp.
,
Senior
Bond,
5.476%,
1/25/39
..........................
United
States
100,000
113,485
Senior
Note,
4.709%,
1/25/29
..........................
United
States
400,000
427,511
1,784,112
Multiline
Retail
0.1%
Dollar
Tree,
Inc.
,
Senior
Note
,
4
%
,
5/15/25
..................
United
States
350,000
358,418
Kohl's
Corp.
,
Senior
Bond
,
3.375
%
,
5/01/31
.................
United
States
400,000
386,777
745,195
Multi-Utilities
0.4%
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
6.125
%
,
4/01/36
..
United
States
200,000
247,014
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Multi-Utilities
(continued)
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
1,050,000
$
1,086,644
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
1,000,000
991,533
2,325,191
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
3.75
%
,
1/15/30
.............
Norway
500,000
489,958
BP
Capital
Markets
America,
Inc.
,
Senior
Note
,
3.937
%
,
9/21/28
..
United
States
50,000
51,827
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.125
%
,
6/30/27
.....................................
United
States
200,000
213,434
b
Continental
Resources,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/15/31
..
United
States
300,000
328,596
Energy
Transfer
LP
,
Senior
Bond
,
6.05
%
,
6/01/41
.............
United
States
500,000
556,708
Enterprise
Products
Operating
LLC
,
Senior
Bond,
3.125%,
7/31/29
..........................
United
States
400,000
393,244
Senior
Bond,
6.125%,
10/15/39
.........................
United
States
700,000
846,723
Kinder
Morgan,
Inc.
,
Senior
Bond,
5.55%,
6/01/45
...........................
United
States
300,000
336,375
Senior
Note,
4.3%,
3/01/28
............................
United
States
400,000
415,289
b
Lundin
Energy
Finance
BV
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
...
Netherlands
300,000
278,297
MPLX
LP
,
Senior
Bond,
5.5%,
2/15/49
............................
United
States
325,000
361,028
Senior
Note,
4.875%,
6/01/25
..........................
United
States
100,000
103,708
Senior
Note,
2.65%,
8/15/30
...........................
United
States
400,000
367,104
Phillips
66
,
Senior
Bond
,
3.3
%
,
3/15/52
.....................
United
States
200,000
176,498
b
Sinopec
Group
Overseas
Development
2018
Ltd.
,
Senior
Bond
,
144A,
3.35
%
,
5/13/50
.................................
China
200,000
168,286
TransCanada
PipeLines
Ltd.
,
Senior
Bond
,
4.25
%
,
5/15/28
......
Canada
500,000
520,226
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
7.85
%
,
2/01/26
...........................................
United
States
400,000
458,934
6,066,235
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
225,000
212,224
Senior
Bond,
3.125%,
1/15/32
..........................
Brazil
200,000
177,518
389,742
Pharmaceuticals
0.3%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
.............................
United
Kingdom
300,000
316,494
Senior
Bond,
4.375%,
11/16/45
.........................
United
Kingdom
450,000
504,069
Royalty
Pharma
plc
,
Senior
Note,
1.75%,
9/02/27
...........................
United
States
100,000
90,926
Senior
Note,
2.2%,
9/02/30
............................
United
States
200,000
175,161
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Bond,
3.175%,
7/09/50
..........................
Japan
400,000
351,191
Senior
Note,
5%,
11/26/28
.............................
Japan
300,000
325,670
1,763,511
Road
&
Rail
0.2%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
4.9
%
,
4/01/44
...
United
States
200,000
230,611
CSX
Corp.
,
Senior
Bond,
3.8%,
11/01/46
...........................
United
States
200,000
199,867
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Road
&
Rail
(continued)
CSX
Corp.,
(continued)
Senior
Bond,
4.75%,
11/15/48
..........................
United
States
525,000
$
603,838
1,034,316
Software
0.1%
Microsoft
Corp.
,
Senior
Note
,
2.65
%
,
11/03/22
................
United
States
420,000
422,500
ServiceNow
,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
................
United
States
150,000
127,656
550,156
Specialty
Retail
0.0%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
100,000
104,428
AutoZone,
Inc.
,
Senior
Bond
,
1.65
%
,
1/15/31
.................
United
States
265,000
226,281
330,709
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
2.8
%
,
2/08/61
.....................
United
States
300,000
258,909
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
575,000
524,567
783,476
Thrifts
&
Mortgage
Finance
0.1%
b
BPCE
SA
,
Sub.
Bond
,
144A,
5.15
%
,
7/21/24
.................
France
600,000
618,802
Radian
Group,
Inc.
,
Senior
Note
,
4.875
%
,
3/15/27
.............
United
States
350,000
352,196
970,998
Tobacco
0.1%
b
Imperial
Brands
Finance
plc
,
Senior
Note,
144A,
4.25%,
7/21/25
......................
United
Kingdom
285,000
287,760
Senior
Note,
144A,
3.5%,
7/26/26
.......................
United
Kingdom
300,000
293,855
581,615
Wireless
Telecommunication
Services
0.2%
America
Movil
SAB
de
CV
,
Senior
Bond
,
3.625
%
,
4/22/29
.......
Mexico
300,000
302,048
b
Rogers
Communications,
Inc.
,
Senior
Bond
,
144A,
4.55
%
,
3/15/52
Canada
180,000
179,471
T-Mobile
USA,
Inc.
,
Senior
Secured
Bond,
3.3%,
2/15/51
.....................
United
States
200,000
168,893
Senior
Secured
Note,
3.75%,
4/15/27
....................
United
States
325,000
327,444
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
300,000
360,154
1,338,010
Total
Corporate
Bonds
(Cost
$69,698,979)
......................................
66,416,465
Foreign
Government
and
Agency
Securities
0.8%
b
African
Export-Import
Bank
(The)
,
Senior
Note
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
f
500,000
474,896
b
Banque
Ouest
Africaine
de
Developpement
,
Senior
Note
,
144A,
5
%
,
7/27/27
...........................................
Supranational
f
300,000
303,273
Colombia
Government
Bond
,
Senior
Bond
,
5
%
,
6/15/45
........
Colombia
500,000
422,680
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
300,000
263,868
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
4.5
%
,
9/21/28
......
France
655,000
671,924
b
Export-Import
Bank
of
India
,
Senior
Bond
,
144A,
3.25
%
,
1/15/30
..
India
200,000
189,794
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
.
Indonesia
500,000
532,350
Mexico
Government
Bond
,
Senior
Bond
,
3.6
%
,
1/30/25
.........
Mexico
200,000
205,620
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Panama
Notas
del
Tesoro
,
Senior
Note
,
3.75
%
,
4/17/26
........
Panama
450,000
$
452,700
b
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.......
Indonesia
200,000
197,573
Peru
Government
Bond
,
Senior
Bond,
2.783%,
1/23/31
..........................
Peru
200,000
188,800
Senior
Bond,
6.55%,
3/14/37
...........................
Peru
200,000
253,511
Philippines
Government
Bond
,
Senior
Bond
,
3.95
%
,
1/20/40
.....
Philippines
310,000
307,728
b
Romania
Government
Bond
,
Senior
Bond
,
144A,
5.125
%
,
6/15/48
.
Romania
200,000
208,224
Uruguay
Government
Bond
,
Senior
Bond,
4.5%,
8/14/24
............................
Uruguay
400,000
412,504
Senior
Bond,
4.375%,
1/23/31
..........................
Uruguay
150,000
163,829
Total
Foreign
Government
and
Agency
Securities
(Cost
$5,604,655)
...............
5,249,274
U.S.
Government
and
Agency
Securities
18.2%
U.S.
Treasury
Bonds
,
6%,
2/15/26
........................................
United
States
705,000
796,678
1.125%,
8/15/40
.....................................
United
States
332,000
260,529
1.375%,
11/15/40
....................................
United
States
1,971,000
1,612,832
2.75%,
8/15/42
.....................................
United
States
50,000
50,891
2.875%,
5/15/43
.....................................
United
States
3,370,000
3,492,097
3.125%,
8/15/44
.....................................
United
States
725,000
784,614
2.5%,
5/15/46
......................................
United
States
5,102,000
5,004,046
2.25%,
8/15/46
.....................................
United
States
5,575,000
5,220,029
3.375%,
11/15/48
....................................
United
States
3,300,000
3,867,574
3%,
2/15/49
........................................
United
States
1,713,000
1,884,768
2.25%,
8/15/49
.....................................
United
States
150,000
142,817
1.25%,
5/15/50
.....................................
United
States
990,000
739,638
1.375%,
8/15/50
.....................................
United
States
70,000
53,955
2.375%,
5/15/51
.....................................
United
States
1,794,000
1,760,117
2%,
8/15/51
........................................
United
States
480,000
433,200
U.S.
Treasury
Notes
,
1.75%,
5/15/22
.....................................
United
States
6,080,000
6,090,809
1.875%,
5/31/22
.....................................
United
States
1,465,000
1,468,444
1.5%,
3/31/23
......................................
United
States
465,000
463,933
2.75%,
11/15/23
.....................................
United
States
1,320,000
1,331,370
2.125%,
11/30/23
....................................
United
States
1,120,000
1,118,666
2.125%,
3/31/24
.....................................
United
States
17,000,000
16,932,266
2%,
4/30/24
........................................
United
States
1,345,000
1,334,965
2.5%,
5/15/24
......................................
United
States
5,710,000
5,723,271
2%,
5/31/24
........................................
United
States
1,705,000
1,690,947
2%,
6/30/24
........................................
United
States
2,255,000
2,234,740
1.75%,
7/31/24
.....................................
United
States
13,225,000
13,020,942
2.375%,
8/15/24
.....................................
United
States
1,640,000
1,636,925
1.25%,
8/31/24
.....................................
United
States
700,000
680,312
1.5%,
10/31/24
.....................................
United
States
2,920,000
2,849,395
1.5%,
11/30/24
......................................
United
States
510,000
496,911
0.25%,
6/30/25
.....................................
United
States
600,000
557,520
0.25%,
9/30/25
.....................................
United
States
310,000
286,417
0.375%,
11/30/25
....................................
United
States
5,143,000
4,755,768
0.375%,
1/31/26
.....................................
United
States
7,580,000
6,985,296
0.875%,
6/30/26
.....................................
United
States
975,000
910,806
1.875%,
7/31/26
.....................................
United
States
389,000
379,100
1.25%,
12/31/26
.....................................
United
States
650,000
614,225
2.375%,
5/15/27
.....................................
United
States
3,140,000
3,127,244
0.5%,
6/30/27
......................................
United
States
8,585,000
7,760,538
2.25%,
11/15/27
.....................................
United
States
5,000,000
4,943,555
1.25%,
4/30/28
.....................................
United
States
1,700,000
1,583,988
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
3.125%,
11/15/28
....................................
United
States
320,000
$
333,250
1.625%,
8/15/29
.....................................
United
States
2,565,000
2,433,093
0.625%,
8/15/30
.....................................
United
States
1,550,000
1,346,774
1.25%,
8/15/31
.....................................
United
States
900,000
818,367
1.375%,
11/15/31
....................................
United
States
600,000
550,688
Total
U.S.
Government
and
Agency
Securities
(Cost
$129,845,658)
................
120,564,310
Asset-Backed
Securities
0.3%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
United
States
424,415
381,100
United
Airlines
Pass-Through
Trust
,
2016-1,
A,
3.45%,
7/07/28
.............................
United
States
76,256
71,227
2019-2,
A,
2.9%,
5/01/28
..............................
United
States
186,017
169,227
2020-1,
B,
4.875%,
7/15/27
............................
United
States
259,200
256,183
877,737
a
a
a
a
a
a
Banks
0.1%
Capital
One
Multi-Asset
Execution
Trust
,
2017-A6
,
A6
,
2.29
%
,
7/15/25
.
...........................................
United
States
600,000
602,545
Diversified
Financial
Services
0.1%
b
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
490,000
457,416
Total
Asset-Backed
Securities
(Cost
$2,001,518)
................................
1,937,698
Commercial
Mortgage-Backed
Securities
0.3%
Diversified
Financial
Services
0.3%
BANK
,
2021-BN33
,
A5
,
2.556
%
,
5/15/64
....................
United
States
210,000
197,321
Benchmark
Mortgage
Trust
,
2021-B31,
A5,
2.669%,
12/15/54
........................
United
States
210,000
198,754
g
2022-B32,
A5,
FRN,
3.002%,
1/15/55
.....................
United
States
420,000
408,596
b,h
BX
Commercial
Mortgage
Trust
,
2019-XL,
A,
144A,
FRN,
1.317%,
(1-month
USD
LIBOR
+
0.92%),
10/15/36
..........................................
United
States
325,353
324,152
2021-VOLT,
B,
144A,
FRN,
1.347%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
250,000
245,045
2022-LP2,
A,
144A,
FRN,
1.318%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
230,000
225,775
b,h
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
1.086
%
,
(
1-month
USD
LIBOR
+
0.689
%
),
10/15/36
........................
United
States
230,000
225,772
1,825,415
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$1,864,865)
.................
1,825,415
Mortgage-Backed
Securities
4.1%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.3%
FHLMC
Gold
Pools,
30
Year,
4.5%,
1/01/49
..................
United
States
425,425
449,203
i
FHLMC
Pool,
15
Year,
2.5%,
4/01/37
.......................
United
States
506,000
501,003
FHLMC
Pool,
15
Year,
3%,
8/01/34
........................
United
States
52,406
52,953
i
FHLMC
Pool,
30
Year,
3%,
4/01/52
........................
United
States
307,000
300,737
FHLMC
Pool,
30
Year,
3%,
3/01/50
........................
United
States
2,250,024
2,211,774
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
.......................
United
States
1,538,609
1,559,287
FHLMC
Pool,
30
Year,
3.5%,
2/01/47
.......................
United
States
2,042,637
2,080,553
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
9/01/49
.................
United
States
966,053
1,004,743
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
......................
United
States
447,369
$
472,025
8,632,278
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.3%
FNMA,
15
Year,
1.5%,
1/01/37
...........................
United
States
537,779
510,798
FNMA,
15
Year,
2%,
8/01/36
-
2/01/37
......................
United
States
2,802,594
2,726,183
FNMA,
15
Year,
2.5%,
7/01/36
...........................
United
States
943,238
933,923
FNMA,
30
Year,
2%,
5/01/51
-
10/01/51
.....................
United
States
3,256,647
3,031,253
FNMA,
30
Year,
2.5%,
9/01/51
-
2/01/52
....................
United
States
4,179,422
3,994,303
FNMA,
30
Year,
3%,
8/01/50
-
9/01/51
......................
United
States
1,766,180
1,731,893
FNMA,
30
Year,
3.5%,
6/01/49
...........................
United
States
330,903
336,215
FNMA,
30
Year,
4%,
8/01/49
-
1/01/50
......................
United
States
1,257,538
1,303,014
FNMA,
30
Year,
4.5%,
2/01/50
...........................
United
States
919,567
961,269
15,528,851
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.5%
GNMA
II,
Single-family,
30
Year,
2%,
6/20/51
-
8/20/51
.........
United
States
738,828
705,845
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/51
-
7/20/51
........
United
States
1,547,856
1,503,772
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
942,891
934,530
3,144,147
Total
Mortgage-Backed
Securities
(Cost
$29,046,593)
............................
27,305,276
Municipal
Bonds
0.8%
Arizona
0.1%
Maricopa
County
Union
High
School
District
No.
210-Phoenix
,
GO
,
2020
C
,
5
%
,
7/01/31
.................................
United
States
200,000
235,889
California
0.4%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
2.934%,
6/01/32
..............................
United
States
65,000
60,785
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
2.984%,
6/01/33
..............................
United
States
55,000
51,018
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
3.034%,
6/01/34
..............................
United
States
40,000
36,879
California
State
University
,
Revenue
,
2021
B
,
Refunding
,
2.719
%
,
11/01/52
..........................................
United
States
200,000
168,922
Clovis
Unified
School
District
,
GO
,
2021
B
,
Refunding
,
3.067
%
,
8/01/39
...........................................
United
States
1,045,000
963,115
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2019
A
,
Refunding
,
4.094
%
,
1/15/49
............................
United
States
35,000
35,006
Gilroy
Unified
School
District
,
GO
,
2019
,
Refunding
,
3.364
%
,
8/01/47
United
States
140,000
140,175
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
485,000
422,582
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
285,000
240,752
State
of
California
,
GO
,
2.5
%
,
10/01/29
.....................
United
States
500,000
479,382
2,598,616
Florida
0.1%
County
of
Broward
,
Airport
System
,
Revenue
,
2019
C
,
Refunding
,
3.477
%
,
10/01/43
....................................
United
States
70,000
66,046
County
of
Sarasota
,
Half-Cent
Sales
Tax
,
Revenue
,
2020
,
5
%
,
10/01/34
..........................................
United
States
500,000
596,631
662,677
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
0.0%
State
of
Illinois
,
GO
,
2003
,
5.1
%
,
6/01/33
...................
United
States
125,000
$
133,008
Massachusetts
0.0%
Massachusetts
State
College
Building
Authority
,
Revenue
,
2019
C
,
Refunding
,
3.373
%
,
5/01/43
............................
United
States
230,000
215,429
New
York
0.0%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
.......................................
United
States
95,000
97,179
Ohio
0.0%
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
160,000
161,689
Pennsylvania
0.1%
Commonwealth
Financing
Authority
,
Revenue
,
2021
A
,
2.991
%
,
6/01/42
...........................................
United
States
625,000
566,861
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue
,
2017
C
,
Refunding
,
3.005
%
,
9/15/41
.....
United
States
250,000
228,123
794,984
Texas
0.1%
City
of
Austin
,
Electric
Utility
,
Revenue
,
2008
,
Refunding
,
AGMC
Insured
,
6.262
%
,
11/15/32
.............................
United
States
335,000
397,797
Total
Municipal
Bonds
(Cost
$5,695,485)
.......................................
5,297,268
Total
Long
Term
Investments
(Cost
$553,845,185)
...............................
633,282,359
a
Short
Term
Investments
3.1%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
3.1%
c,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
20,794,190
20,794,190
Total
Money
Market
Funds
(Cost
$20,794,190)
..................................
20,794,190
Total
Short
Term
Investments
(Cost
$20,794,190
)
................................
20,794,190
a
Total
Investments
(Cost
$574,639,375)
99.0%
...................................
$654,076,549
Other
Assets,
less
Liabilities
1.0%
.............................................
6,476,363
Net
Assets
100.0%
...........................................................
$660,552,912
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$21,924,329,
representing
3.3%
of
net
assets.
c
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Perpetual
security
with
no
stated
maturity
date.
f
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
At
March
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
At
March
31,
2022,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
3. 
See
Abbreviations
on
page
166
.
g
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
55
$
12,459,562
6/17/22
$
794,801
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Short
60
7,372,500
6/21/22
214,786
U.S.
Treasury
10
Year
Notes
....................
Long
33
4,054,875
6/21/22
(85,167)
U.S.
Treasury
5
Year
Notes
.....................
Long
9
1,032,188
6/30/22
(28,169)
U.S.
Treasury
Long
Bonds
.....................
Short
20
3,001,250
6/21/22
76,203
U.S.
Treasury
Ultra
Bonds
......................
Long
1
177,125
6/21/22
(5,431)
Total
Futures
Contracts
......................................................................
$967,023
*
As
of
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Mexico
Government
Bond
......
1.00%
Quarterly
GSCO
6/20/26
575,000
$
5,165
$
1,411
$
3,754
BBB
Nordstrom,
Inc.
.
1.00%
Quarterly
JPHQ
12/20/26
325,000
(30,519)
(26,203)
(4,316)
BB+
Total
OTC
Swap
Contracts
..............................................
$(25,354)
$(24,792)
$(562)
Total
Credit
Default
Swap
Contracts
....................................
$(25,354)
$
(24,792)
$(562)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
DynaTech
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.8%
Aerospace
&
Defense
0.7%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,287
$
590,448
HEICO
Corp.
........................................
United
States
2,009
308,462
898,910
Automobiles
3.0%
a
Tesla,
Inc.
...........................................
United
States
3,541
3,815,782
Banks
0.6%
a
SVB
Financial
Group
...................................
United
States
1,473
824,070
Biotechnology
0.4%
a
Argenx
SE
..........................................
Netherlands
1,339
418,991
a
Intellia
Therapeutics,
Inc.
................................
United
States
2,143
155,732
574,723
Capital
Markets
2.9%
CME
Group,
Inc.
......................................
United
States
1,365
324,679
FactSet
Research
Systems,
Inc.
..........................
United
States
441
191,460
Moody's
Corp.
........................................
United
States
1,877
633,319
MSCI,
Inc.
...........................................
United
States
2,679
1,347,215
Tradeweb
Markets,
Inc.,
A
...............................
United
States
13,396
1,177,107
3,673,780
Chemicals
0.8%
Corteva
,
Inc.
.........................................
United
States
6,365
365,860
FMC
Corp.
..........................................
United
States
1,296
170,515
Linde
plc
............................................
United
Kingdom
1,588
506,787
1,043,162
Construction
&
Engineering
0.3%
Quanta
Services,
Inc.
..................................
United
States
2,720
357,979
Electric
Utilities
1.2%
NextEra
Energy,
Inc.
...................................
United
States
18,755
1,588,736
Electronic
Equipment,
Instruments
&
Components
1.6%
Amphenol
Corp.,
A
....................................
United
States
10,717
807,526
Keyence
Corp.
.......................................
Japan
1,071
496,687
a
Keysight
Technologies,
Inc.
..............................
United
States
1,607
253,858
a
Trimble,
Inc.
.........................................
United
States
1,473
106,262
a
Zebra
Technologies
Corp.,
A
.............................
United
States
1,075
444,727
2,109,060
Energy
Equipment
&
Services
0.4%
Baker
Hughes
Co.
.....................................
United
States
12,744
464,009
Entertainment
0.7%
a
Sea
Ltd.,
ADR
........................................
Taiwan
7,508
899,383
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
Crown
Castle
International
Corp.
..........................
United
States
1,071
197,707
SBA
Communications
Corp.
.............................
United
States
2,679
921,844
1,119,551
Health
Care
Equipment
&
Supplies
6.8%
Abbott
Laboratories
....................................
United
States
8,842
1,046,539
a
Dexcom
,
Inc.
.........................................
United
States
1,339
685,032
a
Edwards
Lifesciences
Corp.
.............................
United
States
7,502
883,136
a
IDEXX
Laboratories,
Inc.
................................
United
States
3,883
2,124,234
a
Insulet
Corp.
.........................................
United
States
1,741
463,785
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,090
1,535,551
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
STERIS
plc
..........................................
United
States
5,358
$
1,295,404
Stryker
Corp.
........................................
United
States
2,679
716,231
8,749,912
Health
Care
Providers
&
Services
1.1%
UnitedHealth
Group,
Inc.
................................
United
States
2,679
1,366,210
Health
Care
Technology
1.8%
a
Doximity
,
Inc.,
A
......................................
United
States
1,528
79,593
a
Inspire
Medical
Systems,
Inc.
............................
United
States
4,287
1,100,430
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,110
1,085,671
2,265,694
Hotels,
Restaurants
&
Leisure
1.0%
a
Airbnb,
Inc.,
A
........................................
United
States
4,287
736,335
a
Booking
Holdings,
Inc.
.................................
United
States
214
502,569
1,238,904
Industrial
Conglomerates
1.0%
Roper
Technologies,
Inc.
................................
United
States
2,679
1,265,104
Interactive
Media
&
Services
6.3%
a
Alphabet,
Inc.,
A
......................................
United
States
1,607
4,469,629
a
Alphabet,
Inc.,
C
......................................
United
States
535
1,494,250
a
Match
Group,
Inc.
.....................................
United
States
2,143
233,030
a
Meta
Platforms,
Inc.,
A
.................................
United
States
2,679
595,702
Tencent
Holdings
Ltd.
..................................
China
2,716
125,193
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
18,755
1,120,424
8,038,228
Internet
&
Direct
Marketing
Retail
7.8%
a
Amazon.com,
Inc.
.....................................
United
States
2,679
8,733,405
a
JD.com,
Inc.,
A
.......................................
China
269
7,644
a
MercadoLibre
,
Inc.
....................................
Brazil
1,018
1,210,890
9,951,939
IT
Services
9.2%
Accenture
plc,
A
......................................
United
States
348
117,356
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,071
2,121,612
a
Cloudflare
,
Inc.,
A
.....................................
United
States
544
65,117
a
Endava
plc,
ADR
......................................
United
Kingdom
1,875
249,431
a
EPAM
Systems,
Inc.
...................................
United
States
1,056
313,220
a
Globant
SA
..........................................
United
States
1,339
350,912
Mastercard
,
Inc.,
A
....................................
United
States
8,708
3,112,065
a
MongoDB,
Inc.
.......................................
United
States
3,761
1,668,342
a
Okta
,
Inc.
...........................................
United
States
1,071
161,678
a
Shopify,
Inc.,
A
.......................................
Canada
2,143
1,449,184
a
Snowflake,
Inc.,
A
.....................................
United
States
2,679
613,839
a
Thoughtworks
Holding,
Inc.
..............................
United
States
2,935
61,077
a
Twilio
,
Inc.,
A
.........................................
United
States
2,143
353,188
Visa,
Inc.,
A
..........................................
United
States
5,358
1,188,244
11,825,265
Life
Sciences
Tools
&
Services
7.3%
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
1,071
603,219
Bio-
Techne
Corp.
.....................................
United
States
535
231,676
Bruker
Corp.
.........................................
United
States
1,875
120,563
Danaher
Corp.
.......................................
United
States
10,717
3,143,618
a
Evotec
SE
...........................................
Germany
2,947
88,695
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Evotec
SE,
ADR
......................................
Germany
4,287
$
64,862
a
Illumina,
Inc.
.........................................
United
States
547
191,122
Lonza
Group
AG
......................................
Switzerland
1,071
776,051
a
Repligen
Corp.
.......................................
United
States
5,358
1,007,786
Thermo
Fisher
Scientific,
Inc.
............................
United
States
5,358
3,164,703
9,392,295
Media
0.0%
a
Liberty
Broadband
Corp.,
A
..............................
United
States
446
58,453
Pharmaceuticals
1.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
3,947
261,844
a
Catalent
,
Inc.
........................................
United
States
10,181
1,129,073
Zoetis,
Inc.
..........................................
United
States
4,822
909,381
2,300,298
Professional
Services
0.3%
a
CoStar
Group,
Inc.
....................................
United
States
5,358
356,896
Semiconductors
&
Semiconductor
Equipment
14.1%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
7,481
817,972
Analog
Devices,
Inc.
...................................
United
States
9,253
1,528,411
ASM
International
NV
..................................
Netherlands
803
292,437
ASML
Holding
NV,
NYRS
...............................
Netherlands
4,019
2,684,411
Entegris
,
Inc.
.........................................
United
States
5,358
703,291
a,c
GLOBALFOUNDRIES,
Inc.
..............................
United
States
6,503
405,917
Intel
Corp.
...........................................
United
States
4,019
199,182
KLA
Corp.
...........................................
United
States
2,679
980,675
Lam
Research
Corp.
...................................
United
States
2,679
1,440,257
Marvell
Technology,
Inc.
................................
United
States
4,580
328,432
Monolithic
Power
Systems,
Inc.
...........................
United
States
2,679
1,301,137
NVIDIA
Corp.
........................................
United
States
21,435
5,848,754
a
SiTime
Corp.
.........................................
United
States
2,679
663,910
Teradyne,
Inc.
........................................
United
States
6,966
823,590
18,018,376
Software
25.1%
a
Adobe,
Inc.
..........................................
United
States
2,405
1,095,766
a
ANSYS,
Inc.
.........................................
United
States
3,215
1,021,245
a
Aspen
Technology,
Inc.
.................................
United
States
1,875
310,069
a
Atlassian
Corp.
plc,
A
..................................
United
States
5,894
1,731,834
a
Avalara,
Inc.
.........................................
United
States
5,358
533,175
a
Bill.com
Holdings,
Inc.
..................................
United
States
2,143
486,011
a
Cadence
Design
Systems,
Inc.
...........................
United
States
11,253
1,850,668
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
3,215
730,062
a
CS
Disco,
Inc.
........................................
United
States
535
18,174
a
Datadog
,
Inc.,
A
......................................
United
States
8,038
1,217,516
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
1,875
137,362
a
Fortinet,
Inc.
.........................................
United
States
1,607
549,176
a
HubSpot
,
Inc.
........................................
United
States
4,554
2,162,877
Intuit,
Inc.
...........................................
United
States
5,492
2,640,773
Microsoft
Corp.
.......................................
United
States
21,435
6,608,625
a
Palo
Alto
Networks,
Inc.
................................
United
States
1,341
834,786
a
Paycom
Software,
Inc.
.................................
United
States
991
343,262
a
Procore
Technologies,
Inc.
..............................
United
States
6,430
372,683
a
salesforce.com,
Inc.
...................................
United
States
7,502
1,592,825
a
SentinelOne
,
Inc.,
A
...................................
United
States
1,339
51,873
a
ServiceNow
,
Inc.
......................................
United
States
5,894
3,282,310
a
Synopsys,
Inc.
.......................................
United
States
6,698
2,232,242
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
See
Abbreviations
on
page
166
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Tyler
Technologies,
Inc.
.................................
United
States
1,607
$
714,938
a
Workday,
Inc.,
A
......................................
United
States
5,626
1,347,202
a
Zscaler
,
Inc.
.........................................
United
States
1,071
258,411
32,123,865
Technology
Hardware,
Storage
&
Peripherals
1.5%
Apple,
Inc.
..........................................
United
States
10,753
1,877,581
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
.........................................
United
States
3,483
206,890
Total
Common
Stocks
(Cost
$83,188,448)
......................................
126,405,055
Short
Term
Investments
1.7%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,728,681
1,728,681
Total
Money
Market
Funds
(Cost
$1,728,681)
...................................
1,728,681
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
417,240
417,240
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$417,240)
.............................................................
417,240
Total
Short
Term
Investments
(Cost
$2,145,921
)
.................................
2,145,921
a
Total
Investments
(Cost
$85,334,369)
100.5%
...................................
$128,550,976
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(657,618)
Net
Assets
100.0%
...........................................................
$127,893,358
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
value
of
this
security
was
$2,121,612,
representing
1.7%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Global
Real
Estate
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.7%
Diversified
Telecommunication
Services
0.8%
a
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
23,145
$
1,113,990
Equity
Real
Estate
Investment
Trusts
(REITs)
81.7%
Aedifica
SA
..........................................
Belgium
11,106
1,396,832
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
18,855
3,794,569
Allied
Properties
Real
Estate
Investment
Trust
................
Canada
34,529
1,287,812
American
Assets
Trust,
Inc.
..............................
United
States
17,870
677,094
American
Homes
4
Rent,
A
..............................
United
States
86,834
3,475,965
Americold
Realty
Trust
.................................
United
States
29,539
823,547
AvalonBay
Communities,
Inc.
............................
United
States
21,340
5,300,216
Camden
Property
Trust
.................................
United
States
24,486
4,069,573
Canadian
Apartment
Properties
REIT
......................
Canada
47,856
2,053,569
Capital
&
Counties
Properties
plc
.........................
United
Kingdom
507,812
1,158,888
CapitaLand
Integrated
Commercial
Trust
....................
Singapore
968,320
1,601,930
City
Office
REIT,
Inc.
...................................
United
States
19,445
343,399
Cousins
Properties,
Inc.
................................
United
States
54,661
2,202,292
Derwent
London
plc
...................................
United
Kingdom
38,258
1,606,051
Dexus
..............................................
Australia
173,124
1,413,249
Equinix
,
Inc.
.........................................
United
States
7,550
5,599,231
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
34,469
2,636,189
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
26,725
1,654,545
Gecina
SA
..........................................
France
13,322
1,679,177
GLP
J-
Reit
..........................................
Japan
1,107
1,682,296
Goodman
Group
......................................
Australia
164,861
2,802,250
GPT
Group
(The)
.....................................
Australia
356,261
1,374,301
H&R
Real
Estate
Investment
Trust
........................
Canada
84,000
876,785
Healthcare
Realty
Trust,
Inc.
.............................
United
States
28,950
795,546
Healthpeak
Properties,
Inc.
..............................
United
States
109,270
3,751,239
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
100,792
1,958,389
Japan
Hotel
REIT
Investment
Corp.
........................
Japan
2,432
1,240,048
Kenedix
Office
Investment
Corp.
..........................
Japan
260
1,556,761
Kilroy
Realty
Corp.
....................................
United
States
21,592
1,650,061
Life
Storage,
Inc.
......................................
United
States
9,906
1,391,100
Link
REIT
...........................................
Hong
Kong
183,119
1,559,494
Mapletree
Logistics
Trust
...............................
Singapore
1,164,837
1,582,925
MGM
Growth
Properties
LLC,
A
...........................
United
States
42,274
1,636,004
NETSTREIT
Corp.
....................................
United
States
56,577
1,269,588
Nippon
Building
Fund,
Inc.
..............................
Japan
172
975,846
NTT
UD
REIT
Investment
Corp.
..........................
Japan
994
1,313,593
Orix
JREIT,
Inc.
.......................................
Japan
872
1,182,693
Prologis,
Inc.
.........................................
United
States
67,217
10,854,201
Public
Storage
.......................................
United
States
16,021
6,252,676
Realty
Income
Corp.
...................................
United
States
61,187
4,240,259
Regency
Centers
Corp.
.................................
United
States
47,199
3,367,177
Rexford
Industrial
Realty,
Inc.
............................
United
States
44,022
3,283,601
RPT
Realty
..........................................
United
States
50,107
689,973
b
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
15,938
1,478,568
SBA
Communications
Corp.
.............................
United
States
3,308
1,138,283
Segro
plc
...........................................
United
Kingdom
200,515
3,525,132
Simon
Property
Group,
Inc.
..............................
United
States
16,163
2,126,404
Spirit
Realty
Capital,
Inc.
................................
United
States
46,625
2,145,682
UDR,
Inc.
...........................................
United
States
71,307
4,090,883
UNITE
Group
plc
(The)
.................................
United
Kingdom
75,617
1,145,491
Welltower
,
Inc.
.......................................
United
States
46,689
4,488,680
120,200,057
Real
Estate
Management
&
Development
16.2%
Aroundtown
SA
.......................................
Germany
232,003
1,325,931
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
See
Abbreviations
on
page
166
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
b
Capitaland
Investment
Ltd.
..............................
Singapore
682,568
$
1,999,975
Castellum
AB
........................................
Sweden
53,469
1,319,813
a
CTP
NV,
144A,
Reg
S
..................................
Netherlands
40,772
682,647
Fabege
AB
..........................................
Sweden
46,362
684,449
b
Fastighets
AB
Balder,
B
.................................
Sweden
32,320
2,127,432
Grainger
plc
.........................................
United
Kingdom
438,001
1,670,571
Hang
Lung
Properties
Ltd.
...............................
Hong
Kong
451,308
909,652
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
155,890
3,336,819
New
World
Development
Co.
Ltd.
.........................
Hong
Kong
184,872
750,058
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
58,903
1,410,845
Shurgard
Self
Storage
SA
...............................
Belgium
18,764
1,162,289
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
170,833
2,032,496
Vonovia
SE
..........................................
Germany
95,143
4,435,257
23,848,234
Total
Common
Stocks
(Cost
$93,421,591)
......................................
145,162,281
Short
Term
Investments
0.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.4%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$580,360)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$336,151)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$29,070)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$215,139)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$592,253)
...........................
580,357
580,357
Total
Repurchase
Agreements
(Cost
$580,357)
..................................
580,357
Total
Short
Term
Investments
(Cost
$580,357
)
..................................
580,357
a
Total
Investments
(Cost
$94,001,948)
99.1%
....................................
$145,742,638
Other
Assets,
less
Liabilities
0.9%
.............................................
1,295,831
Net
Assets
100.0%
...........................................................
$147,038,469
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$1,796,637,
representing
1.2%
of
net
assets.
b
Non-income
producing.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Growth
and
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
81.7%
Aerospace
&
Defense
3.5%
L3Harris
Technologies,
Inc.
..............................
United
States
880
$
218,654
Lockheed
Martin
Corp.
.................................
United
States
285
125,799
Raytheon
Technologies
Corp.
............................
United
States
12,150
1,203,700
1,548,153
Air
Freight
&
Logistics
2.7%
United
Parcel
Service,
Inc.,
B
............................
United
States
5,470
1,173,096
Banks
7.3%
Bank
of
America
Corp.
.................................
United
States
29,960
1,234,951
JPMorgan
Chase
&
Co.
.................................
United
States
11,280
1,537,690
Truist
Financial
Corp.
..................................
United
States
8,240
467,208
3,239,849
Beverages
3.9%
Coca-Cola
Co.
(The)
...................................
United
States
12,065
748,030
PepsiCo,
Inc.
........................................
United
States
5,680
950,718
1,698,748
Capital
Markets
6.5%
Ares
Management
Corp.
................................
United
States
9,580
778,184
BlackRock,
Inc.
.......................................
United
States
895
683,932
Morgan
Stanley
.......................................
United
States
16,025
1,400,585
2,862,701
Chemicals
3.2%
BASF
SE
...........................................
Germany
6,095
347,831
Huntsman
Corp.
......................................
United
States
17,525
657,363
Linde
plc
............................................
United
Kingdom
510
162,909
Sherwin-Williams
Co.
(The)
..............................
United
States
880
219,666
1,387,769
Commercial
Services
&
Supplies
1.5%
Republic
Services,
Inc.
.................................
United
States
4,915
651,238
Communications
Equipment
1.4%
Cisco
Systems,
Inc.
...................................
United
States
11,245
627,021
Consumer
Finance
0.5%
American
Express
Co.
.................................
United
States
1,160
216,920
Diversified
Financial
Services
1.6%
Apollo
Global
Management,
Inc.
..........................
United
States
11,150
691,189
Diversified
Telecommunication
Services
0.4%
TELUS
Corp.
........................................
Canada
7,430
194,092
Electric
Utilities
6.3%
Duke
Energy
Corp.
....................................
United
States
10,915
1,218,769
Entergy
Corp.
........................................
United
States
3,155
368,346
Evergy
,
Inc.
..........................................
United
States
1,315
89,867
NextEra
Energy,
Inc.
...................................
United
States
11,885
1,006,779
Xcel
Energy,
Inc.
......................................
United
States
1,600
115,472
2,799,233
Electrical
Equipment
2.2%
Eaton
Corp.
plc
.......................................
United
States
4,720
716,307
Emerson
Electric
Co.
..................................
United
States
2,720
266,696
983,003
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
2.5%
Healthpeak
Properties,
Inc.
..............................
United
States
12,610
$
432,901
Prologis,
Inc.
.........................................
United
States
3,100
500,588
Public
Storage
.......................................
United
States
480
187,335
1,120,824
Food
&
Staples
Retailing
1.2%
Walmart,
Inc.
........................................
United
States
3,540
527,177
Food
Products
0.8%
Mondelez
International,
Inc.,
A
............................
United
States
5,910
371,030
Health
Care
Equipment
&
Supplies
2.8%
Medtronic
plc
........................................
United
States
11,260
1,249,297
Health
Care
Providers
&
Services
3.3%
HCA
Healthcare,
Inc.
...................................
United
States
3,021
757,123
UnitedHealth
Group,
Inc.
................................
United
States
1,400
713,958
1,471,081
Hotels,
Restaurants
&
Leisure
1.5%
McDonald's
Corp.
.....................................
United
States
2,685
663,947
Household
Products
2.7%
Procter
&
Gamble
Co.
(The)
.............................
United
States
7,865
1,201,772
Insurance
0.6%
Arthur
J
Gallagher
&
Co.
................................
United
States
1,385
241,821
IT
Services
0.9%
Fidelity
National
Information
Services,
Inc.
...................
United
States
1,725
173,224
Visa,
Inc.,
A
..........................................
United
States
1,040
230,641
403,865
Life
Sciences
Tools
&
Services
1.0%
Thermo
Fisher
Scientific,
Inc.
............................
United
States
776
458,344
Machinery
1.3%
Illinois
Tool
Works,
Inc.
.................................
United
States
1,180
247,092
Stanley
Black
&
Decker,
Inc.
.............................
United
States
2,331
325,786
572,878
Media
0.7%
Comcast
Corp.,
A
.....................................
United
States
6,845
320,483
Multiline
Retail
2.6%
Target
Corp.
.........................................
United
States
5,300
1,124,766
Oil,
Gas
&
Consumable
Fuels
7.8%
Canadian
Natural
Resources
Ltd.
.........................
Canada
4,490
278,290
Chevron
Corp.
.......................................
United
States
7,640
1,244,021
EOG
Resources,
Inc.
..................................
United
States
4,060
484,074
Shell
plc,
ADR
........................................
Netherlands
13,320
731,668
Suncor
Energy,
Inc.
....................................
Canada
21,640
705,247
3,443,300
Pharmaceuticals
4.3%
Johnson
&
Johnson
...................................
United
States
8,770
1,554,307
Pfizer,
Inc.
...........................................
United
States
6,550
339,094
1,893,401
Road
&
Rail
0.9%
Norfolk
Southern
Corp.
.................................
United
States
1,351
385,332
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
1.8%
Broadcom,
Inc.
.......................................
United
States
500
$
314,840
Texas
Instruments,
Inc.
.................................
United
States
2,525
463,287
778,127
Software
1.8%
Microsoft
Corp.
.......................................
United
States
205
63,203
Oracle
Corp.
.........................................
United
States
8,860
732,988
796,191
Specialty
Retail
2.2%
Lowe's
Cos.,
Inc.
......................................
United
States
2,900
586,351
TJX
Cos.,
Inc.
(The)
...................................
United
States
6,360
385,289
971,640
Total
Common
Stocks
(Cost
$21,683,846)
......................................
36,068,288
Equity-Linked
Securities
8.8%
Banks
0.7%
a
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
6%,
11/08/22
..........................................
United
States
7,200
303,224
Consumer
Finance
0.7%
a
BNP
Paribas
Issuance
BV
into
American
Express
Co.,
144A,
6.25%,
1/27/23
...........................................
United
States
1,700
303,124
Electrical
Equipment
0.5%
a
Royal
Bank
of
Canada
into
Eaton
Corp.
plc,
144A,
5.75%,
8/26/22
United
States
1,600
245,448
Health
Care
Providers
&
Services
0.8%
a
Royal
Bank
of
Canada
into
HC
A
Healthcare,
Inc.,
Senior
Note
,
144A,
6%,
7/15/22
........................................
United
States
1,640
372,819
Internet
&
Direct
Marketing
Retail
0.9%
a
Credit
Suisse
AG
into
Amazon.com,
Inc.,
144A,
5%,
4/22/22
.....
United
States
120
392,305
IT
Services
0.3%
a
Royal
Bank
of
Canada
into
Fidelity
National
Information
Services,
Inc.,
144A,
5%,
5/27/22
...............................
United
States
1,340
135,928
Life
Sciences
Tools
&
Services
0.7%
a
Credit
Suisse
AG
into
Thermo
Fisher
Scientific,
Inc.,
144A,
4.5%,
8/05/22
...........................................
United
States
540
302,221
Multiline
Retail
0.8%
a
Goldman
Sachs
International
Bank
into
Dollar
Tree,
Inc.,
144A,
7.5%,
7/08/22
......................................
United
States
2,300
338,717
Oil,
Gas
&
Consumable
Fuels
0.7%
a
Goldman
Sachs
International
Bank
into
Canadian
Natural
Resources
Ltd.,
144A,
9.5%,
12/30/22
.............................
Canada
6,200
304,846
Road
&
Rail
0.8%
a
Credit
Suisse
AG
into
Norfolk
Southern
Corp.,
144A,
6%,
11/18/22
United
States
1,200
342,166
Software
1.2%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
salesforce.com,
Inc.,
144A,
5%,
8/19/22
...................................
United
States
1,280
275,444
a
Royal
Bank
of
Canada
into
Microsoft
Corp.,
144A,
6%,
12/16/22
..
United
States
900
282,404
557,848
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Specialty
Retail
0.7%
a
BNP
Paribas
Issuance
BV
into
TJX
Cos.,
Inc.
(The),
144A,
5.75%,
9/30/22
...........................................
United
States
4,900
$
301,236
Total
Equity-Linked
Securities
(Cost
$3,957,172)
................................
3,899,882
Convertible
Preferred
Stocks
8.0%
Capital
Markets
1.5%
b
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
9,215
684,767
Health
Care
Equipment
&
Supplies
2.4%
b
Becton
Dickinson
and
Co.,
6%,
B
.........................
United
States
7,040
371,853
Boston
Scientific
Corp.,
5.5%,
A
..........................
United
States
5,745
668,948
1,040,801
Life
Sciences
Tools
&
Services
1.5%
b
Danaher
Corp.,
5%,
B
..................................
United
States
422
666,439
Semiconductors
&
Semiconductor
Equipment
1.7%
Broadcom,
Inc.,
8%,
A
..................................
United
States
375
736,181
Water
Utilities
0.9%
Essential
Utilities,
Inc.,
6%
..............................
United
States
6,250
382,437
Total
Convertible
Preferred
Stocks
(Cost
$3,165,866)
............................
3,510,625
Total
Long
Term
Investments
(Cost
$28,806,884)
................................
43,478,795
a
Short
Term
Investments
4.2%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
1.0%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$422,322)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$244,613)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$21,154)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$156,555)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$430,976)
...........................
422,320
422,320
Total
Repurchase
Agreements
(Cost
$422,320)
..................................
422,320
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.2%
Country
Shares
Money
Market
Funds
2.6%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,141,000
1,141,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
s
See
Abbreviations
on
page
166
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.6%
c
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.28%,
4/01/22
(Maturity
Value
$285,784)
Collateralized
by
U.S.
Treasury
Bond,
6%,
2/15/26;
U.S.
Treasury
Bonds,
Strips,
8/15/24
-
2/15/26;
U.S.
Treasury
Notes,
0.125%
-
2.875%,
10/31/22
-
1/31/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%
-
0.625%,
1/15/24
-
7/15/26
(valued
at
$291,498)
285,782
$
285,782
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,426,782)
............................................................
1,426,782
Total
Short
Term
Investments
(Cost
$1,849,102
)
.................................
1,849,102
a
Total
Investments
(Cost
$30,655,986)
102.7%
...................................
$45,327,897
Other
Assets,
less
Liabilities
(2.7)%
...........................................
(1,171,127)
Net
Assets
100.0%
...........................................................
$44,156,770
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$3,899,882,
representing
8.8%
of
net
assets.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
40.0%
Aerospace
&
Defense
1.8%
Lockheed
Martin
Corp.
.................................
United
States
100,000
$
44,140,000
Raytheon
Technologies
Corp.
............................
United
States
225,000
22,290,750
66,430,750
Air
Freight
&
Logistics
0.9%
United
Parcel
Service,
Inc.,
B
............................
United
States
157,700
33,820,342
Banks
3.4%
Bank
of
America
Corp.
.................................
United
States
500,000
20,610,000
Barclays
plc
.........................................
United
Kingdom
5,500,000
10,662,432
Citigroup,
Inc.
........................................
United
States
250,000
13,350,000
JPMorgan
Chase
&
Co.
.................................
United
States
250,000
34,080,000
Truist
Financial
Corp.
..................................
United
States
495,000
28,066,500
US
Bancorp
.........................................
United
States
325,000
17,273,750
124,042,682
Beverages
0.7%
PepsiCo,
Inc.
........................................
United
States
160,000
26,780,800
Biotechnology
1.2%
AbbVie,
Inc.
.........................................
United
States
170,000
27,558,700
Amgen,
Inc.
.........................................
United
States
70,000
16,927,400
44,486,100
Capital
Markets
1.0%
Morgan
Stanley
.......................................
United
States
400,000
34,960,000
Chemicals
0.6%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
35,000
8,746,850
BASF
SE
...........................................
Germany
225,000
12,840,370
21,587,220
Diversified
Telecommunication
Services
2.5%
BCE,
Inc.
...........................................
Canada
466,000
25,829,874
Verizon
Communications,
Inc.
............................
United
States
1,225,000
62,401,500
88,231,374
Electric
Utilities
5.5%
American
Electric
Power
Co.,
Inc.
.........................
United
States
517,160
51,597,053
Constellation
Energy
Corp.
..............................
United
States
99,999
5,624,944
Duke
Energy
Corp.
....................................
United
States
350,000
39,081,000
Edison
International
...................................
United
States
545,000
38,204,500
Exelon
Corp.
.........................................
United
States
300,000
14,289,000
Southern
Co.
(The)
....................................
United
States
700,000
50,757,000
199,553,497
Energy
Equipment
&
Services
0.5%
a
Weatherford
International
plc
.............................
United
States
500,000
16,650,000
Health
Care
Equipment
&
Supplies
1.0%
Medtronic
plc
........................................
United
States
330,000
36,613,500
Health
Care
Providers
&
Services
0.2%
a
CHS/Community
Health
Systems,
Inc.
......................
United
States
500,000
5,935,000
Household
Products
0.9%
Procter
&
Gamble
Co.
(The)
.............................
United
States
200,000
30,560,000
Industrial
Conglomerates
0.6%
Honeywell
International,
Inc.
.............................
United
States
115,000
22,376,700
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
0.6%
MetLife,
Inc.
.........................................
United
States
300,000
$
21,084,000
IT
Services
0.7%
International
Business
Machines
Corp.
.....................
United
States
199,679
25,962,264
Media
0.7%
Comcast
Corp.,
A
.....................................
United
States
550,000
25,751,000
Metals
&
Mining
0.3%
Rio
Tinto
plc,
ADR
.....................................
Australia
150,000
12,060,000
Multi-Utilities
2.5%
Dominion
Energy,
Inc.
..................................
United
States
435,000
36,961,950
DTE
Energy
Co.
......................................
United
States
100,000
13,221,000
Sempra
Energy
.......................................
United
States
237,000
39,844,440
90,027,390
Oil,
Gas
&
Consumable
Fuels
4.3%
BP
plc,
ADR
.........................................
United
Kingdom
400,000
11,760,000
Chevron
Corp.
.......................................
United
States
390,000
63,503,700
Exxon
Mobil
Corp.
.....................................
United
States
620,000
51,205,800
Shell
plc,
ADR
........................................
Netherlands
225,000
12,359,250
TotalEnergies
SE,
ADR
.................................
France
325,000
16,425,500
155,254,250
Personal
Products
0.4%
Unilever
plc
..........................................
United
Kingdom
300,000
13,621,874
Pharmaceuticals
5.4%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
300,000
19,902,000
Bristol-Myers
Squibb
Co.
................................
United
States
650,000
47,469,500
Johnson
&
Johnson
...................................
United
States
250,000
44,307,500
Merck
&
Co.,
Inc.
.....................................
United
States
450,000
36,922,500
Pfizer,
Inc.
...........................................
United
States
850,000
44,004,500
192,606,000
Road
&
Rail
0.4%
Union
Pacific
Corp.
....................................
United
States
50,000
13,660,500
Semiconductors
&
Semiconductor
Equipment
2.8%
Analog
Devices,
Inc.
...................................
United
States
100,000
16,518,000
Intel
Corp.
...........................................
United
States
806,856
39,987,783
Texas
Instruments,
Inc.
.................................
United
States
234,000
42,934,320
99,440,103
Specialty
Retail
0.3%
Home
Depot,
Inc.
(The)
.................................
United
States
32,000
9,578,560
Tobacco
0.8%
Philip
Morris
International,
Inc.
...........................
United
States
300,000
28,182,000
Total
Common
Stocks
(Cost
$992,028,995)
.....................................
1,439,255,906
Equity-Linked
Securities
12.7%
Automobiles
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Ford
Motor
Co.,
144A,
12.5%,
1/12/23
.....................................
United
States
877,000
15,615,903
Banks
2.0%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
JPMorgan
Chase
&
Co.,
144A,
8%,
8/15/22
...................................
United
States
232,000
31,820,559
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Banks
(continued)
b
Credit
Suisse
AG
into
Bank
of
America
Corp.,
144A,
7.5%,
7/19/22
United
States
1,015,000
$
40,936,005
72,756,564
Biotechnology
0.5%
b
BNP
Paribas
Issuance
BV
into
AbbVie,
Inc.,
144A,
8%,
2/23/23
...
United
States
125,000
18,852,157
Capital
Markets
0.3%
b
J.P.
Morgan
Structured
Products
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
8.5%,
3/09/23
............................
United
States
26,000
8,867,926
Chemicals
0.7%
b
National
Bank
of
Canada
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
4/13/22
.................................
United
States
106,000
26,560,916
Communications
Equipment
0.5%
b
Barclays
Bank
plc
into
Cisco
Systems,
Inc.,
144A,
7.5%,
3/10/23
..
United
States
350,000
19,407,510
Health
Care
Providers
&
Services
0.7%
b
Royal
Bank
of
Canada
into
CVS
Health
Corp.,
144A,
8%,
12/16/22
United
States
250,000
23,738,811
Industrial
Conglomerates
0.3%
b
Goldman
Sachs
International
Bank
into
Honeywell
International,
Inc.,
144A,
8.5%,
4/04/23
.................................
United
States
45,400
8,648,358
Insurance
0.8%
b
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.,
144A,
8.5%,
8/23/22
.
United
States
450,000
29,536,091
Internet
&
Direct
Marketing
Retail
1.1%
b
Merrill
Lynch
International
&
Co.
CV
into
Amazon.com,
Inc.,
144A,
8.5%,
1/11/23
.......................................
United
States
11,700
38,224,649
Machinery
0.4%
b
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
8%,
1/10/23
...........................................
United
States
60,000
12,588,240
Media
0.6%
b
Morgan
Stanley
Finance
II
Ltd.
into
Comcast
Corp.,
144A,
6%,
7/19/22
...........................................
United
States
485,000
22,907,843
Metals
&
Mining
1.2%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Barrick
Gold
Corp.,
144A,
9%,
10/13/22
..................................
Canada
1,000,000
21,205,439
b
National
Bank
of
Canada
into
Rio
Tinto
plc,
144A,
12.5%,
7/28/22
.
Australia
260,000
21,307,476
42,512,915
Oil,
Gas
&
Consumable
Fuels
1.2%
b
UBS
AG
into
Chevron
Corp.,
144A,
10%,
8/16/22
.............
United
States
400,000
44,535,528
Semiconductors
&
Semiconductor
Equipment
1.4%
b
Credit
Suisse
AG
into
Intel
Corp.,
144A,
9%,
7/19/22
...........
United
States
384,590
19,312,690
b
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
8.5%,
12/14/22
.................................
United
States
130,000
24,125,721
b
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
9%,
10/11/22
.......................................
United
States
40,000
5,937,601
49,376,012
Software
0.6%
b
Societe
Generale
SA
into
Workday,
Inc.,
144A,
8%,
9/02/22
......
United
States
90,600
21,322,424
Total
Equity-Linked
Securities
(Cost
$465,186,505)
..............................
455,451,847
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
3.7%
Capital
Markets
0.2%
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
85,000
$
6,316,350
Electric
Utilities
1.4%
NextEra
Energy,
Inc.,
5.279%
............................
United
States
400,000
20,860,000
NextEra
Energy,
Inc.,
6.219%
............................
United
States
230,200
12,094,708
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
350,000
19,113,500
52,068,208
Multi-Utilities
1.1%
Dominion
Energy,
Inc.,
7.25%,
A
..........................
United
States
175,000
17,771,250
DTE
Energy
Co.,
6.25%
................................
United
States
400,000
21,316,000
39,087,250
Semiconductors
&
Semiconductor
Equipment
0.9%
Broadcom,
Inc.,
8%,
A
..................................
United
States
17,000
33,373,550
Thrifts
&
Mortgage
Finance
0.1%
a
F
NMA
,
5.375%
......................................
United
States
475
3,681,250
Total
Convertible
Preferred
Stocks
(Cost
$139,623,278)
..........................
134,526,608
Principal
Amount
*
Convertible
Bonds
0.4%
Airlines
0.1%
b
JetBlue
Airways
Corp.
,
Senior
Note
,
144A,
0.5
%
,
4/01/26
.......
United
States
5,000,000
4,677,192
Hotels,
Restaurants
&
Leisure
0.1%
DraftKings
,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
3/15/28
..............
United
States
2,500,000
1,808,750
Interactive
Media
&
Services
0.1%
Twitter,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
3/15/26
.................
United
States
5,000,000
4,222,500
Media
0.1%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
4,555,000
4,276,006
Total
Convertible
Bonds
(Cost
$15,111,239)
.....................................
14,984,448
Corporate
Bonds
31.8%
Aerospace
&
Defense
0.2%
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
......
United
States
7,500,000
7,742,322
Airlines
0.3%
b
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
10,000,000
10,089,050
Auto
Components
0.4%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
11,945,000
10,400,750
b
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
144A,
5
%
,
7/15/29
United
States
5,000,000
4,663,725
15,064,475
Automobiles
0.4%
Ford
Motor
Co.
,
Senior
Note
,
4.346
%
,
12/08/26
...............
United
States
7,000,000
7,050,225
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
7,500,000
7,641,287
14,691,512
Banks
1.3%
Bank
of
America
Corp.
,
c
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
8,000,000
8,350,000
c
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
6,000,000
6,217,200
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
5,000,000
4,953,201
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Citigroup,
Inc.
,
Sub.
Bond
,
4.125
%
,
7/25/28
..................
United
States
12,500,000
$
12,714,132
c
JPMorgan
Chase
&
Co.
,
d
I,
Junior
Sub.
Bond,
FRN,
3.769%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
10,559,000
10,559,077
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
3,200,000
3,248,000
46,041,610
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/25
....................
United
States
10,500,000
10,705,540
Capital
Markets
0.4%
b
Coinbase
Global,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
10/01/31
....
United
States
5,000,000
4,272,225
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.272%
to
9/29/24,
FRN
thereafter
,
9/29/25
...............................
United
States
9,000,000
9,022,200
13,294,425
Chemicals
0.7%
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
10,000,000
10,218,150
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
10,000,000
8,996,900
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
7,000,000
6,607,195
25,822,245
Commercial
Services
&
Supplies
0.4%
b
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,000,000
13,715,625
Communications
Equipment
0.5%
b
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
12,602,868
11,951,174
b
CommScope
,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
3/01/27
.........
United
States
5,000,000
4,868,275
16,819,449
Consumer
Finance
1.4%
Capital
One
Financial
Corp.
,
Sub.
Note
,
4.2
%
,
10/29/25
........
United
States
8,000,000
8,192,133
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
20,000,000
20,424,400
Senior
Note,
4.95%,
5/28/27
...........................
United
States
15,000,000
15,270,750
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
2.4
%
,
4/10/28
...
United
States
6,000,000
5,441,976
49,329,259
Containers
&
Packaging
1.0%
b
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
16,432,000
16,305,473
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
14,500,000
14,462,119
b
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
5,000,000
4,651,000
35,418,592
Diversified
Financial
Services
0.7%
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
20,000,000
18,095,800
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
8,890,000
8,540,534
26,636,334
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
0.8%
b
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
...
France
11,500,000
$
10,334,360
AT&T,
Inc.
,
Senior
Bond
,
4.125
%
,
2/17/26
...................
United
States
12,000,000
12,485,305
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
5/01/26
.................................
United
States
5,002,000
5,080,881
27,900,546
Electric
Utilities
0.1%
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
5,255,000
4,972,754
Energy
Equipment
&
Services
0.5%
b
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
3,013,000
3,122,402
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
14,500,000
14,739,468
17,861,870
Entertainment
1.3%
b
Magallanes,
Inc.
,
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
6,500,000
6,536,969
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
6,500,000
6,499,011
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
23,106,600
b
ROBLOX
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/01/30
..........
United
States
9,100,000
8,523,242
44,665,822
Health
Care
Equipment
&
Supplies
0.9%
b
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
18,000,000
16,757,100
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
16,800,000
15,561,420
32,318,520
Health
Care
Providers
&
Services
7.6%
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
70,000,000
68,871,600
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
53,500,000
49,887,145
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
10,000,000
9,090,000
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
12,500,000
13,032,312
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
10,000,000
10,622,000
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
10,000,000
9,612,500
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
8,000,000
8,382,460
Senior
Note,
4.1%,
3/25/25
............................
United
States
1,225,000
1,256,598
b
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
2,500,000
2,190,563
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
20,000,000
18,704,000
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
7,500,000
7,761,637
Senior
Secured
Note,
5%,
3/15/24
.......................
United
States
10,400,000
10,785,516
Tenet
Healthcare
Corp.
,
b
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
29,000,000
29,803,300
Senior
Note,
6.75%,
6/15/23
...........................
United
States
24,000,000
25,025,280
b
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
9,000,000
9,156,195
274,181,106
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
1.6%
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
3,130,000
$
3,021,812
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
18,000,000
18,606,960
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
9,000,000
8,291,115
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
4,500,000
4,272,840
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
17,820,000
17,844,948
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
6,000,000
5,816,640
57,854,315
Independent
Power
and
Renewable
Electricity
Producers
0.3%
b,c
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/15/26,
FRN
thereafter
,
Perpetual
.................................
United
States
12,500,000
12,191,313
Media
2.5%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
6/01/29
...........................................
United
States
5,000,000
4,995,150
b
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
5.5
%
,
4/15/27
.........
United
States
10,000,000
9,930,650
b
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Secured
Note
,
144A,
5.375
%
,
8/15/26
...........................
United
States
15,000,000
5,831,100
b
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
9,500,000
9,358,212
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
14,000,000
14,087,360
Senior
Note,
5%,
3/15/23
.............................
United
States
11,000,000
11,053,020
Senior
Note,
5.875%,
11/15/24
.........................
United
States
13,359,000
13,343,838
b
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
6,500,000
6,203,437
b
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
7,140,000
7,155,458
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
8,500,000
8,913,653
90,871,878
Metals
&
Mining
0.3%
b
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
5,000,000
5,257,950
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
6,000,000
5,685,360
10,943,310
Oil,
Gas
&
Consumable
Fuels
1.5%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
15,000,000
15,580,500
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
8,820,000
8,212,919
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
5,185,000
5,572,683
Civitas
Resources,
Inc.
,
Senior
Note
,
7.5
%
,
4/30/26
...........
United
States
6,877,144
6,880,514
Occidental
Petroleum
Corp.
,
Senior
Note,
8%,
7/15/25
.............................
United
States
5,000,000
5,620,500
Senior
Note,
6.625%,
9/01/30
..........................
United
States
6,000,000
6,892,500
b
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
5/15/25
.................................
United
States
3,623,000
3,736,617
52,496,233
Pharmaceuticals
3.5%
b
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
40,000,000
39,932,000
b
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
7,666,000
7,737,869
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
5,000,000
5,185,500
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
b
Bausch
Health
Cos.,
Inc.,
(continued)
Senior
Note,
144A,
5%,
2/15/29
........................
United
States
5,000,000
$
3,901,150
Senior
Note,
144A,
6.25%,
2/15/29
......................
United
States
3,921,000
3,221,513
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
11,000,000
10,916,730
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
9,500,000
9,571,678
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
4,500,000
4,314,847
b
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
11,000,000
11,197,634
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.4
%
,
7/26/29
..........
United
States
2,473,000
2,519,906
b
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
7,094,000
4,034,712
Senior
Secured
Note,
144A,
5.875%,
10/15/24
.............
United
States
4,500,000
4,246,695
b
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
8,429,000
7,879,598
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
10,000,000
9,937,583
124,597,415
Road
&
Rail
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
4,483,956
Semiconductors
&
Semiconductor
Equipment
0.1%
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
4
%
,
4/15/29
..............
United
States
5,000,000
4,997,550
Software
0.3%
b
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
11,000,000
10,004,005
Specialty
Retail
0.1%
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,000,000
3,677,520
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Note
,
3.557
%
,
8/15/27
.............
United
Kingdom
20,000,000
19,499,310
Trading
Companies
&
Distributors
0.7%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
11,300,000
11,490,970
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
14,000,000
14,579,740
26,070,710
Wireless
Telecommunication
Services
1.0%
Sprint
Communications,
Inc.
,
Senior
Note
,
6
%
,
11/15/22
........
United
States
6,300,000
6,449,562
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
12,500,000
13,296,813
Senior
Note,
7.125%,
6/15/24
..........................
United
States
8,200,000
8,805,160
Senior
Note,
7.625%,
3/01/26
..........................
United
States
7,500,000
8,473,575
37,025,110
Total
Corporate
Bonds
(Cost
$1,136,397,085)
...................................
1,141,983,681
Units
a
Index-Linked
Notes
1.1%
Capital
Markets
1.1%
b,e
Credit
Suisse
AG,
Senior
Note,
144A,
20.251%,
9/06/22
........
Switzerland
10,332
39,867,159
Total
Index-Linked
Notes
(Cost
$34,999,753)
....................................
39,867,159
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
d
Senior
Floating
Rate
Interests
0.1%
Media
0.1%
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
9
%
,
(
1-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
2,998,119
$
3,049,552
Total
Senior
Floating
Rate
Interests
(Cost
$2,789,853)
...........................
3,049,552
U.S.
Government
and
Agency
Securities
7.3%
U.S.
Treasury
Notes
,
2.75%,
5/31/23
.....................................
United
States
50,000,000
50,496,094
1.5%,
2/15/25
......................................
United
States
95,000,000
92,350,391
1.75%,
3/15/25
.....................................
United
States
100,000,000
97,890,625
1.875%,
2/15/32
.....................................
United
States
24,000,000
23,051,250
Total
U.S.
Government
and
Agency
Securities
(Cost
$263,787,329)
................
263,788,360
Asset-Backed
Securities
0.2%
Airlines
0.2%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
.
United
States
8,750,708
9,072,386
Total
Asset-Backed
Securities
(Cost
$8,750,708)
................................
9,072,386
Mortgage-Backed
Securities
0.1%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.1%
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,859,041
1,918,823
Total
Mortgage-Backed
Securities
(Cost
$1,969,422)
.............................
1,918,823
Shares
a
Escrows
and
Litigation
Trusts
0.3%
b
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
9,500,000
9,822,620
Total
Escrows
and
Litigation
Trusts
(Cost
$9,500,000)
...........................
9,822,620
Total
Long
Term
Investments
(Cost
$3,070,144,167)
.............................
3,513,721,390
a
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
1.9%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
67,956,079
67,956,079
Total
Money
Market
Funds
(Cost
$67,956,079)
..................................
67,956,079
Total
Short
Term
Investments
(Cost
$67,956,079
)
................................
67,956,079
a
Total
Investments
(Cost
$3,138,100,246)
99.6%
..................................
$3,581,677,469
Other
Assets,
less
Liabilities
0.4%
.............................................
14,326,343
Net
Assets
100.0%
...........................................................
$3,596,003,812
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
See
Abbreviations
on
page
166
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$1,287,116,049,
representing
35.8%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Security
pays
variable
interest
based
on
the
distributions
of
the
strategy
index
and
proceeds
earned
from
related
equity
derivatives.
The
coupon
rate
shown
represents
the
combined
rate
at
period
end.
Cash
payment
at
maturity
or
upon
early
redemption
is
based
on
the
performance
of
the
strategy
index.
f
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Large
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.1%
Auto
Components
0.7%
a
Aptiv
plc
............................................
United
States
6,658
$
797,029
Automobiles
2.2%
a
Lucid
Group,
Inc.
.....................................
United
States
11,802
299,771
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
18,726
940,794
a
Tesla,
Inc.
...........................................
United
States
1,166
1,256,482
2,497,047
Beverages
1.2%
Constellation
Brands,
Inc.,
A
.............................
United
States
2,753
634,071
a
Monster
Beverage
Corp.
................................
United
States
8,433
673,797
1,307,868
Biotechnology
0.2%
a,b
Heron
Therapeutics,
Inc.
................................
United
States
45,652
261,129
Capital
Markets
4.7%
Intercontinental
Exchange,
Inc.
...........................
United
States
5,953
786,511
MSCI,
Inc.
...........................................
United
States
4,881
2,454,557
S&P
Global,
Inc.
......................................
United
States
4,789
1,964,352
a
TPG
Pace
Beneficial
II
Corp.,
A
...........................
United
States
15,800
155,156
5,360,576
Chemicals
1.0%
Linde
plc
............................................
United
Kingdom
3,572
1,141,004
Commercial
Services
&
Supplies
0.5%
Republic
Services,
Inc.
.................................
United
States
4,079
540,467
Electric
Utilities
0.6%
NextEra
Energy,
Inc.
...................................
United
States
7,386
625,668
Entertainment
1.1%
a
ROBLOX
Corp.,
A
.....................................
United
States
12,429
574,717
a
Walt
Disney
Co.
(The)
..................................
United
States
5,049
692,521
1,267,238
Equity
Real
Estate
Investment
Trusts
(REITs)
2.6%
SBA
Communications
Corp.
.............................
United
States
8,480
2,917,968
Food
Products
0.3%
a
Freshpet
,
Inc.
........................................
United
States
3,595
368,991
Health
Care
Equipment
&
Supplies
5.1%
a
Edwards
Lifesciences
Corp.
.............................
United
States
13,113
1,543,662
a
Figs,
Inc.,
A
..........................................
United
States
28,790
619,561
a
IDEXX
Laboratories,
Inc.
................................
United
States
2,705
1,479,797
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,607
1,691,520
a
Nevro
Corp.
.........................................
United
States
5,836
422,118
5,756,658
Health
Care
Providers
&
Services
3.0%
a
Guardant
Health,
Inc.
..................................
United
States
9,904
656,041
UnitedHealth
Group,
Inc.
................................
United
States
5,400
2,753,838
3,409,879
Health
Care
Technology
1.0%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,571
1,183,615
Hotels,
Restaurants
&
Leisure
1.9%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
1,023
1,618,416
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
a
Dutch
Bros,
Inc.,
A
....................................
United
States
10,162
$
561,654
2,180,070
Industrial
Conglomerates
1.9%
Honeywell
International,
Inc.
.............................
United
States
4,780
930,092
Roper
Technologies,
Inc.
................................
United
States
2,612
1,233,465
2,163,557
Interactive
Media
&
Services
4.9%
a
Alphabet,
Inc.,
A
......................................
United
States
1,580
4,394,533
a
Meta
Platforms,
Inc.,
A
.................................
United
States
5,177
1,151,158
5,545,691
Internet
&
Direct
Marketing
Retail
8.6%
a
Amazon.com,
Inc.
.....................................
United
States
3,003
9,789,630
IT
Services
8.7%
a
Cloudflare
,
Inc.,
A
.....................................
United
States
4,150
496,755
a
Marqeta
,
Inc.,
A
.......................................
United
States
22,256
245,706
Mastercard
,
Inc.,
A
....................................
United
States
14,122
5,046,920
a
Okta
,
Inc.
...........................................
United
States
3,388
511,453
a
Shopify,
Inc.,
A
.......................................
Canada
769
519,813
a
Snowflake,
Inc.,
A
.....................................
United
States
2,401
550,141
a
Twilio
,
Inc.,
A
.........................................
United
States
3,648
601,227
Visa,
Inc.,
A
..........................................
United
States
8,454
1,874,844
9,846,859
Life
Sciences
Tools
&
Services
5.7%
Danaher
Corp.
.......................................
United
States
9,543
2,799,248
a
Illumina,
Inc.
.........................................
United
States
2,385
833,319
West
Pharmaceutical
Services,
Inc.
........................
United
States
6,796
2,791,185
6,423,752
Machinery
0.3%
a
Proterra
,
Inc.
.........................................
United
States
47,147
354,545
Pharmaceuticals
2.0%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
21,344
1,415,961
a
Catalent
,
Inc.
........................................
United
States
7,698
853,708
2,269,669
Professional
Services
1.9%
a
CoStar
Group,
Inc.
....................................
United
States
25,058
1,669,113
TransUnion
..........................................
United
States
5,166
533,855
2,202,968
Road
&
Rail
1.9%
a
Uber
Technologies,
Inc.
.................................
United
States
16,438
586,508
Union
Pacific
Corp.
....................................
United
States
5,937
1,622,048
2,208,556
Semiconductors
&
Semiconductor
Equipment
7.4%
Analog
Devices,
Inc.
...................................
United
States
6,231
1,029,236
ASML
Holding
NV,
NYRS
...............................
Netherlands
888
593,122
a,b
GLOBALFOUNDRIES,
Inc.
..............................
United
States
5,921
369,589
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,610
1,753,305
NVIDIA
Corp.
........................................
United
States
16,842
4,595,508
8,340,760
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
20.4%
a
Adobe,
Inc.
..........................................
United
States
3,895
$
1,774,640
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,778
522,430
a
Bill.com
Holdings,
Inc.
..................................
United
States
9,394
2,130,465
a
Confluent,
Inc.,
A
......................................
United
States
9,664
396,224
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
2,442
554,529
a,b
Gitlab
,
Inc.,
A
........................................
United
States
700
38,115
a,b
HashiCorp
,
Inc.,
A
.....................................
United
States
9,880
533,520
Intuit,
Inc.
...........................................
United
States
4,284
2,059,919
Microsoft
Corp.
.......................................
United
States
21,408
6,600,300
a
Monday.com
Ltd.
......................................
United
States
3,235
511,356
a
Paycom
Software,
Inc.
.................................
United
States
1,453
503,290
a
salesforce.com,
Inc.
...................................
United
States
5,202
1,104,489
a
ServiceNow
,
Inc.
......................................
United
States
7,329
4,081,447
a
Synopsys,
Inc.
.......................................
United
States
3,794
1,264,426
a
Workday,
Inc.,
A
......................................
United
States
4,484
1,073,739
23,148,889
Technology
Hardware,
Storage
&
Peripherals
6.2%
Apple,
Inc.
..........................................
United
States
40,119
7,005,179
Textiles,
Apparel
&
Luxury
Goods
1.1%
NIKE,
Inc.,
B
.........................................
United
States
8,953
1,204,716
Total
Common
Stocks
(Cost
$41,348,217)
......................................
110,119,978
Short
Term
Investments
3.8%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
2.9%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$3,307,905)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$1,915,972)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$165,693)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$1,226,240)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
5%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
6/30/23
(valued
at
$3,375,688)
..........................
3,307,885
3,307,885
Total
Repurchase
Agreements
(Cost
$3,307,885)
................................
3,307,885
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.9%
Country
Shares
Money
Market
Funds
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
787,000
787,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
See
Abbreviations
on
page
166
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.28%,
4/01/22
(Maturity
Value
$196,990)
Collateralized
by
U.S.
Treasury
Bond,
6%,
2/15/26;
U.S.
Treasury
Bonds,
Strips,
8/15/24
-
2/15/26;
U.S.
Treasury
Notes,
0.125%
-
2.875%,
10/31/22
-
1/31/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%
-
0.625%,
1/15/24
-
7/15/26
(valued
at
$200,928)
196,988
$
196,988
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$983,988)
.............................................................
983,988
Total
Short
Term
Investments
(Cost
$4,291,873
)
.................................
4,291,873
a
Total
Investments
(Cost
$45,640,090)
100.9%
...................................
$114,411,851
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(1,001,790)
Net
Assets
100.0%
...........................................................
$113,410,061
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Mutual
Global
Discovery
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.6%
Aerospace
&
Defense
3.2%
a
Airbus
SE
...........................................
France
70,169
$
8,468,335
BAE
Systems
plc
.....................................
United
Kingdom
740,038
6,950,563
15,418,898
Auto
Components
1.3%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
47,810
6,479,879
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
424,073
16,353
6,496,232
Automobiles
1.8%
a
General
Motors
Co.
....................................
United
States
195,722
8,560,880
Banks
8.9%
BNP
Paribas
SA
......................................
France
195,230
11,157,866
CaixaBank
SA
........................................
Spain
2,464,866
8,361,671
First
Horizon
Corp.
....................................
United
States
60,899
1,430,518
ING
Groep
NV
.......................................
Netherlands
1,025,978
10,713,622
Wells
Fargo
&
Co.
.....................................
United
States
233,061
11,294,136
42,957,813
Beverages
1.1%
Heineken
NV
........................................
Netherlands
55,066
5,266,669
Building
Products
1.8%
Johnson
Controls
International
plc
.........................
United
States
129,504
8,491,577
Chemicals
3.3%
BASF
SE
...........................................
Germany
109,937
6,273,919
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
188,300
9,483,208
15,757,127
Construction
Materials
1.4%
HeidelbergCement
AG
.................................
Germany
119,784
6,789,582
Diversified
Financial
Services
2.2%
Voya
Financial,
Inc.
....................................
United
States
161,150
10,692,303
Diversified
Telecommunication
Services
2.8%
Deutsche
Telekom
AG
..................................
Germany
728,269
13,565,215
Electrical
Equipment
1.6%
Mitsubishi
Electric
Corp.
................................
Japan
668,131
7,663,641
Entertainment
3.2%
Activision
Blizzard,
Inc.
.................................
United
States
95,988
7,689,599
a
Walt
Disney
Co.
(The)
..................................
United
States
57,932
7,945,953
15,635,552
Food
Products
3.2%
Danone
SA
..........................................
France
134,846
7,450,307
Kraft
Heinz
Co.
(The)
..................................
United
States
202,070
7,959,538
15,409,845
Health
Care
Equipment
&
Supplies
2.3%
Medtronic
plc
........................................
United
States
101,017
11,207,836
Health
Care
Providers
&
Services
6.4%
Anthem,
Inc.
.........................................
United
States
17,451
8,572,280
CVS
Health
Corp.
.....................................
United
States
107,330
10,862,869
Fresenius
SE
&
Co.
KGaA
...............................
Germany
91,517
3,360,637
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
........................................
United
States
19,116
$
8,318,710
31,114,496
Household
Durables
1.5%
DR
Horton,
Inc.
.......................................
United
States
98,080
7,307,941
Household
Products
1.6%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
103,398
7,888,416
Industrial
Conglomerates
1.6%
General
Electric
Co.
...................................
United
States
85,533
7,826,270
Insurance
9.2%
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
2,641,448
6,391,025
Everest
Re
Group
Ltd.
.................................
United
States
30,862
9,301,190
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
103,391
7,424,508
NN
Group
NV
........................................
Netherlands
211,643
10,727,261
Willis
Towers
Watson
plc
................................
United
States
44,776
10,576,987
44,420,971
Internet
&
Direct
Marketing
Retail
1.3%
eBay,
Inc.
...........................................
United
States
106,691
6,109,127
IT
Services
5.6%
Capgemini
SE
........................................
France
40,896
9,076,181
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
11,497
1,030,936
a
Fiserv,
Inc.
..........................................
United
States
71,345
7,234,383
Global
Payments,
Inc.
..................................
United
States
71,966
9,847,827
27,189,327
Machinery
1.3%
Alstom
SA
...........................................
France
279,845
6,548,950
Media
2.2%
a
Charter
Communications,
Inc.,
A
..........................
United
States
19,456
10,613,637
Multi-Utilities
1.7%
RWE
AG
............................................
Germany
187,093
8,147,606
Oil,
Gas
&
Consumable
Fuels
6.4%
BP
plc
..............................................
United
Kingdom
2,715,008
13,311,020
Canadian
Natural
Resources
Ltd.
.........................
Canada
109,331
6,769,296
Williams
Cos.,
Inc.
(The)
................................
United
States
319,653
10,679,607
30,759,923
Pharmaceuticals
7.4%
GlaxoSmithKline
plc
...................................
United
States
605,533
13,102,887
Merck
&
Co.,
Inc.
.....................................
United
States
125,422
10,290,875
Novartis
AG,
ADR
.....................................
Switzerland
142,163
12,474,803
35,868,565
Semiconductors
&
Semiconductor
Equipment
2.3%
a
Renesas
Electronics
Corp.
..............................
Japan
751,901
8,713,327
a
Tower
Semiconductor
Ltd.
...............................
Israel
50,822
2,459,785
11,173,112
Software
1.7%
a
Avaya
Holdings
Corp.
..................................
United
States
4
51
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
59,370
$
8,208,496
8,208,547
Technology
Hardware,
Storage
&
Peripherals
3.9%
Catcher
Technology
Co.
Ltd.
.............................
Taiwan
685,000
3,438,875
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
120,441
6,876,929
a
Western
Digital
Corp.
..................................
United
States
168,744
8,378,140
18,693,944
Tobacco
2.3%
British
American
Tobacco
plc
.............................
United
Kingdom
267,495
11,234,901
Trading
Companies
&
Distributors
1.1%
a
AerCap
Holdings
NV
...................................
Ireland
109,106
5,485,850
Total
Common
Stocks
(Cost
$382,268,320)
.....................................
462,504,753
Preferred
Stocks
1.1%
Automobiles
1.1%
e
Volkswagen
AG,
3.13%
.................................
Germany
31,447
5,404,942
Total
Preferred
Stocks
(Cost
$5,402,373)
.......................................
5,404,942
Warrants
Warrants
0.0%
Software
0.0%
a
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
3,613
1,446
Total
Warrants
(Cost
$—)
.....................................................
1,446
Principal
Amount
*
Corporate
Bonds
0.4%
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
1,092,000
1,119,551
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
655,000
653,887
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
65,000
67,411
1,840,849
Total
Corporate
Bonds
(Cost
$1,843,671)
.......................................
1,840,849
Shares
a
Companies
in
Liquidation
0.0%
a,b,f
Tribune
Media,
Litigation
Trust,
Contingent
Distribution
.........
United
States
57,457
a,b,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
966,000
Total
Companies
in
Liquidation
(Cost
$–)
......................................
Total
Long
Term
Investments
(Cost
$389,514,364)
...............................
469,751,990
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
At
March
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
Short
Term
Investments
1.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.1%
g
FHLB,
4/01/22
.......................................
United
States
2,100,000
$
2,100,000
g
U.S.
Treasury
Bills
,
4/28/22
...........................................
United
States
2,000,000
1,999,848
5/26/22
...........................................
United
States
1,000,000
999,569
2,999,417
Total
U.S.
Government
and
Agency
Securities
(Cost
$5,099,795)
..................
5,099,417
Total
Short
Term
Investments
(Cost
$5,099,795
)
.................................
5,099,417
a
Total
Investments
(Cost
$394,614,159)
98.2%
...................................
$474,851,407
Other
Assets,
less
Liabilities
1.8%
.............................................
9,161,402
Net
Assets
100.0%
...........................................................
$484,012,809
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
See
Note
6
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$11,324,057,
representing
2.3%
of
net
assets.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
94
$
13,041,325
6/13/22
$
(218,624)
Foreign
Exchange
GBP/USD
...................
Short
81
6,647,569
6/13/22
12,437
Total
Futures
Contracts
......................................................................
$(206,187)
*
As
of
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
See
Abbreviations
on
page
166
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Sell
2,264,892
3,100,134
4/14/22
$
124,820
$
British
Pound
......
HSBK
Buy
460,263
604,762
4/14/22
1,969
(2,098)
British
Pound
......
HSBK
Sell
1,739,831
2,388,802
4/14/22
103,246
British
Pound
......
UBSW
Buy
385,127
509,562
4/14/22
1,297
(4,931)
British
Pound
......
UBSW
Sell
305,864
413,350
4/14/22
11,547
South
Korean
Won
..
HSBK
Sell
2,883,665,592
2,440,723
5/16/22
68,747
South
Korean
Won
..
UBSW
Sell
269,296,183
228,099
5/16/22
6,588
Japanese
Yen
......
HSBK
Buy
41,581,132
362,284
5/18/22
(20,368)
Japanese
Yen
......
HSBK
Sell
943,545,403
8,244,527
5/18/22
488,751
(2,856)
Japanese
Yen
......
UBSW
Buy
108,080,212
937,933
5/18/22
(49,205)
Japanese
Yen
......
UBSW
Sell
100,476,098
874,201
5/18/22
48,845
(843)
South
Korean
Won
..
HSBK
Buy
274,876,472
225,593
6/17/22
1,240
(716)
South
Korean
Won
..
HSBK
Sell
3,276,006,847
2,765,730
6/17/22
70,834
South
Korean
Won
..
UBSW
Sell
178,093,425
150,417
6/17/22
3,914
New
Taiwan
Dollar
..
HSBK
Sell
56,235,518
1,978,730
6/30/22
6,453
New
Taiwan
Dollar
..
UBSW
Sell
41,719,482
1,467,219
6/30/22
4,044
Swiss
Franc
.......
BOFA
Buy
596,485
655,614
7/20/22
46
(6,813)
Swiss
Franc
.......
HSBK
Buy
3,988,045
4,353,891
7/20/22
7,491
(23,240)
Swiss
Franc
.......
HSBK
Sell
7,091,004
7,784,143
7/20/22
70,640
Swiss
Franc
.......
UBSW
Buy
2,506,473
2,738,423
7/20/22
242
(12,155)
Euro
.............
BOFA
Buy
1,817,443
2,012,655
7/25/22
13,362
(5,103)
Euro
.............
BOFA
Sell
869,583
967,966
7/25/22
2,939
(1,910)
Euro
.............
HSBK
Buy
2,253,309
2,499,301
7/25/22
17,873
(11,596)
Euro
.............
HSBK
Sell
28,414,841
32,326,212
7/25/22
731,802
(1,595)
Euro
.............
SSBT
Buy
1,858,361
2,070,458
7/25/22
7,713
(11,760)
Euro
.............
SSBT
Sell
265,839
295,968
7/25/22
367
Euro
.............
UBSW
Buy
1,422,024
1,581,342
7/25/22
6,844
(6,961)
Euro
.............
UBSW
Sell
29,515,488
33,534,730
7/25/22
731,586
(16,732)
Total
Forward
Exchange
Contracts
...................................................
$2,533,200
$(178,882)
Net
unrealized
appreciation
(depreciation)
............................................
$2,354,318
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Mutual
Shares
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.5%
Aerospace
&
Defense
1.0%
a
Airbus
SE
...........................................
France
210,118
$
25,358,060
Auto
Components
0.0%
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
1,730,515
66,734
Automobiles
1.7%
a
General
Motors
Co.
....................................
United
States
978,955
42,819,492
Banks
6.3%
Bank
of
America
Corp.
.................................
United
States
721,925
29,757,749
BNP
Paribas
SA
......................................
France
467,050
26,693,036
First
Horizon
Corp.
....................................
United
States
309,935
7,280,373
ING
Groep
NV
.......................................
Netherlands
3,694,677
38,581,112
Wells
Fargo
&
Co.
.....................................
United
States
1,134,158
54,961,297
157,273,567
Building
Products
1.6%
Johnson
Controls
International
plc
.........................
United
States
623,546
40,885,911
Chemicals
1.9%
Ashland
Global
Holdings,
Inc.
............................
United
States
477,661
47,006,619
Commercial
Services
&
Supplies
1.1%
a
Stericycle,
Inc.
.......................................
United
States
467,695
27,556,589
Containers
&
Packaging
1.7%
International
Paper
Co.
.................................
United
States
924,524
42,666,783
Diversified
Financial
Services
1.9%
Voya
Financial,
Inc.
....................................
United
States
733,945
48,697,251
Diversified
Telecommunication
Services
0.4%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
609,467
9,931,684
Electric
Utilities
1.1%
Pinnacle
West
Capital
Corp.
.............................
United
States
358,902
28,030,246
Electrical
Equipment
1.3%
a
Sensata
Technologies
Holding
plc
.........................
United
States
635,695
32,325,091
Electronic
Equipment,
Instruments
&
Components
1.5%
a
Flex
Ltd.
............................................
United
States
1,976,692
36,667,637
Entertainment
3.0%
Activision
Blizzard,
Inc.
.................................
United
States
516,981
41,415,348
a
Walt
Disney
Co.
(The)
..................................
United
States
249,134
34,171,219
75,586,567
Equity
Real
Estate
Investment
Trusts
(REITs)
2.4%
Uniti
Group,
Inc.
......................................
United
States
121,832
1,676,408
Vornado
Realty
Trust
...................................
United
States
1,311,202
59,423,675
61,100,083
Food
Products
4.0%
Archer-Daniels-Midland
Co.
.............................
United
States
255,191
23,033,540
Kraft
Heinz
Co.
(The)
..................................
United
States
1,993,008
78,504,585
101,538,125
Health
Care
Equipment
&
Supplies
2.2%
Medtronic
plc
........................................
United
States
501,864
55,681,811
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
6.8%
Anthem,
Inc.
.........................................
United
States
122,205
$
60,029,540
CVS
Health
Corp.
.....................................
United
States
696,533
70,496,105
Humana,
Inc.
........................................
United
States
93,407
40,647,924
171,173,569
Household
Durables
2.2%
DR
Horton,
Inc.
.......................................
United
States
422,059
31,447,616
Lennar
Corp.,
A
.......................................
United
States
302,702
24,570,321
56,017,937
Industrial
Conglomerates
1.9%
General
Electric
Co.
...................................
United
States
526,354
48,161,391
Insurance
7.0%
Everest
Re
Group
Ltd.
.................................
United
States
151,672
45,710,908
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
578,858
41,567,793
MetLife,
Inc.
.........................................
United
States
518,026
36,406,867
Willis
Towers
Watson
plc
................................
United
States
219,874
51,938,636
175,624,204
Internet
&
Direct
Marketing
Retail
1.2%
eBay,
Inc.
...........................................
United
States
508,607
29,122,837
IT
Services
7.2%
Alliance
Data
Systems
Corp.
.............................
United
States
541,791
30,421,565
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
504,837
45,268,734
a
Fiserv,
Inc.
..........................................
United
States
590,396
59,866,154
Global
Payments,
Inc.
..................................
United
States
339,744
46,490,569
182,047,022
Media
4.2%
a
Charter
Communications,
Inc.,
A
..........................
United
States
116,569
63,590,721
Comcast
Corp.,
A
.....................................
United
States
856,996
40,124,553
a
Loyalty
Ventures,
Inc.
..................................
United
States
104,837
1,732,955
105,448,229
Oil,
Gas
&
Consumable
Fuels
5.1%
BP
plc
..............................................
United
Kingdom
15,143,853
74,246,603
Williams
Cos.,
Inc.
(The)
................................
United
States
1,601,412
53,503,175
127,749,778
Pharmaceuticals
8.6%
a
Elanco
Animal
Health,
Inc.
...............................
United
States
1,687,244
44,020,196
Eli
Lilly
&
Co.
........................................
United
States
159,432
45,656,542
GlaxoSmithKline
plc
...................................
United
States
1,420,032
30,727,506
Merck
&
Co.,
Inc.
.....................................
United
States
866,918
71,130,622
Novartis
AG,
ADR
.....................................
Switzerland
288,526
25,318,156
216,853,022
Professional
Services
2.0%
KBR,
Inc.
...........................................
United
States
909,084
49,754,167
Software
3.3%
a
Avaya
Holdings
Corp.
..................................
United
States
116
1,470
NortonLifeLock
,
Inc.
...................................
United
States
1,695,031
44,952,222
Oracle
Corp.
.........................................
United
States
469,435
38,836,357
83,790,049
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
1.6%
Best
Buy
Co.,
Inc.
.....................................
United
States
433,041
$
39,363,427
a,b,c
Wayne
Services
Legacy,
Inc.
.............................
United
States
2,039
39,363,427
Technology
Hardware,
Storage
&
Peripherals
2.7%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
408,259
23,310,736
a
Western
Digital
Corp.
..................................
United
States
906,573
45,011,349
68,322,085
Textiles,
Apparel
&
Luxury
Goods
2.0%
Tapestry,
Inc.
........................................
United
States
1,321,229
49,083,657
Tobacco
3.2%
Altria
Group,
Inc.
......................................
United
States
735,836
38,447,431
British
American
Tobacco
plc
.............................
United
Kingdom
965,495
40,551,191
78,998,622
Wireless
Telecommunication
Services
2.4%
a
T-Mobile
US,
Inc.
.....................................
United
States
468,721
60,160,340
Total
Common
Stocks
(Cost
$1,836,925,588)
....................................
2,374,862,586
Warrants
Warrants
0.0%
Diversified
Telecommunication
Services
0.0%
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
34,368
560,050
Software
0.0%
a
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
63,871
25,552
Total
Warrants
(Cost
$436,130)
................................................
585,602
Principal
Amount
*
Corporate
Bonds
2.3%
Diversified
Telecommunication
Services
0.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
2,949,278
2,704,134
Oil,
Gas
&
Consumable
Fuels
0.5%
d
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
13,861,000
14,015,828
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
5,309,000
5,442,946
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
3,434,000
3,428,162
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
340,000
352,614
9,223,722
Software
0.3%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
7,650,000
7,266,735
Specialty
Retail
1.0%
d
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
21,435,000
19,099,335
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
(continued)
d
Staples,
Inc.,
(continued)
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
6,845,000
$
6,654,709
25,754,044
Total
Corporate
Bonds
(Cost
$59,981,342)
......................................
58,964,463
e
Senior
Floating
Rate
Interests
1.3%
Software
1.3%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
6
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...........................
United
States
6,640,700
6,599,195
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
8.15
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
.............
United
States
13,032,127
12,681,954
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
6
%
,
(
3-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
14,762,877
13,854,960
33,136,109
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$34,153,505)
..........................
33,136,109
Asset-Backed
Securities
0.1%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2013-2
,
A
,
4.95
%
,
1/15/23
.
.
United
States
1,928,839
1,924,456
Total
Asset-Backed
Securities
(Cost
$1,899,907)
................................
1,924,456
Shares
a
Companies
in
Liquidation
0.0%
a,b,f
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
a,b,f
Tribune
Media,
Litigation
Trust,
Contingent
Distribution
.........
United
States
397,730
a,b,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
Total
Companies
in
Liquidation
(Cost
$–)
......................................
Total
Long
Term
Investments
(Cost
$1,933,396,472)
.............................
2,469,473,216
a
Short
Term
Investments
1.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.7%
g
FHLB,
4/01/22
.......................................
United
States
12,800,000
12,800,000
g
U.S.
Treasury
Bills
,
4/21/22
...........................................
United
States
1,000,000
999,935
4/28/22
...........................................
United
States
2,000,000
1,999,848
5/26/22
...........................................
United
States
2,000,000
1,999,137
6/23/22
...........................................
United
States
2,000,000
1,997,873
6,996,793
Total
U.S.
Government
and
Agency
Securities
(Cost
$19,798,890)
.................
19,796,793
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
At
March
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
Short
Term
Investments
(continued)
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
h
Repurchase
Agreements
0.4%
Credit
Suisse
First
Boston,
0.25%,
4/01/22
(Maturity
Value
$8,900,062)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
11/15/24
-
8/15/44
(valued
at
$9,078,000)
................................
8,900,000
$
8,900,000
Total
Repurchase
Agreements
(Cost
$8,900,000)
................................
8,900,000
Total
Short
Term
Investments
(Cost
$28,698,890
)
................................
28,696,793
a
Total
Investments
(Cost
$1,962,095,362)
99.3%
..................................
$2,498,170,009
Other
Assets,
less
Liabilities
0.7%
.............................................
16,830,983
Net
Assets
100.0%
...........................................................
$2,515,000,992
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
See
Note
6
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$56,260,329,
representing
2.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
h
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
39
$
5,410,762
6/13/22
$
(82,294)
Foreign
Exchange
GBP/USD
...................
Short
151
12,392,381
6/13/22
27,927
Total
Futures
Contracts
......................................................................
$(54,367)
*
As
of
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3
See
Abbreviations
on
page
166
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Sell
1,263,647
1,730,614
4/14/22
$
70,603
$
British
Pound
......
HSBK
Buy
270,954
368,056
4/14/22
(12,112)
British
Pound
......
HSBK
Sell
1,132,618
1,550,791
4/14/22
62,908
British
Pound
......
SSBT
Buy
616,710
824,522
4/14/22
(14,371)
British
Pound
......
SSBT
Sell
288,544
392,267
4/14/22
13,216
British
Pound
......
UBSW
Sell
262,953
355,878
4/14/22
10,446
South
Korean
Won
..
HSBK
Buy
7,902,187,600
6,571,466
5/16/22
(71,474)
South
Korean
Won
..
HSBK
Sell
8,067,819,315
6,837,018
5/16/22
200,785
South
Korean
Won
..
UBSW
Buy
1,605,107,400
1,297,916
5/16/22
22,374
South
Korean
Won
..
UBSW
Sell
10,600,916,932
8,979,186
5/16/22
259,338
South
Korean
Won
..
HSBK
Buy
17,605,216,342
14,502,488
6/17/22
5,911
(26,066)
South
Korean
Won
..
HSBK
Sell
23,213,960,218
19,598,109
6/17/22
501,934
South
Korean
Won
..
UBSW
Sell
13,807,944,877
11,662,116
6/17/22
303,479
Euro
.............
BOFA
Buy
3,797,595
4,236,550
7/25/22
15,366
(29,164)
Euro
.............
BOFA
Sell
385,605
428,429
7/25/22
556
(901)
Euro
.............
HSBK
Buy
3,244,372
3,605,694
7/25/22
21,864
(19,964)
Euro
.............
HSBK
Sell
22,921,569
26,144,260
7/25/22
656,521
Euro
.............
SSBT
Buy
3,385,328
3,789,311
7/25/22
7,132
(32,112)
Euro
.............
SSBT
Sell
111,275
123,886
7/25/22
153
Euro
.............
UBSW
Buy
3,487,429
3,896,847
7/25/22
13,976
(32,962)
Euro
.............
UBSW
Sell
23,334,667
26,594,943
7/25/22
648,602
(743)
Total
Forward
Exchange
Contracts
...................................................
$2,815,164
$(239,869)
Net
unrealized
appreciation
(depreciation)
............................................
$2,575,295
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Rising
Dividends
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.9%
Aerospace
&
Defense
4.1%
General
Dynamics
Corp.
................................
United
States
91,752
$
22,128,748
Raytheon
Technologies
Corp.
............................
United
States
408,746
40,494,466
62,623,214
Air
Freight
&
Logistics
2.3%
United
Parcel
Service,
Inc.,
B
............................
United
States
160,517
34,424,476
Banks
1.3%
JPMorgan
Chase
&
Co.
.................................
United
States
143,825
19,606,224
Beverages
1.6%
PepsiCo,
Inc.
........................................
United
States
149,230
24,978,117
Biotechnology
1.5%
AbbVie,
Inc.
.........................................
United
States
142,036
23,025,456
Building
Products
2.7%
Carlisle
Cos.,
Inc.
.....................................
United
States
62,102
15,272,124
Johnson
Controls
International
plc
.........................
United
States
387,810
25,428,702
40,700,826
Capital
Markets
1.1%
Nasdaq,
Inc.
.........................................
United
States
93,100
16,590,420
Chemicals
9.3%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
134,067
33,504,684
Albemarle
Corp.
......................................
United
States
141,110
31,206,476
Ecolab,
Inc.
..........................................
United
States
100,209
17,692,901
Linde
plc
............................................
United
Kingdom
156,432
49,969,074
Sherwin-Williams
Co.
(The)
..............................
United
States
34,800
8,686,776
141,059,911
Commercial
Services
&
Supplies
1.8%
Cintas
Corp.
.........................................
United
States
65,372
27,808,595
Electrical
Equipment
0.7%
nVent
Electric
plc
.....................................
United
States
284,926
9,909,726
Food
&
Staples
Retailing
1.4%
Walmart,
Inc.
........................................
United
States
145,808
21,713,727
Food
Products
1.5%
McCormick
&
Co.,
Inc.
.................................
United
States
232,194
23,172,961
Health
Care
Equipment
&
Supplies
10.1%
Abbott
Laboratories
....................................
United
States
256,395
30,346,912
Becton
Dickinson
and
Co.
...............................
United
States
135,115
35,940,590
Medtronic
plc
........................................
United
States
307,454
34,112,021
Stryker
Corp.
........................................
United
States
196,345
52,492,836
152,892,359
Health
Care
Providers
&
Services
3.0%
CVS
Health
Corp.
.....................................
United
States
73,693
7,458,469
UnitedHealth
Group,
Inc.
................................
United
States
75,000
38,247,750
45,706,219
Hotels,
Restaurants
&
Leisure
2.1%
McDonald's
Corp.
.....................................
United
States
101,499
25,098,673
Starbucks
Corp.
......................................
United
States
66,500
6,049,505
31,148,178
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Products
2.6%
Colgate-Palmolive
Co.
.................................
United
States
200,940
$
15,237,280
Procter
&
Gamble
Co.
(The)
.............................
United
States
159,494
24,370,683
39,607,963
Industrial
Conglomerates
6.1%
Honeywell
International,
Inc.
.............................
United
States
171,675
33,404,522
Roper
Technologies,
Inc.
................................
United
States
125,783
59,398,506
92,803,028
Insurance
0.6%
Erie
Indemnity
Co.,
A
...................................
United
States
50,170
8,836,442
IT
Services
6.0%
Accenture
plc,
A
......................................
United
States
163,778
55,230,855
Visa,
Inc.,
A
..........................................
United
States
159,162
35,297,357
90,528,212
Life
Sciences
Tools
&
Services
2.4%
West
Pharmaceutical
Services,
Inc.
........................
United
States
87,601
35,978,607
Machinery
3.0%
Donaldson
Co.,
Inc.
...................................
United
States
153,497
7,971,099
Dover
Corp.
.........................................
United
States
150,588
23,627,257
Pentair
plc
..........................................
United
States
243,694
13,210,652
44,809,008
Multiline
Retail
2.3%
Target
Corp.
.........................................
United
States
166,337
35,300,038
Oil,
Gas
&
Consumable
Fuels
2.9%
Chevron
Corp.
.......................................
United
States
122,594
19,961,981
EOG
Resources,
Inc.
..................................
United
States
117,461
14,004,875
Exxon
Mobil
Corp.
.....................................
United
States
120,461
9,948,874
43,915,730
Pharmaceuticals
2.8%
Johnson
&
Johnson
...................................
United
States
158,429
28,078,372
Pfizer,
Inc.
...........................................
United
States
283,415
14,672,394
42,750,766
Road
&
Rail
2.1%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
44,830
9,001,416
Norfolk
Southern
Corp.
.................................
United
States
80,447
22,945,093
31,946,509
Semiconductors
&
Semiconductor
Equipment
6.2%
Analog
Devices,
Inc.
...................................
United
States
281,619
46,517,826
Texas
Instruments,
Inc.
.................................
United
States
259,868
47,680,581
94,198,407
Software
8.9%
Microsoft
Corp.
.......................................
United
States
435,628
134,308,469
Specialty
Retail
3.4%
Lowe's
Cos.,
Inc.
......................................
United
States
156,000
31,541,640
Ross
Stores,
Inc.
.....................................
United
States
219,130
19,822,500
51,364,140
Textiles,
Apparel
&
Luxury
Goods
2.0%
NIKE,
Inc.,
B
.........................................
United
States
221,184
29,762,519
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
1.1%
WW
Grainger,
Inc.
.....................................
United
States
32,593
$
16,811,143
Total
Common
Stocks
(Cost
$534,579,393)
.....................................
1,468,281,390
Short
Term
Investments
3.4%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.4%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
50,974,815
50,974,815
Total
Money
Market
Funds
(Cost
$50,974,815)
..................................
50,974,815
Total
Short
Term
Investments
(Cost
$50,974,815
)
................................
50,974,815
a
Total
Investments
(Cost
$585,554,208)
100.3%
..................................
$1,519,256,205
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(3,850,751)
Net
Assets
100.0%
...........................................................
$1,515,405,454
a
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Small
Cap
Value
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.7%
Auto
Components
0.9%
a
Adient
plc
...........................................
United
States
241,154
$
9,831,849
LCI
Industries
........................................
United
States
10,514
1,091,458
10,923,307
Banks
8.6%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
315,614
11,579,878
Camden
National
Corp.
.................................
United
States
128,153
6,028,317
Columbia
Banking
System,
Inc.
...........................
United
States
628,949
20,296,184
First
Interstate
BancSystem
,
Inc.,
A
........................
United
States
158,604
5,831,869
First
of
Long
Island
Corp.
(The)
...........................
United
States
317,915
6,186,626
German
American
Bancorp,
Inc.
..........................
United
States
173,793
6,602,396
Peoples
Bancorp,
Inc.
..................................
United
States
230,957
7,231,264
SouthState
Corp.
.....................................
United
States
253,980
20,722,228
TriCo
Bancshares
.....................................
United
States
170,046
6,806,941
Washington
Trust
Bancorp,
Inc.
...........................
United
States
197,439
10,365,548
101,651,251
Biotechnology
0.7%
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
203,327
4,477,260
a
Rhythm
Pharmaceuticals,
Inc.
............................
United
States
328,692
3,786,532
8,263,792
Building
Products
3.6%
Apogee
Enterprises,
Inc.
................................
United
States
298,638
14,173,360
Insteel
Industries,
Inc.
..................................
United
States
24,093
891,200
a
Masonite
International
Corp.
.............................
United
States
75,443
6,709,900
UFP
Industries,
Inc.
....................................
United
States
267,809
20,664,142
42,438,602
Chemicals
6.7%
Ashland
Global
Holdings,
Inc.
............................
United
States
295,389
29,069,231
Avient
Corp.
.........................................
United
States
443,878
21,306,144
a
Elementis
plc
........................................
United
Kingdom
5,834,361
9,032,774
Minerals
Technologies,
Inc.
..............................
United
States
303,215
20,057,672
79,465,821
Communications
Equipment
2.6%
a
NetScout
Systems,
Inc.
.................................
United
States
963,257
30,901,285
Construction
&
Engineering
4.6%
a
Great
Lakes
Dredge
&
Dock
Corp.
........................
United
States
969,461
13,601,538
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
1,032,717
40,410,216
54,011,754
Construction
Materials
2.0%
a
Summit
Materials,
Inc.,
A
................................
United
States
756,884
23,508,817
Electric
Utilities
0.8%
IDACORP,
Inc.
.......................................
United
States
77,648
8,957,473
Electrical
Equipment
0.7%
Regal
Rexnord
Corp.
..................................
United
States
57,384
8,537,592
Electronic
Equipment,
Instruments
&
Components
5.3%
Benchmark
Electronics,
Inc.
.............................
United
States
635,574
15,914,773
CTS
Corp.
..........................................
United
States
116,443
4,115,096
a
II-VI,
Inc.
............................................
United
States
126,513
9,170,927
a
Knowles
Corp.
.......................................
United
States
1,536,002
33,070,123
62,270,919
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
4.2%
Hunting
plc
..........................................
United
Kingdom
1,832,174
$
7,233,091
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
153,048
1,822,801
a
NexTier
Oilfield
Solutions,
Inc.
............................
United
States
1,853,929
17,130,304
a
TechnipFMC
plc
......................................
United
Kingdom
3,044,905
23,598,014
49,784,210
Equity
Real
Estate
Investment
Trusts
(REITs)
2.6%
Alexander
&
Baldwin,
Inc.
...............................
United
States
377,209
8,747,477
Highwoods
Properties,
Inc.
..............................
United
States
169,044
7,732,072
a
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,234,206
14,538,947
31,018,496
Food
Products
2.1%
Glanbia
plc
..........................................
Ireland
1,558,036
18,077,315
Maple
Leaf
Foods,
Inc.
.................................
Canada
281,036
6,743,515
24,820,830
Health
Care
Equipment
&
Supplies
3.1%
a
Envista
Holdings
Corp.
.................................
United
States
407,158
19,832,666
a
Integer
Holdings
Corp.
.................................
United
States
209,205
16,855,647
36,688,313
Hotels,
Restaurants
&
Leisure
7.9%
a
Brinker
International,
Inc.
...............................
United
States
158,617
6,052,825
a
Dalata
Hotel
Group
plc
.................................
Ireland
2,417,941
10,593,831
a
Denny's
Corp.
........................................
United
States
1,231,098
17,617,012
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
513,927
26,729,343
Jack
in
the
Box,
Inc.
...................................
United
States
341,585
31,907,455
92,900,466
Household
Durables
0.6%
Century
Communities,
Inc.
..............................
United
States
29,016
1,554,387
a
M/I
Homes,
Inc.
.......................................
United
States
68,491
3,037,576
a
Meritage
Homes
Corp.
.................................
United
States
18,834
1,492,218
a
Taylor
Morrison
Home
Corp.
.............................
United
States
56,685
1,542,966
7,627,147
Insurance
9.6%
CNO
Financial
Group,
Inc.
..............................
United
States
589,690
14,795,322
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
267,625
40,015,290
Horace
Mann
Educators
Corp.
...........................
United
States
582,804
24,378,691
Old
Republic
International
Corp.
..........................
United
States
544,356
14,082,490
Selective
Insurance
Group,
Inc.
...........................
United
States
220,910
19,740,518
113,012,311
IT
Services
1.2%
Alliance
Data
Systems
Corp.
.............................
United
States
249,448
14,006,505
Leisure
Products
0.9%
Brunswick
Corp.
......................................
United
States
126,379
10,222,797
Machinery
5.1%
Astec
Industries,
Inc.
...................................
United
States
6,973
299,839
Columbus
McKinnon
Corp.
..............................
United
States
19,801
839,562
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
589,622
30,371,429
REV
Group,
Inc.
......................................
United
States
472,869
6,336,445
Terex
Corp.
..........................................
United
States
67,015
2,389,755
Timken
Co.
(The)
.....................................
United
States
338,771
20,563,400
60,800,430
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
0.0%
a
Loyalty
Ventures,
Inc.
..................................
United
States
5,757
$
95,163
Multi-Utilities
1.9%
Black
Hills
Corp.
......................................
United
States
287,187
22,119,143
Oil,
Gas
&
Consumable
Fuels
4.9%
Crescent
Point
Energy
Corp.
.............................
Canada
5,462,319
39,582,971
a
Green
Plains,
Inc.
.....................................
United
States
585,490
18,156,045
57,739,016
Professional
Services
1.5%
ICF
International,
Inc.
..................................
United
States
54,292
5,111,049
Stantec
,
Inc.
.........................................
Canada
248,630
12,470,776
17,581,825
Real
Estate
Management
&
Development
0.7%
a
Cushman
&
Wakefield
plc
...............................
United
States
407,982
8,367,711
Semiconductors
&
Semiconductor
Equipment
0.6%
a
Cohu
,
Inc.
...........................................
United
States
245,314
7,261,294
Software
4.3%
a
ACI
Worldwide,
Inc.
....................................
United
States
1,069,437
33,676,571
Software
AG
.........................................
Germany
498,937
17,251,915
50,928,486
Specialty
Retail
1.6%
a
Children's
Place,
Inc.
(The)
..............................
United
States
182,018
8,973,487
Group
1
Automotive,
Inc.
................................
United
States
62,506
10,490,382
19,463,869
Textiles,
Apparel
&
Luxury
Goods
0.5%
Carter's,
Inc.
.........................................
United
States
65,579
6,032,612
Thrifts
&
Mortgage
Finance
1.2%
Enact
Holdings,
Inc.
...................................
United
States
134,538
2,993,471
WSFS
Financial
Corp.
..................................
United
States
250,331
11,670,431
14,663,902
Trading
Companies
&
Distributors
5.7%
Herc
Holdings,
Inc.
....................................
United
States
116,817
19,518,953
McGrath
RentCorp
....................................
United
States
387,097
32,895,503
a
Univar
Solutions,
Inc.
..................................
United
States
483,346
15,534,740
67,949,196
Total
Common
Stocks
(Cost
$912,828,193)
.....................................
1,144,014,335
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
See
Abbreviations
on
page
166
.
Short
Term
Investments
3.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
3.5%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
41,042,712
$
41,042,712
Total
Money
Market
Funds
(Cost
$41,042,712)
..................................
41,042,712
Total
Short
Term
Investments
(Cost
$41,042,712
)
................................
41,042,712
a
Total
Investments
(Cost
$953,870,905)
100.2%
..................................
$1,185,057,047
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(2,489,808)
Net
Assets
100.0%
...........................................................
$1,182,567,239
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.7%
Aerospace
&
Defense
1.4%
a
TransDigm
Group,
Inc.
.................................
United
States
10,100
$
6,580,554
Airlines
0.7%
a
Delta
Air
Lines,
Inc.
....................................
United
States
86,300
3,414,891
Banks
0.8%
a
SVB
Financial
Group
...................................
United
States
7,200
4,028,040
Biotechnology
2.7%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
16,700
2,726,943
a
Horizon
Therapeutics
plc
................................
United
States
42,400
4,460,904
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
7,900
740,625
a
PTC
Therapeutics,
Inc.
.................................
United
States
45,300
1,690,143
a
Seagen
,
Inc.
.........................................
United
States
22,300
3,212,315
12,830,930
Building
Products
1.1%
Trane
Technologies
plc
.................................
United
States
35,600
5,436,120
Capital
Markets
3.7%
Ares
Management
Corp.
................................
United
States
61,400
4,987,522
MarketAxess
Holdings,
Inc.
..............................
United
States
10,700
3,640,140
MSCI,
Inc.
...........................................
United
States
13,300
6,688,304
Tradeweb
Markets,
Inc.,
A
...............................
United
States
26,000
2,284,620
17,600,586
Commercial
Services
&
Supplies
1.8%
a
Copart
,
Inc.
..........................................
United
States
33,800
4,240,886
Republic
Services,
Inc.
.................................
United
States
34,700
4,597,750
8,838,636
Communications
Equipment
1.1%
a
Arista
Networks,
Inc.
...................................
United
States
38,500
5,350,730
Containers
&
Packaging
1.9%
Avery
Dennison
Corp.
..................................
United
States
25,800
4,488,426
Ball
Corp.
...........................................
United
States
50,100
4,509,000
8,997,426
Electrical
Equipment
2.2%
a
Generac
Holdings,
Inc.
.................................
United
States
15,600
4,637,256
Rockwell
Automation,
Inc.
...............................
United
States
20,900
5,852,627
10,489,883
Electronic
Equipment,
Instruments
&
Components
2.7%
Cognex
Corp.
........................................
United
States
51,700
3,988,655
a
Keysight
Technologies,
Inc.
..............................
United
States
27,350
4,320,480
a
Zebra
Technologies
Corp.,
A
.............................
United
States
11,300
4,674,810
12,983,945
Entertainment
1.4%
a
ROBLOX
Corp.,
A
.....................................
United
States
39,700
1,835,728
a
Roku,
Inc.
...........................................
United
States
39,356
4,930,126
6,765,854
Equity
Real
Estate
Investment
Trusts
(REITs)
2.4%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
38,400
2,936,833
SBA
Communications
Corp.
.............................
United
States
15,957
5,490,804
Terreno
Realty
Corp.
...................................
United
States
43,950
3,254,497
11,682,134
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
0.7%
a
Freshpet
,
Inc.
........................................
United
States
33,900
$
3,479,496
Health
Care
Equipment
&
Supplies
6.3%
a
Dexcom
,
Inc.
.........................................
United
States
12,488
6,388,861
a
Figs,
Inc.,
A
..........................................
United
States
54,500
1,172,840
a
IDEXX
Laboratories,
Inc.
................................
United
States
18,650
10,202,669
a
Inari
Medical,
Inc.
.....................................
United
States
29,400
2,664,816
a
Insulet
Corp.
.........................................
United
States
19,800
5,274,522
Teleflex,
Inc.
.........................................
United
States
12,750
4,524,082
30,227,790
Health
Care
Providers
&
Services
1.2%
a
Guardant
Health,
Inc.
..................................
United
States
52,000
3,444,480
a
HealthEquity
,
Inc.
.....................................
United
States
36,300
2,448,072
5,892,552
Health
Care
Technology
1.7%
a
Certara
,
Inc.
.........................................
United
States
57,100
1,226,508
a
Veeva
Systems,
Inc.,
A
.................................
United
States
32,300
6,862,458
8,088,966
Hotels,
Restaurants
&
Leisure
5.7%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
5,630
8,906,829
Darden
Restaurants,
Inc.
...............................
United
States
34,100
4,533,595
a
DraftKings
,
Inc.,
A
.....................................
United
States
150,533
2,930,877
a
Expedia
Group,
Inc.
...................................
United
States
15,900
3,111,153
Vail
Resorts,
Inc.
......................................
United
States
12,700
3,305,429
a
Wynn
Resorts
Ltd.
....................................
United
States
59,000
4,704,660
27,492,543
Household
Durables
0.9%
a
NVR,
Inc.
...........................................
United
States
982
4,386,859
Interactive
Media
&
Services
1.8%
a
Match
Group,
Inc.
.....................................
United
States
49,824
5,417,862
a
Pinterest,
Inc.,
A
......................................
United
States
131,800
3,243,598
8,661,460
Internet
&
Direct
Marketing
Retail
0.6%
a
Etsy,
Inc.
............................................
United
States
23,900
2,970,292
IT
Services
4.8%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
600
1,188,578
a
BigCommerce
Holdings,
Inc.,
1
...........................
United
States
37,200
815,052
a
Cloudflare
,
Inc.,
A
.....................................
United
States
49,200
5,889,240
a
Marqeta
,
Inc.,
A
.......................................
United
States
126,178
1,393,005
a
MongoDB,
Inc.
.......................................
United
States
15,400
6,831,286
a
Okta
,
Inc.
...........................................
United
States
35,500
5,359,080
a
Snowflake,
Inc.,
A
.....................................
United
States
7,400
1,695,562
23,171,803
Leisure
Products
1.9%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
94,539
6,413,526
a
YETI
Holdings,
Inc.
....................................
United
States
46,000
2,759,080
9,172,606
Life
Sciences
Tools
&
Services
5.5%
a
10X
Genomics,
Inc.,
A
..................................
United
States
31,700
2,411,419
a
Avantor
,
Inc.
.........................................
United
States
141,300
4,778,766
Bio-
Techne
Corp.
.....................................
United
States
16,025
6,939,466
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
4,880
$
6,701,167
West
Pharmaceutical
Services,
Inc.
........................
United
States
13,400
5,503,514
26,334,332
Machinery
1.4%
IDEX
Corp.
..........................................
United
States
14,550
2,789,672
a
Proterra
,
Inc.
.........................................
United
States
178,000
1,338,560
Stanley
Black
&
Decker,
Inc.
.............................
United
States
16,846
2,354,902
6,483,134
Oil,
Gas
&
Consumable
Fuels
0.7%
Coterra
Energy,
Inc.
...................................
United
States
129,200
3,484,524
Personal
Products
0.8%
a
BellRing
Brands,
Inc.
...................................
United
States
126,100
2,910,388
a
Olaplex
Holdings,
Inc.
..................................
United
States
59,200
925,296
3,835,684
Pharmaceuticals
1.1%
a
Catalent
,
Inc.
........................................
United
States
26,100
2,894,490
a
Jazz
Pharmaceuticals
plc
...............................
United
States
16,500
2,568,555
5,463,045
Professional
Services
3.0%
a
CoStar
Group,
Inc.
....................................
United
States
123,350
8,216,344
TransUnion
..........................................
United
States
58,900
6,086,726
14,303,070
Road
&
Rail
1.9%
a
Lyft,
Inc.,
A
..........................................
United
States
49,300
1,893,120
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
24,250
7,242,990
9,136,110
Semiconductors
&
Semiconductor
Equipment
5.9%
a
Allegro
MicroSystems
,
Inc.
..............................
Japan
34,559
981,476
Entegris
,
Inc.
.........................................
United
States
40,400
5,302,904
a,e
GLOBALFOUNDRIES,
Inc.
..............................
United
States
18,600
1,161,012
a
Lattice
Semiconductor
Corp.
.............................
United
States
72,655
4,428,322
Monolithic
Power
Systems,
Inc.
...........................
United
States
12,450
6,046,716
a
Semtech
Corp.
.......................................
United
States
53,600
3,716,624
a
SiTime
Corp.
.........................................
United
States
27,900
6,914,178
28,551,232
Software
16.9%
a
Alkami
Technology,
Inc.
.................................
United
States
60,574
866,814
a
ANSYS,
Inc.
.........................................
United
States
25,000
7,941,250
a
Arteris
,
Inc.
..........................................
United
States
91,900
1,194,700
a
Avalara,
Inc.
.........................................
United
States
51,900
5,164,569
a
Bill.com
Holdings,
Inc.
..................................
United
States
22,148
5,022,945
a
Black
Knight,
Inc.
.....................................
United
States
78,200
4,534,818
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
34,700
7,879,676
a
Datadog
,
Inc.,
A
......................................
United
States
32,700
4,953,069
a
DocuSign,
Inc.
.......................................
United
States
50,800
5,441,696
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
92,370
2,043,224
a
HubSpot
,
Inc.
........................................
United
States
11,200
5,319,328
a,e
Monday.com
Ltd.
......................................
United
States
10,500
1,659,735
a
Palo
Alto
Networks,
Inc.
................................
United
States
12,600
7,843,626
a
Paylocity
Holding
Corp.
.................................
United
States
23,450
4,825,307
a
Synopsys,
Inc.
.......................................
United
States
36,750
12,247,672
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Zscaler
,
Inc.
.........................................
United
States
17,100
$
4,125,888
81,064,317
Specialty
Retail
4.0%
a
Burlington
Stores,
Inc.
..................................
United
States
22,000
4,007,740
a
Five
Below,
Inc.
.......................................
United
States
31,350
4,964,899
a
Petco
Health
&
Wellness
Co.,
Inc.
.........................
United
States
126,500
2,475,605
Tractor
Supply
Co.
....................................
United
States
33,937
7,919,878
19,368,122
Textiles,
Apparel
&
Luxury
Goods
2.4%
a
Allbirds
,
Inc.,
A
.......................................
United
States
214,892
1,291,501
Levi
Strauss
&
Co.,
A
..................................
United
States
100,700
1,989,832
a
Lululemon
Athletica
,
Inc.
................................
United
States
22,800
8,327,244
11,608,577
Trading
Companies
&
Distributors
1.6%
Fastenal
Co.
.........................................
United
States
130,800
7,769,520
Total
Common
Stocks
(Cost
$338,444,005)
.....................................
455,945,763
Convertible
Preferred
Stocks
1.4%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela
,
Inc.,
D
......................................
United
States
48,915
882,741
a
Software
1.2%
a,c,d
Benchling
,
Inc.,
F
.....................................
United
States
35,200
932,800
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
206,272
1,954,423
a,c,d
Databricks
,
Inc.,
G
....................................
United
States
8,626
1,514,496
a,c,d
OneTrust
LLC,
C
......................................
United
States
82,367
1,318,363
5,720,082
Total
Convertible
Preferred
Stocks
(Cost
$7,484,934)
............................
6,602,823
Warrants
Warrants
0.0%
Software
0.0%
a,c,d
Blaize
,
Inc.,
D,
2/28/24
.................................
United
States
26,474
21,337
Total
Warrants
(Cost
$—)
.....................................................
21,337
Total
Long
Term
Investments
(Cost
$345,928,939)
...............................
462,569,923
a
Short
Term
Investments
4.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
4.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
21,776,196
21,776,196
Total
Money
Market
Funds
(Cost
$21,776,196)
..................................
21,776,196
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
s
See
Abbreviations
on
page
166
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
1,817,485
$
1,817,485
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$1,817,485)
............................................................
1,817,485
Total
Short
Term
Investments
(Cost
$23,593,681
)
................................
23,593,681
a
Total
Investments
(Cost
$369,522,620)
101.0%
..................................
$486,163,604
Other
Assets,
less
Liabilities
(1.0)%
...........................................
(4,797,094)
Net
Assets
100.0%
...........................................................
$481,366,510
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
value
of
this
security
was
$1,188,578,
representing
0.2%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
d
See
Note
6
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
f
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.4%
Energy
Equipment
&
Services
0.1%
a
Weatherford
International
plc
.............................
United
States
13,794
$
459,340
Machinery
0.2%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
4,478
91,799
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
34,907
711,230
803,029
Media
0.1%
a
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
20,804
71,982
a
iHeartMedia
,
Inc.,
A
....................................
United
States
8,384
158,709
a,b
iHeartMedia
,
Inc.,
B
...................................
United
States
142
2,500
233,191
Multiline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
14,792,309
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,472,041
Oil,
Gas
&
Consumable
Fuels
0.0%
a
Amplify
Energy
Corp.
..................................
United
States
431
2,371
a,b,c
Riviera
Resources,
Inc.
.................................
United
States
6,620
2,371
Total
Common
Stocks
(Cost
$2,063,658)
.......................................
1,497,931
Management
Investment
Companies
10.1%
Capital
Markets
10.1%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
4,048,451
33,237,784
SPDR
Blackstone
Senior
Loan
ETF
.......................
United
States
65,000
2,922,400
36,160,184
Total
Management
Investment
Companies
(Cost
$39,701,922)
....................
36,160,184
Warrants
Warrants
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
879
407
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
1,098
264
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
1,412
138
809
Paper
&
Forest
Products
0.0%
a
Verso
Corp.,
7/25/23
...................................
United
States
592
6,914
Total
Warrants
(Cost
$—)
.....................................................
7,723
Principal
Amount
*
Convertible
Bonds
0.0%
Wireless
Telecommunication
Services
0.0%
e,f,g
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
28,116
21,560
Total
Convertible
Bonds
(Cost
$6,944)
.........................................
21,560
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
48.2%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
Senior
Note
,
5.15
%
,
5/01/30
...............
United
States
700,000
$
747,598
g
TransDigm
,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
1,400,000
1,439,018
2,186,616
Air
Freight
&
Logistics
0.3%
g
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
300,000
283,601
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
650,000
644,083
927,684
Airlines
1.2%
g
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
600,000
598,575
g
Azul
Investments
LLP
,
Senior
Note
,
144A,
7.25
%
,
6/15/26
.......
Brazil
700,000
590,961
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
1,100,000
1,107,256
g
Hawaiian
Brand
Intellectual
Property
Ltd.
/
HawaiianMiles
Loyalty
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
1/20/26
............
United
States
900,000
901,701
g
International
Consolidated
Airlines
Group
SA
,
Senior
Note
,
Reg
S,
3.75
%
,
3/25/29
.....................................
United
Kingdom
1,000,000
EUR
999,029
g
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
100,000
98,500
4,296,022
Auto
Components
1.4%
g
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
800,000
817,288
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
272,595
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,000,000
1,011,735
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
900,000
783,648
Goodyear
Tire
&
Rubber
Co.
(The)
,
g
Senior
Note,
144A,
5%,
7/15/29
........................
United
States
800,000
746,196
Senior
Note,
4.875%,
3/15/27
..........................
United
States
500,000
486,350
g
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
913,110
5,030,922
Automobiles
0.3%
g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,200,000
1,058,250
Banks
1.8%
Banco
Santander
SA
,
Sub.
Note
,
2.749
%
,
12/03/30
............
Spain
300,000
264,471
g
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.219%
to
6/09/25,
FRN
thereafter
,
6/09/26
...................................
France
500,000
475,852
g
China
Construction
Bank
Corp.
,
Sub.
Note
,
Reg
S,
4.25%
to
2/27/24,
FRN
thereafter
,
2/27/29
...............................
China
800,000
812,117
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/04/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
800,000
740,821
Senior
Bond,
2.357%
to
8/18/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
300,000
266,632
JPMorgan
Chase
&
Co.
,
f
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
213,000
216,195
Senior
Bond,
2.522%
to
4/22/30,
FRN
thereafter,
4/22/31
.....
United
States
1,000,000
928,190
Senior
Note,
3.2%,
6/15/26
............................
United
States
1,213,000
1,220,753
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
g
Societe
Generale
SA
,
Senior
Bond
,
144A,
2.889%
to
6/09/31,
FRN
thereafter
,
6/09/32
...................................
France
800,000
$
718,114
SVB
Financial
Group
,
Senior
Note
,
3.125
%
,
6/05/30
...........
United
States
300,000
288,769
g
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/03/31,
FRN
thereafter
,
6/03/32
...................................
Italy
500,000
440,323
6,372,237
Beverages
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
800,000
812,352
g
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
1,000,000
906,395
1,718,747
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
700,000
692,426
Building
Products
0.6%
g
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
498,005
Owens
Corning
,
Senior
Bond
,
4.3
%
,
7/15/47
.................
United
States
700,000
688,018
g
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
479,010
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
200,000
183,440
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
175,301
2,023,774
Capital
Markets
0.6%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
3.21%
to
4/22/41,
FRN
thereafter
,
4/22/42
...............................
United
States
400,000
363,384
Morgan
Stanley
,
Senior
Bond
,
3.591%
to
7/22/27,
FRN
thereafter
,
7/22/28
...........................................
United
States
809,000
812,191
g
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
1,200,000
1,081,125
2,256,700
Chemicals
4.0%
g
Alpek
SAB
de
CV
,
Senior
Note
,
144A,
4.25
%
,
9/18/29
..........
Mexico
800,000
792,084
e,g
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
141,103
145,926
g
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
200,000
178,246
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
300,000
279,069
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
(continued)
g
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
900,000
$
883,152
g
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
144A,
4.5
%
,
1/31/30
...........................................
Brazil
1,600,000
1,551,432
CF
Industries,
Inc.
,
Senior
Bond
,
5.15
%
,
3/15/34
..............
United
States
400,000
445,192
g
CNAC
HK
Finbridge
Co.
Ltd.
,
Senior
Note
,
Reg
S,
4.875
%
,
3/14/25
China
800,000
822,953
g
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
700,000
648,883
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
300,405
g
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
300,000
269,823
g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
1,100,000
1,029,127
g
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
1,200,000
1,203,276
g
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
800,000
EUR
834,602
e,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
300,000
292,577
g
LSF11
A5
HoldCo
LLC
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
....
United
States
600,000
558,945
Methanex
Corp.
,
Senior
Note
,
5.125
%
,
10/15/27
..............
Canada
500,000
503,147
g
PMHC
II,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
...............
United
States
800,000
705,032
g
SABIC
Capital
II
BV
,
Senior
Note
,
144A,
4.5
%
,
10/10/28
........
Saudi
Arabia
600,000
641,628
Sasol
Financing
USA
LLC
,
Senior
Bond
,
6.5
%
,
9/27/28
.........
South
Africa
900,000
915,525
g
SCIH
Salt
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
...........................................
United
States
300,000
283,165
g
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
814,905
Westlake
Corp.
,
Senior
Note
,
3.375
%
,
6/15/30
...............
United
States
200,000
195,143
g
Yara
International
ASA
,
Senior
Note
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
93,389
14,387,626
Commercial
Services
&
Supplies
0.7%
g
APCOA
Parking
Holdings
GmbH
,
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/27
.....................................
Germany
200,000
EUR
208,525
g
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
700,000
640,063
g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
1,000,000
916,195
g
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,000,000
931,155
2,695,938
Communications
Equipment
0.3%
g
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
5
%
,
3/15/27
..
United
States
1,374,000
1,196,287
Construction
&
Engineering
0.2%
g
Arcosa
,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
285,007
g
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
478,120
g
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn
.,
9/30/36
...........................................
United
States
200,000
145,423
908,550
Construction
Materials
0.2%
g
Cemex
SAB
de
CV
,
Senior
Bond
,
144A,
3.875
%
,
7/11/31
.......
Mexico
700,000
639,940
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
500,000
449,154
g
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
300,000
284,884
g
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
1,000,000
929,515
1,663,553
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
1.2%
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
............................
United
States
300,000
$
277,652
g
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note
,
144A,
7.25
%
,
4/15/25
...........................................
United
States
1,278,000
1,268,159
g
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
375,000
383,756
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
75,000
74,367
g
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
500,000
460,345
g
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
600,000
558,120
g
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
124,000
130,085
Senior
Note,
144A,
5.125%,
12/01/24
....................
United
States
709,000
736,883
WRKCo
,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
374,362
4,263,729
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
783,760
Diversified
Financial
Services
0.6%
g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
700,000
669,011
g
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,500,000
1,357,185
2,026,196
Diversified
Telecommunication
Services
1.3%
g
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
900,000
778,037
g
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
200,000
185,746
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
800,000
704,326
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
g
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
300,000
281,999
Senior
Bond,
4.5%,
5/01/32
............................
United
States
1,000,000
916,100
g
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
300,000
301,203
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
600,000
601,875
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
........
Spain
150,000
155,695
g
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
900,000
840,411
4,765,392
Electric
Utilities
1.6%
g
CGNPC
International
Ltd.
,
Senior
Note
,
Reg
S,
3.75
%
,
12/11/27
..
China
300,000
299,055
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
400,000
369,058
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,343,728
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..............
United
States
400,000
410,015
g
State
Grid
Overseas
Investment
BVI
Ltd.
,
Senior
Note
,
144A,
3.5
%
,
5/04/27
...........................................
China
1,651,000
1,665,054
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
109,275
g
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
1,100,000
1,040,919
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
500,000
483,229
5,720,333
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electrical
Equipment
0.5%
g
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
1,000,000
$
953,710
g
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
900,000
822,420
1,776,130
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
900,000
828,058
Flex
Ltd.
,
Senior
Note
,
4.875
%
,
5/12/30
.....................
United
States
800,000
837,211
1,665,269
Energy
Equipment
&
Services
0.7%
g
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
800,000
801,336
g
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
5/15/27
.....
United
States
200,000
208,088
g
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
400,000
404,654
g
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
51,000
52,852
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
1,200,000
1,219,818
2,686,748
Entertainment
0.6%
g
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
3.75
%
,
1/15/28
...........................................
United
States
600,000
565,428
g
Magallanes,
Inc.
,
Senior
Note
,
144A,
4.054
%
,
3/15/29
..........
United
States
300,000
301,835
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
300,000
312,441
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
1,000,000
1,104,800
2,284,504
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
g
American
Finance
Trust,
Inc.
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....................
United
States
500,000
451,027
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
470,992
g
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
400,000
368,695
g
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
2/15/29
..........
United
States
300,000
295,321
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
300,000
279,125
Simon
Property
Group
LP
,
Senior
Bond
,
4.25
%
,
11/30/46
.......
United
States
800,000
838,338
g
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
1,400,000
1,363,810
g
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
389,056
4,456,364
Food
&
Staples
Retailing
0.2%
g
Cencosud
SA
,
Senior
Note
,
144A,
4.375
%
,
7/17/27
............
Chile
700,000
712,656
Food
Products
0.7%
g
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
187,039
g
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
11/15/28
...............................
United
States
600,000
554,619
g
JBS
Finance
Luxembourg
SARL
,
Senior
Bond,
144A,
3.625%,
1/15/32
.....................
United
States
400,000
366,896
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
700,000
651,542
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
g
Lamb
Weston
Holdings,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
1/31/30
.
United
States
1,000,000
$
935,500
2,695,596
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
268,563
Health
Care
Equipment
&
Supplies
0.2%
g
Mozart
Debt
Merger
Sub,
Inc.
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
500,000
465,475
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
400,000
370,510
835,985
Health
Care
Providers
&
Services
1.5%
Anthem,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
...................
United
States
150,000
146,466
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
301,434
Senior
Note,
2.45%,
7/15/28
...........................
United
States
100,000
91,503
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
201,968
Senior
Note,
3.375%,
2/15/30
..........................
United
States
600,000
565,620
Senior
Note,
2.625%,
8/01/31
..........................
United
States
200,000
178,324
g
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
800,000
787,104
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
700,000
713,797
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
..............
United
States
400,000
351,067
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
1,200,000
1,122,240
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
100,000
96,783
g
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
500,000
467,053
Orlando
Health
Obligated
Group
,
3.777
%
,
10/01/28
............
United
States
330,000
334,544
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
187,334
5,545,237
Hotels,
Restaurants
&
Leisure
2.4%
g
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
700,000
664,003
g
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/29
...............
United
States
600,000
569,712
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
800,000
734,617
g
Melco
Resorts
Finance
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
7/21/28
..
Hong
Kong
600,000
531,300
g
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
188,878
g
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
1,800,000
1,712,394
g
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
275,688
g
Penn
National
Gaming,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
.
United
States
100,000
89,630
g
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
400,000
342,230
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
500,000
430,740
g
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
..
United
States
1,400,000
1,362,501
g
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
200,000
190,042
g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,200,000
915,324
g
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
700,000
609,441
8,616,500
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
0.7%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
600,000
$
529,063
Mohawk
Industries,
Inc.
,
Senior
Note
,
3.625
%
,
5/15/30
.........
United
States
1,300,000
1,278,805
g
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
700,000
683,298
2,491,166
Household
Products
0.4%
g
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
700,000
631,166
g
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
300,000
272,244
g
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
500,000
441,975
1,345,385
Independent
Power
and
Renewable
Electricity
Producers
1.9%
g
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
400,000
386,272
g
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
600,000
547,023
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
200,000
190,883
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
700,000
645,250
g
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
700,000
656,089
g
Colbun
SA
,
Senior
Note,
144A,
3.95%,
10/11/27
.....................
Chile
800,000
809,744
Senior
Note,
144A,
3.15%,
3/06/30
......................
Chile
300,000
278,556
g
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,100,000
1,081,008
g
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
939,195
g
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
5/15/27
...........................................
United
States
1,300,000
1,216,845
6,750,865
Insurance
0.3%
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
919,247
Interactive
Media
&
Services
0.6%
g
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
2,100,000
1,869,532
g
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
400,000
391,064
2,260,596
Internet
&
Direct
Marketing
Retail
0.6%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
4
%
,
12/06/37
.........
China
400,000
376,396
JD.com,
Inc.
,
Senior
Note
,
3.375
%
,
1/14/30
..................
China
1,200,000
1,133,840
g
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
3.625
%
,
10/01/31
United
States
600,000
537,600
2,047,836
IT
Services
1.1%
g
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
900,000
843,318
g
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
700,000
698,180
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
187,778
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
(continued)
g
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
$
967,842
g
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
1,200,000
1,184,568
3,881,686
Machinery
0.4%
g
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
1,400,000
1,317,680
Marine
0.3%
g
ICTSI
Treasury
BV
,
Senior
Note
,
Reg
S,
4.625
%
,
1/16/23
.......
Philippines
1,200,000
1,216,956
Media
1.8%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,300,000
1,173,636
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
400,000
402,546
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
299,709
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
300,000
297,300
g
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Secured
Note
,
144A,
5.375
%
,
8/15/26
...........................
United
States
600,000
233,244
g
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
200,000
197,015
g
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
1,400,000
1,327,375
g
Sinclair
Television
Group,
Inc.
,
Senior
Bond,
144A,
5.5%,
3/01/30
.......................
United
States
300,000
260,214
Senior
Secured
Note,
144A,
4.125%,
12/01/30
.............
United
States
800,000
714,800
g
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
570,813
g
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
1,100,000
1,102,382
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
100,000
95,320
6,674,354
Metals
&
Mining
0.9%
g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
1,000,000
899,365
g
CSN
Inova
Ventures
,
Senior
Note
,
144A,
6.75
%
,
1/28/28
........
Brazil
800,000
829,900
g
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
700,000
663,292
g
Novelis
Corp.
,
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...........
United
States
200,000
183,259
g
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
566,400
3,142,216
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
g
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
100,000
90,945
Multiline
Retail
0.3%
b,e,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,021,044
b,e,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
501,953
g
Macy's
Retail
Holdings
LLC
,
Senior
Bond,
144A,
6.125%,
3/15/32
.....................
United
States
500,000
494,415
Senior
Note,
144A,
5.875%,
3/15/30
.....................
United
States
500,000
493,835
988,250
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
4.8%
g
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
130,000
$
143,484
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
166,000
179,756
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
428,581
Cenovus
Energy,
Inc.
,
Senior
Note
,
5.375
%
,
7/15/25
...........
Canada
277,000
292,329
g
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
1,500,000
1,497,495
g
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
300,638
g
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
500,000
479,605
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
200,000
197,037
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
1,100,000
1,099,142
g
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
100,000
102,140
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
700,000
704,375
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
200,520
g
Lundin
Energy
Finance
BV
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
...
Netherlands
900,000
834,891
g
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note,
144A,
10%,
2/29/24
......................
United
States
307,101
312,194
Secured
Note,
144A,
11.5%,
2/28/25
.....................
United
States
1,394,630
1,429,050
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
1,376,641
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.125%,
1/01/31
..........................
United
States
600,000
675,933
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
500,000
588,300
Senior
Bond,
6.2%,
3/15/40
............................
United
States
100,000
111,207
Senior
Note,
8.875%,
7/15/30
..........................
United
States
700,000
898,586
g
Rattler
Midstream
LP
,
Senior
Note
,
144A,
5.625
%
,
7/15/25
......
United
States
1,400,000
1,422,834
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
1,600,000
1,675,751
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
510,267
Senior
Note,
4.5%,
5/15/29
............................
United
States
1,200,000
1,133,640
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
294,843
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
292,070
17,181,309
Paper
&
Forest
Products
0.4%
g
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
339,756
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
700,000
660,254
Senior
Bond,
3.125%,
1/15/32
..........................
Brazil
400,000
355,036
1,355,046
Personal
Products
0.3%
g
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
800,000
646,000
g
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
600,000
536,682
1,182,682
Pharmaceuticals
1.6%
g
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
5.25%,
2/15/31
......................
United
States
300,000
233,910
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
100,000
100,755
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
g
Bausch
Health
Cos.,
Inc.,
(continued)
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
1,000,000
$
958,855
g
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
910,048
g
Jazz
Securities
DAC
,
Senior
Secured
Note
,
144A,
4.375
%
,
1/15/29
United
States
1,200,000
1,164,114
g
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
600,000
579,810
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
700,000
667,800
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
500,000
426,962
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
900,000
866,340
5,908,594
Real
Estate
Management
&
Development
1.0%
g
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Note
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
700,000
730,816
g
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
1,000,000
777,500
g
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
400,000
409,908
g
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
500,000
466,888
g
Howard
Hughes
Corp.
(The)
,
Senior
Note
,
144A,
5.375
%
,
8/01/28
.
United
States
1,000,000
1,005,545
g
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
200,000
EUR
213,493
3,604,150
Road
&
Rail
0.6%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
550,000
568,356
g
First
Student
Bidco
,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
400,000
373,594
g
Kazakhstan
Temir
Zholy
Finance
BV
,
Senior
Bond
,
144A,
6.95
%
,
7/10/42
...........................................
Kazakhstan
800,000
836,000
g
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
491,870
2,269,820
Software
0.6%
g
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
1,200,000
1,152,750
g
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
1,000,401
2,153,151
Specialty
Retail
0.9%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
208,856
g
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
500,000
484,130
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
700,000
662,711
g
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
...
United
States
600,000
514,497
g
Park
River
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
8/01/29
....
United
States
1,200,000
1,003,728
h
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
236,150
213,443
3,087,365
Technology
Hardware,
Storage
&
Peripherals
0.0%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
200,000
182,458
Textiles,
Apparel
&
Luxury
Goods
0.1%
g
Kontoor
Brands,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
11/15/29
......
United
States
300,000
274,841
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Thrifts
&
Mortgage
Finance
0.1%
g
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
300,000
$
283,323
Tobacco
0.3%
Altria
Group,
Inc.
,
Senior
Note
,
3.4
%
,
5/06/30
................
United
States
1,200,000
1,156,331
Trading
Companies
&
Distributors
0.6%
g
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,200,000
1,126,494
g
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,000,000
1,015,230
2,141,724
Wireless
Telecommunication
Services
0.7%
g
America
Movil
SAB
de
CV
,
Senior
Bond
,
144A,
5.375
%
,
4/04/32
..
Mexico
700,000
701,417
e,g
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
20,381
17,610
T-Mobile
USA,
Inc.
,
Senior
Secured
Bond,
3.3%,
2/15/51
.....................
United
States
500,000
422,233
Senior
Secured
Note,
3.875%,
4/15/30
...................
United
States
1,300,000
1,306,841
2,448,101
Total
Corporate
Bonds
(Cost
$185,683,624)
.....................................
173,514,311
h
Senior
Floating
Rate
Interests
1.8%
Aerospace
&
Defense
0.2%
Dynasty
Acquisition
Co.,
Inc.
,
2020
Term
Loan,
B1,
4.506%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
445,288
438,793
2020
Term
Loan,
B2,
4.506%,
(3-month
USD
LIBOR
+
3.5%),
4/06/26
...........................................
United
States
239,402
235,911
674,704
a
a
a
a
a
a
Airlines
0.4%
Air
Canada
,
Term
Loan
,
4.25
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/11/28
...........................................
Canada
1,000,000
991,665
Kestrel
Bidco
,
Inc.
,
Term
Loan
,
4
%
,
(
3-month
USD
LIBOR
+
3
%
),
12/11/26
..........................................
Canada
279,473
270,099
1,261,764
a
a
a
a
a
a
Diversified
Consumer
Services
0.2%
KUEHG
Corp.
,
Term
Loan,
B3
,
4.756
%
,
(
3-month
USD
LIBOR
+
3.75
%
),
2/21/25
.....................................
United
States
722,835
713,236
Entertainment
0.1%
William
Morris
Endeavor
Entertainment
LLC
(IMG
Worldwide
Holdings
LLC)
,
First
Lien,
Term
Loan,
B1
,
2.96
%
,
(
1-month
USD
LIBOR
+
2.75
%
),
5/18/25
..............................
United
States
542,607
534,356
Leisure
Products
0.3%
Hercules
Achievement,
Inc.
(Varsity
Brands
Holding
Co.,
Inc.)
,
First
Lien,
Initial
Term
Loan
,
4.5
%
,
(
1-month
USD
LIBOR
+
3.5
%
),
12/16/24
..........................................
United
States
782,270
752,039
Motion
Acquisition
Ltd.
,
Term
Loan,
B1,
4.256%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
347,471
342,211
Term
Loan,
B2,
4.256%,
(3-month
USD
LIBOR
+
3.25%),
11/12/26
United
Kingdom
49,536
48,786
1,143,036
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
h
Senior
Floating
Rate
Interests
(continued)
Media
0.4%
Cengage
Learning,
Inc.
,
First
Lien,
Term
Loan,
B
,
5.75
%
,
(
3-month
USD
LIBOR
+
4.75
%
),
7/14/26
..........................
United
States
743,677
$
738,661
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
3.799
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/21/26
...................
United
States
297,710
293,152
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan,
9%,
(1-month
SOFR
+
8%),
5/25/26
United
States
261,308
265,791
Second
Lien,
CME
Term
Loan,
3.445%,
(1-month
SOFR
+
3.25%),
8/24/26
...........................................
United
States
443,761
153,792
1,451,396
a
a
a
a
a
a
Personal
Products
0.2%
Coty,
Inc.
,
USD
Term
Loan,
B
,
2.56
%
,
(
1-month
USD
LIBOR
+
2.25
%
),
4/07/25
.....................................
United
States
559,584
546,853
Total
Senior
Floating
Rate
Interests
(Cost
$6,559,111)
............................
6,325,345
b
Marketplace
Loans
2.2%
Diversified
Financial
Services
2.2%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$8,236,422)
.....................................
8,011,095
Foreign
Government
and
Agency
Securities
8.6%
g
African
Export-Import
Bank
(The)
,
Senior
Note
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
i
1,400,000
1,329,709
g
Banque
Centrale
de
Tunisie
,
Senior
Note
,
Reg
S,
5.625
%
,
2/17/24
Tunisia
2,000,000
EUR
1,517,560
g
Banque
Ouest
Africaine
de
Developpement
,
Senior
Note
,
144A,
5
%
,
7/27/27
...........................................
Supranational
i
1,200,000
1,213,092
Brazil
Notas
do
Tesouro
Nacional
,
Senior
Bond
,
3.875
%
,
6/12/30
.
Brazil
1,000,000
923,650
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
1,400,000
1,344,952
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
5,315,000,000
COP
1,474,329
Senior
Bond,
4.5%,
3/15/29
............................
Colombia
500,000
484,750
Senior
Bond,
5%,
6/15/45
.............................
Colombia
1,900,000
1,606,184
g
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
1,000,000
879,560
g
Dominican
Republic
Government
Bond
,
Senior
Bond,
144A,
6.85%,
1/27/45
......................
Dominican
Republic
700,000
695,632
Senior
Note,
144A,
8.9%,
2/15/23
.......................
Dominican
Republic
81,500,000
DOP
1,517,476
Ecopetrol
SA
,
Senior
Bond,
4.125%,
1/16/25
..........................
Colombia
400,000
394,510
Senior
Bond,
4.625%,
11/02/31
.........................
Colombia
400,000
362,562
g
Egypt
Government
Bond
,
Senior
Bond
,
144A,
7.625
%
,
5/29/32
...
Egypt
600,000
545,113
f,g
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
5.25%
to
1/29/23,
FRN
thereafter
,
Perpetual
.............................
France
2,425,000
2,421,969
g
Export-Import
Bank
of
India
,
Senior
Note
,
144A,
3.875
%
,
2/01/28
.
India
1,655,000
1,641,181
g
Gabon
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
2/06/31
..
Gabon
800,000
760,680
g
Indonesia
Asahan
Aluminium
Persero
PT
,
Senior
Note
,
144A,
5.45
%
,
5/15/30
...........................................
Indonesia
1,400,000
1,463,763
g
Indonesia
Government
Bond
,
Senior
Bond,
144A,
4.35%,
1/08/27
......................
Indonesia
900,000
958,231
Senior
Bond,
144A,
4.625%,
4/15/43
.....................
Indonesia
300,000
313,770
Senior
Note
,
144A,
3.85%,
7/18/27
.......................
Indonesia
1,200,000
1,253,478
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
g
Iraq
Government
Bond
,
Senior
Bond
,
144A,
5.8
%
,
1/15/28
......
Iraq
1,125,000
$
1,100,897
g
Israel
Electric
Corp.
Ltd.
,
Senior
Secured
Bond
,
144A,
Reg
S,
4.25
%
,
8/14/28
...........................................
Israel
1,000,000
1,010,403
Mexico
Government
Bond
,
Senior
Note
,
3.75
%
,
1/11/28
........
Mexico
500,000
509,587
Peru
Government
Bond
,
Senior
Bond
,
6.55
%
,
3/14/37
..........
Peru
800,000
1,014,044
Petroleos
Mexicanos
,
Senior
Bond
,
6.625
%
,
6/15/35
...........
Mexico
700,000
628,670
g
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
500,000
579,143
South
Africa
Government
Bond
,
Senior
Bond
,
5.875
%
,
6/22/30
...
South
Africa
700,000
734,299
Turkey
Government
Bond
,
Senior
Bond,
4.875%,
10/09/26
.........................
Turkey
800,000
723,631
Senior
Bond,
5.95%,
1/15/31
...........................
Turkey
1,600,000
1,384,216
Total
Foreign
Government
and
Agency
Securities
(Cost
$33,895,352)
..............
30,787,041
U.S.
Government
and
Agency
Securities
6.6%
U.S.
Treasury
Bonds
,
3%,
11/15/44
.......................................
United
States
2,000,000
2,121,797
3%,
2/15/47
........................................
United
States
1,800,000
1,938,445
3%,
2/15/48
........................................
United
States
1,800,000
1,962,879
U.S.
Treasury
Notes
,
1.625%,
11/15/22
....................................
United
States
2,700,000
2,705,779
1.75%,
1/31/23
.....................................
United
States
2,700,000
2,704,752
2.75%,
2/15/24
.....................................
United
States
3,700,000
3,729,268
j
0.625%,
1/15/26
.....................................
United
States
2,800,000
3,533,284
1.125%,
2/28/27
.....................................
United
States
5,500,000
5,161,620
Total
U.S.
Government
and
Agency
Securities
(Cost
$24,731,513)
.................
23,857,824
Asset-Backed
Securities
7.2%
Airlines
0.0%
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
86,400
85,394
Consumer
Finance
0.4%
k
Citibank
Credit
Card
Issuance
Trust
,
2017-A7
,
A7
,
FRN
,
0.68
%
,
(
1-month
USD
LIBOR
+
0.37
%
),
8/08/24
.
..................
United
States
1,494,000
1,495,427
Diversified
Financial
Services
6.8%
g,k
Antares
CLO
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
1.904
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
4/20/31
.
.............................
United
States
1,455,000
1,439,136
g,k
BCC
Middle
Market
CLO
LLC
,
2018-1A
,
A2
,
144A,
FRN
,
2.404
%
,
(
3-month
USD
LIBOR
+
2.15
%
),
10/20/30
.
.................
United
States
700,000
693,047
g,k
BlueMountain
CLO
Ltd.
,
2018-1A
,
D
,
144A,
FRN
,
3.349
%
,
(
3-month
USD
LIBOR
+
3.05
%
),
7/30/30
.
.........................
United
States
1,000,000
959,743
g,k
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
1.55
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
600,000
EUR
657,056
g,k
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
1.754
%
,
(
3-month
USD
LIBOR
+
1.5
%
),
10/20/29
.
..................
United
States
460,000
457,012
g,k
Buttermilk
Park
CLO
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
2.341
%
,
(
3-month
USD
LIBOR
+
2.1
%
),
10/15/31
.
..................
United
States
1,408,860
1,399,298
g,k
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-4RA
,
C
,
144A,
FRN
,
3.141
%
,
(
3-month
USD
LIBOR
+
2.9
%
),
7/15/30
.
........
United
States
300,000
284,244
g,k
Carlyle
GMS
Finance
MM
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
2.441
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
...........
United
States
1,213,000
1,198,457
g,k
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
1.691
%
,
(
3-month
USD
LIBOR
+
1.45
%
),
4/15/34
.
.........................
United
States
1,500,000
1,475,674
g,l
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51,
PT,
144A,
FRN,
15.33%,
1/15/45
.................
United
States
262,529
256,891
2019-52,
PT,
144A,
FRN,
16.52%,
1/15/45
.................
United
States
285,206
280,927
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
g,l
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I,
(continued)
2019-S8,
PT,
144A,
FRN,
9.765%,
1/15/45
.................
United
States
182,667
$
176,815
2020-2,
PT,
144A,
FRN,
15.67%,
3/15/45
..................
United
States
266,949
261,544
2020-7,
PT,
144A,
FRN,
15.955%,
4/17/45
.................
United
States
152,886
148,000
g,k
Dryden
55
CLO
Ltd.
,
2018-55A
,
D
,
144A,
FRN
,
3.091
%
,
(
3-month
USD
LIBOR
+
2.85
%
),
4/15/31
.
.........................
United
States
300,000
290,614
g,k
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
1.281
%
,
(
3-month
USD
LIBOR
+
1.04
%
),
4/15/34
.
.........................
United
States
2,400,000
2,319,675
g,k
Galaxy
XVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
2.191
%
,
(
3-month
USD
LIBOR
+
1.95
%
),
7/15/31
.
.........................
United
States
250,000
246,916
g,k
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
C
,
144A,
FRN
,
2.259
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
5/16/31
.
..........................
United
States
400,000
399,354
g
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
1,261,401
1,160,690
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
475,966
453,523
g,k
LCM
26
Ltd.
,
26A
,
B
,
144A,
FRN
,
1.654
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/20/31
.
.....................................
United
States
250,000
247,095
g,k
LCM
XVII
LP
,
17A,
BRR,
144A,
FRN,
1.841%,
(3-month
USD
LIBOR
+
1.6%),
10/15/31
..........................................
United
States
350,000
346,912
17A,
CRR,
144A,
FRN,
2.341%,
(3-month
USD
LIBOR
+
2.1%),
10/15/31
..........................................
United
States
320,000
315,798
g,k
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
3.054
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
4/20/31
.
....................................
United
States
770,000
738,763
g,k
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
BRN
,
144A,
FRN
,
1.7
%
,
(
3-month
EURIBOR
+
1.7
%
),
4/15/32
.
....................
Ireland
400,000
EUR
440,377
g,k
Magnetite
XXIX
Ltd.
,
2021-29A
,
B
,
144A,
FRN
,
1.641
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/15/34
.
..........................
United
States
1,500,000
1,480,172
g,k
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
1.348
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
4/19/31
.
...................
United
States
591,108
588,687
g,k
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
2.059
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
10/24/30
.
...........
United
States
250,000
249,980
g,k
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
1.211
%
,
(
3-month
USD
LIBOR
+
0.97
%
),
4/15/31
.
...........
United
States
500,000
496,294
g,k
Octagon
Investment
Partners
37
Ltd.
,
2018-2A
,
C
,
144A,
FRN
,
3.108
%
,
(
3-month
USD
LIBOR
+
2.85
%
),
7/25/30
.
...........
United
States
400,000
392,071
g,k
Octagon
Investment
Partners
38
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
3.204
%
,
(
3-month
USD
LIBOR
+
2.95
%
),
7/20/30
.
...........
United
States
1,000,000
946,916
g,l
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
165,494
167,281
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
187,555
183,310
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
48,743
47,976
g,k
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
2.441
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
.
..............................
United
States
1,300,000
1,299,384
g,l
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
13.732
%
,
2/15/26
.
...................................
United
States
151,340
153,018
g,k
Voya
CLO
Ltd.
,
2013-2A,
BR,
144A,
FRN,
2.108%,
(3-month
USD
LIBOR
+
1.85%),
4/25/31
.....................................
United
States
780,000
766,181
2014-1A,
CR2,
144A,
FRN,
3.041%,
(3-month
USD
LIBOR
+
2.8%),
4/18/31
......................................
United
States
1,000,000
927,038
24,345,869
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$26,480,547)
...............................
25,926,690
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
0.5%
Diversified
Financial
Services
0.5%
g,k
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
1.097%,
(1-month
USD
LIBOR
+
0.7%),
9/15/36
......................................
United
States
250,000
$
243,904
2021-VOLT,
B,
144A,
FRN,
1.347%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
400,000
392,072
2022-LP2,
A,
144A,
FRN,
1.318%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
950,000
932,549
l
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
5.61
%
,
7/10/38
.
United
States
186,216
151,454
1,719,979
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$1,775,547)
.................
1,719,979
Mortgage-Backed
Securities
1.2%
m
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
FHLMC,
2.348%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
4,773
4,769
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.1%
FHLMC
Gold
Pools,
30
Year,
5%,
4/01/34
-
8/01/35
............
United
States
102,138
109,753
FHLMC
Gold
Pools,
30
Year,
5.5%,
3/01/33
-
1/01/35
..........
United
States
71,042
76,530
FHLMC
Gold
Pools,
30
Year,
6%,
4/01/33
-
2/01/36
............
United
States
62,510
67,912
FHLMC
Gold
Pools,
30
Year,
6.5%,
11/01/27
-
7/01/32
..........
United
States
8,679
9,384
FHLMC
Gold
Pools,
30
Year,
7%,
4/01/30
...................
United
States
1,126
1,218
FHLMC
Gold
Pools,
30
Year,
7.5%,
8/01/30
..................
United
States
132
146
264,943
m
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
FNMA,
2.284%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
35,310
35,688
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.1%
FNMA,
10
Year,
2.5%,
7/01/22
...........................
United
States
201
200
FNMA,
20
Year,
5%,
4/01/30
.............................
United
States
20,190
21,468
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
2,187,819
2,155,834
FNMA,
30
Year,
4.5%,
5/01/48
...........................
United
States
1,574,550
1,648,581
FNMA,
30
Year,
6.5%,
6/01/28
-
10/01/37
...................
United
States
62,372
67,861
3,893,944
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.0%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.........
United
States
93,604
102,741
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
2/15/29
.........
United
States
10,312
10,373
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
................
United
States
873
951
GNMA
II,
30
Year,
6.5%,
2/20/34
..........................
United
States
1,818
1,825
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
26,234
28,457
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
38,790
43,091
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
........
United
States
16,593
18,227
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
........
United
States
5,512
5,919
211,584
Total
Mortgage-Backed
Securities
(Cost
$4,461,577)
.............................
4,410,928
Municipal
Bonds
0.8%
California
0.1%
San
Bernardino
Community
College
District
,
GO
,
2019
A-1
,
3.271
%
,
8/01/39
...........................................
United
States
210,000
201,789
Illinois
0.2%
State
of
Illinois
,
GO
,
2003
,
5.1
%
,
6/01/33
...................
United
States
695,000
739,528
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2019
B
,
Refunding
,
4.131
%
,
6/15/42
............................
United
States
345,000
$
342,591
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
.......................................
United
States
535,000
547,271
New
York
State
Dormitory
Authority
,
State
University
of
New
York
Dormitory
Facilities
,
Revenue
,
2019
B
,
Refunding
,
3.142
%
,
7/01/43
...........................................
United
States
305,000
288,649
835,920
Ohio
0.0%
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
G
,
Refunding
,
3.276
%
,
1/01/42
.............
United
States
190,000
174,558
Pennsylvania
0.1%
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue
,
2017
C
,
Refunding
,
3.005
%
,
9/15/41
.....
United
States
535,000
488,184
Texas
0.1%
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
3.289
%
,
3/15/40
.....................................
United
States
190,000
182,741
Total
Municipal
Bonds
(Cost
$2,998,284)
.......................................
2,965,311
Residential
Mortgage-Backed
Securities
6.8%
Diversified
Financial
Services
2.2%
g
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
215,126
215,879
l
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
471,954
466,783
g,l
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
119,391
119,980
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
266,700
267,358
g,l
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
1,486,651
1,432,815
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
462,425
445,435
2021-6,
A4,
144A,
FRN,
2.5%,
10/25/51
...................
United
States
842,947
811,975
g,l
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.496
%
,
4/25/66
...........................................
United
States
814,512
815,139
g,l
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
303,671
292,491
g,l
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
941,200
906,549
g,l
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
177,488
175,126
g,l
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
1,841,716
1,767,746
7,717,276
a
a
a
a
a
a
Thrifts
&
Mortgage
Finance
4.6%
k
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
,
2013-DN2,
M2,
FRN,
4.707%,
(1-month
USD
LIBOR
+
4.25%),
11/25/23
..........................................
United
States
851,892
862,553
2014-DN2,
M3,
FRN,
4.057%,
(1-month
USD
LIBOR
+
3.6%),
4/25/24
...........................................
United
States
1,142,810
1,149,849
2014-DN3,
M3,
FRN,
4.457%,
(1-month
USD
LIBOR
+
4%),
8/25/24
...........................................
United
States
43,357
44,032
2014-DN4,
M3,
FRN,
5.007%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
272,543
277,605
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Thrifts
&
Mortgage
Finance
(continued)
k
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes,
(continued)
2014-HQ1,
M3,
FRN,
4.557%,
(1-month
USD
LIBOR
+
4.1%),
8/25/24
...........................................
United
States
11,715
$
11,717
2015-DNA1,
M3,
FRN,
3.757%,
(1-month
USD
LIBOR
+
3.3%),
10/25/27
..........................................
United
States
65,937
66,838
2015-DNA3,
M3,
FRN,
5.157%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
921,567
961,521
2016-DNA2,
M3,
FRN,
5.107%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
779,830
810,090
k
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
5.707%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
103,661
106,920
2014-C01,
M2,
FRN,
4.857%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
179,173
185,429
2014-C02,
1M2,
FRN,
3.057%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
563,555
564,659
2014-C02,
2M2,
FRN,
3.057%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
195,775
195,663
2014-C03,
1M2,
FRN,
3.457%,
(1-month
USD
LIBOR
+
3%),
7/25/24
...........................................
United
States
1,122,436
1,128,918
2014-C03,
2M2,
FRN,
3.357%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
32,411
32,431
2015-C01,
1M2,
FRN,
4.757%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
230,799
232,769
2015-C02,
1M2,
FRN,
4.457%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
585,944
586,716
2015-C03,
1M2,
FRN,
5.457%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
831,483
846,582
2015-C03,
2M2,
FRN,
5.457%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
6,893
6,894
2016-C01,
1M2,
FRN,
7.207%,
(1-month
USD
LIBOR
+
6.75%),
8/25/28
...........................................
United
States
149,332
159,870
2016-C02,
1M2,
FRN,
6.457%,
(1-month
USD
LIBOR
+
6%),
9/25/28
...........................................
United
States
930,409
981,364
2016-C03,
1M2,
FRN,
5.757%,
(1-month
USD
LIBOR
+
5.3%),
10/25/28
..........................................
United
States
759,963
791,754
2016-C05,
2M2,
FRN,
4.907%,
(1-month
USD
LIBOR
+
4.45%),
1/25/29
...........................................
United
States
789,019
819,932
2016-C06,
1M2,
FRN,
4.707%,
(1-month
USD
LIBOR
+
4.25%),
4/25/29
...........................................
United
States
252,177
263,451
2016-C07,
2M2,
FRN,
4.807%,
(1-month
USD
LIBOR
+
4.35%),
5/25/29
...........................................
United
States
619,085
645,634
2017-C01,
1M2,
FRN,
4.007%,
(1-month
USD
LIBOR
+
3.55%),
7/25/29
...........................................
United
States
1,116,726
1,137,806
2017-C03,
1M2,
FRN,
3.457%,
(1-month
USD
LIBOR
+
3%),
10/25/29
..........................................
United
States
1,952,207
1,995,070
2017-C04,
2M2,
FRN,
3.307%,
(1-month
USD
LIBOR
+
2.85%),
11/25/29
..........................................
United
States
505,026
514,124
2017-C05,
1M2,
FRN,
2.657%,
(1-month
USD
LIBOR
+
2.2%),
1/25/30
...........................................
United
States
1,323,401
1,331,143
16,711,334
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$25,652,695)
.................
24,428,610
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
72,822
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
At
March
31,
2022,
the
Fund
had
the
following
marketplace
loans
outstanding.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
243,000
$
4,253
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
............
United
States
950,432
a,b
Millennium
Lender
Claim
Trust,
Escrow
Account
..............
United
States
950,432
Total
Escrows
and
Litigation
Trusts
(Cost
$243,000)
.............................
4,253
Total
Long
Term
Investments
(Cost
$362,490,196)
...............................
339,638,785
a
Short
Term
Investments
4.5%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
4.5%
d,n
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
16,174,015‌
16,174,015
Total
Money
Market
Funds
(Cost
$16,174,015)
..................................
16,174,015
Total
Short
Term
Investments
(Cost
$16,174,015
)
................................
16,174,015
a
Total
Investments
(Cost
$378,664,211)
98.9%
...................................
$355,812,800
Other
Assets,
less
Liabilities
1.1%
.............................................
4,120,145
Net
Assets
100.0%
...........................................................
$359,932,945
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
See
Note
6
regarding
restricted
securities.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$179,616,051,
representing
49.9%
of
net
assets.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
j
Principal
amount
of
security
is
adjusted
for
inflation.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
m
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgag-
es
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
n
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Description
Principal
Amount
Value
Marketplace
Loans
-
2.2%
Freedom
Financial
Asset
Management
LLC
APP-10147734.FP.FTS.B,
19.99%,
8/12/23
.
$
16,000‌
$
16,320‌
APP-11693689.FP.FTS.B,
5.99%,
12/15/23
.
8,163‌
8,282‌
APP-11442537.FP.FTS.B,
5.99%,
12/17/23
.
6,804‌
6,904‌
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12212149.FP.FTS.B,
18.99%,
1/22/24
.
$
8,756‌
$
8,858‌
APP-11814690.FP.FTS.B,
5.99%,
2/03/24
..
9,215‌
9,360‌
APP-12232118.FP.FTS.B,
5.99%,
3/05/24
..
7,885‌
8,018‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11925836.FP.FTS.B,
5.99%,
3/12/24
..
$
7,217‌
$
7,347‌
APP-10114471.FP.FTS.B,
13.99%,
8/12/24
.
9,205‌
9,315‌
APP-10844146.FP.FTS.B,
23.99%,
10/18/24
8,588‌
8,535‌
APP-11822354.FP.FTS.B,
9.49%,
12/18/24
.
20,202‌
20,483‌
APP-11766036.FP.FTS.B,
23.74%,
12/18/24
23,403‌
23,428‌
APP-11746986.FP.FTS.B,
18.99%,
12/19/24
11,200‌
11,261‌
APP-11733551.FP.FTS.B,
9.74%,
12/20/24
.
14,639‌
14,859‌
APP-11763348.FP.FTS.B,
10.24%,
12/20/24
25,030‌
25,394‌
APP-11744311.FP.FTS.B,
13.74%,
12/23/24
32,490‌
32,932‌
APP-11765697.FP.FTS.B,
16.99%,
12/24/24
10,405‌
10,516‌
APP-11751433.FP.FTS.B,
23.74%,
12/24/24
23,865‌
24,067‌
APP-12220276.FP.FTS.B,
17.49%,
1/17/25
.
14,080‌
14,177‌
APP-11798383.FP.FTS.B,
19.99%,
2/01/25
.
9,912‌
9,965‌
APP-11693771.FP.FTS.B,
9.74%,
2/06/25
..
17,669‌
17,972‌
APP-11765858.FP.FTS.B,
19.49%,
2/06/25
.
15,913‌
15,987‌
APP-11695285.FP.FTS.B,
9.74%,
2/07/25
..
16,331‌
16,616‌
APP-11818700.FP.FTS.B,
17.74%,
2/08/25
.
20,176‌
20,239‌
APP-11817363.FP.FTS.B,
25.49%,
2/11/25
.
9,693‌
9,733‌
APP-11948847.FP.FTS.B,
11.74%,
3/08/25
.
30,519‌
31,037‌
APP-12139795.FP.FTS.B,
9.74%,
3/10/25
..
12,952‌
13,261‌
APP-11657858.FP.FTS.B,
17.49%,
12/16/25
15,029‌
15,128‌
APP-11765263.FP.FTS.B,
19.49%,
12/24/25
11,483‌
11,605‌
APP-11752447.FP.FTS.B,
9.99%,
2/05/26
..
38,745‌
39,443‌
APP-11823715.FP.FTS.B,
14.99%,
2/05/26
.
19,418‌
19,732‌
APP-11795510.FP.FTS.B,
12.49%,
2/11/26
.
18,401‌
18,750‌
APP-11804417.FP.FTS.B,
18.49%,
2/12/26
.
9,175‌
5,017‌
APP-11819292.FP.FTS.B,
18.99%,
2/12/26
.
12,790‌
13,018‌
APP-12232816.FP.FTS.B,
15.99%,
3/09/26
.
24,445‌
24,848‌
APP-12271080.FP.FTS.B,
12.49%,
3/10/26
.
16,988‌
17,307‌
APP-10854367.FP.FTS.B,
20.49%,
10/17/26
19,615‌
6,720‌
APP-10567981.FP.FTS.B,
9.99%,
10/30/26
.
27,273‌
27,742‌
APP-10571729.FP.FTS.B,
19.99%,
11/03/26
14,500‌
1,310‌
APP-11124654.FP.FTS.B,
19.49%,
12/18/26
39,653‌
40,363‌
APP-11605924.FP.FTS.B,
11.74%,
12/20/26
44,621‌
45,290‌
APP-11720742.FP.FTS.B,
18.99%,
12/21/26
23,459‌
23,610‌
APP-11757515.FP.FTS.B,
17.49%,
12/24/26
18,963‌
19,165‌
APP-11764235.FP.FTS.B,
11.74%,
12/29/26
48,097‌
48,906‌
APP-11813151.FP.FTS.B,
20.99%,
12/30/26
12,253‌
12,362‌
APP-11822469.FP.FTS.B,
22.49%,
12/30/26
10,895‌
11,076‌
APP-12248562.FP.FTS.B,
16.74%,
1/18/27
.
48,666‌
49,103‌
APP-12016647.FP.FTS.B,
16.99%,
1/25/27
.
19,496‌
19,709‌
APP-11764848.FP.FTS.B,
16.49%,
2/05/27
.
14,014‌
14,248‌
APP-11749109.FP.FTS.B,
17.49%,
2/06/27
.
19,684‌
19,828‌
APP-11756687.FP.FTS.B,
19.49%,
2/06/27
.
17,839‌
17,826‌
APP-11803939.FP.FTS.B,
10.99%,
2/10/27
.
34,213‌
34,839‌
APP-11801122.FP.FTS.B,
16.49%,
2/10/27
.
19,648‌
19,993‌
APP-11806622.FP.FTS.B,
18.99%,
2/11/27
.
9,850‌
9,980‌
APP-11798689.FP.FTS.B,
16.99%,
2/12/27
.
19,380‌
19,741‌
APP-12238134.FP.FTS.B,
20.24%,
3/03/27
.
26,309‌
26,491‌
APP-12140585.FP.FTS.B,
11.24%,
3/12/27
.
29,751‌
30,343‌
APP-12106231.FP.FTS.B,
11.74%,
3/13/27
.
42,671‌
43,574‌
APP-12119709.FP.FTS.B,
18.24%,
3/13/27
.
34,790‌
35,408‌
APP-12249339.FP.FTS.B,
19.49%,
3/13/27
.
19,956‌
20,266‌
APP-11878312.FP.FTS.B,
10.99%,
3/14/27
.
20,898‌
21,312‌
APP-12139734.FP.FTS.B,
13.49%,
3/14/27
.
15,795‌
16,142‌
1,195,061‌
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
159222008.LC.FTS.B,
14.3%,
9/26/22
....
$
1,581‌
$
1,592‌
159930422.LC.FTS.B,
16.12%,
11/14/22
...
3,117‌
304‌
161884359.LC.FTS.B,
16.12%,
11/14/22
...
2,454‌
2,430‌
162579504.LC.FTS.B,
12.4%,
12/02/22
....
4,819‌
452‌
162701954.LC.FTS.B,
10.33%,
12/03/22
...
2,614‌
2,552‌
163168705.LC.FTS.B,
17.74%,
12/13/22
...
15,022‌
14,537‌
165475303.LC.FTS.B,
8.19%,
1/24/23
....
1,605‌
1,586‌
165393871.LC.FTS.B,
11.02%,
1/24/23
....
4,984‌
4,890‌
165581669.LC.FTS.B,
7.56%,
1/27/23
....
4,431‌
4,268‌
165690410.LC.FTS.B,
15.24%,
1/28/23
....
1,623‌
1,596‌
165696133.LC.FTS.B,
17.74%,
1/28/23
....
3,681‌
3,564‌
165816008.LC.FTS.B,
13.08%,
1/31/23
....
12,155‌
11,829‌
166043155.LC.FTS.B,
14.3%,
2/03/23
....
1,724‌
1,678‌
165951879.LC.FTS.B,
16.12%,
2/03/23
....
1,271‌
1,253‌
165954960.LC.FTS.B,
16.12%,
2/03/23
....
5,680‌
5,573‌
165983963.LC.FTS.B,
16.95%,
2/03/23
....
3,916‌
3,798‌
165960294.LC.FTS.B,
25.65%,
2/03/23
....
5,380‌
5,269‌
166186603.LC.FTS.B,
8.81%,
2/07/23
....
3,194‌
3,148‌
166275848.LC.FTS.B,
14.3%,
2/07/23
....
10,557‌
10,299‌
166294895.LC.FTS.B,
20.55%,
2/10/23
....
3,732‌
3,647‌
166308005.LC.FTS.B,
20.55%,
2/10/23
....
2,820‌
2,730‌
166918483.LC.FTS.B,
15.24%,
2/18/23
....
5,932‌
5,523‌
166957411.LC.FTS.B,
15.24%,
2/19/23
....
536‌
496‌
166662631.LC.FTS.B,
20.55%,
2/21/23
....
2,235‌
2,206‌
167028247.LC.FTS.B,
Zero
Cpn
,
2/28/23
..
9,765‌
935‌
167087907.LC.FTS.B,
18.62%,
2/28/23
....
7,023‌
6,804‌
167225770.LC.FTS.B,
25.65%,
2/28/23
....
1,947‌
1,921‌
167497337.LC.FTS.B,
10.33%,
3/03/23
....
6,330‌
6,139‌
167701933.LC.FTS.B,
10.33%,
3/03/23
....
4,786‌
4,644‌
168221172.LC.FTS.B,
8.81%,
3/12/23
.....
3,090‌
2,957‌
168570207.LC.FTS.B,
14.3%,
4/14/23
....
2,106‌
2,003‌
158759739.LC.FTS.B,
16.12%,
9/17/24
....
13,961‌
13,359‌
161777786.LC.FTS.B,
8.19%,
11/21/24
....
16,291‌
13,153‌
165633933.LC.FTS.B,
11.02%,
1/28/25
....
12,656‌
11,989‌
165206225.LC.FTS.B,
11.02%,
2/03/25
....
5,249‌
5,043‌
165313131.LC.FTS.B,
11.02%,
2/03/25
....
20,689‌
19,560‌
166049294.LC.FTS.B,
14.3%,
2/03/25
....
7,769‌
7,341‌
165199936.LC.FTS.B,
18.62%,
2/03/25
....
22,383‌
20,842‌
165954765.LC.FTS.B,
20.55%,
2/03/25
....
9,004‌
8,553‌
164287317.LC.FTS.B,
15.24%,
2/04/25
....
24,835‌
8,930‌
166979816.LC.FTS.B,
15.24%,
2/24/25
....
10,288‌
9,684‌
167431383.LC.FTS.B,
13.08%,
2/27/25
....
4,158‌
3,799‌
167106425.LC.FTS.B,
18.62%,
2/28/25
....
6,287‌
5,939‌
166998785.LC.FTS.B,
20.55%,
2/28/25
....
177‌
173‌
248,988‌
LendingClub
Corp.
-
LCX
PM
171026131.LC.FTS.B,
14.02%,
10/08/23
...
12,749‌
12,351‌
171023265.LC.FTS.B,
17.3%,
10/08/23
....
3,356‌
3,195‌
171077226.LC.FTS.B,
10.19%,
10/13/23
...
1,406‌
1,329‌
172927033.LC.FTS.B,
10.81%,
12/24/23
...
4,977‌
4,829‌
173276655.LC.FTS.B,
18.24%,
12/24/23
...
3,240‌
3,139‌
174324177.LC.FTS.B,
14.99%,
2/03/24
....
3,446‌
3,381‌
173602157.LC.FTS.B,
16.99%,
2/03/24
....
5,565‌
5,445‌
170715926.LC.FTS.B,
16.08%,
10/13/25
...
11,884‌
11,512‌
170676409.LC.FTS.B,
17.3%,
10/13/25
....
9,570‌
9,123‌
171176757.LC.FTS.B,
18.24%,
10/13/25
...
8,097‌
7,747‌
172371391.LC.FTS.B,
15.4%,
12/24/25
....
20,319‌
19,326‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
174285582.LC.FTS.B,
15.99%,
2/03/26
....
$
16,903‌
$
15,970‌
174350163.LC.FTS.B,
18.44%,
2/03/26
....
11,197‌
10,918‌
174329530.LC.FTS.B,
20.49%,
2/03/26
....
8,602‌
8,361‌
116,626‌
Prosper
Funding
LLC
1606280.PS.FTS.B,
14.7%,
8/17/24
......
1,676‌
1,613‌
1611508.PS.FTS.B,
15.4%,
8/20/24
......
4,197‌
4,045‌
1612567.PS.FTS.B,
24.6%,
8/23/24
......
1,715‌
1,659‌
1620408.PS.FTS.B,
12.5%,
8/24/24
......
29,171‌
28,389‌
1623671.PS.FTS.B,
25.71%,
9/21/24
.....
8,806‌
8,496‌
1628458.PS.FTS.B,
18.5%,
9/22/24
......
4,342‌
4,191‌
1627820.PS.FTS.B,
12.15%,
9/28/24
.....
4,285‌
4,182‌
1627811.PS.FTS.B,
13.05%,
9/28/24
.....
17,174‌
16,762‌
1638201.PS.FTS.B,
13.3%,
9/28/24
......
8,592‌
8,385‌
1631458.PS.FTS.B,
14.19%,
9/28/24
.....
3,013‌
2,970‌
1638657.PS.FTS.B,
16.1%,
9/28/24
......
1,728‌
1,674‌
1628909.PS.FTS.B,
17.96%,
9/29/24
.....
6,682‌
6,472‌
1639785.PS.FTS.B,
13.1%,
9/30/24
......
8,830‌
8,723‌
1629401.PS.FTS.B,
13.5%,
9/30/24
......
5,318‌
5,270‌
1647438.PS.FTS.B,
19.71%,
10/13/24
....
17,863‌
17,169‌
1648558.PS.FTS.B,
14.63%,
10/27/24
....
13,281‌
12,890‌
1645598.PS.FTS.B,
16.2%,
10/27/24
.....
8,170‌
7,913‌
1657122.PS.FTS.B,
10.8%,
10/29/24
.....
6,330‌
6,195‌
1656696.PS.FTS.B,
11.7%,
10/29/24
.....
11,771‌
11,520‌
1646444.PS.FTS.B,
13%,
10/29/24
.......
354‌
354‌
1651234.PS.FTS.B,
13.7%,
11/01/24
.....
3,455‌
3,334‌
1654279.PS.FTS.B,
12.4%,
11/05/24
.....
8,152‌
7,952‌
1661070.PS.FTS.B,
13.36%,
11/05/24
.....
3,628‌
3,539‌
1660959.PS.FTS.B,
14%,
11/05/24
.......
1,552‌
1,504‌
1660953.PS.FTS.B,
14.09%,
11/05/24
.....
13,618‌
13,151‌
1650965.PS.FTS.B,
18.41%,
11/05/24
.....
9,028‌
8,717‌
1653314.PS.FTS.B,
13.2%,
11/09/24
.....
2,720‌
2,656‌
1666848.PS.FTS.B,
10.8%,
11/10/24
.....
9,500‌
9,308‌
1650962.PS.FTS.B,
13.81%,
11/29/24
.....
9,132‌
8,945‌
1686771.PS.FTS.B,
12%,
12/16/24
.......
6,040‌
5,931‌
1679839.PS.FTS.B,
12.76%,
12/16/24
....
4,310‌
4,239‌
1680232.PS.FTS.B,
15.5%,
12/16/24
.....
18,660‌
18,182‌
1674092.PS.FTS.B,
16.2%,
12/16/24
.....
7,019‌
6,846‌
1687101.PS.FTS.B,
17.28%,
12/16/24
....
23,359‌
22,641‌
1679833.PS.FTS.B,
17.54%,
12/16/24
....
7,477‌
7,247‌
1686723.PS.FTS.B,
18.4%,
12/16/24
.....
1,845‌
1,788‌
1673696.PS.FTS.B,
24.3%,
12/16/24
.....
6,585‌
6,364‌
1688400.PS.FTS.B,
15.4%,
12/20/24
.....
1,865‌
1,820‌
1681375.PS.FTS.B,
16.02%,
12/20/24
....
1,866‌
1,813‌
1690251.PS.FTS.B,
13.66%,
12/22/24
....
8,378‌
8,239‌
1677551.PS.FTS.B,
18.09%,
12/22/24
....
1,870‌
1,819‌
1694566.PS.FTS.B,
10.67%,
1/13/25
.....
14,246‌
14,039‌
1701345.PS.FTS.B,
11.4%,
1/13/25
......
9,524‌
9,384‌
1688540.PS.FTS.B,
12.3%,
1/13/25
......
9,513‌
9,374‌
1695034.PS.FTS.B,
14.89%,
1/13/25
.....
4,773‌
4,672‌
1701777.PS.FTS.B,
15.1%,
1/13/25
......
6,683‌
6,542‌
1701351.PS.FTS.B,
16.1%,
1/13/25
......
1,911‌
1,870‌
1694578.PS.FTS.B,
19.83%,
1/13/25
.....
4,309‌
4,217‌
1702155.PS.FTS.B,
15.21%,
1/14/25
.....
4,774‌
4,675‌
1692122.PS.FTS.B,
13%,
1/19/25
........
29,555‌
29,166‌
1705446.PS.FTS.B,
21.69%,
1/20/25
.....
1,917‌
1,870‌
1688531.PS.FTS.B,
16.02%,
1/26/25
.....
13,452‌
13,206‌
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1689941.PS.FTS.B,
19.2%,
1/28/25
......
$
14,467‌
$
14,207‌
1714693.PS.FTS.B,
12.4%,
2/15/25
......
11,225‌
11,121‌
1721022.PS.FTS.B,
14.39%,
2/15/25
.....
3,418‌
3,372‌
1721001.PS.FTS.B,
18.6%,
2/15/25
......
8,800‌
8,646‌
1714705.PS.FTS.B,
18.8%,
2/15/25
......
7,823‌
7,716‌
1720980.PS.FTS.B,
19.56%,
2/15/25
.....
6,357‌
6,246‌
1721616.PS.FTS.B,
19.83%,
2/15/25
.....
7,825‌
7,717‌
1708034.PS.FTS.B,
20.01%,
2/15/25
.....
4,891‌
4,805‌
1721031.PS.FTS.B,
20.4%,
2/15/25
......
1,957‌
1,922‌
1722672.PS.FTS.B,
10.5%,
2/16/25
......
5,853‌
5,801‌
1722483.PS.FTS.B,
15.4%,
2/16/25
......
19,539‌
19,282‌
1722186.PS.FTS.B,
24.4%,
2/16/25
......
8,324‌
8,164‌
1710260.PS.FTS.B,
22.6%,
2/17/25
......
1,958‌
1,922‌
1724151.PS.FTS.B,
14.41%,
2/22/25
.....
3,907‌
3,877‌
1718530.PS.FTS.B,
24.4%,
2/22/25
......
3,917‌
3,857‌
1721323.PS.FTS.B,
16.4%,
2/24/25
......
6,841‌
6,771‌
1605968.PS.FTS.B,
14.29%,
8/17/26
.....
6,871‌
6,592‌
1605953.PS.FTS.B,
14.7%,
8/17/26
......
22,926‌
21,994‌
1605959.PS.FTS.B,
18.73%,
8/17/26
.....
18,498‌
17,743‌
1618044.PS.FTS.B,
15.1%,
8/19/26
......
9,898‌
9,550‌
1611667.PS.FTS.B,
12.6%,
8/20/26
......
5,933‌
5,768‌
1608710.PS.FTS.B,
15.5%,
8/23/26
......
5,512‌
5,299‌
1620345.PS.FTS.B,
13.2%,
8/24/26
......
10,510‌
10,228‌
1620426.PS.FTS.B,
20%,
8/24/26
........
19,473‌
18,610‌
1613827.PS.FTS.B,
12.5%,
8/25/26
......
5,090‌
5,099‌
1610432.PS.FTS.B,
14.03%,
8/25/26
.....
5,952‌
5,793‌
1622637.PS.FTS.B,
12.7%,
8/27/26
......
6,390‌
6,223‌
1622940.PS.FTS.B,
13.7%,
8/30/26
......
11,132‌
10,977‌
1624202.PS.FTS.B,
11.79%,
9/21/26
.....
17,553‌
17,110‌
1625048.PS.FTS.B,
16.18%,
9/22/26
.....
26,642‌
25,674‌
1632445.PS.FTS.B,
15.18%,
9/29/26
.....
14,041‌
13,711‌
1644830.PS.FTS.B,
10.5%,
10/26/26
.....
4,500‌
4,490‌
1648285.PS.FTS.B,
12.62%,
10/26/26
....
7,505‌
7,345‌
1644821.PS.FTS.B,
16.18%,
10/26/26
....
13,208‌
12,792‌
1644836.PS.FTS.B,
18.5%,
10/26/26
.....
6,153‌
5,917‌
1648942.PS.FTS.B,
11.89%,
10/27/26
.....
6,091‌
5,962‌
1645184.PS.FTS.B,
16.9%,
10/27/26
.....
1,694‌
1,663‌
1645643.PS.FTS.B,
18.5%,
10/27/26
.....
10,413‌
10,019‌
1645601.PS.FTS.B,
26.13%,
10/27/26
....
4,781‌
4,617‌
1646399.PS.FTS.B,
10.5%,
10/28/26
.....
10,284‌
10,069‌
1655937.PS.FTS.B,
12%,
10/28/26
.......
18,744‌
18,169‌
1657248.PS.FTS.B,
10.5%,
10/29/26
.....
23,711‌
23,221‌
1646459.PS.FTS.B,
11.89%,
10/29/26
.....
9,503‌
9,306‌
1646507.PS.FTS.B,
16%,
10/29/26
.......
15,285‌
14,820‌
1647191.PS.FTS.B,
16.32%,
10/29/26
....
11,564‌
11,212‌
1654273.PS.FTS.B,
11.4%,
11/05/26
......
14,235‌
13,909‌
1661067.PS.FTS.B,
12.3%,
11/05/26
.....
9,501‌
9,283‌
1660821.PS.FTS.B,
12.5%,
11/05/26
.....
14,256‌
13,928‌
1654288.PS.FTS.B,
15.29%,
11/05/26
.....
9,433‌
9,108‌
1661382.PS.FTS.B,
16.7%,
11/05/26
.....
4,776‌
4,563‌
1660956.PS.FTS.B,
18.25%,
11/05/26
.....
6,699‌
6,399‌
1654507.PS.FTS.B,
18.6%,
11/05/26
.....
11,270‌
10,763‌
1651610.PS.FTS.B,
10.8%,
11/08/26
.....
9,957‌
9,735‌
1664763.PS.FTS.B,
13.8%,
11/08/26
.....
4,848‌
4,700‌
1666497.PS.FTS.B,
13.8%,
11/09/26
.....
14,279‌
13,807‌
1666914.PS.FTS.B,
11.89%,
11/10/26
.....
9,496‌
9,289‌
1660294.PS.FTS.B,
15.2%,
11/15/26
.....
11,443‌
11,068‌
1664083.PS.FTS.B,
11.6%,
11/17/26
......
7,594‌
7,440‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1679851.PS.FTS.B,
10.9%,
12/16/26
.....
$
17,307‌
$
17,016‌
1673693.PS.FTS.B,
12.5%,
12/16/26
.....
15,788‌
15,524‌
1686732.PS.FTS.B,
12.62%,
12/16/26
....
4,815‌
4,734‌
1686756.PS.FTS.B,
20.08%,
12/16/26
....
7,271‌
7,027‌
1673687.PS.FTS.B,
25.6%,
12/16/26
.....
9,735‌
9,408‌
1674302.PS.FTS.B,
18.33%,
12/17/26
....
22,265‌
21,532‌
1674281.PS.FTS.B,
21%,
12/17/26
.......
2,910‌
2,816‌
1675325.PS.FTS.B,
14%,
12/20/26
.......
19,293‌
18,827‌
1695804.PS.FTS.B,
10.8%,
1/04/27
......
4,870‌
4,795‌
1694569.PS.FTS.B,
10.5%,
1/13/27
......
6,817‌
6,726‌
1701348.PS.FTS.B,
11.1%,
1/13/27
......
4,871‌
4,806‌
1688537.PS.FTS.B,
13.7%,
1/13/27
......
10,246‌
10,035‌
1695025.PS.FTS.B,
14.2%,
1/13/27
......
21,474‌
21,032‌
1701774.PS.FTS.B,
19.3%,
1/13/27
......
7,831‌
7,614‌
1702140.PS.FTS.B,
11.55%,
1/14/27
.....
14,618‌
14,425‌
1703079.PS.FTS.B,
10.5%,
1/18/27
......
13,537‌
13,371‌
1689971.PS.FTS.B,
11.6%,
1/18/27
......
7,796‌
7,700‌
1691666.PS.FTS.B,
11.88%,
1/19/27
.....
7,798‌
7,703‌
1705047.PS.FTS.B,
17.54%,
1/19/27
.....
14,669‌
14,308‌
1704972.PS.FTS.B,
24.18%,
1/19/27
.....
6,868‌
6,695‌
1692578.PS.FTS.B,
13.1%,
1/20/27
......
3,856‌
3,811‌
1699192.PS.FTS.B,
14.6%,
1/20/27
......
33,734‌
33,124‌
1694423.PS.FTS.B,
15%,
1/24/27
........
14,648‌
14,402‌
1700734.PS.FTS.B,
16.2%,
1/24/27
......
24,430‌
24,018‌
1702129.PS.FTS.B,
12.7%,
1/25/27
......
6,827‌
6,753‌
1709019.PS.FTS.B,
19%,
1/25/27
........
11,744‌
11,491‌
1702634.PS.FTS.B,
21.95%,
2/04/27
.....
13,849‌
13,490‌
1721025.PS.FTS.B,
10.53%,
2/15/27
.....
1,973‌
1,957‌
1720992.PS.FTS.B,
10.9%,
2/15/27
......
3,453‌
3,424‌
1714696.PS.FTS.B,
12.6%,
2/15/27
......
9,871‌
9,787‌
1708016.PS.FTS.B,
12.62%,
2/15/27
.....
19,742‌
19,575‌
1720968.PS.FTS.B,
12.62%,
2/15/27
.....
19,742‌
19,575‌
1714699.PS.FTS.B,
16.1%,
2/15/27
......
9,880‌
9,751‌
1715326.PS.FTS.B,
16.83%,
2/15/27
.....
16,304‌
16,016‌
1709558.PS.FTS.B,
13.4%,
2/16/27
......
17,772‌
17,548‌
1709231.PS.FTS.B,
13.7%,
2/16/27
......
14,317‌
14,137‌
1716949.PS.FTS.B,
11.77%,
2/17/27
.....
14,804‌
14,685‌
1711397.PS.FTS.B,
18.15%,
2/22/27
.....
17,792‌
17,601‌
1,430,552‌
Upstart
Network,
Inc.
L1739433.UP.FTS.B,
8.57%,
9/20/24
.....
5,782‌
5,744‌
L1738924.UP.FTS.B,
15.39%,
9/20/24
.....
863‌
854‌
FW1739398.UP.FTS.B,
20.17%,
9/20/24
...
3,485‌
3,440‌
FW1738604.UP.FTS.B,
22.34%,
9/20/24
...
3,006‌
2,965‌
FW1739127.UP.FTS.B,
25.16%,
9/20/24
...
27,065‌
26,691‌
L1915199.UP.FTS.B,
6.41%,
10/25/24
.....
14,394‌
14,326‌
FW1915250.UP.FTS.B,
12.04%,
10/25/24
..
44,068‌
43,831‌
L1914801.UP.FTS.B,
12.09%,
10/25/24
....
4,406‌
4,382‌
FW1915226.UP.FTS.B,
13.65%,
10/25/24
..
1,326‌
1,319‌
L1914567.UP.FTS.B,
16.17%,
10/25/24
....
2,903‌
2,877‌
FW1914469.UP.FTS.B,
17.25%,
10/25/24
..
3,650‌
3,616‌
L1914732.UP.FTS.B,
17.66%,
10/25/24
....
8,901‌
8,827‌
L1915220.UP.FTS.B,
18.87%,
10/25/24
....
4,325‌
4,285‌
FW1914760.UP.FTS.B,
27.19%,
10/25/24
..
1,808‌
1,788‌
L2056491.UP.FTS.B,
7.95%,
11/16/24
.....
1,348‌
1,339‌
L2055423.UP.FTS.B,
8.44%,
11/16/24
.....
4,863‌
4,833‌
L2052631.UP.FTS.B,
8.92%,
11/16/24
.....
4,506‌
4,478‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2056962.UP.FTS.B,
9.24%,
11/16/24
...
$
9,016‌
$
8,960‌
L2054750.UP.FTS.B,
10.22%,
11/16/24
....
4,506‌
4,478‌
L2052610.UP.FTS.B,
11.6%,
11/16/24
.....
2,714‌
2,696‌
L2057377.UP.FTS.B,
13.89%,
11/16/24
....
1,815‌
1,803‌
L2057046.UP.FTS.B,
15.77%,
11/16/24
....
2,730‌
2,701‌
L2057137.UP.FTS.B,
15.78%,
11/16/24
....
3,634‌
3,595‌
L2052838.UP.FTS.B,
16.45%,
11/16/24
....
1,366‌
1,352‌
L2053269.UP.FTS.B,
18.64%,
11/16/24
....
1,827‌
1,807‌
L2055155.UP.FTS.B,
20.16%,
11/16/24
....
4,576‌
4,515‌
FW2054947.UP.FTS.B,
21.35%,
11/16/24
..
1,650‌
1,628‌
L2057159.UP.FTS.B,
22.2%,
11/16/24
.....
9,070‌
8,944‌
L2057081.UP.FTS.B,
23.41%,
11/16/24
....
2,114‌
2,085‌
FW2053330.UP.FTS.B,
28.78%,
11/16/24
..
1,202‌
1,186‌
FW2056543.UP.FTS.B,
29.23%,
11/16/24
..
1,296‌
1,278‌
FW2055081.UP.FTS.B,
29.29%,
11/16/24
..
5,553‌
5,478‌
L2242043.UP.FTS.B,
6.01%,
12/13/24
.....
923‌
919‌
L2242235.UP.FTS.B,
6.04%,
12/13/24
.....
3,231‌
3,215‌
FW2242510.UP.FTS.B,
7.1%,
12/13/24
....
8,322‌
8,288‌
L2233888.UP.FTS.B,
7.98%,
12/13/24
.....
5,551‌
5,519‌
L2241803.UP.FTS.B,
9.3%,
12/13/24
.....
18,532‌
18,424‌
L2242451.UP.FTS.B,
10.48%,
12/13/24
....
928‌
922‌
L2241531.UP.FTS.B,
11.26%,
12/13/24
....
6,500‌
6,457‌
L2242595.UP.FTS.B,
11.8%,
12/13/24
.....
2,323‌
2,309‌
L2242354.UP.FTS.B,
13.2%,
12/13/24
.....
2,791‌
2,775‌
L2241741.UP.FTS.B,
14.61%,
12/13/24
....
4,008‌
3,966‌
L2242471.UP.FTS.B,
15.28%,
12/13/24
....
897‌
887‌
L2242159.UP.FTS.B,
16.13%,
12/13/24
....
1,396‌
1,381‌
L2242679.UP.FTS.B,
16.66%,
12/13/24
....
3,733‌
3,694‌
L2242317.UP.FTS.B,
18.48%,
12/13/24
....
5,613‌
5,554‌
L2241963.UP.FTS.B,
18.55%,
12/13/24
....
3,087‌
3,055‌
FW2242424.UP.FTS.B,
20.03%,
12/13/24
..
918‌
908‌
L2241965.UP.FTS.B,
20.43%,
12/13/24
....
1,878‌
1,860‌
FW2242278.UP.FTS.B,
21.84%,
12/13/24
..
939‌
926‌
L2228456.UP.FTS.B,
22.2%,
12/13/24
.....
5,092‌
5,022‌
L2242250.UP.FTS.B,
22.23%,
12/13/24
....
3,192‌
3,150‌
L2241739.UP.FTS.B,
23.45%,
12/13/24
....
1,410‌
1,391‌
FW2242239.UP.FTS.B,
24.53%,
12/13/24
..
941‌
928‌
L2242692.UP.FTS.B,
25.15%,
12/13/24
....
14,121‌
13,934‌
L2242027.UP.FTS.B,
25.21%,
12/13/24
....
7,415‌
4,454‌
FW2242714.UP.FTS.B,
26.37%,
12/13/24
..
5,183‌
5,115‌
FW2241794.UP.FTS.B,
28.26%,
12/13/24
..
2,834‌
2,797‌
FW2241887.UP.FTS.B,
28.39%,
12/13/24
..
2,832‌
2,795‌
FW2242021.UP.FTS.B,
29.12%,
12/13/24
..
1,489‌
1,465‌
FW2465310.UP.FTS.B,
5.02%,
1/19/25
....
2,742‌
2,733‌
L2465354.UP.FTS.B,
5.14%,
1/19/25
.....
1,371‌
1,366‌
L2465718.UP.FTS.B,
5.3%,
1/19/25
......
7,491‌
7,467‌
L2465958.UP.FTS.B,
5.34%,
1/19/25
.....
4,266‌
4,252‌
L2465631.UP.FTS.B,
5.44%,
1/19/25
.....
1,043‌
1,040‌
L2464613.UP.FTS.B,
5.52%,
1/19/25
.....
2,371‌
2,364‌
L2465653.UP.FTS.B,
5.58%,
1/19/25
.....
28,430‌
28,340‌
L2460890.UP.FTS.B,
5.68%,
1/19/25
.....
9,485‌
9,455‌
L2465894.UP.FTS.B,
5.74%,
1/19/25
.....
5,691‌
5,673‌
L2465895.UP.FTS.B,
5.84%,
1/19/25
.....
3,320‌
3,310‌
FW2465707.UP.FTS.B,
6.24%,
1/19/25
....
1,423‌
1,419‌
L2465121.UP.FTS.B,
6.53%,
1/19/25
.....
14,783‌
14,734‌
L2464359.UP.FTS.B,
6.66%,
1/19/25
.....
5,695‌
5,678‌
L2465247.UP.FTS.B,
6.82%,
1/19/25
.....
1,234‌
1,230‌
L2466095.UP.FTS.B,
7.07%,
1/19/25
.....
2,848‌
2,840‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2465710.UP.FTS.B,
7.96%,
1/19/25
....
$
1,045‌
$
1,042‌
L2465847.UP.FTS.B,
8.05%,
1/19/25
.....
28,504‌
28,400‌
L2464679.UP.FTS.B,
9.11%,
1/19/25
......
7,321‌
7,291‌
L2466062.UP.FTS.B,
9.54%,
1/19/25
.....
3,000‌
781‌
L2464979.UP.FTS.B,
10.54%,
1/19/25
.....
7,614‌
7,588‌
L2465916.UP.FTS.B,
11.44%,
1/19/25
.....
4,762‌
4,746‌
L2465662.UP.FTS.B,
11.74%,
1/19/25
.....
4,858‌
4,839‌
FW2465131.UP.FTS.B,
12.69%,
1/19/25
...
11,363‌
11,316‌
L2465754.UP.FTS.B,
16.74%,
1/19/25
.....
958‌
953‌
L2465570.UP.FTS.B,
17.93%,
1/19/25
.....
19,129‌
19,007‌
FW2465119.UP.FTS.B,
19.64%,
1/19/25
...
5,149‌
5,113‌
L2462700.UP.FTS.B,
20.56%,
1/19/25
.....
14,370‌
14,254‌
L2464723.UP.FTS.B,
20.66%,
1/19/25
.....
4,779‌
4,740‌
L2466210.UP.FTS.B,
20.93%,
1/19/25
.....
14,948‌
14,855‌
L2465879.UP.FTS.B,
21.67%,
1/19/25
.....
959‌
951‌
FW2676316.UP.FTS.B,
6.01%,
2/22/25
....
5,838‌
5,826‌
FW2675522.UP.FTS.B,
6.74%,
2/22/25
....
1,657‌
1,653‌
L2675489.UP.FTS.B,
9.63%,
2/22/25
.....
14,629‌
14,594‌
L2675909.UP.FTS.B,
9.72%,
2/22/25
.....
2,438‌
2,432‌
L2675302.UP.FTS.B,
10.61%,
2/22/25
.....
8,390‌
8,370‌
L2676030.UP.FTS.B,
13.7%,
2/22/25
.....
11,718‌
11,685‌
L2675455.UP.FTS.B,
14.81%,
2/22/25
.....
2,442‌
2,431‌
L2675462.UP.FTS.B,
19.44%,
2/22/25
.....
2,445‌
2,434‌
FW2676387.UP.FTS.B,
19.6%,
2/22/25
....
1,858‌
1,850‌
L2676045.UP.FTS.B,
19.66%,
2/22/25
.....
1,074‌
1,069‌
FW2675588.UP.FTS.B,
20.36%,
2/22/25
...
8,022‌
7,985‌
L2675655.UP.FTS.B,
20.76%,
2/22/25
.....
978‌
974‌
L2675586.UP.FTS.B,
20.97%,
2/22/25
.....
8,610‌
8,562‌
L2675247.UP.FTS.B,
21.23%,
2/22/25
.....
3,872‌
3,848‌
FW2675117.UP.FTS.B,
22.39%,
2/22/25
...
1,077‌
1,072‌
FW2676277.UP.FTS.B,
22.93%,
2/22/25
...
4,039‌
4,012‌
L2675338.UP.FTS.B,
23.21%,
2/22/25
.....
5,287‌
5,262‌
FW2676006.UP.FTS.B,
24.14%,
2/22/25
...
2,721‌
2,705‌
FW2675719.UP.FTS.B,
24.19%,
2/22/25
...
2,902‌
2,884‌
FW2675613.UP.FTS.B,
24.49%,
2/22/25
...
6,855‌
6,816‌
FW2674989.UP.FTS.B,
25.83%,
2/22/25
...
1,951‌
1,939‌
FW2675763.UP.FTS.B,
28.74%,
2/22/25
...
5,073‌
5,043‌
FW2676140.UP.FTS.B,
29.13%,
2/22/25
...
2,745‌
2,729‌
L1739715.UP.FTS.B,
9.65%,
9/20/26
.....
22,996‌
22,887‌
L1739307.UP.FTS.B,
13.36%,
9/20/26
.....
31,507‌
31,284‌
L1739019.UP.FTS.B,
13.76%,
9/20/26
.....
5,379‌
5,341‌
L1736636.UP.FTS.B,
14.78%,
9/20/26
.....
13,008‌
12,916‌
L1739680.UP.FTS.B,
16.6%,
9/20/26
.....
13,984‌
13,838‌
FW1739526.UP.FTS.B,
17.22%,
9/20/26
...
7,466‌
7,388‌
L1739131.UP.FTS.B,
17.22%,
9/20/26
.....
13,999‌
13,819‌
L1723172.UP.FTS.B,
18.88%,
9/20/26
.....
2,305‌
341‌
L1738899.UP.FTS.B,
19.15%,
9/20/26
.....
14,046‌
13,865‌
L1739140.UP.FTS.B,
21.45%,
9/20/26
.....
2,826‌
2,804‌
L1739562.UP.FTS.B,
22.68%,
9/20/26
.....
6,593‌
6,543‌
L1739694.UP.FTS.B,
22.68%,
9/20/26
.....
10,360‌
10,282‌
L1738904.UP.FTS.B,
24.36%,
9/20/26
.....
6,610‌
6,525‌
L1739499.UP.FTS.B,
25.07%,
9/20/26
.....
4,915‌
4,878‌
L1739584.UP.FTS.B,
25.42%,
9/20/26
.....
638‌
608‌
FW1739404.UP.FTS.B,
26.55%,
9/20/26
...
3,014‌
2,990‌
FW1739462.UP.FTS.B,
27.3%,
9/20/26
....
4,742‌
4,706‌
FW1738971.UP.FTS.B,
27.63%,
9/20/26
...
4,364‌
4,331‌
L1738918.UP.FTS.B,
27.72%,
9/20/26
.....
4,267‌
4,198‌
FW1739399.UP.FTS.B,
28.19%,
9/20/26
...
5,697‌
5,654‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1738592.UP.FTS.B,
28.44%,
9/20/26
...
$
5,699‌
$
5,656‌
FW1739144.UP.FTS.B,
30.91%,
9/20/26
...
3,718‌
3,690‌
FW1739500.UP.FTS.B,
30.99%,
9/20/26
...
13,209‌
13,097‌
FW1739495.UP.FTS.B,
32.86%,
9/20/26
...
5,574‌
5,512‌
L1910370.UP.FTS.B,
14.66%,
10/25/26
....
4,033‌
4,009‌
L1901600.UP.FTS.B,
16.72%,
10/25/26
....
2,259‌
2,237‌
L1915014.UP.FTS.B,
19.01%,
10/25/26
....
4,684‌
4,633‌
L1914615.UP.FTS.B,
19.05%,
10/25/26
....
9,696‌
2,745‌
FW1915567.UP.FTS.B,
19.17%,
10/25/26
..
948‌
939‌
FW1915211.UP.FTS.B,
19.28%,
10/25/26
..
6,008‌
5,941‌
FW1915262.UP.FTS.B,
19.99%,
10/25/26
..
8,503‌
8,419‌
L1915447.UP.FTS.B,
20.32%,
10/25/26
....
5,519‌
5,455‌
L1915560.UP.FTS.B,
20.46%,
10/25/26
....
4,746‌
4,720‌
L1915064.UP.FTS.B,
20.48%,
10/25/26
....
4,645‌
4,613‌
L1914682.UP.FTS.B,
21.49%,
10/25/26
....
18,647‌
18,436‌
L1915468.UP.FTS.B,
23.09%,
10/25/26
....
5,239‌
5,210‌
L1912265.UP.FTS.B,
23.3%,
10/25/26
.....
3,812‌
3,790‌
L1914761.UP.FTS.B,
23.31%,
10/25/26
....
953‌
948‌
FW1915175.UP.FTS.B,
23.46%,
10/25/26
..
2,859‌
2,843‌
L1897015.UP.FTS.B,
23.49%,
10/25/26
....
11,437‌
11,373‌
L1915269.UP.FTS.B,
23.56%,
10/25/26
....
6,932‌
2,054‌
L1914923.UP.FTS.B,
23.8%,
10/25/26
.....
1,907‌
1,896‌
L1915604.UP.FTS.B,
24.04%,
10/25/26
....
1,049‌
1,043‌
L1914712.UP.FTS.B,
24.22%,
10/25/26
....
7,860‌
1,229‌
L1914714.UP.FTS.B,
24.73%,
10/25/26
....
3,818‌
3,797‌
L1898888.UP.FTS.B,
25.15%,
10/25/26
....
1,242‌
1,229‌
L1915081.UP.FTS.B,
25.35%,
10/25/26
....
2,675‌
2,660‌
L1914184.UP.FTS.B,
25.37%,
10/25/26
....
2,130‌
2,112‌
FW1914675.UP.FTS.B,
26.25%,
10/25/26
..
9,754‌
9,712‌
FW1915043.UP.FTS.B,
27.43%,
10/25/26
..
4,789‌
4,762‌
FW1908593.UP.FTS.B,
28.41%,
10/25/26
..
19,386‌
19,281‌
FW1914238.UP.FTS.B,
29.34%,
10/25/26
..
6,283‌
6,238‌
FW1914247.UP.FTS.B,
29.67%,
10/25/26
..
4,664‌
4,632‌
FW1914310.UP.FTS.B,
30.01%,
10/25/26
..
40,921‌
40,710‌
FW1915272.UP.FTS.B,
30.7%,
10/25/26
...
1,811‌
1,799‌
FW1915225.UP.FTS.B,
30.8%,
10/25/26
...
3,460‌
3,441‌
FW1915384.UP.FTS.B,
30.97%,
10/25/26
..
1,166‌
1,159‌
FW1915438.UP.FTS.B,
31.07%,
10/25/26
..
14,425‌
14,346‌
FW1914911.UP.FTS.B,
31.1%,
10/25/26
...
2,690‌
2,671‌
FW1915025.UP.FTS.B,
31.16%,
10/25/26
..
4,163‌
4,135‌
FW1907740.UP.FTS.B,
31.19%,
10/25/26
..
962‌
957‌
FW1915312.UP.FTS.B,
31.22%,
10/25/26
..
3,944‌
3,922‌
FW1902968.UP.FTS.B,
31.58%,
10/25/26
..
4,000‌
277‌
L2024110.UP.FTS.B,
7.78%,
11/16/26
.....
16,983‌
16,908‌
L2052804.UP.FTS.B,
9.15%,
11/16/26
.....
37,693‌
37,525‌
L2043903.UP.FTS.B,
9.82%,
11/16/26
.....
17,328‌
17,250‌
L2056878.UP.FTS.B,
9.83%,
11/16/26
.....
4,627‌
4,606‌
L2053787.UP.FTS.B,
10.61%,
11/16/26
....
4,740‌
4,708‌
FW2055257.UP.FTS.B,
11.51%,
11/16/26
..
9,492‌
9,427‌
L2052126.UP.FTS.B,
12.52%,
11/16/26
....
15,206‌
15,103‌
L2055857.UP.FTS.B,
12.9%,
11/16/26
.....
11,410‌
11,333‌
L2016017.UP.FTS.B,
13.19%,
11/16/26
....
2,500‌
151‌
L2055116.UP.FTS.B,
13.82%,
11/16/26
....
7‌
7‌
L2054559.UP.FTS.B,
14.24%,
11/16/26
....
8,572‌
8,514‌
L2055412.UP.FTS.B,
14.29%,
11/16/26
....
2,841‌
2,821‌
FW2056157.UP.FTS.B,
15.18%,
11/16/26
..
8,582‌
8,494‌
FW2055789.UP.FTS.B,
15.22%,
11/16/26
..
14,275‌
14,178‌
L2052051.UP.FTS.B,
15.75%,
11/16/26
....
4,294‌
4,250‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2051020.UP.FTS.B,
15.91%,
11/16/26
..
$
13,366‌
$
13,230‌
FW2053732.UP.FTS.B,
16.83%,
11/16/26
..
955‌
946‌
L2056184.UP.FTS.B,
17.11%,
11/16/26
....
11,154‌
11,074‌
L2056373.UP.FTS.B,
17.2%,
11/16/26
.....
8,602‌
8,515‌
L2057058.UP.FTS.B,
17.23%,
11/16/26
....
7,169‌
7,096‌
FW2055936.UP.FTS.B,
17.39%,
11/16/26
..
1,434‌
1,419‌
FW2054200.UP.FTS.B,
17.46%,
11/16/26
..
13,194‌
13,028‌
L2056403.UP.FTS.B,
18.49%,
11/16/26
....
2,266‌
2,250‌
L2055275.UP.FTS.B,
19%,
11/16/26
......
14,367‌
14,220‌
FW2055175.UP.FTS.B,
19.05%,
11/16/26
..
17,239‌
17,022‌
L2057218.UP.FTS.B,
19.51%,
11/16/26
....
22,233‌
22,084‌
L2055269.UP.FTS.B,
19.56%,
11/16/26
....
21,812‌
21,535‌
L2052101.UP.FTS.B,
20.05%,
11/16/26
....
23,972‌
23,670‌
L2051843.UP.FTS.B,
20.82%,
11/16/26
....
13,435‌
13,298‌
L2052461.UP.FTS.B,
22.33%,
11/16/26
....
47,901‌
47,477‌
FW2057201.UP.FTS.B,
22.39%,
11/16/26
..
3,811‌
3,771‌
L2057382.UP.FTS.B,
22.46%,
11/16/26
....
2,585‌
2,549‌
L2056569.UP.FTS.B,
22.59%,
11/16/26
....
13,159‌
12,993‌
L2047823.UP.FTS.B,
23.05%,
11/16/26
....
4,854‌
4,799‌
FW2052456.UP.FTS.B,
23.32%,
11/16/26
..
19,148‌
18,977‌
L2057372.UP.FTS.B,
23.63%,
11/16/26
....
6,641‌
6,583‌
FW2053649.UP.FTS.B,
23.67%,
11/16/26
..
21,271‌
21,055‌
FW2056098.UP.FTS.B,
23.67%,
11/16/26
..
6,748‌
6,692‌
L2019975.UP.FTS.B,
23.69%,
11/16/26
....
1,925‌
1,908‌
L2053900.UP.FTS.B,
23.81%,
11/16/26
....
963‌
954‌
L2053478.UP.FTS.B,
24.22%,
11/16/26
....
2,504‌
2,482‌
L2052105.UP.FTS.B,
24.58%,
11/16/26
....
4,981‌
4,928‌
FW2056667.UP.FTS.B,
24.73%,
11/16/26
..
4,817‌
4,776‌
FW2055944.UP.FTS.B,
24.96%,
11/16/26
..
1,876‌
1,851‌
L2055803.UP.FTS.B,
24.96%,
11/16/26
....
1,446‌
1,433‌
L2055855.UP.FTS.B,
25.11%,
11/16/26
....
1,933‌
1,917‌
L2056364.UP.FTS.B,
25.24%,
11/16/26
....
1,350‌
1,338‌
L2055652.UP.FTS.B,
25.25%,
11/16/26
....
1,157‌
1,147‌
L2049616.UP.FTS.B,
25.29%,
11/16/26
....
1,167‌
1,158‌
L2046165.UP.FTS.B,
25.35%,
11/16/26
....
2,507‌
2,485‌
L2054937.UP.FTS.B,
25.38%,
11/16/26
....
2,892‌
2,867‌
L2052082.UP.FTS.B,
25.42%,
11/16/26
....
1,446‌
1,434‌
L2055669.UP.FTS.B,
25.48%,
11/16/26
....
2,394‌
2,372‌
L2056440.UP.FTS.B,
25.49%,
11/16/26
....
31,388‌
29,664‌
L2052376.UP.FTS.B,
25.81%,
11/16/26
....
4,822‌
4,781‌
FW2056110.UP.FTS.B,
26.13%,
11/16/26
..
15,459‌
15,330‌
FW2054089.UP.FTS.B,
26.17%,
11/16/26
..
1,930‌
1,913‌
FW2056882.UP.FTS.B,
26.32%,
11/16/26
..
4,825‌
4,783‌
FW2056482.UP.FTS.B,
26.96%,
11/16/26
..
4,828‌
4,786‌
FW2057264.UP.FTS.B,
27.1%,
11/16/26
...
5,794‌
5,744‌
FW2055739.UP.FTS.B,
27.25%,
11/16/26
..
15,000‌
102‌
FW2053471.UP.FTS.B,
27.97%,
11/16/26
..
1,933‌
1,916‌
FW2055613.UP.FTS.B,
28.42%,
11/16/26
..
2,419‌
2,389‌
FW2054616.UP.FTS.B,
28.56%,
11/16/26
..
3,472‌
1,022‌
FW2055282.UP.FTS.B,
29.32%,
11/16/26
..
4,856‌
4,817‌
FW2046105.UP.FTS.B,
29.67%,
11/16/26
..
4,355‌
4,317‌
FW2056001.UP.FTS.B,
30.17%,
11/16/26
..
1,259‌
1,248‌
FW2057500.UP.FTS.B,
30.64%,
11/16/26
..
9,687‌
9,602‌
FW2055364.UP.FTS.B,
30.66%,
11/16/26
..
7,749‌
7,682‌
FW2056081.UP.FTS.B,
30.81%,
11/16/26
..
1,647‌
1,633‌
FW2055828.UP.FTS.B,
30.82%,
11/16/26
..
3,003‌
2,977‌
FW2056764.UP.FTS.B,
31.04%,
11/16/26
..
969‌
961‌
FW2055692.UP.FTS.B,
31.07%,
11/16/26
..
1,648‌
1,633‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2056040.UP.FTS.B,
31.11%,
11/16/26
..
$
5,484‌
$
5,445‌
FW2056960.UP.FTS.B,
31.19%,
11/16/26
..
1,648‌
1,633‌
FW2054534.UP.FTS.B,
31.22%,
11/16/26
..
1,163‌
1,153‌
FW2056560.UP.FTS.B,
31.71%,
11/16/26
..
1,859‌
1,839‌
FW2056229.UP.FTS.B,
31.92%,
11/16/26
..
7,051‌
7,001‌
FW2057162.UP.FTS.B,
32.15%,
11/16/26
..
9,020‌
8,941‌
L2242254.UP.FTS.B,
7.13%,
12/13/26
.....
9,578‌
9,539‌
L2242685.UP.FTS.B,
9%,
12/13/26
.......
14,395‌
14,338‌
L2242361.UP.FTS.B,
9.11%,
12/13/26
.....
23,560‌
23,463‌
L2242651.UP.FTS.B,
11.78%,
12/13/26
....
14,435‌
14,343‌
L2239830.UP.FTS.B,
11.79%,
12/13/26
....
10,119‌
10,055‌
L2241857.UP.FTS.B,
11.98%,
12/13/26
....
11,550‌
11,477‌
L2242098.UP.FTS.B,
12.31%,
12/13/26
....
6,740‌
6,697‌
L2242668.UP.FTS.B,
12.46%,
12/13/26
....
21,185‌
21,051‌
L2241756.UP.FTS.B,
12.69%,
12/13/26
....
5,297‌
5,264‌
L2241856.UP.FTS.B,
13.04%,
12/13/26
....
14,475‌
14,398‌
L2242486.UP.FTS.B,
13.76%,
12/13/26
....
3,664‌
3,641‌
FW2241307.UP.FTS.B,
13.77%,
12/13/26
..
2,893‌
2,874‌
L2241825.UP.FTS.B,
13.8%,
12/13/26
.....
28,925‌
28,743‌
L2242202.UP.FTS.B,
14.09%,
12/13/26
....
16,009‌
15,909‌
L2239758.UP.FTS.B,
14.15%,
12/13/26
....
11,091‌
11,022‌
L2241610.UP.FTS.B,
15.37%,
12/13/26
....
7,242‌
7,172‌
L2239771.UP.FTS.B,
15.55%,
12/13/26
....
26,074‌
25,822‌
FW2241807.UP.FTS.B,
16.84%,
12/13/26
..
9,627‌
9,532‌
L2242447.UP.FTS.B,
16.94%,
12/13/26
....
5,318‌
5,254‌
L2242066.UP.FTS.B,
17.12%,
12/13/26
....
9,670‌
9,555‌
L2241045.UP.FTS.B,
17.22%,
12/13/26
....
8,221‌
8,141‌
L2242791.UP.FTS.B,
17.38%,
12/13/26
....
14,509‌
14,335‌
L2241989.UP.FTS.B,
17.5%,
12/13/26
.....
2,515‌
2,491‌
L2241897.UP.FTS.B,
17.92%,
12/13/26
....
4,355‌
4,313‌
L2242575.UP.FTS.B,
18.06%,
12/13/26
....
7,259‌
7,189‌
L2242430.UP.FTS.B,
18.29%,
12/13/26
....
17,424‌
17,216‌
L2242547.UP.FTS.B,
18.45%,
12/13/26
....
4,634‌
4,585‌
L2242119.UP.FTS.B,
18.59%,
12/13/26
....
4,357‌
4,315‌
L2242638.UP.FTS.B,
19.38%,
12/13/26
....
10,839‌
6,228‌
L2242559.UP.FTS.B,
19.89%,
12/13/26
....
5,535‌
5,488‌
L2242212.UP.FTS.B,
19.99%,
12/13/26
....
3,390‌
3,360‌
L2241910.UP.FTS.B,
20.19%,
12/13/26
....
19,754‌
11,370‌
L2241971.UP.FTS.B,
20.32%,
12/13/26
....
2,909‌
2,881‌
L2242450.UP.FTS.B,
20.97%,
12/13/26
....
6,015‌
5,961‌
FW2241711.UP.FTS.B,
21.36%,
12/13/26
..
12,616‌
12,502‌
L2234521.UP.FTS.B,
21.55%,
12/13/26
....
8,589‌
8,503‌
L2238725.UP.FTS.B,
21.75%,
12/13/26
....
4,854‌
4,796‌
FW2242024.UP.FTS.B,
21.89%,
12/13/26
..
1,868‌
1,848‌
L2230478.UP.FTS.B,
21.97%,
12/13/26
....
7,282‌
7,195‌
L2242489.UP.FTS.B,
22.19%,
12/13/26
....
21,072‌
20,882‌
L2233875.UP.FTS.B,
22.25%,
12/13/26
....
26,187‌
25,948‌
L2241640.UP.FTS.B,
22.44%,
12/13/26
....
2,914‌
2,887‌
L2241096.UP.FTS.B,
22.49%,
12/13/26
....
6,017‌
5,920‌
L2242587.UP.FTS.B,
22.84%,
12/13/26
....
6,562‌
6,500‌
L2241949.UP.FTS.B,
22.97%,
12/13/26
....
4,849‌
4,805‌
FW2241860.UP.FTS.B,
23.21%,
12/13/26
..
5,831‌
5,778‌
L2242742.UP.FTS.B,
23.45%,
12/13/26
....
1,944‌
1,921‌
L2232043.UP.FTS.B,
23.76%,
12/13/26
....
5,347‌
5,299‌
L2242200.UP.FTS.B,
24.08%,
12/13/26
....
5,640‌
5,589‌
FW2241799.UP.FTS.B,
24.1%,
12/13/26
...
4,962‌
1,436‌
L2241503.UP.FTS.B,
24.24%,
12/13/26
....
2,918‌
2,891‌
FW2239073.UP.FTS.B,
24.34%,
12/13/26
..
7,783‌
7,713‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2241600.UP.FTS.B,
24.51%,
12/13/26
....
$
3,337‌
$
3,296‌
L2241958.UP.FTS.B,
24.65%,
12/13/26
....
973‌
964‌
L2241657.UP.FTS.B,
24.98%,
12/13/26
....
3,892‌
3,857‌
L2242478.UP.FTS.B,
25.01%,
12/13/26
....
2,141‌
2,122‌
L2242191.UP.FTS.B,
25.04%,
12/13/26
....
973‌
964‌
L2241647.UP.FTS.B,
25.19%,
12/13/26
....
1,654‌
1,640‌
L2242322.UP.FTS.B,
25.22%,
12/13/26
....
973‌
965‌
L2242383.UP.FTS.B,
25.22%,
12/13/26
....
8,759‌
8,655‌
L2242784.UP.FTS.B,
25.23%,
12/13/26
....
5,645‌
5,594‌
L2241809.UP.FTS.B,
25.24%,
12/13/26
....
6,826‌
6,769‌
FW2241952.UP.FTS.B,
25.3%,
12/13/26
...
11,680‌
11,575‌
L2242418.UP.FTS.B,
25.33%,
12/13/26
....
9,741‌
9,653‌
L2241994.UP.FTS.B,
25.4%,
12/13/26
.....
1,739‌
1,718‌
L2242162.UP.FTS.B,
25.7%,
12/13/26
.....
1,655‌
1,640‌
L2241420.UP.FTS.B,
25.73%,
12/13/26
....
5,257‌
5,210‌
FW2242493.UP.FTS.B,
26.46%,
12/13/26
..
1,944‌
1,926‌
FW2241855.UP.FTS.B,
26.58%,
12/13/26
..
2,630‌
2,607‌
L2240058.UP.FTS.B,
26.7%,
12/13/26
.....
7,989‌
7,917‌
FW2242705.UP.FTS.B,
27.05%,
12/13/26
..
1,429‌
1,415‌
FW2241764.UP.FTS.B,
27.11%,
12/13/26
..
4,580‌
4,539‌
FW2242232.UP.FTS.B,
27.33%,
12/13/26
..
3,411‌
3,381‌
FW2241542.UP.FTS.B,
28.48%,
12/13/26
..
2,926‌
2,900‌
FW2242379.UP.FTS.B,
28.85%,
12/13/26
..
4,841‌
4,795‌
FW2241616.UP.FTS.B,
29.08%,
12/13/26
..
5,600‌
832‌
FW2241999.UP.FTS.B,
29.1%,
12/13/26
...
2,440‌
2,418‌
FW2242624.UP.FTS.B,
29.36%,
12/13/26
..
8,981‌
8,900‌
FW2211495.UP.FTS.B,
29.38%,
12/13/26
..
19,521‌
19,345‌
FW2241683.UP.FTS.B,
29.38%,
12/13/26
..
1,672‌
1,646‌
FW2241443.UP.FTS.B,
29.46%,
12/13/26
..
2,884‌
2,855‌
FW2241828.UP.FTS.B,
29.64%,
12/13/26
..
9,762‌
9,674‌
FW2242691.UP.FTS.B,
30.2%,
12/13/26
...
24,418‌
24,199‌
FW2242593.UP.FTS.B,
30.22%,
12/13/26
..
4,492‌
4,452‌
FW2231506.UP.FTS.B,
30.63%,
12/13/26
..
43,566‌
43,175‌
FW2241145.UP.FTS.B,
30.66%,
12/13/26
..
3,028‌
3,001‌
FW2242390.UP.FTS.B,
30.76%,
12/13/26
..
10,257‌
10,165‌
FW2240660.UP.FTS.B,
30.84%,
12/13/26
..
4,494‌
4,454‌
FW2240706.UP.FTS.B,
30.86%,
12/13/26
..
12,588‌
12,466‌
FW2242733.UP.FTS.B,
30.97%,
12/13/26
..
1,458‌
1,440‌
FW2242045.UP.FTS.B,
30.98%,
12/13/26
..
2,345‌
2,324‌
FW2242580.UP.FTS.B,
31.01%,
12/13/26
..
1,075‌
1,065‌
FW2242256.UP.FTS.B,
31.07%,
12/13/26
..
1,075‌
1,065‌
FW2241302.UP.FTS.B,
31.08%,
12/13/26
..
3,127‌
3,099‌
FW2241745.UP.FTS.B,
31.13%,
12/13/26
..
5,240‌
5,190‌
FW2242085.UP.FTS.B,
31.21%,
12/13/26
..
5,053‌
5,006‌
FW2241988.UP.FTS.B,
31.24%,
12/13/26
..
2,152‌
2,133‌
FW2242189.UP.FTS.B,
31.76%,
12/13/26
..
4,713‌
4,675‌
FW2239509.UP.FTS.B,
31.82%,
12/13/26
..
5,724‌
3,443‌
FW2241624.UP.FTS.B,
31.84%,
12/13/26
..
4,471‌
4,430‌
L2465688.UP.FTS.B,
5.13%,
1/19/27
.....
2,911‌
2,908‌
FW2465936.UP.FTS.B,
5.53%,
1/19/27
....
43,679‌
43,631‌
L2465861.UP.FTS.B,
5.83%,
1/19/27
.....
25,242‌
25,215‌
L2464930.UP.FTS.B,
5.87%,
1/19/27
.....
6,286‌
6,279‌
L2465582.UP.FTS.B,
5.92%,
1/19/27
.....
3,690‌
3,686‌
FW2451492.UP.FTS.B,
6.07%,
1/19/27
....
48,551‌
48,499‌
FW2466147.UP.FTS.B,
6.13%,
1/19/27
....
7,361‌
7,353‌
L2465889.UP.FTS.B,
6.5%,
1/19/27
......
5,828‌
5,822‌
L2464484.UP.FTS.B,
6.65%,
1/19/27
.....
4,857‌
4,852‌
FW2466269.UP.FTS.B,
6.87%,
1/19/27
....
4,858‌
4,853‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2464162.UP.FTS.B,
6.89%,
1/19/27
.....
$
6,315‌
$
6,309‌
L2465776.UP.FTS.B,
7.08%,
1/19/27
.....
14,575‌
14,561‌
L2466395.UP.FTS.B,
7.13%,
1/19/27
.....
10,397‌
10,372‌
L2444934.UP.FTS.B,
7.15%,
1/19/27
.....
4,372‌
4,361‌
FW2465536.UP.FTS.B,
7.64%,
1/19/27
....
19,441‌
19,395‌
L2465750.UP.FTS.B,
7.8%,
1/19/27
......
6,235‌
6,215‌
L2465633.UP.FTS.B,
8.28%,
1/19/27
.....
1,945‌
1,940‌
L2465717.UP.FTS.B,
8.6%,
1/19/27
......
3,891‌
3,882‌
L2464080.UP.FTS.B,
8.9%,
1/19/27
......
5,843‌
5,835‌
FW2464781.UP.FTS.B,
9.13%,
1/19/27
....
9,244‌
9,223‌
FW2465681.UP.FTS.B,
9.16%,
1/19/27
....
10,290‌
10,266‌
L2464902.UP.FTS.B,
9.21%,
1/19/27
.....
8,758‌
8,738‌
L2465458.UP.FTS.B,
9.24%,
1/19/27
.....
3,768‌
3,758‌
L2465589.UP.FTS.B,
9.29%,
1/19/27
.....
6,325‌
6,311‌
L2466085.UP.FTS.B,
9.45%,
1/19/27
.....
4,866‌
4,855‌
L2464368.UP.FTS.B,
9.62%,
1/19/27
.....
3,699‌
3,690‌
L2466129.UP.FTS.B,
9.84%,
1/19/27
.....
19,469‌
19,393‌
L2465666.UP.FTS.B,
10.14%,
1/19/27
.....
2,434‌
2,429‌
FW2464664.UP.FTS.B,
10.42%,
1/19/27
...
7,791‌
7,760‌
FW2465040.UP.FTS.B,
10.63%,
1/19/27
...
15,389‌
15,329‌
L2463372.UP.FTS.B,
11.09%,
1/19/27
.....
4,871‌
4,852‌
L2465414.UP.FTS.B,
11.1%,
1/19/27
......
5,846‌
5,823‌
L2465929.UP.FTS.B,
11.14%,
1/19/27
.....
14,614‌
14,558‌
L2464668.UP.FTS.B,
11.62%,
1/19/27
.....
7,309‌
7,281‌
L2466291.UP.FTS.B,
11.97%,
1/19/27
.....
48,838‌
48,718‌
FW2466175.UP.FTS.B,
12.09%,
1/19/27
...
5,849‌
5,827‌
L2460937.UP.FTS.B,
12.4%,
1/19/27
.....
7,800‌
7,771‌
FW2465871.UP.FTS.B,
12.64%,
1/19/27
...
8,777‌
8,744‌
L2465877.UP.FTS.B,
12.74%,
1/19/27
.....
2,438‌
2,429‌
FW2465212.UP.FTS.B,
14.46%,
1/19/27
...
21,078‌
20,952‌
L2466145.UP.FTS.B,
14.56%,
1/19/27
.....
14,644‌
14,591‌
L2465634.UP.FTS.B,
14.68%,
1/19/27
.....
10,349‌
10,312‌
FW2465337.UP.FTS.B,
15.21%,
1/19/27
...
4,883‌
4,866‌
FW2462910.UP.FTS.B,
15.73%,
1/19/27
...
24,424‌
24,336‌
L2465986.UP.FTS.B,
15.77%,
1/19/27
.....
1,465‌
1,457‌
L2464766.UP.FTS.B,
16.43%,
1/19/27
.....
4,880‌
4,851‌
FW2466368.UP.FTS.B,
16.6%,
1/19/27
....
3,421‌
3,409‌
FW2464890.UP.FTS.B,
16.94%,
1/19/27
...
5,663‌
5,625‌
L2464884.UP.FTS.B,
17.8%,
1/19/27
.....
3,423‌
3,403‌
L2464545.UP.FTS.B,
18.49%,
1/19/27
.....
19,566‌
19,454‌
L2466373.UP.FTS.B,
18.71%,
1/19/27
.....
9,785‌
9,752‌
L2465805.UP.FTS.B,
18.87%,
1/19/27
.....
21,334‌
21,212‌
L2466099.UP.FTS.B,
19.62%,
1/19/27
.....
8,811‌
8,747‌
L2465928.UP.FTS.B,
20.32%,
1/19/27
.....
2,938‌
2,917‌
L2465048.UP.FTS.B,
20.41%,
1/19/27
.....
24,485‌
24,308‌
L2466185.UP.FTS.B,
20.91%,
1/19/27
.....
3,429‌
3,410‌
L2464801.UP.FTS.B,
21.24%,
1/19/27
.....
4,899‌
4,864‌
L2456627.UP.FTS.B,
21.31%,
1/19/27
.....
14,698‌
14,592‌
L2464534.UP.FTS.B,
21.46%,
1/19/27
.....
2,132‌
2,120‌
L2466007.UP.FTS.B,
21.7%,
1/19/27
.....
4,508‌
4,476‌
L2465669.UP.FTS.B,
21.93%,
1/19/27
.....
15,604‌
15,521‌
L2465393.UP.FTS.B,
22.66%,
1/19/27
.....
19,610‌
19,512‌
L2465191.UP.FTS.B,
22.76%,
1/19/27
.....
3,922‌
3,903‌
L2465105.UP.FTS.B,
22.96%,
1/19/27
.....
45,599‌
45,373‌
L2465595.UP.FTS.B,
23.08%,
1/19/27
.....
7,845‌
7,807‌
FW2466202.UP.FTS.B,
23.59%,
1/19/27
...
2,947‌
2,935‌
L2464129.UP.FTS.B,
23.98%,
1/19/27
.....
15,906‌
15,822‌
L2458881.UP.FTS.B,
24.14%,
1/19/27
.....
4,367‌
4,342‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2464954.UP.FTS.B,
24.32%,
1/19/27
.....
$
1,962‌
$
1,953‌
L2465923.UP.FTS.B,
24.48%,
1/19/27
.....
43,499‌
43,253‌
FW2464179.UP.FTS.B,
24.55%,
1/19/27
...
4,400‌
1,291‌
L2465587.UP.FTS.B,
24.59%,
1/19/27
.....
13,150‌
13,086‌
L2466086.UP.FTS.B,
25.1%,
1/19/27
.....
3,239‌
3,224‌
FW2465954.UP.FTS.B,
25.21%,
1/19/27
...
2,945‌
2,931‌
L2465421.UP.FTS.B,
25.22%,
1/19/27
.....
8,762‌
8,717‌
L2465179.UP.FTS.B,
25.25%,
1/19/27
.....
1,276‌
1,267‌
L2464262.UP.FTS.B,
25.31%,
1/19/27
.....
2,160‌
2,149‌
L2465018.UP.FTS.B,
25.32%,
1/19/27
.....
2,062‌
2,052‌
L2464786.UP.FTS.B,
25.33%,
1/19/27
.....
1,357‌
1,346‌
L2464921.UP.FTS.B,
25.36%,
1/19/27
.....
1,500‌
1,437‌
L2465643.UP.FTS.B,
25.46%,
1/19/27
.....
11,388‌
11,333‌
FW2465199.UP.FTS.B,
25.54%,
1/19/27
...
4,123‌
4,104‌
L2459695.UP.FTS.B,
25.62%,
1/19/27
.....
9,425‌
9,380‌
FW2465642.UP.FTS.B,
25.73%,
1/19/27
...
4,884‌
4,859‌
FW2465696.UP.FTS.B,
25.74%,
1/19/27
...
3,010‌
2,994‌
L2459145.UP.FTS.B,
26.05%,
1/19/27
.....
2,249‌
2,233‌
FW2466211.UP.FTS.B,
26.21%,
1/19/27
...
49,104‌
48,869‌
FW2464742.UP.FTS.B,
26.31%,
1/19/27
...
1,473‌
1,466‌
FW2465134.UP.FTS.B,
27.03%,
1/19/27
...
3,439‌
3,422‌
L2466112.UP.FTS.B,
27.26%,
1/19/27
.....
1,400‌
437‌
FW2464891.UP.FTS.B,
27.37%,
1/19/27
...
9,688‌
9,632‌
FW2465454.UP.FTS.B,
27.49%,
1/19/27
...
3,400‌
1,003‌
FW2464901.UP.FTS.B,
27.8%,
1/19/27
....
5,896‌
5,869‌
FW2464391.UP.FTS.B,
27.86%,
1/19/27
...
1,474‌
1,467‌
L2465641.UP.FTS.B,
27.88%,
1/19/27
.....
1,867‌
1,859‌
FW2465159.UP.FTS.B,
28.26%,
1/19/27
...
2,949‌
2,935‌
FW2466130.UP.FTS.B,
28.33%,
1/19/27
...
2,457‌
2,446‌
FW2465915.UP.FTS.B,
28.39%,
1/19/27
...
8,718‌
8,668‌
FW2465743.UP.FTS.B,
28.47%,
1/19/27
...
9,755‌
9,704‌
FW2465826.UP.FTS.B,
28.67%,
1/19/27
...
4,915‌
4,893‌
FW2465882.UP.FTS.B,
28.77%,
1/19/27
...
1,475‌
1,465‌
FW2465234.UP.FTS.B,
28.94%,
1/19/27
...
1,000‌
287‌
FW2466218.UP.FTS.B,
29.09%,
1/19/27
...
29,498‌
29,361‌
FW2466138.UP.FTS.B,
29.57%,
1/19/27
...
2,950‌
2,937‌
FW2465555.UP.FTS.B,
30.12%,
1/19/27
...
1,377‌
1,371‌
FW2464452.UP.FTS.B,
30.15%,
1/19/27
...
1,465‌
1,458‌
FW2464764.UP.FTS.B,
30.2%,
1/19/27
....
44,212‌
44,013‌
FW2464615.UP.FTS.B,
30.21%,
1/19/27
...
7,870‌
7,834‌
FW2465759.UP.FTS.B,
30.48%,
1/19/27
...
5,411‌
5,386‌
FW2465374.UP.FTS.B,
30.53%,
1/19/27
...
2,558‌
2,546‌
FW2465848.UP.FTS.B,
30.66%,
1/19/27
...
1,968‌
1,959‌
FW2465597.UP.FTS.B,
30.68%,
1/19/27
...
2,227‌
2,215‌
FW2464665.UP.FTS.B,
30.79%,
1/19/27
...
1,378‌
1,371‌
FW2465921.UP.FTS.B,
30.89%,
1/19/27
...
1,278‌
1,272‌
FW2465741.UP.FTS.B,
30.94%,
1/19/27
...
1,673‌
1,665‌
FW2466073.UP.FTS.B,
30.97%,
1/19/27
...
984‌
980‌
FW2464672.UP.FTS.B,
30.98%,
1/19/27
...
1,771‌
1,763‌
FW2465572.UP.FTS.B,
30.98%,
1/19/27
...
3,444‌
3,428‌
FW2465907.UP.FTS.B,
30.98%,
1/19/27
...
984‌
980‌
FW2465118.UP.FTS.B,
31.07%,
1/19/27
...
8,856‌
8,816‌
FW2466031.UP.FTS.B,
31.12%,
1/19/27
...
13,532‌
13,467‌
FW2465216.UP.FTS.B,
31.14%,
1/19/27
...
1,140‌
1,133‌
FW2464833.UP.FTS.B,
31.17%,
1/19/27
...
1,181‌
1,176‌
FW2466113.UP.FTS.B,
31.17%,
1/19/27
...
3,838‌
3,821‌
FW2465110.UP.FTS.B,
31.18%,
1/19/27
...
10,628‌
10,580‌
FW2464670.UP.FTS.B,
31.19%,
1/19/27
...
2,245‌
2,234‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2464667.UP.FTS.B,
31.59%,
1/19/27
...
$
7,579‌
$
7,545‌
FW2466172.UP.FTS.B,
31.96%,
1/19/27
...
32,780‌
32,633‌
FW2466141.UP.FTS.B,
32%,
1/19/27
.....
6,103‌
6,076‌
L2675293.UP.FTS.B,
5.43%,
2/22/27
.....
9,841‌
9,832‌
L2675715.UP.FTS.B,
6.52%,
2/22/27
.....
9,854‌
9,846‌
FW2676020.UP.FTS.B,
6.82%,
2/22/27
....
7,490‌
7,484‌
FW2676337.UP.FTS.B,
8.57%,
2/22/27
....
11,832‌
11,813‌
L2675123.UP.FTS.B,
8.62%,
2/22/27
.....
6,409‌
6,404‌
FW2675837.UP.FTS.B,
9.42%,
2/22/27
....
6,897‌
6,885‌
FW2675651.UP.FTS.B,
9.54%,
2/22/27
....
6,707‌
6,696‌
FW2675906.UP.FTS.B,
9.67%,
2/22/27
....
49,317‌
49,236‌
FW2675315.UP.FTS.B,
9.86%,
2/22/27
....
29,438‌
29,355‌
L2676110.UP.FTS.B,
9.95%,
2/22/27
......
19,653‌
19,620‌
FW2676315.UP.FTS.B,
10.29%,
2/22/27
...
5,426‌
5,411‌
FW2675769.UP.FTS.B,
11.04%,
2/22/27
...
33,548‌
33,459‌
FW2675566.UP.FTS.B,
11.18%,
2/22/27
...
14,801‌
14,762‌
FW2675417.UP.FTS.B,
12.04%,
2/22/27
...
8,389‌
8,367‌
L2675868.UP.FTS.B,
12.42%,
2/22/27
.....
14,699‌
14,656‌
FW2675303.UP.FTS.B,
12.76%,
2/22/27
...
14,807‌
14,768‌
L2675722.UP.FTS.B,
13.92%,
2/22/27
.....
2,962‌
2,954‌
L2676179.UP.FTS.B,
13.92%,
2/22/27
.....
14,812‌
14,772‌
FW2676236.UP.FTS.B,
14.04%,
2/22/27
...
7,999‌
7,977‌
L2675483.UP.FTS.B,
14.22%,
2/22/27
.....
4,543‌
4,530‌
FW2675607.UP.FTS.B,
14.26%,
2/22/27
...
20,528‌
20,473‌
FW2676429.UP.FTS.B,
14.76%,
2/22/27
...
20,642‌
20,587‌
L2676222.UP.FTS.B,
14.9%,
2/22/27
.....
1,679‌
1,675‌
L2675701.UP.FTS.B,
15.05%,
2/22/27
.....
6,882‌
6,863‌
FW2676278.UP.FTS.B,
15.49%,
2/22/27
...
5,334‌
5,313‌
FW2675787.UP.FTS.B,
15.6%,
2/22/27
....
9,578‌
9,539‌
FW2676119.UP.FTS.B,
15.87%,
2/22/27
...
4,446‌
4,428‌
FW2674729.UP.FTS.B,
15.98%,
2/22/27
...
4,742‌
4,729‌
FW2675367.UP.FTS.B,
16.08%,
2/22/27
...
9,880‌
9,840‌
FW2675671.UP.FTS.B,
16.46%,
2/22/27
...
23,115‌
23,010‌
L2675286.UP.FTS.B,
16.53%,
2/22/27
.....
15,583‌
15,519‌
FW2676101.UP.FTS.B,
16.63%,
2/22/27
...
10,770‌
10,727‌
FW2676275.UP.FTS.B,
16.64%,
2/22/27
...
21,343‌
21,257‌
FW2673151.UP.FTS.B,
16.69%,
2/22/27
...
4,941‌
4,921‌
FW2675878.UP.FTS.B,
16.87%,
2/22/27
...
4,407‌
4,394‌
FW2664753.UP.FTS.B,
16.88%,
2/22/27
...
26,257‌
26,231‌
L2675388.UP.FTS.B,
17.29%,
2/22/27
.....
47,337‌
47,146‌
L2676056.UP.FTS.B,
17.4%,
2/22/27
.....
3,953‌
3,937‌
FW2675427.UP.FTS.B,
17.47%,
2/22/27
...
22,440‌
22,345‌
FW2675873.UP.FTS.B,
17.83%,
2/22/27
...
6,693‌
6,672‌
L2675381.UP.FTS.B,
18.91%,
2/22/27
.....
14,790‌
14,729‌
L2675889.UP.FTS.B,
18.95%,
2/22/27
.....
49,431‌
49,231‌
FW2675506.UP.FTS.B,
19.13%,
2/22/27
...
10,776‌
10,723‌
FW2675598.UP.FTS.B,
19.23%,
2/22/27
...
5,932‌
5,903‌
L2676048.UP.FTS.B,
19.28%,
2/22/27
.....
35,593‌
35,416‌
FW2675562.UP.FTS.B,
19.58%,
2/22/27
...
5,339‌
5,313‌
FW2676135.UP.FTS.B,
19.68%,
2/22/27
...
42,913‌
42,739‌
FW2675827.UP.FTS.B,
19.75%,
2/22/27
...
4,252‌
4,235‌
FW2675725.UP.FTS.B,
19.97%,
2/22/27
...
5,920‌
5,895‌
L2675775.UP.FTS.B,
20.06%,
2/22/27
.....
9,889‌
9,839‌
FW2676391.UP.FTS.B,
20.15%,
2/22/27
...
5,340‌
5,313‌
L2675553.UP.FTS.B,
20.26%,
2/22/27
.....
989‌
984‌
L2676153.UP.FTS.B,
20.37%,
2/22/27
.....
4,945‌
4,920‌
L2635721.UP.FTS.B,
20.47%,
2/22/27
.....
9,889‌
9,840‌
FW2675953.UP.FTS.B,
20.7%,
2/22/27
....
20,571‌
20,516‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2675768.UP.FTS.B,
20.93%,
2/22/27
...
$
19,827‌
$
19,714‌
FW2674747.UP.FTS.B,
21.11%,
2/22/27
...
6,895‌
6,859‌
FW2676447.UP.FTS.B,
21.12%,
2/22/27
...
7,913‌
7,881‌
L2675752.UP.FTS.B,
21.22%,
2/22/27
.....
3,268‌
3,252‌
FW2675527.UP.FTS.B,
21.31%,
2/22/27
...
9,891‌
9,851‌
L2676182.UP.FTS.B,
21.37%,
2/22/27
.....
6,428‌
6,376‌
FW2675431.UP.FTS.B,
21.46%,
2/22/27
...
3,158‌
3,142‌
L2675263.UP.FTS.B,
21.9%,
2/22/27
.....
15,729‌
15,666‌
L2675531.UP.FTS.B,
21.9%,
2/22/27
.....
15,828‌
15,749‌
FW2676175.UP.FTS.B,
21.91%,
2/22/27
...
26,116‌
26,046‌
L2675653.UP.FTS.B,
22.41%,
2/22/27
.....
4,451‌
4,429‌
L2675496.UP.FTS.B,
22.58%,
2/22/27
.....
5,936‌
5,913‌
FW2675793.UP.FTS.B,
22.65%,
2/22/27
...
21,569‌
21,482‌
FW2674944.UP.FTS.B,
22.84%,
2/22/27
...
9,000‌
8,676‌
FW2675593.UP.FTS.B,
22.9%,
2/22/27
....
5,418‌
5,389‌
FW2676120.UP.FTS.B,
22.93%,
2/22/27
...
7,421‌
7,391‌
FW2675190.UP.FTS.B,
23.05%,
2/22/27
...
5,937‌
5,913‌
FW2675530.UP.FTS.B,
23.25%,
2/22/27
...
2,969‌
2,957‌
FW2675348.UP.FTS.B,
23.48%,
2/22/27
...
15,170‌
15,131‌
L2675554.UP.FTS.B,
23.55%,
2/22/27
.....
9,896‌
9,856‌
L2676113.UP.FTS.B,
24.05%,
2/22/27
.....
19,793‌
19,714‌
FW2675485.UP.FTS.B,
24.08%,
2/22/27
...
4,355‌
4,337‌
FW2675214.UP.FTS.B,
24.18%,
2/22/27
...
4,355‌
4,337‌
L2674902.UP.FTS.B,
24.23%,
2/22/27
.....
1,972‌
1,962‌
FW2676351.UP.FTS.B,
24.32%,
2/22/27
...
5,443‌
5,422‌
FW2676247.UP.FTS.B,
24.33%,
2/22/27
...
1,200‌
1,157‌
FW2675997.UP.FTS.B,
24.49%,
2/22/27
...
3,266‌
3,253‌
FW2675911.UP.FTS.B,
24.61%,
2/22/27
...
2,969‌
2,957‌
L2674079.UP.FTS.B,
24.8%,
2/22/27
.....
4,530‌
4,507‌
L2675434.UP.FTS.B,
25.07%,
2/22/27
.....
2,376‌
2,366‌
FW2676151.UP.FTS.B,
25.12%,
2/22/27
...
1,091‌
1,088‌
L2676160.UP.FTS.B,
25.17%,
2/22/27
.....
11,680‌
11,633‌
FW2676004.UP.FTS.B,
25.24%,
2/22/27
...
9,081‌
9,043‌
FW2675924.UP.FTS.B,
25.27%,
2/22/27
...
2,097‌
2,085‌
FW2676248.UP.FTS.B,
25.38%,
2/22/27
...
3,267‌
3,254‌
L2676002.UP.FTS.B,
25.39%,
2/22/27
.....
11,879‌
11,831‌
FW2676274.UP.FTS.B,
25.4%,
2/22/27
....
25,200‌
24,039‌
L2676213.UP.FTS.B,
25.44%,
2/22/27
.....
2,592‌
2,578‌
L2675249.UP.FTS.B,
25.47%,
2/22/27
.....
2,178‌
2,169‌
FW2676003.UP.FTS.B,
25.6%,
2/22/27
....
2,178‌
2,169‌
L2676206.UP.FTS.B,
25.75%,
2/22/27
.....
4,563‌
4,529‌
L2676349.UP.FTS.B,
25.76%,
2/22/27
.....
1,980‌
1,972‌
L2652870.UP.FTS.B,
25.83%,
2/22/27
.....
3,811‌
3,792‌
FW2675099.UP.FTS.B,
26.05%,
2/22/27
...
3,761‌
3,746‌
FW2675282.UP.FTS.B,
26.25%,
2/22/27
...
49,500‌
49,300‌
FW2676394.UP.FTS.B,
26.4%,
2/22/27
....
5,922‌
5,897‌
FW2675377.UP.FTS.B,
26.49%,
2/22/27
...
1,782‌
1,775‌
FW2674903.UP.FTS.B,
26.61%,
2/22/27
...
4,200‌
4,007‌
FW2675884.UP.FTS.B,
26.71%,
2/22/27
...
6,798‌
6,764‌
FW2676130.UP.FTS.B,
26.88%,
2/22/27
...
5,842‌
5,818‌
FW2675610.UP.FTS.B,
26.91%,
2/22/27
...
6,436‌
6,410‌
L2676015.UP.FTS.B,
26.95%,
2/22/27
.....
982‌
977‌
FW2675720.UP.FTS.B,
27.06%,
2/22/27
...
3,268‌
3,254‌
FW2675330.UP.FTS.B,
27.13%,
2/22/27
...
3,268‌
3,254‌
FW2676331.UP.FTS.B,
27.38%,
2/22/27
...
7,625‌
7,594‌
L2675639.UP.FTS.B,
27.5%,
2/22/27
.....
1,600‌
1,543‌
FW2675561.UP.FTS.B,
27.52%,
2/22/27
...
7,130‌
7,101‌
FW2675681.UP.FTS.B,
27.55%,
2/22/27
...
9,865‌
9,822‌
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2675991.UP.FTS.B,
27.58%,
2/22/27
...
$
2,476‌
$
2,466‌
FW2675109.UP.FTS.B,
27.79%,
2/22/27
...
6,000‌
5,784‌
FW2676194.UP.FTS.B,
28.21%,
2/22/27
...
2,476‌
2,466‌
FW2676090.UP.FTS.B,
28.38%,
2/22/27
...
19,808‌
19,728‌
FW2675392.UP.FTS.B,
28.93%,
2/22/27
...
1,981‌
1,973‌
FW2675967.UP.FTS.B,
29.34%,
2/22/27
...
1,684‌
1,675‌
FW2676071.UP.FTS.B,
30.36%,
2/22/27
...
2,180‌
2,171‌
FW2675198.UP.FTS.B,
30.64%,
2/22/27
...
6,912‌
6,882‌
FW2676076.UP.FTS.B,
30.66%,
2/22/27
...
1,585‌
1,579‌
FW2675592.UP.FTS.B,
30.67%,
2/22/27
...
4,161‌
4,144‌
FW2674184.UP.FTS.B,
30.72%,
2/22/27
...
6,080‌
6,051‌
FW2675098.UP.FTS.B,
30.74%,
2/22/27
...
2,576‌
2,566‌
FW2675344.UP.FTS.B,
30.75%,
2/22/27
...
3,270‌
3,256‌
FW2675958.UP.FTS.B,
30.93%,
2/22/27
...
1,387‌
1,380‌
FW2676378.UP.FTS.B,
30.97%,
2/22/27
...
1,200‌
1,145‌
FW2676124.UP.FTS.B,
31.02%,
2/22/27
...
21,599‌
21,511‌
FW2674790.UP.FTS.B,
31.08%,
2/22/27
...
1,090‌
1,085‌
FW2675297.UP.FTS.B,
31.1%,
2/22/27
....
991‌
987‌
FW2676100.UP.FTS.B,
31.11%,
2/22/27
...
1,800‌
1,714‌
FW2675440.UP.FTS.B,
31.15%,
2/22/27
...
3,468‌
3,454‌
FW2676178.UP.FTS.B,
31.16%,
2/22/27
...
5,100‌
4,856‌
FW2676365.UP.FTS.B,
31.2%,
2/22/27
....
17,379‌
17,303‌
FW2676390.UP.FTS.B,
31.24%,
2/22/27
...
2,081‌
2,072‌
FW2670166.UP.FTS.B,
31.29%,
2/22/27
...
2,477‌
2,467‌
FW2675516.UP.FTS.B,
31.31%,
2/22/27
...
3,270‌
3,256‌
FW2676168.UP.FTS.B,
31.41%,
2/22/27
...
3,468‌
3,454‌
FW2675064.UP.FTS.B,
31.47%,
2/22/27
...
2,973‌
2,960‌
FW2675477.UP.FTS.B,
31.5%,
2/22/27
....
28,214‌
28,075‌
FW2675191.UP.FTS.B,
31.52%,
2/22/27
...
4,657‌
4,638‌
FW2676065.UP.FTS.B,
31.64%,
2/22/27
...
9,513‌
9,474‌
FW2675468.UP.FTS.B,
31.91%,
2/22/27
...
7,630‌
7,599‌
FW2675325.UP.FTS.B,
31.93%,
2/22/27
...
8,225‌
8,191‌
FW2676216.UP.FTS.B,
31.95%,
2/22/27
...
5,946‌
5,921‌
FW2676191.UP.FTS.B,
31.98%,
2/22/27
...
7,432‌
7,402‌
FW2675534.UP.FTS.B,
32.24%,
2/22/27
...
8,820‌
8,784‌
5,019,868‌
Total
Marketplace
Loans
(Cost
$8,236,422)
.......
$8,011,095‌
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
At
March
31,
2022,
the
Fund
had
the
following
futures
contracts
outstanding.
See
Note
3.
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
At
March
31,
2022,
the
Fund
had
the
following
credit
default
swap
contracts
outstanding.
See
Note
3.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Short
92
$
11,304,500
6/21/22
$
301,749
U.S.
Treasury
5
Year
Notes
.....................
Short
90
10,321,875
6/30/22
251,114
U.S.
Treasury
Long
Bonds
.....................
Long
12
1,800,750
6/21/22
17,608
U.S.
Treasury
Ultra
Bonds
......................
Long
29
5,136,625
6/21/22
(110,182)
Total
Futures
Contracts
......................................................................
$460,289
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Buy
200,000
227,103
4/19/22
$
$
(5,725)
Euro
.............
JPHQ
Sell
4,157,600
4,769,037
4/19/22
167,032
South
Korean
Won
..
JPHQ
Buy
950,000,000
795,045
4/27/22
(13,429)
Euro
.............
JPHQ
Sell
680,000
774,850
5/25/22
21,110
Columbian
Peso
....
JPHQ
Sell
6,100,000,000
1,494,676
6/03/22
(111,538)
Euro
.............
JPHQ
Sell
1,040,034
1,136,887
7/18/22
(19,102)
Total
Forward
Exchange
Contracts
...................................................
$188,142
$(149,794)
Net
unrealized
appreciation
(depreciation)
............................................
$38,348
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CDX.NA.HY.38
.
(5.00)%
Quarterly
6/20/27
7,400,000
$
(419,296)
$
(344,668)
$
(74,628)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.EM.37
.
1.00%
Quarterly
6/20/27
2,150,000
$
(125,835)
$
(129,931)
$
4,096
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(545,131)
$(474,599)
$(70,532)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Air
France-KLM
.
5.00%
Quarterly
BOFA
6/20/26
20,000
EUR
30
342
(312)
NR
Air
France-KLM
.
5.00%
Quarterly
JPHQ
6/20/26
60,000
EUR
90
895
(805)
NR
Air
France-KLM
.
5.00%
Quarterly
MSCO
12/20/25
660,000
EUR
4,179
585
3,594
NR
American
Airlines
Group,
Inc.
..
5.00%
Quarterly
GSCO
6/20/22
200,000
113
(412)
525
CCC
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
1,800,000
(271,157)
(340,571)
69,414
B-
Mexico
Government
Bond
......
1.00%
Quarterly
GSCO
6/20/26
925,000
8,308
2,269
6,039
BBB
Nordstrom,
Inc.
.
1.00%
Quarterly
JPHQ
12/20/26
1,000,000
(93,905)
(80,624)
(13,281)
BB+
United
Airlines
Holdings,
Inc.
.
5.00%
Quarterly
CITI
6/20/27
800,000
(36,571)
(67,716)
31,145
B
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
350,000
EUR
2,288
2,288
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
2,300,000
(850,853)
(607,518)
(243,335)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kona
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/22
1,000,000
(150,790)
(99,595)
(51,195)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kona
Index,
Mezzanine
Tranche
5-10%
2.42%
Quarterly
CITI
12/20/22
800,000
2,232
2,232
Non-
Investment
Grade
(e)
Citibank
Bespoke
Palm
Beach
Index,
Mezzanine
Tranche
5-10%
1.97%
Quarterly
CITI
12/20/22
1,100,000
5,910
5,910
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
500,000
(3,665)
(3,665)
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
2,270,000
23,361
7,908
15,453
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(1,360,430)
$(1,184,437)
$(175,993)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
*Posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
the
agreement.
The
table below
summarizes
the
cash
and/or
securities
held
as
collateral
for
each
applicable
counterparty
at
period
end.
See
Abbreviations
on
page
166
.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
(continued)
Traded
Index
(continued)
Total
Credit
Default
Swap
Contracts
....................................
$(1,905,561)
$
(1,659,036)
$(246,525)
Counterparty
Collateral
Pledged
(Received)
CITI
$1,460,000
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
U.S.
Government
Securities
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
1.5%
Oil,
Gas
&
Consumable
Fuels
1.5%
Reliance
Industries
Ltd.
,
Senior
Bond,
2.512%,
1/15/26
..........................
India
5,250,000
$
5,221,079
Senior
Note,
1.87%,
1/15/26
...........................
India
2,947,368
2,894,423
Senior
Note,
2.06%,
1/15/26
...........................
India
2,500,000
2,464,367
10,579,869
Total
Corporate
Bonds
(Cost
$10,639,671)
......................................
10,579,869
Foreign
Government
and
Agency
Securities
1.9%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
9/18/23
..........
Israel
12,000,000
12,558,407
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
..........
Mexico
1,151,500
1,147,335
Total
Foreign
Government
and
Agency
Securities
(Cost
$13,653,245)
..............
13,705,742
U.S.
Government
and
Agency
Securities
13.4%
FHLB,
2.625%,
9/12/25
.................................
United
States
10,000,000
10,032,744
Tennessee
Valley
Authority,
1.875%,
8/15/22
.................
United
States
6,000,000
6,014,982
U.S.
Treasury
Bonds,
2.5%,
2/15/46
.......................
United
States
6,000,000
5,880,352
U.S.
Treasury
Notes
,
a
0.125%,
7/15/24
.....................................
United
States
6,350,000
7,892,072
2.375%,
8/15/24
.....................................
United
States
22,000,000
21,958,750
2.25%,
8/15/27
.....................................
United
States
31,040,000
30,713,231
0.625%,
8/15/30
.....................................
United
States
8,500,000
7,385,537
United
States
International
Development
Finance
Corp.
,
4.01%,
5/15/30
.....................................
United
States
1,440,000
1,514,646
2.12%,
3/20/24
.....................................
United
States
3,666,667
3,653,866
Total
U.S.
Government
and
Agency
Securities
(Cost
$97,626,592)
.................
95,046,180
Mortgage-Backed
Securities
78.2%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.8%
FHLMC,
2.035%
-
2.205%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
3/01/36
-
4/01/40
....................................
United
States
5,301,751
5,493,430
FHLMC,
2.31%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
...
United
States
159,617
159,910
5,653,340
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
9.5%
FHLMC
Gold
Pools,
15
Year,
4.5%,
3/01/25
-
4/01/25
..........
United
States
300,849
308,704
FHLMC
Gold
Pools,
20
Year,
3.5%,
3/01/32
..................
United
States
1,231,550
1,255,815
FHLMC
Gold
Pools,
30
Year,
3%,
5/01/43
...................
United
States
171,676
171,651
FHLMC
Gold
Pools,
30
Year,
3.5%,
5/01/43
..................
United
States
27,143
27,715
FHLMC
Gold
Pools,
30
Year,
4%,
9/01/40
-
12/01/41
...........
United
States
2,637,372
2,761,256
FHLMC
Gold
Pools,
30
Year,
4.5%,
5/01/40
-
7/01/41
..........
United
States
810,444
862,230
FHLMC
Gold
Pools,
30
Year,
5%,
9/01/33
-
4/01/40
............
United
States
2,220,141
2,393,810
FHLMC
Gold
Pools,
30
Year,
5.5%,
7/01/33
-
5/01/38
..........
United
States
502,073
551,452
FHLMC
Gold
Pools,
30
Year,
6%,
1/01/24
-
8/01/35
............
United
States
438,793
475,591
FHLMC
Gold
Pools,
30
Year,
6.5%,
12/01/23
-
5/01/35
.........
United
States
148,559
159,869
FHLMC
Gold
Pools,
30
Year,
7%,
4/01/24
-
9/01/31
............
United
States
47,680
50,360
FHLMC
Gold
Pools,
30
Year,
8%,
5/01/22
...................
United
States
19
19
FHLMC
Gold
Pools,
30
Year,
8.5%,
7/01/31
..................
United
States
105,338
114,875
FHLMC
Pool,
15
Year,
1.5%,
1/01/37
.......................
United
States
11,443,323
10,869,001
FHLMC
Pool,
15
Year,
2%,
9/01/36
........................
United
States
3,735,569
3,633,716
FHLMC
Pool,
15
Year,
2%,
10/01/35
.......................
United
States
7,858,839
7,644,046
FHLMC
Pool,
30
Year,
2%,
11/01/50
.......................
United
States
2,315,308
2,157,059
FHLMC
Pool,
30
Year,
2%,
1/01/51
........................
United
States
5,249,866
4,890,226
FHLMC
Pool,
30
Year,
2.5%,
2/01/52
.......................
United
States
11,949,754
11,420,466
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
3%,
2/01/52
........................
United
States
4,746,803
$
4,650,013
FHLMC
Pool,
30
Year,
4%,
11/01/45
.......................
United
States
9,671,684
10,072,389
FHLMC
Pool,
30
Year,
4.5%,
1/01/49
.......................
United
States
3,014,058
3,180,100
67,650,363
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
2.5%
FNMA,
2.189%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/37
.
United
States
5,694,278
5,961,092
FNMA,
0.97%
-
2.674%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
6/01/23
-
3/01/37
....................................
United
States
359,851
364,627
FNMA,
1.342%
-
2.482%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
........................
United
States
175,535
178,785
FNMA,
1.447%
-
2.755%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
1/01/32
-
4/01/41
....................................
United
States
7,406,338
7,674,981
FNMA,
1.473%
-
5.195%,
(COFI
11th
District
+/-
MBS
Margin),
6/01/25
-
11/01/36
...................................
United
States
49,210
51,018
FNMA,
1.726%
-
5.109%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/22
-
12/01/40
..................................
United
States
3,878,436
4,028,299
18,258,802
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
21.4%
FNMA,
2.64%,
7/01/25
.................................
United
States
2,334,299
2,322,986
FNMA,
2.77%,
4/01/25
.................................
United
States
3,500,000
3,496,143
FNMA,
3.28%,
7/01/27
.................................
United
States
4,000,000
4,041,170
FNMA,
3.51%,
8/01/23
.................................
United
States
3,000,000
3,030,403
FNMA,
5.5%,
4/01/34
..................................
United
States
429,955
441,808
FNMA,
15
Year,
2%,
9/01/35
.............................
United
States
5,752,536
5,597,612
FNMA,
15
Year,
5.5%,
1/01/25
...........................
United
States
92,343
94,171
FNMA,
30
Year,
2%,
8/01/51
.............................
United
States
7,996,904
7,448,766
FNMA,
30
Year,
2.5%,
8/01/51
...........................
United
States
10,307,193
9,850,657
FNMA,
30
Year,
2.5%,
9/01/51
...........................
United
States
22,751,024
21,743,316
FNMA,
30
Year,
2.5%,
11/01/51
...........................
United
States
5,199,826
4,969,511
FNMA,
30
Year,
2.5%,
12/01/51
...........................
United
States
7,062,650
6,749,825
FNMA,
30
Year,
2.5%,
2/01/52
...........................
United
States
15,069,262
14,401,801
FNMA,
30
Year,
3%,
12/01/42
............................
United
States
62,826
62,503
FNMA,
30
Year,
3%,
7/01/50
.............................
United
States
8,817,514
8,660,573
FNMA,
30
Year,
3%,
8/01/50
.............................
United
States
12,363,349
12,142,914
FNMA,
30
Year,
3%,
7/01/51
.............................
United
States
4,840,797
4,742,106
FNMA,
30
Year,
3%,
9/01/51
.............................
United
States
21,664,055
21,236,314
FNMA,
30
Year,
3.5%,
7/01/45
...........................
United
States
10,828,005
11,068,419
FNMA,
30
Year,
4%,
1/01/41
-
8/01/41
......................
United
States
2,742,166
2,862,359
FNMA,
30
Year,
4.5%,
8/01/40
-
6/01/41
....................
United
States
2,363,430
2,516,301
FNMA,
30
Year,
5%,
3/01/34
-
7/01/41
......................
United
States
1,745,437
1,877,684
FNMA,
30
Year,
5.5%,
12/01/32
-
8/01/35
...................
United
States
1,090,035
1,183,472
FNMA,
30
Year,
6%,
1/01/24
-
8/01/38
......................
United
States
996,591
1,081,195
FNMA,
30
Year,
6.5%,
1/01/24
-
9/01/36
....................
United
States
135,301
146,368
FNMA,
30
Year,
7.5%,
4/01/23
-
8/01/25
....................
United
States
1,309
1,367
FNMA,
30
Year,
8%,
3/01/23
-
12/01/24
.....................
United
States
10,078
10,180
FNMA,
30
Year,
9%,
10/01/26
............................
United
States
31,540
31,806
151,811,730
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
44.0%
GNMA
I,
30
Year,
5%,
9/15/40
............................
United
States
9,222,013
10,090,431
GNMA
I,
30
Year,
5.5%,
3/15/32
-
2/15/38
...................
United
States
289,987
319,329
GNMA
I,
30
Year,
6%,
7/15/29
-
11/15/38
....................
United
States
232,087
256,523
GNMA
I,
30
Year,
6.5%,
12/15/28
-
1/15/33
..................
United
States
117,864
128,709
GNMA
I,
30
Year,
7%,
12/15/28
...........................
United
States
6,608
7,137
GNMA
I,
30
Year,
7.5%,
12/15/31
-
8/15/33
..................
United
States
118,392
129,943
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
I,
Single-family,
30
Year,
3%,
7/15/42
.................
United
States
229,964
$
227,965
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.........
United
States
3,928,777
4,129,846
GNMA
I,
Single-family,
30
Year,
4.5%,
1/15/39
-
6/15/41
........
United
States
5,885,041
6,366,641
GNMA
I,
Single-family,
30
Year,
5.5%,
12/15/28
-
10/15/39
.......
United
States
2,195,012
2,390,338
GNMA
I,
Single-family,
30
Year,
6%,
11/15/23
-
9/15/38
.........
United
States
883,196
955,564
GNMA
I,
Single-family,
30
Year,
6.5%,
9/15/23
-
5/15/37
........
United
States
507,615
543,647
GNMA
I,
Single-family,
30
Year,
7%,
10/15/22
-
9/15/31
.........
United
States
70,103
71,906
GNMA
I,
Single-family,
30
Year,
7.5%,
7/15/22
-
11/15/27
........
United
States
17,880
18,102
GNMA
I,
Single-family,
30
Year,
8%,
5/15/22
-
7/15/23
..........
United
States
5,986
6,036
GNMA
I,
Single-family,
30
Year,
8.5%,
5/15/23
-
12/15/24
........
United
States
11,941
11,997
GNMA
II,
30
Year,
6.5%,
4/20/34
..........................
United
States
19,635
19,710
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
.................
United
States
5,785,739
5,527,352
GNMA
II,
Single-family,
30
Year,
2%,
12/20/51
................
United
States
12,379,004
11,822,690
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/51
...............
United
States
12,947,423
12,578,668
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
...............
United
States
5,457,321
5,301,891
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
...............
United
States
36,297,636
35,263,846
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
..............
United
States
11,696,953
11,363,813
GNMA
II,
Single-family,
30
Year,
3%,
12/20/42
-
9/20/45
........
United
States
3,724,176
3,713,890
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
.................
United
States
7,200,048
7,174,800
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
18,908,968
18,749,193
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
7,179,915
7,116,244
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
.................
United
States
17,877,178
17,722,187
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
................
United
States
19,217,843
19,047,313
GNMA
II,
Single-family,
30
Year,
3%,
11/20/51
................
United
States
21,997,269
21,797,031
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/40
-
10/20/47
......
United
States
18,229,433
18,681,783
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
...............
United
States
7,630,262
7,753,098
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
..............
United
States
4,638,797
4,713,654
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/43
...............
United
States
6,247,025
6,398,803
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
...............
United
States
4,994,589
5,128,368
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/47
...............
United
States
11,700,823
11,872,998
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
...............
United
States
19,898,436
20,261,652
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
..............
United
States
5,319,789
5,398,178
GNMA
II,
Single-family,
30
Year,
4%,
11/20/39
-
2/20/44
.........
United
States
8,310,760
8,709,042
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/39
-
10/20/44
......
United
States
11,260,237
12,008,066
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
6/20/44
.........
United
States
4,772,142
5,224,519
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/34
-
6/20/38
........
United
States
2,029,134
2,241,355
GNMA
II,
Single-family,
30
Year,
6%,
11/20/23
-
7/20/39
.........
United
States
1,355,882
1,504,390
GNMA
II,
Single-family,
30
Year,
6.5%,
12/20/27
-
4/20/32
.......
United
States
190,557
206,944
GNMA
II,
Single-family,
30
Year,
7%,
5/20/32
.................
United
States
4,287
4,763
GNMA
II,
Single-family,
30
Year,
7.5%,
9/20/22
-
11/20/26
.......
United
States
17,734
18,594
GNMA
II,
Single-family,
30
Year,
8%,
8/20/26
.................
United
States
1,980
2,115
312,981,064
Total
Mortgage-Backed
Securities
(Cost
$582,279,337)
...........................
556,355,299
Total
Long
Term
Investments
(Cost
$704,198,845)
...............................
675,687,090
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
See
Abbreviations
on
page
166
.
Short
Term
Investments
5.0%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
5.0%
c
Joint
Repurchase
Agreement,
0.211%,
4/01/22
(Maturity
Value
$35,666,608)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$20,658,456)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$1,786,540)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$13,221,612)
Collateralized
by
U.S.
Government
Agency
Securities,
2.50%
-
5.00%,
10/20/40
-
2/20/52
and
U.S.
Treasury
Notes,
0.13%
-
2.63%,
06/30/23
,
(valued
at
$36,397,470)
.................
35,666,399
$
35,666,399
Total
Repurchase
Agreements
(Cost
$35,666,399)
...............................
35,666,399
Total
Short
Term
Investments
(Cost
$35,666,399
)
................................
35,666,399
a
Total
Investments
(Cost
$739,865,244)
100.0%
..................................
$711,353,489
Other
Assets,
less
Liabilities
0.0%
............................................
136,888
Net
Assets
100.0%
...........................................................
$711,490,377
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Principal
amount
of
security
is
adjusted
for
inflation.
b
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
March
31,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Franklin
VolSmart
Allocation
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Shares
a
Value
a
Common
Stocks
64.7%
Aerospace
&
Defense
2.4%
Curtiss-Wright
Corp.
.................................................
406
$
60,965
General
Dynamics
Corp.
..............................................
5,029
1,212,894
Huntington
Ingalls
Industries,
Inc.
.......................................
292
58,237
L3Harris
Technologies,
Inc.
............................................
805
200,018
Lockheed
Martin
Corp.
...............................................
1,235
545,129
Northrop
Grumman
Corp.
.............................................
724
323,787
Raytheon
Technologies
Corp.
..........................................
22,670
2,245,917
4,646,947
Air
Freight
&
Logistics
1.1%
United
Parcel
Service,
Inc.,
B
..........................................
10,088
2,163,473
Automobiles
0.8%
Ford
Motor
Co.
.....................................................
18,556
313,782
Harley-Davidson,
Inc.
................................................
1,447
57,012
a
Tesla,
Inc.
.........................................................
1,087
1,171,351
1,542,145
Banks
0.6%
First
Horizon
Corp.
..................................................
2,546
59,805
JPMorgan
Chase
&
Co.
...............................................
8,334
1,136,091
1,195,896
Beverages
1.0%
Coca-Cola
Co.
(The)
.................................................
14,230
882,260
PepsiCo,
Inc.
......................................................
6,425
1,075,417
1,957,677
Biotechnology
1.7%
AbbVie,
Inc.
.......................................................
12,179
1,974,338
Amgen,
Inc.
.......................................................
2,194
530,553
a
Moderna
,
Inc.
......................................................
1,278
220,148
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
458
319,876
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,034
269,843
3,314,758
Building
Products
1.0%
A
O
Smith
Corp.
....................................................
872
55,712
a
Builders
FirstSource
,
Inc.
.............................................
829
53,504
Carlisle
Cos.,
Inc.
...................................................
2,822
693,986
Johnson
Controls
International
plc
.......................................
16,147
1,058,759
Owens
Corning
.....................................................
642
58,743
1,920,704
Capital
Markets
0.6%
Blackstone,
Inc.
....................................................
3,214
407,985
FactSet
Research
Systems,
Inc.
........................................
147
63,820
Nasdaq,
Inc.
.......................................................
3,825
681,615
Virtu
Financial,
Inc.,
A
................................................
1,704
63,423
1,216,843
Chemicals
3.3%
Air
Products
and
Chemicals,
Inc.
........................................
5,790
1,446,979
Albemarle
Corp.
....................................................
6,080
1,344,592
CF
Industries
Holdings,
Inc.
...........................................
825
85,024
Ecolab,
Inc.
........................................................
4,085
721,248
Huntsman
Corp.
....................................................
1,478
55,440
Linde
plc
..........................................................
6,495
2,074,698
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Chemicals
(continued)
LyondellBasell
Industries
NV,
A
.........................................
953
$
97,987
Mosaic
Co.
(The)
...................................................
1,421
94,497
Sherwin-Williams
Co.
(The)
............................................
1,600
399,392
6,319,857
Commercial
Services
&
Supplies
0.7%
Cintas
Corp.
.......................................................
2,920
1,242,139
Communications
Equipment
0.6%
a
Arista
Networks,
Inc.
.................................................
1,123
156,074
a
Ciena
Corp.
.......................................................
874
52,991
Cisco
Systems,
Inc.
.................................................
16,020
893,275
Juniper
Networks,
Inc.
................................................
1,769
65,736
1,168,076
Consumer
Finance
0.4%
American
Express
Co.
...............................................
2,375
444,125
Capital
One
Financial
Corp.
...........................................
1,646
216,103
Synchrony
Financial
.................................................
2,102
73,171
733,399
Containers
&
Packaging
0.1%
Packaging
Corp.
of
America
...........................................
406
63,381
Sealed
Air
Corp.
....................................................
891
59,661
123,042
Distributors
0.1%
Genuine
Parts
Co.
..................................................
512
64,522
Pool
Corp.
........................................................
148
62,582
127,104
Diversified
Consumer
Services
0.1%
H&R
Block,
Inc.
.....................................................
2,410
62,757
Service
Corp.
International
............................................
983
64,701
127,458
Diversified
Financial
Services
0.5%
a
Berkshire
Hathaway,
Inc.,
B
............................................
2,651
935,564
a
Diversified
Telecommunication
Services
0.5%
Lumen
Technologies,
Inc.
.............................................
5,770
65,028
Verizon
Communications,
Inc.
..........................................
15,651
797,262
862,290
Electric
Utilities
0.2%
Exelon
Corp.
.......................................................
4,280
203,856
NRG
Energy,
Inc.
...................................................
1,579
60,570
OGE
Energy
Corp.
..................................................
1,593
64,963
329,389
Electrical
Equipment
0.2%
Acuity
Brands,
Inc.
..................................................
328
62,090
nVent
Electric
plc
...................................................
11,620
404,144
466,234
Electronic
Equipment,
Instruments
&
Components
0.2%
Amphenol
Corp.,
A
..................................................
2,142
161,400
a
Arrow
Electronics,
Inc.
...............................................
491
58,247
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
Avnet,
Inc.
........................................................
1,422
$
57,719
Corning,
Inc.
.......................................................
3,004
110,878
Jabil,
Inc.
.........................................................
1,035
63,890
452,134
Entertainment
0.0%
World
Wrestling
Entertainment,
Inc.,
A
....................................
1,009
63,002
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
Camden
Property
Trust
...............................................
383
63,655
Cousins
Properties,
Inc.
..............................................
1,549
62,409
Extra
Space
Storage,
Inc.
.............................................
479
98,482
Kilroy
Realty
Corp.
..................................................
835
63,811
Kimco
Realty
Corp.
..................................................
2,540
62,738
Life
Storage,
Inc.
....................................................
472
66,283
Medical
Properties
Trust,
Inc.
..........................................
2,939
62,130
Mid-America
Apartment
Communities,
Inc.
................................
428
89,645
Omega
Healthcare
Investors,
Inc.
.......................................
2,122
66,122
Prologis,
Inc.
.......................................................
2,708
437,288
Public
Storage
.....................................................
684
266,952
Rexford
Industrial
Realty,
Inc.
..........................................
853
63,625
SL
Green
Realty
Corp.
...............................................
752
61,047
VICI
Properties,
Inc.
.................................................
2,387
67,934
Weyerhaeuser
Co.
..................................................
2,732
103,543
WP
Carey,
Inc.
.....................................................
772
62,408
1,698,072
Food
&
Staples
Retailing
1.1%
Costco
Wholesale
Corp.
..............................................
1,759
1,012,920
Walgreens
Boots
Alliance,
Inc.
.........................................
2,683
120,118
Walmart,
Inc.
......................................................
5,910
880,117
2,013,155
Food
Products
0.9%
Archer-Daniels-Midland
Co.
...........................................
2,448
220,956
Bunge
Ltd.
........................................................
572
63,383
General
Mills,
Inc.
...................................................
2,301
155,824
Hershey
Co.
(The)
..................................................
585
126,729
McCormick
&
Co.,
Inc.
...............................................
10,020
999,996
Tyson
Foods,
Inc.,
A
.................................................
1,164
104,329
1,671,217
Gas
Utilities
0.0%
National
Fuel
Gas
Co.
................................................
961
66,021
Health
Care
Equipment
&
Supplies
3.8%
Abbott
Laboratories
..................................................
10,510
1,243,964
Baxter
International,
Inc.
..............................................
1,875
145,387
Becton
Dickinson
and
Co.
.............................................
6,701
1,782,466
a
Edwards
Lifesciences
Corp.
...........................................
2,424
285,353
a
ICU
Medical,
Inc.
...................................................
253
56,328
Medtronic
plc
......................................................
12,900
1,431,255
STERIS
plc
........................................................
357
86,312
Stryker
Corp.
......................................................
8,265
2,209,648
7,240,713
Health
Care
Providers
&
Services
2.8%
AmerisourceBergen
Corp.
.............................................
572
88,494
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Anthem,
Inc.
.......................................................
1,115
$
547,710
Cardinal
Health,
Inc.
.................................................
1,107
62,767
a
Centene
Corp.
.....................................................
2,422
203,908
Chemed
Corp.
.....................................................
125
63,319
Cigna
Corp.
.......................................................
1,323
317,004
CVS
Health
Corp.
...................................................
8,553
865,649
HCA
Healthcare,
Inc.
.................................................
991
248,365
a
Henry
Schein,
Inc.
...................................................
692
60,336
McKesson
Corp.
....................................................
629
192,556
a
Molina
Healthcare,
Inc.
...............................................
226
75,391
Premier,
Inc.,
A
.....................................................
1,664
59,222
Quest
Diagnostics,
Inc.
...............................................
483
66,103
UnitedHealth
Group,
Inc.
..............................................
4,955
2,526,901
5,377,725
Hotels,
Restaurants
&
Leisure
1.2%
Choice
Hotels
International,
Inc.
........................................
414
58,688
Domino's
Pizza,
Inc.
.................................................
138
56,167
McDonald's
Corp.
...................................................
7,392
1,827,894
Starbucks
Corp.
....................................................
2,700
245,619
Yum!
Brands,
Inc.
...................................................
1,156
137,021
2,325,389
Household
Durables
0.2%
DR
Horton,
Inc.
.....................................................
1,253
93,361
Lennar
Corp.,
A
.....................................................
972
78,897
a
NVR,
Inc.
.........................................................
12
53,607
PulteGroup,
Inc.
....................................................
1,204
50,448
Toll
Brothers,
Inc.
...................................................
1,102
51,816
Whirlpool
Corp.
.....................................................
297
51,316
379,445
Household
Products
1.4%
Colgate-Palmolive
Co.
...............................................
8,370
634,697
Procter
&
Gamble
Co.
(The)
...........................................
13,735
2,098,708
2,733,405
Industrial
Conglomerates
2.1%
Honeywell
International,
Inc.
...........................................
6,980
1,358,168
Roper
Technologies,
Inc.
..............................................
5,465
2,580,737
3,938,905
Insurance
0.3%
Assured
Guaranty
Ltd.
...............................................
965
61,432
Brown
&
Brown,
Inc.
.................................................
912
65,910
Erie
Indemnity
Co.,
A
.................................................
2,190
385,725
Old
Republic
International
Corp.
........................................
2,269
58,699
Unum
Group
.......................................................
2,141
67,463
639,229
Interactive
Media
&
Services
1.6%
a
Alphabet,
Inc.,
A
....................................................
456
1,268,295
a
Alphabet,
Inc.,
C
....................................................
417
1,164,677
a
Meta
Platforms,
Inc.,
A
...............................................
2,385
530,329
2,963,301
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
0.8%
a
Amazon.com,
Inc.
...................................................
438
$
1,427,858
a
IT
Services
2.9%
Accenture
plc,
A
....................................................
9,425
3,178,393
Amdocs
Ltd.
.......................................................
760
62,480
Cognizant
Technology
Solutions
Corp.,
A
..................................
2,218
198,888
a
GoDaddy
,
Inc.,
A
....................................................
717
60,013
International
Business
Machines
Corp.
...................................
3,411
443,498
Paychex,
Inc.
......................................................
1,344
183,416
Visa,
Inc.,
A
........................................................
6,725
1,491,403
5,618,091
Leisure
Products
0.0%
a
Mattel,
Inc.
........................................................
2,393
53,149
a
Life
Sciences
Tools
&
Services
0.9%
PerkinElmer,
Inc.
....................................................
471
82,171
West
Pharmaceutical
Services,
Inc.
......................................
4,086
1,678,161
1,760,332
Machinery
1.1%
Allison
Transmission
Holdings,
Inc.
......................................
1,497
58,772
Crane
Co.
.........................................................
591
63,993
Donaldson
Co.,
Inc.
.................................................
6,205
322,226
Dover
Corp.
.......................................................
6,194
971,839
PACCAR,
Inc.
......................................................
1,352
119,071
Pentair
plc
........................................................
9,950
539,389
2,075,290
Media
0.1%
Interpublic
Group
of
Cos.,
Inc.
(The)
.....................................
1,706
60,478
Nexstar
Media
Group,
Inc.,
A
...........................................
323
60,879
Omnicom
Group,
Inc.
................................................
928
78,768
200,125
Metals
&
Mining
0.2%
a
Cleveland-Cliffs,
Inc.
.................................................
2,674
86,129
Nucor
Corp.
.......................................................
1,005
149,393
Reliance
Steel
&
Aluminum
Co.
.........................................
314
57,572
Steel
Dynamics,
Inc.
.................................................
848
70,749
United
States
Steel
Corp.
.............................................
2,197
82,915
446,758
Multiline
Retail
0.8%
a
Dollar
Tree,
Inc.
....................................................
812
130,042
Target
Corp.
.......................................................
6,770
1,436,729
1,566,771
Multi-Utilities
0.1%
Consolidated
Edison,
Inc.
.............................................
1,396
132,173
NiSource,
Inc.
......................................................
2,066
65,699
197,872
Oil,
Gas
&
Consumable
Fuels
2.9%
APA
Corp.
.........................................................
1,678
69,352
Chevron
Corp.
.....................................................
11,777
1,917,649
ConocoPhillips
.....................................................
5,939
593,900
Continental
Resources,
Inc.
...........................................
1,079
66,175
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Coterra
Energy,
Inc.
.................................................
3,181
$
85,791
Devon
Energy
Corp.
.................................................
2,874
169,940
Diamondback
Energy,
Inc.
.............................................
740
101,439
EOG
Resources,
Inc.
................................................
7,425
885,283
Exxon
Mobil
Corp.
...................................................
18,005
1,487,033
Pioneer
Natural
Resources
Co.
.........................................
878
219,526
5,596,088
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
...............................................
831
51,622
Pharmaceuticals
3.4%
Bristol-Myers
Squibb
Co.
..............................................
9,383
685,240
Eli
Lilly
&
Co.
......................................................
3,405
975,090
Johnson
&
Johnson
.................................................
10,460
1,853,826
Merck
&
Co.,
Inc.
...................................................
11,312
928,149
Organon
&
Co.
.....................................................
1,601
55,923
Pfizer,
Inc.
.........................................................
31,296
1,620,194
Zoetis,
Inc.
........................................................
1,781
335,879
6,454,301
Professional
Services
0.1%
a
CACI
International,
Inc.,
A
.............................................
214
64,470
Leidos
Holdings,
Inc.
.................................................
587
63,408
Robert
Half
International,
Inc.
..........................................
514
58,688
Science
Applications
International
Corp.
..................................
682
62,860
249,426
Road
&
Rail
1.3%
JB
Hunt
Transport
Services,
Inc.
........................................
2,302
462,219
Knight-Swift
Transportation
Holdings,
Inc.
.................................
1,097
55,355
Norfolk
Southern
Corp.
...............................................
3,260
929,817
Old
Dominion
Freight
Line,
Inc.
.........................................
435
129,926
Ryder
System,
Inc.
..................................................
759
60,211
Schneider
National,
Inc.,
B
............................................
2,289
58,369
Union
Pacific
Corp.
..................................................
2,517
687,670
2,383,567
Semiconductors
&
Semiconductor
Equipment
5.5%
a
Advanced
Micro
Devices,
Inc.
..........................................
6,884
752,697
Analog
Devices,
Inc.
.................................................
11,724
1,936,570
Applied
Materials,
Inc.
................................................
3,517
463,541
Broadcom,
Inc.
.....................................................
1,524
959,632
a
Cirrus
Logic,
Inc.
....................................................
688
58,336
Entegris
,
Inc.
.......................................................
498
65,367
Intel
Corp.
.........................................................
15,445
765,454
KLA
Corp.
.........................................................
625
228,787
Lam
Research
Corp.
.................................................
532
286,009
Micron
Technology,
Inc.
...............................................
4,443
346,065
NVIDIA
Corp.
......................................................
3,894
1,062,517
a
ON
Semiconductor
Corp.
.............................................
1,782
111,571
QUALCOMM,
Inc.
...................................................
4,859
742,552
Texas
Instruments,
Inc.
...............................................
14,493
2,659,176
10,438,274
Software
5.3%
a
Aspen
Technology,
Inc.
...............................................
392
64,825
CDK
Global,
Inc.
....................................................
1,319
64,209
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Software
(continued)
a
Fortinet,
Inc.
.......................................................
600
$
205,044
Microsoft
Corp.
.....................................................
30,972
9,548,977
NortonLifeLock
,
Inc.
.................................................
2,062
54,684
a
Palo
Alto
Networks,
Inc.
..............................................
399
248,382
10,186,121
Specialty
Retail
2.4%
Advance
Auto
Parts,
Inc.
..............................................
292
60,432
a
AutoNation,
Inc.
....................................................
522
51,981
a
AutoZone,
Inc.
.....................................................
99
202,413
Best
Buy
Co.,
Inc.
...................................................
958
87,082
Dick's
Sporting
Goods,
Inc.
............................................
570
57,011
Foot
Locker,
Inc.
....................................................
1,890
56,057
Home
Depot,
Inc.
(The)
...............................................
3,241
970,129
Lowe's
Cos.,
Inc.
....................................................
9,315
1,883,400
a
O'Reilly
Automotive,
Inc.
..............................................
306
209,598
Penske
Automotive
Group,
Inc.
.........................................
609
57,076
Ross
Stores,
Inc.
...................................................
9,100
823,186
Tractor
Supply
Co.
..................................................
476
111,084
Williams-Sonoma,
Inc.
...............................................
413
59,885
4,629,334
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple,
Inc.
........................................................
25,956
4,532,177
a
Dell
Technologies,
Inc.,
C
.............................................
1,230
61,734
Hewlett
Packard
Enterprise
Co.
.........................................
5,845
97,670
HP,
Inc.
...........................................................
5,176
187,889
NetApp,
Inc.
.......................................................
918
76,194
4,955,664
Textiles,
Apparel
&
Luxury
Goods
0.8%
a
Capri
Holdings
Ltd.
..................................................
883
45,377
Carter's,
Inc.
.......................................................
618
56,850
NIKE,
Inc.,
B
.......................................................
9,515
1,280,339
Ralph
Lauren
Corp.
..................................................
453
51,388
Tapestry,
Inc.
......................................................
1,461
54,276
1,488,230
Tobacco
0.6%
Altria
Group,
Inc.
....................................................
8,529
445,640
Philip
Morris
International,
Inc.
.........................................
6,410
602,156
1,047,796
Trading
Companies
&
Distributors
0.5%
Watsco
,
Inc.
.......................................................
219
66,716
WW
Grainger,
Inc.
...................................................
1,614
832,485
899,201
Total
Common
Stocks
(Cost
$77,928,015)
......................................
123,680,578
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
31.1%
Domestic
Fixed
Income
20.7%
b
Franklin
Liberty
U.S.
Core
Bond
ETF
.....................................
1,022,500
23,950,222
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
At
March
31,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
a
a
Shares
a
Value
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(continued)
Domestic
Fixed
Income
(continued)
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,444,733
$
15,603,120
39,553,342
Domestic
Hybrid
8.1%
a,b
Franklin
Income
VIP
Fund,
Class
1
......................................
871,846
15,457,836
a
Foreign
Equity
2.3%
iShares
Core
MSCI
EAFE
ETF
.........................................
64,137
4,458,163
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$63,052,597)
................................................................
59,469,341
Total
Long
Term
Investments
(Cost
$140,980,612)
...............................
183,149,919
a
a
a
a
a
Short
Term
Investments
1.4%
a
Money
Market
Funds
1.4%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
2,749,952
2,749,952
Total
Money
Market
Funds
(Cost
$2,749,952)
...................................
2,749,952
Total
Short
Term
Investments
(Cost
$2,749,952
)
.................................
2,749,952
a
Total
Investments
(Cost
$143,730,564)
97.2%
...................................
$185,899,871
Other
Assets,
less
Liabilities
2.8%
.............................................
5,296,065
Net
Assets
100.0%
...........................................................
$191,195,936
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
8
regarding
investments
in
FT
Underlying
Funds.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-M
ini
Index
.........................
Short
87
$
19,708,762
6/17/22
$
(1,597,039)
Total
Futures
Contracts
......................................................................
$(1,597,039)
*
As
of
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
At
March
31,
2022,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Note
3
See
Abbreviations
on
page
166
.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
Dynamic
VIX
Backwardation
(BEFSDVB1
Index)
..
-
Monthly
BZWS
5/27/22
4,200,000
$
(166)
Total
Return
Swap
Contracts
....................................................................
$(166)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Templeton
Developing
Markets
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
91.2%
Brazil
3.7%
a
Americanas
SA
..................
Internet
&
Direct
Marketing
Retail
301,924
$
2,070,166
a
Americanas
SA
..................
Internet
&
Direct
Marketing
Retail
8,767
59,136
B3
SA
-
Brasil
Bolsa
Balcao
........
Capital
Markets
290,762
959,264
a
M
Dias
Branco
SA
................
Food
Products
106,200
549,081
TOTVS
SA
.....................
Software
35,626
272,179
Vale
SA
........................
Metals
&
Mining
273,819
5,497,253
a
XP,
Inc.,
A
......................
Capital
Markets
21,386
643,719
10,050,798
Cambodia
0.4%
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,123,250
995,142
China
26.5%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
1,100,205
15,014,278
b
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
1,500,600
500,036
a
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
113,864
2,009,562
a,c
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
7,756,600
2,550,846
a
Chervon
Holdings
Ltd.
.............
Household
Durables
36,800
254,304
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,020,506
7,489,267
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
3,200,015
2,652,687
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
199,913
925,632
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
306,259
237,336
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
69,995
2,892,193
b,d
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
721,400
719,317
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
452,367
6,645,807
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
603,700
844,193
a
JD.com,
Inc.,
A
..................
Internet
&
Direct
Marketing
Retail
11,027
313,333
Keshun
Waterproof
Technologies
Co.
Ltd.,
A
.......................
Construction
Materials
731,242
1,331,310
Longshine
Technology
Group
Co.
Ltd.,
A
Software
394,139
1,717,779
NetEase
,
Inc.
...................
Entertainment
111,530
2,012,323
a
New
Oriental
Education
&
Technology
Group,
Inc.,
ADR
...............
Diversified
Consumer
Services
97,455
112,073
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
802,600
1,937,389
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
343,406
2,400,789
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
74,356
4,010,402
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
217,165
10,010,142
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
419,974
2,045,273
Uni
-President
China
Holdings
Ltd.
....
Food
Products
1,568,351
1,361,006
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
306,139
593,444
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
108,225
859,377
71,440,098
Egypt
0.1%
a
E-Finance
for
Digital
&
Financial
Investments
...................
IT
Services
242,623
234,245
Hong
Kong
0.4%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
61,000
977,316
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Hungary
0.7%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
92,414
$
1,954,026
India
8.9%
a
ACC
Ltd.
.......................
Construction
Materials
9,600
270,338
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
43,377
2,850,498
ICICI
Bank
Ltd.
..................
Banks
1,579,654
15,036,413
Infosys
Ltd.
.....................
IT
Services
95,284
2,381,367
Tata
Consultancy
Services
Ltd.
......
IT
Services
68,435
3,356,503
23,895,119
Indonesia
0.9%
Astra
International
Tbk
.
PT
.........
Automobiles
5,455,980
2,496,560
Mexico
1.8%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
ADR
.................
Banks
840,830
4,405,949
a,b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
1,928,900
519,779
4,925,728
Pakistan
0.2%
Habib
Bank
Ltd.
.................
Banks
1,013,500
621,097
Peru
0.5%
Intercorp
Financial
Services,
Inc.
.....
Banks
39,292
1,357,539
Philippines
0.3%
BDO
Unibank
,
Inc.
...............
Banks
327,469
836,572
Russia
0.0%
c
Gazprom
PJSC,
ADR
.............
Oil,
Gas
&
Consumable
Fuels
108,471
c
LUKOIL
PJSC,
ADR
..............
Oil,
Gas
&
Consumable
Fuels
85,254
c
Sberbank
of
Russia
PJSC,
ADR
.....
Banks
265,489
a,b,c
VK
Co.
Ltd.,
GDR,
Reg
S
..........
Interactive
Media
&
Services
27,833
a,c
Yandex
NV,
A
...................
Interactive
Media
&
Services
88,921
Saudi
Arabia
0.1%
a,b
Delivery
Hero
SE,
144A,
Reg
S
......
Internet
&
Direct
Marketing
Retail
8,100
353,077
South
Africa
0.7%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
580,084
1,819,781
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
52,890
58,250
1,878,031
South
Korea
22.4%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
80,307
2,061,743
KT
Skylife
Co.
Ltd.
...............
Media
92,351
673,501
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
26,969
1,032,922
LG
Chem
Ltd.
...................
Chemicals
3,106
1,354,252
LG
Corp.
.......................
Industrial
Conglomerates
99,385
6,227,555
NAVER
Corp.
...................
Interactive
Media
&
Services
35,949
9,969,433
POSCO
Holdings,
Inc.
............
Metals
&
Mining
14,692
3,516,522
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
487,925
27,859,498
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
81,487
4,403,167
Soulbrain
Co.
Ltd.
................
Chemicals
15,442
3,087,750
60,186,343
Taiwan
16.8%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
732,906
2,692,939
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Largan
Precision
Co.
Ltd.
..........
Electronic
Equipment,
Instruments
&
Components
2,850
$
186,430
MediaTek
,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
302,631
9,424,453
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,599,563
32,835,017
45,138,839
Thailand
2.0%
Kasikornbank
PCL
...............
Banks
705,593
3,403,432
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
1,133,987
Thai
Beverage
PCL
...............
Beverages
1,450,900
763,454
5,300,873
United
Kingdom
1.4%
Unilever
plc
.....................
Personal
Products
82,875
3,763,043
United
States
3.4%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
54,941
4,926,559
Genpact
Ltd.
....................
IT
Services
95,870
4,171,304
9,097,863
Total
Common
Stocks
(Cost
$195,193,240)
.....................................
245,502,309
a
Preferred
Stocks
5.9%
Brazil
5.9%
e
Banco
Bradesco
SA,
ADR,
3.97%
....
Banks
1,283,146
5,953,798
e
Itau
Unibanco
Holding
SA,
ADR,
2.36%
Banks
926,309
5,289,224
e
Petroleo
Brasileiro
SA,
16.9%
.......
Oil,
Gas
&
Consumable
Fuels
653,814
4,592,769
15,835,791
Total
Preferred
Stocks
(Cost
$15,793,241)
......................................
15,835,791
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
82,304
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
Total
Long
Term
Investments
(Cost
$210,986,481)
...............................
261,338,100
Short
Term
Investments
2.9%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.9%
United
States
2.9%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
7,700,289
7,700,289
Total
Money
Market
Funds
(Cost
$7,700,289)
...................................
7,700,289
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$7,700,289
)
.................................
7,700,289
a
a
a
Total
Investments
(Cost
$218,686,770)
100.0%
..................................
$269,038,389
Other
Assets,
less
Liabilities
(0.0)%
...........................................
(11,183)
Net
Assets
100.0%
...........................................................
$269,027,206
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
See
Abbreviations
on
page
166
.
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$2,951,586,
representing
1.1%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
d
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Templeton
Foreign
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.4%
Aerospace
&
Defense
3.6%
BAE
Systems
plc
.....................................
United
Kingdom
2,214,370
$
20,797,740
Dassault
Aviation
SA
...................................
France
93,730
14,803,571
35,601,311
Airlines
0.7%
a
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
3,911,187
7,255,211
Auto
Components
3.2%
a
Continental
AG
.......................................
Germany
144,845
10,384,801
b
Faurecia
SE
.........................................
France
358,259
9,319,140
Valeo
..............................................
France
662,624
12,240,961
31,944,902
Automobiles
4.0%
Bayerische
Motoren
Werke
AG
...........................
Germany
172,762
14,931,699
b
Honda
Motor
Co.
Ltd.
..................................
Japan
693,600
19,663,098
b
Isuzu
Motors
Ltd.
.....................................
Japan
373,700
4,828,058
39,422,855
Banks
13.3%
ING
Groep
NV
.......................................
Netherlands
1,412,693
14,751,835
Kasikornbank
PCL
....................................
Thailand
3,030,200
14,616,189
b
KB
Financial
Group,
Inc.,
ADR
...........................
South
Korea
475,106
23,199,426
Lloyds
Banking
Group
plc
...............................
United
Kingdom
31,154,901
18,973,770
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
573,181
19,427,679
Standard
Chartered
plc
.................................
United
Kingdom
3,717,595
24,679,312
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
510,700
16,134,176
131,782,387
Chemicals
1.1%
c
Covestro
AG,
144A,
Reg
S
..............................
Germany
216,099
10,883,228
Construction
&
Engineering
0.5%
Sinopec
Engineering
Group
Co.
Ltd.,
H
.....................
China
9,882,000
5,034,099
Diversified
Financial
Services
1.2%
EXOR
NV
...........................................
Netherlands
156,810
11,922,266
Electronic
Equipment,
Instruments
&
Components
0.7%
a
Landis+Gyr
Group
AG
..................................
Switzerland
101,763
6,436,545
Energy
Equipment
&
Services
2.2%
b
SBM
Offshore
NV
.....................................
Netherlands
1,373,635
21,778,618
Food
&
Staples
Retailing
1.4%
Sundrug
Co.
Ltd.
......................................
Japan
581,900
14,174,159
Health
Care
Providers
&
Services
1.9%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
280,000
18,765,576
Household
Durables
1.4%
Sony
Group
Corp.
.....................................
Japan
134,100
13,797,334
Industrial
Conglomerates
5.5%
b
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
3,085,500
22,562,586
Hitachi
Ltd.
..........................................
Japan
648,200
32,442,649
55,005,235
Insurance
3.3%
AIA
Group
Ltd.
.......................................
Hong
Kong
1,669,200
17,429,707
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Prudential
plc
........................................
United
Kingdom
1,013,664
$
14,966,139
32,395,846
Interactive
Media
&
Services
0.3%
a
Baidu,
Inc.,
ADR
......................................
China
23,330
3,086,559
Internet
&
Direct
Marketing
Retail
3.2%
a
Alibaba
Group
Holding
Ltd.
..............................
China
1,165,300
15,902,616
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
343,051
11,506,772
a
Prosus
NV
..........................................
China
83,084
4,481,148
31,890,536
IT
Services
0.5%
a
Amadeus
IT
Group
SA
.................................
Spain
76,133
4,950,694
Machinery
1.6%
Komatsu
Ltd.
........................................
Japan
500,500
12,026,252
Toyota
Industries
Corp.
.................................
Japan
62,400
4,304,472
16,330,724
Media
1.5%
a
Informa
plc
..........................................
United
Kingdom
1,265,181
9,913,472
TBS
Holdings,
Inc.
....................................
Japan
371,900
5,420,435
15,333,907
Metals
&
Mining
5.4%
Alamos
Gold,
Inc.,
A
...................................
Canada
956,452
8,053,326
b
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
466,900
23,657,760
Wheaton
Precious
Metals
Corp.
..........................
Brazil
458,400
21,797,144
53,508,230
Multiline
Retail
0.8%
Seria
Co.
Ltd.
........................................
Japan
348,800
7,920,080
Multi-Utilities
1.8%
E.ON
SE
............................................
Germany
1,575,398
18,305,692
Oil,
Gas
&
Consumable
Fuels
9.2%
BP
plc
..............................................
United
Kingdom
7,701,664
37,759,373
Galp
Energia
SGPS
SA,
B
..............................
Portugal
953,415
12,055,360
Shell
plc
............................................
Netherlands
1,499,276
41,096,362
90,911,095
Pharmaceuticals
7.4%
AstraZeneca
plc
......................................
United
Kingdom
205,316
27,229,653
Bayer
AG
...........................................
Germany
447,746
30,629,573
Roche
Holding
AG
....................................
Switzerland
39,829
15,758,816
73,618,042
Professional
Services
1.8%
Adecco
Group
AG
.....................................
Switzerland
392,961
17,825,325
Real
Estate
Management
&
Development
0.7%
China
Overseas
Land
&
Investment
Ltd.
....................
China
2,426,500
7,220,653
Semiconductors
&
Semiconductor
Equipment
7.7%
Infineon
Technologies
AG
...............................
Germany
449,967
15,224,464
NXP
Semiconductors
NV
...............................
China
122,100
22,598,268
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
See
Abbreviations
on
page
166
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
1,864,000
$
38,263,246
76,085,978
Technology
Hardware,
Storage
&
Peripherals
4.3%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
741,212
42,321,656
Thrifts
&
Mortgage
Finance
2.2%
Housing
Development
Finance
Corp.
Ltd.
...................
India
692,774
21,618,166
Tobacco
2.0%
Imperial
Brands
plc
....................................
United
Kingdom
945,557
19,919,434
Total
Common
Stocks
(Cost
$793,295,307)
.....................................
937,046,343
Short
Term
Investments
9.0%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
5.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
52,245,398
52,245,398
Total
Money
Market
Funds
(Cost
$52,245,398)
..................................
52,245,398
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
3.7%
Money
Market
Funds
3.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
37,185,552
37,185,552
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$37,185,552)
...........................................................
37,185,552
Total
Short
Term
Investments
(Cost
$89,430,950
)
................................
89,430,950
a
Total
Investments
(Cost
$882,726,257)
103.4%
..................................
$1,026,477,293
Other
Assets,
less
Liabilities
(3.4)%
...........................................
(34,354,008)
Net
Assets
100.0%
...........................................................
$992,123,285
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$22,390,000,
representing
2.3%
of
net
assets.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Templeton
Global
Bond
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
50.4%
Argentina
1.7%
a
Argentina
BONCER
,
Index
Linked,
1.3%,
9/20/22
.......
748,284,199
ARS
$
4,014,503
Index
Linked,
1.4%,
3/25/23
.......
2,381,485,184
ARS
12,825,044
Index
Linked,
1.45%,
8/13/23
......
141,767,965
ARS
769,329
Index
Linked,
1.5%,
3/25/24
.......
2,035,163,265
ARS
10,813,287
b
Argentina
Bonos
del
Tesoro
Nacional
en
Pesos
Badlar
,
FRN,
39.551%,
(ARS
BADLAR
+
2%),
4/03/22
.........
24,036,000
ARS
126,476
Argentina
Government
Bond
,
16%,
10/17/23
.................
884,455,900
ARS
3,108,519
15.5%,
10/17/26
................
1,668,306,000
ARS
3,599,980
35,257,138
Brazil
2.6%
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/25
..................
41,020,000
BRL
8,345,563
10%,
1/01/27
..................
179,710,000
BRL
35,922,651
10%,
1/01/29
..................
17,690,000
BRL
3,468,132
10%,
1/01/31
..................
28,220,000
BRL
5,416,345
53,152,691
Colombia
3.4%
Colombia
Government
Bond
,
Senior
Bond,
4.375%,
3/21/23
.....
362,000,000
COP
93,951
Senior
Bond,
9.85%,
6/28/27
......
576,000,000
COP
159,776
Colombia
Titulos
de
Tesoreria
,
B,
7%,
5/04/22
.................
17,524,600,000
COP
4,653,303
B,
10%,
7/24/24
................
67,868,000,000
COP
18,479,417
B,
6.25%,
11/26/25
..............
32,036,000,000
COP
7,739,171
B,
7.5%,
8/26/26
...............
102,403,700,000
COP
25,430,031
B,
5.75%,
11/03/27
..............
22,036,000,000
COP
4,941,310
B,
6%,
4/28/28
.................
29,113,600,000
COP
6,523,945
B,
7.75%,
9/18/30
..............
8,450,000,000
COP
2,002,620
70,023,524
Ghana
1.4%
Ghana
Government
Bond
,
18.25%,
7/25/22
................
80,000
GHS
10,750
17.6%,
11/28/22
................
520,000
GHS
69,856
20.75%,
1/16/23
................
120,000
GHS
16,466
16.5%,
2/06/23
................
7,930,000
GHS
1,055,616
19%,
9/18/23
..................
150,000
GHS
20,136
18.85%,
9/28/23
................
21,190,000
GHS
2,837,100
19.25%,
11/27/23
...............
1,350,000
GHS
180,374
19.25%,
12/18/23
...............
110,000
GHS
14,659
19.75%,
3/25/24
................
26,840,000
GHS
3,561,152
19%,
11/02/26
.................
80,510,000
GHS
10,092,068
19.75%,
3/15/32
................
80,510,000
GHS
9,925,472
Senior
Note,
18.5%,
1/02/23
......
70,000
GHS
9,456
Senior
Note,
17.6%,
2/20/23
......
3,310,000
GHS
444,183
Senior
Note,
17.25%,
7/31/23
......
210,000
GHS
27,741
Senior
Note,
17.7%,
3/18/24
......
1,080,000
GHS
138,834
Senior
Note,
18.3%,
3/02/26
......
690,000
GHS
85,974
28,489,837
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
India
4.6%
India
Government
Bond
,
6.84%,
12/19/22
................
98,000,000
INR
$
1,312,773
7.16%,
5/20/23
................
133,700,000
INR
1,808,431
8.83%,
11/25/23
................
1,468,100,000
INR
20,485,975
8.2%,
9/24/25
.................
297,100,000
INR
4,186,841
7.59%,
1/11/26
.................
1,629,000,000
INR
22,574,567
7.27%,
4/08/26
................
214,000,000
INR
2,937,976
Senior
Note,
5.22%,
6/15/25
......
313,000,000
INR
4,068,755
Senior
Note,
5.15%,
11/09/25
......
2,459,900,000
INR
31,685,192
Senior
Note,
5.77%,
8/03/30
......
526,000,000
INR
6,491,206
95,551,716
Indonesia
9.4%
Indonesia
Government
Bond
,
FR40,
11%,
9/15/25
.............
46,856,000,000
IDR
3,866,078
FR43,
10.25%,
7/15/22
..........
147,832,000,000
IDR
10,508,428
FR46,
9.5%,
7/15/23
............
226,780,000,000
IDR
16,909,119
FR63,
5.625%,
5/15/23
..........
289,067,000,000
IDR
20,569,645
FR81,
6.5%,
6/15/25
............
599,166,000,000
IDR
43,481,546
FR86,
5.5%,
4/15/26
............
1,421,313,000,000
IDR
99,294,080
194,628,896
Mexico
1.9%
Mexican
Bonos
Desarr
Fixed
Rate,
M,
Senior
Bond,
8%,
12/07/23
........
812,130,000
MXN
40,579,958
Norway
4.0%
c
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
2%,
5/24/23
......................
315,007,000
NOK
35,942,184
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
265,052,000
NOK
30,594,156
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
89,312,000
NOK
9,955,457
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
52,969,000
NOK
5,797,367
82,289,164
South
Korea
18.7%
Korea
Monetary
Stabilization
Bond
,
Senior
Note,
0.87%,
2/02/23
......
59,850,000,000
KRW
48,965,694
Senior
Note,
0.905%,
4/02/23
......
61,390,000,000
KRW
50,101,878
Korea
Treasury
Bond
,
1.25%,
12/10/22
................
77,860,000,000
KRW
63,915,540
3%,
3/10/23
...................
3,919,000,000
KRW
3,260,883
2.25%,
9/10/23
................
88,312,000,000
KRW
72,860,646
0.875%,
12/10/23
...............
22,287,000,000
KRW
17,922,166
1.875%,
3/10/24
................
33,811,000,000
KRW
27,563,992
1.375%,
9/10/24
................
75,881,910,000
KRW
60,631,819
3%,
9/10/24
...................
18,500,000,000
KRW
15,363,087
Senior
Note,
1.75%,
9/10/26
......
34,133,000,000
KRW
26,803,093
387,388,798
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Supranational
0.5%
d
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
200,000,000
MXN
$
9,690,839
Thailand
2.2%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
471,030,000
THB
14,039,338
1%,
6/17/27
...................
570,140,000
THB
16,604,406
Thailand
Treasury
Bond,
Senior
Note,
0.66%,
11/22/23
................
481,230,000
THB
14,427,290
45,071,034
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,260,360,336)
...........
1,042,123,595
U.S.
Government
and
Agency
Securities
20.3%
United
States
20.3%
U.S.
Treasury
Notes
,
1.5%,
10/31/24
................
64,160,000
62,608,631
1.5%,
11/30/24
.................
50,420,000
49,126,018
1.75%,
12/31/24
................
22,672,000
22,221,217
2%,
2/15/25
...................
49,140,000
48,461,446
2.125%,
5/15/25
................
58,760,000
58,058,782
2.875%,
5/31/25
................
76,680,000
77,479,749
2.625%,
12/31/25
...............
44,803,000
44,970,136
1.625%,
2/15/26
................
24,220,000
23,418,186
2.125%,
5/31/26
................
11,063,000
10,892,085
1.625%,
10/31/26
...............
24,220,000
23,319,792
420,556,042
Total
U.S.
Government
and
Agency
Securities
(Cost
$436,593,681)
................
420,556,042
Total
Long
Term
Investments
(Cost
$1,696,954,017)
.............................
1,462,679,637
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.1%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
September
Strike
Price
21.67
MXN,
Expires
9/27/22
..
1
24,314,000
397,003
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
May
Strike
Price
22.69
MXN,
Expires
5/24/22
.......
1
118,329,000
97,170
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.19
MXN,
Expires
8/29/24
..
1
20,304,000
459,328
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
29.71
MXN,
Expires
8/09/24
..
1
20,304,000
408,689
1,362,190
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
May
Strike
Price
19.31
MXN,
Expires
5/26/22
.......
1
8,510,000
$
29,669
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
19.41
MXN,
Expires
8/11/22
..
1
9,700,000
84,310
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
May
Strike
Price
20.17
MXN,
Expires
5/26/22
.......
1
17,020,000
324,064
438,043
Total
Options
Purchased
(Cost
$7,234,248)
.....................................
1,800,233
Short
Term
Investments
27.8%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
13.0%
Argentina
0.6%
a,e
Letras
de
la
Nacion
Argentina
con
Ajuste
por
CER
,
Index
Linked,
4/18/22
............
786,225,484
ARS
4,127,084
Index
Linked,
5/23/22
............
1,123,239,652
ARS
6,006,265
Index
Linked,
6/30/22
............
399,916,508
ARS
2,160,293
12,293,642
Brazil
7.2%
e
Brazil
Letras
do
Tesouro
Nacional
,
1/01/24
......................
71,110,000
BRL
12,227,334
7/01/24
......................
308,450,000
BRL
50,541,926
1/01/25
......................
549,700,000
BRL
85,533,897
148,303,157
Singapore
4.8%
e
Singapore
Treasury
Bills
,
5/13/22
......................
6,460,000
SGD
4,761,499
5/20/22
......................
83,640,000
SGD
61,635,838
1/24/23
......................
45,410,000
SGD
33,231,912
99,629,249
Thailand
0.4%
e
Thailand
Treasury
Bills
,
6/22/22
......
273,990,000
THB
8,226,667
Total
Foreign
Government
and
Agency
Securities
(Cost
$264,790,083)
............
268,452,715
U.S.
Government
and
Agency
Securities
3.0%
United
States
3.0%
e
U.S.
Treasury
Bills,
4/21/22
.........
62,960,000
62,955,890
Total
U.S.
Government
and
Agency
Securities
(Cost
$62,954,718)
.................
62,955,890
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
11.8%
United
States
11.8%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..........
243,079,217
$
243,079,217
Total
Money
Market
Funds
(Cost
$243,079,217)
.................................
243,079,217
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$570,824,018
)
...............................
574,487,822
a
a
a
a
Total
Investments
(Cost
$2,275,012,283)
98.6%
..................................
$2,038,967,692
Options
Written
(0.0)%
......................................................
(747,000)
Other
Assets,
less
Liabilities
1.4%
.............................................
29,885,681
Net
Assets
100.0%
...........................................................
$2,068,106,373
a
a
a
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(0.0)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
22.06
MXN,
Expires
8/11/22
..
1
9,700,000
(80,546)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
September
Strike
Price
23.09
MXN,
Expires
9/27/22
..
1
12,157,000
(88,693)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
May
Strike
Price
25.65
MXN,
Expires
5/24/22
.......
1
46,486,000
(5,027)
(174,266)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
May
Strike
Price
19.84
MXN,
Expires
5/26/22
.......
1
25,530,000
(270,520)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
20.50
MXN,
Expires
8/11/22
..
1
9,700,000
(302,214)
(572,734)
Total
Options
Written
(Premiums
received
$1,180,749)
...........................
$
(747,000)
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
Rounds
to
less
than
0.1%
of
net
assets.
a
Redemption
price
at
maturity
is
adjusted
for
inflation.
b
The
coupon
rate
shown
represents
the
rate
at
period
end.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
aggregate
value
of
these
securities
was
$82,289,164,
representing
4.0%
of
net
assets.
d
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
f
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
At
March
31,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3. 
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
GSCO
Buy
1,230,811
1,373,585
4/01/22
$
$
(11,816)
Euro
.............
GSCO
Sell
1,230,811
1,402,140
4/01/22
40,371
Euro
.............
JPHQ
Sell
42,675,472
432,745,050
NOK
4/01/22
1,948,260
Norwegian
Krone
...
JPHQ
Sell
432,745,050
43,894,738
EUR
4/01/22
(599,264)
Chilean
Peso
......
JPHQ
Buy
3,325,454,736
3,843,790
4/05/22
382,088
Chilean
Peso
......
JPHQ
Sell
3,325,454,736
4,214,772
4/05/22
(11,107)
Indian
Rupee
......
JPHQ
Buy
205,911,800
2,712,221
4/07/22
(1,586)
Indian
Rupee
......
CITI
Buy
200,059,600
2,641,051
4/08/22
(7,880)
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,510,573
4/08/22
(4,930)
Chilean
Peso
......
GSCO
Buy
1,757,352,262
2,177,636
4/11/22
53,404
Chilean
Peso
......
JPHQ
Buy
5,487,100,000
6,543,947
4/11/22
422,178
Indian
Rupee
......
CITI
Buy
241,153,200
3,163,080
4/12/22
8,912
Indian
Rupee
......
HSBK
Buy
241,380,400
3,160,670
4/12/22
14,310
Mexican
Peso
......
CITI
Buy
492,586,500
23,634,009
4/13/22
1,091,332
Mexican
Peso
......
CITI
Sell
492,586,500
23,546,200
4/13/22
(1,179,141)
Euro
.............
DBAB
Sell
13,683,124
138,688,215
SEK
4/14/22
(394,019)
Euro
.............
DBAB
Sell
10,365,961
104,016,200
SEK
4/19/22
(410,843)
Singapore
Dollar
....
MSCO
Buy
5,880,000
4,364,122
4/21/22
(26,077)
South
Korean
Won
..
CITI
Buy
8,470,100,000
7,106,981
4/21/22
(137,088)
Euro
.............
HSBK
Sell
25,253,939
3,354,468,074
JPY
4/25/22
(390,813)
Japanese
Yen
......
HSBK
Sell
3,326,335,186
25,253,939
EUR
4/25/22
622,013
Singapore
Dollar
....
CITI
Buy
4,670,000
3,466,732
4/25/22
(21,439)
Singapore
Dollar
....
MSCO
Buy
4,660,000
3,458,410
4/25/22
(20,494)
Euro
.............
HSBK
Sell
11,000,000
12,868,900
4/27/22
690,236
Euro
.............
JPHQ
Sell
13,349,846
15,095,071
4/27/22
314,772
Chilean
Peso
......
GSCO
Buy
4,492,370,670
5,526,568
5/03/22
156,578
Euro
.............
HSBK
Sell
17,594,593
26,135,009
CAD
5/03/22
1,418,966
Euro
.............
CITI
Sell
69,644,069
78,901,158
5/09/22
1,761,127
Indian
Rupee
......
CITI
Buy
149,657,200
1,979,069
5/10/22
(18,995)
Chilean
Peso
......
GSCO
Buy
3,292,433,571
4,150,929
5/11/22
8,169
Chinese
Yuan
......
JPHQ
Buy
188,842,190
29,503,365
5/11/22
140,976
Chilean
Peso
......
GSCO
Buy
2,147,030,000
2,661,003
5/16/22
48,682
Australian
Dollar
....
MSCO
Sell
34,166,000
24,374,298
5/17/22
(1,209,988)
Indian
Rupee
......
HSBK
Buy
242,055,750
3,147,382
5/17/22
20,137
Euro
.............
DBAB
Sell
55,702,798
567,099,454
SEK
5/18/22
(1,363,493)
Euro
.............
HSBK
Sell
14,254,000
16,150,138
5/18/22
355,467
Euro
.............
JPHQ
Sell
2,381,403
25,140,000
SEK
5/18/22
37,010
Mexican
Peso
......
CITI
Buy
446,586,500
21,266,597
5/31/22
949,479
Mexican
Peso
......
CITI
Sell
450,166,500
20,344,354
5/31/22
(2,049,813)
Australian
Dollar
....
CITI
Sell
48,124,000
35,974,571
6/07/22
82,842
(160,895)
Japanese
Yen
......
CITI
Buy
4,061,448,000
35,974,567
6/07/22
(2,556,636)
Japanese
Yen
......
CITI
Sell
4,061,448,000
35,628,299
6/07/22
2,210,368
Chinese
Yuan
......
BOFA
Buy
220,626,460
34,155,241
6/08/22
424,770
Chinese
Yuan
......
BOFA
Buy
184,017,140
28,932,603
6/09/22
(91,915)
Chinese
Yuan
......
CITI
Buy
284,452,570
44,037,677
6/09/22
544,081
Chinese
Yuan
......
JPHQ
Buy
109,163,880
16,907,539
6/10/22
200,731
Chilean
Peso
......
GSCO
Buy
13,397,426,068
16,315,071
6/15/22
498,257
Chinese
Yuan
......
HSBK
Buy
136,590,880
21,463,055
6/15/22
(61,377)
Euro
.............
DBAB
Sell
5,386,204
54,462,600
SEK
6/15/22
(174,205)
Euro
.............
DBAB
Sell
6,540,211
66,595,700
NOK
6/15/22
305,743
South
Korean
Won
..
JPHQ
Buy
8,539,200,000
6,924,031
6/15/22
100,289
Euro
.............
DBAB
Sell
2,971,000
30,252,800
NOK
6/16/22
138,799
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
See
Abbreviations
on
page
166
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Chilean
Peso
......
JPHQ
Buy
6,390,810,000
7,740,807
6/17/22
$
276,369
$
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
7,106,240
6/17/22
230,012
Euro
.............
DBAB
Sell
9,278,905
95,003,000
NOK
6/20/22
490,430
Euro
.............
CITI
Sell
32,632,111
335,990,000
NOK
6/21/22
1,936,833
Indian
Rupee
......
JPHQ
Buy
1,020,100,000
13,121,017
6/21/22
177,837
Euro
.............
JPHQ
Sell
2,810,000
3,216,683
6/22/22
97,832
Australian
Dollar
....
CITI
Sell
16,628,000
12,423,936
6/27/22
(38,600)
Chilean
Peso
......
JPHQ
Buy
3,325,454,736
4,149,557
6/29/22
12,549
Euro
.............
DBAB
Sell
8,395,076
86,680,000
SEK
7/06/22
(83,758)
Chinese
Yuan
......
CITI
Buy
125,329,450
19,446,600
7/12/22
167,605
Chinese
Yuan
......
HSBK
Buy
135,702,480
21,108,852
7/18/22
124,026
Euro
.............
DBAB
Sell
10,346,782
104,016,200
SEK
7/19/22
(406,721)
Euro
.............
JPHQ
Sell
20,129,401
198,445,700
NOK
7/19/22
162,555
Japanese
Yen
......
CITI
Buy
1,948,164,000
17,208,988
7/20/22
(1,149,129)
Japanese
Yen
......
CITI
Sell
1,948,164,000
17,103,576
7/20/22
1,043,717
South
Korean
Won
..
JPHQ
Buy
8,365,800,000
7,007,119
7/21/22
(121,966)
Indian
Rupee
......
JPHQ
Buy
205,330,400
2,696,394
7/27/22
(29,667)
Euro
.............
BOFA
Sell
1,336,000
1,522,373
7/29/22
36,449
Euro
.............
BOFA
Sell
6,176,410
8,949,000
CAD
8/02/22
284,861
Euro
.............
CITI
Sell
4,910,333
7,054,790
CAD
8/03/22
178,315
Euro
.............
HSBK
Sell
63,400,540
91,488,460
CAD
8/03/22
2,621,751
Euro
.............
MSCO
Sell
30,744,500
34,985,089
8/04/22
778,283
Australian
Dollar
....
CITI
Sell
2,393,000
1,712,718
8/08/22
(82,343)
Chilean
Peso
......
GSCO
Buy
3,439,478,985
4,098,033
8/08/22
175,523
Chinese
Yuan
......
JPHQ
Buy
94,285,000
14,745,440
8/22/22
(12,128)
Mexican
Peso
......
MSCO
Sell
301,341,000
14,382,102
8/31/22
(352,078)
Euro
.............
DBAB
Sell
6,748,971
66,742,600
NOK
9/15/22
55,411
Euro
.............
DBAB
Sell
34,484,359
364,110,000
SEK
9/19/22
455,551
Euro
.............
JPHQ
Sell
63,451,078
631,183,200
NOK
9/19/22
926,230
Australian
Dollar
....
CITI
Sell
11,476,000
8,402,635
9/21/22
(213,430)
New
Zealand
Dollar
.
CITI
Buy
12,470,000
8,485,735
9/21/22
126,309
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
32,307,001
9/21/22
414,623
Euro
.............
CITI
Sell
30,510,000
34,114,756
9/22/22
70,025
Euro
.............
HSBK
Sell
25,250,000
28,230,257
9/22/22
54,922
Euro
.............
GSCO
Sell
1,230,811
1,386,078
10/03/22
11,728
Chilean
Peso
......
JPHQ
Buy
3,325,445,264
4,012,362
10/26/22
62,040
Chilean
Peso
......
GSCO
Buy
2,307,250,000
2,731,766
3/07/23
35,332
Mexican
Peso
......
CITI
Sell
106,418,000
4,633,013
10/23/23
(189,715)
Total
Forward
Exchange
Contracts
...................................................
$25,997,465
$(13,583,349)
Net
unrealized
appreciation
(depreciation)
............................................
$12,414,116
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2022
Templeton
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.4%
Aerospace
&
Defense
2.7%
BAE
Systems
plc
.....................................
United
Kingdom
691,283
$
6,492,648
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
4,122,723
5,421,783
11,914,431
Airlines
0.9%
a
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
2,020,764
3,748,496
Auto
Components
2.1%
a
Continental
AG
.......................................
Germany
65,846
4,720,892
Lear
Corp.
..........................................
United
States
32,198
4,591,113
9,312,005
Automobiles
1.8%
b
Honda
Motor
Co.
Ltd.
..................................
Japan
166,396
4,717,216
b
Isuzu
Motors
Ltd.
.....................................
Japan
246,700
3,187,267
7,904,483
Banks
1.8%
Bank
of
America
Corp.
.................................
United
States
149,903
6,179,001
Lloyds
Banking
Group
plc
...............................
United
Kingdom
2,681,012
1,632,774
7,811,775
Beverages
3.5%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
167,217
9,998,945
Pernod
Ricard
SA
.....................................
France
24,491
5,381,675
15,380,620
Biotechnology
2.7%
AbbVie,
Inc.
.........................................
United
States
73,517
11,917,841
Chemicals
3.6%
Albemarle
Corp.
......................................
United
States
33,409
7,388,400
DuPont
de
Nemours,
Inc.
...............................
United
States
118,411
8,712,682
16,101,082
Consumer
Finance
1.4%
American
Express
Co.
.................................
United
States
32,502
6,077,874
Containers
&
Packaging
0.9%
Crown
Holdings,
Inc.
...................................
United
States
33,079
4,137,852
Electric
Utilities
1.3%
Southern
Co.
(The)
....................................
United
States
79,421
5,758,817
Entertainment
2.5%
a
Walt
Disney
Co.
(The)
..................................
United
States
80,758
11,076,767
Food
Products
1.5%
Danone
SA
..........................................
France
122,907
6,790,672
Health
Care
Equipment
&
Supplies
4.2%
Medtronic
plc
........................................
United
States
91,124
10,110,208
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
67,580
8,643,482
18,753,690
Health
Care
Providers
&
Services
5.2%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
99,333
6,657,289
HCA
Healthcare,
Inc.
...................................
United
States
33,335
8,354,418
UnitedHealth
Group,
Inc.
................................
United
States
15,618
7,964,711
22,976,418
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
5.2%
a
Booking
Holdings,
Inc.
.................................
United
States
3,843
$
9,025,093
Compass
Group
plc
...................................
United
Kingdom
212,094
4,564,631
a
Hyatt
Hotels
Corp.,
A
...................................
United
States
48,595
4,638,393
Starbucks
Corp.
......................................
United
States
50,795
4,620,821
22,848,938
Household
Durables
3.2%
Panasonic
Holdings
Corp.
...............................
Japan
616,375
5,987,021
Sony
Group
Corp.
.....................................
Japan
81,299
8,364,723
14,351,744
Industrial
Conglomerates
1.9%
Hitachi
Ltd.
..........................................
Japan
73,180
3,662,686
Honeywell
International,
Inc.
.............................
United
States
25,386
4,939,608
8,602,294
Insurance
1.7%
AIA
Group
Ltd.
.......................................
Hong
Kong
726,931
7,590,579
Interactive
Media
&
Services
1.0%
a
Alphabet,
Inc.,
A
......................................
United
States
1,599
4,447,379
Internet
&
Direct
Marketing
Retail
1.5%
a
Farfetch
Ltd.,
A
.......................................
United
Kingdom
116,265
1,757,927
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
142,387
4,776,009
6,533,936
IT
Services
4.8%
a
DXC
Technology
Co.
...................................
United
States
265,029
8,647,896
Fujitsu
Ltd.
..........................................
Japan
39,314
5,890,975
Visa,
Inc.,
A
..........................................
United
States
30,748
6,818,984
21,357,855
Machinery
3.5%
Komatsu
Ltd.
........................................
Japan
290,121
6,971,165
Westinghouse
Air
Brake
Technologies
Corp.
.................
United
States
88,325
8,494,215
15,465,380
Media
2.8%
Comcast
Corp.,
A
.....................................
United
States
120,240
5,629,637
b
Paramount
Global,
B
...................................
United
States
173,032
6,542,340
12,171,977
Metals
&
Mining
1.8%
Freeport-McMoRan,
Inc.
................................
United
States
97,266
4,838,011
Wheaton
Precious
Metals
Corp.
..........................
Brazil
69,385
3,299,290
8,137,301
Multiline
Retail
2.4%
a
Dollar
Tree,
Inc.
......................................
United
States
65,298
10,457,475
Multi-Utilities
1.4%
E.ON
SE
............................................
Germany
516,478
6,001,333
Oil,
Gas
&
Consumable
Fuels
5.6%
BP
plc
..............................................
United
Kingdom
1,815,465
8,900,780
Equinor
ASA
.........................................
Norway
112,158
4,188,485
Marathon
Petroleum
Corp.
..............................
United
States
116,764
9,983,322
Shell
plc
............................................
Netherlands
66,140
1,812,951
24,885,538
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Products
1.9%
Unilever
plc
..........................................
United
Kingdom
190,090
$
8,592,515
Pharmaceuticals
7.8%
AstraZeneca
plc
......................................
United
Kingdom
73,563
9,756,156
Bayer
AG
...........................................
Germany
33,597
2,298,316
GlaxoSmithKline
plc
...................................
United
States
204,497
4,425,029
Johnson
&
Johnson
...................................
United
States
50,662
8,978,826
Roche
Holding
AG
....................................
Switzerland
22,318
8,830,382
34,288,709
Semiconductors
&
Semiconductor
Equipment
3.6%
Infineon
Technologies
AG
...............................
Germany
191,435
6,477,131
Micron
Technology,
Inc.
.................................
United
States
40,058
3,120,118
NXP
Semiconductors
NV
...............................
China
28,177
5,214,999
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
10,208
1,064,286
15,876,534
Specialty
Retail
3.0%
Nitori
Holdings
Co.
Ltd.
.................................
Japan
37,855
4,763,230
TJX
Cos.,
Inc.
(The)
...................................
United
States
137,454
8,326,963
13,090,193
Technology
Hardware,
Storage
&
Peripherals
2.5%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
195,785
11,178,914
Wireless
Telecommunication
Services
1.7%
a
T-Mobile
US,
Inc.
.....................................
United
States
57,726
7,409,132
Total
Common
Stocks
(Cost
$349,029,003)
.....................................
412,950,549
Short
Term
Investments
6.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.5%
Royal
Bank
of
Canada,
0.29%,
4/01/22
.....................
Canada
19,800,000
19,800,000
Total
Time
Deposits
(Cost
$19,800,000)
........................................
19,800,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.9%
Money
Market
Funds
1.9%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
8,301,362
8,301,362
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$8,301,362)
............................................................
8,301,362
Total
Short
Term
Investments
(Cost
$28,101,362
)
................................
28,101,362
a
Total
Investments
(Cost
$377,130,365)
99.8%
...................................
$441,051,911
Other
Assets,
less
Liabilities
0.2%
.............................................
951,188
Net
Assets
100.0%
...........................................................
$442,003,099
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
See
Abbreviations
on
page
166
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2022,
the
value
of
this
security
was
$4,776,009,
representing
1.1%
of
net
assets.
d
See
Note
9
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
138
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds (Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). Shares
of
the
Funds
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Senior
fixed
rate
notes
issued
by
the
Fund
are
carried
at
cost.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
139
Quarterly
Schedules
of
Investments
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
140
Quarterly
Schedules
of
Investments
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Funds
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement. 
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund’s
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Funds’ investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
At
March
31,
2022,
certain
or
all
Funds received
U.S.
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives,
as
follows:
Franklin
Mutual
Global
Discovery
VIP
Fund-
$1,551,382 
Franklin
Mutual
Shares
VIP
Fund-
$1,517,374
Templeton
Global
Bond
VIP
Fund-
$10,605,682
Certain
or
all
Funds entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate/
equity
price
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency at
a
specific
exchange
rate
on
a
future
date. 
Certain
or
all
Funds
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation
or
depreciation
until
the
payments
are
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
141
Quarterly
Schedules
of
Investments
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss.
Certain
or
all
Funds
entered
into
OTC
cross
currency
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk
and
certain
foreign
currencies.
A
cross
currency
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
(determined
using
either
a
fixed
or
floating
rate)
based
on
the
notional
amounts
of
two
different
currencies.
The
notional
amounts
are
typically
determined
based
on
the
spot
exchange
rates
at
the
opening
of
the
contract.
Cross
currency
swaps
may
require
the
exchange
of
notional
amounts
at
the
opening
and/or
closing
of
the
contract.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
represent
compensating
factors
between
stated
terms
of
the
cross
currency
swap
contract
and
prevailing
market
conditions
(interest
rate
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss.
The
Funds
did
not
hold
any
cross
currency
swap
contracts
at
period
end.
Certain
or
all
Funds
entered
into
inflation
index
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
inflation
risk.
An
inflation
index
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
whereby
one
party
makes
payments
based
on
the
percentage
change
in
an
index
that
serves
as
a
measure
of
inflation
and
the
other
party
makes
a
regular
payment
based
on
a
compounded
fixed
rate,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-counter
market
(OTC
inflation
index
swap)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
inflation
index
swap).
For
centrally
cleared
inflation
index
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Typically,
an
inflation
index
swap
has
payment
obligations
netted
and
exchanged
upon
maturity. The
Funds
did
not
hold
any
inflation
index
swap
contracts
at
period
end
Certain
or
all
Funds
entered
into
OTC
total
return
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
price
risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss.
Certain
or
all
Funds purchased
or
wrote
exchange
traded
and
OTC
option
contracts
primarily
to
manage
and/or
gain
exposure
to
equity
price
and
foreign
exchange
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
is
recorded
as
a
realized
gain
or
loss.
Certain
or
all
Funds
invest in
value
recovery
instruments
(VRI)
primarily
to
gain
exposure
to
economic
growth.
Periodic
payments
from
VRI
are
dependent
on
established
benchmarks
for
underlying
variables.
VRI
has
a
notional
amount,
which
is
used
to
calculate
amounts
of
payments
to
holders.
Payments
are
recorded
upon
receipt
as
realized
gains.
The
risks
of
investing
in
VRI
include
growth
risk,
liquidity,
and
the
potential
loss
of
investment.
The
Funds
did
not
hold
any
VRI
at
period
end
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
142
Quarterly
Schedules
of
Investments
The
following
Funds
have
invested
in
derivatives
during
the
period. 
Franklin
Allocation
VIP
Fund -
Futures
and
swaps
Franklin
Mutual
Global
Discovery
VIP
Fund
-
Futures
and
forwards
Franklin
Mutual
Shares
VIP
Fund
-
Futures
and
forwards
Franklin
Strategic
Income
VIP
Fund
-
Futures,
forwards,
options,
swaps
and
VRI
Franklin
VolSmart
Allocation
VIP
Fund
-
Futures
and
swaps
Templeton
Global
Bond
VIP
Fund
Options
and
forwards
4.
Concentration
of
Risk 
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Certain
or
all
Funds
invest a
large
percentage
of
its
total
assets
in
Real
Estate
Investment
Trust
securities.
Such
concentration
may
subject
the
Funds to
special
risks
associated
with
real
estate
securities.
These
securities
may
be
more
sensitive
to
economic
or
regulatory
developments
due
to
a
variety
of
factors
such
as
local,
regional,
national
and
global
economic
conditions,
interest
rates
and
tax
considerations. 
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
At
March
31,
2022,
Templeton
Global
Bond
VIP
Fund
had
2.4% of
its
net
assets
denominated
in
Argentine
Pesos.
Argentina
has
restricted
currency
repatriation
since
September
2019,
and
had
restructured
certain
issues
of
its
debt.
Political
and
economic
conditions
in
Argentina
could
continue
to
affect
the
value
of
the
Fund’s
holdings.
5.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
143
Quarterly
Schedules
of
Investments
6. Restricted
Securities 
At
March
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
VIP
Fund
424,073
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
281,629
$
16,353
Total
Restricted
Securities
(Value
is
0.0%
of
Net
Assets)
.............
$281,629
$16,353
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
1,730,515
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,149,241
$
66,734
2,039
Wayne
Services
Legacy,
Inc.
...................
1/22/20
609,467
Windstream
Holdings,
Inc.
.....................
9/21/20
4,827,676
9,931,684
34,368
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
436,130
560,050
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
..............
$6,413,047
$10,558,468
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
35,200
Benchling
,
Inc.,
F
............................
10/20/21
$
1,150,910
$
932,800
26,474
Blaize
,
Inc.,
2/28/24
..........................
3/01/21
-
11/09/21
21,337
206,272
Blaize
,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,154,000
1,954,423
8,626
Databricks
,
Inc.,
G
...........................
2/01/21
1,529,975
1,514,496
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
6,413,526
48,915
Newsela
,
Inc.,
D
.............................
1/21/21
1,034,807
882,741
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,242
1,318,363
Total
Restricted
Securities
(Value
is
2.7%
of
Net
Assets)
..............
$9,154,673
$13,037,686
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
14,792,309
a
K2016470219
South
Africa
Ltd.,
A
...............
2/01/17
$
114,768
$
1,472,041
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
6,620
Riviera
Resources,
Inc.
.......................
8/08/18
98,638
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$214,499
$—
Rounds
to
less
than
0.1%
of
net
assets.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$
as
of
March
31,
2022.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
144
Quarterly
Schedules
of
Investments
7.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
March
31,
2022,
investments
in
“affiliated
companies”
were
as
follows:
8.
Investments
in
FT
Underlying
Funds  
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
affiliates
of
the
Fund’s
administrative
manager,
Franklin
Templeton
Services,
LLC.
The
Fund
does
not
invest
in
FT
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the
three
months
ended
March
31,
2022,
were
as
follows:
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Blaize
,
Inc.,
2/28/24
....
$
31,313
$
a
$
a
$
$
b
$
b
b
$
Blaize
,
Inc.,
D
........
2,050,037
a
a
b
b
b
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
............
$2,081,350
$—
$—
$—
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
March
31,
2022,
no
longer
an
affiliate.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Income
VIP
Fund,
Class
1
.....................
$
16,987,187
$
$
(1,750,000)
$
92,476
$
128,173
$
15,457,836
871,846
$
Franklin
Liberty
U.S.
Core
Bond
ETF
...................
25,689,597
(1,739,375)
23,950,222
1,022,500
137,589
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
4,067,757
8,617,601
(9,935,406)
2,749,952
2,749,952
102
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
...........
17,152,572
65,731
(1,615,183)
15,603,120
1,444,733
90,621
Total
Affiliated
Securities
...
$63,897,113
$8,683,332
$(11,685,406)
$92,476
$(3,226,385)
$57,761,130
$228,312
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
145
Quarterly
Schedules
of
Investments
9.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
March
31,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows: 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
18,002,980
$
22,458,575
$
(19,667,365)
$
$
$
20,794,190
20,794,190
$
507
Templeton
Global
Bond
VIP
Fund,
Class
1
............
7,062,310
51,102
7,113,412
511,021
Total
Affiliated
Securities
...
$25,065,290
$22,458,575
$(19,667,365)
$—
$51,102
$27,907,602
$507
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
1,413,440
$
8,451,975
$
(8,136,734)
$
$
$
1,728,681
1,728,681
$
37
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$1,337,150
$3,719,841
$(4,639,751)
$—
$—
$417,240
417,240
$14
Total
Affiliated
Securities
...
$2,750,590
$12,171,816
$(12,776,485)
$—
$—
$2,145,921
$51
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$430,000
$2,796,000
$(2,085,000)
$—
$—
$1,141,000
1,141,000
$18
Total
Affiliated
Securities
...
$430,000
$2,796,000
$(2,085,000)
$—
$—
$1,141,000
$18
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
56,779,626
$
391,625,647
$
(380,449,194)
$
$
$
67,956,079
67,956,079
$
2,299
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
146
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Income
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$20,527,000
$59,167,000
$(79,694,000)
$—
$—
$—
$222
Total
Affiliated
Securities
...
$77,306,626
$450,792,647
$(460,143,194)
$—
$—
$67,956,079
$2,521
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$1,948,000
$8,787,000
$(9,948,000)
$—
$—
$787,000
787,000
$49
Total
Affiliated
Securities
...
$1,948,000
$8,787,000
$(9,948,000)
$—
$—
$787,000
$49
Franklin
Mutual
Global
Discovery
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$—
$2,406,000
$(2,406,000)
$—
$—
$—
$1
Total
Affiliated
Securities
...
$—
$2,406,000
$(2,406,000)
$—
$—
$—
$1
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
19,398,008
$
176,304,176
$
(144,727,369)
$
$
$
50,974,815
50,974,815
$
591
Total
Affiliated
Securities
...
$19,398,008
$176,304,176
$(144,727,369)
$—
$—
$50,974,815
$591
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
24,112,773
$
68,080,622
$
(51,150,683)
$
$
$
41,042,712
41,042,712
$
641
Total
Affiliated
Securities
...
$24,112,773
$68,080,622
$(51,150,683)
$—
$—
$41,042,712
$641
9.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
147
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
8,439,570
$
40,428,688
$
(27,092,062)
$
$
$
21,776,196
21,776,196
$
369
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$8,496,850
$12,751,721
$(19,431,086)
$—
$—
$1,817,485
1,817,485
$65
Total
Affiliated
Securities
...
$16,936,420
$53,180,409
$(46,523,148)
$—
$—
$23,593,681
$434
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
27,739,219
$
5,100,001
$
$
$
398,564
$
33,237,784
4,048,451
$
283,471
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
9,106,742
33,977,678
(26,910,405)
16,174,015
16,174,015
377
Total
Non-Controlled
Affiliates
$36,845,961
$39,077,679
$(26,910,405)
$
$
398,564
$49,411,799
$
283,848
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$—
$8,667,000
$(8,667,000)
$—
$—
$—
$19
Total
Affiliated
Securities
...
$36,845,961
$47,744,679
$(35,577,405)
$—
$398,564
$49,411,799
$283,867
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
5,805,544
$
15,476,075
$
(13,581,330)
$
$
$
7,700,289
7,700,289
$
134
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$170,471
$3,554,941
$(3,725,412)
$—
$—
$—
$5
Total
Affiliated
Securities
...
$5,976,015
$19,031,016
$(17,306,742)
$—
$—
$7,700,289
$139
9.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
148
Quarterly
Schedules
of
Investments
10. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
50,936,475
$
69,759,785
$
(68,450,862)
$
$
$
52,245,398
52,245,398
$
1,234
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$192,332
$44,793,349
$(7,800,129)
$—
$—
$37,185,552
37,185,552
$261
Total
Affiliated
Securities
...
$51,128,807
$114,553,134
$(76,250,991)
$—
$—
$89,430,950
$1,495
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$
94,380,135
$
291,398,830
$
(142,699,748)
$
$
$
243,079,217
243,079,217
$
3,361
Total
Affiliated
Securities
...
$94,380,135
$291,398,830
$(142,699,748)
$—
$—
$243,079,217
$3,361
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.
$—
$16,144,441
$(7,843,079)
$—
$—
$8,301,362
8,301,362
$98
Total
Affiliated
Securities
...
$—
$16,144,441
$(7,843,079)
$—
$—
$8,301,362
$98
9.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
149
Quarterly
Schedules
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
March
31,
2022,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
8,337,891
$
2,872,229
$
$
11,210,120
Air
Freight
&
Logistics
...................
2,434,920
1,912,944
4,347,864
Airlines
..............................
301,586
301,586
Auto
Components
......................
338,235
1,533,542
1,871,777
Automobiles
..........................
1,471,664
2,354,298
3,825,962
Banks
...............................
3,862,118
9,222,866
13,084,984
Beverages
...........................
5,492,969
967,390
6,460,359
Biotechnology
.........................
7,935,581
3,072,291
11,007,872
Building
Products
......................
3,299,883
2,121,965
5,421,848
Capital
Markets
........................
8,474,409
4,245,555
12,719,964
Chemicals
...........................
8,996,129
5,683,016
14,679,145
Commercial
Services
&
Supplies
...........
2,183,838
2,183,838
Communications
Equipment
..............
1,505,704
182,594
1,688,298
Construction
&
Engineering
...............
46,195
137,798
183,993
Construction
Materials
..................
576,059
78,540
654,599
Consumer
Finance
.....................
53,886
53,886
Containers
&
Packaging
.................
277,377
277,377
Distributors
...........................
339,665
339,665
Diversified
Consumer
Services
............
145,909
145,909
Diversified
Financial
Services
.............
1,064,730
1,997,563
3,062,293
Diversified
Telecommunication
Services
.....
826,989
2,425,701
3,252,690
Electric
Utilities
........................
2,353,753
498,664
2,852,417
Electrical
Equipment
....................
3,934,545
578,101
4,512,646
Electronic
Equipment,
Instruments
&
Components
..........................
3,226,281
472,629
3,698,910
Energy
Equipment
&
Services
.............
820,745
820,745
Entertainment
.........................
1,470,587
1,671,414
3,142,001
Equity
Real
Estate
Investment
Trusts
(REITs)
.
4,440,044
1,678,480
6,118,524
Food
&
Staples
Retailing
.................
3,848,019
1,907,189
5,755,208
Food
Products
........................
5,018,643
1,537,601
6,556,244
Gas
Utilities
..........................
468,990
807,205
1,276,195
Health
Care
Equipment
&
Supplies
.........
11,017,757
4,182,822
15,200,579
Health
Care
Providers
&
Services
..........
5,334,518
1,243,967
6,578,485
Health
Care
Technology
.................
442,782
442,782
Hotels,
Restaurants
&
Leisure
.............
4,507,662
624,361
5,132,023
Household
Durables
....................
763,839
1,503,768
2,267,607
Household
Products
....................
3,545,380
3,545,380
Industrial
Conglomerates
................
3,738,151
2,063,438
5,801,589
Insurance
............................
2,077,287
3,474,479
5,551,766
Interactive
Media
&
Services
..............
12,025,726
103,628
12,129,354
Internet
&
Direct
Marketing
Retail
..........
7,140,735
1,841,898
8,982,633
IT
Services
...........................
15,993,066
3,595,676
19,588,742
Leisure
Products
.......................
33,223
33,223
Life
Sciences
Tools
&
Services
............
8,959,499
1,436,012
10,395,511
Machinery
............................
6,011,375
1,488,012
7,499,387
Marine
..............................
388,244
388,244
Media
...............................
2,452,327
1,557,513
4,009,840
Metals
&
Mining
.......................
2,499,675
2,299,757
4,799,432
Multiline
Retail
........................
2,331,420
629,700
2,961,120
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
150
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Multi-Utilities
..........................
$
1,536,200
$
855,247
$
$
2,391,447
Oil,
Gas
&
Consumable
Fuels
.............
5,262,041
5,299,707
10,561,748
Paper
&
Forest
Products
.................
192,812
192,812
Personal
Products
.....................
666,583
1,757,805
2,424,388
Pharmaceuticals
.......................
11,335,480
7,785,163
19,120,643
Professional
Services
...................
2,886,463
2,970,327
5,856,790
Real
Estate
Management
&
Development
....
1,340,616
648,566
1,989,182
Road
&
Rail
..........................
6,492,487
219,870
6,712,357
Semiconductors
&
Semiconductor
Equipment
.
18,010,845
4,247,032
22,257,877
Software
.............................
32,294,398
2,307,560
34,601,958
Specialty
Retail
........................
5,413,550
386,376
5,799,926
Technology
Hardware,
Storage
&
Peripherals
.
10,600,532
1,582,147
12,182,679
Textiles,
Apparel
&
Luxury
Goods
..........
2,629,371
1,284,004
3,913,375
Thrifts
&
Mortgage
Finance
...............
154,653
657,650
812,303
Tobacco
.............................
947,980
1,012,522
1,960,502
Trading
Companies
&
Distributors
..........
2,067,353
2,929,818
4,997,171
Water
Utilities
.........................
450,076
450,076
Wireless
Telecommunication
Services
.......
88,818
741,070
829,888
Management
Investment
Companies
.........
20,445,207
20,445,207
Preferred
Stocks
........................
371,708
371,708
Corporate
Bonds
........................
66,416,465
66,416,465
Foreign
Government
and
Agency
Securities
....
5,249,274
5,249,274
U.S.
Government
and
Agency
Securities
.......
120,564,310
120,564,310
Asset-Backed
Securities
..................
1,937,698
1,937,698
Commercial
Mortgage-Backed
Securities
......
1,825,415
1,825,415
Mortgage-Backed
Securities
................
27,305,276
27,305,276
Municipal
Bonds
.........................
5,297,268
5,297,268
Short
Term
Investments
...................
20,794,190
20,794,190
Total
Investments
in
Securities
...........
$314,909,090
$339,167,459
b
$—
$654,076,549
Other
Financial
Instruments:
Futures
contracts
........................
$
1,085,790
$
$
$
1,085,790
Swap
contracts
.........................
3,754
3,754
Total
Other
Financial
Instruments
.........
$1,085,790
$3,754
$—
$1,089,544
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$
118,767
$
$
$
118,767
Swap
contracts
..........................
4,31
6
4,31
6
Total
Other
Financial
Instruments
.........
$118,767
$4,316
$—
$123,083
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
898,910
898,910
Automobiles
..........................
3,815,782
3,815,782
Banks
...............................
824,070
824,070
Biotechnology
.........................
155,732
418,991
574,723
Capital
Markets
........................
3,673,780
3,673,780
Chemicals
...........................
536,375
506,787
1,043,162
Construction
&
Engineering
...............
357,979
357,979
Electric
Utilities
........................
1,588,736
1,588,736
Electronic
Equipment,
Instruments
&
Components
..........................
1,612,373
496,687
2,109,060
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
151
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Energy
Equipment
&
Services
.............
$
464,009
$
$
$
464,009
Entertainment
.........................
899,383
899,383
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,119,551
1,119,551
Health
Care
Equipment
&
Supplies
.........
8,749,912
8,749,912
Health
Care
Providers
&
Services
..........
1,366,210
1,366,210
Health
Care
Technology
.................
2,265,694
2,265,694
Hotels,
Restaurants
&
Leisure
.............
1,238,904
1,238,904
Industrial
Conglomerates
................
1,265,104
1,265,104
Interactive
Media
&
Services
..............
7,913,035
125,193
8,038,228
Internet
&
Direct
Marketing
Retail
..........
9,944,295
7,644
9,951,939
IT
Services
...........................
9,703,653
2,121,612
11,825,265
Life
Sciences
Tools
&
Services
............
8,527,549
864,746
9,392,295
Media
...............................
58,453
58,453
Pharmaceuticals
.......................
2,300,298
2,300,298
Professional
Services
...................
356,896
356,896
Semiconductors
&
Semiconductor
Equipment
.
17,725,939
292,437
18,018,376
Software
.............................
32,123,865
32,123,865
Technology
Hardware,
Storage
&
Peripherals
.
1,877,581
1,877,581
Trading
Companies
&
Distributors
..........
206,890
206,890
Short
Term
Investments
...................
2,145,921
2,145,921
Total
Investments
in
Securities
...........
$123,716,879
$4,834,097
c
$—
$128,550,976
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
1,113,990
1,113,990
Equity
Real
Estate
Investment
Trusts
(REITs)
.
91,403,100
28,796,957
120,200,057
Real
Estate
Management
&
Development
....
23,848,234
23,848,234
Short
Term
Investments
...................
580,357
580,357
Total
Investments
in
Securities
...........
$91,403,100
$54,339,538
d
$—
$145,742,638
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,548,153
1,548,153
Air
Freight
&
Logistics
...................
1,173,096
1,173,096
Banks
...............................
3,239,849
3,239,849
Beverages
...........................
1,698,748
1,698,748
Capital
Markets
........................
2,862,701
2,862,701
Chemicals
...........................
1,039,938
347,831
1,387,769
Commercial
Services
&
Supplies
...........
651,238
651,238
Communications
Equipment
..............
627,021
627,021
Consumer
Finance
.....................
216,920
216,920
Diversified
Financial
Services
.............
691,189
691,189
Diversified
Telecommunication
Services
.....
194,092
194,092
Electric
Utilities
........................
2,799,233
2,799,233
Electrical
Equipment
....................
983,003
983,003
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,120,824
1,120,824
Food
&
Staples
Retailing
.................
527,177
527,177
Food
Products
........................
371,030
371,030
Health
Care
Equipment
&
Supplies
.........
1,249,297
1,249,297
Health
Care
Providers
&
Services
..........
1,471,081
1,471,081
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
152
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
and
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Hotels,
Restaurants
&
Leisure
.............
$
663,947
$
$
$
663,947
Household
Products
....................
1,201,772
1,201,772
Insurance
............................
241,821
241,821
IT
Services
...........................
403,865
403,865
Life
Sciences
Tools
&
Services
............
458,344
458,344
Machinery
............................
572,878
572,878
Media
...............................
320,483
320,483
Multiline
Retail
........................
1,124,766
1,124,766
Oil,
Gas
&
Consumable
Fuels
.............
3,443,300
3,443,300
Pharmaceuticals
.......................
1,893,401
1,893,401
Road
&
Rail
..........................
385,332
385,332
Semiconductors
&
Semiconductor
Equipment
.
778,127
778,127
Software
.............................
796,191
796,191
Specialty
Retail
........................
971,640
971,640
Equity-Linked
Securities
...................
3,899,882
3,899,882
Convertible
Preferred
Stocks
...............
3,510,625
3,510,625
Short
Term
Investments
...................
1,141,000
708,102
1,849,102
Total
Investments
in
Securities
...........
$40,372,082
$4,955,815
e
$—
$45,327,897
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
66,430,750
66,430,750
Air
Freight
&
Logistics
...................
33,820,342
33,820,342
Banks
...............................
113,380,250
10,662,432
124,042,682
Beverages
...........................
26,780,800
26,780,800
Biotechnology
.........................
44,486,100
44,486,100
Capital
Markets
........................
34,960,000
34,960,000
Chemicals
...........................
8,746,850
12,840,370
21,587,220
Diversified
Telecommunication
Services
.....
88,231,374
88,231,374
Electric
Utilities
........................
199,553,497
199,553,497
Energy
Equipment
&
Services
.............
16,650,000
16,650,000
Health
Care
Equipment
&
Supplies
.........
36,613,500
36,613,500
Health
Care
Providers
&
Services
..........
5,935,000
5,935,000
Household
Products
....................
30,560,000
30,560,000
Industrial
Conglomerates
................
22,376,700
22,376,700
Insurance
............................
21,084,000
21,084,000
IT
Services
...........................
25,962,264
25,962,264
Media
...............................
25,751,000
25,751,000
Metals
&
Mining
.......................
12,060,000
12,060,000
Multi-Utilities
..........................
90,027,390
90,027,390
Oil,
Gas
&
Consumable
Fuels
.............
155,254,250
155,254,250
Personal
Products
.....................
13,621,874
13,621,874
Pharmaceuticals
.......................
192,606,000
192,606,000
Road
&
Rail
..........................
13,660,500
13,660,500
Semiconductors
&
Semiconductor
Equipment
.
99,440,103
99,440,103
Specialty
Retail
........................
9,578,560
9,578,560
Tobacco
.............................
28,182,000
28,182,000
Equity-Linked
Securities
...................
455,451,847
455,451,847
Convertible
Preferred
Stocks
:
Capital
Markets
........................
6,316,350
6,316,350
Electric
Utilities
........................
52,068,208
52,068,208
Multi-Utilities
..........................
39,087,250
39,087,250
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Convertible
Preferred
Stocks:
Semiconductors
&
Semiconductor
Equipment
.
$
33,373,550
$
$
$
33,373,550
Thrifts
&
Mortgage
Finance
...............
3,681,250
3,681,250
Convertible
Bonds
.......................
14,984,448
14,984,448
Corporate
Bonds
........................
1,141,983,681
1,141,983,681
Index-Linked
Notes
......................
39,867,159
39,867,159
Senior
Floating
Rate
Interests
...............
3,049,552
3,049,552
U.S.
Government
and
Agency
Securities
.......
263,788,360
263,788,360
Asset-Backed
Securities
..................
9,072,386
9,072,386
Mortgage-Backed
Securities
................
1,918,823
1,918,823
Escrows
and
Litigation
Trusts
...............
9,822,620
9,822,620
Short
Term
Investments
...................
67,956,079
67,956,079
Total
Investments
in
Securities
...........
$1,600,932,667
$1,980,744,802
f
$—
$3,581,677,469
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
g
Common
Stocks
........................
110,119,978
110,119,978
Short
Term
Investments
...................
787,000
3,504,873
4,291,873
Total
Investments
in
Securities
...........
$110,906,978
$3,504,873
$—
$114,411,851
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
15,418,898
15,418,898
Auto
Components
......................
6,479,879
16,353
6,496,232
Automobiles
..........................
8,560,880
8,560,880
Banks
...............................
12,724,654
30,233,159
42,957,813
Beverages
...........................
5,266,669
5,266,669
Building
Products
......................
8,491,577
8,491,577
Chemicals
...........................
15,757,127
15,757,127
Construction
Materials
..................
6,789,582
6,789,582
Diversified
Financial
Services
.............
10,692,303
10,692,303
Diversified
Telecommunication
Services
.....
13,565,215
13,565,215
Electrical
Equipment
....................
7,663,641
7,663,641
Entertainment
.........................
15,635,552
15,635,552
Food
Products
........................
7,959,538
7,450,307
15,409,845
Health
Care
Equipment
&
Supplies
.........
11,207,836
11,207,836
Health
Care
Providers
&
Services
..........
27,753,859
3,360,637
31,114,496
Household
Durables
....................
7,307,941
7,307,941
Household
Products
....................
7,888,416
7,888,416
Industrial
Conglomerates
................
7,826,270
7,826,270
Insurance
............................
27,302,685
17,118,286
44,420,971
Internet
&
Direct
Marketing
Retail
..........
6,109,127
6,109,127
IT
Services
...........................
18,113,146
9,076,181
27,189,327
Machinery
............................
6,548,950
6,548,950
Media
...............................
10,613,637
10,613,637
Multi-Utilities
..........................
8,147,606
8,147,606
Oil,
Gas
&
Consumable
Fuels
.............
17,448,903
13,311,020
30,759,923
Pharmaceuticals
.......................
22,765,678
13,102,887
35,868,565
Semiconductors
&
Semiconductor
Equipment
.
2,459,785
8,713,327
11,173,112
Software
.............................
8,208,547
8,208,547
Technology
Hardware,
Storage
&
Peripherals
.
8,378,140
10,315,804
18,693,944
Tobacco
.............................
11,234,901
11,234,901
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Trading
Companies
&
Distributors
..........
$
5,485,850
$
$
$
5,485,850
Preferred
Stocks
........................
5,404,942
5,404,942
Warrants
..............................
1,446
1,446
Corporate
Bonds
........................
1,840,849
1,840,849
Companies
in
Liquidation
..................
a
Short
Term
Investments
...................
5,099,417
5,099,417
Total
Investments
in
Securities
...........
$245,047,354
$229,787,700
h
$16,353
$474,851,407
Other
Financial
Instruments:
Forward
exchange
contracts
...............
2,533,200
2,533,200
Futures
contracts
........................
12,438
12,438
Total
Other
Financial
Instruments
.........
$12,438
$2,533,200
$—
$2,545,638
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
178,882
178,882
Futures
contracts
........................
218,625
218,625
Total
Other
Financial
Instruments
.........
$218,625
$178,882
$—
$397,507
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
25,358,060
25,358,060
Auto
Components
......................
66,734
66,734
Automobiles
..........................
42,819,492
42,819,492
Banks
...............................
91,999,419
65,274,148
157,273,567
Building
Products
......................
40,885,911
40,885,911
Chemicals
...........................
47,006,619
47,006,619
Commercial
Services
&
Supplies
...........
27,556,589
27,556,589
Containers
&
Packaging
.................
42,666,783
42,666,783
Diversified
Financial
Services
.............
48,697,251
48,697,251
Diversified
Telecommunication
Services
.....
9,931,684
9,931,684
Electric
Utilities
........................
28,030,246
28,030,246
Electrical
Equipment
....................
32,325,091
32,325,091
Electronic
Equipment,
Instruments
&
Components
..........................
36,667,637
36,667,637
Entertainment
.........................
75,586,567
75,586,567
Equity
Real
Estate
Investment
Trusts
(REITs)
.
61,100,083
61,100,083
Food
Products
........................
101,538,125
101,538,125
Health
Care
Equipment
&
Supplies
.........
55,681,811
55,681,811
Health
Care
Providers
&
Services
..........
171,173,569
171,173,569
Household
Durables
....................
56,017,937
56,017,937
Industrial
Conglomerates
................
48,161,391
48,161,391
Insurance
............................
175,624,204
175,624,204
Internet
&
Direct
Marketing
Retail
..........
29,122,837
29,122,837
IT
Services
...........................
182,047,022
182,047,022
Media
...............................
105,448,229
105,448,229
Oil,
Gas
&
Consumable
Fuels
.............
53,503,175
74,246,603
127,749,778
Pharmaceuticals
.......................
186,125,516
30,727,506
216,853,022
Professional
Services
...................
49,754,167
49,754,167
Software
.............................
83,790,049
83,790,049
Specialty
Retail
........................
39,363,427
a
39,363,427
Technology
Hardware,
Storage
&
Peripherals
.
45,011,349
23,310,736
68,322,085
Textiles,
Apparel
&
Luxury
Goods
..........
49,083,657
49,083,657
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Tobacco
.............................
$
38,447,431
$
40,551,191
$
$
78,998,622
Wireless
Telecommunication
Services
.......
60,160,340
60,160,340
Warrants
:
Diversified
Telecommunication
Services
.....
560,050
560,050
Software
.............................
25,552
25,552
Corporate
Bonds
........................
58,964,463
58,964,463
Senior
Floating
Rate
Interests
...............
33,136,109
33,136,109
Asset-Backed
Securities
..................
1,924,456
1,924,456
Companies
in
Liquidation
..................
a
Short
Term
Investments
...................
28,696,793
28,696,793
Total
Investments
in
Securities
...........
$2,105,421,476
$382,190,065
i
$10,558,468
$2,498,170,009
Other
Financial
Instruments:
Forward
exchange
contracts
...............
2,815,164
2,815,164
Futures
contracts
........................
27,927
27,927
Total
Other
Financial
Instruments
.........
$27,927
$2,815,164
$—
$2,843,091
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
239,869
239,869
Futures
contracts
........................
82,294
82,294
Total
Other
Financial
Instruments
.........
$82,294
$239,869
$—
$322,163
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
g
Common
Stocks
........................
1,468,281,390
1,468,281,390
Short
Term
Investments
...................
50,974,815
50,974,815
Total
Investments
in
Securities
...........
$1,519,256,205
$—
$—
$1,519,256,205
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
10,923,307
10,923,307
Banks
...............................
101,651,251
101,651,251
Biotechnology
.........................
8,263,792
8,263,792
Building
Products
......................
42,438,602
42,438,602
Chemicals
...........................
70,433,047
9,032,774
79,465,821
Communications
Equipment
..............
30,901,285
30,901,285
Construction
&
Engineering
...............
54,011,754
54,011,754
Construction
Materials
..................
23,508,817
23,508,817
Electric
Utilities
........................
8,957,473
8,957,473
Electrical
Equipment
....................
8,537,592
8,537,592
Electronic
Equipment,
Instruments
&
Components
..........................
62,270,919
62,270,919
Energy
Equipment
&
Services
.............
49,784,210
49,784,210
Equity
Real
Estate
Investment
Trusts
(REITs)
.
31,018,496
31,018,496
Food
Products
........................
6,743,515
18,077,315
24,820,830
Health
Care
Equipment
&
Supplies
.........
36,688,313
36,688,313
Hotels,
Restaurants
&
Leisure
.............
92,900,466
92,900,466
Household
Durables
....................
7,627,147
7,627,147
Insurance
............................
113,012,311
113,012,311
IT
Services
...........................
14,006,505
14,006,505
Leisure
Products
.......................
10,222,797
10,222,797
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Machinery
............................
$
60,800,430
$
$
$
60,800,430
Media
...............................
95,163
95,163
Multi-Utilities
..........................
22,119,143
22,119,143
Oil,
Gas
&
Consumable
Fuels
.............
57,739,016
57,739,016
Professional
Services
...................
17,581,825
17,581,825
Real
Estate
Management
&
Development
....
8,367,711
8,367,711
Semiconductors
&
Semiconductor
Equipment
.
7,261,294
7,261,294
Software
.............................
33,676,571
17,251,915
50,928,486
Specialty
Retail
........................
19,463,869
19,463,869
Textiles,
Apparel
&
Luxury
Goods
..........
6,032,612
6,032,612
Thrifts
&
Mortgage
Finance
...............
14,663,902
14,663,902
Trading
Companies
&
Distributors
..........
67,949,196
67,949,196
Short
Term
Investments
...................
41,042,712
41,042,712
Total
Investments
in
Securities
...........
$1,140,695,043
$44,362,004
j
$—
$1,185,057,047
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
6,580,554
6,580,554
Airlines
..............................
3,414,891
3,414,891
Banks
...............................
4,028,040
4,028,040
Biotechnology
.........................
12,830,930
12,830,930
Building
Products
......................
5,436,120
5,436,120
Capital
Markets
........................
17,600,586
17,600,586
Commercial
Services
&
Supplies
...........
8,838,636
8,838,636
Communications
Equipment
..............
5,350,730
5,350,730
Containers
&
Packaging
.................
8,997,426
8,997,426
Electrical
Equipment
....................
10,489,883
10,489,883
Electronic
Equipment,
Instruments
&
Components
..........................
12,983,945
12,983,945
Entertainment
.........................
6,765,854
6,765,854
Equity
Real
Estate
Investment
Trusts
(REITs)
.
11,682,134
11,682,134
Food
Products
........................
3,479,496
3,479,496
Health
Care
Equipment
&
Supplies
.........
30,227,790
30,227,790
Health
Care
Providers
&
Services
..........
5,892,552
5,892,552
Health
Care
Technology
.................
8,088,966
8,088,966
Hotels,
Restaurants
&
Leisure
.............
27,492,543
27,492,543
Household
Durables
....................
4,386,859
4,386,859
Interactive
Media
&
Services
..............
8,661,460
8,661,460
Internet
&
Direct
Marketing
Retail
..........
2,970,292
2,970,292
IT
Services
...........................
21,983,225
1,188,578
23,171,803
Leisure
Products
.......................
2,759,080
6,413,526
9,172,606
Life
Sciences
Tools
&
Services
............
26,334,332
26,334,332
Machinery
............................
6,483,134
6,483,134
Oil,
Gas
&
Consumable
Fuels
.............
3,484,524
3,484,524
Personal
Products
.....................
3,835,684
3,835,684
Pharmaceuticals
.......................
5,463,045
5,463,045
Professional
Services
...................
14,303,070
14,303,070
Road
&
Rail
..........................
9,136,110
9,136,110
Semiconductors
&
Semiconductor
Equipment
.
28,551,232
28,551,232
Software
.............................
81,064,317
81,064,317
Specialty
Retail
........................
19,368,122
19,368,122
Textiles,
Apparel
&
Luxury
Goods
..........
11,608,577
11,608,577
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Trading
Companies
&
Distributors
..........
$
7,769,520
$
$
$
7,769,520
Convertible
Preferred
Stocks
...............
6,602,823
6,602,823
Warrants
..............................
21,337
21,337
Short
Term
Investments
...................
23,593,681
23,593,681
Total
Investments
in
Securities
...........
$471,937,340
$1,188,578
k
$13,037,686
$486,163,604
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Energy
Equipment
&
Services
.............
459,340
459,340
Machinery
............................
803,029
803,029
Media
...............................
230,691
2,500
233,191
Multiline
Retail
........................
a
Oil,
Gas
&
Consumable
Fuels
.............
2,371
a
2,371
Management
Investment
Companies
.........
36,160,184
36,160,184
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
809
809
Paper
&
Forest
Products
.................
6,914
6,914
Convertible
Bonds
.......................
21,560
21,560
Corporate
Bonds
:
Aerospace
&
Defense
...................
2,186,616
2,186,616
Air
Freight
&
Logistics
...................
927,684
927,684
Airlines
..............................
4,296,022
4,296,022
Auto
Components
......................
5,030,922
5,030,922
Automobiles
..........................
1,058,250
1,058,250
Banks
...............................
6,372,237
6,372,237
Beverages
...........................
1,718,747
1,718,747
Biotechnology
.........................
692,426
692,426
Building
Products
......................
2,023,774
2,023,774
Capital
Markets
........................
2,256,700
2,256,700
Chemicals
...........................
14,387,626
14,387,626
Commercial
Services
&
Supplies
...........
2,695,938
2,695,938
Communications
Equipment
..............
1,196,287
1,196,287
Construction
&
Engineering
...............
908,550
908,550
Construction
Materials
..................
639,940
639,940
Consumer
Finance
.....................
1,663,553
1,663,553
Containers
&
Packaging
.................
4,263,729
4,263,729
Diversified
Consumer
Services
............
783,760
783,760
Diversified
Financial
Services
.............
2,026,196
2,026,196
Diversified
Telecommunication
Services
.....
4,765,392
4,765,392
Electric
Utilities
........................
5,720,333
5,720,333
Electrical
Equipment
....................
1,776,130
1,776,130
Electronic
Equipment,
Instruments
&
Components
..........................
1,665,269
1,665,269
Energy
Equipment
&
Services
.............
2,686,748
2,686,748
Entertainment
.........................
2,284,504
2,284,504
Equity
Real
Estate
Investment
Trusts
(REITs)
.
4,456,364
4,456,364
Food
&
Staples
Retailing
.................
712,656
712,656
Food
Products
........................
2,695,596
2,695,596
Gas
Utilities
..........................
268,563
268,563
Health
Care
Equipment
&
Supplies
.........
835,985
835,985
Health
Care
Providers
&
Services
..........
5,545,237
5,545,237
Hotels,
Restaurants
&
Leisure
.............
8,616,500
8,616,500
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Household
Durables
....................
$
$
2,491,166
$
$
2,491,166
Household
Products
....................
1,345,385
1,345,385
Independent
Power
and
Renewable
Electricity
Producers
............................
6,750,865
6,750,865
Insurance
............................
919,247
919,247
Interactive
Media
&
Services
..............
2,260,596
2,260,596
Internet
&
Direct
Marketing
Retail
..........
2,047,836
2,047,836
IT
Services
...........................
3,881,686
3,881,686
Machinery
............................
1,317,680
1,317,680
Marine
..............................
1,216,956
1,216,956
Media
...............................
6,674,354
6,674,354
Metals
&
Mining
.......................
3,142,216
3,142,216
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..............................
90,945
90,945
Multiline
Retail
........................
988,250
a
988,250
Oil,
Gas
&
Consumable
Fuels
.............
17,181,309
17,181,309
Paper
&
Forest
Products
.................
1,355,046
1,355,046
Personal
Products
.....................
1,182,682
1,182,682
Pharmaceuticals
.......................
5,908,594
5,908,594
Real
Estate
Management
&
Development
....
3,604,150
3,604,150
Road
&
Rail
..........................
2,269,820
2,269,820
Software
.............................
2,153,151
2,153,151
Specialty
Retail
........................
3,087,365
3,087,365
Technology
Hardware,
Storage
&
Peripherals
.
182,458
182,458
Textiles,
Apparel
&
Luxury
Goods
..........
274,841
274,841
Thrifts
&
Mortgage
Finance
...............
283,323
283,323
Tobacco
.............................
1,156,331
1,156,331
Trading
Companies
&
Distributors
..........
2,141,724
2,141,724
Wireless
Telecommunication
Services
.......
2,448,101
2,448,101
Senior
Floating
Rate
Interests
...............
6,325,345
6,325,345
Marketplace
Loans
......................
8,011,095
8,011,095
Foreign
Government
and
Agency
Securities
....
30,787,041
30,787,041
U.S.
Government
and
Agency
Securities
.......
23,857,824
23,857,824
Asset-Backed
Securities
..................
25,926,690
25,926,690
Commercial
Mortgage-Backed
Securities
......
1,719,979
1,719,979
Mortgage-Backed
Securities
................
4,410,928
4,410,928
Municipal
Bonds
.........................
2,965,311
2,965,311
Residential
Mortgage-Backed
Securities
......
24,428,610
24,428,610
Escrows
and
Litigation
Trusts
...............
4,253
a
4,253
Short
Term
Investments
...................
16,174,015
16,174,015
Total
Investments
in
Securities
...........
$53,026,601
$294,771,795
$8,014,404
$355,812,800
Other
Financial
Instruments:
Forward
exchange
contracts
...............
188,142
188,142
Futures
contracts
........................
570,471
570,471
Swap
contracts
.........................
140,696
140,696
Total
Other
Financial
Instruments
.........
$570,471
$328,838
$—
$899,309
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
149,794
149,794
Futures
contracts
........................
110,182
110,182
Swap
contracts
..........................
387,221
387,221
Total
Other
Financial
Instruments
.........
$110,182
$537,015
$—
$647,197
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
159
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
g
Corporate
Bonds
........................
$
$
10,579,869
$
$
10,579,869
Foreign
Government
and
Agency
Securities
....
13,705,742
13,705,742
U.S.
Government
and
Agency
Securities
.......
95,046,180
95,046,180
Mortgage-Backed
Securities
................
556,355,299
556,355,299
Short
Term
Investments
...................
35,666,399
35,666,399
Total
Investments
in
Securities
...........
$—
$711,353,489
$—
$711,353,489
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
g
Common
Stocks
........................
123,680,578
123,680,578
Management
Investment
Companies
.........
59,469,341
59,469,341
Short
Term
Investments
...................
2,749,952
2,749,952
Total
Investments
in
Securities
...........
$185,899,871
$—
$—
$185,899,871
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
1,597,039
1,597,039
Swap
contracts
..........................
166
166
Total
Other
Financial
Instruments
.........
$1,597,039
$166
$—
$1,597,205
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
10,050,798
$
$
$
10,050,798
Cambodia
............................
995,142
995,142
China
...............................
5,049,539
63,839,713
2,550,846
71,440,098
Egypt
...............................
234,245
234,245
Hong
Kong
...........................
977,316
977,316
Hungary
.............................
1,954,026
1,954,026
India
................................
23,895,119
23,895,119
Indonesia
............................
2,496,560
2,496,560
Mexico
..............................
4,925,728
4,925,728
Pakistan
.............................
621,097
621,097
Peru
................................
1,357,539
1,357,539
Philippines
...........................
836,572
836,572
Russia
..............................
a
Saudi
Arabia
..........................
353,077
353,077
South
Africa
..........................
1,878,031
1,878,031
South
Korea
..........................
60,186,343
60,186,343
Taiwan
..............................
45,138,839
45,138,839
Thailand
.............................
5,300,873
5,300,873
United
Kingdom
.......................
3,763,043
3,763,043
United
States
.........................
9,097,863
9,097,863
Preferred
Stocks
........................
15,835,791
15,835,791
Escrows
and
Litigation
Trusts
...............
a
Short
Term
Investments
...................
7,700,289
7,700,289
Total
Investments
in
Securities
...........
$60,346,164
$206,141,379
l
$2,550,846
$269,038,389
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
160
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
$
35,601,311
$
$
35,601,311
Airlines
..............................
7,255,211
7,255,211
Auto
Components
......................
31,944,902
31,944,902
Automobiles
..........................
39,422,855
39,422,855
Banks
...............................
23,199,426
108,582,961
131,782,387
Chemicals
...........................
10,883,228
10,883,228
Construction
&
Engineering
...............
5,034,099
5,034,099
Diversified
Financial
Services
.............
11,922,266
11,922,266
Electronic
Equipment,
Instruments
&
Components
..........................
6,436,545
6,436,545
Energy
Equipment
&
Services
.............
21,778,618
21,778,618
Food
&
Staples
Retailing
.................
14,174,159
14,174,159
Health
Care
Providers
&
Services
..........
18,765,576
18,765,576
Household
Durables
....................
13,797,334
13,797,334
Industrial
Conglomerates
................
55,005,235
55,005,235
Insurance
............................
32,395,846
32,395,846
Interactive
Media
&
Services
..............
3,086,559
3,086,559
Internet
&
Direct
Marketing
Retail
..........
31,890,536
31,890,536
IT
Services
...........................
4,950,694
4,950,694
Machinery
............................
16,330,724
16,330,724
Media
...............................
15,333,907
15,333,907
Metals
&
Mining
.......................
29,850,470
23,657,760
53,508,230
Multiline
Retail
........................
7,920,080
7,920,080
Multi-Utilities
..........................
18,305,692
18,305,692
Oil,
Gas
&
Consumable
Fuels
.............
90,911,095
90,911,095
Pharmaceuticals
.......................
73,618,042
73,618,042
Professional
Services
...................
17,825,325
17,825,325
Real
Estate
Management
&
Development
....
7,220,653
7,220,653
Semiconductors
&
Semiconductor
Equipment
.
22,598,268
53,487,710
76,085,978
Technology
Hardware,
Storage
&
Peripherals
.
42,321,656
42,321,656
Thrifts
&
Mortgage
Finance
...............
21,618,166
21,618,166
Tobacco
.............................
19,919,434
19,919,434
Short
Term
Investments
...................
89,430,950
89,430,950
Total
Investments
in
Securities
...........
$168,165,673
$858,311,620
m
$—
$1,026,477,293
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
g
Foreign
Government
and
Agency
Securities
....
$
$
1,042,123,595
$
$
1,042,123,595
U.S.
Government
and
Agency
Securities
.......
420,556,042
420,556,042
Options
purchased
.......................
1,800,233
1,800,233
Short
Term
Investments
...................
243,079,217
331,408,605
574,487,822
Total
Investments
in
Securities
...........
$243,079,217
$1,795,888,475
$—
$2,038,967,692
Other
Financial
Instruments:
Forward
exchange
contracts
...............
25,997,465
25,997,465
Restricted
Currency
(ARS)
.................
1,081,470
1,081,470
Total
Other
Financial
Instruments
.........
$—
$27,078,935
$—
$27,078,935
Receivables:
Interest
(ARS)
...........................
$—
$981,672
$—
$981,672
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
161
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
$
747,000
$
$
747,000
Forward
exchange
contracts
................
13,583,349
13,583,349
Total
Other
Financial
Instruments
.........
$—
$14,330,349
$—
$14,330,349
Payables:
Deferred
Tax
(ARS)
.......................
$—
$1,600
$—
$1,600
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
$
11,914,431
$
$
11,914,431
Airlines
..............................
3,748,496
3,748,496
Auto
Components
......................
4,591,113
4,720,892
9,312,005
Automobiles
..........................
7,904,483
7,904,483
Banks
...............................
6,179,001
1,632,774
7,811,775
Beverages
...........................
15,380,620
15,380,620
Biotechnology
.........................
11,917,841
11,917,841
Chemicals
...........................
16,101,082
16,101,082
Consumer
Finance
.....................
6,077,874
6,077,874
Containers
&
Packaging
.................
4,137,852
4,137,852
Electric
Utilities
........................
5,758,817
5,758,817
Entertainment
.........................
11,076,767
11,076,767
Food
Products
........................
6,790,672
6,790,672
Health
Care
Equipment
&
Supplies
.........
18,753,690
18,753,690
Health
Care
Providers
&
Services
..........
16,319,129
6,657,289
22,976,418
Hotels,
Restaurants
&
Leisure
.............
18,284,307
4,564,631
22,848,938
Household
Durables
....................
14,351,744
14,351,744
Industrial
Conglomerates
................
4,939,608
3,662,686
8,602,294
Insurance
............................
7,590,579
7,590,579
Interactive
Media
&
Services
..............
4,447,379
4,447,379
Internet
&
Direct
Marketing
Retail
..........
1,757,927
4,776,009
6,533,936
IT
Services
...........................
15,466,880
5,890,975
21,357,855
Machinery
............................
8,494,215
6,971,165
15,465,380
Media
...............................
12,171,977
12,171,977
Metals
&
Mining
.......................
8,137,301
8,137,301
Multiline
Retail
........................
10,457,475
10,457,475
Multi-Utilities
..........................
6,001,333
6,001,333
Oil,
Gas
&
Consumable
Fuels
.............
9,983,322
14,902,216
24,885,538
Personal
Products
.....................
8,592,515
8,592,515
Pharmaceuticals
.......................
8,978,826
25,309,883
34,288,709
Semiconductors
&
Semiconductor
Equipment
.
9,399,403
6,477,131
15,876,534
Specialty
Retail
........................
8,326,963
4,763,230
13,090,193
Technology
Hardware,
Storage
&
Peripherals
.
11,178,914
11,178,914
Wireless
Telecommunication
Services
.......
7,409,132
7,409,132
Short
Term
Investments
...................
8,301,362
19,800,000
28,101,362
Total
Investments
in
Securities
...........
$237,469,243
$203,582,668
n
$—
$441,051,911
a
Includes
securities
determined
to
have
no
value
at
March
31,
2022.
b
Includes
foreign
securities
valued
at
$110,571,753,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At March
31,
2022,
the
reconciliation
is
as
follows:
c
Includes
foreign
securities
valued
at
$4,834,097,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$53,759,181,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$347,831,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
f
Includes
foreign
securities
valued
at
$37,124,676,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
g
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
h
Includes
foreign
securities
valued
at
$222,847,434,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
i
Includes
foreign
securities
valued
at
$259,468,244,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
j
Includes
foreign
securities
valued
at
$44,362,004,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
k
Includes
foreign
securities
valued
at
$1,188,578,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
l
Includes
foreign
securities
valued
at
$206,141,379,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
m
Includes
foreign
securities
valued
at
$858,311,620,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
n
Includes
foreign
securities
valued
at
$183,782,668,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
$
4,026,670
$
$
$
$
$
$
$
2,386,856
$
6,413,526
$
2,386,856
Textiles,
Apparel
&
Luxury
Goods
......
1,330,614
(1,330,614)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
987,771
(105,030)
882,741
(105,030)
Software
..........
6,692,175
(972,093)
5,720,082
(972,093)
Warrants
:
Software
..........
31,313
(9,976)
21,337
(9,976)
Total
Investments
in
Securities
............
$13,068,543
$—
$—
$—
$(1,330,614)
$—
$—
$1,299,757
$13,037,686
$1,299,757
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Media
...........
2,779
(279)
2,500
(279)
Multiline
Retail
......
d
d
Oil,
Gas
&
Consumable
Fuels
............
d
d
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2022,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Warrants
:
Oil,
Gas
&
Consumable
Fuels
............
$
3
$
$
$
$
$
$
$
806
$
809
$
806
Corporate
Bonds
:
Multiline
Retail
......
d
d
d
Marketplace
Loans
:
Diversified
Financial
Services
..........
5,892,407
3,997,962
(1,773,509)
14,472
(120,237)
8,011,095
(109,376)
Escrows
and
Litigation
Trusts
.............
d
(10,219)
10,219
d
Total
Investments
in
Securities
............
$5,895,189
$3,997,962
$(1,783,728)
$—
$—
$—
$24,691
$(119,710)
$8,014,404
$(108,849)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
out
of
Level
3
as
a
result
of
the
availability
of
a
quoted
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
d
Includes
securities
determined
to
have
no
value.
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks
Diversified
Consumer
Services.
.
.
$882,741
Discounted
cash
flow
Discount
for
lack
of
marketability
22.3%
Decrease
Weighted
average
cost
of
capital
16.1%
Decrease
Long-term
growth
rate
5.0%
Increase
Volatility
of
peers
82.1%
Decrease
Software.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5,720,082
Discounted
cash
flow
Discount
for
lack
of
marketability
15.6%
Decrease
Weighted
average
cost
of
capital
17.1%
Decrease
d
Long-term
growth
rate
2.5%
Increase
Volatility
of
peers
71.0%
Decrease
Market
comparables
Discount
for
lack
of
marketability
15.8%
-
16.1%
(15.9%)
Decrease
c
EV
/
revenue
multiple
11.2x
54.5x
(28.7x)
Increase
c
All
Other
Investments
.............
6,434,863
e
Total
$13,037,686
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
7,645,481
Discounted
cash
flow
Loss-adjusted
discount
rate
2.4%
-
10.9%
(8.4%)
Decrease
d
Projected
loss
rate
15.4%
-
18.2%
(16.8%)
Decrease
d
All
Other
Investments
.............
368,923
e,f
Total
..........................
$8,014,404
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Represents
a
significant
impact
to
fair
value
and
net
assets.
e
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuations
techniques
and
unobservable
inputs.
f
Includes
securities
determined
to
have
no
value
at
March
31,
2022.
Abbreviations
List
EV
-
Enterprise
value
10. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
Quarterly
Schedules
of
Investments
11.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Schedules of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
BOFA
Bank
of
America,
N.A.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
CITI
Citigroup,
Inc
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Selected
Portfolio
ADR
American
Depositary
Receipt
AGMC
Assured
Guaranty
Municipal
Corp.
BADLAR
Argentina
Deposit
Rates
Badlar
Private
Banks
ARS
CDI
CREST
Depository
Interest
CER
Reference
Stabilization
Coefficient
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
CVR
Contingent
Voting
Rights
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GDR
Global
Depositary
Receipt
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
ICE
Intercontinental
Exchange
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
VIX
Market
Volatility
Index
Currency
ARS
Argentine
Peso
BRL
Brazilian
Real
CAD
Canadian
Dollar
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
Index
CDX.NA.EM.Series
number
CDX
North
America
Emerging
Markets
Index
MCDX.NA.Series
number
MCDX
North
America
Index
For
additional
information
on
the
Funds’
significant
policies,
please
refer
to
the
Funds’
most
recent
semiannual
or
annual
shareholder
report.