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
42
Franklin
Global
Real
Estate
VIP
Fund
46
Franklin
Growth
and
Income
VIP
Fund
49
Franklin
Income
VIP
Fund
54
Franklin
Large
Cap
Growth
VIP
Fund
66
Franklin
Mutual
Global
Discovery
VIP
Fund
69
Franklin
Mutual
Shares
VIP
Fund
74
Franklin
Rising
Dividends
VIP
Fund
79
Franklin
Small
Cap
Value
VIP
Fund
82
Franklin
Small-Mid
Cap
Growth
VIP
Fund
86
Franklin
Strategic
Income
VIP
Fund
91
Franklin
U.S.
Government
Securities
VIP
Fund
122
Franklin
VolSmart
Allocation
VIP
Fund
126
Templeton
Developing
Markets
VIP
Fund
134
Templeton
Foreign
VIP
Fund
138
Templeton
Global
Bond
VIP
Fund
141
Templeton
Growth
VIP
Fund
148
Notes
to
Schedules
of
Investments
151
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
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
57.5%
Aerospace
&
Defense
1.4%
BAE
Systems
plc
.....................................
United
Kingdom
30,512
$
520,049
BWX
Technologies,
Inc.
................................
United
States
3,401
349,011
Curtiss-Wright
Corp.
...................................
United
States
813
208,079
Dassault
Aviation
SA
...................................
France
3,264
718,602
Lockheed
Martin
Corp.
.................................
United
States
761
346,156
MTU
Aero
Engines
AG
.................................
Germany
4,000
1,014,458
Northrop
Grumman
Corp.
...............................
United
States
4,191
2,006,064
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
131,650
708,269
RTX
Corp.
..........................................
United
States
20,451
1,994,586
Textron,
Inc.
.........................................
United
States
941
90,270
7,955,544
Air
Freight
&
Logistics
0.6%
DSV
A/S
............................................
Denmark
6,970
1,132,932
Expeditors
International
of
Washington,
Inc.
.................
United
States
2,527
307,207
Nippon
Express
Holdings,
Inc.
............................
Japan
1,700
86,771
United
Parcel
Service,
Inc.
,
B
............................
United
States
14,160
2,104,601
3,631,511
Automobile
Components
0.4%
a
Aptiv
plc
............................................
United
States
3,500
278,775
Continental
AG
.......................................
Germany
10,266
741,016
a
Forvia
SE
...........................................
France
37,214
563,816
Valeo
SE
............................................
France
47,800
597,582
2,181,189
Automobiles
0.9%
Bayerische
Motoren
Werke
AG
...........................
Germany
3,526
406,807
Ford
Motor
Co.
.......................................
United
States
6,397
84,952
General
Motors
Co.
....................................
United
States
21,616
980,286
Honda
Motor
Co.
Ltd.
..................................
Japan
56,800
702,779
Mazda
Motor
Corp.
....................................
Japan
13,500
156,449
Stellantis
NV
.........................................
United
States
22,211
630,964
Subaru
Corp.
........................................
Japan
14,000
317,049
a
Tesla,
Inc.
...........................................
United
States
5,810
1,021,340
Thor
Industries,
Inc.
...................................
United
States
867
101,734
Toyota
Motor
Corp.
....................................
Japan
23,100
583,813
a
Volvo
Car
AB
,
B
......................................
Sweden
15,149
57,344
5,043,517
Banks
2.8%
b
ABN
AMRO
Bank
NV
,
CVA
,
144A
,
Reg
S
...................
Netherlands
9,221
157,785
Banco
Bilbao
Vizcaya
Argentaria
SA
.......................
Spain
48,892
582,203
Bank
of
America
Corp.
.................................
United
States
60,298
2,286,500
Credit
Agricole
SA
.....................................
France
26,102
389,370
Erste
Group
Bank
AG
..................................
Austria
4,146
184,769
First
Citizens
BancShares,
Inc.
,
A
.........................
United
States
75
122,625
HDFC
Bank
Ltd.
......................................
India
34,372
599,531
ING
Groep
NV
.......................................
Netherlands
67,161
1,105,640
Intesa
Sanpaolo
SpA
...................................
Italy
56,460
204,971
Japan
Post
Bank
Co.
Ltd.
...............................
Japan
4,000
42,978
JPMorgan
Chase
&
Co.
.................................
United
States
22,589
4,524,577
KB
Financial
Group,
Inc.
................................
South
Korea
8,900
463,905
Lloyds
Banking
Group
plc
...............................
United
Kingdom
1,587,424
1,038,088
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
4,100
41,711
NatWest
Group
plc
....................................
United
Kingdom
68,278
228,668
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
18,448
649,094
Standard
Chartered
plc
.................................
United
Kingdom
148,863
1,261,919
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)
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
9,300
$
543,760
Sumitomo
Mitsui
Financial
Group,
Inc.
,
ADR
.................
Japan
53,600
630,872
UniCredit
SpA
........................................
Italy
15,840
601,564
US
Bancorp
.........................................
United
States
21,070
941,829
16,602,359
Beverages
0.8%
Asahi
Group
Holdings
Ltd.
...............................
Japan
10,000
367,174
Brown-Forman
Corp.
,
B
................................
United
States
3,346
172,721
Coca-Cola
HBC
AG
...................................
Italy
5,207
164,530
Constellation
Brands,
Inc.
,
A
.............................
United
States
1,201
326,384
Molson
Coors
Beverage
Co.
,
B
...........................
United
States
3,052
205,247
a
Monster
Beverage
Corp.
................................
United
States
21,991
1,303,626
PepsiCo,
Inc.
........................................
United
States
10,810
1,891,858
4,431,540
Biotechnology
1.2%
AbbVie,
Inc.
.........................................
United
States
8,044
1,464,812
Amgen,
Inc.
.........................................
United
States
3,398
966,119
CSL
Ltd.
............................................
United
States
4,600
863,087
a
Exelixis,
Inc.
.........................................
United
States
5,175
122,803
a
Genmab
A/S
.........................................
Denmark
2,900
869,447
Gilead
Sciences,
Inc.
..................................
United
States
5,470
400,677
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
1,187
1,142,476
a
United
Therapeutics
Corp.
...............................
United
States
366
84,077
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
2,072
866,117
6,779,615
Broadline
Retail
1.9%
Alibaba
Group
Holding
Ltd.
..............................
China
94,193
851,777
a
Amazon.com,
Inc.
.....................................
United
States
46,395
8,368,730
a
MercadoLibre,
Inc.
....................................
Brazil
550
831,578
Next
plc
............................................
United
Kingdom
2,578
300,479
Prosus
NV
..........................................
China
22,147
693,178
Wesfarmers
Ltd.
......................................
Australia
1,515
67,531
11,113,273
Building
Products
0.4%
a
Builders
FirstSource,
Inc.
...............................
United
States
2,259
471,114
Cie
de
Saint-Gobain
SA
................................
France
6,538
507,415
Kingspan
Group
plc
...................................
Ireland
2,649
241,250
Lennox
International,
Inc.
...............................
United
States
184
89,932
Masco
Corp.
.........................................
United
States
1,046
82,509
Owens
Corning
.......................................
United
States
1,492
248,866
Trane
Technologies
plc
.................................
United
States
2,656
797,331
2,438,417
Capital
Markets
1.7%
3i
Group
plc
.........................................
United
Kingdom
15,301
542,491
Affiliated
Managers
Group,
Inc.
...........................
United
States
543
90,936
Bank
of
New
York
Mellon
Corp.
(The)
......................
United
States
3,282
189,109
BlackRock,
Inc.
.......................................
United
States
291
242,607
Blackstone,
Inc.
......................................
United
States
2,140
281,132
Cboe
Global
Markets,
Inc.
...............................
United
States
393
72,206
Charles
Schwab
Corp.
(The)
.............................
United
States
39,112
2,829,362
Deutsche
Bank
AG
....................................
Germany
8,952
140,990
Evercore,
Inc.
,
A
......................................
United
States
580
111,702
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)
Capital
Markets
(continued)
a
Futu
Holdings
Ltd.
,
ADR
................................
Hong
Kong
800
$
43,320
Hargreaves
Lansdown
plc
...............................
United
Kingdom
8,335
77,351
Intercontinental
Exchange,
Inc.
...........................
United
States
5,565
764,798
Intermediate
Capital
Group
plc
...........................
United
Kingdom
38,000
984,178
Macquarie
Group
Ltd.
..................................
Australia
7,500
975,582
MSCI,
Inc.
,
A
.........................................
United
States
128
71,738
Partners
Group
Holding
AG
..............................
Switzerland
210
299,999
S&P
Global,
Inc.
......................................
United
States
2,444
1,039,800
SEI
Investments
Co.
...................................
United
States
1,670
120,073
Singapore
Exchange
Ltd.
...............................
Singapore
6,300
42,993
State
Street
Corp.
.....................................
United
States
5,453
421,626
T
Rowe
Price
Group,
Inc.
...............................
United
States
2,486
303,093
Tradeweb
Markets,
Inc.
,
A
...............................
United
States
3,100
322,927
UBS
Group
AG
.......................................
Switzerland
9,508
292,776
10,260,789
Chemicals
1.8%
Air
Liquide
SA
........................................
France
976
203,046
Air
Products
and
Chemicals,
Inc.
..........................
United
States
8,707
2,109,445
Albemarle
Corp.
......................................
United
States
5,730
754,870
BASF
SE
...........................................
Germany
1,405
80,283
CF
Industries
Holdings,
Inc.
.............................
United
States
3,617
300,971
a,b
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
10,397
568,689
DSM-Firmenich
AG
....................................
Switzerland
7,500
852,951
Ecolab,
Inc.
..........................................
United
States
1,572
362,975
ICL
Group
Ltd.
.......................................
Israel
12,672
67,260
LG
Chem
Ltd.
........................................
South
Korea
1,972
643,799
Linde
plc
............................................
United
States
1,585
735,947
LyondellBasell
Industries
NV
,
A
...........................
United
States
705
72,107
Mitsubishi
Chemical
Group
Corp.
.........................
Japan
6,800
41,438
Nitto
Denko
Corp.
.....................................
Japan
3,300
301,739
Sherwin-Williams
Co.
(The)
..............................
United
States
6,170
2,143,026
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
10,000
438,590
Sika
AG
............................................
Switzerland
3,400
1,011,728
10,688,864
Commercial
Services
&
Supplies
0.3%
Brambles
Ltd.
........................................
Australia
4,294
45,191
Cintas
Corp.
.........................................
United
States
126
86,566
a
Copart,
Inc.
..........................................
United
States
1,537
89,023
Dai
Nippon
Printing
Co.
Ltd.
.............................
Japan
1,200
36,748
Republic
Services,
Inc.
,
A
...............................
United
States
1,600
306,304
Securitas
AB
,
B
.......................................
Sweden
66,270
683,062
Veralto
Corp.
.........................................
United
States
8,720
773,115
2,020,009
Communications
Equipment
0.6%
a
Arista
Networks,
Inc.
...................................
United
States
2,664
772,507
Cisco
Systems,
Inc.
...................................
United
States
20,165
1,006,435
a
F5,
Inc.
.............................................
United
States
1,067
202,292
Motorola
Solutions,
Inc.
.................................
United
States
4,903
1,740,467
Telefonaktiebolaget
LM
Ericsson
,
B
........................
Sweden
13,779
74,093
3,795,794
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
..............
Spain
4,744
198,662
Eiffage
SA
...........................................
France
712
80,803
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)
Construction
&
Engineering
(continued)
EMCOR
Group,
Inc.
...................................
United
States
760
$
266,152
545,617
Construction
Materials
0.5%
CRH
plc
............................................
United
States
14,679
1,266,844
Eagle
Materials,
Inc.
...................................
United
States
333
90,493
Martin
Marietta
Materials,
Inc.
............................
United
States
3,006
1,845,504
3,202,841
Consumer
Finance
0.5%
American
Express
Co.
.................................
United
States
8,280
1,885,273
Capital
One
Financial
Corp.
.............................
United
States
5,220
777,206
Synchrony
Financial
...................................
United
States
6,929
298,778
2,961,257
Consumer
Staples
Distribution
&
Retail
0.7%
Albertsons
Cos.,
Inc.
,
A
.................................
United
States
3,666
78,599
Carrefour
SA
.........................................
France
3,518
60,346
Casey's
General
Stores,
Inc.
.............................
United
States
483
153,812
Costco
Wholesale
Corp.
................................
United
States
603
441,776
Jeronimo
Martins
SGPS
SA
.............................
Portugal
2,975
59,022
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
7,055
211,089
Kroger
Co.
(The)
......................................
United
States
11,471
655,338
MatsukiyoCocokara
&
Co.
...............................
Japan
1,900
30,506
Target
Corp.
.........................................
United
States
4,000
708,840
Tesco
plc
...........................................
United
Kingdom
111,394
417,190
Walmart,
Inc.
........................................
United
States
20,223
1,216,818
4,033,336
Containers
&
Packaging
0.4%
Packaging
Corp.
of
America
.............................
United
States
440
83,503
SIG
Group
AG
.......................................
Switzerland
40,000
887,020
Smurfit
Kappa
Group
plc
................................
Ireland
28,301
1,290,348
2,260,871
Diversified
Consumer
Services
0.0%
†
H&R
Block,
Inc.
.......................................
United
States
2,477
121,645
Pearson
plc
.........................................
United
Kingdom
3,106
40,895
162,540
Diversified
REITs
0.0%
†
Stockland
...........................................
Australia
38,884
122,869
Diversified
Telecommunication
Services
0.1%
AT&T,
Inc.
...........................................
United
States
9,282
163,363
Deutsche
Telekom
AG
..................................
Germany
20,585
499,667
Telenor
ASA
.........................................
Norway
14,525
161,523
824,553
Electric
Utilities
0.7%
BKW
AG
............................................
Switzerland
505
77,605
Chubu
Electric
Power
Co.,
Inc.
...........................
Japan
15,700
205,282
Edison
International
...................................
United
States
21,790
1,541,207
Endesa
SA
..........................................
Spain
6,050
112,171
Entergy
Corp.
........................................
United
States
693
73,236
Kansai
Electric
Power
Co.,
Inc.
(The)
......................
Japan
15,800
225,432
NextEra
Energy,
Inc.
...................................
United
States
13,167
841,503
NRG
Energy,
Inc.
.....................................
United
States
2,201
148,986
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)
Electric
Utilities
(continued)
OGE
Energy
Corp.
....................................
United
States
2,055
$
70,486
a,b
Orsted
A/S
,
144A
,
Reg
S
................................
Denmark
14,150
790,634
PPL
Corp.
...........................................
United
States
3,037
83,609
Southern
Co.
(The)
....................................
United
States
1,158
83,075
4,253,226
Electrical
Equipment
0.7%
ABB
Ltd.
............................................
Switzerland
5,335
247,506
Acuity
Brands,
Inc.
....................................
United
States
511
137,321
AMETEK,
Inc.
........................................
United
States
1,329
243,074
Eaton
Corp.
plc
.......................................
United
States
5,625
1,758,825
Emerson
Electric
Co.
..................................
United
States
700
79,394
Hubbell,
Inc.
,
B
.......................................
United
States
889
368,980
Mitsubishi
Electric
Corp.
................................
Japan
9,700
162,357
nVent
Electric
plc
.....................................
United
States
2,583
194,758
Prysmian
SpA
........................................
Italy
5,439
283,652
Vertiv
Holdings
Co.
,
A
..................................
United
States
5,656
461,926
3,937,793
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
A
....................................
United
States
6,734
776,767
Azbil
Corp.
..........................................
Japan
2,800
77,459
Jabil,
Inc.
...........................................
United
States
2,326
311,568
Keyence
Corp.
.......................................
Japan
200
92,846
TD
Synnex
Corp.
.....................................
United
States
689
77,926
TDK
Corp.
..........................................
Japan
4,200
206,240
TE
Connectivity
Ltd.
...................................
United
States
4,473
649,658
Vontier
Corp.
.........................................
United
States
2,266
102,786
Yokogawa
Electric
Corp.
................................
Japan
5,500
126,653
2,421,903
Energy
Equipment
&
Services
0.2%
SBM
Offshore
NV
.....................................
Netherlands
43,246
690,679
TechnipFMC
plc
......................................
United
Kingdom
3,747
94,087
a
Tecnicas
Reunidas
SA
.................................
Spain
27,960
226,929
1,011,695
Entertainment
0.9%
Capcom
Co.
Ltd.
......................................
Japan
8,000
149,863
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
13,000
1,155,814
Electronic
Arts,
Inc.
....................................
United
States
4,291
569,287
a
Netflix,
Inc.
..........................................
United
States
3,096
1,880,294
Nintendo
Co.
Ltd.
.....................................
Japan
1,200
65,473
a
ROBLOX
Corp.
,
A
.....................................
United
States
3,865
147,566
a
Spotify
Technology
SA
..................................
United
States
1,750
461,825
Walt
Disney
Co.
(The)
..................................
United
States
5,490
671,756
5,101,878
Financial
Services
2.1%
a
Berkshire
Hathaway,
Inc.
,
B
..............................
United
States
7,743
3,256,086
Eurazeo
SE
.........................................
France
1,076
94,280
a
Euronet
Worldwide,
Inc.
................................
United
States
743
81,678
EXOR
NV
...........................................
Netherlands
2,235
248,714
Industrivarden
AB
,
A
...................................
Sweden
3,137
107,862
Investor
AB
,
B
........................................
Sweden
4,182
104,926
Mastercard,
Inc.
,
A
....................................
United
States
4,767
2,295,644
MGIC
Investment
Corp.
.................................
United
States
4,831
108,021
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)
Financial
Services
(continued)
a
PayPal
Holdings,
Inc.
..................................
United
States
7,495
$
502,090
Visa,
Inc.
,
A
..........................................
United
States
18,522
5,169,120
Western
Union
Co.
(The)
................................
United
States
6,056
84,663
12,053,084
Food
Products
0.3%
Bunge
Global
SA
.....................................
United
States
2,638
270,448
Chocoladefabriken
Lindt
&
Spruengli
AG
....................
Switzerland
17
203,481
Ingredion,
Inc.
........................................
United
States
703
82,146
Lamb
Weston
Holdings,
Inc.
.............................
United
States
1,232
131,245
MEIJI
Holdings
Co.
Ltd.
.................................
Japan
4,000
87,325
Nestle
SA
...........................................
United
States
4,602
488,989
Nestle
SA
,
ADR
......................................
United
States
2,850
302,670
Nissin
Foods
Holdings
Co.
Ltd.
...........................
Japan
4,000
110,265
Salmar
ASA
.........................................
Norway
710
46,850
b
WH
Group
Ltd.
,
144A
,
Reg
S
............................
Hong
Kong
194,000
128,057
1,851,476
Gas
Utilities
0.0%
†
Tokyo
Gas
Co.
Ltd.
....................................
Japan
8,900
202,309
UGI
Corp.
...........................................
United
States
3,272
80,295
282,604
Ground
Transportation
0.8%
Canadian
Pacific
Kansas
City
Ltd.
.........................
Canada
3,560
313,885
CSX
Corp.
..........................................
United
States
2,123
78,700
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
1,150
229,138
Landstar
System,
Inc.
..................................
United
States
600
115,656
Ryder
System,
Inc.
....................................
United
States
749
90,022
a
Saia,
Inc.
...........................................
United
States
433
253,305
a
Uber
Technologies,
Inc.
.................................
United
States
15,610
1,201,814
Union
Pacific
Corp.
....................................
United
States
6,038
1,484,925
a
XPO,
Inc.
...........................................
United
States
6,745
823,092
4,590,537
Health
Care
Equipment
&
Supplies
1.7%
Abbott
Laboratories
....................................
United
States
2,669
303,358
Alcon,
Inc.
,
(
CHF
Traded)
...............................
Switzerland
12,500
1,033,951
Alcon,
Inc.
,
(
USD
Traded)
...............................
Switzerland
7,092
590,692
Asahi
Intecc
Co.
Ltd.
...................................
Japan
45,000
788,339
Becton
Dickinson
&
Co.
.................................
United
States
5,968
1,476,782
BioMerieux
..........................................
France
903
99,591
a
Boston
Scientific
Corp.
.................................
United
States
4,689
321,150
Cochlear
Ltd.
........................................
Australia
5,329
1,172,013
a
Demant
A/S
.........................................
Denmark
2,494
123,952
a
Edwards
Lifesciences
Corp.
.............................
United
States
2,534
242,149
a
Haemonetics
Corp.
....................................
United
States
1,895
161,738
Hoya
Corp.
..........................................
Japan
3,800
475,238
a
IDEXX
Laboratories,
Inc.
................................
United
States
346
186,816
a
Intuitive
Surgical,
Inc.
..................................
United
States
4,500
1,795,905
Straumann
Holding
AG
.................................
Switzerland
253
40,370
Stryker
Corp.
........................................
United
States
3,880
1,388,536
10,200,580
Health
Care
Providers
&
Services
1.7%
Cardinal
Health,
Inc.
...................................
United
States
4,461
499,186
Cencora,
Inc.
........................................
United
States
332
80,673
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)
Health
Care
Providers
&
Services
(continued)
a
Centene
Corp.
.......................................
United
States
9,747
$
764,944
CVS
Health
Corp.
.....................................
United
States
17,650
1,407,764
Elevance
Health,
Inc.
..................................
United
States
2,148
1,113,824
Laboratory
Corp.
of
America
Holdings
......................
United
States
832
181,759
McKesson
Corp.
......................................
United
States
5,056
2,714,313
a
Molina
Healthcare,
Inc.
.................................
United
States
743
305,247
UnitedHealth
Group,
Inc.
................................
United
States
6,420
3,175,974
10,243,684
Health
Care
Technology
0.1%
M3,
Inc.
............................................
Japan
2,800
40,293
a
Veeva
Systems,
Inc.
,
A
.................................
United
States
1,383
320,427
360,720
Hotels,
Restaurants
&
Leisure
0.6%
a
Airbnb,
Inc.
,
A
........................................
United
States
912
150,444
Amadeus
IT
Group
SA
.................................
Spain
14,500
930,809
Aristocrat
Leisure
Ltd.
..................................
Australia
4,051
113,432
Booking
Holdings,
Inc.
.................................
United
States
331
1,200,828
a
Chipotle
Mexican
Grill,
Inc.
,
A
............................
United
States
51
148,245
Domino's
Pizza,
Inc.
...................................
United
States
186
92,420
a
Expedia
Group,
Inc.
...................................
United
States
509
70,115
InterContinental
Hotels
Group
plc
.........................
United
Kingdom
3,494
363,039
b
La
Francaise
des
Jeux
SAEM
,
144A
,
Reg
S
.................
France
2,448
99,770
a
Royal
Caribbean
Cruises
Ltd.
............................
United
States
3,134
435,657
Whitbread
plc
........................................
United
Kingdom
1,287
53,803
Zensho
Holdings
Co.
Ltd.
...............................
Japan
2,200
91,481
3,750,043
Household
Durables
0.6%
Barratt
Developments
plc
...............................
United
Kingdom
112,090
672,720
Lennar
Corp.
,
A
.......................................
United
States
4,448
764,967
a
NVR,
Inc.
...........................................
United
States
32
259,199
Panasonic
Holdings
Corp.
...............................
Japan
21,400
204,223
Persimmon
plc
.......................................
United
Kingdom
42,992
712,773
PulteGroup,
Inc.
......................................
United
States
3,859
465,473
Sekisui
House
Ltd.
....................................
Japan
2,300
52,385
Taylor
Wimpey
plc
.....................................
United
Kingdom
86,910
150,244
Toll
Brothers,
Inc.
.....................................
United
States
1,848
239,076
3,521,060
Household
Products
0.1%
Colgate-Palmolive
Co.
.................................
United
States
3,733
336,157
Procter
&
Gamble
Co.
(The)
.............................
United
States
466
75,608
411,765
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
............................................
Germany
1,285
43,672
Vistra
Corp.
..........................................
United
States
5,810
404,666
448,338
Industrial
Conglomerates
0.2%
Hitachi
Ltd.
..........................................
Japan
6,900
630,484
Siemens
AG
.........................................
Germany
1,441
275,130
905,614
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)
Industrial
REITs
0.1%
Goodman
Group
......................................
Australia
12,828
$
282,566
Prologis,
Inc.
.........................................
United
States
2,156
280,755
STAG
Industrial,
Inc.
...................................
United
States
1,884
72,421
635,742
Insurance
1.4%
Aegon
Ltd.
..........................................
Netherlands
39,467
240,770
Aflac,
Inc.
...........................................
United
States
7,791
668,935
Ageas
SA/NV
........................................
Belgium
4,013
185,896
AIA
Group
Ltd.
.......................................
Hong
Kong
79,346
533,730
American
International
Group,
Inc.
........................
United
States
1,128
88,176
AXA
SA
.............................................
France
1,321
49,609
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,668
171,887
Japan
Post
Insurance
Co.
Ltd.
...........................
Japan
4,000
76,456
Loews
Corp.
.........................................
United
States
3,287
257,339
Marsh
&
McLennan
Cos.,
Inc.
............................
United
States
8,577
1,766,691
Medibank
Pvt
Ltd.
.....................................
Australia
20,647
50,588
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
..
Germany
1,079
526,680
NN
Group
NV
........................................
Netherlands
5,746
265,252
Old
Republic
International
Corp.
..........................
United
States
4,381
134,584
Progressive
Corp.
(The)
................................
United
States
4,778
988,186
Prudential
plc
,
(
GBP
Traded)
.............................
Hong
Kong
52,981
496,847
Prudential
plc
,
(
HKD
Traded)
.............................
Hong
Kong
7,250
67,895
Travelers
Cos.,
Inc.
(The)
...............................
United
States
6,527
1,502,124
8,071,645
Interactive
Media
&
Services
2.0%
a
Alphabet,
Inc.
,
A
......................................
United
States
26,508
4,000,852
a
Alphabet,
Inc.
,
C
......................................
United
States
8,773
1,335,777
b
Auto
Trader
Group
plc
,
144A
,
Reg
S
.......................
United
Kingdom
20,878
184,357
Meta
Platforms,
Inc.
,
A
.................................
United
States
12,463
6,051,784
11,572,770
IT
Services
0.4%
Keywords
Studios
plc
..................................
Ireland
60,000
985,913
NEC
Corp.
..........................................
Japan
2,300
167,901
Otsuka
Corp.
........................................
Japan
4,200
89,112
a
Shopify,
Inc.
,
A
.......................................
Canada
12,700
980,059
a
Snowflake,
Inc.
,
A
.....................................
United
States
997
161,115
2,384,100
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
............................
Japan
3,800
70,505
Life
Sciences
Tools
&
Services
1.2%
Agilent
Technologies,
Inc.
...............................
United
States
3,009
437,839
Danaher
Corp.
.......................................
United
States
3,104
775,131
a
Evotec
SE
...........................................
Germany
58,000
903,906
a
Medpace
Holdings,
Inc.
.................................
United
States
380
153,577
a
Mettler-Toledo
International,
Inc.
..........................
United
States
504
670,970
Tecan
Group
AG
......................................
Switzerland
1,900
787,270
Thermo
Fisher
Scientific,
Inc.
............................
United
States
5,489
3,190,262
West
Pharmaceutical
Services,
Inc.
........................
United
States
929
367,615
7,286,570
Machinery
1.4%
Allison
Transmission
Holdings,
Inc.
........................
United
States
1,465
118,899
Atlas
Copco
AB
,
A
.....................................
Sweden
25,817
435,936
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)
Machinery
(continued)
CNH
Industrial
NV
.....................................
United
States
67,405
$
873,569
Deere
&
Co.
.........................................
United
States
2,540
1,043,280
Dover
Corp.
.........................................
United
States
983
174,178
Illinois
Tool
Works,
Inc.
.................................
United
States
6,169
1,655,328
Ingersoll
Rand,
Inc.
....................................
United
States
4,826
458,229
Interroll
Holding
AG
....................................
Switzerland
270
897,292
ITT,
Inc.
............................................
United
States
1,284
174,663
Komatsu
Ltd.
........................................
Japan
11,000
325,477
Makita
Corp.
.........................................
Japan
5,200
147,777
Otis
Worldwide
Corp.
..................................
United
States
8,649
858,586
Rational
AG
.........................................
Germany
126
108,556
Schindler
Holding
AG
..................................
Switzerland
534
130,307
Snap-on,
Inc.
........................................
United
States
896
265,413
Toyota
Industries
Corp.
.................................
Japan
1,000
104,624
Wartsila
OYJ
Abp
.....................................
Finland
9,841
149,552
Xylem,
Inc.
..........................................
United
States
2,755
356,056
8,277,722
Marine
Transportation
0.0%
†
AP
Moller
-
Maersk
A/S
,
A
...............................
Denmark
66
84,561
Nippon
Yusen
KK
.....................................
Japan
6,600
181,185
265,746
Media
0.5%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
1,827
530,981
Comcast
Corp.
,
A
.....................................
United
States
52,432
2,272,927
New
York
Times
Co.
(The)
,
A
.............................
United
States
1,558
67,337
Publicis
Groupe
SA
....................................
France
2,113
230,350
3,101,595
Metals
&
Mining
0.7%
ArcelorMittal
SA
......................................
Luxembourg
12,173
334,585
BHP
Group
Ltd.
......................................
Australia
8,350
241,431
BlueScope
Steel
Ltd.
...................................
Australia
10,976
170,711
Fortescue
Ltd.
........................................
Australia
24,845
415,782
Freeport-McMoRan,
Inc.
................................
United
States
16,360
769,247
JFE
Holdings,
Inc.
.....................................
Japan
11,000
182,298
Nucor
Corp.
.........................................
United
States
4,591
908,559
Pilbara
Minerals
Ltd.
...................................
Australia
62,498
155,961
Reliance,
Inc.
........................................
United
States
954
318,808
Steel
Dynamics,
Inc.
...................................
United
States
2,746
407,040
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
14,165
422,944
voestalpine
AG
.......................................
Austria
2,636
73,944
4,401,310
Multi-Utilities
0.7%
Centrica
plc
.........................................
United
Kingdom
119,245
192,215
Consolidated
Edison,
Inc.
...............................
United
States
1,100
99,891
Public
Service
Enterprise
Group,
Inc.
......................
United
States
4,807
321,011
Sempra
.............................................
United
States
38,124
2,738,447
WEC
Energy
Group,
Inc.
................................
United
States
12,090
992,831
4,344,395
Oil,
Gas
&
Consumable
Fuels
2.3%
BP
plc
..............................................
United
Kingdom
341,806
2,144,126
Cheniere
Energy,
Inc.
..................................
United
States
3,095
499,162
Chevron
Corp.
.......................................
United
States
9,781
1,542,855
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
ConocoPhillips
.......................................
United
States
24,753
$
3,150,562
Galp
Energia
SGPS
SA
,
B
..............................
Portugal
17,658
291,915
HF
Sinclair
Corp.
.....................................
United
States
2,222
134,142
Inpex
Corp.
..........................................
Japan
9,900
150,482
Marathon
Petroleum
Corp.
..............................
United
States
5,122
1,032,083
Phillips
66
...........................................
United
States
4,134
675,247
Repsol
SA
...........................................
Spain
25,600
427,275
Shell
plc
............................................
Netherlands
52,013
1,725,629
TotalEnergies
SE
.....................................
France
6,454
443,946
Valero
Energy
Corp.
...................................
United
States
6,029
1,029,090
13,246,514
Paper
&
Forest
Products
0.0%
†
Mondi
plc
...........................................
Austria
4,788
84,326
Passenger
Airlines
0.0%
†
a
Qantas
Airways
Ltd.
...................................
Australia
10,987
39,005
Personal
Care
Products
0.4%
Beiersdorf
AG
........................................
Germany
2,117
308,215
Estee
Lauder
Cos.,
Inc.
(The)
,
A
..........................
United
States
3,460
533,359
Haleon
plc
,
ADR
......................................
United
States
113,630
964,719
L'Oreal
SA
..........................................
France
1,277
604,723
2,411,016
Pharmaceuticals
2.2%
c
AstraZeneca
plc
......................................
United
Kingdom
7,321
983,453
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
5,114
346,474
Chugai
Pharmaceutical
Co.
Ltd.
..........................
Japan
10,400
397,414
Daiichi
Sankyo
Co.
Ltd.
.................................
Japan
29,000
922,687
Eli
Lilly
&
Co.
........................................
United
States
4,218
3,281,435
GSK
plc
............................................
United
States
24,110
517,610
Hikma
Pharmaceuticals
plc
..............................
Jordan
2,579
62,384
Ipsen
SA
............................................
France
934
111,137
Johnson
&
Johnson
...................................
United
States
8,607
1,361,541
Merck
&
Co.,
Inc.
.....................................
United
States
12,209
1,610,978
Novartis
AG
.........................................
Switzerland
7,965
771,520
Novo
Nordisk
A/S
,
B
...................................
Denmark
9,631
1,235,321
Otsuka
Holdings
Co.
Ltd.
...............................
Japan
8,500
353,052
Roche
Holding
AG
....................................
United
States
1,064
271,675
Shionogi
&
Co.
Ltd.
....................................
Japan
6,300
321,920
Zoetis,
Inc.
,
A
........................................
United
States
3,011
509,491
13,058,092
Professional
Services
0.5%
Adecco
Group
AG
.....................................
Switzerland
16,951
670,658
Automatic
Data
Processing,
Inc.
..........................
United
States
187
46,701
Experian
plc
.........................................
United
States
23,000
1,002,099
Randstad
NV
........................................
Netherlands
2,447
129,209
Recruit
Holdings
Co.
Ltd.
...............................
Japan
2,700
118,541
RELX
plc
...........................................
United
Kingdom
2,724
117,464
Robert
Half,
Inc.
......................................
United
States
1,906
151,108
Science
Applications
International
Corp.
....................
United
States
595
77,582
Verisk
Analytics,
Inc.
,
A
.................................
United
States
1,223
288,298
Wolters
Kluwer
NV
....................................
Netherlands
768
120,255
2,721,915
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)
Real
Estate
Management
&
Development
0.1%
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
16,000
$
65,931
Daiwa
House
Industry
Co.
Ltd.
...........................
Japan
6,800
202,392
Hulic
Co.
Ltd.
........................................
Japan
8,000
82,157
Swire
Pacific
Ltd.
,
A
...................................
Hong
Kong
10,500
86,440
436,920
Residential
REITs
0.0%
†
Essex
Property
Trust,
Inc.
...............................
United
States
327
80,053
Retail
REITs
0.2%
Brixmor
Property
Group,
Inc.
.............................
United
States
3,199
75,016
Klepierre
SA
.........................................
France
4,023
104,133
NNN
REIT,
Inc.
.......................................
United
States
1,946
83,172
Simon
Property
Group,
Inc.
..............................
United
States
5,728
896,375
1,158,696
Semiconductors
&
Semiconductor
Equipment
5.5%
Applied
Materials,
Inc.
..................................
United
States
5,184
1,069,096
a
ARM
Holdings
plc
,
ADR
................................
United
States
900
112,491
ASM
International
NV
..................................
Netherlands
88
53,889
ASML
Holding
NV
.....................................
Netherlands
2,018
1,956,283
ASML
Holding
NV
,
ADR
................................
Netherlands
1,802
1,748,787
BE
Semiconductor
Industries
NV
..........................
Netherlands
1,769
270,961
Broadcom,
Inc.
.......................................
United
States
1,217
1,613,024
a
Cirrus
Logic,
Inc.
......................................
United
States
884
81,823
Disco
Corp.
..........................................
Japan
3,300
1,206,181
Infineon
Technologies
AG
...............................
Germany
25,965
882,913
Intel
Corp.
...........................................
United
States
84,535
3,733,911
KLA
Corp.
...........................................
United
States
904
631,507
Lam
Research
Corp.
...................................
United
States
2,035
1,977,145
a
Lattice
Semiconductor
Corp.
.............................
United
States
1,786
139,719
Microchip
Technology,
Inc.
..............................
United
States
19,910
1,786,126
Monolithic
Power
Systems,
Inc.
...........................
United
States
1,083
733,646
NVIDIA
Corp.
........................................
United
States
11,794
10,656,587
NXP
Semiconductors
NV
...............................
China
3,703
917,492
QUALCOMM,
Inc.
.....................................
United
States
587
99,379
SCREEN
Holdings
Co.
Ltd.
..............................
Japan
2,100
272,257
STMicroelectronics
NV
.................................
Singapore
9,240
397,655
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
45,586
1,092,085
Texas
Instruments,
Inc.
.................................
United
States
3,555
619,317
32,052,274
Software
5.5%
a
Adobe,
Inc.
..........................................
United
States
3,649
1,841,285
a
ANSYS,
Inc.
.........................................
United
States
298
103,454
a
AppLovin
Corp.
,
A
.....................................
United
States
3,388
234,517
a
Atlassian
Corp.
,
A
.....................................
United
States
2,207
430,608
a
Autodesk,
Inc.
........................................
United
States
2,030
528,653
a
BILL
Holdings,
Inc.
....................................
United
States
3,236
222,378
a
Cadence
Design
Systems,
Inc.
...........................
United
States
2,875
894,930
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,328
217,805
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
560
179,530
a
CyberArk
Software
Ltd.
.................................
United
States
3,542
940,861
a
DocuSign,
Inc.
,
A
.....................................
United
States
3,449
205,388
a
Dropbox,
Inc.
,
A
......................................
United
States
4,303
104,563
a
Fair
Isaac
Corp.
......................................
United
States
434
542,331
Intuit,
Inc.
...........................................
United
States
3,259
2,118,350
a
Kinaxis,
Inc.
.........................................
Canada
8,800
1,000,554
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)
Software
(continued)
a
Manhattan
Associates,
Inc.
..............................
United
States
953
$
238,469
Microsoft
Corp.
.......................................
United
States
30,305
12,749,920
a
Monday.com
Ltd.
......................................
United
States
3,900
880,893
a
Nice
Ltd.
,
ADR
.......................................
Israel
3,500
912,170
Oracle
Corp.
.........................................
United
States
5,799
728,412
a
Palo
Alto
Networks,
Inc.
................................
United
States
2,797
794,712
a
Procore
Technologies,
Inc.
..............................
United
States
200
16,434
a
PTC,
Inc.
...........................................
United
States
3,021
570,788
Sage
Group
plc
(The)
..................................
United
Kingdom
21,825
348,781
Salesforce,
Inc.
.......................................
United
States
4,536
1,366,152
SAP
SE
............................................
Germany
2,307
449,196
a
ServiceNow,
Inc.
......................................
United
States
1,610
1,227,464
a
Synopsys,
Inc.
.......................................
United
States
1,437
821,245
a
Tyler
Technologies,
Inc.
.................................
United
States
284
120,703
a
Workday,
Inc.
,
A
......................................
United
States
4,383
1,195,463
a
Xero
Ltd.
............................................
New
Zealand
2,662
231,140
32,217,149
Specialized
REITs
0.3%
American
Tower
Corp.
..................................
United
States
4,586
906,148
Equinix,
Inc.
.........................................
United
States
642
529,862
Public
Storage
.......................................
United
States
268
77,736
VICI
Properties,
Inc.
,
A
.................................
United
States
4,532
135,008
1,648,754
Specialty
Retail
0.6%
a
AutoZone,
Inc.
.......................................
United
States
28
88,246
Best
Buy
Co.,
Inc.
.....................................
United
States
1,048
85,967
Home
Depot,
Inc.
(The)
.................................
United
States
3,325
1,275,470
Industria
de
Diseno
Textil
SA
.............................
Spain
10,555
531,486
JD
Sports
Fashion
plc
..................................
United
Kingdom
207,850
353,079
Murphy
USA,
Inc.
.....................................
United
States
316
132,467
a
O'Reilly
Automotive,
Inc.
................................
United
States
404
456,068
TJX
Cos.,
Inc.
(The)
...................................
United
States
832
84,382
a
Ulta
Beauty,
Inc.
......................................
United
States
166
86,798
Williams-Sonoma,
Inc.
.................................
United
States
1,043
331,184
3,425,147
Technology
Hardware,
Storage
&
Peripherals
1.7%
Apple,
Inc.
..........................................
United
States
42,292
7,252,232
FUJIFILM
Holdings
Corp.
...............................
Japan
3,900
87,567
Logitech
International
SA
...............................
Switzerland
661
59,235
NetApp,
Inc.
.........................................
United
States
3,278
344,092
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
32,703
1,960,352
Seiko
Epson
Corp.
....................................
Japan
4,800
83,959
9,787,437
Textiles,
Apparel
&
Luxury
Goods
0.7%
Burberry
Group
plc
....................................
United
Kingdom
6,838
104,588
a
Deckers
Outdoor
Corp.
.................................
United
States
421
396,271
Hermes
International
SCA
...............................
France
80
204,453
Kering
SA
...........................................
France
1,634
647,170
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
435
391,393
NIKE,
Inc.
,
B
.........................................
United
States
9,674
909,163
Pandora
A/S
.........................................
Denmark
1,955
315,528
Puma
SE
...........................................
Germany
20,000
905,083
PVH
Corp.
..........................................
United
States
643
90,412
Ralph
Lauren
Corp.
,
A
..................................
United
States
583
109,464
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)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Swatch
Group
AG
(The)
,
N
..............................
Switzerland
1,234
$
55,958
4,129,483
Tobacco
0.2%
Altria
Group,
Inc.
......................................
United
States
1,743
76,030
Imperial
Brands
plc
....................................
United
Kingdom
26,057
582,448
Japan
Tobacco,
Inc.
...................................
Japan
8,300
221,279
879,757
Trading
Companies
&
Distributors
0.6%
a
Core
&
Main,
Inc.
,
A
...................................
United
States
2,151
123,145
Fastenal
Co.
.........................................
United
States
8,123
626,608
Mitsubishi
Corp.
......................................
Japan
26,900
621,651
RS
Group
plc
........................................
United
Kingdom
73,000
669,291
Toyota
Tsusho
Corp.
...................................
Japan
5,100
350,198
WW
Grainger,
Inc.
.....................................
United
States
1,168
1,188,206
3,579,099
Transportation
Infrastructure
0.0%
†
b
Aena
SME
SA
,
144A
,
Reg
S
.............................
Spain
423
83,308
Water
Utilities
0.0%
†
American
Water
Works
Co.,
Inc.
..........................
United
States
1,503
183,682
Total
Common
Stocks
(Cost
$
229,748,095
)
.....................................
338,037,032
Management
Investment
Companies
1.9%
Capital
Markets
1.9%
Schwab
U.S.
TIPS
ETF
.................................
United
States
207,048
10,799,624
Total
Management
Investment
Companies
(Cost
$
12,735,005
)
....................
10,799,624
Preferred
Stocks
0.1%
Household
Products
0.0%
†
d
Henkel
AG
&
Co.
KGaA
,
2.48
%
...........................
Germany
2,288
183,892
Life
Sciences
Tools
&
Services
0.1%
a
Sartorius
AG
.........................................
Germany
1,200
476,510
a
Total
Preferred
Stocks
(Cost
$
589,871
)
.........................................
660,402
Rights
Rights
0.0%
Tobacco
0.0%
a,e
Swedish
Match
AB
,
2/23/28
..............................
Sweden
17,324
—
Total
Rights
(Cost
$
182,401
)
..................................................
—
Units
Limited
Partnerships
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Enterprise
Products
Partners
LP
..........................
United
States
64,794
1,890,689
1,890,689
Total
Limited
Partnerships
(Cost
$
1,660,976
)
...................................
1,890,689
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
10.9%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond
,
3.2
%
,
3/01/29
............................
United
States
20,000
$
17,879
Senior
Bond
,
3.25
%
,
2/01/35
...........................
United
States
10,000
7,875
Senior
Bond
,
3.5
%
,
3/01/39
............................
United
States
200,000
148,506
Senior
Bond
,
5.705
%
,
5/01/40
..........................
United
States
10,000
9,579
Senior
Note
,
4.875
%
,
5/01/25
..........................
United
States
70,000
69,233
Senior
Note
,
5.15
%
,
5/01/30
...........................
United
States
50,000
48,400
General
Dynamics
Corp.
,
Senior
Bond
,
4.25
%
,
4/01/50
.........
United
States
10,000
8,722
Howmet
Aerospace,
Inc.
,
Senior
Note
,
3
%
,
1/15/29
............
United
States
150,000
135,608
Lockheed
Martin
Corp.
,
Senior
Bond
,
3.9
%
,
6/15/32
............................
United
States
10,000
9,392
Senior
Bond
,
4.15
%
,
6/15/53
...........................
United
States
50,000
42,243
Senior
Bond
,
5.2
%
,
2/15/64
............................
United
States
10,000
9,896
Northrop
Grumman
Corp.
,
Senior
Bond
,
3.25
%
,
1/15/28
...........................
United
States
10,000
9,452
Senior
Bond
,
5.25
%
,
5/01/50
...........................
United
States
190,000
186,588
Senior
Note
,
2.93
%
,
1/15/25
...........................
United
States
20,000
19,632
RTX
Corp.
,
Senior
Bond
,
4.125
%
,
11/16/28
.........................
United
States
20,000
19,356
Senior
Bond
,
4.15
%
,
5/15/45
...........................
United
States
20,000
16,638
Senior
Bond
,
3.125
%
,
7/01/50
..........................
United
States
30,000
20,502
Senior
Bond
,
3.03
%
,
3/15/52
...........................
United
States
200,000
132,595
Senior
Note
,
6
%
,
3/15/31
.............................
United
States
20,000
21,037
933,133
Air
Freight
&
Logistics
0.0%
†
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.......
United
States
100,000
80,171
Automobile
Components
0.0%
†
Aptiv
plc
,
Senior
Bond
,
3.1
%
,
12/01/51
.....................
United
States
150,000
94,698
Automobiles
0.0%
†
Ford
Motor
Co.
,
Senior
Bond
,
6.1
%
,
8/19/32
.................
United
States
20,000
20,279
General
Motors
Co.
,
Senior
Bond
,
6.6
%
,
4/01/36
..............
United
States
20,000
21,279
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
....
United
States
250,000
251,047
292,605
Banks
2.4%
b
,f
ABN
AMRO
Bank
NV
,
Senior
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
..........................
Netherlands
200,000
203,510
Bank
of
America
Corp.
,
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
...
United
States
80,000
75,073
Senior
Bond
,
3.974%
to
2/06/29,
FRN
thereafter
,
2/07/30
.....
United
States
230,000
218,052
Senior
Bond
,
1.922%
to
10/23/30,
FRN
thereafter
,
10/24/31
...
United
States
200,000
163,024
Senior
Bond
,
2.572%
to
10/19/31,
FRN
thereafter
,
10/20/32
...
United
States
90,000
74,696
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
.....
United
States
70,000
66,518
Senior
Bond
,
5.468%
to
1/22/34,
FRN
thereafter
,
1/23/35
.....
United
States
240,000
241,655
Senior
Bond
,
5
%
,
1/21/44
.............................
United
States
20,000
19,371
Senior
Bond
,
4.083%
to
3/19/50,
FRN
thereafter
,
3/20/51
.....
United
States
100,000
82,063
Senior
Note
,
1.319%
to
6/18/25,
FRN
thereafter
,
6/19/26
......
United
States
150,000
142,628
Senior
Note
,
6.204%
to
11/09/27,
FRN
thereafter
,
11/10/28
....
United
States
1,030,000
1,065,970
Sub.
Bond
,
4
%
,
1/22/25
..............................
United
States
20,000
19,740
Sub.
Bond
,
4.25
%
,
10/22/26
...........................
United
States
100,000
97,861
Sub.
Bond
,
2.482%
to
9/20/31,
FRN
thereafter
,
9/21/36
.......
United
States
10,000
8,004
L
,
Sub.
Bond
,
4.183
%
,
11/25/27
........................
United
States
200,000
194,205
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
...............
Canada
30,000
$
28,899
Bank
of
Nova
Scotia
(The)
,
Senior
Note
,
3.45
%
,
4/11/25
...........................
Canada
50,000
49,024
Sub.
Bond
,
4.588%
to
5/03/32,
FRN
thereafter
,
5/04/37
.......
Canada
10,000
9,073
b
BNP
Paribas
SA
,
f
144A,
FRN
,
5.176
%
,
(
SOFR
+
1.52
%
),
1/09/30
.............
France
250,000
250,129
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
France
200,000
196,171
Senior
Note
,
144A,
1.675%
to
6/29/26,
FRN
thereafter
,
6/30/27
.
France
200,000
184,300
b
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
France
250,000
228,167
Sub.
Bond
,
144A,
5.15
%
,
7/21/24
.......................
France
400,000
398,360
Citigroup,
Inc.
,
Senior
Bond
,
2.572%
to
6/02/30,
FRN
thereafter
,
6/03/31
.....
United
States
510,000
435,939
Senior
Bond
,
4.91%
to
5/23/32,
FRN
thereafter
,
5/24/33
......
United
States
80,000
77,157
Senior
Bond
,
2.904%
to
11/02/41,
FRN
thereafter
,
11/03/42
....
United
States
30,000
21,562
Senior
Note
,
3.352%
to
4/23/24,
FRN
thereafter
,
4/24/25
......
United
States
750,000
748,766
Senior
Note
,
3.29%
to
3/16/25,
FRN
thereafter
,
3/17/26
.......
United
States
40,000
39,100
Senior
Note
,
4.658%
to
5/23/27,
FRN
thereafter
,
5/24/28
......
United
States
120,000
118,232
Senior
Note
,
5.174%
to
2/12/29,
FRN
thereafter
,
2/13/30
......
United
States
300,000
298,688
Sub.
Bond
,
5.5
%
,
9/13/25
.............................
United
States
10,000
9,999
Sub.
Bond
,
4.45
%
,
9/29/27
............................
United
States
40,000
38,923
Sub.
Bond
,
5.3
%
,
5/06/44
.............................
United
States
20,000
19,446
b
,f
Commonwealth
Bank
of
Australia
,
Senior
Note
,
144A,
FRN
,
6.082
%
,
(
SOFR
+
0.74
%
),
3/14/25
..............................
Australia
230,000
231,198
b
Cooperatieve
Rabobank
UA
,
Senior
Note
,
144A,
3.649%
to
4/05/27,
FRN
thereafter
,
4/06/28
...............................
Netherlands
250,000
238,124
b
,f
Danske
Bank
A/S
,
144A,
FRN
,
5.427
%
,
(
1-year
CMT
T-Note
+
0.95
%
),
3/01/28
...
Denmark
200,000
200,490
144A,
FRN
,
5.705
%
,
(
1-year
CMT
T-Note
+
1.4
%
),
3/01/30
....
Denmark
200,000
201,356
HSBC
Holdings
plc
,
Senior
Note
,
0.976%
to
5/23/24,
FRN
thereafter
,
5/24/25
......
United
Kingdom
200,000
198,469
Senior
Note
,
1.645%
to
8/17/25,
FRN
thereafter
,
4/18/26
......
United
Kingdom
525,000
503,010
Senior
Note
,
1.589%
to
5/23/26,
FRN
thereafter
,
5/24/27
......
United
Kingdom
200,000
184,079
Senior
Note
,
4.755%
to
6/08/27,
FRN
thereafter
,
6/09/28
......
United
Kingdom
200,000
196,202
JPMorgan
Chase
&
Co.
,
Senior
Bond
,
3.54%
to
4/30/27,
FRN
thereafter
,
5/01/28
......
United
States
1,200,000
1,146,691
Senior
Bond
,
4.452%
to
12/04/28,
FRN
thereafter
,
12/05/29
...
United
States
60,000
58,510
Senior
Bond
,
2.545%
to
11/07/31,
FRN
thereafter
,
11/08/32
....
United
States
30,000
24,972
Senior
Bond
,
5.35%
to
5/31/33,
FRN
thereafter
,
6/01/34
......
United
States
200,000
200,844
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
.....
United
States
100,000
100,429
Senior
Bond
,
3.109%
to
4/21/50,
FRN
thereafter
,
4/22/51
.....
United
States
20,000
13,909
Senior
Note
,
2.083%
to
4/21/25,
FRN
thereafter
,
4/22/26
......
United
States
80,000
77,105
Senior
Note
,
4.565%
to
6/13/29,
FRN
thereafter
,
6/14/30
......
United
States
60,000
58,533
Sub.
Bond
,
3.625
%
,
12/01/27
..........................
United
States
60,000
57,151
Sub.
Bond
,
2.956%
to
5/12/30,
FRN
thereafter
,
5/13/31
.......
United
States
200,000
174,891
Sub.
Bond
,
4.95
%
,
6/01/45
............................
United
States
10,000
9,515
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
250,000
243,093
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
200,000
204,481
PNC
Financial
Services
Group,
Inc.
(The)
,
g
T
,
Junior
Sub.
Bond
,
3.4%
to
9/14/26,
FRN
thereafter
,
Perpetual
United
States
230,000
201,604
Senior
Bond
,
5.676%
to
1/21/34,
FRN
thereafter
,
1/22/35
.....
United
States
50,000
50,478
Senior
Note
,
5.812%
to
6/11/25,
FRN
thereafter
,
6/12/26
......
United
States
10,000
10,037
Senior
Note
,
5.582%
to
6/11/28,
FRN
thereafter
,
6/12/29
......
United
States
30,000
30,374
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Royal
Bank
of
Canada
,
Senior
Bond
,
3.875
%
,
5/04/32
..........................
Canada
50,000
$
46,243
Senior
Bond
,
5.15
%
,
2/01/34
...........................
Canada
20,000
20,029
Senior
Note
,
1.15
%
,
6/10/25
...........................
Canada
20,000
19,083
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
200,000
183,009
b
Societe
Generale
SA
,
Senior
Note
,
144A,
2.625
%
,
1/22/25
.....................
France
250,000
243,689
Senior
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.
France
200,000
183,262
b
Standard
Chartered
plc
,
Senior
Bond
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
250,000
243,816
Toronto-Dominion
Bank
(The)
,
Senior
Bond
,
4.456
%
,
6/08/32
..........................
Canada
10,000
9,581
Senior
Note
,
1.15
%
,
6/12/25
...........................
Canada
20,000
19,056
Senior
Note
,
4.693
%
,
9/15/27
..........................
Canada
200,000
198,185
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
......
United
States
150,000
150,789
Senior
Note
,
6.047%
to
6/07/26,
FRN
thereafter
,
6/08/27
......
United
States
20,000
20,275
b
UniCredit
SpA
,
Senior
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
...................................
Italy
300,000
276,972
US
Bancorp
,
Senior
Bond
,
5.836%
to
6/09/33,
FRN
thereafter
,
6/12/34
.....
United
States
10,000
10,196
Senior
Note
,
1.45
%
,
5/12/25
...........................
United
States
30,000
28,769
Senior
Note
,
5.727%
to
10/20/25,
FRN
thereafter
,
10/21/26
....
United
States
100,000
100,570
Senior
Note
,
5.775%
to
6/11/28,
FRN
thereafter
,
6/12/29
......
United
States
20,000
20,355
Wells
Fargo
&
Co.
,
Senior
Bond
,
2.879%
to
10/29/29,
FRN
thereafter
,
10/30/30
...
United
States
440,000
389,101
Senior
Bond
,
3.35%
to
3/01/32,
FRN
thereafter
,
3/02/33
......
United
States
230,000
199,631
Senior
Bond
,
5.389%
to
4/23/33,
FRN
thereafter
,
4/24/34
.....
United
States
450,000
447,356
Senior
Bond
,
5.013%
to
4/03/50,
FRN
thereafter
,
4/04/51
.....
United
States
200,000
187,908
Senior
Note
,
2.188%
to
4/29/25,
FRN
thereafter
,
4/30/26
......
United
States
60,000
57,796
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
.......
United
States
100,000
98,750
Senior
Note
,
4.808%
to
7/24/27,
FRN
thereafter
,
7/25/28
......
United
States
390,000
384,392
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
......
United
States
100,000
99,818
Sub.
Bond
,
4.3
%
,
7/22/27
.............................
United
States
60,000
58,467
Sub.
Bond
,
4.9
%
,
11/17/45
............................
United
States
80,000
72,030
14,208,978
Beverages
0.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
............................
Belgium
100,000
95,093
Senior
Note
,
3.65
%
,
2/01/26
...........................
Belgium
9,000
8,800
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.75
%
,
1/23/29
...........................
Belgium
60,000
60,011
Senior
Bond
,
3.5
%
,
6/01/30
............................
Belgium
420,000
391,408
Senior
Bond
,
4.35
%
,
6/01/40
...........................
Belgium
30,000
27,186
Senior
Bond
,
5.8
%
,
1/23/59
............................
Belgium
150,000
161,456
Coca-Cola
Co.
(The)
,
Senior
Bond
,
2.5
%
,
6/01/40
.............
United
States
10,000
7,273
Constellation
Brands,
Inc.
,
Senior
Note
,
3.6
%
,
5/09/24
............................
United
States
10,000
9,977
Senior
Note
,
4.35
%
,
5/09/27
...........................
United
States
10,000
9,796
PepsiCo,
Inc.
,
Senior
Bond
,
1.625
%
,
5/01/30
.................
United
States
10,000
8,402
779,402
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)
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/34
...........................
United
States
20,000
$
20,257
Senior
Bond
,
4.85
%
,
6/15/44
...........................
United
States
400,000
382,379
Senior
Bond
,
4.75
%
,
3/15/45
...........................
United
States
100,000
94,251
Senior
Bond
,
4.25
%
,
11/21/49
..........................
United
States
40,000
34,673
Senior
Note
,
2.6
%
,
11/21/24
...........................
United
States
100,000
98,218
Senior
Note
,
2.95
%
,
11/21/26
..........................
United
States
40,000
38,103
Senior
Note
,
4.8
%
,
3/15/29
............................
United
States
20,000
20,040
Senior
Note
,
3.2
%
,
11/21/29
...........................
United
States
90,000
82,956
Senior
Note
,
4.95
%
,
3/15/31
...........................
United
States
10,000
10,076
Amgen,
Inc.
,
Senior
Bond
,
2.45
%
,
2/21/30
...........................
United
States
200,000
174,972
Senior
Bond
,
5.25
%
,
3/02/33
...........................
United
States
100,000
100,887
Senior
Bond
,
5.6
%
,
3/02/43
............................
United
States
420,000
427,563
b
,c
CSL
Finance
plc
,
Senior
Bond
,
144A,
5.106
%
,
4/03/34
.........
Australia
90,000
90,377
Gilead
Sciences,
Inc.
,
Senior
Bond
,
5.25
%
,
10/15/33
..........................
United
States
140,000
142,949
Senior
Bond
,
4.75
%
,
3/01/46
...........................
United
States
10,000
9,191
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
2.8
%
,
9/15/50
...
United
States
340,000
214,430
1,941,322
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
1.5
%
,
6/03/30
............................
United
States
30,000
25,053
Senior
Bond
,
3.6
%
,
4/13/32
............................
United
States
70,000
65,220
Senior
Bond
,
3.875
%
,
8/22/37
..........................
United
States
30,000
27,097
Senior
Bond
,
2.5
%
,
6/03/50
............................
United
States
110,000
70,270
Senior
Bond
,
4.25
%
,
8/22/57
...........................
United
States
10,000
8,714
Senior
Note
,
1.2
%
,
6/03/27
............................
United
States
60,000
53,958
b
Prosus
NV
,
Senior
Bond
,
144A,
3.68
%
,
1/21/30
...............
China
200,000
175,675
425,987
Capital
Markets
0.8%
Charles
Schwab
Corp.
(The)
,
Senior
Bond
,
6.136%
to
8/23/33,
FRN
thereafter
,
8/24/34
.....
United
States
10,000
10,438
Senior
Note
,
5.875
%
,
8/24/26
..........................
United
States
40,000
40,677
Credit
Suisse
AG
,
Senior
Note
,
1.25
%
,
8/07/26
...............
Switzerland
250,000
227,824
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
150,000
150,942
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
1/23/25
............................
United
States
425,000
418,279
Senior
Bond
,
3.691%
to
6/04/27,
FRN
thereafter
,
6/05/28
.....
United
States
140,000
133,989
Senior
Bond
,
2.65%
to
10/20/31,
FRN
thereafter
,
10/21/32
....
United
States
70,000
58,263
Senior
Bond
,
2.908%
to
7/20/41,
FRN
thereafter
,
7/21/42
.....
United
States
40,000
28,790
Senior
Note
,
3.5
%
,
4/01/25
............................
United
States
40,000
39,254
Senior
Note
,
1.948%
to
10/20/26,
FRN
thereafter
,
10/21/27
....
United
States
200,000
183,893
Senior
Note
,
2.64%
to
2/23/27,
FRN
thereafter
,
2/24/28
.......
United
States
200,000
186,330
Sub.
Bond
,
4.25
%
,
10/21/25
...........................
United
States
200,000
196,331
Sub.
Bond
,
5.15
%
,
5/22/45
............................
United
States
50,000
48,379
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
4.6
%
,
3/15/33
.....
United
States
10,000
9,704
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
..........................
United
States
860,000
817,345
Senior
Bond
,
3.772%
to
1/23/28,
FRN
thereafter
,
1/24/29
.....
United
States
40,000
38,089
Senior
Bond
,
3.622%
to
3/31/30,
FRN
thereafter
,
4/01/31
.....
United
States
320,000
293,597
Senior
Bond
,
2.511%
to
10/19/31,
FRN
thereafter
,
10/20/32
....
United
States
100,000
82,746
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)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
......
United
States
250,000
$
248,134
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
.....
United
States
50,000
50,466
Senior
Note
,
2.188%
to
4/27/25,
FRN
thereafter
,
4/28/26
......
United
States
50,000
48,252
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
..................
United
States
170,000
172,971
b
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...........................................
United
States
100,000
99,784
b
UBS
Group
AG
,
Senior
Bond
,
144A,
2.095%
to
2/10/31,
FRN
thereafter
,
2/11/32
.
Switzerland
225,000
180,356
Senior
Note
,
144A,
4.488%
to
5/11/25,
FRN
thereafter
,
5/12/26
.
Switzerland
200,000
197,212
Senior
Note
,
144A,
1.305%
to
2/01/26,
FRN
thereafter
,
2/02/27
.
Switzerland
250,000
231,407
f
Senior
Note
,
144A,
FRN
,
6.327
%
,
(
1-year
CMT
T-Note
+
1.6
%
),
12/22/27
..........................................
Switzerland
300,000
306,567
4,500,019
Chemicals
0.1%
Albemarle
Corp.
,
Senior
Note
,
4.65
%
,
6/01/27
................
United
States
150,000
147,276
DuPont
de
Nemours,
Inc.
,
Senior
Bond
,
5.419
%
,
11/15/48
.......
United
States
180,000
179,984
FMC
Corp.
,
Senior
Bond
,
5.65
%
,
5/18/33
...................
United
States
125,000
122,974
450,234
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
No.
2
,
Senior
Bond
,
3.7
%
,
4/01/27
............................
United
States
10,000
9,718
Senior
Bond
,
4
%
,
5/01/32
.............................
United
States
10,000
9,441
RELX
Capital,
Inc.
,
Senior
Bond
,
3
%
,
5/22/30
................
United
Kingdom
300,000
269,478
b
Veralto
Corp.
,
Senior
Note
,
144A,
5.5
%
,
9/18/26
..............
United
States
250,000
251,066
Waste
Connections,
Inc.
,
Senior
Bond
,
5
%
,
3/01/34
............
United
States
20,000
19,819
559,522
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
,
Senior
Bond
,
5.05
%
,
2/26/34
.............
United
States
230,000
233,203
Motorola
Solutions,
Inc.
,
Senior
Bond
,
4.6
%
,
5/23/29
............................
United
States
280,000
274,506
Senior
Bond
,
5.4
%
,
4/15/34
............................
United
States
150,000
149,761
657,470
Consumer
Finance
0.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
...........................
Ireland
150,000
126,417
Senior
Note
,
2.45
%
,
10/29/26
..........................
Ireland
150,000
139,351
Senior
Note
,
3
%
,
10/29/28
............................
Ireland
300,000
271,605
American
Express
Co.
,
Senior
Note
,
2.5
%
,
7/30/24
............................
United
States
70,000
69,289
Senior
Note
,
4.05
%
,
5/03/29
...........................
United
States
20,000
19,408
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.75
%
,
3/09/27
.......
United
States
435,000
417,633
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
5.4
%
,
4/06/26
...
United
States
220,000
220,150
John
Deere
Capital
Corp.
,
Senior
Bond
,
4.35
%
,
9/15/32
........
United
States
200,000
194,162
Toyota
Motor
Credit
Corp.
,
Senior
Note
,
4.45
%
,
5/18/26
........
United
States
210,000
208,057
1,666,072
Consumer
Staples
Distribution
&
Retail
0.1%
Costco
Wholesale
Corp.
,
Senior
Bond
,
1.75
%
,
4/20/32
.........
United
States
20,000
16,214
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)
Consumer
Staples
Distribution
&
Retail
(continued)
Target
Corp.
,
Senior
Bond
,
2.95
%
,
1/15/52
..................
United
States
450,000
$
305,792
Walmart,
Inc.
,
Senior
Note
,
1.5
%
,
9/22/28
...................
United
States
10,000
8,839
330,845
Containers
&
Packaging
0.0%
†
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
135,000
114,309
Diversified
REITs
0.1%
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
395,000
374,315
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond
,
2.55
%
,
12/01/33
..........................
United
States
690,000
552,903
Senior
Bond
,
3.5
%
,
9/15/53
............................
United
States
20,000
14,122
Senior
Bond
,
3.55
%
,
9/15/55
...........................
United
States
30,000
20,994
Senior
Bond
,
3.65
%
,
9/15/59
...........................
United
States
10,000
6,968
Senior
Note
,
1.65
%
,
2/01/28
...........................
United
States
20,000
17,718
Orange
SA
,
Senior
Bond
,
9
%
,
3/01/31
......................
France
100,000
121,434
Verizon
Communications,
Inc.
,
Senior
Bond
,
2.625
%
,
8/15/26
..........................
United
States
40,000
37,909
Senior
Bond
,
2.55
%
,
3/21/31
...........................
United
States
200,000
170,918
Senior
Bond
,
4.5
%
,
8/10/33
............................
United
States
70,000
66,967
Senior
Bond
,
2.85
%
,
9/03/41
...........................
United
States
200,000
144,093
Senior
Bond
,
3.85
%
,
11/01/42
..........................
United
States
100,000
82,305
Senior
Note
,
2.1
%
,
3/22/28
............................
United
States
40,000
36,024
Senior
Note
,
2.355
%
,
3/15/32
..........................
United
States
640,000
526,183
1,798,538
Electric
Utilities
0.6%
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...........................................
United
States
20,000
16,602
b
Cleveland
Electric
Illuminating
Co.
(The)
,
Senior
Bond
,
144A,
3.5
%
,
4/01/28
...........................................
United
States
10,000
9,343
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
162,459
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.............
United
States
10,000
9,420
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
218,966
Duke
Energy
Indiana
LLC
,
Senior
Bond
,
5.4
%
,
4/01/53
.........
United
States
250,000
245,578
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
230,000
232,681
b
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.25
%
,
7/12/31
Italy
200,000
162,040
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
...........................
United
States
650,000
613,336
Senior
Bond
,
5.625
%
,
6/15/35
..........................
United
States
10,000
10,170
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
420,000
366,383
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.65
%
,
4/15/29
.........
United
States
20,000
19,033
b
Mid-Atlantic
Interstate
Transmission
LLC
,
Senior
Bond
,
144A,
4.1
%
,
5/15/28
...........................................
United
States
10,000
9,623
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
50,000
50,206
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
2.5
%
,
2/01/31
............................
United
States
10,000
8,323
Senior
Bond
,
3.3
%
,
8/01/40
............................
United
States
10,000
7,350
Senior
Bond
,
3.5
%
,
8/01/50
............................
United
States
10,000
6,842
Senior
Note
,
2.1
%
,
8/01/27
............................
United
States
10,000
9,008
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
............
United
States
300,000
278,325
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)
Electric
Utilities
(continued)
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
2.4
%
,
3/30/32
.....
United
States
520,000
$
431,540
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
233,332
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
150,000
149,183
3,249,743
Electrical
Equipment
0.0%
†
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
11/02/42
..................
United
States
10,000
8,781
Emerson
Electric
Co.
,
Senior
Bond
,
2.8
%
,
12/21/51
............
United
States
60,000
39,352
48,133
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
400,770
Entertainment
0.1%
b
Netflix,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/29
............
United
States
225,000
229,674
Walt
Disney
Co.
(The)
,
Senior
Bond
,
2.65
%
,
1/13/31
...........
United
States
200,000
176,138
Warnermedia
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
...........................
United
States
390,000
335,389
Senior
Bond
,
5.141
%
,
3/15/52
..........................
United
States
10,000
8,307
Senior
Note
,
6.412
%
,
3/15/26
..........................
United
States
10,000
10,000
Senior
Note
,
3.755
%
,
3/15/27
..........................
United
States
10,000
9,546
Senior
Note
,
4.054
%
,
3/15/29
..........................
United
States
10,000
9,364
Senior
Note
,
4.279
%
,
3/15/32
..........................
United
States
10,000
8,938
787,356
Financial
Services
0.3%
b
Corebridge
Financial,
Inc.
,
Senior
Bond
,
144A,
6.05
%
,
9/15/33
...
United
States
150,000
154,662
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
400,000
353,120
Fiserv,
Inc.
,
Senior
Bond
,
3.5
%
,
7/01/29
............................
United
States
270,000
251,519
Senior
Bond
,
2.65
%
,
6/01/30
...........................
United
States
200,000
174,291
Global
Payments,
Inc.
,
Senior
Note
,
5.4
%
,
8/15/32
............
United
States
100,000
99,221
Mastercard,
Inc.
,
Senior
Bond
,
3.35
%
,
3/26/30
...........................
United
States
10,000
9,303
Senior
Bond
,
3.85
%
,
3/26/50
...........................
United
States
40,000
33,138
b
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.......
Japan
500,000
413,969
PayPal
Holdings,
Inc.
,
Senior
Bond
,
2.3
%
,
6/01/30
............................
United
States
10,000
8,631
Senior
Bond
,
4.4
%
,
6/01/32
............................
United
States
10,000
9,690
Shell
International
Finance
BV
,
Senior
Bond
,
2.75
%
,
4/06/30
...........................
Netherlands
50,000
44,986
Senior
Bond
,
4
%
,
5/10/46
.............................
Netherlands
20,000
16,836
Senior
Bond
,
3.25
%
,
4/06/50
...........................
Netherlands
30,000
21,800
Visa,
Inc.
,
Senior
Bond
,
4.3
%
,
12/14/45
.....................
United
States
10,000
9,025
1,600,191
Food
Products
0.3%
b
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
155,611
Campbell
Soup
Co.
,
Senior
Note
,
5.2
%
,
3/21/29
..............
United
States
300,000
301,550
Conagra
Brands,
Inc.
,
Senior
Bond
,
5.4
%
,
11/01/48
............
United
States
250,000
234,933
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
175,000
174,518
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)
Food
Products
(continued)
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
3.625
%
,
1/15/32
..........................
United
States
200,000
$
171,252
Senior
Note
,
5.75
%
,
4/01/33
...........................
United
States
200,000
197,162
Kraft
Heinz
Foods
Co.
,
Senior
Note
,
3.75
%
,
4/01/30
...........
United
States
100,000
93,860
b
Mars,
Inc.
,
Senior
Bond
,
144A,
3.2
%
,
4/01/30
.......................
United
States
30,000
27,311
Senior
Bond
,
144A,
4.75
%
,
4/20/33
......................
United
States
150,000
147,234
Senior
Bond
,
144A,
2.375
%
,
7/16/40
.....................
United
States
10,000
6,979
Mondelez
International,
Inc.
,
Senior
Note
,
1.5
%
,
5/04/25
............................
United
States
20,000
19,182
Senior
Note
,
4.75
%
,
2/20/29
...........................
United
States
250,000
248,470
1,778,062
Gas
Utilities
0.1%
Southern
California
Gas
Co.
,
Senior
Bond
,
6.35
%
,
11/15/52
.....
United
States
350,000
385,864
Ground
Transportation
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
........
United
Kingdom
200,000
199,889
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
4.9
%
,
4/01/44
............................
United
States
200,000
190,254
Senior
Bond
,
2.875
%
,
6/15/52
..........................
United
States
10,000
6,557
CSX
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/46
...........................
United
States
100,000
79,633
Senior
Bond
,
4.75
%
,
11/15/48
..........................
United
States
275,000
253,037
Union
Pacific
Corp.
,
Senior
Bond
,
2.4
%
,
2/05/30
............................
United
States
10,000
8,767
Senior
Bond
,
2.891
%
,
4/06/36
..........................
United
States
10,000
8,164
Senior
Bond
,
3.839
%
,
3/20/60
..........................
United
States
10,000
7,690
Senior
Bond
,
3.75
%
,
2/05/70
...........................
United
States
10,000
7,364
Senior
Note
,
3.75
%
,
7/15/25
...........................
United
States
10,000
9,826
Senior
Note
,
2.15
%
,
2/05/27
...........................
United
States
10,000
9,304
780,485
Health
Care
Equipment
&
Supplies
0.1%
Baxter
International,
Inc.
,
Senior
Bond
,
2.539
%
,
2/01/32
........
United
States
500,000
413,357
Medtronic
Global
Holdings
SCA
,
Senior
Note
,
4.25
%
,
3/30/28
....
United
States
200,000
196,564
b
Solventum
Corp.
,
Senior
Bond
,
144A,
5.9
%
,
4/30/54
.......................
United
States
40,000
39,934
Senior
Note
,
144A,
5.4
%
,
3/01/29
.......................
United
States
20,000
20,046
Senior
Note
,
144A,
5.45
%
,
3/13/31
......................
United
States
30,000
29,932
699,833
Health
Care
Providers
&
Services
0.6%
Ascension
Health
,
Senior
Bond
,
3.945
%
,
11/15/46
.............
United
States
200,000
170,712
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
..................
United
States
250,000
214,572
Cigna
Group
(The)
,
Senior
Bond
,
2.375
%
,
3/15/31
..........................
United
States
100,000
84,266
Senior
Bond
,
4.8
%
,
8/15/38
............................
United
States
20,000
18,800
Senior
Bond
,
4.9
%
,
12/15/48
...........................
United
States
20,000
18,231
Senior
Note
,
3.05
%
,
10/15/27
..........................
United
States
250,000
234,760
Senior
Note
,
4.375
%
,
10/15/28
.........................
United
States
60,000
58,554
CVS
Health
Corp.
,
Senior
Bond
,
3.875
%
,
7/20/25
..........................
United
States
10,000
9,815
Senior
Bond
,
4.3
%
,
3/25/28
............................
United
States
30,000
29,286
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)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.,
(continued)
Senior
Bond
,
3.75
%
,
4/01/30
...........................
United
States
30,000
$
27,967
Senior
Bond
,
2.125
%
,
9/15/31
..........................
United
States
50,000
40,841
Senior
Bond
,
4.78
%
,
3/25/38
...........................
United
States
40,000
36,957
Senior
Bond
,
5.3
%
,
12/05/43
...........................
United
States
500,000
475,122
Senior
Bond
,
5.125
%
,
7/20/45
..........................
United
States
100,000
92,217
Senior
Bond
,
5.05
%
,
3/25/48
...........................
United
States
40,000
36,351
Senior
Bond
,
4.25
%
,
4/01/50
...........................
United
States
20,000
16,224
Elevance
Health,
Inc.
,
Senior
Bond
,
3.65
%
,
12/01/27
..........................
United
States
20,000
19,139
Senior
Bond
,
4.1
%
,
5/15/32
............................
United
States
10,000
9,367
Senior
Bond
,
5.1
%
,
1/15/44
............................
United
States
400,000
380,861
Senior
Bond
,
4.55
%
,
5/15/52
...........................
United
States
10,000
8,799
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
............................
United
States
408,000
400,157
Senior
Note
,
3.625
%
,
3/15/32
..........................
United
States
200,000
177,118
Humana,
Inc.
,
Senior
Bond
,
3.125
%
,
8/15/29
.................
United
States
90,000
81,858
Kaiser
Foundation
Hospitals
,
Senior
Bond
,
4.15
%
,
5/01/47
......
United
States
175,000
150,732
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
300,000
257,222
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
2.75
%
,
5/15/40
...........................
United
States
30,000
22,095
Senior
Bond
,
3.05
%
,
5/15/41
...........................
United
States
395,000
299,222
Senior
Bond
,
3.25
%
,
5/15/51
...........................
United
States
10,000
7,196
Senior
Bond
,
3.875
%
,
8/15/59
..........................
United
States
30,000
23,259
Senior
Note
,
4
%
,
5/15/29
.............................
United
States
20,000
19,350
Senior
Note
,
4.2
%
,
5/15/32
............................
United
States
30,000
28,524
3,449,574
Health
Care
Technology
0.0%
†
IQVIA,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/01/29
.............
United
States
100,000
103,915
Hotels,
Restaurants
&
Leisure
0.0%
†
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
150,000
136,611
Marriott
International,
Inc.
,
Senior
Bond
,
5.3
%
,
5/15/34
.........
United
States
50,000
49,473
McDonald's
Corp.
,
Senior
Bond
,
4.875
%
,
12/09/45
.........................
United
States
10,000
9,339
Senior
Bond
,
4.2
%
,
4/01/50
............................
United
States
30,000
25,083
Senior
Note
,
1.45
%
,
9/01/25
...........................
United
States
40,000
37,973
Senior
Note
,
2.125
%
,
3/01/30
..........................
United
States
30,000
25,835
284,314
Household
Durables
0.0%
†
MDC
Holdings,
Inc.
,
Senior
Bond
,
2.5
%
,
1/15/31
..............
United
States
156,000
134,461
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.......
United
States
150,000
140,015
274,476
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
424,897
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3
%
,
3/25/30
.........
United
States
10,000
9,211
434,108
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
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
United
States
325,000
$
343,406
Industrial
Conglomerates
0.0%
†
3M
Co.
,
Senior
Bond
,
3.05
%
,
4/15/30
...........................
United
States
40,000
35,950
Senior
Bond
,
3.7
%
,
4/15/50
............................
United
States
10,000
7,398
Honeywell
International,
Inc.
,
Senior
Bond
,
5
%
,
3/01/35
.........
United
States
30,000
30,126
73,474
Insurance
0.6%
Aflac,
Inc.
,
Senior
Bond
,
4.75
%
,
1/15/49
....................
United
States
380,000
347,611
b
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
200,000
199,694
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
260,000
216,048
American
International
Group,
Inc.
,
Senior
Bond
,
5.125
%
,
3/27/33
.
United
States
200,000
199,018
Aon
Corp.
,
Senior
Bond
,
2.8
%
,
5/15/30
.....................
United
States
350,000
308,619
Aon
North
America,
Inc.
,
Senior
Bond
,
5.45
%
,
3/01/34
..........
United
States
40,000
40,485
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
300,000
223,172
Arthur
J
Gallagher
&
Co.
,
Senior
Bond
,
6.5
%
,
2/15/34
..........
United
States
150,000
161,414
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond
,
4.25
%
,
1/15/49
...........................
United
States
20,000
17,893
Senior
Bond
,
3.85
%
,
3/15/52
...........................
United
States
200,000
161,875
Brown
&
Brown,
Inc.
,
Senior
Bond
,
2.375
%
,
3/15/31
...........
United
States
230,000
190,828
b
Guardian
Life
Global
Funding
,
Secured
Note
,
144A,
1.1
%
,
6/23/25
United
States
10,000
9,517
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
......
United
States
250,000
232,998
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
270,000
276,897
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
.....................
United
States
200,000
200,347
Secured
Note
,
144A,
4.3
%
,
8/25/29
......................
United
States
150,000
144,755
b
New
York
Life
Global
Funding
,
Secured
Note
,
144A,
4.85
%
,
1/09/28
.....................
United
States
200,000
199,436
Senior
Secured
Note
,
144A,
0.95
%
,
6/24/25
...............
United
States
10,000
9,496
b
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.......
United
States
150,000
150,515
b
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
...........................................
United
States
100,000
100,776
b
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
4.9
%
,
9/15/44
.................................
United
States
10,000
9,180
3,400,574
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond
,
1.1
%
,
8/15/30
............................
United
States
10,000
8,192
Senior
Bond
,
1.9
%
,
8/15/40
............................
United
States
10,000
6,725
Meta
Platforms,
Inc.
,
Senior
Bond
,
4.95
%
,
5/15/33
...........................
United
States
150,000
151,895
Senior
Bond
,
4.45
%
,
8/15/52
...........................
United
States
250,000
222,433
b
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
3.595
%
,
1/19/28
.....
China
300,000
284,993
674,238
Life
Sciences
Tools
&
Services
0.0%
†
Illumina,
Inc.
,
Senior
Note
,
5.8
%
,
12/12/25
..................
United
States
150,000
150,312
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
Corporate
Bonds
(continued)
Machinery
0.0%
†
Deere
&
Co.
,
Senior
Bond
,
3.1
%
,
4/15/30
............................
United
States
10,000
$
9,140
Senior
Bond
,
3.75
%
,
4/15/50
...........................
United
States
10,000
8,287
Otis
Worldwide
Corp.
,
Senior
Note
,
2.056
%
,
4/05/25
...........
United
States
10,000
9,673
27,100
Media
0.4%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
5.05
%
,
3/30/29
....................
United
States
80,000
77,179
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.....................
United
States
430,000
352,532
Senior
Secured
Bond
,
4.4
%
,
4/01/33
.....................
United
States
130,000
115,284
Senior
Secured
Bond
,
5.375
%
,
4/01/38
...................
United
States
10,000
8,693
Senior
Secured
Bond
,
3.5
%
,
3/01/42
.....................
United
States
130,000
86,827
Senior
Secured
Bond
,
3.9
%
,
6/01/52
.....................
United
States
70,000
44,566
Senior
Secured
Bond
,
5.5
%
,
4/01/63
.....................
United
States
40,000
31,407
Senior
Secured
Note
,
4.908
%
,
7/23/25
...................
United
States
60,000
59,286
Comcast
Corp.
,
Senior
Bond
,
4.15
%
,
10/15/28
..........................
United
States
70,000
68,346
Senior
Bond
,
3.4
%
,
4/01/30
............................
United
States
10,000
9,251
Senior
Bond
,
4.25
%
,
10/15/30
..........................
United
States
60,000
57,984
Senior
Bond
,
4.25
%
,
1/15/33
...........................
United
States
300,000
284,179
Senior
Bond
,
3.75
%
,
4/01/40
...........................
United
States
30,000
24,951
Senior
Bond
,
3.969
%
,
11/01/47
.........................
United
States
30,000
24,134
Senior
Bond
,
2.887
%
,
11/01/51
.........................
United
States
40,000
25,986
Senior
Bond
,
4.049
%
,
11/01/52
.........................
United
States
500,000
402,708
Senior
Bond
,
2.937
%
,
11/01/56
.........................
United
States
20,000
12,603
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
...........................
United
States
220,000
233,115
Senior
Bond
,
5.476
%
,
1/25/39
..........................
United
States
40,000
38,094
Senior
Note
,
4.709
%
,
1/25/29
..........................
United
States
300,000
295,920
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
..
United
States
10,000
9,460
2,262,505
Metals
&
Mining
0.1%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
3.625
%
,
9/11/24
..
South
Africa
200,000
197,733
Barrick
North
America
Finance
LLC
,
Senior
Bond
,
5.7
%
,
5/30/41
..
Canada
20,000
20,515
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5
%
,
9/30/43
.......
Australia
20,000
19,272
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.........
United
States
20,000
19,165
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
4
%
,
3/27/27
........
Australia
20,000
19,342
Southern
Copper
Corp.
,
Senior
Bond
,
5.25
%
,
11/08/42
.........
Mexico
100,000
94,841
Vale
Overseas
Ltd.
,
Senior
Bond
,
6.25
%
,
8/10/26
.............
Brazil
130,000
132,101
502,969
Multi-Utilities
0.1%
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A
,
Senior
Bond
,
3.35
%
,
4/01/30
.......................
United
States
10,000
9,219
20B
,
Senior
Bond
,
3.95
%
,
4/01/50
.......................
United
States
10,000
8,133
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
300,000
291,133
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
150,000
148,382
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
375,000
372,649
829,516
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
Corporate
Bonds
(continued)
Office
REITs
0.1%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
2.95
%
,
3/15/34
...........................
United
States
325,000
$
267,167
Senior
Bond
,
5.25
%
,
5/15/36
...........................
United
States
50,000
49,094
316,261
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.75
%
,
1/15/30
.............
Norway
300,000
274,323
BP
Capital
Markets
America,
Inc.
,
Senior
Bond
,
1.749
%
,
8/10/30
..........................
United
States
40,000
33,400
Senior
Bond
,
4.812
%
,
2/13/33
..........................
United
States
200,000
197,486
Senior
Bond
,
4.893
%
,
9/11/33
..........................
United
States
200,000
198,698
Senior
Bond
,
2.939
%
,
6/04/51
..........................
United
States
40,000
26,727
b
Cameron
LNG
LLC
,
Senior
Secured
Bond
,
144A,
2.902
%
,
7/15/31
..............
United
States
20,000
17,180
Senior
Secured
Bond
,
144A,
3.302
%
,
1/15/35
..............
United
States
40,000
33,311
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
6.25
%
,
3/15/38
..
Canada
140,000
145,823
b
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
......
United
States
50,000
50,388
Chevron
Corp.
,
Senior
Bond
,
3.078
%
,
5/11/50
..........................
United
States
20,000
14,378
Senior
Note
,
1.995
%
,
5/11/27
..........................
United
States
30,000
27,746
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Bond
,
144A,
6.036
%
,
11/15/33
..........................................
United
States
50,000
51,831
ConocoPhillips
Co.
,
Senior
Bond
,
5.3
%
,
5/15/53
..............
United
States
250,000
248,428
Continental
Resources,
Inc.
,
Senior
Bond
,
4.9
%
,
6/01/44
............................
United
States
110,000
91,522
Senior
Note
,
3.8
%
,
6/01/24
............................
United
States
10,000
9,960
Senior
Note
,
4.375
%
,
1/15/28
..........................
United
States
40,000
38,669
b
Senior
Note
,
144A,
2.268
%
,
11/15/26
....................
United
States
40,000
36,833
Coterra
Energy,
Inc.
,
Senior
Note
,
3.9
%
,
5/15/27
............................
United
States
30,000
28,886
Senior
Note
,
4.375
%
,
3/15/29
..........................
United
States
60,000
57,817
Devon
Energy
Corp.
,
Senior
Bond
,
5.85
%
,
12/15/25
..........................
United
States
10,000
10,059
Senior
Bond
,
4.75
%
,
5/15/42
...........................
United
States
30,000
26,136
Senior
Bond
,
5
%
,
6/15/45
.............................
United
States
120,000
106,583
Diamondback
Energy,
Inc.
,
Senior
Bond
,
3.125
%
,
3/24/31
..........................
United
States
10,000
8,864
Senior
Bond
,
4.4
%
,
3/24/51
............................
United
States
60,000
49,750
Senior
Note
,
3.5
%
,
12/01/29
...........................
United
States
60,000
55,525
Energy
Transfer
LP
,
Senior
Bond
,
4.95
%
,
6/15/28
...........................
United
States
40,000
39,694
Senior
Bond
,
3.75
%
,
5/15/30
...........................
United
States
50,000
46,109
Senior
Bond
,
5.55
%
,
5/15/34
...........................
United
States
310,000
311,138
Senior
Bond
,
5.15
%
,
3/15/45
...........................
United
States
375,000
341,106
Senior
Bond
,
6.25
%
,
4/15/49
...........................
United
States
50,000
51,367
Senior
Note
,
2.9
%
,
5/15/25
............................
United
States
20,000
19,418
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
4.15
%
,
10/16/28
..........................
United
States
30,000
29,196
Senior
Bond
,
2.8
%
,
1/31/30
............................
United
States
60,000
53,806
Senior
Bond
,
4.85
%
,
1/31/34
...........................
United
States
30,000
29,563
Senior
Bond
,
6.125
%
,
10/15/39
.........................
United
States
375,000
402,551
Senior
Bond
,
4.45
%
,
2/15/43
...........................
United
States
20,000
17,855
Senior
Bond
,
3.7
%
,
1/31/51
............................
United
States
50,000
38,677
Senior
Bond
,
5.375%
to
2/14/28,
FRN
thereafter
,
2/15/78
.....
United
States
10,000
9,345
H
,
Senior
Bond
,
6.65
%
,
10/15/34
.......................
United
States
10,000
11,162
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
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
EOG
Resources,
Inc.
,
Senior
Bond
,
4.375
%
,
4/15/30
..........................
United
States
30,000
$
29,370
Senior
Bond
,
3.9
%
,
4/01/35
............................
United
States
20,000
18,227
Senior
Bond
,
4.95
%
,
4/15/50
...........................
United
States
30,000
28,559
EQT
Corp.
,
Senior
Bond
,
7
%
,
2/01/30
......................
United
States
10,000
10,632
Exxon
Mobil
Corp.
,
Senior
Bond
,
3.482
%
,
3/19/30
..........................
United
States
50,000
47,146
Senior
Bond
,
4.227
%
,
3/19/40
..........................
United
States
10,000
9,116
Senior
Bond
,
3.452
%
,
4/15/51
..........................
United
States
20,000
15,164
Kinder
Morgan,
Inc.
,
Senior
Bond
,
4.3
%
,
3/01/28
............................
United
States
40,000
39,051
Senior
Bond
,
5.55
%
,
6/01/45
...........................
United
States
300,000
286,525
MPLX
LP
,
Senior
Bond
,
4
%
,
3/15/28
.............................
United
States
20,000
19,265
Senior
Bond
,
4.5
%
,
4/15/38
............................
United
States
10,000
8,885
Senior
Bond
,
5.5
%
,
2/15/49
............................
United
States
190,000
180,994
Senior
Note
,
2.65
%
,
8/15/30
...........................
United
States
300,000
258,180
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.6
%
,
3/15/46
........
United
States
60,000
64,703
ONEOK,
Inc.
,
Senior
Bond
,
6.05
%
,
9/01/33
...........................
United
States
30,000
31,303
Senior
Bond
,
6.625
%
,
9/01/53
..........................
United
States
30,000
33,086
Senior
Note
,
5.8
%
,
11/01/30
...........................
United
States
10,000
10,310
Pioneer
Natural
Resources
Co.
,
Senior
Note
,
2.15
%
,
1/15/31
....
United
States
60,000
50,515
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Bond
,
4.2
%
,
3/15/28
United
States
250,000
242,166
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
...........................
United
States
10,000
8,770
Senior
Bond
,
6.5
%
,
2/15/53
............................
United
States
155,000
166,302
b
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
United
States
30,000
26,287
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
3.25
%
,
5/15/30
...........................................
United
States
50,000
45,276
b
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
.......................
Norway
200,000
224,794
Senior
Note
,
144A,
7.5
%
,
1/15/28
.......................
Norway
200,000
211,863
Western
Midstream
Operating
LP
,
Senior
Note
,
3.1
%
,
2/01/25
....
United
States
10,000
9,791
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.75
%
,
6/15/27
...........................
United
States
60,000
57,759
Senior
Bond
,
5.15
%
,
3/15/34
...........................
United
States
30,000
29,743
Senior
Bond
,
5.1
%
,
9/15/45
............................
United
States
30,000
27,778
5,432,870
Paper
&
Forest
Products
0.0%
†
Suzano
Austria
GmbH
,
Senior
Note
,
6
%
,
1/15/29
.............
Brazil
200,000
201,133
Passenger
Airlines
0.0%
†
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
...............
United
States
146,127
144,669
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............
United
States
30,000
29,352
174,021
Personal
Care
Products
0.0%
†
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
250,000
225,448
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
...................
United
States
20,000
19,997
245,445
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
0.3%
AstraZeneca
plc
,
Senior
Bond
,
4
%
,
9/18/42
.............................
United
Kingdom
200,000
$
171,928
Senior
Bond
,
4.375
%
,
11/16/45
.........................
United
Kingdom
450,000
403,621
b
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
200,000
188,349
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
5.2
%
,
2/22/34
............................
United
States
20,000
20,317
Senior
Bond
,
4.55
%
,
2/20/48
...........................
United
States
10,000
8,955
Senior
Bond
,
5.55
%
,
2/22/54
...........................
United
States
10,000
10,293
Senior
Bond
,
5.65
%
,
2/22/64
...........................
United
States
10,000
10,297
Senior
Note
,
2.9
%
,
7/26/24
............................
United
States
30,000
29,752
Senior
Note
,
3.4
%
,
7/26/29
............................
United
States
10,000
9,396
Senior
Note
,
5.1
%
,
2/22/31
............................
United
States
10,000
10,101
Eli
Lilly
&
Co.
,
Senior
Bond
,
4.7
%
,
2/09/34
............................
United
States
30,000
29,847
Senior
Bond
,
5.1
%
,
2/09/64
............................
United
States
30,000
29,882
Johnson
&
Johnson
,
Senior
Bond
,
2.1
%
,
9/01/40
..............
United
States
30,000
20,646
Merck
&
Co.,
Inc.
,
Senior
Bond
,
1.45
%
,
6/24/30
...........................
United
States
10,000
8,240
Senior
Bond
,
2.75
%
,
12/10/51
..........................
United
States
30,000
19,631
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
280,000
275,827
Pfizer,
Inc.
,
Senior
Bond
,
1.7
%
,
5/28/30
............................
United
States
30,000
25,231
Senior
Bond
,
2.55
%
,
5/28/40
...........................
United
States
30,000
21,450
Senior
Bond
,
2.7
%
,
5/28/50
............................
United
States
30,000
20,117
Royalty
Pharma
plc
,
Senior
Note
,
1.2
%
,
9/02/25
..............
United
States
225,000
211,849
1,525,729
Residential
REITs
0.0%
†
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
..............
United
States
280,000
231,987
Semiconductors
&
Semiconductor
Equipment
0.1%
Applied
Materials,
Inc.
,
Senior
Bond
,
1.75
%
,
6/01/30
...........
United
States
20,000
16,861
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
3.137
%
,
11/15/35
.........
United
States
50,000
40,414
Intel
Corp.
,
Senior
Bond
,
5.2
%
,
2/10/33
............................
United
States
10,000
10,143
Senior
Bond
,
3.05
%
,
8/12/51
...........................
United
States
20,000
13,496
Senior
Note
,
1.6
%
,
8/12/28
............................
United
States
10,000
8,779
Senior
Note
,
5.125
%
,
2/10/30
..........................
United
States
10,000
10,157
KLA
Corp.
,
Senior
Bond
,
4.65
%
,
7/15/32
....................
United
States
10,000
9,846
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
..........................
United
States
10,000
10,352
Senior
Note
,
5.3
%
,
1/15/31
............................
United
States
10,000
10,062
NVIDIA
Corp.
,
Senior
Bond
,
3.7
%
,
4/01/60
..................
United
States
20,000
15,962
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
2.7
%
,
5/01/25
...........................................
China
10,000
9,707
Texas
Instruments,
Inc.
,
Senior
Bond
,
1.75
%
,
5/04/30
...........................
United
States
10,000
8,452
Senior
Bond
,
3.875
%
,
3/15/39
..........................
United
States
10,000
8,956
Senior
Bond
,
4.15
%
,
5/15/48
...........................
United
States
20,000
17,232
TSMC
Arizona
Corp.
,
Senior
Bond
,
2.5
%
,
10/25/31
............
Taiwan
200,000
171,033
361,452
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
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
0.2%
Adobe,
Inc.
,
Senior
Bond
,
2.3
%
,
2/01/30
....................
United
States
20,000
$
17,609
Microsoft
Corp.
,
Senior
Bond
,
2.921
%
,
3/17/52
...............
United
States
270,000
191,046
Oracle
Corp.
,
Senior
Bond
,
2.875
%
,
3/25/31
..........................
United
States
50,000
43,498
Senior
Bond
,
3.95
%
,
3/25/51
...........................
United
States
200,000
152,500
Senior
Note
,
1.65
%
,
3/25/26
...........................
United
States
40,000
37,356
Senior
Note
,
4.65
%
,
5/06/30
...........................
United
States
10,000
9,810
Salesforce,
Inc.
,
Senior
Bond
,
3.7
%
,
4/11/28
............................
United
States
20,000
19,413
Senior
Bond
,
1.95
%
,
7/15/31
...........................
United
States
250,000
207,597
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
................
United
States
150,000
121,428
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
175,000
159,440
959,697
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond
,
4.1
%
,
1/15/52
........
United
States
200,000
145,137
Home
Depot,
Inc.
(The)
,
Senior
Bond
,
2.7
%
,
4/15/30
............................
United
States
10,000
8,912
Senior
Bond
,
3.3
%
,
4/15/40
............................
United
States
20,000
15,916
Senior
Bond
,
3.35
%
,
4/15/50
...........................
United
States
30,000
22,044
Senior
Note
,
2.5
%
,
4/15/27
............................
United
States
10,000
9,375
Senior
Note
,
4.5
%
,
9/15/32
............................
United
States
200,000
196,518
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
4.5
%
,
4/15/30
............................
United
States
10,000
9,783
Senior
Bond
,
5.75
%
,
7/01/53
...........................
United
States
200,000
206,588
Senior
Note
,
1.7
%
,
9/15/28
............................
United
States
20,000
17,494
631,767
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond
,
2.8
%
,
2/08/61
.....................
United
States
500,000
320,202
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
NIKE,
Inc.
,
Senior
Bond
,
2.85
%
,
3/27/30
...........................
United
States
10,000
9,041
Senior
Bond
,
3.25
%
,
3/27/40
...........................
United
States
10,000
8,060
Senior
Note
,
2.75
%
,
3/27/27
...........................
United
States
10,000
9,471
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
.................
United
States
100,000
108,617
135,189
Tobacco
0.2%
Altria
Group,
Inc.
,
Senior
Bond
,
4.8
%
,
2/14/29
............................
United
States
30,000
29,722
Senior
Bond
,
6.875
%
,
11/01/33
.........................
United
States
30,000
32,654
Senior
Bond
,
5.8
%
,
2/14/39
............................
United
States
20,000
20,280
Senior
Bond
,
5.95
%
,
2/14/49
...........................
United
States
50,000
50,930
BAT
Capital
Corp.
,
Senior
Bond
,
6
%
,
2/20/34
.............................
United
Kingdom
20,000
20,264
Senior
Bond
,
4.54
%
,
8/15/47
...........................
United
Kingdom
20,000
15,455
Senior
Note
,
3.557
%
,
8/15/27
..........................
United
Kingdom
14,000
13,262
b
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
285,000
279,898
Philip
Morris
International,
Inc.
,
Senior
Bond
,
2.1
%
,
5/01/30
............................
United
States
20,000
17,005
Senior
Bond
,
5.375
%
,
2/15/33
..........................
United
States
425,000
428,674
Senior
Bond
,
5.25
%
,
2/13/34
...........................
United
States
10,000
9,916
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.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Bond
,
4.5
%
,
3/20/42
............................
United
States
10,000
$
8,748
Senior
Note
,
4.875
%
,
2/13/29
..........................
United
States
10,000
9,943
936,751
Trading
Companies
&
Distributors
0.0%
†
Air
Lease
Corp.
,
Senior
Note
,
3.375
%
,
7/01/25
..........................
United
States
20,000
19,498
Senior
Note
,
5.3
%
,
2/01/28
............................
United
States
20,000
20,020
39,518
Transportation
Infrastructure
0.0%
†
b
DP
World
Ltd.
,
Senior
Bond
,
144A,
5.625
%
,
9/25/48
...........
United
Arab
Emirates
200,000
190,877
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
,
Senior
Bond
,
2.25
%
,
11/15/31
..........................
United
States
50,000
41,080
Senior
Bond
,
5.15
%
,
4/15/34
...........................
United
States
10,000
9,970
Senior
Bond
,
3
%
,
2/15/41
.............................
United
States
20,000
14,740
Senior
Bond
,
3.3
%
,
2/15/51
............................
United
States
100,000
69,978
Senior
Note
,
3.5
%
,
4/15/25
............................
United
States
20,000
19,612
Senior
Note
,
3.375
%
,
4/15/29
..........................
United
States
450,000
416,536
Senior
Note
,
3.875
%
,
4/15/30
..........................
United
States
80,000
74,966
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
100,000
106,807
753,689
Total
Corporate
Bonds
(Cost
$
67,674,232
)
......................................
64,205,126
Foreign
Government
and
Agency
Securities
1.0%
b
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
h
200,000
180,028
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/27
.......................................
Brazil
900,000
BRL
179,133
10
%
,
1/01/31
.......................................
Brazil
630,000
BRL
121,078
10
%
,
1/01/33
.......................................
Brazil
780,000
BRL
148,363
F
,
10
%
,
1/01/29
.....................................
Brazil
480,000
BRL
93,930
China
Government
Bond
,
3
%
,
10/15/53
.....................
China
840,000
CNY
128,531
Colombia
Government
Bond
,
Senior
Bond
,
3.25
%
,
4/22/32
......
Colombia
200,000
156,235
Colombia
Titulos
de
Tesoreria
,
B
,
7
%
,
3/26/31
......................................
Colombia
850,000,000
COP
189,841
B
,
9.25
%
,
5/28/42
...................................
Colombia
2,020,000,000
COP
462,749
B
,
7.25
%
,
10/26/50
..................................
Colombia
390,000,000
COP
71,273
b
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
300,000
251,227
Ecopetrol
SA
,
Senior
Bond
,
5.875
%
,
5/28/45
.................
Colombia
150,000
112,111
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
200,000
202,984
Israel
Government
Bond
,
Senior
Bond
,
2.75
%
,
7/03/30
.........
Israel
200,000
172,617
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
8
%
,
11/07/47
.....................................
Mexico
4,400,000
i
MXN
228,319
M
,
8
%
,
7/31/53
.....................................
Mexico
4,800,000
i
MXN
246,997
M
,
Senior
Bond
,
8.5
%
,
11/18/38
.........................
Mexico
6,400,000
i
MXN
358,018
M
,
Senior
Bond
,
7.75
%
,
11/13/42
........................
Mexico
6,300,000
i
MXN
322,004
Mexico
Government
Bond
,
Senior
Bond
,
4.75
%
,
3/08/44
........
Mexico
300,000
250,745
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
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
New
Zealand
Government
Bond
,
2.75
%
,
5/15/51
..............
New
Zealand
210,000
NZD
$
85,642
b
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.......
Indonesia
200,000
171,879
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
200,000
171,612
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.25
%
,
10/24/42
....................
Indonesia
200,000
184,842
b
Petroleos
del
Peru
SA
,
Senior
Bond
,
144A,
4.75
%
,
6/19/32
......
Peru
200,000
158,317
Petroleos
Mexicanos
,
Senior
Bond
,
6.95
%
,
1/28/60
............
Mexico
170,000
112,433
South
Africa
Government
Bond
,
Senior
Bond
,
6.5
%
,
2/28/41
............................
South
Africa
5,900,000
ZAR
178,058
Senior
Bond
,
8.75
%
,
2/28/48
...........................
South
Africa
8,200,000
ZAR
300,420
b
United
Kingdom
Gilt
,
Reg
S,
1.25
%
,
7/31/51
.................
United
Kingdom
850,000
GBP
542,057
Uruguay
Government
Bond
,
Senior
Bond
,
7.625
%
,
3/21/36
......
Uruguay
50,000
60,522
Total
Foreign
Government
and
Agency
Securities
(Cost
$
5,722,110
)
...............
5,841,965
U.S.
Government
and
Agency
Securities
17.4%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
150,000
112,959
U.S.
Treasury
Bonds
,
4.375
%,
5/15/40
.....................................
United
States
500,000
502,852
1.125
%,
8/15/40
.....................................
United
States
332,000
205,620
1.375
%,
11/15/40
....................................
United
States
1,771,000
1,139,424
2
%,
11/15/41
.......................................
United
States
680,000
477,275
2.75
%,
8/15/42
.....................................
United
States
1,815,000
1,424,917
3.875
%,
2/15/43
.....................................
United
States
10,000
9,247
2.875
%,
5/15/43
.....................................
United
States
2,760,000
2,194,038
3.875
%,
5/15/43
.....................................
United
States
3,090,000
2,852,818
4.375
%,
8/15/43
.....................................
United
States
130,000
128,497
4.75
%,
11/15/43
.....................................
United
States
220,000
228,284
3.125
%,
8/15/44
.....................................
United
States
725,000
594,004
3
%,
11/15/44
.......................................
United
States
250,000
200,283
3
%,
5/15/45
........................................
United
States
380,000
303,095
2.5
%,
5/15/46
......................................
United
States
945,000
682,061
2.25
%,
8/15/46
.....................................
United
States
3,305,000
2,263,086
2.75
%,
11/15/47
.....................................
United
States
90,000
67,278
3.375
%,
11/15/48
....................................
United
States
3,300,000
2,758,787
3
%,
2/15/49
........................................
United
States
1,713,000
1,336,107
2.25
%,
8/15/49
.....................................
United
States
150,000
100,075
1.25
%,
5/15/50
.....................................
United
States
1,710,000
875,173
1.375
%,
8/15/50
.....................................
United
States
1,705,000
900,919
2.375
%,
5/15/51
.....................................
United
States
950,000
645,221
2
%,
8/15/51
........................................
United
States
1,350,000
836,842
1.875
%,
11/15/51
....................................
United
States
1,775,000
1,063,683
2.25
%,
2/15/52
.....................................
United
States
710,000
467,213
3
%,
8/15/52
........................................
United
States
620,000
481,759
3.625
%,
2/15/53
.....................................
United
States
330,000
289,859
3.625
%,
5/15/53
.....................................
United
States
1,755,000
1,542,446
4.125
%,
8/15/53
.....................................
United
States
795,000
764,318
4.75
%,
11/15/53
.....................................
United
States
340,000
363,030
4.25
%,
2/15/54
.....................................
United
States
430,000
422,979
U.S.
Treasury
Notes
,
2
%,
6/30/24
........................................
United
States
1,250,000
1,239,452
2.375
%,
8/15/24
.....................................
United
States
1,640,000
1,622,012
1.25
%,
8/31/24
.....................................
United
States
700,000
688,427
1.5
%,
10/31/24
.....................................
United
States
1,200,000
1,174,346
2.125
%,
11/30/24
....................................
United
States
4,500,000
4,409,176
0.375
%,
11/30/25
....................................
United
States
4,400,000
4,094,234
4.25
%,
12/31/25
.....................................
United
States
500,000
495,938
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.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
0.375
%,
1/31/26
.....................................
United
States
9,430,000
$
8,720,171
0.75
%,
3/31/26
.....................................
United
States
300,000
278,016
0.875
%,
6/30/26
.....................................
United
States
975,000
899,133
1.875
%,
7/31/26
.....................................
United
States
389,000
366,192
4.625
%,
9/15/26
.....................................
United
States
90,000
90,211
1.25
%,
12/31/26
.....................................
United
States
3,415,000
3,135,797
2.375
%,
5/15/27
.....................................
United
States
3,140,000
2,955,341
0.5
%,
6/30/27
......................................
United
States
6,535,000
5,774,668
3.25
%,
6/30/27
.....................................
United
States
1,330,000
1,284,645
2.25
%,
11/15/27
.....................................
United
States
3,500,000
3,256,299
j
Index
Linked,
0.5
%,
1/15/28
............................
United
States
1,300,000
1,538,466
0.75
%,
1/31/28
.....................................
United
States
310,000
271,280
1.25
%,
4/30/28
.....................................
United
States
2,575,000
2,283,401
3.5
%,
4/30/28
......................................
United
States
223,000
216,362
4.375
%,
8/31/28
.....................................
United
States
10,000
10,042
3.125
%,
11/15/28
....................................
United
States
1,055,000
1,005,052
1.5
%,
11/30/28
......................................
United
States
250,000
221,172
4.375
%,
11/30/28
....................................
United
States
175,000
175,954
1.375
%,
12/31/28
....................................
United
States
200,000
175,500
3.25
%,
6/30/29
.....................................
United
States
1,500,000
1,430,742
1.625
%,
8/15/29
.....................................
United
States
3,565,000
3,129,819
4
%,
10/31/29
.......................................
United
States
1,975,000
1,952,087
3.75
%,
6/30/30
.....................................
United
States
600,000
584,250
0.625
%,
8/15/30
.....................................
United
States
4,400,000
3,524,641
4.125
%,
8/31/30
.....................................
United
States
415,000
412,439
4.625
%,
9/30/30
.....................................
United
States
1,200,000
1,226,578
4.375
%,
11/30/30
....................................
United
States
240,000
242,030
4
%,
1/31/31
........................................
United
States
110,000
108,582
1.125
%,
2/15/31
.....................................
United
States
800,000
656,219
4.25
%,
2/28/31
.....................................
United
States
240,000
240,469
1.25
%,
8/15/31
.....................................
United
States
435,000
354,432
1.375
%,
11/15/31
....................................
United
States
9,100,000
7,434,807
2.75
%,
8/15/32
.....................................
United
States
870,000
780,451
4.125
%,
11/15/32
....................................
United
States
1,420,000
1,410,543
j
Index
Linked,
1.125
%,
1/15/33
..........................
United
States
280,000
272,044
3.5
%,
2/15/33
......................................
United
States
600,000
568,359
3.375
%,
5/15/33
.....................................
United
States
1,850,000
1,733,399
3.875
%,
8/15/33
.....................................
United
States
1,520,000
1,479,981
f
FRN,
5.425
%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.125
%
),
7/31/25
...........................................
United
States
1,310,000
1,309,500
f
FRN,
5.47
%,
(
3-month
U.S.
Treasury
Bill
Rate
+
0.17
%
),
10/31/25
United
States
740,000
740,276
Total
U.S.
Government
and
Agency
Securities
(Cost
$
113,119,683
)
................
102,207,084
Asset-Backed
Securities
0.8%
Consumer
Finance
0.0%
†
k
Northstar
Education
Finance,
Inc.
,
2007-1
,
A4
,
FRN
,
6.716
%
,
1/29/46
.
...........................................
United
States
125,000
124,739
Financial
Services
0.7%
b,l
AB
BSL
CLO
4
Ltd.
,
2023-4A
,
A
,
144A,
FRN
,
7.318
%
,
(
3-month
SOFR
+
2
%
),
4/20/36
.
................................
United
States
100,000
100,740
l
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
,
2006-HE3
,
A5
,
FRN
,
2.892
%
,
(
1-month
SOFR
+
0.654
%
),
3/25/36
.
.......
United
States
72,733
70,121
b,l
Birch
Grove
CLO
7
Ltd.
,
2023-7A
,
A1
,
144A,
FRN
,
7.177
%
,
(
3-month
SOFR
+
1.8
%
),
10/20/36
.
..............................
Jersey
100,000
100,621
b,l
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-4A
,
A1RR
,
144A,
FRN
,
6.576
%
,
(
3-month
SOFR
+
1.262
%
),
1/15/31
.
..........
United
States
194,448
194,477
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
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
l
Centex
Home
Equity
Loan
Trust
,
2004-B
,
M1
,
FRN
,
6.089
%
,
(
1-month
SOFR
+
0.759
%
),
3/25/34
.
.....................
United
States
130,554
$
127,260
b
Dividend
Solar
Loans
LLC
,
2018-1
,
B
,
144A,
4.29
%
,
7/20/38
.
....
United
States
94,267
84,022
b,l
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1RR
,
144A,
FRN
,
6.831
%
,
(
3-month
SOFR
+
1.52
%
),
4/20/37
.
..............................
United
States
100,000
100,375
l
First
Frankin
Mortgage
Loan
Trust
,
2006-FF4
,
A3
,
FRN
,
5.02
%
,
(
1-month
SOFR
+
0.674
%
),
3/25/36
.
.....................
United
States
30,897
30,651
b
Ford
Credit
Auto
Owner
Trust
,
2023-1
,
A
,
144A,
4.85
%
,
8/15/35
.
..
United
States
120,000
119,465
b
GreatAmerica
Leasing
Receivables
Funding
LLC
,
2024-1
,
B
,
144A,
5.18
%
,
12/16/30
.
....................................
United
States
120,000
119,854
b
Jimmy
Johns
Funding
LLC
,
2017-1A
,
A2II
,
144A,
4.846
%
,
7/30/47
.
United
States
119,000
114,589
b,l
MF1
Ltd.
,
2021-FL7
,
A
,
144A,
FRN
,
6.521
%
,
(
1-month
SOFR
+
1.194
%
),
10/16/36
.
...................................
United
States
94,281
93,691
b
Mosaic
Solar
Loan
Trust
,
2021-3A
,
B
,
144A,
1.92
%
,
6/20/52
.
.....
United
States
137,590
103,846
b
MVW
LLC
,
2021-1WA
,
A
,
144A,
1.14
%
,
1/22/41
.
..............
United
States
50,656
47,155
b,l
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
,
2021-40A
,
A
,
144A,
FRN
,
6.636
%
,
(
3-month
SOFR
+
1.322
%
),
4/16/33
.
..........
United
States
500,000
501,037
b,l
New
Century
Home
Equity
Loan
Trust
,
2003-A
,
A
,
144A,
FRN
,
3.926
%
,
(
1-month
SOFR
+
0.834
%
),
10/25/33
.
..............
United
States
138,458
134,353
b
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
490,000
429,833
b,l
Octagon
Investment
Partners
XXI
Ltd.
,
2014-1A
,
AAR3
,
144A,
FRN
,
6.568
%
,
(
3-month
SOFR
+
1.262
%
),
2/14/31
.
...............
United
States
250,000
250,574
b,l
Palmer
Square
CLO
Ltd.
,
2014-1A
,
A1R2
,
144A,
FRN
,
6.708
%
,
(
3-month
SOFR
+
1.392
%
),
1/17/31
.
.....................
United
States
129,527
129,607
b,l
Point
Au
Roche
Park
CLO
Ltd.
,
2021-1A
,
A
,
144A,
FRN
,
6.659
%
,
(
3-month
SOFR
+
1.342
%
),
7/20/34
.
.....................
United
States
100,000
100,179
b,k
RCKT
Mortgage
Trust
,
2024-CES1
,
A1A
,
144A,
FRN
,
6.025
%
,
2/25/44
.
...........................................
United
States
98,811
98,777
b,l
Reese
Park
CLO
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
6.706
%
,
(
3-month
SOFR
+
1.392
%
),
10/15/34
.
............................
United
States
180,000
179,929
b,l
Stratus
Static
CLO
Ltd.
,
2022-3A
,
AR
,
144A,
FRN
,
6.618
%
,
(
3-month
SOFR
+
1.3
%
),
10/20/31
.
..............................
Jersey
110,000
110,076
b,l
Symphony
CLO
40
Ltd.
,
2023-40A
,
A1
,
144A,
FRN
,
6.984
%
,
(
3-month
SOFR
+
1.64
%
),
1/14/34
.
......................
United
States
160,000
160,740
b,l
Symphony
CLO
XV
Ltd.
,
2014-15A
,
AR3
,
144A,
FRN
,
6.658
%
,
(
3-month
SOFR
+
1.342
%
),
1/17/32
.
.....................
United
States
250,000
250,391
3,752,363
a
a
a
a
a
a
Ground
Transportation
0.0%
†
b
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
2022-3A
,
A
,
144A,
4.62
%
,
2/20/27
.
.....................................
United
States
110,000
108,609
Passenger
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
United
States
370,064
334,746
United
Airlines
Pass-Through
Trust
,
2016-1
,
A
,
3.45
%
,
7/07/28
.............................
United
States
65,702
59,710
2019-2
,
A
,
2.9
%
,
5/01/28
..............................
United
States
82,768
73,580
2020-1
,
B
,
4.875
%
,
7/15/27
............................
United
States
166,800
164,226
632,262
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
4,631,151
)
................................
4,617,973
Commercial
Mortgage-Backed
Securities
0.6%
Financial
Services
0.6%
BANK
,
2021-BN33
,
A5
,
2.556
%
,
5/15/64
....................
United
States
210,000
178,411
k
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
20,000
20,920
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.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
,l
BPR
Trust
,
2022-OANA
,
A
,
144A,
FRN
,
7.223
%
,
(
1-month
SOFR
+
1.898
%
),
4/15/37
....................................
United
States
150,000
$
150,928
b
,l
BX
Commercial
Mortgage
Trust
,
2021-21M
,
A
,
144A,
FRN
,
6.169
%
,
(
1-month
SOFR
+
0.844
%
),
10/15/36
..........................................
United
States
107,986
107,183
2021-VINO
,
A
,
144A,
FRN
,
6.092
%
,
(
1-month
SOFR
+
0.767
%
),
5/15/38
...........................................
United
States
113,374
112,588
2021-VOLT
,
B
,
144A,
FRN
,
6.39
%
,
(
1-month
SOFR
+
1.064
%
),
9/15/36
...........................................
United
States
250,000
247,405
2022-LP2
,
A
,
144A,
FRN
,
6.338
%
,
(
1-month
SOFR
+
1.013
%
),
2/15/39
...........................................
United
States
185,169
184,389
2023-XL3
,
A
,
144A,
FRN
,
7.087
%
,
(
1-month
SOFR
+
1.761
%
),
12/09/40
..........................................
United
States
100,000
100,787
2024-XL5
,
A
,
144A,
FRN
,
6.692
%
,
(
1-month
SOFR
+
1.392
%
),
3/15/41
...........................................
United
States
100,000
100,199
b
,l
BX
Mortgage
Trust
,
2021-PAC
,
A
,
144A,
FRN
,
6.129
%
,
(
1-month
SOFR
+
0.804
%
),
10/15/36
..........................................
United
States
230,000
228,144
2022-MVRK
,
A
,
144A,
FRN
,
6.792
%
,
(
1-month
SOFR
+
1.467
%
),
3/15/39
...........................................
United
States
118,664
117,948
b
BX
Trust
,
l
2021-BXMF
,
A
,
144A,
FRN
,
6.075
%
,
(
1-month
SOFR
+
0.75
%
),
10/15/26
..........................................
United
States
93,847
92,972
2022-CLS
,
A
,
144A,
5.76
%
,
10/13/27
.....................
United
States
100,000
100,427
l
2022-IND
,
A
,
144A,
FRN
,
6.816
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
...........................................
United
States
306,201
306,890
k
,m
FHLMC,
Multi-family
Structured
Pass-Through
Certificates
,
K105
,
X1
,
IO,
FRN
,
1.521
%
,
1/25/30
..........................
United
States
2,288,080
161,233
FNMA
,
2014-6
,
Z
,
2.5
%
,
2/25/44
..............................
United
States
128,905
109,300
2022-29
,
KZ
,
1.5
%
,
6/25/42
............................
United
States
102,786
71,219
m
427
,
C73
,
IO,
3
%
,
12/25/48
............................
United
States
523,278
83,784
GNMA
,
2021-21
,
AH
,
1.4
%
,
6/16/63
............................
United
States
86,235
65,003
2021-77
,
LC
,
1.25
%
,
7/20/50
...........................
United
States
116,638
91,548
2023-92
,
AH
,
2
%
,
6/16/64
.............................
United
States
99,984
77,326
b
,l
INTOWN
Mortgage
Trust
,
2022-STAY
,
A
,
144A,
FRN
,
7.814
%
,
(
1-month
SOFR
+
2.489
%
),
8/15/39
......................
United
States
130,000
130,874
b
,l
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2022-
ACB
,
A
,
144A,
FRN
,
6.719
%
,
(
30-day
SOFR
Average
+
1.4
%
),
3/15/39
...........................................
United
States
150,000
149,764
JPMBB
Commercial
Mortgage
Securities
Trust
,
2015-C33
,
A4
,
3.77
%
,
12/15/48
.....................................
United
States
122,000
118,422
k
MSWF
Commercial
Mortgage
Trust
,
2023-2
,
A5
,
FRN
,
6.014
%
,
12/15/56
..........................................
United
States
100,000
107,153
b
,l
MTN
Commercial
Mortgage
Trust
,
2022-LPFL
,
A
,
144A,
FRN
,
6.727
%
,
(
1-month
SOFR
+
1.397
%
),
3/15/39
...............
United
States
100,000
99,071
b
,k
NJ
Trust
,
2023-GSP
,
A
,
144A,
FRN
,
6.481
%
,
1/06/29
...........
United
States
100,000
104,630
b
,l
SREIT
Trust
,
2021-MFP
,
A
,
144A,
FRN
,
6.171
%
,
(
1-month
SOFR
+
0.845
%
),
11/15/38
..........................................
United
States
133,961
133,085
2021-MFP2
,
A
,
144A,
FRN
,
6.261
%
,
(
1-month
SOFR
+
0.936
%
),
11/15/36
..........................................
United
States
100,000
99,538
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
35
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
WFRBS
Commercial
Mortgage
Trust
,
2014-C23
,
A5
,
3.917
%
,
10/15/57
..........................................
United
States
106,000
$
104,260
3,755,401
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
3,748,582
)
.................
3,755,401
Mortgage-Backed
Securities
5.2%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.6%
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
1/01/49
..................
United
States
318,138
310,216
FHLMC
Pool,
15
Year
,
3
%,
8/01/34
........................
United
States
35,611
33,369
FHLMC
Pool,
15
Year
,
4
%,
11/01/37
.......................
United
States
163,349
158,336
FHLMC
Pool,
20
Year
,
1.5
%,
11/01/40
-
7/01/41
..............
United
States
232,793
190,854
FHLMC
Pool,
20
Year
,
2
%,
10/01/40
-
4/01/42
................
United
States
504,163
424,194
FHLMC
Pool,
20
Year
,
3
%,
5/01/42
-
9/01/42
.................
United
States
264,657
234,952
FHLMC
Pool,
30
Year
,
2
%,
2/01/52
-
8/01/52
.................
United
States
689,691
546,780
FHLMC
Pool,
30
Year
,
2.5
%,
12/01/50
-
4/01/52
..............
United
States
1,865,808
1,563,048
FHLMC
Pool,
30
Year
,
3
%,
3/01/50
-
7/01/52
.................
United
States
1,007,422
872,237
FHLMC
Pool,
30
Year
,
3.5
%,
4/01/50
-
8/01/52
...............
United
States
1,800,544
1,640,645
FHLMC
Pool,
30
Year
,
4
%,
5/01/47
-
2/01/53
.................
United
States
1,169,641
1,094,688
FHLMC
Pool,
30
Year
,
4.5
%,
10/01/48
-
10/01/52
.............
United
States
1,063,182
1,019,670
FHLMC
Pool,
30
Year
,
5
%,
8/01/52
-
11/01/52
................
United
States
653,838
641,717
FHLMC
Pool,
30
Year
,
5.5
%,
12/01/52
-
6/01/53
..............
United
States
365,330
364,474
FHLMC
Pool,
30
Year
,
6
%,
3/01/53
........................
United
States
91,619
92,798
FHLMC
Pool,
30
Year
,
6.5
%,
5/01/53
.......................
United
States
180,550
185,817
9,373,795
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.4%
FNMA
,
2.5
%,
9/01/61
-
6/01/62
...........................
United
States
266,066
213,198
FNMA,
15
Year
,
2
%,
8/01/36
-
12/01/36
.....................
United
States
479,567
426,875
FNMA,
20
Year
,
1.5
%,
11/01/41
...........................
United
States
84,330
68,699
FNMA,
20
Year
,
2
%,
10/01/40
-
8/01/42
.....................
United
States
387,618
326,711
FNMA,
20
Year
,
2.5
%,
12/01/40
-
5/01/42
...................
United
States
288,480
250,853
FNMA,
20
Year
,
3.5
%,
8/01/42
...........................
United
States
90,662
82,969
FNMA,
30
Year
,
1.5
%,
3/01/51
-
9/01/51
....................
United
States
265,127
200,510
FNMA,
30
Year
,
2
%,
2/01/51
-
3/01/52
......................
United
States
3,831,696
3,051,341
FNMA,
30
Year
,
2.5
%,
9/01/51
-
3/01/52
....................
United
States
3,318,425
2,758,854
FNMA,
30
Year
,
3
%,
9/01/50
-
5/01/52
......................
United
States
2,352,362
2,041,120
FNMA,
30
Year
,
3.5
%,
6/01/49
-
9/01/52
....................
United
States
536,045
484,212
FNMA,
30
Year
,
4
%,
2/01/49
-
6/01/52
......................
United
States
474,161
444,098
FNMA,
30
Year
,
4.5
%,
2/01/50
-
11/01/52
...................
United
States
725,328
693,894
FNMA,
30
Year
,
5
%,
10/01/52
-
5/01/53
.....................
United
States
791,557
773,217
FNMA,
30
Year
,
5.5
%,
11/01/52
-
9/01/53
...................
United
States
1,094,133
1,090,355
FNMA,
30
Year
,
6
%,
6/01/53
-
8/01/53
......................
United
States
704,163
712,994
n
FNMA,
Single-family,
30
Year
,
3
%,
4/25/54
..................
United
States
200,000
172,089
n
FNMA,
Single-family,
30
Year
,
4.5
%,
4/25/54
.................
United
States
100,000
95,238
n
FNMA,
Single-family,
30
Year
,
5
%,
4/25/54
..................
United
States
300,000
292,746
14,179,973
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
1.2%
GNMA
II,
30
Year
,
2
%,
3/20/51
...........................
United
States
94,039
75,215
GNMA
II,
30
Year
,
2.5
%,
12/20/51
.........................
United
States
82,837
70,062
GNMA
II,
30
Year
,
4.5
%,
9/20/52
..........................
United
States
90,835
87,748
GNMA
II,
30
Year
,
5
%,
8/20/53
...........................
United
States
96,221
95,035
GNMA
II,
30
Year
,
5.5
%,
3/20/53
-
8/20/53
...................
United
States
290,697
292,942
GNMA
II,
30
Year
,
6
%,
1/20/54
...........................
United
States
98,730
100,313
c
GNMA
II,
Single-family,
30
Year
,
2
%,
10/20/50
-
5/20/52
........
United
States
1,714,708
1,406,672
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.
36
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
II,
Single-family,
30
Year
,
2.5
%,
2/20/50
-
6/20/52
........
United
States
1,112,763
$
949,180
GNMA
II,
Single-family,
30
Year
,
3
%,
2/20/51
-
10/20/51
........
United
States
531,784
469,679
GNMA
II,
Single-family,
30
Year
,
3.5
%,
4/20/52
-
4/15/54
........
United
States
288,911
262,926
GNMA
II,
Single-family,
30
Year
,
4
%,
8/20/46
-
8/20/48
.........
United
States
329,291
311,794
GNMA
II,
Single-family,
30
Year
,
4.5
%,
6/20/48
...............
United
States
171,856
167,376
GNMA
II,
Single-family,
30
Year
,
5
%,
8/20/52
-
4/15/54
.........
United
States
1,363,858
1,340,896
GNMA
II,
Single-family,
30
Year
,
5.5
%,
2/20/53
-
4/15/54
........
United
States
1,455,485
1,454,943
7,084,781
Total
Mortgage-Backed
Securities
(Cost
$
32,853,671
)
............................
30,638,549
Municipal
Bonds
0.2%
California
0.2%
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
475,000
445,401
San
Bernardino
Community
College
District
,
GO
,
2021
,
Refunding
,
2.686
%
,
8/01/41
...................
United
States
485,000
362,999
GO
,
2021
,
Refunding
,
2.856
%
,
8/01/49
...................
United
States
285,000
196,311
1,004,711
Ohio
0.0%
†
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
160,000
124,653
Total
Municipal
Bonds
(Cost
$
1,385,122
)
.......................................
1,129,364
Residential
Mortgage-Backed
Securities
0.2%
Financial
Services
0.2%
b
BRAVO
Residential
Funding
Trust
,
k
2022-NQM3
,
A1
,
144A,
FRN
,
5.108
%
,
7/25/62
..............
United
States
81,747
80,381
2023-NQM1
,
A1
,
144A,
5.757
%
,
1/25/63
..................
United
States
85,549
85,013
b
,l
Connecticut
Avenue
Securities
Trust
,
2022-R04
,
1M2
,
144A,
FRN
,
8.42
%
,
(
30-day
SOFR
Average
+
3.1
%
),
3/25/42
............
United
States
120,000
124,903
b
Ellington
Financial
Mortgage
Trust
,
2023-1
,
A3
,
144A,
6.544
%
,
2/25/68
...........................................
United
States
130,935
130,656
b
,l
FHLMC
STACR
REMIC
Trust
,
2021-DNA5
,
M2
,
144A,
FRN
,
6.97
%
,
(
30-day
SOFR
Average
+
1.65
%
),
1/25/34
.....................................
United
States
87,591
87,933
2022-DNA3
,
M1A
,
144A,
FRN
,
7.32
%
,
(
30-day
SOFR
Average
+
2
%
),
4/25/42
.......................................
United
States
67,474
68,372
b
,k
GCAT
Trust
,
2024-INV1
,
1A2
,
144A,
FRN
,
5.5
%
,
1/25/54
........
United
States
98,916
97,397
b
Legacy
Mortgage
Asset
Trust
,
2021-GS3
,
A1
,
144A,
1.75
%
,
7/25/61
United
States
100,432
97,412
b
,k
New
Residential
Mortgage
Loan
Trust
,
2016-4A
,
A1
,
144A,
FRN
,
3.75
%
,
11/25/56
.................
United
States
89,518
83,452
2017-1A
,
A1
,
144A,
FRN
,
4
%
,
2/25/57
....................
United
States
82,072
78,072
2018-3A
,
A1
,
144A,
FRN
,
4.5
%
,
5/25/58
...................
United
States
76,334
73,554
b
OBX
Trust
,
2023-NQM7
,
A1
,
144A,
6.844
%
,
4/25/63
...........
United
States
92,885
94,003
b
,k
PRKCM
Trust
,
2021-AFC2
,
A1
,
144A,
FRN
,
2.071
%
,
11/25/56
....
United
States
80,970
68,953
b
SG
Residential
Mortgage
Trust
,
2022-2
,
A1
,
144A,
5.353
%
,
8/25/62
United
States
113,312
112,678
b
Verus
Securitization
Trust
,
2022-6
,
A3
,
144A,
4.91
%
,
6/25/67
....
United
States
83,005
80,915
1,363,694
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
1,354,178
)
..................
1,363,694
Total
Long
Term
Investments
(Cost
$
475,405,077
)
...............................
565,146,903
a
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
37
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.0%
†
Puts
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
5
Year
Notes
Futures
,
April
Strike
Price
$
106.50
,
Expires
4/26/24
.....................................
5
500,000
$
1,328
Total
Options
Purchased
(Cost
$
2,673
)
.........................................
1,328
Short
Term
Investments
2.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
o
U.S.
Treasury
Bills
,
5/09/24
...........................................
United
States
150,000
149,167
7/16/24
...........................................
United
States
170,000
167,396
316,563
Total
U.S.
Government
and
Agency
Securities
(Cost
$
316,556
)
....................
316,563
Shares
a
a
a
Money
Market
Funds
2.6%
p,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
12,178,145
12,178,145
q
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund
,
4.94
%
............................................
United
States
2,184,421
2,184,421
q
JPMorgan
Prime
Money
Market
Fund
,
5.29
%
................
United
States
790,503
790,817
Total
Money
Market
Funds
(Cost
$
15,153,384
)
..................................
15,153,383
Total
Short
Term
Investments
(Cost
$
15,469,940
)
................................
15,469,946
a
Total
Investments
(Cost
$
490,877,690
)
98.7
%
...................................
$580,618,177
TBA
Sales
Commitments
(
0.0
)
%
†
..............................................
(
82,669
)
Options
Written
(
0.0
)
%
†
......................................................
(1,250)
Other
Assets,
less
Liabilities
1.3
%
.............................................
7,169,209
Net
Assets
100.0%
...........................................................
$587,703,467
a
a
a
Principal
Amount
*
a
a
a
r
TBA
Sales
Commitments
(0.0)%
†
Mortgage-Backed
Securities
(0.0)%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(0.0)%
†
FNMA,
Single-family,
30
Year
,
2.5
%
,
4/25/54
.................
United
States
100,000
(
82,669
)
Total
TBA
Sales
Commitments
(Proceeds
$
82,289
)
..............................
(82,669)
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.
38
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
5
Year
Notes
Futures
,
April
Strike
Price
$
108.00
,
Expires
4/26/24
.....................................
5
500,000
$
(
781
)
(
781
)
Puts
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
5
Year
Notes
Futures
,
April
Strike
Price
$
105.75
,
Expires
4/26/24
.....................................
5
500,000
(
469
)
(
469
)
Total
Options
Written
(Premiums
received
$
2,444
)
...............................
$
(
1,250
)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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
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,
2024,
the
aggregate
value
of
these
securities
was
$22,290,776,
representing
3.8%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Perpetual
security
with
no
stated
maturity
date.
h
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
i
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
j
Principal
amount
of
security
is
adjusted
for
inflation.
k
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.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
m
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
n
Security
purchased
on
a
to-be-announced
(TBA)
basis.
o
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
p
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
r
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
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
39
At
March
31,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
81
$
21,499,425
6/21/24
$
222,330
Interest
rate
contracts
3-month
SOFR
..............................
Long
20
4,812,250
3/17/26
9,658
3-month
SOFR
..............................
Short
7
1,656,769
6/18/24
(
1,540
)
3-month
SOFR
..............................
Long
13
3,101,475
3/18/25
(
12,611
)
Long
Gilt
...................................
Long
4
504,517
6/26/24
10,739
U.S.
Treasury
10
Year
Notes
....................
Short
153
16,951,922
6/18/24
(
73,990
)
U.S.
Treasury
10
Year
Notes
....................
Long
70
7,755,781
6/18/24
18,637
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
10
1,146,094
6/18/24
(
8,078
)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
14
1,604,531
6/18/24
6,516
U.S.
Treasury
2
Year
Notes
.....................
Short
5
1,022,422
6/28/24
726
U.S.
Treasury
2
Year
Notes
.....................
Long
7
1,431,391
6/28/24
(
478
)
U.S.
Treasury
5
Year
Notes
.....................
Long
34
3,638,531
6/28/24
5,016
U.S.
Treasury
Long
Bonds
.....................
Long
4
481,750
6/18/24
4,602
U.S.
Treasury
Ultra
Bonds
......................
Short
6
774,000
6/18/24
(
12,759
)
U.S.
Treasury
Ultra
Bonds
......................
Long
14
1,806,000
6/18/24
26,296
Total
Futures
Contracts
......................................................................
$195,064
*
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
Norwegian
Krone
...
HSBK
Buy
2,800,000
272,484
4/11/24
$
—
$
(
14,562
)
Norwegian
Krone
...
MSCO
Sell
2,800,000
265,864
4/11/24
7,941
—
New
Zealand
Dollar
.
BZWS
Buy
260,000
161,898
4/12/24
—
(
6,572
)
New
Zealand
Dollar
.
BZWS
Sell
350,000
213,778
4/12/24
4,685
—
Malaysian
Ringgit
...
GSCO
Buy
1,600,000
346,208
4/16/24
—
(
9,281
)
Malaysian
Ringgit
...
GSCO
Sell
1,600,000
334,837
4/16/24
—
(
2,089
)
Norwegian
Krone
...
MSCO
Buy
5,500,000
536,978
4/18/24
—
(
30,254
)
Norwegian
Krone
...
MSCO
Sell
5,500,000
517,460
4/18/24
10,736
—
South
Korean
Won
..
CITI
Buy
1,200,000,000
905,846
4/26/24
—
(
15,625
)
Mexican
Peso
......
CITI
Sell
4,000,000
229,410
4/29/24
—
(
10,197
)
Columbian
Peso
....
JPHQ
Sell
630,000,000
156,746
4/30/24
—
(
5,436
)
Hungarian
Forint
....
MSCO
Buy
120,000,000
336,186
5/02/24
—
(
8,121
)
Euro
.............
JPHQ
Buy
860,000
934,889
5/07/24
—
(
5,813
)
Euro
.............
MSCO
Buy
520,000
568,897
5/07/24
—
(
7,130
)
Euro
.............
MSCO
Sell
60,000
65,096
5/07/24
276
—
Euro
.............
UBSW
Buy
310,000
335,208
5/07/24
—
(
309
)
South
African
Rand
..
HSBK
Buy
700,000
36,395
5/15/24
435
—
South
African
Rand
..
HSBK
Sell
9,600,000
501,546
5/15/24
—
(
3,546
)
Chilean
Peso
......
HSBK
Buy
430,000,000
450,235
5/17/24
—
(
11,978
)
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.
40
At
March
31,
2024
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
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)
Yuan
Renminbi
.....
JPHQ
Sell
730,000
101,927
5/28/24
$
—
$
(
500
)
Australian
Dollar
....
JPHQ
Buy
2,070,000
1,347,404
6/06/24
4,131
—
Australian
Dollar
....
JPHQ
Sell
870,000
576,207
6/06/24
8,170
—
British
Pound
......
CITI
Buy
370,000
476,658
6/10/24
—
(
9,523
)
British
Pound
......
CITI
Sell
400,000
504,545
6/10/24
—
(
465
)
Indian
Rupee
......
BZWS
Buy
28,000,000
336,648
6/11/24
—
(
1,579
)
Japanese
Yen
......
JPHQ
Buy
355,000,000
2,449,540
6/17/24
—
(
76,563
)
Japanese
Yen
......
JPHQ
Sell
84,000,000
560,757
6/17/24
—
(
736
)
Total
Forward
Exchange
Contracts
...................................................
$36,374
$(220,279)
Net
unrealized
appreciation
(depreciation)
............................................
$(183,905)
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)
(d)
Traded
Index
CDX.NA.IG.42
..
1.00%
Quarterly
6/20/29
1,782,000
$
40,699
$
39,222
$
1,477
Investment
Grade
CDX.NA.IG.42
..
1.00%
Quarterly
6/20/34
1,511,000
10,446
10,528
(
82
)
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$51,145
$49,750
$1,395
Total
Credit
Default
Swap
Contracts
....................................
$51,145
$
49,750
$1,395
(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)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
At
March
31,
2024
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.87%
....
Annual
2/28/31
1,766,000
$
(
3,126
)
$
(
5,641
)
$
2,516
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.15%
....
Annual
5/15/48
1,388,000
153,324
3,809
149,514
Total
Interest
Rate
Swap
Contracts
....................................
$150,198
$
(
1,832
)
$152,030
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
DynaTech
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.9%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
6,159
$
1,927,028
Automobile
Components
0.0%
†
a
Mobileye
Global,
Inc.
,
A
.................................
Israel
601
19,322
Automobiles
1.4%
a
Tesla,
Inc.
...........................................
United
States
13,946
2,451,567
Biotechnology
0.6%
a
Argenx
SE
..........................................
Netherlands
1,231
485,328
a
Ascendis
Pharma
A/S
,
ADR
.............................
Denmark
1,348
203,777
a
Krystal
Biotech,
Inc.
...................................
United
States
383
68,147
a
Natera,
Inc.
..........................................
United
States
2,689
245,936
a
Rocket
Pharmaceuticals,
Inc.
............................
United
States
610
16,434
1,019,622
Broadline
Retail
8.6%
a
Amazon.com,
Inc.
.....................................
United
States
69,211
12,484,280
a
MercadoLibre,
Inc.
....................................
Brazil
1,382
2,089,529
14,573,809
Capital
Markets
1.8%
Moody's
Corp.
........................................
United
States
684
268,832
MSCI,
Inc.
,
A
.........................................
United
States
1,702
953,886
Tradeweb
Markets,
Inc.
,
A
...............................
United
States
17,230
1,794,849
3,017,567
Communications
Equipment
0.2%
a
Arista
Networks,
Inc.
...................................
United
States
1,041
301,869
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
..................................
United
States
5,196
1,349,921
Diversified
Consumer
Services
0.2%
a
Duolingo,
Inc.
,
A
......................................
United
States
1,345
296,680
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.
,
A
....................................
United
States
3,426
395,189
Keyence
Corp.
.......................................
Japan
1,371
636,460
1,031,649
Energy
Equipment
&
Services
0.6%
Baker
Hughes
Co.
,
A
...................................
United
States
6,913
231,586
a
Oceaneering
International,
Inc.
...........................
United
States
6,720
157,248
Schlumberger
NV
.....................................
United
States
8,666
474,983
TechnipFMC
plc
......................................
United
Kingdom
8,686
218,105
1,081,922
Entertainment
0.1%
Nintendo
Co.
Ltd.
.....................................
Japan
2,393
130,564
Financial
Services
4.5%
Mastercard,
Inc.
,
A
....................................
United
States
11,784
5,674,821
Visa,
Inc.
,
A
..........................................
United
States
6,926
1,932,908
7,607,729
Ground
Transportation
1.1%
a
Uber
Technologies,
Inc.
.................................
United
States
24,301
1,870,934
Health
Care
Equipment
&
Supplies
3.5%
a
Boston
Scientific
Corp.
.................................
United
States
790
54,107
a
Dexcom,
Inc.
.........................................
United
States
1,994
276,568
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
43
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,510
$
2,435,084
a
Inspire
Medical
Systems,
Inc.
............................
United
States
372
79,902
a
Intuitive
Surgical,
Inc.
..................................
United
States
6,905
2,755,717
a
PROCEPT
BioRobotics
Corp.
............................
United
States
700
34,594
a
Shockwave
Medical,
Inc.
................................
United
States
315
102,573
Stryker
Corp.
........................................
United
States
684
244,783
5,983,328
Health
Care
Providers
&
Services
0.6%
a
HealthEquity,
Inc.
.....................................
United
States
2,939
239,910
UnitedHealth
Group,
Inc.
................................
United
States
1,748
864,736
1,104,646
Health
Care
Technology
0.2%
Pro
Medicus
Ltd.
......................................
Australia
730
49,364
a
Veeva
Systems,
Inc.
,
A
.................................
United
States
1,361
315,330
364,694
Hotels,
Restaurants
&
Leisure
0.9%
a
Airbnb,
Inc.
,
A
........................................
United
States
839
138,402
Booking
Holdings,
Inc.
.................................
United
States
241
874,319
a
DoorDash,
Inc.
,
A
.....................................
United
States
3,846
529,671
1,542,392
Interactive
Media
&
Services
8.0%
a
Alphabet,
Inc.
,
A
......................................
United
States
45,056
6,800,302
Meta
Platforms,
Inc.
,
A
.................................
United
States
13,888
6,743,735
13,544,037
IT
Services
3.1%
a
Gartner,
Inc.
.........................................
United
States
683
325,566
a
MongoDB,
Inc.
,
A
.....................................
United
States
5,936
2,128,887
a
Shopify,
Inc.
,
A
.......................................
Canada
34,676
2,675,360
a
Snowflake,
Inc.
,
A
.....................................
United
States
728
117,645
5,247,458
Life
Sciences
Tools
&
Services
3.2%
Danaher
Corp.
.......................................
United
States
9,723
2,428,028
Thermo
Fisher
Scientific,
Inc.
............................
United
States
5,210
3,028,104
5,456,132
Pharmaceuticals
2.3%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
8,945
606,024
Eli
Lilly
&
Co.
........................................
United
States
4,173
3,246,427
Novo
Nordisk
A/S
,
ADR
.................................
Denmark
639
82,047
3,934,498
Professional
Services
0.1%
Verisk
Analytics,
Inc.
,
A
.................................
United
States
389
91,699
Semiconductors
&
Semiconductor
Equipment
24.9%
a
Advanced
Micro
Devices,
Inc.
............................
United
States
11,079
1,999,649
Advantest
Corp.
......................................
Japan
400
17,768
Analog
Devices,
Inc.
...................................
United
States
13,881
2,745,523
a
ARM
Holdings
plc
,
ADR
................................
United
States
803
100,367
ASM
International
NV
..................................
Netherlands
1,679
1,028,176
ASML
Holding
NV
,
ADR
................................
Netherlands
5,405
5,245,390
Broadcom,
Inc.
.......................................
United
States
867
1,149,131
Entegris,
Inc.
.........................................
United
States
4,109
577,479
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.
44
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Intel
Corp.
...........................................
United
States
3,414
$
150,797
KLA
Corp.
...........................................
United
States
3,814
2,664,346
Lam
Research
Corp.
...................................
United
States
3,704
3,598,695
a
Lattice
Semiconductor
Corp.
.............................
United
States
6,753
528,287
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,646
2,469,873
NVIDIA
Corp.
........................................
United
States
22,170
20,031,925
42,307,406
Software
29.8%
a
Adobe,
Inc.
..........................................
United
States
1,022
515,701
a
AppLovin
Corp.
,
A
.....................................
United
States
280
19,382
a
Aspen
Technology,
Inc.
.................................
United
States
168
35,831
a
Atlassian
Corp.
,
A
.....................................
United
States
2,063
402,512
a
Cadence
Design
Systems,
Inc.
...........................
United
States
16,001
4,980,791
Constellation
Software,
Inc.
..............................
Canada
451
1,232,013
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
290
92,971
a
Datadog,
Inc.
,
A
......................................
United
States
5,613
693,767
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
5,485
502,042
a
Fair
Isaac
Corp.
......................................
United
States
333
416,120
a
Gitlab,
Inc.
,
A
........................................
United
States
598
34,875
a
HubSpot,
Inc.
........................................
United
States
4,139
2,593,332
Intuit,
Inc.
...........................................
United
States
6,942
4,512,300
a
Klaviyo,
Inc.
,
A
.......................................
United
States
3,317
84,517
a,b
Lumine
Group,
Inc.
,
Reg
S
..............................
Canada
3,589
94,889
a
Manhattan
Associates,
Inc.
..............................
United
States
2,071
518,226
Microsoft
Corp.
.......................................
United
States
31,166
13,112,160
a
Monday.com
Ltd.
......................................
United
States
3,431
774,960
a
Palo
Alto
Networks,
Inc.
................................
United
States
6,958
1,976,977
a
Procore
Technologies,
Inc.
..............................
United
States
4,876
400,661
Roper
Technologies,
Inc.
................................
United
States
3,487
1,955,649
Salesforce,
Inc.
.......................................
United
States
6,916
2,082,961
a
ServiceNow,
Inc.
......................................
United
States
7,958
6,067,179
a
SPS
Commerce,
Inc.
...................................
United
States
977
180,647
a
Synopsys,
Inc.
.......................................
United
States
8,648
4,942,332
a
Tyler
Technologies,
Inc.
.................................
United
States
1,024
435,210
a
Workday,
Inc.
,
A
......................................
United
States
6,942
1,893,431
50,551,436
Technology
Hardware,
Storage
&
Peripherals
1.6%
Apple,
Inc.
..........................................
United
States
15,602
2,675,431
Trading
Companies
&
Distributors
0.1%
Fastenal
Co.
.........................................
United
States
2,407
185,676
Total
Common
Stocks
(Cost
$
81,031,372
)
......................................
169,669,016
Warrants
Warrants
0.0%
Software
0.0%
a,c
Constellation
Software,
Inc.
,
3/31/40
.......................
Canada
341
—
Total
Warrants
(Cost
$
–
)
......................................................
—
Total
Long
Term
Investments
(Cost
$
81,031,372
)
................................
169,669,016
a
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
45
See
Abbreviations
on
page
173
.
Short
Term
Investments
0.0%
†
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.0%
†
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
26,914
$
26,914
Total
Money
Market
Funds
(Cost
$
26,914
)
......................................
26,914
Total
Short
Term
Investments
(Cost
$
26,914
)
...................................
26,914
a
Total
Investments
(Cost
$
81,058,286
)
99.9
%
....................................
$169,695,930
Other
Assets,
less
Liabilities
0.1
%
.............................................
209,025
Net
Assets
100.0%
...........................................................
$169,904,955
a
a
a
†
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,
2024,
the
value
of
this
security
was
$94,889,
representing
0.1%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
d
See
Note
6
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,
2024
Franklin
Global
Real
Estate
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.3%
Diversified
REITs
2.0%
H&R
Real
Estate
Investment
Trust
........................
Canada
54,933
$
375,156
KDX
Realty
Investment
Corp.
............................
Japan
946
1,005,430
NTT
UD
REIT
Investment
Corp.
..........................
Japan
884
720,370
2,100,956
Diversified
Telecommunication
Services
0.5%
a
Cellnex
Telecom
SA
,
144A
,
Reg
S
.........................
Spain
15,512
548,707
Health
Care
Providers
&
Services
1.0%
Chartwell
Retirement
Residences
.........................
Canada
122,506
1,117,925
Health
Care
REITs
6.7%
American
Healthcare
REIT,
Inc.
...........................
United
States
21,478
316,801
Sabra
Health
Care
REIT,
Inc.
............................
United
States
55,569
820,754
Ventas,
Inc.
..........................................
United
States
41,017
1,785,880
Welltower,
Inc.
.......................................
United
States
45,275
4,230,496
7,153,931
Hotel
&
Resort
REITs
3.6%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
78,583
1,625,096
Japan
Hotel
REIT
Investment
Corp.
........................
Japan
1,732
908,153
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
11,039
1,276,219
3,809,468
Industrial
REITs
17.9%
Americold
Realty
Trust,
Inc.
..............................
United
States
45,217
1,126,808
GLP
J-Reit
..........................................
Japan
944
791,018
Goodman
Group
......................................
Australia
147,708
3,253,609
LaSalle
Logiport
REIT
..................................
Japan
641
656,782
Prologis,
Inc.
.........................................
United
States
67,287
8,762,113
Rexford
Industrial
Realty,
Inc.
............................
United
States
42,503
2,137,901
Segro
plc
...........................................
United
Kingdom
208,465
2,376,631
19,104,862
Office
REITs
5.6%
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
9,063
1,168,311
Cousins
Properties,
Inc.
................................
United
States
49,049
1,179,138
Derwent
London
plc
...................................
United
Kingdom
38,149
1,045,258
Gecina
SA
..........................................
France
10,551
1,077,673
Nippon
Building
Fund,
Inc.
..............................
Japan
164
655,975
Orix
JREIT,
Inc.
.......................................
Japan
780
848,716
5,975,071
Real
Estate
Management
&
Development
14.4%
CapitaLand
Investment
Ltd.
..............................
Singapore
615,029
1,220,434
b
Castellum
AB
........................................
Sweden
71,749
943,456
Catena
AB
..........................................
Sweden
22,503
1,099,308
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
91,285
376,158
Corp.
Inmobiliaria
Vesta
SAB
de
CV
.......................
Mexico
130,214
509,867
a
CTP
NV
,
144A
,
Reg
S
..................................
Netherlands
51,110
911,701
b
Fastighets
AB
Balder
,
B
.................................
Sweden
151,190
1,110,366
Grainger
plc
.........................................
United
Kingdom
256,602
834,871
Mitsubishi
Estate
Co.
Ltd.
...............................
Japan
54,557
995,380
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
365,092
3,935,970
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
146,035
1,410,661
Vonovia
SE
..........................................
Germany
68,872
2,035,196
15,383,368
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Residential
REITs
15.5%
American
Homes
4
Rent
,
A
..............................
United
States
77,931
$
2,866,302
AvalonBay
Communities,
Inc.
............................
United
States
17,691
3,282,742
Boardwalk
Real
Estate
Investment
Trust
....................
Canada
24,477
1,411,026
Camden
Property
Trust
.................................
United
States
22,825
2,245,980
Canadian
Apartment
Properties
REIT
......................
Canada
27,238
934,914
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
30,932
1,992,021
Killam
Apartment
Real
Estate
Investment
Trust
...............
Canada
74,181
1,017,596
UDR,
Inc.
...........................................
United
States
34,811
1,302,280
UNITE
Group
plc
(The)
.................................
United
Kingdom
120,436
1,489,709
16,542,570
Retail
REITs
16.3%
Brixmor
Property
Group,
Inc.
.............................
United
States
34,379
806,187
Carmila
SA
..........................................
France
45,850
797,437
Frasers
Centrepoint
Trust
...............................
Singapore
706,365
1,145,689
Link
REIT
...........................................
Hong
Kong
258,902
1,114,946
NETSTREIT
Corp.
....................................
United
States
73,961
1,358,664
Realty
Income
Corp.
...................................
United
States
84,740
4,584,434
Regency
Centers
Corp.
.................................
United
States
32,611
1,974,922
Shaftesbury
Capital
plc
.................................
United
Kingdom
656,805
1,192,099
Simon
Property
Group,
Inc.
..............................
United
States
14,556
2,277,868
SITE
Centers
Corp.
....................................
United
States
53,861
789,064
Vicinity
Ltd.
..........................................
Australia
1,005,614
1,395,827
17,437,137
Specialized
REITs
15.8%
Digital
Realty
Trust,
Inc.
................................
United
States
14,598
2,102,696
Equinix,
Inc.
.........................................
United
States
7,223
5,961,359
National
Storage
REIT
.................................
Australia
464,918
726,702
Public
Storage
.......................................
United
States
15,381
4,461,413
b
Shurgard
Self
Storage
Ltd.
..............................
Belgium
18,426
821,866
VICI
Properties,
Inc.
,
A
.................................
United
States
92,583
2,758,047
16,832,083
Total
Common
Stocks
(Cost
$
78,609,278
)
......................................
106,006,078
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.
48
See
Abbreviations
on
page
173
.
Short
Term
Investments
0.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.1%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
157,631
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$77,684)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$33,337)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$46,610)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
160,756
)
..........................
157,540
$
157,540
Total
Repurchase
Agreements
(Cost
$
157,540
)
..................................
157,540
Total
Short
Term
Investments
(Cost
$
157,540
)
..................................
157,540
a
Total
Investments
(Cost
$
78,766,818
)
99.4
%
....................................
$106,163,618
Other
Assets,
less
Liabilities
0.6
%
.............................................
599,767
Net
Assets
100.0%
...........................................................
$106,763,385
a
a
a
*
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,
2024,
the
aggregate
value
of
these
securities
was
$1,460,408,
representing
1.4%
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Growth
and
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
85.7%
Aerospace
&
Defense
2.1%
L3Harris
Technologies,
Inc.
..............................
United
States
1,010
$
215,231
RTX
Corp.
..........................................
United
States
8,650
843,634
1,058,865
Air
Freight
&
Logistics
1.6%
United
Parcel
Service,
Inc.
,
B
............................
United
States
5,390
801,116
Banks
7.6%
Bank
of
America
Corp.
.................................
United
States
36,645
1,389,578
JPMorgan
Chase
&
Co.
.................................
United
States
12,040
2,411,612
3,801,190
Beverages
3.0%
Coca-Cola
Co.
(The)
...................................
United
States
10,035
613,941
PepsiCo,
Inc.
........................................
United
States
5,060
885,551
1,499,492
Capital
Markets
8.6%
Ares
Management
Corp.
,
A
..............................
United
States
6,040
803,199
BlackRock,
Inc.
.......................................
United
States
725
604,433
Blackstone,
Inc.
......................................
United
States
4,780
627,949
Charles
Schwab
Corp.
(The)
.............................
United
States
8,565
619,592
Morgan
Stanley
.......................................
United
States
17,590
1,656,274
4,311,447
Chemicals
1.9%
BASF
SE
...........................................
Germany
6,110
349,133
Huntsman
Corp.
......................................
United
States
5,478
142,592
Linde
plc
............................................
United
States
990
459,677
951,402
Commercial
Services
&
Supplies
0.2%
Republic
Services,
Inc.
,
A
...............................
United
States
620
118,693
Communications
Equipment
1.7%
Cisco
Systems,
Inc.
...................................
United
States
16,740
835,493
Consumer
Finance
0.8%
American
Express
Co.
.................................
United
States
1,780
405,288
Consumer
Staples
Distribution
&
Retail
2.1%
Target
Corp.
.........................................
United
States
1,438
254,828
Walmart,
Inc.
........................................
United
States
13,680
823,126
1,077,954
Electric
Utilities
4.2%
Duke
Energy
Corp.
....................................
United
States
10,675
1,032,379
Evergy,
Inc.
..........................................
United
States
5,985
319,479
NextEra
Energy,
Inc.
...................................
United
States
6,145
392,727
PPL
Corp.
...........................................
United
States
12,620
347,429
2,092,014
Electrical
Equipment
2.4%
Eaton
Corp.
plc
.......................................
United
States
3,170
991,195
Emerson
Electric
Co.
..................................
United
States
2,035
230,810
1,222,005
Electronic
Equipment,
Instruments
&
Components
1.3%
TE
Connectivity
Ltd.
...................................
United
States
4,565
663,021
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.
50
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
0.9%
Apollo
Global
Management,
Inc.
..........................
United
States
3,965
$
445,864
Food
Products
0.9%
Mondelez
International,
Inc.
,
A
............................
United
States
6,340
443,800
Ground
Transportation
0.8%
Norfolk
Southern
Corp.
.................................
United
States
1,613
411,105
Health
Care
Equipment
&
Supplies
3.9%
Becton
Dickinson
&
Co.
.................................
United
States
2,160
534,492
a
Boston
Scientific
Corp.
.................................
United
States
9,140
625,999
Medtronic
plc
........................................
United
States
8,935
778,685
1,939,176
Health
Care
Providers
&
Services
3.9%
HCA
Healthcare,
Inc.
...................................
United
States
3,430
1,144,008
UnitedHealth
Group,
Inc.
................................
United
States
1,695
838,516
1,982,524
Health
Care
REITs
1.2%
Healthpeak
Properties,
Inc.
..............................
United
States
7,563
141,806
Ventas,
Inc.
..........................................
United
States
10,950
476,763
618,569
Hotels,
Restaurants
&
Leisure
1.1%
McDonald's
Corp.
.....................................
United
States
2,025
570,949
Household
Products
2.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
7,970
1,293,133
Industrial
REITs
0.9%
Prologis,
Inc.
.........................................
United
States
3,307
430,638
Insurance
0.2%
Arthur
J
Gallagher
&
Co.
................................
United
States
430
107,517
Interactive
Media
&
Services
0.7%
a
Alphabet,
Inc.
,
A
......................................
United
States
2,330
351,667
Life
Sciences
Tools
&
Services
2.1%
Danaher
Corp.
.......................................
United
States
1,315
328,382
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,266
735,812
1,064,194
Machinery
1.4%
Caterpillar,
Inc.
.......................................
United
States
1,200
439,716
Illinois
Tool
Works,
Inc.
.................................
United
States
940
252,230
691,946
Media
1.2%
Comcast
Corp.
,
A
.....................................
United
States
14,125
612,319
Oil,
Gas
&
Consumable
Fuels
10.0%
Canadian
Natural
Resources
Ltd.
.........................
Canada
6,769
516,610
Chevron
Corp.
.......................................
United
States
10,970
1,730,408
EOG
Resources,
Inc.
..................................
United
States
7,430
949,851
Shell
plc
,
ADR
........................................
Netherlands
13,140
880,906
Suncor
Energy,
Inc.
....................................
Canada
25,300
933,823
5,011,598
Pharmaceuticals
6.0%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
11,780
798,095
Johnson
&
Johnson
...................................
United
States
9,570
1,513,878
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
51
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
.....................................
United
States
5,300
$
699,335
3,011,308
Residential
REITs
1.2%
Mid-America
Apartment
Communities,
Inc.
..................
United
States
4,660
613,163
Semiconductors
&
Semiconductor
Equipment
4.0%
Broadcom,
Inc.
.......................................
United
States
870
1,153,106
Texas
Instruments,
Inc.
.................................
United
States
4,875
849,274
2,002,380
Software
2.4%
Oracle
Corp.
.........................................
United
States
9,700
1,218,417
Specialty
Retail
2.1%
Lowe's
Cos.,
Inc.
......................................
United
States
1,610
410,115
Tractor
Supply
Co.
....................................
United
States
2,400
628,128
1,038,243
Trading
Companies
&
Distributors
0.7%
United
Rentals,
Inc.
....................................
United
States
500
360,555
Total
Common
Stocks
(Cost
$
28,036,102
)
......................................
43,057,045
Equity-Linked
Securities
8.4%
Capital
Markets
1.1%
b
Royal
Bank
of
Canada
into
Blackstone,
Inc.
,
144A,
9
%
,
8/30/24
...
United
States
2,200
260,133
b
Wells
Fargo
Bank
NA
into
Charles
Schwab
Corp.
(The)
,
144A,
7
%
,
12/09/24
..........................................
United
States
4,700
306,286
566,419
Chemicals
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.
,
144A,
8
%
,
5/09/24
........................................
United
States
10,400
272,896
Consumer
Finance
0.8%
b
Wells
Fargo
Bank
NA
into
American
Express
Co.
,
144A,
4
%
,
3/03/25
United
States
1,700
378,439
Consumer
Staples
Distribution
&
Retail
0.7%
b
Royal
Bank
of
Canada
into
Target
Corp.
,
144A,
7.5
%
,
12/13/24
...
United
States
2,200
343,653
Energy
Equipment
&
Services
0.6%
b
JPMorgan
Chase
Bank
NA
into
Technip
Energies
NV
,
144A,
6
%
,
7/19/24
...........................................
France
2,100
302,969
Health
Care
Equipment
&
Supplies
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Boston
Scientific
Corp.
,
144A,
5.5
%
,
6/21/24
.................................
United
States
4,500
267,773
Industrial
REITs
0.7%
b
Barclays
Bank
plc
into
Prologis,
Inc.
,
144A,
7
%
,
1/17/25
........
United
States
2,600
342,183
Life
Sciences
Tools
&
Services
1.3%
b
Merrill
Lynch
International
&
Co.
CV
into
Danaher
Corp.
,
144A,
5.5
%
,
4/30/24
...........................................
United
States
1,400
388,061
b
Royal
Bank
of
Canada
into
Thermo
Fisher
Scientific,
Inc.
,
144A,
5.5
%
,
10/09/24
.....................................
United
States
500
277,963
666,024
Machinery
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Caterpillar,
Inc.
,
144A,
8
%
,
11/01/24
.......................................
United
States
1,200
371,894
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.
52
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Oil,
Gas
&
Consumable
Fuels
0.8%
b
Barclays
Bank
plc
into
Canadian
Natural
Resources
Ltd.
,
144A,
9
%
,
2/03/25
...........................................
Canada
5,300
$
386,860
Trading
Companies
&
Distributors
0.7%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
United
Rentals,
Inc.
,
144A,
9
%
,
9/27/24
...................................
United
States
600
337,169
Total
Equity-Linked
Securities
(Cost
$
3,809,523
)
................................
4,236,279
Convertible
Preferred
Stocks
2.5%
Electric
Utilities
1.2%
c
NextEra
Energy,
Inc.
,
6.926
%
............................
United
States
15,755
613,342
Financial
Services
1.3%
Apollo
Global
Management,
Inc.
,
6.75
%
....................
United
States
9,950
634,313
Total
Convertible
Preferred
Stocks
(Cost
$
1,198,336
)
............................
1,247,655
Total
Long
Term
Investments
(Cost
$
33,043,961
)
................................
48,540,979
a
Short
Term
Investments
4.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
3.6%
d
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
1,798,023
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$886,102)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$380,264)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$531,657)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
1,833,661
)
.........................
1,796,978
1,796,978
Total
Repurchase
Agreements
(Cost
$
1,796,978
)
................................
1,796,978
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.1%
Money
Market
Funds
1.1%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
556,000
556,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
556,000
)
.............................................................
556,000
Total
Short
Term
Investments
(Cost
$
2,352,978
)
.................................
2,352,978
a
Total
Investments
(Cost
$
35,396,939
)
101.3
%
...................................
$50,893,957
Other
Assets,
less
Liabilities
(
1.3
)
%
...........................................
(629,211)
Net
Assets
100.0%
...........................................................
$50,264,746
a
a
a
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
53
See
Abbreviations
on
page
173
.
*
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,
2024,
the
aggregate
value
of
these
securities
was
$4,236,279,
representing
8.4%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
d
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
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,
2024
Franklin
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
27.6%
Aerospace
&
Defense
1.2%
Lockheed
Martin
Corp.
.................................
United
States
65,000
$
29,566,550
RTX
Corp.
..........................................
United
States
100,000
9,753,000
39,319,550
Air
Freight
&
Logistics
0.3%
United
Parcel
Service,
Inc.
,
B
............................
United
States
60,000
8,917,800
Banks
2.3%
Bank
of
America
Corp.
.................................
United
States
600,000
22,752,000
Citigroup,
Inc.
........................................
United
States
125,000
7,905,000
Fifth
Third
Bancorp
....................................
United
States
200,000
7,442,000
JPMorgan
Chase
&
Co.
.................................
United
States
120,000
24,036,000
Truist
Financial
Corp.
..................................
United
States
250,000
9,745,000
71,880,000
Beverages
0.7%
Coca-Cola
Co.
(The)
...................................
United
States
100,000
6,118,000
PepsiCo,
Inc.
........................................
United
States
90,000
15,750,900
21,868,900
Biotechnology
0.3%
AbbVie,
Inc.
.........................................
United
States
50,000
9,105,000
Building
Products
0.4%
Johnson
Controls
International
plc
.........................
United
States
200,000
13,064,000
Capital
Markets
1.0%
Charles
Schwab
Corp.
(The)
.............................
United
States
100,000
7,234,000
Morgan
Stanley
.......................................
United
States
275,000
25,894,000
33,128,000
Chemicals
0.7%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
40,000
9,690,800
LyondellBasell
Industries
NV
,
A
...........................
United
States
110,000
11,250,800
20,941,600
Communications
Equipment
0.6%
Cisco
Systems,
Inc.
...................................
United
States
350,000
17,468,500
Consumer
Staples
Distribution
&
Retail
0.6%
Target
Corp.
.........................................
United
States
100,000
17,721,000
Containers
&
Packaging
0.2%
International
Paper
Co.
.................................
United
States
200,000
7,804,000
Diversified
Telecommunication
Services
0.5%
Verizon
Communications,
Inc.
............................
United
States
400,000
16,784,000
Electric
Utilities
3.4%
American
Electric
Power
Co.,
Inc.
.........................
United
States
100,000
8,610,000
Duke
Energy
Corp.
....................................
United
States
150,000
14,506,500
Edison
International
...................................
United
States
100,000
7,073,000
Entergy
Corp.
........................................
United
States
100,000
10,568,000
NextEra
Energy,
Inc.
...................................
United
States
459,379
29,358,912
Southern
Co.
(The)
....................................
United
States
450,000
32,283,000
Xcel
Energy,
Inc.
......................................
United
States
130,000
6,987,500
109,386,912
Ground
Transportation
0.6%
Union
Pacific
Corp.
....................................
United
States
75,000
18,444,750
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
55
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
0.5%
CVS
Health
Corp.
.....................................
United
States
125,000
$
9,970,000
UnitedHealth
Group,
Inc.
................................
United
States
10,000
4,947,000
14,917,000
Hotels,
Restaurants
&
Leisure
0.3%
Starbucks
Corp.
......................................
United
States
120,000
10,966,800
Household
Products
0.6%
Procter
&
Gamble
Co.
(The)
.............................
United
States
120,000
19,470,000
Industrial
Conglomerates
0.3%
Honeywell
International,
Inc.
.............................
United
States
45,391
9,316,503
IT
Services
0.3%
International
Business
Machines
Corp.
.....................
United
States
50,000
9,548,000
Media
0.3%
Comcast
Corp.
,
A
.....................................
United
States
225,000
9,753,750
Metals
&
Mining
0.8%
Barrick
Gold
Corp.
....................................
Canada
200,000
3,328,000
Rio
Tinto
plc
,
ADR
.....................................
Australia
365,529
23,298,818
26,626,818
Multi-Utilities
1.2%
Dominion
Energy,
Inc.
..................................
United
States
300,000
14,757,000
DTE
Energy
Co.
......................................
United
States
100,000
11,214,000
Sempra
.............................................
United
States
180,000
12,929,400
38,900,400
Oil,
Gas
&
Consumable
Fuels
3.5%
Chevron
Corp.
.......................................
United
States
300,000
47,322,000
Exxon
Mobil
Corp.
.....................................
United
States
250,000
29,060,000
Shell
plc
,
ADR
........................................
Netherlands
200,000
13,408,000
TotalEnergies
SE
,
ADR
.................................
France
300,000
20,649,000
110,439,000
Pharmaceuticals
3.1%
a
Bausch
Health
Cos.,
Inc.
................................
United
States
750,000
7,957,500
Bristol-Myers
Squibb
Co.
................................
United
States
500,000
27,115,000
Johnson
&
Johnson
...................................
United
States
200,000
31,638,000
Merck
&
Co.,
Inc.
.....................................
United
States
75,000
9,896,250
Pfizer,
Inc.
...........................................
United
States
800,000
22,200,000
98,806,750
Semiconductors
&
Semiconductor
Equipment
2.7%
Analog
Devices,
Inc.
...................................
United
States
80,000
15,823,200
QUALCOMM,
Inc.
.....................................
United
States
45,000
7,618,500
Texas
Instruments,
Inc.
.................................
United
States
363,966
63,406,517
86,848,217
Software
0.2%
Oracle
Corp.
.........................................
United
States
50,000
6,280,500
Specialty
Retail
0.4%
Home
Depot,
Inc.
(The)
.................................
United
States
32,000
12,275,200
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
18,324,000
Total
Common
Stocks
(Cost
$
687,152,520
)
.....................................
878,306,950
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.
56
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
9.5%
Aerospace
&
Defense
1.0%
b
Barclays
Bank
plc
into
Northrop
Grumman
Corp.
,
144A,
7
%
,
11/08/24
..........................................
United
States
20,000
$
9,732,683
b
Merrill
Lynch
International
&
Co.
CV
into
Raytheon
Technologies
Corp.
,
144A,
7.5
%
,
5/08/24
............................
United
States
210,000
20,631,202
30,363,885
Air
Freight
&
Logistics
0.2%
b
J.P.
Morgan
Structured
Products
BV
into
United
Parcel
Service,
Inc.
,
144A,
9
%
,
10/22/24
..................................
United
States
39,000
5,879,511
Automobiles
0.4%
b
Royal
Bank
of
Canada
into
General
Motors
Co.
,
144A,
12
%
,
6/18/24
United
States
340,000
12,615,025
Banks
0.8%
b
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.
,
144A,
8.5
%
,
2/26/25
...........................................
United
States
225,000
7,933,773
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Bank
of
America
Corp.
,
144A,
8
%
,
8/16/24
...................................
United
States
340,600
11,948,932
b
Merrill
Lynch
International
&
Co.
CV
into
Fifth
Third
Bancorp
,
144A,
10
%
,
3/10/25
.......................................
United
States
160,000
5,680,308
25,563,013
Biotechnology
0.4%
b
Barclays
Bank
plc
into
Amgen,
Inc.
,
144A,
8
%
,
9/20/24
.........
United
States
45,000
12,226,265
Broadline
Retail
0.6%
b
Royal
Bank
of
Canada
into
Amazon.com,
Inc.
,
144A,
10
%
,
4/05/24
United
States
176,390
20,254,066
Capital
Markets
0.9%
b
Merrill
Lynch
International
&
Co.
CV
into
Morgan
Stanley
,
144A,
10
%
,
6/04/24
.......................................
United
States
160,000
14,568,007
b
UBS
AG
into
Charles
Schwab
Corp.
(The)
,
144A,
10
%
,
7/17/24
...
United
States
200,000
12,571,798
27,139,805
Chemicals
0.6%
b
Barclays
Bank
plc
into
Air
Products
and
Chemicals,
Inc.
,
144A,
8.5
%
,
3/10/25
...........................................
United
States
33,000
7,760,349
b
National
Bank
of
Canada
into
Albemarle
Corp.
,
144A,
12
%
,
3/31/25
United
States
80,000
10,263,959
18,024,308
Containers
&
Packaging
0.2%
b
Mizuho
Markets
Cayman
LP
into
International
Paper
Co.
,
144A,
10
%
,
1/22/25
.......................................
United
States
215,000
7,969,382
Ground
Transportation
0.4%
b
Merrill
Lynch
BV
into
Union
Pacific
Corp.
,
144A,
8
%
,
11/05/24
....
United
States
55,000
12,666,151
Insurance
0.5%
b
BNP
Paribas
Issuance
BV
into
MetLife,
Inc.
,
144A,
9
%
,
10/23/24
..
United
States
238,200
16,433,335
Interactive
Media
&
Services
0.3%
b
JPMorgan
Chase
Bank
NA
into
Alphabet,
Inc.
,
144A,
8
%
,
3/28/25
.
United
States
75,500
10,988,407
Media
0.5%
b
J.P.
Morgan
Structured
Products
BV
into
Comcast
Corp.
,
144A,
8
%
,
9/12/24
...........................................
United
States
350,000
15,373,136
Metals
&
Mining
0.2%
b
UBS
AG
into
Newmont
Corp.
,
144A,
11
%
,
1/16/25
.............
United
States
143,000
5,197,482
Oil,
Gas
&
Consumable
Fuels
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Exxon
Mobil
Corp.
,
144A,
9
%
,
3/12/25
...................................
United
States
120,665
13,171,263
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
57
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Pharmaceuticals
0.2%
b
BNP
Paribas
Issuance
BV
into
Pfizer,
Inc.
,
144A,
8.5
%
,
6/10/24
..
United
States
260,000
$
7,274,439
Semiconductors
&
Semiconductor
Equipment
1.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Intel
Corp.
,
144A,
10
%
,
10/03/24
..........................................
United
States
364,780
14,995,155
b
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.
,
144A,
10
%
,
11/12/24
......................................
United
States
146,000
12,348,572
b
Wells
Fargo
Bank
NA
into
Intel
Corp.
,
144A,
11
%
,
2/14/25
.......
United
States
350,000
15,736,025
43,079,752
Software
0.3%
b
Barclays
Bank
plc
into
Oracle
Corp.
,
144A,
8.5
%
,
2/05/25
.......
United
States
85,000
9,666,718
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
UBS
AG
into
Apple,
Inc.
,
144A,
7
%
,
4/02/25
.................
United
States
39,000
6,691,945
Total
Equity-Linked
Securities
(Cost
$
288,833,580
)
..............................
300,577,888
Convertible
Preferred
Stocks
0.6%
Chemicals
0.4%
a
Albemarle
Corp.
,
7.25
%
................................
United
States
230,000
13,570,000
a
Financial
Services
0.2%
a
FNMA
,
5.375
%
.......................................
United
States
475
5,676,250
a
Total
Convertible
Preferred
Stocks
(Cost
$
48,856,042
)
...........................
19,246,250
Principal
Amount
*
Corporate
Bonds
49.3%
Aerospace
&
Defense
2.0%
Boeing
Co.
(The)
,
Senior
Note
,
5.04
%
,
5/01/27
...........................
United
States
11,500,000
11,287,975
Senior
Note
,
5.15
%
,
5/01/30
...........................
United
States
25,000,000
24,199,906
RTX
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
....................
United
States
7,500,000
7,379,395
b
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/15/28
...............
United
States
5,000,000
5,072,240
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
..............
United
States
15,000,000
15,173,115
63,112,631
Automobile
Components
0.8%
b
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
11,945,000
10,629,468
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
15,000,000
14,019,966
24,649,434
Automobiles
1.1%
Ford
Motor
Co.
,
Senior
Bond
,
4.346
%
,
12/08/26
.........................
United
States
7,000,000
6,817,284
Senior
Bond
,
3.25
%
,
2/12/32
...........................
United
States
3,000,000
2,497,105
Senior
Bond
,
6.1
%
,
8/19/32
............................
United
States
7,000,000
7,097,648
General
Motors
Co.
,
Senior
Bond
,
5.6
%
,
10/15/32
...........................
United
States
5,000,000
5,061,786
Senior
Bond
,
5.15
%
,
4/01/38
...........................
United
States
13,500,000
12,679,265
34,153,088
Banks
4.2%
Bank
of
America
Corp.
,
c
AA
,
Junior
Sub.
Bond
,
6.1%
to
3/16/25,
FRN
thereafter
,
Perpetual
United
States
8,000,000
8,042,104
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.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
c
X
,
Junior
Sub.
Bond
,
6.25%
to
9/04/24,
FRN
thereafter
,
Perpetual
United
States
6,000,000
$
6,021,828
Senior
Bond
,
3.419%
to
12/19/27,
FRN
thereafter
,
12/20/28
...
United
States
5,000,000
4,692,060
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
.....
United
States
6,500,000
6,176,694
Barclays
plc
,
Senior
Bond
,
5.746%
to
8/08/32,
FRN
thereafter
,
8/09/33
.....
United
Kingdom
15,000,000
15,073,165
Senior
Bond
,
7.437%
to
11/01/32,
FRN
thereafter
,
11/02/33
....
United
Kingdom
10,000,000
11,116,539
Senior
Note
,
5.501%
to
8/08/27,
FRN
thereafter
,
8/09/28
......
United
Kingdom
2,300,000
2,293,999
Citigroup,
Inc.
,
Senior
Bond
,
6.27%
to
11/16/32,
FRN
thereafter
,
11/17/33
..........................................
United
States
24,500,000
25,886,287
JPMorgan
Chase
&
Co.
,
c
NN
,
Junior
Sub.
Bond
,
6.875%
to
5/31/29,
FRN
thereafter
,
Perpetual
.........................................
United
States
5,000,000
5,186,361
c,d
R
,
Junior
Sub.
Bond
,
FRN
,
8.868
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
.........................................
United
States
3,200,000
3,202,497
Senior
Bond
,
6.254%
to
10/22/33,
FRN
thereafter
,
10/23/34
...
United
States
3,000,000
3,206,545
Senior
Note
,
5.04%
to
1/22/27,
FRN
thereafter
,
1/23/28
.......
United
States
1,500,000
1,495,296
Morgan
Stanley
Bank
NA
,
Senior
Note
,
4.952%
to
1/13/27,
FRN
thereafter
,
1/14/28
...................................
United
States
3,500,000
3,486,587
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond
,
6.037%
to
10/27/32,
FRN
thereafter
,
10/28/33
.......................
United
States
8,000,000
8,275,845
Truist
Financial
Corp.
,
Sub.
Bond
,
4.916%
to
7/27/32,
FRN
thereafter
,
7/28/33
...................................
United
States
4,000,000
3,727,969
US
Bancorp
,
Senior
Bond
,
5.85%
to
10/20/32,
FRN
thereafter
,
10/21/33
..........................................
United
States
10,000,000
10,199,755
Wells
Fargo
&
Co.
,
Senior
Bond
,
5.557%
to
7/24/33,
FRN
thereafter
,
7/25/34
...........................................
United
States
15,500,000
15,566,584
133,650,115
Beverages
0.2%
Coca-Cola
Co.
(The)
,
Senior
Bond
,
1.65
%
,
6/01/30
............
United
States
7,500,000
6,326,053
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/25
....................
United
States
10,500,000
10,353,139
Amgen,
Inc.
,
Senior
Note
,
5.25
%
,
3/02/30
...................
United
States
10,000,000
10,155,778
20,508,917
Broadline
Retail
0.1%
Amazon.com,
Inc.
,
Senior
Bond
,
3.6
%
,
4/13/32
...............
United
States
4,000,000
3,726,865
Building
Products
0.6%
b
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
6,900,000
7,094,366
Carrier
Global
Corp.
,
Senior
Note
,
2.722
%
,
2/15/30
............
United
States
2,500,000
2,211,725
b
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
..........................
United
States
11,000,000
11,119,273
20,425,364
Capital
Markets
1.5%
Charles
Schwab
Corp.
(The)
,
Senior
Note
,
5.643%
to
5/18/28,
FRN
thereafter
,
5/19/29
...................................
United
States
7,000,000
7,109,154
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
6.561%
to
10/23/33,
FRN
thereafter
,
10/24/34
..............................
United
States
17,000,000
18,554,377
Morgan
Stanley
,
Senior
Bond
,
6.342%
to
10/17/32,
FRN
thereafter
,
10/18/33
...
United
States
8,650,000
9,258,849
Senior
Bond
,
5.25%
to
4/20/33,
FRN
thereafter
,
4/21/34
......
United
States
5,700,000
5,657,463
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
59
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Morgan
Stanley,
(continued)
Senior
Bond
,
6.627%
to
10/31/33,
FRN
thereafter
,
11/01/34
....
United
States
6,000,000
$
6,567,957
47,147,800
Chemicals
1.7%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
12,000,000
12,227,396
b
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
10,000,000
9,342,057
b
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
10,000,000
8,311,569
b
,e
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
7,300,000
7,581,539
b
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
.....................
United
States
10,000,000
9,269,406
Senior
Secured
Note
,
144A,
4.875
%
,
5/01/28
..............
United
States
8,888,000
8,289,307
55,021,274
Commercial
Services
&
Supplies
0.5%
b
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,000,000
14,438,482
Communications
Equipment
0.9%
b
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
........................
United
States
9,602,868
8,363,618
Senior
Bond
,
144A,
5
%
,
3/15/27
........................
United
States
2,500,000
971,850
b
CommScope,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
3/01/27
......................
United
States
20,000,000
9,382,688
Senior
Note
,
144A,
7.125
%
,
7/01/28
.....................
United
States
14,846,000
5,885,960
Senior
Secured
Note
,
144A,
6
%
,
3/01/26
..................
United
States
5,000,000
4,581,250
29,185,366
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
,
Senior
Bond
,
2.9
%
,
10/01/30
...........
United
States
4,287,000
3,751,505
Consumer
Finance
2.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
5.3
%
,
1/19/34
.................................
Ireland
5,000,000
4,913,366
Capital
One
Financial
Corp.
,
Senior
Note
,
4.927%
to
5/09/27,
FRN
thereafter
,
5/10/28
......
United
States
10,398,356
10,267,725
Senior
Note
,
3.273%
to
2/28/29,
FRN
thereafter
,
3/01/30
......
United
States
7,000,000
6,309,022
Senior
Note
,
5.247%
to
7/25/29,
FRN
thereafter
,
7/26/30
......
United
States
6,070,000
5,977,099
Sub.
Bond
,
4.2
%
,
10/29/25
............................
United
States
8,000,000
7,823,028
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.125
%
,
6/16/25
..........................
United
States
20,000,000
19,826,801
Senior
Note
,
4.95
%
,
5/28/27
...........................
United
States
15,000,000
14,642,705
Senior
Note
,
7.35
%
,
3/06/30
...........................
United
States
1,500,000
1,600,205
General
Motors
Financial
Co.,
Inc.
,
e
Senior
Bond
,
6.4
%
,
1/09/33
............................
United
States
5,000,000
5,243,613
Senior
Note
,
4.3
%
,
4/06/29
............................
United
States
5,000,000
4,781,168
81,384,732
Consumer
Staples
Distribution
&
Retail
0.2%
b
7-Eleven,
Inc.
,
Senior
Bond
,
144A,
1.8
%
,
2/10/31
.............
United
States
3,000,000
2,410,911
Target
Corp.
,
Senior
Bond
,
4.5
%
,
9/15/32
...................
United
States
4,000,000
3,921,559
6,332,470
Containers
&
Packaging
1.4%
b
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
......................
United
States
5,700,000
3,597,127
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
..............
United
States
10,000,000
9,059,190
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.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
b
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
.....................
United
States
16,932,000
$
16,816,270
Senior
Secured
Note
,
144A,
7.875
%
,
8/15/26
..............
United
States
11,000,000
11,214,511
b
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
5,000,000
4,669,980
45,357,078
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
.............
United
States
10,000,000
9,574,873
Diversified
Telecommunication
Services
0.1%
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
5/01/27
................................
United
States
3,000,000
2,860,279
Electric
Utilities
1.0%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
5.25
%
,
3/15/34
United
States
8,000,000
7,985,372
Pacific
Gas
and
Electric
Co.
,
Senior
Bond
,
4.55
%
,
7/01/30
......
United
States
5,000,000
4,755,389
Southern
Co.
(The)
,
Senior
Bond
,
5.7
%
,
10/15/32
.............
United
States
10,000,000
10,318,129
b
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
10,505,000
9,742,597
32,801,487
Electrical
Equipment
0.2%
b
Regal
Rexnord
Corp.
,
Senior
Bond
,
144A,
6.4
%
,
4/15/33
........
United
States
5,000,000
5,190,635
Energy
Equipment
&
Services
0.5%
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
14,500,000
15,149,513
Entertainment
1.1%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
21,975,981
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
3.755
%
,
3/15/27
..........................
United
States
6,500,000
6,204,875
Senior
Note
,
4.279
%
,
3/15/32
..........................
United
States
6,500,000
5,809,341
33,990,197
Financial
Services
0.1%
b
Woodside
Finance
Ltd.
,
Senior
Bond
,
144A,
4.5
%
,
3/04/29
......
Australia
4,685,000
4,521,070
Food
Products
0.4%
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
5.75
%
,
4/01/33
...........................
United
States
8,000,000
7,886,495
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.25
%
,
7/01/33
............
United
States
4,000,000
4,092,548
11,979,043
Ground
Transportation
0.4%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
4,199,319
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
8,000,000
7,800,350
11,999,669
Health
Care
Equipment
&
Supplies
1.0%
b
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
4,500,000
4,661,595
GE
HealthCare
Technologies,
Inc.
,
WI
,
Senior
Note
,
5.905
%
,
11/22/32
..........................................
United
States
7,500,000
7,878,793
b
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
.....................
United
States
4,000,000
3,783,734
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
..............
United
States
17,000,000
15,484,646
31,808,768
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
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
7.2%
Centene
Corp.
,
Senior
Bond
,
2.5
%
,
3/01/31
............................
United
States
6,380,000
$
5,253,181
Senior
Note
,
4.625
%
,
12/15/29
.........................
United
States
10,000,000
9,500,942
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.875
%
,
4/15/29
....................
United
States
39,750,000
29,797,872
Senior
Note
,
144A,
6.875
%
,
4/01/28
.....................
United
States
25,000,000
17,556,813
Senior
Secured
Note
,
144A,
8
%
,
3/15/26
..................
United
States
19,749,000
19,724,333
Senior
Secured
Note
,
144A,
8
%
,
12/15/27
.................
United
States
10,000,000
9,820,554
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
.............
United
States
24,000,000
24,750,504
CVS
Health
Corp.
,
Senior
Bond
,
4.3
%
,
3/25/28
............................
United
States
8,000,000
7,809,482
Senior
Bond
,
5.25
%
,
2/21/33
...........................
United
States
5,000,000
5,003,403
b
DaVita,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
2/15/31
......................
United
States
2,500,000
2,095,305
Senior
Note
,
144A,
4.625
%
,
6/01/30
.....................
United
States
20,000,000
17,918,878
HCA,
Inc.
,
Senior
Bond
,
5.5
%
,
6/01/33
.....................
United
States
10,000,000
10,039,497
b
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
.....................
United
States
5,750,000
4,540,585
Senior
Secured
Note
,
144A,
5.5
%
,
9/01/28
................
United
States
8,890,000
7,569,409
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25
%
,
2/01/27
..........................
United
States
24,031,000
24,040,211
Senior
Note
,
6.125
%
,
10/01/28
.........................
United
States
9,400,000
9,374,160
Senior
Secured
Note
,
6.125
%
,
6/15/30
...................
United
States
12,500,000
12,486,950
UnitedHealth
Group,
Inc.
,
Senior
Bond
,
5.35
%
,
2/15/33
.........
United
States
10,000,000
10,291,351
227,573,430
Hotels,
Restaurants
&
Leisure
3.1%
b
Caesars
Entertainment,
Inc.
,
e
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...............
United
States
15,000,000
15,015,990
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
..................
United
States
6,250,000
6,419,438
b
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
...........
United
States
20,000,000
20,248,780
Expedia
Group,
Inc.
,
Senior
Note
,
5
%
,
2/15/26
...............
United
States
7,000,000
6,962,558
b
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
......................
United
States
4,100,000
3,684,802
Senior
Secured
Note
,
144A,
4.625
%
,
1/15/29
..............
United
States
7,000,000
6,425,657
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
8,000,000
7,876,154
b
,e
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
8,000,000
6,885,404
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.......................
United
States
18,698,000
18,654,110
Senior
Bond
,
144A,
5.25
%
,
5/15/27
......................
United
States
6,000,000
5,880,319
98,053,212
Independent
Power
and
Renewable
Electricity
Producers
0.5%
b
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
.....................
United
States
5,000,000
4,802,943
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
................
United
States
5,000,000
4,746,265
b
,c
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
7,800,000
7,730,897
17,280,105
Media
0.8%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
......................
United
States
2,800,000
2,454,508
Senior
Note
,
144A,
7.5
%
,
6/01/29
.......................
United
States
7,000,000
5,795,414
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
..............
United
States
6,000,000
5,660,282
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.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
b
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
5,000,000
$
4,544,660
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/27
.....................................
United
States
8,500,000
8,320,819
26,775,683
Metals
&
Mining
1.7%
b
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
8,500,000
7,811,952
ArcelorMittal
SA
,
Senior
Bond
,
6.8
%
,
11/29/32
................
Luxembourg
12,000,000
12,843,579
b
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
5,000,000
5,087,085
b
First
Quantum
Minerals
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
6/01/31
.
Zambia
1,750,000
1,703,328
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
.....................
Australia
6,000,000
5,366,555
Senior
Note
,
144A,
5.875
%
,
4/15/30
.....................
Australia
5,000,000
4,923,901
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
........
United
States
8,000,000
7,692,486
b
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
10,000,000
8,496,214
53,925,100
Oil,
Gas
&
Consumable
Fuels
2.2%
b
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
11
%
,
4/15/25
........................
United
States
15,000,000
14,991,057
Senior
Note
,
144A,
8.125
%
,
1/15/27
.....................
United
States
8,820,000
8,607,529
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
...............
United
States
5,500,000
5,666,943
b
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
..
United
States
9,500,000
9,430,302
Kinder
Morgan,
Inc.
,
Senior
Bond
,
5.4
%
,
2/01/34
..............
United
States
8,000,000
7,970,914
Occidental
Petroleum
Corp.
,
Senior
Bond
,
6.625
%
,
9/01/30
......
United
States
6,000,000
6,363,360
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
...........................................
United
States
6,500,000
6,635,272
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
...........................
United
States
7,053,000
6,414,831
Senior
Bond
,
5.65
%
,
3/15/33
...........................
United
States
5,000,000
5,131,962
71,212,170
Passenger
Airlines
0.9%
b
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
5,000,000
5,285,410
b
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
11,250,000
11,180,417
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
13,687,000
13,391,214
29,857,041
Personal
Care
Products
0.2%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.625
%
,
3/24/32
.........
United
States
8,500,000
7,665,224
Pharmaceuticals
2.0%
b
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,374,000
6,253,453
b
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/01/27
..............
United
States
12,000,000
7,488,540
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.................
United
States
13,865,000
9,289,550
b
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
11,000,000
10,729,077
b
,f
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
4,500,000
2,947,500
b
,f
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
8,429,000
5,572,491
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
6.75
%
,
3/01/28
.....................................
Israel
10,000,000
10,251,190
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
10,000,000
9,664,086
62,195,887
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
63
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
1.0%
b
Broadcom,
Inc.
,
Senior
Bond
,
144A,
2.45
%
,
2/15/31
......................
United
States
5,000,000
$
4,217,255
Senior
Bond
,
144A,
4.15
%
,
4/15/32
......................
United
States
10,000,000
9,280,925
Senior
Note
,
144A,
4
%
,
4/15/29
........................
United
States
5,000,000
4,764,996
Micron
Technology,
Inc.
,
Senior
Bond
,
5.875
%
,
2/09/33
..........................
United
States
4,000,000
4,140,914
Senior
Note
,
6.75
%
,
11/01/29
..........................
United
States
8,000,000
8,590,470
30,994,560
Software
1.1%
Oracle
Corp.
,
Senior
Bond
,
3.25
%
,
11/15/27
..........................
United
States
5,000,000
4,707,795
Senior
Bond
,
2.875
%
,
3/25/31
..........................
United
States
15,000,000
13,049,507
Senior
Bond
,
6.25
%
,
11/09/32
..........................
United
States
6,750,000
7,225,291
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
10,000,000
9,110,850
34,093,443
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Bond
,
2.9
%
,
1/15/30
............................
United
States
8,000,000
7,038,781
Senior
Bond
,
5.65
%
,
3/15/33
...........................
United
States
5,000,000
5,080,354
Crown
Castle,
Inc.
,
Senior
Bond
,
3.3
%
,
7/01/30
...............
United
States
5,000,000
4,447,029
16,566,164
Specialty
Retail
0.4%
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
.................
United
States
13,000,000
12,955,947
Technology
Hardware,
Storage
&
Peripherals
0.7%
Apple,
Inc.
,
Senior
Bond
,
3.35
%
,
8/08/32
....................
United
States
8,000,000
7,348,544
HP,
Inc.
,
Senior
Bond
,
5.5
%
,
1/15/33
............................
United
States
10,000,000
10,115,921
Senior
Note
,
4
%
,
4/15/29
.............................
United
States
5,000,000
4,779,618
22,244,083
Tobacco
1.4%
BAT
Capital
Corp.
,
Senior
Bond
,
6.421
%
,
8/02/33
..........................
United
Kingdom
6,000,000
6,280,704
Senior
Note
,
3.557
%
,
8/15/27
..........................
United
Kingdom
30,000,000
28,417,777
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
....
United
States
9,000,000
9,005,480
43,703,961
Trading
Companies
&
Distributors
1.1%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
..........................
United
States
12,800,000
12,466,565
b
Senior
Secured
Note
,
144A,
6
%
,
12/15/29
.................
United
States
8,000,000
8,061,808
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
14,000,000
14,020,206
34,548,579
Wireless
Telecommunication
Services
0.9%
Sprint
LLC
,
Senior
Note
,
7.125
%
,
6/15/24
..........................
United
States
8,200,000
8,219,172
Senior
Note
,
7.625
%
,
3/01/26
..........................
United
States
7,500,000
7,753,492
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.2
%
,
1/15/33
............................
United
States
7,500,000
7,511,527
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.
64
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
T-Mobile
USA,
Inc.,
(continued)
Senior
Note
,
3.375
%
,
4/15/29
..........................
United
States
4,500,000
$
4,165,360
27,649,551
Total
Corporate
Bonds
(Cost
$
1,586,771,951
)
...................................
1,566,340,848
U.S.
Government
and
Agency
Securities
10.4%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
.....................................
United
States
15,000,000
12,961,230
3
%,
8/15/52
........................................
United
States
40,000,000
31,081,250
3.625
%,
5/15/53
.....................................
United
States
42,500,000
37,352,686
4.125
%,
8/15/53
.....................................
United
States
21,000,000
20,189,531
U.S.
Treasury
Notes
,
4.375
%,
10/31/24
....................................
United
States
30,000,000
29,847,718
4.125
%,
8/31/30
.....................................
United
States
15,000,000
14,907,422
2.875
%,
5/15/32
.....................................
United
States
130,000,000
118,056,250
2.75
%,
8/15/32
.....................................
United
States
75,000,000
67,280,273
Total
U.S.
Government
and
Agency
Securities
(Cost
$
349,785,221
)
................
331,676,360
Asset-Backed
Securities
0.4%
Passenger
Airlines
0.4%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
...........................
United
States
5,989,708
5,976,054
2023-1
,
A
,
5.8
%
,
1/15/36
..............................
United
States
6,300,000
6,430,078
12,406,132
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$
12,289,708
)
...............................
12,406,132
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year
,
4
%,
8/01/49
.............................
United
States
1,410,149
1,332,856
Total
Mortgage-Backed
Securities
(Cost
$
1,493,876
)
.............................
1,332,856
Total
Long
Term
Investments
(Cost
$
2,975,182,898
)
.............................
3,109,887,284
a
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.3%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
41,444,383
41,444,383
Total
Money
Market
Funds
(Cost
$
41,444,383
)
..................................
41,444,383
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
65
At
March
31,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
8,158,000
$
8,158,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
8,158,000
)
............................................................
8,158,000
Total
Short
Term
Investments
(Cost
$
49,602,383
)
................................
49,602,383
a
Total
Investments
(Cost
$
3,024,785,281
)
99.4
%
..................................
$3,159,489,667
Other
Assets,
less
Liabilities
0.6
%
.............................................
20,678,944
Net
Assets
100.0%
...........................................................
$3,180,168,611
a
a
a
*
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,
2024,
the
aggregate
value
of
these
securities
was
$1,001,692,974,
representing
31.5%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
h
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)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
500
$
55,398,438
6/18/24
$
242,945
U.S.
Treasury
Ultra
Bonds
......................
Long
437
56,373,000
6/18/24
1,125,797
Total
Futures
Contracts
......................................................................
$1,368,742
*
As
of
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Large
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.3%
Aerospace
&
Defense
1.5%
a
Axon
Enterprise,
Inc.
...................................
United
States
4,946
$
1,547,505
Automobiles
0.3%
a
Tesla,
Inc.
...........................................
United
States
2,002
351,932
Beverages
1.8%
a
Celsius
Holdings,
Inc.
..................................
United
States
3,925
325,461
a
Monster
Beverage
Corp.
................................
United
States
25,973
1,539,679
1,865,140
Biotechnology
0.4%
a
Vaxcyte,
Inc.
.........................................
United
States
6,619
452,144
Broadline
Retail
7.2%
a
Amazon.com,
Inc.
.....................................
United
States
41,479
7,481,982
Building
Products
1.1%
Trane
Technologies
plc
.................................
United
States
3,918
1,176,184
Capital
Markets
3.2%
Ares
Management
Corp.
,
A
..............................
United
States
10,552
1,403,205
MSCI,
Inc.
,
A
.........................................
United
States
1,601
897,280
S&P
Global,
Inc.
......................................
United
States
2,453
1,043,629
3,344,114
Chemicals
1.8%
Linde
plc
............................................
United
States
4,039
1,875,389
Commercial
Services
&
Supplies
1.4%
Republic
Services,
Inc.
,
A
...............................
United
States
7,701
1,474,279
Construction
Materials
0.8%
Martin
Marietta
Materials,
Inc.
............................
United
States
1,312
805,489
Electrical
Equipment
0.2%
Eaton
Corp.
plc
.......................................
United
States
833
260,462
Entertainment
1.7%
a
Netflix,
Inc.
..........................................
United
States
1,688
1,025,173
a
ROBLOX
Corp.
,
A
.....................................
United
States
18,464
704,956
1,730,129
Financial
Services
3.7%
Mastercard,
Inc.
,
A
....................................
United
States
7,972
3,839,076
Food
Products
1.2%
a
Freshpet,
Inc.
........................................
United
States
5,551
643,139
Lamb
Weston
Holdings,
Inc.
.............................
United
States
5,984
637,475
1,280,614
Ground
Transportation
2.8%
a
Uber
Technologies,
Inc.
.................................
United
States
29,477
2,269,434
Union
Pacific
Corp.
....................................
United
States
2,430
597,610
2,867,044
Health
Care
Equipment
&
Supplies
3.1%
a
Dexcom,
Inc.
.........................................
United
States
6,011
833,726
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,631
880,626
a
Intuitive
Surgical,
Inc.
..................................
United
States
3,755
1,498,583
3,212,935
Health
Care
Providers
&
Services
2.6%
McKesson
Corp.
......................................
United
States
2,161
1,160,133
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
67
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................................
United
States
3,093
$
1,530,107
2,690,240
Hotels,
Restaurants
&
Leisure
2.9%
a
Chipotle
Mexican
Grill,
Inc.
,
A
............................
United
States
711
2,066,714
Wingstop,
Inc.
........................................
United
States
2,513
920,763
2,987,477
Interactive
Media
&
Services
9.7%
a
Alphabet,
Inc.
,
A
......................................
United
States
21,801
3,290,425
Meta
Platforms,
Inc.
,
A
.................................
United
States
12,083
5,867,263
a
Pinterest,
Inc.
,
A
......................................
United
States
27,500
953,425
10,111,113
IT
Services
1.7%
a
Gartner,
Inc.
.........................................
United
States
2,149
1,024,364
a
MongoDB,
Inc.
,
A
.....................................
United
States
2,114
758,165
1,782,529
Life
Sciences
Tools
&
Services
3.5%
Danaher
Corp.
.......................................
United
States
5,654
1,411,917
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,526
886,926
West
Pharmaceutical
Services,
Inc.
........................
United
States
3,384
1,339,083
3,637,926
Personal
Care
Products
1.1%
a
BellRing
Brands,
Inc.
...................................
United
States
13,240
781,557
a
Oddity
Tech
Ltd.
,
A
....................................
Israel
8,273
359,462
1,141,019
Pharmaceuticals
3.3%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
10,030
679,532
Eli
Lilly
&
Co.
........................................
United
States
3,477
2,704,967
3,384,499
Professional
Services
1.7%
TransUnion
..........................................
United
States
13,859
1,105,948
Verisk
Analytics,
Inc.
,
A
.................................
United
States
2,827
666,409
1,772,357
Real
Estate
Management
&
Development
0.9%
a
CoStar
Group,
Inc.
....................................
United
States
9,367
904,852
Semiconductors
&
Semiconductor
Equipment
13.4%
Analog
Devices,
Inc.
...................................
United
States
5,110
1,010,707
a
ARM
Holdings
plc
,
ADR
................................
United
States
3,520
439,965
ASML
Holding
NV
,
ADR
................................
Netherlands
990
960,765
a
Lattice
Semiconductor
Corp.
.............................
United
States
11,727
917,403
Monolithic
Power
Systems,
Inc.
...........................
United
States
2,675
1,812,098
NVIDIA
Corp.
........................................
United
States
9,692
8,757,304
13,898,242
Software
21.4%
a
Adobe,
Inc.
..........................................
United
States
2,055
1,036,953
a
BILL
Holdings,
Inc.
....................................
United
States
3,802
261,274
a
Confluent,
Inc.
,
A
......................................
United
States
9,683
295,525
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
4,553
1,459,646
a
Datadog,
Inc.
,
A
......................................
United
States
2,439
301,460
a
Fair
Isaac
Corp.
......................................
United
States
876
1,094,658
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.
68
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
HubSpot,
Inc.
........................................
United
States
1,348
$
844,603
Intuit,
Inc.
...........................................
United
States
2,400
1,560,000
Microsoft
Corp.
.......................................
United
States
17,240
7,253,213
a
Monday.com
Ltd.
......................................
United
States
2,342
528,988
Oracle
Corp.
.........................................
United
States
6,956
873,743
Roper
Technologies,
Inc.
................................
United
States
2,375
1,331,995
Salesforce,
Inc.
.......................................
United
States
1,637
493,032
a
ServiceNow,
Inc.
......................................
United
States
3,542
2,700,421
a
Synopsys,
Inc.
.......................................
United
States
2,730
1,560,195
a
Workday,
Inc.
,
A
......................................
United
States
2,627
716,514
22,312,220
Specialty
Retail
0.7%
a
AutoZone,
Inc.
.......................................
United
States
242
762,699
Technology
Hardware,
Storage
&
Peripherals
3.2%
Apple,
Inc.
..........................................
United
States
19,661
3,371,468
Total
Common
Stocks
(Cost
$
36,716,134
)
......................................
102,321,059
Short
Term
Investments
1.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
1.7%
b
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
1,766,536
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$870,584)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$373,605)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$522,347)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
1,801,549
)
.........................
1,765,509
1,765,509
Total
Repurchase
Agreements
(Cost
$
1,765,509
)
................................
1,765,509
Total
Short
Term
Investments
(Cost
$
1,765,509
)
.................................
1,765,509
a
Total
Investments
(Cost
$
38,481,643
)
100.0
%
...................................
$104,086,568
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(27,521)
Net
Assets
100.0%
...........................................................
$104,059,047
a
a
a
*
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
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Mutual
Global
Discovery
VIP
Fund
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
94.6%
Aerospace
&
Defense
1.6%
Airbus
SE
...........................................
France
39,538
$
7,283,701
Air
Freight
&
Logistics
2.0%
United
Parcel
Service,
Inc.
,
B
............................
United
States
61,077
9,077,875
Automobile
Components
1.7%
Denso
Corp.
.........................................
Japan
412,109
7,892,056
Automobiles
2.1%
General
Motors
Co.
....................................
United
States
204,599
9,278,565
Banks
6.7%
BNP
Paribas
SA
......................................
France
133,288
9,488,985
DBS
Group
Holdings
Ltd.
...............................
Singapore
297,381
7,936,451
JPMorgan
Chase
&
Co.
.................................
United
States
37,577
7,526,673
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
33,420
5,400,672
30,352,781
Building
Products
2.0%
Johnson
Controls
International
plc
.........................
United
States
140,369
9,168,903
Capital
Markets
1.7%
BlackRock,
Inc.
.......................................
United
States
9,017
7,517,473
Chemicals
1.6%
a,b
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
129,339
7,074,510
Consumer
Finance
1.8%
Capital
One
Financial
Corp.
.............................
United
States
53,196
7,920,352
Consumer
Staples
Distribution
&
Retail
2.0%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
629,019
9,167,904
Diversified
Telecommunication
Services
2.1%
Deutsche
Telekom
AG
..................................
Germany
394,444
9,574,490
Electrical
Equipment
1.7%
Mitsubishi
Electric
Corp.
................................
Japan
454,896
7,613,978
Energy
Equipment
&
Services
1.9%
Schlumberger
NV
.....................................
United
States
157,507
8,632,959
Entertainment
2.0%
Walt
Disney
Co.
(The)
..................................
United
States
74,398
9,103,339
Financial
Services
5.6%
a
Fiserv,
Inc.
..........................................
United
States
44,986
7,189,663
Global
Payments,
Inc.
..................................
United
States
71,283
9,527,686
Voya
Financial,
Inc.
....................................
United
States
112,757
8,334,997
25,052,346
Food
Products
3.4%
Danone
SA
..........................................
France
106,939
6,912,734
Kraft
Heinz
Co.
(The)
..................................
United
States
228,622
8,436,152
15,348,886
Health
Care
Equipment
&
Supplies
2.2%
Medtronic
plc
........................................
United
States
112,470
9,801,760
Health
Care
Providers
&
Services
7.2%
CVS
Health
Corp.
.....................................
United
States
125,722
10,027,587
Elevance
Health,
Inc.
..................................
United
States
16,196
8,398,274
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.
70
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Fresenius
SE
&
Co.
KGaA
...............................
Germany
226,155
$
6,098,397
Humana,
Inc.
........................................
United
States
23,066
7,997,443
32,521,701
Household
Durables
1.5%
DR
Horton,
Inc.
.......................................
United
States
39,992
6,580,684
Household
Products
1.5%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
119,126
6,790,245
Industrial
Conglomerates
1.7%
Siemens
AG
.........................................
Germany
40,136
7,663,167
Insurance
5.0%
Everest
Group
Ltd.
....................................
United
States
23,866
9,486,735
NN
Group
NV
........................................
Netherlands
191,402
8,835,679
c
Prudential
plc
........................................
Hong
Kong
453,183
4,249,876
22,572,290
Interactive
Media
&
Services
1.6%
Tencent
Holdings
Ltd.
..................................
China
182,649
7,114,214
IT
Services
1.3%
Capgemini
SE
........................................
France
26,214
6,031,845
Media
1.8%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
27,826
8,087,070
Metals
&
Mining
1.4%
Rio
Tinto
plc
.........................................
Australia
101,801
6,435,848
Oil,
Gas
&
Consumable
Fuels
6.7%
BP
plc
..............................................
United
Kingdom
1,408,054
8,832,627
Hess
Corp.
..........................................
United
States
15,259
2,329,134
Shell
plc
............................................
Netherlands
338,949
11,245,268
Williams
Cos.,
Inc.
(The)
................................
United
States
200,998
7,832,892
30,239,921
Personal
Care
Products
3.4%
Haleon
plc
..........................................
United
States
1,917,703
8,036,034
Kenvue,
Inc.
.........................................
United
States
338,931
7,273,459
15,309,493
Pharmaceuticals
7.1%
GSK
plc
............................................
United
States
397,032
8,523,760
Merck
&
Co.,
Inc.
.....................................
United
States
59,646
7,870,290
Novartis
AG
,
ADR
.....................................
Switzerland
85,117
8,233,367
Roche
Holding
AG
....................................
United
States
28,647
7,314,530
31,941,947
Real
Estate
Management
&
Development
1.7%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
80,748
7,851,936
Semiconductors
&
Semiconductor
Equipment
1.3%
Renesas
Electronics
Corp.
..............................
Japan
335,935
5,986,188
Technology
Hardware,
Storage
&
Peripherals
1.9%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
144,656
8,671,276
Textiles,
Apparel
&
Luxury
Goods
2.3%
a
Capri
Holdings
Ltd.
....................................
United
States
71,233
3,226,855
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
71
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Cie
Financiere
Richemont
SA
............................
Switzerland
46,123
$
7,022,174
10,249,029
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
246,939
7,494,275
Trading
Companies
&
Distributors
3.4%
a
AerCap
Holdings
NV
...................................
Ireland
100,269
8,714,379
Ferguson
plc
.........................................
United
States
29,568
6,458,538
15,172,917
Total
Common
Stocks
(Cost
$
315,732,217
)
.....................................
426,575,924
Principal
Amount
*
Corporate
Bonds
0.9%
Media
0.3%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
..............
United
States
1,397,000
1,339,680
Pharmaceuticals
0.5%
b
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
......................
United
States
1,707,000
1,606,475
Senior
Note
,
144A,
8.5
%
,
1/31/27
.......................
United
States
784,000
461,586
b
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
65,000
62,114
2,130,175
Professional
Services
0.1%
b
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
614,000
551,220
Total
Corporate
Bonds
(Cost
$
4,397,341
)
.......................................
4,021,075
Senior
Floating
Rate
Interests
1.8%
Commercial
Services
&
Supplies
0.9%
d
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
10.173
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................................
United
States
2,374,755
2,181,390
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.423
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.......................................
United
States
2,185,754
2,020,326
4,201,716
a
a
a
a
a
a
Professional
Services
0.4%
d
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
1,977,583
1,938,496
Specialty
Retail
0.5%
d
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
2,521,136
2,268,455
Total
Senior
Floating
Rate
Interests
(Cost
$
8,118,721
)
...........................
8,408,667
Shares
a
Companies
in
Liquidation
0.0%
a,e,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
966,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
328,248,279
)
...............................
439,005,666
a
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.
72
Short
Term
Investments
2.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.1%
g
FHLB
,
4/01/24
.......................................
United
States
8,400,000
$
8,395,175
g
U.S.
Treasury
Bills
,
6/13/24
..............................
United
States
1,000,000
989,434
Total
U.S.
Government
and
Agency
Securities
(Cost
$
9,389,734
)
..................
9,384,609
Total
Short
Term
Investments
(Cost
$
9,389,734
)
.................................
9,384,609
a
Total
Investments
(Cost
$
337,638,013
)
99.4
%
...................................
$448,390,275
Other
Assets,
less
Liabilities
0.6
%
.............................................
2,677,629
Net
Assets
100.0%
...........................................................
$451,067,904
a
a
a
*
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,
2024,
the
aggregate
value
of
these
securities
was
$9,755,905,
representing
2.2%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
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.
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
73
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
173
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
68
$
9,198,275
6/17/24
$
134,797
Foreign
Exchange
GBP/USD
...................
Short
7
552,431
6/17/24
10,351
Total
Futures
Contracts
......................................................................
$145,148
*
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
South
Korean
Won
..
HSBK
Sell
7,483,349,554
5,735,048
5/07/24
$
180,270
$
—
South
Korean
Won
..
UBSW
Sell
447,389,608
343,024
5/07/24
10,934
—
Japanese
Yen
......
BOFA
Sell
1,286,466,594
8,698,517
5/20/24
135,772
—
Japanese
Yen
......
UBSW
Sell
39,256,746
266,031
5/20/24
4,738
—
Japanese
Yen
......
WFLA
Sell
1,101,444,387
7,446,343
5/20/24
115,110
—
Euro
.............
BOFA
Buy
37,508
40,437
7/11/24
197
—
Euro
.............
BOFA
Sell
4,412,692
4,864,551
7/11/24
84,224
—
Euro
.............
HSBK
Buy
782,688
852,889
7/11/24
—
(
4,993
)
Euro
.............
UBSW
Buy
140,000
151,975
7/11/24
—
(
311
)
Euro
.............
WFLA
Sell
4,611,796
5,084,551
7/11/24
88,531
—
British
Pound
......
BOFA
Sell
1,259,341
1,594,528
7/18/24
4,233
—
Total
Forward
Exchange
Contracts
...................................................
$624,009
$(5,304)
Net
unrealized
appreciation
(depreciation)
............................................
$618,705
*
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,
2024
Franklin
Mutual
Shares
VIP
Fund
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
95.1%
Air
Freight
&
Logistics
2.2%
United
Parcel
Service,
Inc.
,
B
............................
United
States
322,610
$
47,949,524
Automobiles
2.3%
General
Motors
Co.
....................................
United
States
1,106,494
50,179,503
Banks
7.4%
Bank
of
America
Corp.
.................................
United
States
1,352,894
51,301,741
JPMorgan
Chase
&
Co.
.................................
United
States
414,247
82,973,674
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
168,597
27,245,275
161,520,690
Building
Products
2.3%
Johnson
Controls
International
plc
.........................
United
States
771,671
50,405,550
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
43,431
36,208,425
Construction
&
Engineering
1.7%
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
799,384
37,171,356
Consumer
Finance
2.0%
Capital
One
Financial
Corp.
.............................
United
States
297,482
44,292,095
Containers
&
Packaging
1.7%
International
Paper
Co.
.................................
United
States
938,922
36,636,736
Diversified
Telecommunication
Services
0.4%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
643,835
8,032,319
Electric
Utilities
1.2%
PPL
Corp.
...........................................
United
States
950,534
26,168,201
Electronic
Equipment,
Instruments
&
Components
1.3%
a
Flex
Ltd.
............................................
United
States
1,031,708
29,517,166
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
791,836
43,400,531
Entertainment
2.3%
Walt
Disney
Co.
(The)
..................................
United
States
421,217
51,540,112
Financial
Services
6.2%
a
Fiserv,
Inc.
..........................................
United
States
293,442
46,897,900
Global
Payments,
Inc.
..................................
United
States
361,598
48,331,189
Voya
Financial,
Inc.
....................................
United
States
534,985
39,546,091
134,775,180
Food
Products
2.3%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,389,285
51,264,617
Health
Care
Equipment
&
Supplies
4.1%
Baxter
International,
Inc.
................................
United
States
888,240
37,963,377
Medtronic
plc
........................................
United
States
603,471
52,592,498
90,555,875
Health
Care
Providers
&
Services
5.8%
CVS
Health
Corp.
.....................................
United
States
694,875
55,423,230
Elevance
Health,
Inc.
..................................
United
States
71,344
36,994,718
Humana,
Inc.
........................................
United
States
98,374
34,108,233
126,526,181
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
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
1.9%
DR
Horton,
Inc.
.......................................
United
States
246,879
$
40,623,940
Insurance
3.7%
Everest
Group
Ltd.
....................................
United
States
106,534
42,347,265
Progressive
Corp.
(The)
................................
United
States
182,129
37,667,920
80,015,185
Machinery
2.9%
Dover
Corp.
.........................................
United
States
202,379
35,859,535
Parker-Hannifin
Corp.
..................................
United
States
50,079
27,833,407
63,692,942
Media
3.2%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
111,938
32,532,541
Comcast
Corp.
,
A
.....................................
United
States
845,357
36,646,226
69,178,767
Metals
&
Mining
1.9%
Rio
Tinto
plc
.........................................
Australia
403,833
25,530,280
United
States
Steel
Corp.
...............................
United
States
421,448
17,186,649
42,716,929
Oil,
Gas
&
Consumable
Fuels
6.9%
BP
plc
..............................................
United
Kingdom
6,645,676
41,687,876
Chevron
Corp.
.......................................
United
States
325,015
51,267,866
Hess
Corp.
..........................................
United
States
73,786
11,262,695
Williams
Cos.,
Inc.
(The)
................................
United
States
1,209,344
47,128,136
151,346,573
Personal
Care
Products
1.8%
Kenvue,
Inc.
.........................................
United
States
1,873,456
40,204,366
Pharmaceuticals
6.5%
GSK
plc
............................................
United
States
2,222,077
47,705,098
Merck
&
Co.,
Inc.
.....................................
United
States
337,457
44,527,451
Novartis
AG
,
ADR
.....................................
Switzerland
507,609
49,101,019
141,333,568
Professional
Services
3.2%
KBR,
Inc.
...........................................
United
States
466,410
29,691,661
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
622,595
40,076,440
69,768,101
Real
Estate
Management
&
Development
2.0%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
454,109
44,157,559
Retail
REITs
2.2%
Brixmor
Property
Group,
Inc.
.............................
United
States
2,020,719
47,385,861
Software
3.3%
Gen
Digital,
Inc.
......................................
United
States
1,265,792
28,353,741
Oracle
Corp.
.........................................
United
States
352,796
44,314,705
72,668,446
Specialized
REITs
1.0%
American
Tower
Corp.
..................................
United
States
111,014
21,935,256
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.
76
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
1.4%
Tapestry,
Inc.
........................................
United
States
669,815
$
31,802,816
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
1,224,728
37,168,890
Trading
Companies
&
Distributors
3.5%
a
AerCap
Holdings
NV
...................................
Ireland
424,183
36,865,745
Ferguson
plc
.........................................
United
States
179,770
39,267,161
76,132,906
Wireless
Telecommunication
Services
1.2%
T-Mobile
US,
Inc.
.....................................
United
States
165,054
26,940,114
Total
Common
Stocks
(Cost
$
1,503,729,663
)
....................................
2,083,216,280
Principal
Amount
*
Corporate
Bonds
0.9%
Media
0.3%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
..............
United
States
6,720,000
6,444,275
Passenger
Airlines
0.0%
†
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
123,000
130,021
Pharmaceuticals
0.1%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
3,342,000
1,967,629
Professional
Services
0.1%
d
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
2,896,000
2,599,892
Specialty
Retail
0.4%
d
Staples,
Inc.
,
Senior
Note
,
144A,
10.75
%
,
4/15/27
.............
United
States
8,346,000
7,940,878
Total
Corporate
Bonds
(Cost
$
20,173,073
)
......................................
19,082,695
Senior
Floating
Rate
Interests
2.6%
Commercial
Services
&
Supplies
0.9%
e
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
10.173
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................................
United
States
11,208,898
10,296,214
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.423
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.......................................
United
States
10,484,860
9,691,313
19,987,527
a
a
a
a
a
a
Passenger
Airlines
0.4%
e
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
8,346,176
8,382,690
Professional
Services
0.4%
e
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
8,931,453
8,754,923
Software
0.3%
e
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.963
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
13,032,127
5,636,460
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
77
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
0.6%
e
,f
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
15,898,104
$
14,304,717
Total
Senior
Floating
Rate
Interests
(Cost
$
62,628,317
)
..........................
57,066,317
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
—
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
1,586,531,053
)
.............................
2,159,365,292
a
Short
Term
Investments
1.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.2%
h
FHLB
,
4/01/24
.......................................
United
States
25,700,000
25,685,237
Total
U.S.
Government
and
Agency
Securities
(Cost
$
25,700,000
)
.................
25,685,237
Total
Short
Term
Investments
(Cost
$
25,700,000
)
................................
25,685,237
a
Total
Investments
(Cost
$
1,612,231,053
)
99.8
%
..................................
$2,185,050,529
Other
Assets,
less
Liabilities
0.2
%
.............................................
4,553,630
Net
Assets
100.0%
...........................................................
$2,189,604,159
a
a
a
*
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
7
regarding
fair
value
measurements.
c
See
Note
3
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,
2024,
the
aggregate
value
of
these
securities
was
$12,638,420,
representing
0.6%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
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.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
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.
78
At
March
31,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
112
$
8,838,900
6/17/24
$
165,623
Total
Futures
Contracts
......................................................................
$165,623
*
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
British
Pound
......
BOFA
Sell
4,021,331
5,091,648
7/18/24
$
13,516
$
—
Total
Forward
Exchange
Contracts
...................................................
$13,516
$—
Net
unrealized
appreciation
(depreciation)
............................................
$13,516
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
Abbreviations
on
page
173
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Rising
Dividends
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.3%
Aerospace
&
Defense
3.4%
General
Dynamics
Corp.
................................
United
States
85,152
$
24,054,589
RTX
Corp.
..........................................
United
States
288,146
28,102,879
52,157,468
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.
,
B
............................
United
States
160,117
23,798,190
Banks
1.8%
JPMorgan
Chase
&
Co.
.................................
United
States
138,925
27,826,677
Beverages
2.0%
PepsiCo,
Inc.
........................................
United
States
174,330
30,509,493
Biotechnology
1.7%
AbbVie,
Inc.
.........................................
United
States
141,636
25,791,916
Building
Products
3.0%
Carlisle
Cos.,
Inc.
.....................................
United
States
59,002
23,119,934
Johnson
Controls
International
plc
.........................
United
States
357,810
23,372,149
46,492,083
Capital
Markets
2.2%
Charles
Schwab
Corp.
(The)
.............................
United
States
111,900
8,094,846
Nasdaq,
Inc.
.........................................
United
States
403,600
25,467,160
33,562,006
Chemicals
8.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
122,167
29,597,399
Ecolab,
Inc.
..........................................
United
States
99,909
23,068,988
Linde
plc
............................................
United
States
131,532
61,072,938
Sherwin-Williams
Co.
(The)
..............................
United
States
34,900
12,121,817
125,861,142
Commercial
Services
&
Supplies
2.1%
Cintas
Corp.
.........................................
United
States
44,172
30,347,489
Veralto
Corp.
.........................................
United
States
17,600
1,560,416
31,907,905
Consumer
Staples
Distribution
&
Retail
3.3%
Target
Corp.
.........................................
United
States
146,037
25,879,217
Walmart,
Inc.
........................................
United
States
419,924
25,266,827
51,146,044
Electrical
Equipment
1.3%
nVent
Electric
plc
.....................................
United
States
269,226
20,299,640
Financial
Services
2.8%
Visa,
Inc.
,
A
..........................................
United
States
155,562
43,414,243
Food
Products
2.6%
McCormick
&
Co.,
Inc.
.................................
United
States
231,494
17,781,054
Mondelez
International,
Inc.
,
A
............................
United
States
318,300
22,281,000
40,062,054
Ground
Transportation
2.1%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
64,530
12,857,602
Norfolk
Southern
Corp.
.................................
United
States
74,247
18,923,333
31,780,935
Health
Care
Equipment
&
Supplies
9.6%
Abbott
Laboratories
....................................
United
States
246,895
28,062,086
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.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Becton
Dickinson
&
Co.
.................................
United
States
137,065
$
33,916,734
Medtronic
plc
........................................
United
States
247,054
21,530,756
Stryker
Corp.
........................................
United
States
177,845
63,645,390
147,154,966
Health
Care
Providers
&
Services
2.7%
UnitedHealth
Group,
Inc.
................................
United
States
84,000
41,554,800
Hotels,
Restaurants
&
Leisure
2.5%
McDonald's
Corp.
.....................................
United
States
108,499
30,591,293
Starbucks
Corp.
......................................
United
States
84,850
7,754,442
38,345,735
Household
Products
2.8%
Colgate-Palmolive
Co.
.................................
United
States
175,040
15,762,352
Procter
&
Gamble
Co.
(The)
.............................
United
States
172,394
27,970,926
43,733,278
Industrial
Conglomerates
2.2%
Honeywell
International,
Inc.
.............................
United
States
162,675
33,389,044
Insurance
0.9%
Erie
Indemnity
Co.
,
A
...................................
United
States
35,900
14,416,363
IT
Services
2.8%
Accenture
plc
,
A
......................................
United
States
122,478
42,452,100
Life
Sciences
Tools
&
Services
3.0%
Danaher
Corp.
.......................................
United
States
71,300
17,805,036
West
Pharmaceutical
Services,
Inc.
........................
United
States
71,201
28,174,948
45,979,984
Machinery
2.1%
Donaldson
Co.,
Inc.
...................................
United
States
134,297
10,029,300
Dover
Corp.
.........................................
United
States
122,888
21,774,525
31,803,825
Oil,
Gas
&
Consumable
Fuels
3.1%
Chevron
Corp.
.......................................
United
States
119,694
18,880,531
EOG
Resources,
Inc.
..................................
United
States
113,261
14,479,286
Exxon
Mobil
Corp.
.....................................
United
States
118,461
13,769,907
47,129,724
Pharmaceuticals
1.6%
Johnson
&
Johnson
...................................
United
States
155,229
24,555,676
Semiconductors
&
Semiconductor
Equipment
4.6%
Analog
Devices,
Inc.
...................................
United
States
177,594
35,126,317
Texas
Instruments,
Inc.
.................................
United
States
208,368
36,299,790
71,426,107
Software
13.8%
Microsoft
Corp.
.......................................
United
States
352,928
148,483,867
Roper
Technologies,
Inc.
................................
United
States
114,783
64,374,898
212,858,765
Specialty
Retail
4.0%
Lowe's
Cos.,
Inc.
......................................
United
States
131,800
33,573,414
Ross
Stores,
Inc.
.....................................
United
States
184,830
27,125,651
60,699,065
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
81
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.3%
Apple,
Inc.
..........................................
United
States
25,700
$
4,407,036
Textiles,
Apparel
&
Luxury
Goods
1.3%
NIKE,
Inc.
,
B
.........................................
United
States
220,184
20,692,892
Trading
Companies
&
Distributors
2.0%
WW
Grainger,
Inc.
.....................................
United
States
30,593
31,122,259
Total
Common
Stocks
(Cost
$
545,578,552
)
.....................................
1,496,331,415
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
40,611,077
40,611,077
Total
Money
Market
Funds
(Cost
$
40,611,077
)
..................................
40,611,077
Total
Short
Term
Investments
(Cost
$
40,611,077
)
................................
40,611,077
a
Total
Investments
(Cost
$
586,189,629
)
99.9
%
...................................
$1,536,942,492
Other
Assets,
less
Liabilities
0.1
%
.............................................
387,761
Net
Assets
100.0%
...........................................................
$1,537,330,253
a
a
a
a
See
Note
6
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,
2024
Franklin
Small
Cap
Value
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.6%
Aerospace
&
Defense
5.0%
a
Babcock
International
Group
plc
..........................
United
Kingdom
557,060
$
3,655,487
Melrose
Industries
plc
..................................
United
Kingdom
1,443,340
12,254,286
QinetiQ
Group
plc
.....................................
United
Kingdom
5,966,925
27,484,922
Senior
plc
...........................................
United
Kingdom
6,448,089
14,393,833
57,788,528
Automobile
Components
1.6%
b
Adient
plc
...........................................
United
States
418,652
13,782,024
LCI
Industries
........................................
United
States
38,524
4,740,763
18,522,787
Banks
15.2%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
160,098
5,653,060
Camden
National
Corp.
.................................
United
States
242,634
8,133,092
Columbia
Banking
System,
Inc.
...........................
United
States
1,242,226
24,037,073
First
Bancorp
........................................
United
States
275,619
9,955,358
First
Commonwealth
Financial
Corp.
.......................
United
States
539,377
7,508,128
First
Interstate
BancSystem,
Inc.
,
A
........................
United
States
907,717
24,698,980
German
American
Bancorp,
Inc.
..........................
United
States
250,775
8,686,846
Peoples
Bancorp,
Inc.
..................................
United
States
336,973
9,977,770
Seacoast
Banking
Corp.
of
Florida
........................
United
States
498,230
12,650,060
SouthState
Corp.
.....................................
United
States
352,763
29,995,438
TriCo
Bancshares
.....................................
United
States
265,846
9,777,816
WSFS
Financial
Corp.
..................................
United
States
491,889
22,203,869
173,277,490
Building
Products
2.8%
Insteel
Industries,
Inc.
..................................
United
States
115,153
4,401,148
UFP
Industries,
Inc.
....................................
United
States
225,849
27,781,685
32,182,833
Capital
Markets
1.3%
Piper
Sandler
Cos.
....................................
United
States
55,002
10,917,347
Victory
Capital
Holdings,
Inc.
,
A
...........................
United
States
103,274
4,381,916
15,299,263
Chemicals
7.2%
Ashland,
Inc.
.........................................
United
States
89,738
8,737,789
Avient
Corp.
.........................................
United
States
492,594
21,378,580
b
Elementis
plc
........................................
United
Kingdom
10,185,228
19,077,424
Olin
Corp.
...........................................
United
States
202,795
11,924,346
Tronox
Holdings
plc
...................................
United
States
1,208,185
20,962,010
82,080,149
Commercial
Services
&
Supplies
2.3%
HNI
Corp.
...........................................
United
States
246,677
11,132,533
Vestis
Corp.
.........................................
United
States
800,831
15,432,013
26,564,546
Communications
Equipment
1.6%
b
Clearfield,
Inc.
........................................
United
States
223,298
6,886,510
b
Lumentum
Holdings,
Inc.
................................
United
States
250,640
11,867,804
18,754,314
Construction
&
Engineering
3.5%
Primoris
Services
Corp.
.................................
United
States
526,197
22,400,206
Stantec,
Inc.
.........................................
Canada
6,562
544,843
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
83
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
&
Engineering
(continued)
b
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
360,333
$
16,755,485
39,700,534
Consumer
Finance
0.4%
Bread
Financial
Holdings,
Inc.
............................
United
States
122,700
4,569,348
Diversified
REITs
0.9%
Alexander
&
Baldwin,
Inc.
...............................
United
States
658,880
10,851,754
Electric
Utilities
1.0%
IDACORP,
Inc.
.......................................
United
States
119,935
11,140,762
Electrical
Equipment
2.6%
Regal
Rexnord
Corp.
..................................
United
States
163,045
29,364,405
Electronic
Equipment,
Instruments
&
Components
4.9%
Benchmark
Electronics,
Inc.
.............................
United
States
308,936
9,271,169
b
Coherent
Corp.
.......................................
United
States
317,711
19,259,641
CTS
Corp.
..........................................
United
States
12,208
571,212
b
Knowles
Corp.
.......................................
United
States
1,557,918
25,082,480
b
Sanmina
Corp.
.......................................
United
States
37,383
2,324,475
56,508,977
Energy
Equipment
&
Services
0.5%
TechnipFMC
plc
......................................
United
Kingdom
229,791
5,770,052
Food
Products
2.7%
Glanbia
plc
..........................................
Ireland
1,582,097
31,199,685
Health
Care
Equipment
&
Supplies
3.4%
b
Envista
Holdings
Corp.
.................................
United
States
963,597
20,601,704
b
Integer
Holdings
Corp.
.................................
United
States
160,315
18,705,554
39,307,258
Hotel
&
Resort
REITs
1.1%
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,087,080
12,110,071
Hotels,
Restaurants
&
Leisure
5.2%
Boyd
Gaming
Corp.
...................................
United
States
135,974
9,153,770
b
Brinker
International,
Inc.
...............................
United
States
295,886
14,699,616
Dalata
Hotel
Group
plc
.................................
Ireland
1,966,763
9,558,456
b
Hilton
Grand
Vacations,
Inc.
.............................
United
States
542,005
25,588,056
58,999,898
Household
Durables
1.9%
Century
Communities,
Inc.
..............................
United
States
36,343
3,507,099
b
M/I
Homes,
Inc.
.......................................
United
States
50,385
6,866,972
Meritage
Homes
Corp.
.................................
United
States
42,624
7,478,807
b
Taylor
Morrison
Home
Corp.
,
A
...........................
United
States
66,493
4,133,870
21,986,748
Industrial
REITs
0.1%
STAG
Industrial,
Inc.
...................................
United
States
27,733
1,066,057
Insurance
6.1%
CNO
Financial
Group,
Inc.
..............................
United
States
822,206
22,594,221
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
198,278
26,999,515
Horace
Mann
Educators
Corp.
...........................
United
States
545,917
20,193,470
69,787,206
Leisure
Products
2.5%
BRP,
Inc.
............................................
United
States
34,534
2,318,924
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.
84
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
(continued)
Brunswick
Corp.
......................................
United
States
110,703
$
10,685,054
b
Mattel,
Inc.
..........................................
United
States
801,933
15,886,293
28,890,271
Machinery
5.2%
b
Atmus
Filtration
Technologies,
Inc.
........................
United
States
465,045
14,997,701
Columbus
McKinnon
Corp.
..............................
United
States
496,971
22,179,816
Mueller
Water
Products,
Inc.
,
A
...........................
United
States
1,332,612
21,441,727
Timken
Co.
(The)
.....................................
United
States
6,663
582,546
59,201,790
Metals
&
Mining
1.4%
Commercial
Metals
Co.
.................................
United
States
148,795
8,744,682
Ryerson
Holding
Corp.
.................................
United
States
202,225
6,774,538
15,519,220
Multi-Utilities
0.3%
Black
Hills
Corp.
......................................
United
States
61,365
3,350,529
Office
REITs
0.3%
Highwoods
Properties,
Inc.
..............................
United
States
117,321
3,071,464
Oil,
Gas
&
Consumable
Fuels
5.2%
Crescent
Point
Energy
Corp.
.............................
Canada
4,734,902
38,733,592
b
Green
Plains,
Inc.
.....................................
United
States
913,781
21,126,617
59,860,209
Paper
&
Forest
Products
1.5%
Louisiana-Pacific
Corp.
.................................
United
States
201,568
16,913,571
Professional
Services
1.3%
ICF
International,
Inc.
..................................
United
States
4,638
698,622
Kforce,
Inc.
..........................................
United
States
195,041
13,754,291
14,452,913
Real
Estate
Management
&
Development
0.4%
Colliers
International
Group,
Inc.
..........................
Canada
39,952
4,883,333
Retail
REITs
0.1%
Kite
Realty
Group
Trust
.................................
United
States
49,850
1,080,748
Semiconductors
&
Semiconductor
Equipment
1.3%
b
Cohu,
Inc.
...........................................
United
States
432,422
14,412,625
Software
3.5%
b
ACI
Worldwide,
Inc.
....................................
United
States
1,208,106
40,121,200
Specialty
Retail
0.2%
Group
1
Automotive,
Inc.
................................
United
States
6,189
1,808,612
Textiles,
Apparel
&
Luxury
Goods
0.9%
Dr.
Martens
plc
.......................................
United
Kingdom
5,994,831
6,656,799
PVH
Corp.
..........................................
United
States
24,769
3,482,769
10,139,568
Trading
Companies
&
Distributors
3.2%
Herc
Holdings,
Inc.
....................................
United
States
64,296
10,821,017
McGrath
RentCorp
....................................
United
States
205,295
25,327,244
36,148,261
Total
Common
Stocks
(Cost
$
903,332,479
)
.....................................
1,126,686,979
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
85
See
Abbreviations
on
page
173
.
Short
Term
Investments
1.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.1%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
12,137,145
$
12,137,145
Total
Money
Market
Funds
(Cost
$
12,137,145
)
..................................
12,137,145
Total
Short
Term
Investments
(Cost
$
12,137,145
)
................................
12,137,145
a
Total
Investments
(Cost
$
915,469,624
)
99.7
%
...................................
$1,138,824,124
Other
Assets,
less
Liabilities
0.3
%
.............................................
3,684,300
Net
Assets
100.0%
...........................................................
$1,142,508,424
a
a
a
a
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
b
Non-income
producing.
c
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
d
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,
2024
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.3%
Aerospace
&
Defense
3.2%
a
Axon
Enterprise,
Inc.
...................................
United
States
25,400
$
7,947,152
TransDigm
Group,
Inc.
.................................
United
States
5,600
6,896,960
14,844,112
Automobile
Components
0.5%
a,b
Mobileye
Global,
Inc.
,
A
.................................
Israel
72,900
2,343,735
Beverages
0.8%
a
Celsius
Holdings,
Inc.
..................................
United
States
46,100
3,822,612
Biotechnology
2.0%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
14,100
2,107,245
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
14,900
1,301,366
a
CG
oncology,
Inc.
.....................................
United
States
32,500
1,426,750
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
22,400
3,089,408
a
Vaxcyte,
Inc.
.........................................
United
States
18,400
1,256,904
9,181,673
Building
Products
2.3%
Trane
Technologies
plc
.................................
United
States
34,800
10,446,960
Capital
Markets
7.5%
Ares
Management
Corp.
,
A
..............................
United
States
67,100
8,922,958
Blue
Owl
Capital,
Inc.
,
A
................................
United
States
228,700
4,313,282
LPL
Financial
Holdings,
Inc.
.............................
United
States
25,100
6,631,420
MSCI,
Inc.
,
A
.........................................
United
States
11,100
6,220,995
Nasdaq,
Inc.
.........................................
United
States
72,700
4,587,370
Tradeweb
Markets,
Inc.
,
A
...............................
United
States
36,800
3,833,456
34,509,481
Commercial
Services
&
Supplies
1.0%
Republic
Services,
Inc.
,
A
...............................
United
States
24,600
4,709,424
Containers
&
Packaging
1.0%
Avery
Dennison
Corp.
..................................
United
States
21,200
4,732,900
Electrical
Equipment
1.6%
AMETEK,
Inc.
........................................
United
States
18,000
3,292,200
Rockwell
Automation,
Inc.
...............................
United
States
14,500
4,224,285
7,516,485
Electronic
Equipment,
Instruments
&
Components
1.4%
Amphenol
Corp.
,
A
....................................
United
States
53,800
6,205,830
Energy
Equipment
&
Services
0.7%
Halliburton
Co.
.......................................
United
States
79,100
3,118,122
Entertainment
1.2%
a
ROBLOX
Corp.
,
A
.....................................
United
States
148,000
5,650,640
Financial
Services
1.5%
a
Block,
Inc.
,
A
.........................................
United
States
83,400
7,053,972
Food
Products
1.9%
a
Freshpet,
Inc.
........................................
United
States
35,300
4,089,858
Lamb
Weston
Holdings,
Inc.
.............................
United
States
43,700
4,655,361
8,745,219
Ground
Transportation
1.4%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
29,100
6,381,921
Health
Care
Equipment
&
Supplies
5.1%
a
Dexcom,
Inc.
.........................................
United
States
77,052
10,687,112
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
87
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
IDEXX
Laboratories,
Inc.
................................
United
States
13,350
$
7,208,066
a
Inari
Medical,
Inc.
.....................................
United
States
2,900
139,142
a
Penumbra,
Inc.
.......................................
United
States
23,700
5,289,366
23,323,686
Health
Care
Providers
&
Services
0.7%
a
HealthEquity,
Inc.
.....................................
United
States
36,400
2,971,332
Health
Care
Technology
1.9%
a
Certara,
Inc.
.........................................
United
States
39,900
713,412
a
Veeva
Systems,
Inc.
,
A
.................................
United
States
33,800
7,831,122
8,544,534
Hotels,
Restaurants
&
Leisure
6.3%
a
Cava
Group,
Inc.
......................................
United
States
51,400
3,600,570
Darden
Restaurants,
Inc.
...............................
United
States
33,700
5,632,955
a
DoorDash,
Inc.
,
A
.....................................
United
States
54,300
7,478,196
a
Expedia
Group,
Inc.
...................................
United
States
33,400
4,600,850
Wingstop,
Inc.
........................................
United
States
14,800
5,422,720
Wynn
Resorts
Ltd.
....................................
United
States
24,500
2,504,635
29,239,926
Household
Durables
0.7%
a
NVR,
Inc.
...........................................
United
States
382
3,094,185
Industrial
REITs
0.8%
Terreno
Realty
Corp.
...................................
United
States
57,150
3,794,760
Insurance
1.1%
Arthur
J
Gallagher
&
Co.
................................
United
States
20,300
5,075,812
Interactive
Media
&
Services
2.2%
a
Match
Group,
Inc.
.....................................
United
States
90,924
3,298,723
a
Pinterest,
Inc.
,
A
......................................
United
States
192,000
6,656,640
9,955,363
IT
Services
5.0%
a
Cloudflare,
Inc.
,
A
.....................................
United
States
45,900
4,444,497
a
EPAM
Systems,
Inc.
...................................
United
States
17,700
4,888,032
a
Gartner,
Inc.
.........................................
United
States
18,200
8,675,394
a
MongoDB,
Inc.
,
A
.....................................
United
States
14,200
5,092,688
23,100,611
Leisure
Products
1.6%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
94,539
7,281,145
Life
Sciences
Tools
&
Services
6.2%
a
10X
Genomics,
Inc.
,
A
..................................
United
States
63,400
2,379,402
Agilent
Technologies,
Inc.
...............................
United
States
59,500
8,657,845
a
Mettler-Toledo
International,
Inc.
..........................
United
States
4,180
5,564,792
a
Repligen
Corp.
.......................................
United
States
27,900
5,131,368
West
Pharmaceutical
Services,
Inc.
........................
United
States
17,800
7,043,638
28,777,045
Machinery
2.0%
IDEX
Corp.
..........................................
United
States
18,650
4,550,973
Xylem,
Inc.
..........................................
United
States
37,100
4,794,804
9,345,777
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.
88
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Media
0.7%
New
York
Times
Co.
(The)
,
A
.............................
United
States
76,100
$
3,289,042
Oil,
Gas
&
Consumable
Fuels
2.3%
Cheniere
Energy,
Inc.
..................................
United
States
32,500
5,241,600
Hess
Corp.
..........................................
United
States
10,600
1,617,984
Targa
Resources
Corp.
.................................
United
States
33,200
3,718,068
10,577,652
Passenger
Airlines
0.8%
Delta
Air
Lines,
Inc.
....................................
United
States
80,100
3,834,387
Personal
Care
Products
1.0%
a
BellRing
Brands,
Inc.
...................................
United
States
56,400
3,329,292
a
Oddity
Tech
Ltd.
,
A
....................................
Israel
30,500
1,325,225
4,654,517
Pharmaceuticals
0.7%
a
Jazz
Pharmaceuticals
plc
...............................
United
States
27,400
3,299,508
Professional
Services
4.7%
Paychex,
Inc.
........................................
United
States
66,600
8,178,480
TransUnion
..........................................
United
States
72,400
5,777,520
Verisk
Analytics,
Inc.
,
A
.................................
United
States
32,600
7,684,798
21,640,798
Residential
REITs
0.7%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
51,400
3,310,160
Semiconductors
&
Semiconductor
Equipment
3.9%
a
Astera
Labs,
Inc.
......................................
United
States
2,800
207,732
a
Lattice
Semiconductor
Corp.
.............................
United
States
77,355
6,051,482
Monolithic
Power
Systems,
Inc.
...........................
United
States
10,250
6,943,555
a
Onto
Innovation,
Inc.
...................................
United
States
11,000
1,991,880
a
SiTime
Corp.
.........................................
United
States
27,500
2,563,825
17,758,474
Software
11.8%
a
Alkami
Technology,
Inc.
.................................
United
States
97,125
2,386,361
a
ANSYS,
Inc.
.........................................
United
States
20,000
6,943,200
a
Arteris,
Inc.
..........................................
United
States
146,100
1,069,452
a
Atlassian
Corp.
,
A
.....................................
United
States
11,900
2,321,809
a
BILL
Holdings,
Inc.
....................................
United
States
18,748
1,288,363
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
30,500
9,777,995
a
Datadog,
Inc.
,
A
......................................
United
States
39,200
4,845,120
a
Fair
Isaac
Corp.
......................................
United
States
5,100
6,373,011
a
HubSpot,
Inc.
........................................
United
States
11,500
7,205,440
a
Monday.com
Ltd.
......................................
United
States
15,400
3,478,398
a
Synopsys,
Inc.
.......................................
United
States
6,150
3,514,725
a
Workday,
Inc.
,
A
......................................
United
States
18,900
5,154,975
54,358,849
Specialized
REITs
0.7%
SBA
Communications
Corp.
,
A
...........................
United
States
15,457
3,349,532
Specialty
Retail
5.0%
a
Burlington
Stores,
Inc.
..................................
United
States
24,000
5,572,560
a
Five
Below,
Inc.
.......................................
United
States
23,450
4,253,361
Ross
Stores,
Inc.
.....................................
United
States
46,400
6,809,664
Tractor
Supply
Co.
....................................
United
States
24,537
6,421,823
23,057,408
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
89
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.6%
a
Lululemon
Athletica,
Inc.
................................
United
States
7,200
$
2,812,680
Trading
Companies
&
Distributors
1.8%
Fastenal
Co.
.........................................
United
States
108,500
8,369,690
Total
Common
Stocks
(Cost
$
291,950,813
)
.....................................
444,079,959
Convertible
Preferred
Stocks
1.3%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela,
Inc.
,
D
......................................
United
States
48,915
908,953
a
Software
1.1%
a,c,d
Benchling,
Inc.
,
F
.....................................
United
States
35,200
578,684
a,c,d
Blaize,
Inc.
,
D
........................................
United
States
206,272
830,241
a,c,d
Blaize,
Inc.
,
D-2
......................................
United
States
82,758
219,911
a,c,d
Databricks,
Inc.
,
G
....................................
United
States
25,878
1,967,827
a,c,d
OneTrust
LLC
,
C
......................................
United
States
82,367
1,293,140
4,889,803
Total
Convertible
Preferred
Stocks
(Cost
$
7,884,932
)
............................
5,798,756
Warrants
Warrants
0.0%
†
Software
0.0%
†
a,c,d
Blaize,
Inc.
,
9/19/25
...................................
United
States
8,275
1,418
a,c,d
Blaize,
Inc.
,
12/09/25
...................................
United
States
1
—
a,c
Blaize,
Inc.
,
8/23/33
...................................
United
States
1
—
1,418
Total
Warrants
(Cost
$
7
)
......................................................
1,418
Principal
Amount
*
Convertible
Bonds
0.0%
†
Software
0.0%
†
c
Blaize,
Inc.
,
10
%
,
1/03/25
...............................
United
States
195,400
195,400
Total
Convertible
Bonds
(Cost
$
195,400
)
.......................................
195,400
Corporate
Bonds
0.0%
†
Software
0.0%
†
c
,d
Blaize,
Inc.
,
10
%
,
12/09/24
..............................
United
States
64,369
64,375
Total
Corporate
Bonds
(Cost
$
64,369
)
.........................................
64,375
Total
Long
Term
Investments
(Cost
$
300,095,521
)
...............................
450,139,908
a
Short
Term
Investments
2.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
10,824,380
10,824,380
Total
Money
Market
Funds
(Cost
$
10,824,380
)
..................................
10,824,380
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.
90
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
2,318,200
$
2,318,200
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
2,318,200
)
............................................................
2,318,200
Total
Short
Term
Investments
(Cost
$
13,142,580
)
................................
13,142,580
a
Total
Investments
(Cost
$
313,238,101
)
100.5
%
..................................
$463,282,488
Other
Assets,
less
Liabilities
(
0.5
)
%
...........................................
(2,218,523)
Net
Assets
100.0%
...........................................................
$461,063,965
a
a
a
*
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
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
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,
2024
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.2%
Broadline
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
—
—
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
4,744
866
Machinery
0.0%
†
b
UTEX
Industries,
Inc.
..................................
United
States
1,757
94,439
Oil,
Gas
&
Consumable
Fuels
0.2%
b
Amplify
Energy
Corp.
..................................
United
States
431
2,849
Birch
Permian
Holdings,
Inc.
.............................
United
States
4,478
39,556
a,b,c
Talos
Energy,
Inc.
.....................................
United
States
27,685
377,519
419,924
Total
Common
Stocks
(Cost
$
1,474,188
)
.......................................
515,229
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
11,237
169
b
Total
Preferred
Stocks
(Cost
$
169
)
............................................
169
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b
UTEX
Industries,
Inc.
,
2/20/49
............................
United
States
150
38
Total
Warrants
(Cost
$
132
)
...................................................
38
Principal
Amount
*
Corporate
Bonds
57.0%
Aerospace
&
Defense
0.4%
Boeing
Co.
(The)
,
Senior
Bond
,
3.625
%
,
2/01/31
..........................
United
States
700,000
616,593
Senior
Note
,
5.15
%
,
5/01/30
...........................
United
States
700,000
677,597
1,294,190
Air
Freight
&
Logistics
0.3%
d
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
300,000
295,116
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
650,000
519,068
814,184
Automobile
Components
1.1%
d
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
......................
United
States
600,000
633,623
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
..................
United
States
200,000
204,544
d
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
5.875
%
,
6/01/29
.....................
United
States
800,000
792,814
Senior
Bond
,
144A,
3.75
%
,
1/30/31
......................
United
States
300,000
262,037
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
Corporate
Bonds
(continued)
Automobile
Components
(continued)
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
600,000
$
533,921
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
800,000
747,731
3,174,670
Automobiles
0.3%
d
Hyundai
Capital
America
,
Senior
Note
,
144A,
5.35
%
,
3/19/29
....
United
States
150,000
150,628
d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
800,000
770,678
921,306
Banks
6.3%
d
,e
ABN
AMRO
Bank
NV
,
Senior
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
..........................
Netherlands
250,000
254,387
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
300,000
248,189
Bank
of
America
Corp.
,
Senior
Bond
,
4.571%
to
4/26/32,
FRN
thereafter
,
4/27/33
.....
United
States
800,000
760,209
Senior
Note
,
4.376%
to
4/26/27,
FRN
thereafter
,
4/27/28
......
United
States
1,000,000
976,573
d
BNP
Paribas
SA
,
e
144A,
FRN
,
5.176
%
,
(
SOFR
+
1.52
%
),
1/09/30
.............
France
1,000,000
1,000,516
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
France
400,000
392,343
Senior
Note
,
144A,
2.219%
to
6/08/25,
FRN
thereafter
,
6/09/26
.
France
500,000
480,935
d
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
800,000
730,134
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
1,600,000
1,602,943
HSBC
Holdings
plc
,
Senior
Bond
,
2.848%
to
6/03/30,
FRN
thereafter
,
6/04/31
.....
United
Kingdom
800,000
690,490
Senior
Bond
,
2.357%
to
8/17/30,
FRN
thereafter
,
8/18/31
.....
United
Kingdom
300,000
250,221
Senior
Note
,
4.18%
to
12/08/24,
FRN
thereafter
,
12/09/25
.....
United
Kingdom
900,000
889,214
Senior
Note
,
5.21%
to
8/10/27,
FRN
thereafter
,
8/11/28
.......
United
Kingdom
550,000
548,600
JPMorgan
Chase
&
Co.
,
e,f
R
,
Junior
Sub.
Bond
,
FRN
,
8.868
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
.........................................
United
States
213,000
213,166
Senior
Bond
,
3.2
%
,
6/15/26
............................
United
States
1,213,000
1,167,606
Senior
Bond
,
2.522%
to
4/21/30,
FRN
thereafter
,
4/22/31
.....
United
States
1,000,000
864,617
Senior
Bond
,
5.336%
to
1/22/34,
FRN
thereafter
,
1/23/35
.....
United
States
300,000
301,286
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
500,000
486,187
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
500,000
511,203
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
800,000
732,037
d
Societe
Generale
SA
,
Senior
Bond
,
144A,
2.889%
to
6/08/31,
FRN
thereafter
,
6/09/32
France
800,000
657,989
Senior
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
.
France
700,000
641,417
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
1,000,000
990,926
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
800,000
804,208
d
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
500,000
423,629
Wells
Fargo
&
Co.
,
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
.......
United
States
500,000
493,752
Senior
Note
,
6.303%
to
10/22/28,
FRN
thereafter
,
10/23/29
....
United
States
800,000
833,495
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
Corporate
Bonds
(continued)
Banks
(continued)
Wells
Fargo
&
Co.,
(continued)
Senior
Note
,
5.198%
to
1/22/29,
FRN
thereafter
,
1/23/30
......
United
States
450,000
$
449,182
18,395,454
Beverages
0.3%
d
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
1,000,000
920,536
Biotechnology
0.4%
Amgen,
Inc.
,
Senior
Bond
,
4.2
%
,
3/01/33
............................
United
States
400,000
374,114
Senior
Bond
,
5.25
%
,
3/02/33
...........................
United
States
700,000
706,205
1,080,319
Broadline
Retail
0.0%
a
,d
,g
,h
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,036,360
—
a
,d
,g
,h
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
564,697
—
—
Building
Products
0.9%
d
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
300,000
308,451
d
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
507,765
d
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
..........................
United
States
900,000
909,759
d
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
.....................
United
States
300,000
301,213
d
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.75
%
,
1/15/28
......................
United
States
500,000
477,581
Senior
Bond
,
144A,
3.375
%
,
1/15/31
.....................
United
States
200,000
167,908
2,672,677
Capital
Markets
2.5%
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
800,000
805,023
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond
,
2.383%
to
7/20/31,
FRN
thereafter
,
7/21/32
.....
United
States
370,000
303,631
Senior
Note
,
5.7
%
,
11/01/24
...........................
United
States
500,000
500,282
Senior
Note
,
4.387%
to
6/14/26,
FRN
thereafter
,
6/15/27
......
United
States
300,000
294,274
Senior
Note
,
1.948%
to
10/20/26,
FRN
thereafter
,
10/21/27
....
United
States
1,000,000
919,467
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
400,000
370,430
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
..........................
United
States
809,000
768,875
Senior
Bond
,
5.466%
to
1/17/34,
FRN
thereafter
,
1/18/35
.....
United
States
200,000
201,863
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
1,200,000
989,739
d
Prologis
Targeted
US
Logistics
Fund
LP
,
Senior
Note
,
144A,
5.25
%
,
4/01/29
...........................................
United
States
250,000
249,459
d
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
.
United
States
300,000
304,632
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
...........................
Switzerland
400,000
393,709
d
Senior
Note
,
144A,
6.373%
to
7/14/25,
FRN
thereafter
,
7/15/26
.
Switzerland
300,000
302,208
d
Senior
Note
,
144A,
5.711%
to
1/11/26,
FRN
thereafter
,
1/12/27
.
Switzerland
700,000
702,412
7,106,004
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
Corporate
Bonds
(continued)
Chemicals
1.8%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
900,000
$
699,219
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
450,000
458,527
d
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5
%
,
10/15/28
.......................
Switzerland
500,000
EUR
460,104
Senior
Note
,
144A,
5.625
%
,
10/15/28
....................
Switzerland
400,000
336,148
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
800,000
734,791
d
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
800,000
EUR
839,588
d
,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
315,000
258,388
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
....................
Canada
100,000
99,525
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
300,000
311,570
d
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
789,036
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
200,000
179,683
d
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
87,318
5,253,897
Commercial
Services
&
Supplies
1.0%
d
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...........................................
United
States
700,000
709,833
d
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
400,000
385,026
d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
1,000,000
919,514
d
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,000,000
907,512
2,921,885
Construction
&
Engineering
0.3%
d
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
800,000
738,022
Construction
Materials
0.3%
d
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
700,000
733,535
Consumer
Finance
0.7%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
800,000
674,225
d
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...........
United
States
600,000
600,471
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
600,000
637,105
1,911,801
Consumer
Staples
Distribution
&
Retail
0.5%
d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
900,000
808,650
Sysco
Corp.
,
Senior
Bond
,
6
%
,
1/17/34
.....................
United
States
250,000
266,163
d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
300,000
307,472
1,382,285
Containers
&
Packaging
1.5%
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
......................
United
States
600,000
378,645
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
..............
United
States
200,000
181,184
d
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
500,000
460,815
d
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/13/27
.....................
United
States
75,000
75,104
Senior
Note
,
144A,
7.25
%
,
5/15/31
......................
United
States
200,000
203,951
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
d
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
500,000
$
466,968
d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
600,000
560,398
d
Sealed
Air
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
9/15/25
.......................
United
States
124,000
123,648
Senior
Note
,
144A,
6.125
%
,
2/01/28
.....................
United
States
800,000
802,344
d
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
700,000
690,804
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
338,694
4,282,555
Distributors
0.2%
d
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
......................
Canada
300,000
314,248
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
...............
Canada
200,000
204,259
518,507
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
800,000
725,496
d
Wand
NewCo
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
1/30/32
United
States
400,000
414,027
1,139,523
Diversified
REITs
0.5%
d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
400,000
342,601
Simon
Property
Group
LP
,
Senior
Bond
,
4.25
%
,
11/30/46
..........................
United
States
800,000
662,351
Senior
Bond
,
3.25
%
,
9/13/49
...........................
United
States
700,000
490,447
1,495,399
Diversified
Telecommunication
Services
1.1%
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
800,000
557,433
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
600,000
482,549
d
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
...............
France
300,000
297,412
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
.................
France
600,000
594,445
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
........
Spain
150,000
132,017
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
1,000,000
822,160
d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
400,000
345,256
3,231,272
Electric
Utilities
2.1%
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
600,000
517,223
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
100,000
101,166
d
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
800,000
788,841
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,226,672
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
370,000
371,525
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
............................
United
States
400,000
344,885
Senior
Note
,
5.5
%
,
3/15/29
............................
United
States
700,000
713,635
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
$
92,206
d
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
.....................
United
States
1,100,000
1,020,167
Senior
Secured
Bond
,
144A,
4.3
%
,
7/15/29
................
United
States
500,000
469,381
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
500,000
497,276
6,142,977
Electrical
Equipment
0.4%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
200,000
189,857
d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
900,000
838,415
1,028,272
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
900,000
815,743
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
800,000
778,871
1,594,614
Energy
Equipment
&
Services
0.2%
d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
....
United
States
600,000
611,552
Entertainment
0.2%
d
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
5/01/29
..................
France
300,000
EUR
340,418
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
..............
France
32,323
33,363
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
......
United
States
300,000
280,929
654,710
Financial
Services
1.0%
d
Corebridge
Financial,
Inc.
,
Senior
Bond
,
144A,
6.05
%
,
9/15/33
...
United
States
500,000
515,539
d
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
..........
Ireland
400,000
417,998
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
700,000
687,492
d
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
..........................................
United
States
600,000
553,984
d
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
900,000
759,279
2,934,292
Food
Products
1.0%
d
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
155,611
d
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
.....................................
United
States
100,000
101,500
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
900,000
892,605
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
150,000
149,587
Hershey
Co.
(The)
,
Senior
Bond
,
4.5
%
,
5/04/33
...............
United
States
300,000
296,726
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
2.5
%
,
1/15/27
............................
United
States
500,000
461,208
Senior
Note
,
3
%
,
2/02/29
.............................
United
States
200,000
177,231
Senior
Note
,
3.625
%
,
1/15/32
..........................
United
States
400,000
342,504
d
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
2/15/32
..
United
States
300,000
302,561
2,879,533
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
203,667
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Ground
Transportation
0.8%
d
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
........
United
Kingdom
200,000
$
199,889
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
550,000
469,256
d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
1,000,000
887,269
d
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
473,609
d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
400,000
412,059
2,442,082
Health
Care
Equipment
&
Supplies
0.8%
d
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
800,000
828,728
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
........
United
States
500,000
440,700
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
..
United
States
500,000
501,853
d
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
..
United
States
600,000
646,949
2,418,230
Health
Care
Providers
&
Services
2.4%
Centene
Corp.
,
Senior
Note
,
4.25
%
,
12/15/27
..........................
United
States
300,000
286,269
Senior
Note
,
2.45
%
,
7/15/28
...........................
United
States
100,000
88,779
Senior
Note
,
4.625
%
,
12/15/29
.........................
United
States
200,000
190,019
Senior
Note
,
3.375
%
,
2/15/30
..........................
United
States
600,000
531,343
Senior
Note
,
2.625
%
,
8/01/31
..........................
United
States
200,000
164,325
d
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.875
%
,
4/15/29
....................
United
States
100,000
74,963
Senior
Secured
Note
,
144A,
5.625
%
,
3/15/27
..............
United
States
700,000
645,022
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
..................
United
States
200,000
174,959
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
...........................
United
States
400,000
328,743
Senior
Bond
,
5.3
%
,
6/01/33
............................
United
States
500,000
501,385
Senior
Bond
,
2.7
%
,
8/21/40
............................
United
States
600,000
417,068
d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
800,000
716,755
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
150,000
115,600
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
1,300,000
1,176,083
d
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
500,000
394,834
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
171,481
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
...
United
States
900,000
899,060
6,876,688
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5
%
,
10/15/27
............................
United
States
400,000
335,410
Senior
Bond
,
3.5
%
,
3/15/31
............................
United
States
300,000
206,254
541,664
Health
Care
Technology
0.3%
d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
5/15/30
................
United
States
800,000
817,412
Hotel
&
Resort
REITs
0.4%
d
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/32
......................................
United
States
700,000
702,800
d
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
370,629
1,073,429
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
1.6%
d
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
600,000
$
617,937
d
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
United
States
900,000
821,404
d
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
500,000
449,366
Marriott
International,
Inc.
,
Senior
Bond
,
5.3
%
,
5/15/34
.........
United
States
250,000
247,363
d
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
800,000
710,247
d
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
....................
United
States
400,000
359,898
Senior
Note
,
144A,
4.5
%
,
2/15/28
.......................
United
States
200,000
188,545
d
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
9/15/27
.....................
United
States
300,000
294,544
Senior
Note
,
144A,
7
%
,
2/15/29
........................
United
States
300,000
301,543
d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
10/01/29
....................
United
States
500,000
474,168
Senior
Note
,
144A,
7.125
%
,
2/15/31
.....................
United
States
300,000
310,656
4,775,671
Household
Durables
0.5%
d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
800,000
844,606
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.......
United
States
640,000
597,398
1,442,004
Household
Products
0.3%
d
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
500,000
441,180
d
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
400,000
385,647
826,827
Independent
Power
and
Renewable
Electricity
Producers
1.5%
d
AES
Andes
SA
,
Senior
Note
,
144A,
6.3
%
,
3/15/29
.............
Chile
500,000
505,455
d
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
900,000
827,665
d
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
...............
United
States
600,000
550,996
d
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
500,000
429,643
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
United
States
200,000
211,327
d
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
859,039
d
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
...........................................
United
States
800,000
856,087
4,240,212
Insurance
2.0%
d
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
300,000
299,541
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
...............
United
States
600,000
604,850
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
..................
United
States
200,000
202,155
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
743,905
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
..
United
States
200,000
205,141
d
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
500,000
528,842
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
5.05
%
,
1/06/28
.....................
United
States
1,100,000
1,101,911
Secured
Note
,
144A,
4.3
%
,
8/25/29
......................
United
States
300,000
289,510
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
d
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
...........................................
United
States
600,000
$
597,428
d
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.......
United
States
700,000
702,404
d
Sammons
Financial
Group,
Inc.
,
Senior
Bond
,
144A,
6.875
%
,
4/15/34
...........................................
United
States
400,000
403,103
5,678,790
Interactive
Media
&
Services
0.3%
d
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
900,000
769,437
IT
Services
1.4%
d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
900,000
808,999
d
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
.......................
United
States
700,000
667,640
Senior
Note
,
144A,
3.625
%
,
6/15/29
.....................
United
States
400,000
362,545
d
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
1,133,033
d
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
1,200,000
1,169,629
4,141,846
Life
Sciences
Tools
&
Services
0.2%
d
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
600,000
620,120
Machinery
0.6%
d
ATS
Corp.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
.............
Canada
400,000
367,073
d
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
400,000
415,879
d
,i
Esab
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
...............
United
States
300,000
301,780
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
................
United
States
300,000
302,949
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
400,000
392,414
1,780,095
Media
2.0%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,300,000
1,065,795
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
......................
United
States
400,000
350,644
Senior
Secured
Note
,
144A,
5.125
%
,
8/15/27
..............
United
States
200,000
188,676
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............
United
States
200,000
198,956
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
.................
United
States
600,000
592,175
d
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
400,000
272,193
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
700,000
662,663
Fox
Corp.
,
Senior
Bond
,
6.5
%
,
10/13/33
....................
United
States
1,200,000
1,271,535
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
....................
United
States
200,000
209,649
d
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
1,000,000
915,536
5,727,822
Metals
&
Mining
0.9%
d
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
700,000
630,548
d
Indonesia
Asahan
Aluminium
PT
/
Mineral
Industri
Indonesia
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
...................
Indonesia
700,000
692,217
d
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
......................
United
States
300,000
277,037
Senior
Note
,
144A,
3.25
%
,
11/15/26
.....................
United
States
300,000
279,845
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
d
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
850,000
$
852,198
2,731,845
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
d
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
1,100,000
1,000,922
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
1,150,000
1,087,099
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
600,000
593,528
1,680,627
Office
REITs
0.1%
Alexandria
Real
Estate
Equities,
Inc.
,
Senior
Bond
,
5.25
%
,
5/15/36
United
States
250,000
245,469
Oil,
Gas
&
Consumable
Fuels
6.3%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
900,000
769,617
d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
598,000
614,671
d
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
................
United
States
400,000
412,141
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
397,594
d
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.65
%
,
4/15/34
......
United
States
200,000
201,553
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
800,000
841,209
d
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
7/01/28
.....................
United
States
300,000
316,189
Senior
Note
,
144A,
8.625
%
,
11/01/30
....................
United
States
100,000
107,446
Senior
Note
,
144A,
8.75
%
,
7/01/31
......................
United
States
400,000
428,524
d
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
800,000
790,949
d
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
500,000
453,182
d
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
900,000
907,858
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
...........................
United
States
200,000
184,438
d
Senior
Note
,
144A,
6
%
,
2/01/29
........................
United
States
400,000
403,808
EnLink
Midstream
LLC
,
Senior
Bond
,
5.375
%
,
6/01/29
..........................
United
States
1,100,000
1,080,721
d
Senior
Note
,
144A,
5.625
%
,
1/15/28
.....................
United
States
100,000
99,115
d
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
102,616
d
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
.....................................
United
Arab
Emirates
339,776
292,887
d
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
200,000
195,402
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
........................
United
States
500,000
488,036
Senior
Bond
,
144A,
6.25
%
,
4/15/32
......................
United
States
200,000
197,402
Senior
Note
,
144A,
5.75
%
,
2/01/29
......................
United
States
200,000
194,985
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
800,000
783,245
d
,i
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
......
United
States
200,000
200,493
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
1,290,900
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
1,600,000
1,539,366
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6
%
,
4/15/27
.............................
United
States
500,000
498,375
Senior
Note
,
4.5
%
,
5/15/29
............................
United
States
1,200,000
1,116,514
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
d
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
1,000,000
$
1,123,967
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
..............
United
States
300,000
266,986
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
..............
United
States
300,000
270,317
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
...........................................
United
States
700,000
722,326
d
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
400,000
416,192
d
Vital
Energy,
Inc.
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
.........
United
States
600,000
609,992
18,319,016
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........................
Brazil
700,000
619,252
DM3N
,
Senior
Bond
,
3.125
%
,
1/15/32
....................
Brazil
400,000
332,544
951,796
Passenger
Airlines
0.6%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
900,000
885,375
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
644,000
637,577
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
143,097
138,434
1,661,386
Personal
Care
Products
1.0%
d
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
700,000
721,862
d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.........
United
States
800,000
757,768
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
.....
United
States
1,000,000
982,648
d
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
500,000
435,776
2,898,054
Pharmaceuticals
1.1%
d
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
837,210
d
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond
,
144A,
5.125
%
,
4/30/31
.....................
United
States
300,000
266,951
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
..............
United
States
700,000
652,835
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
345,000
339,858
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
500,000
372,857
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
900,000
865,747
3,335,458
Real
Estate
Management
&
Development
0.1%
d
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
400,000
399,856
Residential
REITs
0.1%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
430,158
Software
0.3%
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
800,000
734,513
Specialized
REITs
0.3%
d
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
...........
United
States
900,000
918,136
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialty
Retail
0.1%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
$
192,196
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond
,
5.4
%
,
4/15/34
..
United
States
900,000
902,453
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
200,000
170,140
1,072,593
Textiles,
Apparel
&
Luxury
Goods
0.7%
d
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
800,000
822,596
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
.................
United
States
1,000,000
1,086,169
1,908,765
Tobacco
0.8%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
1,200,000
1,090,637
d
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
300,000
294,630
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
....
United
States
800,000
806,915
2,192,182
Trading
Companies
&
Distributors
0.9%
d
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,100,000
1,008,379
d
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
300,000
294,883
d
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
...........................................
United
States
500,000
501,247
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
.....................
United
States
700,000
708,071
Senior
Note
,
144A,
6.625
%
,
3/15/32
.....................
United
States
100,000
101,744
2,614,324
Transportation
Infrastructure
0.0%
†
d
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
173,333
118,359
Wireless
Telecommunication
Services
0.5%
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
30,074
1,584
Zero
Cpn.,
11/17/33
.................................
Bermuda
14,398
4,197
T-Mobile
USA,
Inc.
,
Senior
Bond
,
3.3
%
,
2/15/51
............................
United
States
500,000
349,890
Senior
Note
,
3.875
%
,
4/15/30
..........................
United
States
1,300,000
1,218,200
1,573,871
Total
Corporate
Bonds
(Cost
$
174,119,404
)
.....................................
165,189,493
Senior
Floating
Rate
Interests
2.6%
Aerospace
&
Defense
0.1%
g
,i
,j
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
(
3-month
USD
LIBOR
),
3/06/25
...........................................
United
Kingdom
472,608
391,201
Air
Freight
&
Logistics
0.1%
j
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
132,226
132,619
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Automobile
Components
0.1%
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.321
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
...............
United
States
36,984
$
36,683
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
3/30/27
...........................................
United
States
129,045
129,400
Second
Lien,
2021
CME
Term
Loan
,
14.074
%
,
(
3-month
SOFR
+
8.5
%
),
3/30/28
......................................
United
States
107,744
106,936
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.93
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
............
United
States
46,069
46,271
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.419
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................................
United
States
43,097
40,666
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.695
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
..........
United
States
30,826
30,955
390,911
a
a
a
a
a
a
Automobiles
0.0%
†
j
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
.................
United
States
78,730
77,004
j
Beverages
0.1%
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.078
%
,
(
3-month
SOFR
+
3.5
%
),
4/05/28
.................
United
States
138,839
109,026
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
.......................
United
States
56,286
55,766
164,792
a
a
a
a
a
a
j
Building
Products
0.1%
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
8.577
%
,
(
1-month
SOFR
+
3.25
%
),
5/13/29
...........................................
United
States
68,957
69,362
Quikrete
Holdings,
Inc.
,
First
Lien,
Fourth
Amendment
CME
Term
Loan
,
8.195
%
,
(
1-month
SOFR
+
2.75
%
),
3/19/29
...........
United
States
42,735
42,806
Summit
Materials
LLC
,
CME
Term
Loan,
B2
,
7.826
%
,
(
3-month
SOFR
+
2.5
%
),
1/12/29
...............................
United
States
19,471
19,590
131,758
a
a
a
a
a
a
j
Capital
Markets
0.1%
Citadel
Securities
LP
,
CME
Term
Loan
,
7.577
%
,
(
1-month
SOFR
+
2.25
%
),
7/29/30
.....................................
United
States
42,743
42,755
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.941
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
....
United
States
25,925
25,960
i
Jane
Street
Group
LLC
,
2024
Repricing
CME
Term
Loan
,
7.942
%
,
(
1-month
SOFR
+
2.5
%
),
1/26/28
........................
United
States
42,630
42,699
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B
,
9.072
%
,
(
1-month
SOFR
+
3.75
%
),
7/31/28
.....................................
United
Kingdom
43,276
43,403
i,k
2023
Incremental
Delayed
Draw
CME
Term
Loan
,
9.576
%
,
(
1-month
SOFR
+
4.25
%
),
7/31/28
.......................
United
Kingdom
15,347
15,435
170,252
a
a
a
a
a
a
j
Chemicals
0.2%
i
Cyanco
Intermediate
2
Corp.
,
Initial
CME
Term
Loan
,
10.077
%
,
(
1-month
SOFR
+
4.75
%
),
7/10/28
.......................
United
States
78,864
79,292
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.976
%
,
(
3-month
SOFR
+
4.5
%
),
3/15/29
......................................
United
States
76,330
75,267
Second
Lien,
Initial
CME
Term
Loan
,
12.868
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
....................................
United
States
71,411
63,841
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.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Chemicals
(continued)
i
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
................................
United
States
36,606
$
36,865
i
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
CME
Term
Loan,
B
,
8.195
%
,
(
1-month
SOFR
+
2.75
%
),
1/29/26
................
United
Kingdom
20,996
21,028
i
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
84,339
84,618
LSF11
A5
Holdco
LLC
,
Fourth
Amendment
Incremental
CME
Term
Loan,
B
,
9.683
%
,
(
1-month
SOFR
+
4.25
%
),
10/15/28
........
United
States
66,198
66,389
Nouryon
Finance
BV
,
2023
CME
Term
Loan
,
9.423
%
,
(
1-month
SOFR
+
4
%
),
4/03/28
.................................
Netherlands
52,214
52,454
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.723
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
110,390
109,434
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
9.441
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
...............
United
States
42,567
42,693
631,881
a
a
a
a
a
a
j
Commercial
Services
&
Supplies
0.2%
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
.................
United
States
67,078
67,072
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.7
%
,
(
1-month
SOFR
+
3.25%;
3-month
SOFR
+
2.25%
),
7/10/28
..................
United
States
54,040
54,236
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.302
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
87,548
87,150
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.445
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
228,280
228,376
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.585
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.......................................
United
States
109,871
102,034
538,868
a
a
a
a
a
a
Communications
Equipment
0.0%
†
j
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.695
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
...................................
United
States
46,285
42,119
Construction
&
Engineering
0.0%
†
j
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.106
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
........................
United
States
57,025
56,987
Consumer
Finance
0.0%
†
i
,j
Nuvei
Technologies
Corp.
,
Initial
CME
Term
Loan
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
12/19/30
................................
Canada
28,483
28,583
j
Containers
&
Packaging
0.1%
Charter
Next
Generation,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.827
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
................
United
States
42,436
42,562
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.267
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
.............................
Luxembourg
147,494
139,197
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.695
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
29,664
29,801
211,560
a
a
a
a
a
a
Diversified
Consumer
Services
0.0%
†
j
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
...............................
United
States
64,646
28,848
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Diversified
Telecommunication
Services
0.0%
†
Altice
France
SA
,
USD
CME
Term
Loan,
B14
,
10.814
%
,
(
3-month
SOFR
+
5.5
%
),
8/15/28
...............................
France
26,558
$
21,255
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.68
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
.............................
United
States
89,524
87,295
108,550
a
a
a
a
a
a
Entertainment
0.0%
†
j
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.195
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
..............................
United
States
44,145
44,245
j
Financial
Services
0.0%
†
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.177
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
44,726
44,087
i
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.445
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................................
United
States
57,372
57,443
101,530
a
a
a
a
a
a
Ground
Transportation
0.0%
†
j
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.43
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
.........................
United
States
41,923
42,041
j
Health
Care
Equipment
&
Supplies
0.0%
†
Medline
Borrower
LP
,
Refinancing
CME
Term
Loan
,
8.082
%
,
(
1-month
SOFR
+
2.75
%
),
10/23/28
......................
United
States
36,592
36,713
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.702
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
39,900
40,025
76,738
a
a
a
a
a
a
j
Health
Care
Providers
&
Services
0.2%
ADMI
Corp.
,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.82
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
.....................
United
States
105,382
101,826
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.568
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
65,782
66,078
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.817
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
28,078
28,163
i
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.677
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
...............
United
States
68,037
60,865
MPH
Acquisition
Holdings
LLC
,
Initial
CME
Term
Loan
,
9.855
%
,
(
3-month
SOFR
+
4.25
%
),
9/01/28
.......................
United
States
59,616
57,758
National
Mentor
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.659
%
,
(
3-month
SOFR
+
7.25
%
),
3/02/29
...............
United
States
107,744
89,876
Pacific
Dental
Services
LLC
,
Refinancing
CME
Term
Loan
,
8.571
%
,
(
1-month
SOFR
+
3.25
%
),
3/07/31
.......................
United
States
42,796
42,860
Radiology
Partners,
Inc.
,
CME
Term
Loan,
B
,
10.587
%
,
(
3-month
SOFR
+
5
%
),
1/31/29
.................................
United
States
99,752
96,617
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.829
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
.......................
United
States
6,139
6,175
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.69
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
................
United
States
103,625
99,322
i
Waystar
Technologies,
Inc.
,
First
Lien,
2024
Initial
CME
Term
Loan
,
9.33
%
,
(
1-month
SOFR
+
4
%
),
10/22/29
..................
United
States
37,439
37,580
687,120
a
a
a
a
a
a
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Hotels,
Restaurants
&
Leisure
0.2%
g
,i
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan,
1
,
PIK,
10.61
%
,
(
3-month
SOFR
+
5
%
),
12/29/25
........................
United
States
240,355
$
118,174
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.829
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
....................................
United
States
179,711
169,190
Dave
&
Buster's,
Inc.
,
2024
Refinancing
CME
Term
Loan,
B
,
8.625
%
,
(
1-month
SOFR
+
3.25
%
),
6/29/29
.......................
United
States
43,711
43,829
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
8.192
%
,
(
1-month
SOFR
+
2.75
%
),
8/02/28
................
United
States
38,258
38,346
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.559
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
..............................
Canada
21,182
21,280
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.59
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
........................
United
States
57,172
57,351
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.58
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
............
United
States
29,513
29,541
477,711
a
a
a
a
a
a
Household
Durables
0.0%
†
j
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.824
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
21,304
21,096
j
Insurance
0.2%
Acrisure
LLC
,
First
Lien,
2021-1
Additional
Term
Loan
,
9.195
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
2/15/27
..............................
United
States
43,508
43,604
First
Lien,
2021-2
Additional
Term
Loan
,
9.695
%
,
(
1-month
USD
LIBOR
+
4.25
%
),
2/15/27
..............................
United
States
29,708
29,838
AssuredPartners,
Inc.
,
2020
CME
Term
Loan
,
8.826
%
,
(
1-month
SOFR
+
3.5
%
),
2/12/27
United
States
57,620
57,737
2021
CME
Term
Loan
,
8.941
%
,
(
1-month
SOFR
+
3.5
%
),
2/12/27
United
States
37,063
37,137
2023
CME
Term
Loan
,
9.076
%
,
(
1-month
SOFR
+
3.75
%
),
2/12/27
United
States
36,308
36,391
Asurion
LLC
,
New
CME
Term
Loan,
B10
,
9.427
%
,
(
1-month
SOFR
+
4
%
),
8/19/28
...........................................
United
States
25,205
24,339
New
CME
Term
Loan,
B11
,
9.677
%
,
(
1-month
SOFR
+
4.25
%
),
8/19/28
...........................................
United
States
9,195
8,896
Second
Lien,
New
CME
Term
Loan,
B4
,
10.692
%
,
(
1-month
SOFR
+
5.25
%
),
1/20/29
...................................
United
States
240,815
216,602
454,544
a
a
a
a
a
a
j
IT
Services
0.2%
i
Aventiv
Technologies
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.5
%
,
(
3-month
SOFR
+
4.89
%
),
11/01/24
....................................
United
States
222,845
167,078
Second
Lien,
CME
Term
Loan
,
14.26
%
,
(
3-month
SOFR
+
8.912
%
),
11/01/25
...................................
United
States
606,136
190,933
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.409
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
87,331
83,696
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.18
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
..............................
United
States
22,974
22,997
464,704
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
107
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Media
0.1%
Cengage
Learning
Acquisitions,
Inc.
,
CME
Term
Loan,
B
,
9.579
%
,
(
1-month
SOFR
+
4.25
%
),
3/18/31
.......................
United
States
52,729
$
52,738
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.44
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................................
United
States
81,804
76,918
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.58
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
...........................................
United
States
26,800
26,672
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
CME
Term
Loan
,
8.695
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/26
...........................................
United
States
67,858
68,018
224,346
a
a
a
a
a
a
Metals
&
Mining
0.0%
†
j
Arsenal
AIC
Parent
LLC
,
2024
CME
Term
Loan,
B
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
8/18/30
..............................
United
States
24,795
24,910
j
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.329
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
......
United
States
40,242
41,860
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
64,646
64,929
United
Airlines,
Inc.
,
2024
CME
Term
Loan,
B
,
8.076
%
,
(
3-month
SOFR
+
2.75
%
),
2/22/31
..............................
United
States
53,332
53,482
160,271
a
a
a
a
a
a
j
Pharmaceuticals
0.1%
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.459
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
..................
Spain
32,155
31,204
i
Jazz
Pharmaceuticals
plc
,
Additional
Dollar
CME
Term
Loan,
B1
,
8.445
%
,
(
1-month
SOFR
+
3
%
),
5/05/28
..................
United
States
65,797
66,208
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.......................................
United
States
42,233
42,436
139,848
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.0%
†
j
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.823
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
........................
United
States
59,673
59,791
j
Software
0.2%
Genesys
Cloud
Services
Holdings
I
LLC
,
2024
Incremental
No.
2
Dollar
CME
Term
Loan
,
8.816
%
,
(
1-month
SOFR
+
3.5
%
),
12/01/27
..........................................
United
States
62,719
62,955
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.206
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
60,188
60,053
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan
,
9.839
%
,
(
3-month
SOFR
+
4.25
%
),
12/01/27
......................
United
States
115,104
108,054
First
Lien,
First
Amendment
CME
Term
Loan
,
9.591
%
,
(
3-month
SOFR
+
4
%
),
12/01/27
................................
United
States
13,149
12,300
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.
108
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Software
(continued)
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.176
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
67,074
$
67,107
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.574
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.........................
United
States
84,787
84,065
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.713
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
................
United
States
92,266
70,538
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.08
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......................
United
States
43,124
42,862
507,934
a
a
a
a
a
a
j
Specialty
Retail
0.2%
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
4/26/28
..............................
United
States
44,755
44,979
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.426
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
........................
United
States
315,296
252,237
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.195
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
..............................
United
States
46,941
47,025
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
61,875
55,673
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.843
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
......................
United
States
24,033
23,898
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
...............................
United
States
65,575
65,149
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.677
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
89,807
88,441
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.44
%
,
(
1-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
98,540
97,756
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
...........
United
States
22,430
22,523
697,681
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
j
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.574
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
.........................
United
States
69,787
41,872
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
j
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.08
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
..............................
United
States
64,013
64,083
j
Transportation
Infrastructure
0.0%
†
First
Student
Bidco,
Inc.
,
Initial
CME
Term
Loan,
B
,
8.61
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
United
States
22,053
22,059
Initial
CME
Term
Loan,
C
,
8.61
%
,
(
3-month
SOFR
+
3
%
),
7/21/28
United
States
6,686
6,688
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.071
%
,
(
3-month
SOFR
+
4.5
%
),
5/07/28
........................
United
States
71,086
66,412
95,159
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
7,469,418
)
...........................
7,491,557
l
Marketplace
Loans
1.0%
a
Financial
Services
1.0%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$
3,401,751
)
.....................................
2,993,854
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
109
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
2.0%
d
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
m
1,400,000
$
1,260,193
d
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
m
1,200,000
1,139,477
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
......
Colombia
5,315,000,000
COP
1,348,274
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
1,000,000
837,424
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
200,000
202,983
d
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
300,000
301,026
Petroleos
Mexicanos
,
Senior
Note
,
10
%
,
2/07/33
..............
Mexico
300,000
298,971
d
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
500,000
489,869
Total
Foreign
Government
and
Agency
Securities
(Cost
$
6,986,481
)
...............
5,878,217
U.S.
Government
and
Agency
Securities
19.5%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
805,000
606,214
U.S.
Treasury
Bonds
,
3
%,
2/15/48
........................................
United
States
1,450,000
1,134,625
3.375
%,
11/15/48
....................................
United
States
500,000
417,998
U.S.
Treasury
Notes
,
1.75
%,
12/31/24
.....................................
United
States
2,900,000
2,827,829
4.125
%,
1/31/25
.....................................
United
States
3,250,000
3,223,682
1.5
%,
2/15/25
......................................
United
States
9,800,000
9,497,886
n
Index
Linked,
0.625
%,
1/15/26
..........................
United
States
2,800,000
3,530,404
3.875
%,
1/15/26
.....................................
United
States
3,050,000
3,006,871
4
%,
2/15/26
........................................
United
States
11,200,000
11,062,625
3.625
%,
5/15/26
.....................................
United
States
400,000
392,125
2.25
%,
2/15/27
.....................................
United
States
1,400,000
1,318,188
2.75
%,
7/31/27
.....................................
United
States
3,850,000
3,657,124
3.875
%,
11/30/27
....................................
United
States
4,000,000
3,936,016
2.875
%,
5/15/28
.....................................
United
States
2,500,000
2,366,309
3.125
%,
11/15/28
....................................
United
States
2,900,000
2,762,703
2.625
%,
2/15/29
.....................................
United
States
1,000,000
929,180
3.5
%,
1/31/30
......................................
United
States
1,750,000
1,684,272
4.125
%,
8/31/30
.....................................
United
States
2,600,000
2,583,953
2.875
%,
5/15/32
.....................................
United
States
1,300,000
1,180,562
2.75
%,
8/15/32
.....................................
United
States
500,000
448,535
Total
U.S.
Government
and
Agency
Securities
(Cost
$
57,195,823
)
.................
56,567,101
Asset-Backed
Securities
4.2%
Commercial
Services
&
Supplies
0.1%
d,j
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
7.526
%
,
(
3-month
SOFR
+
2.212
%
),
7/15/31
.
.....................
United
States
250,000
250,984
Financial
Services
4.1%
d,j
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.776
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
..............
United
States
1,213,000
1,217,879
d,j
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
7.026
%
,
(
3-month
SOFR
+
1.712
%
),
4/15/34
.
.............................
United
States
1,500,000
1,497,365
d
,o
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51
,
PT
,
144A,
FRN
,
14.917
%
,
1/15/45
................
United
States
29,179
27,606
2019-52
,
PT
,
144A,
FRN
,
15.312
%
,
1/15/45
................
United
States
27,933
26,437
2019-S8
,
PT
,
144A,
FRN
,
9.555
%
,
1/15/45
.................
United
States
15,789
14,788
2020-2
,
PT
,
144A,
FRN
,
14.281
%
,
3/15/45
.................
United
States
30,917
29,088
2020-7
,
PT
,
144A,
FRN
,
15.069
%
,
4/17/45
.................
United
States
19,422
18,057
d,j
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
6.616
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
.............................
United
States
2,400,000
2,398,332
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.
110
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
Home
Partners
of
America
Trust
,
2021-2
,
B
,
144A,
2.302
%
,
12/17/26
......................
United
States
1,221,028
$
1,116,147
2021-3
,
B
,
144A,
2.649
%
,
1/17/41
.......................
United
States
439,375
390,390
d,j
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
7.176
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
...................................
United
States
350,000
350,181
d,j
Magnetite
XXIX
Ltd.
,
2021-29A
,
B
,
144A,
FRN
,
6.976
%
,
(
3-month
SOFR
+
1.662
%
),
1/15/34
.
.............................
United
States
1,500,000
1,498,905
d,j
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
6.671
%
,
(
3-month
SOFR
+
1.362
%
),
4/19/31
.
.....................
United
States
570,295
571,391
d,j
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.38
%
,
(
3-month
SOFR
+
2.062
%
),
10/24/30
.
...............
United
States
250,000
250,880
d,j
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.546
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
...............
United
States
452,535
452,331
d
,o
Prosper
Pass-Thru
Trust
III
,
2020-PT1
,
A
,
144A,
FRN
,
11.958
%
,
3/15/26
................
United
States
16,846
16,090
2020-PT2
,
A
,
144A,
FRN
,
7.209
%
,
4/15/26
.................
United
States
21,452
20,490
2020-PT3
,
A
,
144A,
FRN
,
2.553
%
,
5/15/26
.................
United
States
5,628
4,830
d,j
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.776
%
,
(
3-month
SOFR
+
2.462
%
),
1/15/31
.
..................................
United
States
1,183,363
1,186,784
d,o
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
8.197
%
,
2/15/26
.
...........................................
United
States
14,362
14,085
d,j
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
7.436
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
..................................
United
States
780,000
775,762
11,877,818
a
a
a
a
a
a
Passenger
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
55,600
54,742
Total
Asset-Backed
Securities
(Cost
$
12,340,673
)
...............................
12,183,544
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
o
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
70,000
73,219
d
,j
BX
Commercial
Mortgage
Trust
,
2021-VOLT
,
A
,
144A,
FRN
,
6.14
%
,
(
1-month
SOFR
+
0.814
%
),
9/15/36
...........................................
United
States
250,000
248,306
2021-VOLT
,
B
,
144A,
FRN
,
6.39
%
,
(
1-month
SOFR
+
1.064
%
),
9/15/36
...........................................
United
States
400,000
395,849
2022-LP2
,
A
,
144A,
FRN
,
6.338
%
,
(
1-month
SOFR
+
1.013
%
),
2/15/39
...........................................
United
States
764,828
761,606
1,478,980
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$
1,483,660
)
.................
1,478,980
Mortgage-Backed
Securities
12.4%
p
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC
,
6.348
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
4,047
4,008
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
4.8%
FHLMC
Gold
Pool,
30
Year
,
5
%,
4/01/34
-
8/01/35
.............
United
States
61,602
62,027
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
6/01/33
-
1/01/35
...........
United
States
36,888
37,469
FHLMC
Gold
Pool,
30
Year
,
6
%,
4/01/33
-
2/01/36
.............
United
States
49,518
50,685
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
11/01/27
-
7/01/32
..........
United
States
3,580
3,668
FHLMC
Gold
Pool,
30
Year
,
7
%,
4/01/30
....................
United
States
697
720
FHLMC
Gold
Pool,
30
Year
,
7.5
%,
8/01/30
..................
United
States
99
101
FHLMC
Pool,
30
Year
,
2
%,
3/01/52
........................
United
States
3,667,204
2,906,489
FHLMC
Pool,
30
Year
,
4
%,
6/01/52
........................
United
States
2,533,186
2,350,609
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
111
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
%,
8/01/52
.......................
United
States
5,830,250
$
5,554,018
FHLMC
Pool,
30
Year
,
5.5
%,
11/01/52
......................
United
States
2,857,018
2,853,445
13,819,231
p
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA
,
6.279
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
25,619
25,666
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.6%
FNMA,
20
Year
,
5
%,
4/01/30
.............................
United
States
11,870
11,825
FNMA,
30
Year
,
3
%,
9/01/48
-
9/01/51
......................
United
States
1,739,298
1,520,146
FNMA,
30
Year
,
4
%,
2/01/49
.............................
United
States
542,350
515,292
FNMA,
30
Year
,
4.5
%,
5/01/48
...........................
United
States
1,177,971
1,142,581
FNMA,
30
Year
,
6
%,
8/01/53
.............................
United
States
2,752,904
2,779,950
FNMA,
30
Year
,
6.5
%,
5/01/31
-
10/01/37
...................
United
States
33,894
35,031
q
FNMA,
Single-family,
30
Year
,
5
%,
4/25/54
..................
United
States
980,000
956,303
q
FNMA,
Single-family,
30
Year
,
5.5
%,
4/25/54
.................
United
States
6,260,000
6,229,905
13,191,033
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
3.0%
GNMA
I,
Single-family,
30
Year
,
5
%,
11/15/33
-
7/15/34
.........
United
States
63,810
64,200
GNMA
I,
Single-family,
30
Year
,
7
%,
10/15/28
-
2/15/29
.........
United
States
7,623
7,649
GNMA
I,
Single-family,
30
Year
,
7.5
%,
9/15/30
................
United
States
643
658
GNMA
II,
30
Year
,
6.5
%,
2/20/34
..........................
United
States
1,396
1,360
q
GNMA
II,
Single-family,
30
Year
,
2
%,
4/15/54
.................
United
States
10,476,000
8,584,300
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
11/20/33
.........
United
States
18,345
18,530
GNMA
II,
Single-family,
30
Year
,
6
%,
11/20/34
................
United
States
27,638
28,759
GNMA
II,
Single-family,
30
Year
,
6.5
%,
4/20/31
-
1/20/33
........
United
States
10,591
10,803
GNMA
II,
Single-family,
30
Year
,
7.5
%,
1/20/28
-
4/20/32
........
United
States
3,092
3,134
8,719,393
Total
Mortgage-Backed
Securities
(Cost
$
36,600,424
)
............................
35,759,331
Residential
Mortgage-Backed
Securities
2.7%
Financial
Services
2.7%
d
BRAVO
Residential
Funding
Trust
,
2019-1
,
A1C
,
144A,
3.5
%
,
3/25/58
.......................
United
States
54,656
53,848
o
2019-2
,
A3
,
144A,
FRN
,
3.5
%
,
10/25/44
...................
United
States
280,453
264,207
d
,o
CIM
Trust
,
2019-INV1
,
A1
,
144A,
FRN
,
4
%
,
2/25/49
..................
United
States
66,318
61,942
2019-INV2
,
A3
,
144A,
FRN
,
4
%
,
5/25/49
..................
United
States
163,208
150,351
d
,o
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
359,818
351,094
j
FHLMC
STACR
Debt
Notes
,
2015-DNA1
,
M3
,
FRN
,
8.735
%
,
(
30-day
SOFR
Average
+
3.414
%
),
10/25/27
...................................
United
States
14,513
14,650
2016-DNA2
,
M3
,
FRN
,
10.085
%
,
(
30-day
SOFR
Average
+
4.764
%
),
10/25/28
...................................
United
States
462,226
485,878
j
FNMA
Connecticut
Avenue
Securities
,
2014-C02
,
2M2
,
FRN
,
8.035
%
,
(
30-day
SOFR
Average
+
2.714
%
),
5/25/24
...........................................
United
States
104,999
105,143
2014-C03
,
2M2
,
FRN
,
8.335
%
,
(
30-day
SOFR
Average
+
3.014
%
),
7/25/24
...........................................
United
States
14,953
15,030
2015-C01
,
1M2
,
FRN
,
9.735
%
,
(
30-day
SOFR
Average
+
4.414
%
),
2/25/25
...........................................
United
States
112,172
114,724
2015-C02
,
1M2
,
FRN
,
9.435
%
,
(
30-day
SOFR
Average
+
4.114
%
),
5/25/25
...........................................
United
States
343,082
353,506
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.
112
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
FNMA
Connecticut
Avenue
Securities,
(continued)
2015-C03
,
1M2
,
FRN
,
10.435
%
,
(
30-day
SOFR
Average
+
5.114
%
),
7/25/25
....................................
United
States
496,927
$
516,986
2016-C01
,
1M2
,
FRN
,
12.185
%
,
(
30-day
SOFR
Average
+
6.864
%
),
8/25/28
....................................
United
States
67,939
72,127
2017-C04
,
2M2
,
FRN
,
8.285
%
,
(
30-day
SOFR
Average
+
2.964
%
),
11/25/29
..........................................
United
States
332,534
343,247
d
,o
J.P.
Morgan
Mortgage
Trust
,
2021-13
,
A4
,
144A,
FRN
,
2.5
%
,
4/25/52
...................
United
States
1,208,462
1,056,083
2021-15
,
A4
,
144A,
FRN
,
2.5
%
,
6/25/52
...................
United
States
387,470
336,675
2021-6
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...................
United
States
706,936
620,530
d
,o
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
494,477
477,745
d
,o
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
253,378
220,987
d
,o
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
828,458
719,621
d
,o
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
141,852
120,365
d
,o
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
1,482,351
1,304,019
7,758,758
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$
8,666,263
)
..................
7,758,758
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
72,822
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
243,000
14,580
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Escrow
Account
......
Australia
416,625
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
243,000
)
.............................
14,580
Total
Long
Term
Investments
(Cost
$
309,981,386
)
...............................
295,830,851
a
Short
Term
Investments
2.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
r,s
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
5,732,978
5,732,978
Total
Money
Market
Funds
(Cost
$
5,732,978
)
...................................
5,732,978
Total
Short
Term
Investments
(Cost
$
5,732,978
)
.................................
5,732,978
a
Total
Investments
(Cost
$
315,714,364
)
104.1
%
..................................
$301,563,829
Other
Assets,
less
Liabilities
(
4.1
)
%
...........................................
(11,765,561)
Net
Assets
100.0%
...........................................................
$289,798,268
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
Non-income
producing.
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
113
c
See
Note
3
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,
2024,
the
aggregate
value
of
these
securities
was
$122,914,735,
representing
42.4%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Perpetual
security
with
no
stated
maturity
date.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
See
Note
4
regarding
unfunded
loan
commitments.
l
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
m
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
n
Principal
amount
of
security
is
adjusted
for
inflation.
o
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.
p
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).
q
Security
purchased
on
a
to-be-announced
(TBA)
basis.
r
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
s
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,
2024
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
At
March
31,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.0%
Freedom
Financial
Asset
Management
LLC
APP-12232118.FP.FTS.B
,
5
.99
%
,
9/23/24
.
$
608
$
609
APP-10114471.FP.FTS.B
,
13
.99
%
,
12/12/24
1,419
1,421
APP-11822354.FP.FTS.B
,
9
.49
%
,
12/18/24
5,978
6,019
APP-11746986.FP.FTS.B
,
18
.99
%
,
12/19/24
4,080
4,142
APP-11693771.FP.FTS.B
,
9
.74
%
,
2/06/25
.
5,118
5,149
APP-11695285.FP.FTS.B
,
9
.74
%
,
2/07/25
.
5,333
5,369
APP-13668983.FP.FTS.B
,
7
.84
%
,
5/13/25
.
13,666
13,767
APP-13704982.FP.FTS.B
,
21
.99
%
,
5/25/25
4,044
4,107
APP-14969419.FP.FTS.B
,
9
.74
%
,
6/01/25
.
13,546
13,636
APP-13916851.FP.FTS.B
,
9
.34
%
,
6/18/25
.
9,284
9,345
APP-11657858.FP.FTS.B
,
17
.49
%
,
12/16/25
8,458
8,757
APP-11752447.FP.FTS.B
,
9
.99
%
,
2/05/26
.
20,468
20,763
APP-11823715.FP.FTS.B
,
14
.99
%
,
2/05/26
12,051
12,254
APP-11795510.FP.FTS.B
,
12
.49
%
,
2/11/26
9,979
10,144
APP-11819292.FP.FTS.B
,
18
.99
%
,
2/12/26
7,735
7,910
APP-12232816.FP.FTS.B
,
15
.99
%
,
3/09/26
13,959
14,315
APP-13646258.FP.FTS.B
,
22
.99
%
,
5/14/26
9,595
10,005
APP-13700836.FP.FTS.B
,
18
.99
%
,
5/28/26
4,254
4,274
APP-14159522.FP.FTS.B
,
10
.34
%
,
6/15/26
13,387
13,594
APP-14167786.FP.FTS.B
,
10
.34
%
,
6/16/26
21,584
21,925
APP-14974854.FP.FTS.B
,
16
.49
%
,
7/10/26
12,842
13,094
APP-14865971.FP.FTS.B
,
8
.74
%
,
7/24/26
.
20,583
2,385
APP-11124654.FP.FTS.B
,
19
.49
%
,
12/18/26
29,235
30,052
APP-11605924.FP.FTS.B
,
11
.74
%
,
12/20/26
28,759
29,260
APP-11720742.FP.FTS.B
,
18
.99
%
,
12/21/26
15,515
16,011
APP-11749109.FP.FTS.B
,
17
.49
%
,
2/06/27
13,560
13,972
APP-11756687.FP.FTS.B
,
19
.49
%
,
2/06/27
1,890
1,895
APP-11803939.FP.FTS.B
,
10
.99
%
,
2/10/27
22,277
22,673
APP-11806622.FP.FTS.B
,
18
.99
%
,
2/11/27
6,865
7,064
APP-11798689.FP.FTS.B
,
16
.99
%
,
2/12/27
13,296
13,593
APP-12140585.FP.FTS.B
,
11
.24
%
,
3/12/27
21,511
2,419
APP-12106231.FP.FTS.B
,
11
.74
%
,
3/13/27
28,338
28,878
APP-12249339.FP.FTS.B
,
19
.49
%
,
3/13/27
6,316
6,301
APP-11878312.FP.FTS.B
,
10
.99
%
,
3/14/27
8,347
8,428
APP-12139734.FP.FTS.B
,
13
.49
%
,
3/14/27
10,660
10,886
APP-12248562.FP.FTS.B
,
16
.74
%
,
3/18/27
35,023
35,996
APP-13678387.FP.FTS.B
,
13
.84
%
,
4/03/27
10,356
10,506
APP-13684451.FP.FTS.B
,
17
.24
%
,
5/15/27
35,734
36,403
APP-13199139.FP.FTS.B
,
11
.74
%
,
5/20/27
30,051
30,590
APP-13685540.FP.FTS.B
,
13
.59
%
,
5/20/27
25,696
26,186
APP-13701830.FP.FTS.B
,
20
.24
%
,
5/21/27
22,058
22,781
APP-13668745.FP.FTS.B
,
23
.99
%
,
5/23/27
11,965
12,358
APP-13628442.FP.FTS.B
,
17
.99
%
,
5/24/27
12,539
12,897
APP-14967059.FP.FTS.B
,
11
.99
%
,
6/01/27
4,824
4,832
APP-14058204.FP.FTS.B
,
11
.59
%
,
6/05/27
9,384
9,524
APP-14057383.FP.FTS.B
,
11
.34
%
,
6/15/27
25,313
25,758
APP-14167090.FP.FTS.B
,
11
.34
%
,
6/15/27
30,444
3,435
APP-14120872.FP.FTS.B
,
13
.59
%
,
6/15/27
14,282
14,547
APP-14163864.FP.FTS.B
,
11
.34
%
,
6/19/27
28,100
28,623
APP-14165501.FP.FTS.B
,
13
.34
%
,
6/22/27
9,775
9,962
APP-14867762.FP.FTS.B
,
14
.24
%
,
7/10/27
12,151
12,341
APP-14970727.FP.FTS.B
,
9
.74
%
,
7/13/27
.
20,585
20,914
APP-14975701.FP.FTS.B
,
11
.74
%
,
7/15/27
14,331
14,570
APP-14892088.FP.FTS.B
,
14
.49
%
,
7/15/27
7,680
7,810
APP-14791332.FP.FTS.B
,
17
.74
%
,
7/22/27
10,193
2,377
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14831064.FP.FTS.B
,
11
.74
%
,
8/04/27
$
29,728
$
30,191
APP-14178116.FP.FTS.B
,
17
.74
%
,
8/23/27
39,309
40,036
APP-14837945.FP.FTS.B
,
18
.49
%
,
9/10/27
19,687
11,173
APP-14861817.FP.FTS.B
,
11
.99
%
,
10/05/27
15,282
15,488
833,714
LendingClub
Corp.
-
LCX
165633933.LC.FTS.B
,
11
.02
%
,
1/28/25
...
4,532
4,449
165313131.LC.FTS.B
,
11
.02
%
,
2/03/25
...
7,228
7,105
166049294.LC.FTS.B
,
14
.3
%
,
2/03/25
...
2,567
2,547
165954765.LC.FTS.B
,
20
.55
%
,
3/20/25
...
4,085
4,083
18,184
LendingClub
Corp.
-
LCX
PM
170715926.LC.FTS.B
,
16
.08
%
,
10/13/25
..
6,094
6,020
170676409.LC.FTS.B
,
17
.3
%
,
10/13/25
...
4,957
4,907
174329530.LC.FTS.B
,
20
.49
%
,
2/03/26
...
5,058
5,044
174350163.LC.FTS.B
,
18
.44
%
,
2/15/26
...
6,482
6,388
22,359
Prosper
Funding
LLC
1611508.PS.FTS.B
,
15
.4
%
,
8/20/24
.....
840
840
1612567.PS.FTS.B
,
24
.6
%
,
8/23/24
.....
396
401
1627820.PS.FTS.B
,
12
.15
%
,
9/28/24
....
1,119
1,105
1627811.PS.FTS.B
,
13
.05
%
,
9/28/24
....
4,539
4,475
1638201.PS.FTS.B
,
13
.3
%
,
9/28/24
.....
1,703
1,682
1638657.PS.FTS.B
,
16
.1
%
,
9/28/24
.....
612
185
1628909.PS.FTS.B
,
17
.96
%
,
9/29/24
....
1,787
1,769
1629401.PS.FTS.B
,
13
.5
%
,
9/30/24
.....
1,824
538
1657122.PS.FTS.B
,
10
.8
%
,
10/29/24
....
1,967
1,298
1656696.PS.FTS.B
,
11
.7
%
,
10/29/24
....
3,294
3,250
1650965.PS.FTS.B
,
18
.41
%
,
11/05/24
....
2,563
2,537
1653314.PS.FTS.B
,
13
.2
%
,
11/09/24
....
772
763
1654279.PS.FTS.B
,
12
.4
%
,
11/11/24
.....
2,314
2,281
1686771.PS.FTS.B
,
12
%
,
12/16/24
......
1,648
1,630
1679839.PS.FTS.B
,
12
.76
%
,
12/16/24
...
612
607
1674092.PS.FTS.B
,
16
.2
%
,
12/16/24
....
1,211
1,207
1690251.PS.FTS.B
,
13
.66
%
,
12/22/24
...
2,604
2,578
1695034.PS.FTS.B
,
14
.89
%
,
1/13/25
....
1,616
1,599
1701351.PS.FTS.B
,
16
.1
%
,
1/13/25
.....
654
647
1702155.PS.FTS.B
,
15
.21
%
,
1/14/25
....
1,621
1,605
1688540.PS.FTS.B
,
12
.3
%
,
1/20/25
.....
3,157
3,113
1705446.PS.FTS.B
,
21
.69
%
,
1/20/25
....
689
696
1688531.PS.FTS.B
,
16
.02
%
,
1/26/25
....
5,108
5,096
1714693.PS.FTS.B
,
12
.4
%
,
2/15/25
.....
3,741
3,683
1714705.PS.FTS.B
,
18
.8
%
,
2/15/25
.....
2,925
2,891
1708034.PS.FTS.B
,
20
.01
%
,
2/15/25
....
1,848
1,848
1721031.PS.FTS.B
,
20
.4
%
,
2/15/25
.....
742
741
1722483.PS.FTS.B
,
15
.4
%
,
2/16/25
.....
7,094
7,014
1718530.PS.FTS.B
,
24
.4
%
,
2/28/25
.....
1,687
1,697
1720980.PS.FTS.B
,
19
.56
%
,
3/08/25
....
2,692
2,680
1743116.PS.FTS.B
,
12
.4
%
,
4/06/25
.....
2,023
1,976
1752829.PS.FTS.B
,
18
.09
%
,
4/11/25
....
849
842
1750364.PS.FTS.B
,
18
.5
%
,
4/15/25
.....
4,262
4,182
1759842.PS.FTS.B
,
22
.9
%
,
4/15/25
.....
1,988
1,989
1754544.PS.FTS.B
,
16
.1
%
,
4/18/25
.....
4,232
4,143
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
115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1605968.PS.FTS.B
,
14
.29
%
,
8/17/26
....
$
4,287
$
4,210
1605959.PS.FTS.B
,
18
.73
%
,
8/17/26
....
11,961
11,742
1610432.PS.FTS.B
,
14
.03
%
,
8/25/26
....
3,705
3,628
1624202.PS.FTS.B
,
11
.79
%
,
9/21/26
....
10,880
10,648
1644821.PS.FTS.B
,
16
.18
%
,
10/26/26
...
8,842
8,702
1645601.PS.FTS.B
,
26
.13
%
,
10/27/26
...
3,436
3,649
1657248.PS.FTS.B
,
10
.5
%
,
10/29/26
....
14,947
14,500
1646459.PS.FTS.B
,
11
.89
%
,
10/29/26
....
6,059
5,886
1646507.PS.FTS.B
,
16
%
,
11/02/26
......
10,109
9,817
1654273.PS.FTS.B
,
11
.4
%
,
11/05/26
.....
9,042
8,797
1661067.PS.FTS.B
,
12
.3
%
,
11/05/26
....
6,238
3,205
1661382.PS.FTS.B
,
16
.7
%
,
11/05/26
....
3,169
3,171
1660956.PS.FTS.B
,
18
.25
%
,
11/05/26
....
4,498
4,500
1651610.PS.FTS.B
,
10
.8
%
,
11/08/26
....
6,292
6,126
1666497.PS.FTS.B
,
13
.8
%
,
11/09/26
....
9,989
483
1645643.PS.FTS.B
,
18
.5
%
,
11/10/26
....
7,146
7,204
1647191.PS.FTS.B
,
16
.32
%
,
11/12/26
....
7,736
7,514
1664083.PS.FTS.B
,
11
.6
%
,
11/17/26
.....
5,214
1,125
1660294.PS.FTS.B
,
15
.2
%
,
11/21/26
....
7,541
7,355
1686756.PS.FTS.B
,
20
.08
%
,
12/16/26
...
5,014
5,032
1674281.PS.FTS.B
,
21
%
,
12/17/26
......
1,800
1,847
1675325.PS.FTS.B
,
14
%
,
12/20/26
......
11,987
11,731
1673693.PS.FTS.B
,
12
.5
%
,
1/01/27
.....
9,584
9,338
1695804.PS.FTS.B
,
10
.8
%
,
1/04/27
.....
3,156
3,063
1701348.PS.FTS.B
,
11
.1
%
,
1/13/27
.....
3,165
3,077
1688537.PS.FTS.B
,
13
.7
%
,
1/13/27
.....
6,802
6,635
1702140.PS.FTS.B
,
11
.55
%
,
1/14/27
....
9,533
9,270
1701774.PS.FTS.B
,
19
.3
%
,
1/16/27
.....
5,450
5,430
1703079.PS.FTS.B
,
10
.5
%
,
1/18/27
.....
8,749
8,517
1704972.PS.FTS.B
,
24
.18
%
,
1/19/27
....
4,934
5,093
1692578.PS.FTS.B
,
13
.1
%
,
1/20/27
.....
2,565
2,497
1699192.PS.FTS.B
,
14
.6
%
,
1/20/27
.....
22,269
21,762
1694423.PS.FTS.B
,
15
%
,
1/24/27
.......
9,828
9,621
1702129.PS.FTS.B
,
12
.7
%
,
1/25/27
.....
4,495
4,382
1709019.PS.FTS.B
,
19
%
,
1/25/27
.......
8,130
8,177
1691666.PS.FTS.B
,
11
.88
%
,
1/29/27
....
5,264
5,110
1705047.PS.FTS.B
,
17
.54
%
,
2/01/27
....
10,096
10,093
1721025.PS.FTS.B
,
10
.53
%
,
2/15/27
....
1,290
1,254
1714696.PS.FTS.B
,
12
.6
%
,
2/15/27
.....
6,468
6,283
1714699.PS.FTS.B
,
16
.1
%
,
2/15/27
.....
6,480
6,308
1715326.PS.FTS.B
,
16
.83
%
,
2/15/27
....
11,720
2,894
1711397.PS.FTS.B
,
18
.15
%
,
2/22/27
....
12,372
12,075
1752507.PS.FTS.B
,
25
.9
%
,
4/05/27
.....
5,780
3,498
1753401.PS.FTS.B
,
16
.9
%
,
4/06/27
.....
10,857
10,693
1750201.PS.FTS.B
,
19
.9
%
,
4/06/27
.....
7,271
7,156
1750603.PS.FTS.B
,
14
.29
%
,
4/07/27
....
3,489
3,369
1743635.PS.FTS.B
,
13
.1
%
,
4/13/27
.....
8,330
8,064
1759809.PS.FTS.B
,
12
.5
%
,
4/15/27
.....
21,673
20,981
1709558.PS.FTS.B
,
13
.4
%
,
11/30/27
....
12,889
5,008
1716949.PS.FTS.B
,
11
.77
%
,
1/17/28
....
11,622
4,532
1700734.PS.FTS.B
,
16
.2
%
,
1/17/28
.....
19,996
19,105
437,745
Upgrade,
Inc.
-
Card
992324210.UG.FTS.B
,
29
.49
%
,
6/03/24
..
11
11
992244483.UG.FTS.B
,
21
.48
%
,
7/03/24
..
54
8
992435585.UG.FTS.B
,
29
.49
%
,
10/03/24
.
270
–
992264434.UG.FTS.B
,
29
.49
%
,
4/02/25
..
19
19
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992271010.UG.FTS.B
,
17
.97
%
,
4/03/25
..
$
31
$
31
992318841.UG.FTS.B
,
19
.99
%
,
4/03/25
..
484
486
992460958.UG.FTS.B
,
20
.46
%
,
4/03/25
..
159
165
992260350.UG.FTS.B
,
28
.98
%
,
4/03/25
..
42
18
992307437.UG.FTS.B
,
28
.98
%
,
4/03/25
..
167
167
992236828.UG.FTS.B
,
29
.49
%
,
4/03/25
..
30
31
992283646.UG.FTS.B
,
29
.49
%
,
4/03/25
..
151
154
992285081.UG.FTS.B
,
29
.49
%
,
4/03/25
..
1
1
992296038.UG.FTS.B
,
29
.49
%
,
4/03/25
..
211
217
992297505.UG.FTS.B
,
29
.49
%
,
4/03/25
..
3
3
992323515.UG.FTS.B
,
29
.49
%
,
4/03/25
..
38
40
992336856.UG.FTS.B
,
29
.49
%
,
4/03/25
..
18
18
992345330.UG.FTS.B
,
29
.49
%
,
4/03/25
..
237
244
992423485.UG.FTS.B
,
29
.49
%
,
4/03/25
..
22
21
992457494.UG.FTS.B
,
17
.99
%
,
4/04/25
..
267
268
992408749.UG.FTS.B
,
28
.98
%
,
4/04/25
..
245
19
992245824.UG.FTS.B
,
16
.99
%
,
4/05/25
..
71
72
992282393.UG.FTS.B
,
16
.99
%
,
4/05/25
..
846
862
992300496.UG.FTS.B
,
17
.99
%
,
4/05/25
..
39
39
992239267.UG.FTS.B
,
19
.21
%
,
4/05/25
..
865
882
992346705.UG.FTS.B
,
19
.21
%
,
4/05/25
..
217
219
992442455.UG.FTS.B
,
19
.21
%
,
4/05/25
..
1,022
1,037
992307969.UG.FTS.B
,
19
.8
%
,
4/05/25
...
40
40
992349565.UG.FTS.B
,
19
.8
%
,
4/05/25
...
217
218
992350427.UG.FTS.B
,
19
.8
%
,
4/05/25
...
431
440
992383581.UG.FTS.B
,
19
.8
%
,
4/05/25
...
137
10
992254243.UG.FTS.B
,
19
.99
%
,
4/05/25
..
125
126
992336548.UG.FTS.B
,
19
.99
%
,
4/05/25
..
678
695
992357555.UG.FTS.B
,
19
.99
%
,
4/05/25
..
84
87
992379889.UG.FTS.B
,
19
.99
%
,
4/05/25
..
540
544
992453559.UG.FTS.B
,
20
.46
%
,
4/05/25
..
6
6
992241765.UG.FTS.B
,
20
.97
%
,
4/05/25
..
238
66
992386629.UG.FTS.B
,
20
.97
%
,
4/05/25
..
1,740
1,777
992438360.UG.FTS.B
,
27
.99
%
,
4/05/25
..
87
90
992240832.UG.FTS.B
,
28
.98
%
,
4/05/25
..
45
3
992246882.UG.FTS.B
,
28
.98
%
,
4/05/25
..
491
512
992253878.UG.FTS.B
,
28
.98
%
,
4/05/25
..
348
349
992262040.UG.FTS.B
,
28
.98
%
,
4/05/25
..
97
100
992266496.UG.FTS.B
,
28
.98
%
,
4/05/25
..
64
65
992267371.UG.FTS.B
,
28
.98
%
,
4/05/25
..
573
594
992270480.UG.FTS.B
,
28
.98
%
,
4/05/25
..
127
132
992283631.UG.FTS.B
,
28
.98
%
,
4/05/25
..
341
350
992283659.UG.FTS.B
,
28
.98
%
,
4/05/25
..
118
122
992284271.UG.FTS.B
,
28
.98
%
,
4/05/25
..
934
965
992286835.UG.FTS.B
,
28
.98
%
,
4/05/25
..
55
55
992293208.UG.FTS.B
,
28
.98
%
,
4/05/25
..
139
141
992300547.UG.FTS.B
,
28
.98
%
,
4/05/25
..
63
65
992308269.UG.FTS.B
,
28
.98
%
,
4/05/25
..
63
66
992310426.UG.FTS.B
,
28
.98
%
,
4/05/25
..
72
6
992322709.UG.FTS.B
,
28
.98
%
,
4/05/25
..
93
97
992324031.UG.FTS.B
,
28
.98
%
,
4/05/25
..
361
374
992336115.UG.FTS.B
,
28
.98
%
,
4/05/25
..
162
168
992348005.UG.FTS.B
,
28
.98
%
,
4/05/25
..
232
241
992353271.UG.FTS.B
,
28
.98
%
,
4/05/25
..
354
97
992378373.UG.FTS.B
,
28
.98
%
,
4/05/25
..
204
206
992415454.UG.FTS.B
,
28
.98
%
,
4/05/25
..
507
523
992435220.UG.FTS.B
,
28
.98
%
,
4/05/25
..
83
84
992452469.UG.FTS.B
,
28
.98
%
,
4/05/25
..
135
139
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.
116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992304458.UG.FTS.B
,
29
.46
%
,
4/05/25
..
$
49
$
51
992239318.UG.FTS.B
,
29
.49
%
,
4/05/25
..
56
59
992254667.UG.FTS.B
,
29
.49
%
,
4/05/25
..
164
165
992256558.UG.FTS.B
,
29
.49
%
,
4/05/25
..
63
66
992256966.UG.FTS.B
,
29
.49
%
,
4/05/25
..
338
341
992259460.UG.FTS.B
,
29
.49
%
,
4/05/25
..
35
36
992267222.UG.FTS.B
,
29
.49
%
,
4/05/25
..
151
158
992271134.UG.FTS.B
,
29
.49
%
,
4/05/25
..
65
68
992275086.UG.FTS.B
,
29
.49
%
,
4/05/25
..
246
256
992284964.UG.FTS.B
,
29
.49
%
,
4/05/25
..
43
3
992288356.UG.FTS.B
,
29
.49
%
,
4/05/25
..
250
260
992288429.UG.FTS.B
,
29
.49
%
,
4/05/25
..
75
78
992289258.UG.FTS.B
,
29
.49
%
,
4/05/25
..
99
99
992298611.UG.FTS.B
,
29
.49
%
,
4/05/25
..
210
9
992302260.UG.FTS.B
,
29
.49
%
,
4/05/25
..
89
92
992306296.UG.FTS.B
,
29
.49
%
,
4/05/25
..
14
14
992318568.UG.FTS.B
,
29
.49
%
,
4/05/25
..
56
59
992332355.UG.FTS.B
,
29
.49
%
,
4/05/25
..
97
101
992333762.UG.FTS.B
,
29
.49
%
,
4/05/25
..
279
286
992340414.UG.FTS.B
,
29
.49
%
,
4/05/25
..
91
95
992359163.UG.FTS.B
,
29
.49
%
,
4/05/25
..
68
69
992379445.UG.FTS.B
,
29
.49
%
,
4/05/25
..
116
121
992428186.UG.FTS.B
,
29
.49
%
,
4/05/25
..
1,425
1,476
992444794.UG.FTS.B
,
29
.49
%
,
4/05/25
..
2,773
2,861
992445820.UG.FTS.B
,
29
.49
%
,
4/05/25
..
75
77
992455533.UG.FTS.B
,
29
.49
%
,
4/05/25
..
723
743
992273307.UG.FTS.B
,
28
.98
%
,
8/03/25
..
432
435
992278455.UG.FTS.B
,
29
.49
%
,
8/03/25
..
180
188
992280735.UG.FTS.B
,
29
.49
%
,
8/03/25
..
28
2
992304263.UG.FTS.B
,
29
.49
%
,
8/03/25
..
90
94
992328907.UG.FTS.B
,
29
.49
%
,
8/03/25
..
106
14
992330039.UG.FTS.B
,
22
.97
%
,
4/03/26
..
561
367
992302422.UG.FTS.B
,
29
.49
%
,
2/03/27
..
175
184
992293228.UG.FTS.B
,
28
.98
%
,
5/03/28
..
113
62
992285365.UG.FTS.B
,
17
.49
%
,
4/03/29
..
20
19
992240347.UG.FTS.B
,
18
.71
%
,
4/03/29
..
7
7
992241984.UG.FTS.B
,
18
.71
%
,
4/03/29
..
15
15
992239693.UG.FTS.B
,
19
.3
%
,
4/03/29
...
26
26
992378711.UG.FTS.B
,
19
.3
%
,
4/03/29
...
193
–
992333048.UG.FTS.B
,
19
.99
%
,
4/03/29
..
6
6
992418214.UG.FTS.B
,
20
.47
%
,
4/03/29
..
41
41
992266844.UG.FTS.B
,
21
.48
%
,
4/03/29
..
18
3
992416498.UG.FTS.B
,
21
.48
%
,
4/03/29
..
51
50
992284254.UG.FTS.B
,
28
.48
%
,
4/03/29
..
42
3
992379401.UG.FTS.B
,
28
.48
%
,
4/03/29
..
10
10
992401140.UG.FTS.B
,
28
.48
%
,
4/03/29
..
12
12
992248833.UG.FTS.B
,
29
.48
%
,
4/03/29
..
5
5
992275640.UG.FTS.B
,
29
.48
%
,
4/03/29
..
11
11
992279719.UG.FTS.B
,
29
.48
%
,
4/03/29
..
30
2
992324240.UG.FTS.B
,
29
.48
%
,
4/03/29
..
9
9
992277911.UG.FTS.B
,
29
.49
%
,
4/03/29
..
4
4
992283053.UG.FTS.B
,
29
.49
%
,
4/03/29
..
6
6
992289947.UG.FTS.B
,
29
.49
%
,
4/03/29
..
6
6
992302092.UG.FTS.B
,
29
.49
%
,
4/03/29
..
7
7
992307882.UG.FTS.B
,
29
.49
%
,
4/03/29
..
18
11
992328853.UG.FTS.B
,
29
.49
%
,
4/03/29
..
6
6
992350277.UG.FTS.B
,
29
.49
%
,
4/03/29
..
25
25
992365430.UG.FTS.B
,
29
.49
%
,
4/03/29
..
1
1
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992412416.UG.FTS.B
,
29
.49
%
,
4/03/29
..
$
18
$
18
992428512.UG.FTS.B
,
29
.49
%
,
4/03/29
..
8
8
992455893.UG.FTS.B
,
29
.49
%
,
4/03/29
..
8
8
23,893
Upstart
Network,
Inc.
L1738924.UP.FTS.B
,
15
.39
%
,
9/20/24
....
200
202
FW1739398.UP.FTS.B
,
20
.17
%
,
9/20/24
..
843
852
L1915199.UP.FTS.B
,
6
.41
%
,
10/25/24
....
3,954
3,927
FW1915250.UP.FTS.B
,
12
.04
%
,
10/25/24
.
11,209
11,221
L1914801.UP.FTS.B
,
12
.09
%
,
10/25/24
...
1,109
1,111
L1915220.UP.FTS.B
,
18
.87
%
,
10/25/24
...
682
49
L2056491.UP.FTS.B
,
7
.95
%
,
11/16/24
....
362
362
L2055423.UP.FTS.B
,
8
.44
%
,
11/16/24
....
1,320
1,318
L2052631.UP.FTS.B
,
8
.92
%
,
11/16/24
....
725
722
L2052610.UP.FTS.B
,
11
.6
%
,
11/16/24
....
758
759
L2057046.UP.FTS.B
,
15
.77
%
,
11/16/24
...
792
800
L2052838.UP.FTS.B
,
16
.45
%
,
11/16/24
...
399
403
L2053269.UP.FTS.B
,
18
.64
%
,
11/16/24
...
621
601
L2055155.UP.FTS.B
,
20
.16
%
,
11/16/24
...
1,360
1,372
FW2054947.UP.FTS.B
,
21
.35
%
,
11/16/24
.
504
507
L2057081.UP.FTS.B
,
23
.41
%
,
11/16/24
...
666
670
FW2056543.UP.FTS.B
,
29
.23
%
,
11/16/24
.
422
426
L2057377.UP.FTS.B
,
13
.89
%
,
11/19/24
...
519
520
L2242235.UP.FTS.B
,
6
.04
%
,
12/13/24
....
935
929
FW2242510.UP.FTS.B
,
7
.1
%
,
12/13/24
...
2,440
2,422
L2233888.UP.FTS.B
,
7
.98
%
,
12/13/24
....
1,636
1,634
L2241803.UP.FTS.B
,
9
.3
%
,
12/13/24
....
5,532
5,523
L2242451.UP.FTS.B
,
10
.48
%
,
12/13/24
...
401
26
L2242595.UP.FTS.B
,
11
.8
%
,
12/13/24
....
710
708
L2241741.UP.FTS.B
,
14
.61
%
,
12/13/24
...
1,264
1,272
L2242679.UP.FTS.B
,
16
.66
%
,
12/13/24
...
1,199
1,206
FW2242424.UP.FTS.B
,
20
.03
%
,
12/13/24
.
279
280
L2242250.UP.FTS.B
,
22
.23
%
,
12/13/24
...
1,070
1,078
L2241739.UP.FTS.B
,
23
.45
%
,
12/13/24
...
478
481
FW2241887.UP.FTS.B
,
28
.39
%
,
12/13/24
.
1,516
107
FW2242021.UP.FTS.B
,
29
.12
%
,
12/13/24
.
227
225
L2465718.UP.FTS.B
,
5
.3
%
,
1/19/25
.....
2,560
2,434
L2465958.UP.FTS.B
,
5
.34
%
,
1/19/25
....
1,321
1,312
L2464613.UP.FTS.B
,
5
.52
%
,
1/19/25
....
733
728
L2460890.UP.FTS.B
,
5
.68
%
,
1/19/25
....
2,949
2,929
L2465895.UP.FTS.B
,
5
.84
%
,
1/19/25
....
1,034
1,027
L2465121.UP.FTS.B
,
6
.53
%
,
1/19/25
....
4,722
4,690
L2464359.UP.FTS.B
,
6
.66
%
,
1/19/25
....
1,788
1,776
L2465247.UP.FTS.B
,
6
.82
%
,
1/19/25
....
343
340
L2466095.UP.FTS.B
,
7
.07
%
,
1/19/25
....
984
936
FW2465710.UP.FTS.B
,
7
.96
%
,
1/19/25
...
332
330
L2465847.UP.FTS.B
,
8
.05
%
,
1/19/25
....
9,061
9,052
L2464679.UP.FTS.B
,
9
.11
%
,
1/19/25
.....
1,404
1,397
L2465662.UP.FTS.B
,
11
.74
%
,
1/19/25
....
1,598
1,600
L2464723.UP.FTS.B
,
20
.66
%
,
1/19/25
....
1,689
1,704
L2465879.UP.FTS.B
,
21
.67
%
,
1/19/25
....
344
347
FW2465131.UP.FTS.B
,
12
.69
%
,
2/01/25
..
4,127
4,130
FW2676316.UP.FTS.B
,
6
.01
%
,
2/22/25
...
1,940
1,927
FW2675522.UP.FTS.B
,
6
.74
%
,
2/22/25
...
491
150
L2675909.UP.FTS.B
,
9
.72
%
,
2/22/25
....
841
840
L2675302.UP.FTS.B
,
10
.61
%
,
2/22/25
....
2,917
2,915
L2675455.UP.FTS.B
,
14
.81
%
,
2/22/25
....
884
891
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
117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2675462.UP.FTS.B
,
19
.44
%
,
2/22/25
....
$
920
$
929
FW2676387.UP.FTS.B
,
19
.6
%
,
2/22/25
...
641
646
FW2675588.UP.FTS.B
,
20
.36
%
,
2/22/25
..
2,115
2,120
L2675655.UP.FTS.B
,
20
.76
%
,
2/22/25
....
372
376
L2675586.UP.FTS.B
,
20
.97
%
,
2/22/25
....
3,280
3,310
FW2675117.UP.FTS.B
,
22
.39
%
,
2/22/25
..
415
419
FW2675719.UP.FTS.B
,
24
.19
%
,
2/22/25
..
1,092
1,101
FW2675613.UP.FTS.B
,
24
.49
%
,
2/22/25
..
2,935
2,947
FW2676140.UP.FTS.B
,
29
.13
%
,
2/22/25
..
775
775
L2057137.UP.FTS.B
,
15
.78
%
,
4/16/25
....
2,144
156
L2981596.UP.FTS.B
,
7
.13
%
,
4/20/25
....
1,930
1,916
FW2982315.UP.FTS.B
,
15
.15
%
,
4/20/25
..
580
579
L2982336.UP.FTS.B
,
12
.28
%
,
4/25/25
....
305
303
L2465894.UP.FTS.B
,
5
.74
%
,
6/19/25
....
2,368
2,348
FW2465119.UP.FTS.B
,
19
.64
%
,
6/19/25
..
2,229
2,244
L2462700.UP.FTS.B
,
20
.56
%
,
6/19/25
....
10,509
761
L2466210.UP.FTS.B
,
20
.93
%
,
6/19/25
....
7,837
7,502
FW2676277.UP.FTS.B
,
22
.93
%
,
7/22/25
..
2,192
2,193
L1914732.UP.FTS.B
,
17
.66
%
,
8/25/25
....
4,542
4,565
FW2053330.UP.FTS.B
,
28
.78
%
,
9/16/25
..
520
501
FW2676006.UP.FTS.B
,
24
.14
%
,
12/22/25
.
1,549
1,547
L1739715.UP.FTS.B
,
9
.65
%
,
9/20/26
....
13,992
13,928
L1739019.UP.FTS.B
,
13
.76
%
,
9/20/26
....
3,389
3,383
L1736636.UP.FTS.B
,
14
.78
%
,
9/20/26
....
8,266
8,252
FW1739526.UP.FTS.B
,
17
.22
%
,
9/20/26
..
4,839
4,852
L1739131.UP.FTS.B
,
17
.22
%
,
9/20/26
....
10,480
763
L1738899.UP.FTS.B
,
19
.15
%
,
9/20/26
....
9,243
9,289
L1739140.UP.FTS.B
,
21
.45
%
,
9/20/26
....
1,941
1,874
L1739562.UP.FTS.B
,
22
.68
%
,
9/20/26
....
4,461
4,517
L1738904.UP.FTS.B
,
24
.36
%
,
9/20/26
....
4,506
4,527
FW1739399.UP.FTS.B
,
28
.19
%
,
9/20/26
..
4,438
311
FW1915262.UP.FTS.B
,
19
.99
%
,
10/25/26
.
4,792
150
L1915447.UP.FTS.B
,
20
.32
%
,
10/25/26
...
3,571
3,582
L1915560.UP.FTS.B
,
20
.46
%
,
10/25/26
...
3,200
3,250
L1914682.UP.FTS.B
,
21
.49
%
,
10/25/26
...
10,989
10,993
L1915468.UP.FTS.B
,
23
.09
%
,
10/25/26
...
3,381
3,424
FW1915175.UP.FTS.B
,
23
.46
%
,
10/25/26
.
1,234
1,235
L1897015.UP.FTS.B
,
23
.49
%
,
10/25/26
...
7,883
8,006
L1915604.UP.FTS.B
,
24
.04
%
,
10/25/26
...
726
737
L1915081.UP.FTS.B
,
25
.35
%
,
10/25/26
...
1,868
1,897
FW1908593.UP.FTS.B
,
28
.41
%
,
10/25/26
.
14,192
14,368
FW1915312.UP.FTS.B
,
31
.22
%
,
10/25/26
.
2,864
2,908
L2024110.UP.FTS.B
,
7
.78
%
,
11/16/26
....
10,440
10,385
L2052804.UP.FTS.B
,
9
.15
%
,
11/16/26
....
23,392
23,266
L2053787.UP.FTS.B
,
10
.61
%
,
11/16/26
...
2,991
2,981
FW2055257.UP.FTS.B
,
11
.51
%
,
11/16/26
.
6,034
6,015
L2052126.UP.FTS.B
,
12
.52
%
,
11/16/26
...
9,750
9,720
L2055857.UP.FTS.B
,
12
.9
%
,
11/16/26
....
7,338
7,315
L2054559.UP.FTS.B
,
14
.24
%
,
11/16/26
...
5,608
5,586
L2055412.UP.FTS.B
,
14
.29
%
,
11/16/26
...
1,923
1,819
FW2056157.UP.FTS.B
,
15
.18
%
,
11/16/26
.
5,624
5,625
FW2055789.UP.FTS.B
,
15
.22
%
,
11/16/26
.
9,389
9,351
L2052051.UP.FTS.B
,
15
.75
%
,
11/16/26
...
2,827
2,827
FW2053732.UP.FTS.B
,
16
.83
%
,
11/16/26
.
635
635
L2056373.UP.FTS.B
,
17
.2
%
,
11/16/26
....
5,730
5,731
L2056403.UP.FTS.B
,
18
.49
%
,
11/16/26
...
1,365
1,358
FW2055175.UP.FTS.B
,
19
.05
%
,
11/16/26
.
11,625
11,643
L2052101.UP.FTS.B
,
20
.05
%
,
11/16/26
...
16,320
16,347
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2056569.UP.FTS.B
,
22
.59
%
,
11/16/26
...
$
9,698
$
9,226
L2047823.UP.FTS.B
,
23
.05
%
,
11/16/26
...
3,094
3,110
FW2052456.UP.FTS.B
,
23
.32
%
,
11/16/26
.
14,451
250
L2019975.UP.FTS.B
,
23
.69
%
,
11/16/26
...
771
768
L2053900.UP.FTS.B
,
23
.81
%
,
11/16/26
...
674
681
L2055855.UP.FTS.B
,
25
.11
%
,
11/16/26
...
1,353
1,368
L2056364.UP.FTS.B
,
25
.24
%
,
11/16/26
...
954
965
L2049616.UP.FTS.B
,
25
.29
%
,
11/16/26
...
822
829
L2052082.UP.FTS.B
,
25
.42
%
,
11/16/26
...
1,023
1,035
FW2054089.UP.FTS.B
,
26
.17
%
,
11/16/26
.
1,372
1,388
FW2056482.UP.FTS.B
,
26
.96
%
,
11/16/26
.
3,535
3,399
FW2053471.UP.FTS.B
,
27
.97
%
,
11/16/26
.
1,416
1,364
FW2046105.UP.FTS.B
,
29
.67
%
,
11/16/26
.
3,168
3,204
FW2057500.UP.FTS.B
,
30
.64
%
,
11/16/26
.
6,622
6,674
FW2055364.UP.FTS.B
,
30
.66
%
,
11/16/26
.
5,672
5,736
FW2054534.UP.FTS.B
,
31
.22
%
,
11/16/26
.
854
864
FW2057162.UP.FTS.B
,
32
.15
%
,
11/16/26
.
6,665
6,739
L2055269.UP.FTS.B
,
19
.56
%
,
11/20/26
...
14,794
14,817
L2242254.UP.FTS.B
,
7
.13
%
,
12/13/26
....
5,936
5,898
L2242685.UP.FTS.B
,
9
%
,
12/13/26
......
9,071
9,020
L2242651.UP.FTS.B
,
11
.78
%
,
12/13/26
...
9,318
9,281
L2241857.UP.FTS.B
,
11
.98
%
,
12/13/26
...
7,444
7,414
L2242098.UP.FTS.B
,
12
.31
%
,
12/13/26
...
4,370
4,353
L2242668.UP.FTS.B
,
12
.46
%
,
12/13/26
...
13,754
13,700
L2241756.UP.FTS.B
,
12
.69
%
,
12/13/26
...
3,473
3,457
L2241856.UP.FTS.B
,
13
.04
%
,
12/13/26
...
9,300
9,262
L2241825.UP.FTS.B
,
13
.8
%
,
12/13/26
....
18,992
18,918
L2242202.UP.FTS.B
,
14
.09
%
,
12/13/26
...
10,535
10,494
L2239758.UP.FTS.B
,
14
.15
%
,
12/13/26
...
7,303
7,274
L2241610.UP.FTS.B
,
15
.37
%
,
12/13/26
...
4,815
4,809
FW2241807.UP.FTS.B
,
16
.84
%
,
12/13/26
.
6,123
6,105
L2242447.UP.FTS.B
,
16
.94
%
,
12/13/26
...
3,581
3,580
L2241045.UP.FTS.B
,
17
.22
%
,
12/13/26
...
5,547
5,540
L2242791.UP.FTS.B
,
17
.38
%
,
12/13/26
...
9,807
9,784
L2241989.UP.FTS.B
,
17
.5
%
,
12/13/26
....
1,701
1,699
L2242430.UP.FTS.B
,
18
.29
%
,
12/13/26
...
11,856
11,853
L2242547.UP.FTS.B
,
18
.45
%
,
12/13/26
...
1,177
1,163
L2242119.UP.FTS.B
,
18
.59
%
,
12/13/26
...
2,963
2,959
FW2241711.UP.FTS.B
,
21
.36
%
,
12/13/26
.
8,783
8,867
L2230478.UP.FTS.B
,
21
.97
%
,
12/13/26
...
5,247
4,984
L2242489.UP.FTS.B
,
22
.19
%
,
12/13/26
...
14,756
14,896
L2241640.UP.FTS.B
,
22
.44
%
,
12/13/26
...
2,044
2,063
L2241096.UP.FTS.B
,
22
.49
%
,
12/13/26
...
2,696
193
L2241949.UP.FTS.B
,
22
.97
%
,
12/13/26
...
3,309
3,236
FW2241860.UP.FTS.B
,
23
.21
%
,
12/13/26
.
4,541
325
L2232043.UP.FTS.B
,
23
.76
%
,
12/13/26
...
3,787
3,823
L2242200.UP.FTS.B
,
24
.08
%
,
12/13/26
...
4,004
4,042
L2241600.UP.FTS.B
,
24
.51
%
,
12/13/26
...
2,396
2,393
L2242478.UP.FTS.B
,
25
.01
%
,
12/13/26
...
1,624
240
L2242322.UP.FTS.B
,
25
.22
%
,
12/13/26
...
650
655
L2242383.UP.FTS.B
,
25
.22
%
,
12/13/26
...
6,266
6,263
L2241994.UP.FTS.B
,
25
.4
%
,
12/13/26
....
1,234
1,232
L2242162.UP.FTS.B
,
25
.7
%
,
12/13/26
....
1,190
1,198
FW2242493.UP.FTS.B
,
26
.46
%
,
12/13/26
.
1,564
57
FW2241764.UP.FTS.B
,
27
.11
%
,
12/13/26
.
3,319
3,350
FW2242232.UP.FTS.B
,
27
.33
%
,
12/13/26
.
2,617
757
FW2242379.UP.FTS.B
,
28
.85
%
,
12/13/26
.
3,556
3,588
FW2241828.UP.FTS.B
,
29
.64
%
,
12/13/26
.
7,862
549
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.
118
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2242580.UP.FTS.B
,
31
.01
%
,
12/13/26
.
$
798
$
806
FW2241624.UP.FTS.B
,
31
.84
%
,
12/13/26
.
3,335
3,365
L2242361.UP.FTS.B
,
9
.11
%
,
12/15/26
....
13,242
13,152
L2240058.UP.FTS.B
,
26
.7
%
,
12/27/26
....
5,834
5,878
FW2465936.UP.FTS.B
,
5
.53
%
,
1/19/27
...
27,003
26,823
L2465582.UP.FTS.B
,
5
.92
%
,
1/19/27
....
2,129
2,114
L2465889.UP.FTS.B
,
6
.5
%
,
1/19/27
.....
3,636
3,612
L2464484.UP.FTS.B
,
6
.65
%
,
1/19/27
....
2,556
2,537
FW2466269.UP.FTS.B
,
6
.87
%
,
1/19/27
...
3,041
3,021
L2465776.UP.FTS.B
,
7
.08
%
,
1/19/27
....
9,141
9,081
FW2465536.UP.FTS.B
,
7
.64
%
,
1/19/27
...
12,252
12,188
L2465633.UP.FTS.B
,
8
.28
%
,
1/19/27
....
1,233
1,227
L2465717.UP.FTS.B
,
8
.6
%
,
1/19/27
.....
2,611
654
FW2464781.UP.FTS.B
,
9
.13
%
,
1/19/27
...
5,903
5,873
FW2465681.UP.FTS.B
,
9
.16
%
,
1/19/27
...
6,570
6,536
L2465458.UP.FTS.B
,
9
.24
%
,
1/19/27
....
1,783
1,770
L2465589.UP.FTS.B
,
9
.29
%
,
1/19/27
....
4,046
4,025
L2466129.UP.FTS.B
,
9
.84
%
,
1/19/27
....
12,512
12,470
L2465666.UP.FTS.B
,
10
.14
%
,
1/19/27
....
1,568
1,560
FW2464664.UP.FTS.B
,
10
.42
%
,
1/19/27
..
5,032
5,015
L2463372.UP.FTS.B
,
11
.09
%
,
1/19/27
....
3,164
3,153
L2465414.UP.FTS.B
,
11
.1
%
,
1/19/27
.....
3,797
3,785
L2465634.UP.FTS.B
,
14
.68
%
,
1/19/27
....
6,296
6,266
FW2465337.UP.FTS.B
,
15
.21
%
,
1/19/27
..
1,719
1,704
L2465986.UP.FTS.B
,
15
.77
%
,
1/19/27
....
993
991
FW2466368.UP.FTS.B
,
16
.6
%
,
1/19/27
...
2,324
2,317
L2465805.UP.FTS.B
,
18
.87
%
,
1/19/27
....
14,762
14,758
L2466099.UP.FTS.B
,
19
.62
%
,
1/19/27
....
4,050
4,016
L2465928.UP.FTS.B
,
20
.32
%
,
1/19/27
....
2,053
2,055
L2465048.UP.FTS.B
,
20
.41
%
,
1/19/27
....
18,582
590
L2464534.UP.FTS.B
,
21
.46
%
,
1/19/27
....
1,613
32
L2466007.UP.FTS.B
,
21
.7
%
,
1/19/27
....
3,182
3,184
FW2466202.UP.FTS.B
,
23
.59
%
,
1/19/27
..
2,111
2,130
L2464129.UP.FTS.B
,
23
.98
%
,
1/19/27
....
11,442
11,566
L2458881.UP.FTS.B
,
24
.14
%
,
1/19/27
....
3,138
3,170
L2465587.UP.FTS.B
,
24
.59
%
,
1/19/27
....
10,223
194
L2466086.UP.FTS.B
,
25
.1
%
,
1/19/27
....
2,398
2,307
FW2465954.UP.FTS.B
,
25
.21
%
,
1/19/27
..
1,996
2,012
L2465179.UP.FTS.B
,
25
.25
%
,
1/19/27
....
1,052
75
FW2465199.UP.FTS.B
,
25
.54
%
,
1/19/27
..
3,118
2,997
FW2465642.UP.FTS.B
,
25
.73
%
,
1/19/27
..
3,318
3,343
FW2464742.UP.FTS.B
,
26
.31
%
,
1/19/27
..
1,029
1,009
FW2464901.UP.FTS.B
,
27
.8
%
,
1/19/27
...
4,338
4,386
FW2464391.UP.FTS.B
,
27
.86
%
,
1/19/27
..
1,191
84
FW2466130.UP.FTS.B
,
28
.33
%
,
1/19/27
..
1,649
1,659
FW2465882.UP.FTS.B
,
28
.77
%
,
1/19/27
..
1,151
171
FW2464452.UP.FTS.B
,
30
.15
%
,
1/19/27
..
1,141
1,098
FW2465848.UP.FTS.B
,
30
.66
%
,
1/19/27
..
1,474
1,490
FW2464665.UP.FTS.B
,
30
.79
%
,
1/19/27
..
1,065
1,025
FW2465741.UP.FTS.B
,
30
.94
%
,
1/19/27
..
1,270
1,282
FW2466073.UP.FTS.B
,
30
.97
%
,
1/19/27
..
739
747
FW2464672.UP.FTS.B
,
30
.98
%
,
1/19/27
..
1,446
100
FW2465572.UP.FTS.B
,
30
.98
%
,
1/19/27
..
2,706
2,601
FW2465216.UP.FTS.B
,
31
.14
%
,
1/19/27
..
891
262
FW2466141.UP.FTS.B
,
32
%
,
1/19/27
....
4,608
4,659
L2459145.UP.FTS.B
,
26
.05
%
,
1/20/27
....
1,551
1,549
FW2465759.UP.FTS.B
,
30
.48
%
,
1/24/27
..
4,405
306
FW2465212.UP.FTS.B
,
14
.46
%
,
2/01/27
..
16,105
1,170
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1738592.UP.FTS.B
,
28
.44
%
,
2/20/27
..
$
4,267
$
4,313
L2635721.UP.FTS.B
,
6
%
,
2/22/27
.......
2,976
2,944
L2675715.UP.FTS.B
,
6
.52
%
,
2/22/27
....
6,221
6,179
FW2676020.UP.FTS.B
,
6
.82
%
,
2/22/27
...
4,741
4,710
FW2676337.UP.FTS.B
,
8
.57
%
,
2/22/27
...
7,608
7,567
L2675123.UP.FTS.B
,
8
.62
%
,
2/22/27
....
4,228
4,199
FW2675837.UP.FTS.B
,
9
.42
%
,
2/22/27
...
4,463
4,439
FW2675651.UP.FTS.B
,
9
.54
%
,
2/22/27
...
4,349
4,326
FW2675906.UP.FTS.B
,
9
.67
%
,
2/22/27
...
33,596
8,389
FW2675315.UP.FTS.B
,
9
.86
%
,
2/22/27
...
18,487
18,405
FW2675769.UP.FTS.B
,
11
.04
%
,
2/22/27
..
22,037
21,954
FW2675566.UP.FTS.B
,
11
.18
%
,
2/22/27
..
10,944
795
FW2675417.UP.FTS.B
,
12
.04
%
,
2/22/27
..
5,564
5,537
FW2675303.UP.FTS.B
,
12
.76
%
,
2/22/27
..
10,112
10,055
L2676179.UP.FTS.B
,
13
.92
%
,
2/22/27
....
9,965
9,927
L2675483.UP.FTS.B
,
14
.22
%
,
2/22/27
....
3,063
3,052
L2675701.UP.FTS.B
,
15
.05
%
,
2/22/27
....
4,651
4,632
FW2675787.UP.FTS.B
,
15
.6
%
,
2/22/27
...
6,399
6,388
FW2676119.UP.FTS.B
,
15
.87
%
,
2/22/27
..
3,037
3,034
FW2674729.UP.FTS.B
,
15
.98
%
,
2/22/27
..
3,243
3,231
FW2675367.UP.FTS.B
,
16
.08
%
,
2/22/27
..
6,762
6,754
L2675286.UP.FTS.B
,
16
.53
%
,
2/22/27
....
10,682
10,668
FW2676101.UP.FTS.B
,
16
.63
%
,
2/22/27
..
7,400
7,391
FW2676275.UP.FTS.B
,
16
.64
%
,
2/22/27
..
15,228
15,173
FW2673151.UP.FTS.B
,
16
.69
%
,
2/22/27
..
3,399
3,395
L2676056.UP.FTS.B
,
17
.4
%
,
2/22/27
....
2,733
2,730
L2675381.UP.FTS.B
,
18
.91
%
,
2/22/27
....
10,974
1,624
L2675889.UP.FTS.B
,
18
.95
%
,
2/22/27
....
35,737
35,596
FW2675506.UP.FTS.B
,
19
.13
%
,
2/22/27
..
7,538
7,535
FW2675598.UP.FTS.B
,
19
.23
%
,
2/22/27
..
4,158
4,156
L2676048.UP.FTS.B
,
19
.28
%
,
2/22/27
....
24,957
24,948
FW2675827.UP.FTS.B
,
19
.75
%
,
2/22/27
..
2,992
2,988
FW2675725.UP.FTS.B
,
19
.97
%
,
2/22/27
..
4,197
4,185
FW2676447.UP.FTS.B
,
21
.12
%
,
2/22/27
..
5,404
5,390
L2675752.UP.FTS.B
,
21
.22
%
,
2/22/27
....
2,306
345
L2676182.UP.FTS.B
,
21
.37
%
,
2/22/27
....
1,780
1,759
L2675531.UP.FTS.B
,
21
.9
%
,
2/22/27
....
11,245
11,236
L2675653.UP.FTS.B
,
22
.41
%
,
2/22/27
....
3,108
3,132
FW2674944.UP.FTS.B
,
22
.84
%
,
2/22/27
..
6,410
6,474
FW2675190.UP.FTS.B
,
23
.05
%
,
2/22/27
..
4,282
4,325
FW2675530.UP.FTS.B
,
23
.25
%
,
2/22/27
..
2,141
2,163
L2675554.UP.FTS.B
,
23
.55
%
,
2/22/27
....
7,153
7,223
L2676113.UP.FTS.B
,
24
.05
%
,
2/22/27
....
14,925
4,342
FW2675485.UP.FTS.B
,
24
.08
%
,
2/22/27
..
3,159
3,190
FW2676351.UP.FTS.B
,
24
.32
%
,
2/22/27
..
3,954
3,993
FW2675911.UP.FTS.B
,
24
.61
%
,
2/22/27
..
2,162
2,183
L2674079.UP.FTS.B
,
24
.8
%
,
2/22/27
....
2,331
2,310
L2676213.UP.FTS.B
,
25
.44
%
,
2/22/27
....
1,938
1,956
FW2676003.UP.FTS.B
,
25
.6
%
,
2/22/27
...
1,491
1,501
FW2675282.UP.FTS.B
,
26
.25
%
,
2/22/27
..
36,359
36,710
L2676015.UP.FTS.B
,
26
.95
%
,
2/22/27
....
703
701
FW2675720.UP.FTS.B
,
27
.06
%
,
2/22/27
..
2,418
2,441
FW2675330.UP.FTS.B
,
27
.13
%
,
2/22/27
..
2,419
2,442
FW2675561.UP.FTS.B
,
27
.52
%
,
2/22/27
..
5,290
5,341
FW2675991.UP.FTS.B
,
27
.58
%
,
2/22/27
..
1,836
1,854
FW2675198.UP.FTS.B
,
30
.64
%
,
2/22/27
..
5,203
5,250
FW2675958.UP.FTS.B
,
30
.93
%
,
2/22/27
..
1,051
1,050
FW2676100.UP.FTS.B
,
31
.11
%
,
2/22/27
..
1,336
1,334
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
119
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2670166.UP.FTS.B
,
31
.29
%
,
2/22/27
..
$
1,931
$
1,942
FW2675064.UP.FTS.B
,
31
.47
%
,
2/22/27
..
2,303
2,319
FW2676065.UP.FTS.B
,
31
.64
%
,
2/22/27
..
7,247
7,315
FW2675468.UP.FTS.B
,
31
.91
%
,
2/22/27
..
5,816
5,871
FW2675534.UP.FTS.B
,
32
.24
%
,
2/22/27
..
6,735
6,799
FW2676248.UP.FTS.B
,
25
.38
%
,
3/05/27
..
2,461
2,482
L2057382.UP.FTS.B
,
22
.46
%
,
4/16/27
....
1,531
1,525
L2057372.UP.FTS.B
,
23
.63
%
,
4/16/27
....
5,075
5,105
FW2056081.UP.FTS.B
,
30
.81
%
,
4/16/27
..
1,544
1,556
L2980992.UP.FTS.B
,
5
.74
%
,
4/20/27
....
5,201
5,166
L2982277.UP.FTS.B
,
7
.61
%
,
4/20/27
....
5,757
5,721
L2981847.UP.FTS.B
,
12
.88
%
,
4/20/27
....
6,694
6,658
FW2981800.UP.FTS.B
,
15
.54
%
,
4/20/27
..
14,059
13,999
FW2982570.UP.FTS.B
,
15
.54
%
,
4/20/27
..
7,283
530
L2981666.UP.FTS.B
,
17
.74
%
,
4/20/27
....
34,026
33,176
L2982362.UP.FTS.B
,
19
.25
%
,
4/20/27
....
1,616
1,532
L2981534.UP.FTS.B
,
19
.74
%
,
4/20/27
....
9,029
310
FW2982412.UP.FTS.B
,
19
.87
%
,
4/20/27
..
8,723
8,684
FW2980149.UP.FTS.B
,
20
.02
%
,
4/20/27
..
4,213
1,160
FW2982427.UP.FTS.B
,
20
.52
%
,
4/20/27
..
17,434
17,354
FW2980976.UP.FTS.B
,
25
.24
%
,
4/20/27
..
10,980
11,064
FW2981812.UP.FTS.B
,
25
.87
%
,
4/20/27
..
2,421
2,435
L2981818.UP.FTS.B
,
25
.89
%
,
4/20/27
....
7,342
7,313
L2981438.UP.FTS.B
,
25
.94
%
,
4/20/27
....
2,274
2,287
FW2982630.UP.FTS.B
,
27
.01
%
,
4/20/27
..
2,514
2,529
FW2973701.UP.FTS.B
,
27
.5
%
,
4/20/27
...
10,398
10,465
FW2982476.UP.FTS.B
,
28
.13
%
,
4/20/27
..
23,011
23,150
FW2982596.UP.FTS.B
,
28
.27
%
,
4/20/27
..
1,152
1,159
FW2982248.UP.FTS.B
,
30
.44
%
,
4/20/27
..
3,921
3,767
FW2980005.UP.FTS.B
,
30
.65
%
,
4/20/27
..
1,153
1,162
FW2982470.UP.FTS.B
,
30
.66
%
,
4/20/27
..
1,791
1,802
FW2981979.UP.FTS.B
,
31
.12
%
,
4/20/27
..
885
878
FW2981459.UP.FTS.B
,
31
.69
%
,
4/20/27
..
7,365
7,411
L2981618.UP.FTS.B
,
6
.67
%
,
4/22/27
....
8,523
8,470
FW2982593.UP.FTS.B
,
14
.46
%
,
4/25/27
..
5,591
5,567
L2241971.UP.FTS.B
,
20
.32
%
,
5/13/27
....
2,638
2,627
L2233875.UP.FTS.B
,
22
.25
%
,
5/13/27
....
23,290
22,392
L2242418.UP.FTS.B
,
25
.33
%
,
5/13/27
....
9,176
8,832
FW2240660.UP.FTS.B
,
30
.84
%
,
5/13/27
..
4,002
–
L2465861.UP.FTS.B
,
5
.83
%
,
6/19/27
....
17,329
17,198
FW2451492.UP.FTS.B
,
6
.07
%
,
6/19/27
...
32,308
32,061
FW2465871.UP.FTS.B
,
12
.64
%
,
6/19/27
..
6,382
6,339
L2465393.UP.FTS.B
,
22
.66
%
,
6/19/27
....
17,087
16,453
L2465105.UP.FTS.B
,
22
.96
%
,
6/19/27
....
37,849
5,799
FW1739404.UP.FTS.B
,
26
.55
%
,
7/20/27
..
2,033
2,007
L2675722.UP.FTS.B
,
13
.92
%
,
7/22/27
....
2,447
177
FW2676429.UP.FTS.B
,
14
.76
%
,
7/22/27
..
15,934
15,835
FW2676135.UP.FTS.B
,
19
.68
%
,
7/22/27
..
37,777
37,657
FW2674747.UP.FTS.B
,
21
.11
%
,
7/22/27
..
5,856
418
L2676160.UP.FTS.B
,
25
.17
%
,
7/22/27
....
9,563
9,579
FW2675109.UP.FTS.B
,
27
.79
%
,
7/22/27
..
5,594
5,631
FW2675392.UP.FTS.B
,
28
.93
%
,
7/22/27
..
1,623
1,628
FW2675671.UP.FTS.B
,
16
.46
%
,
7/28/27
..
21,111
1,522
FW2675967.UP.FTS.B
,
29
.34
%
,
8/07/27
..
1,469
103
FW2981809.UP.FTS.B
,
26
.39
%
,
9/20/27
..
3,826
3,664
L2465923.UP.FTS.B
,
24
.48
%
,
11/19/27
...
32,105
31,965
FW2675681.UP.FTS.B
,
27
.55
%
,
12/22/27
.
8,562
608
L2982002.UP.FTS.B
,
25
.37
%
,
2/20/28
....
6,053
6,040
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
$
1,657,959
Total
Marketplace
Loans
(Cost
$
3,401,751
)
......
$2,993,854
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-120
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
March
31,
2024,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
41
$
4,542,672
6/18/24
$
25,887
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
43
4,928,203
6/18/24
(
34,293
)
U.S.
Treasury
5
Year
Notes
.....................
Long
153
16,373,391
6/28/24
34,470
U.S.
Treasury
Long
Bonds
.....................
Short
25
3,010,938
6/18/24
(
27,850
)
U.S.
Treasury
Ultra
Bonds
......................
Long
8
1,032,000
6/18/24
16,487
Total
Futures
Contracts
......................................................................
$14,701
*
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
Japanese
Yen
......
JPHQ
Buy
198,000,000
1,401,661
4/05/24
$
—
$
(
93,176
)
Euro
.............
JPHQ
Sell
449,350
484,907
4/22/24
—
(
239
)
Euro
.............
JPHQ
Sell
1,100,000
1,204,386
5/22/24
15,288
—
Columbian
Peso
....
JPHQ
Sell
5,400,000,000
1,339,246
8/20/24
—
(
26,182
)
Total
Forward
Exchange
Contracts
...................................................
$15,288
$(119,597)
Net
unrealized
appreciation
(depreciation)
............................................
$(104,309)
*
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
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)
(d)
Traded
Index
CDX.NA.HY.41
.
5.00%
Quarterly
12/20/28
7,750,000
$
574,444
$
(
2,640
)
$
577,084
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$574,444
$(2,640)
$577,084
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
FSI-121
See
Abbreviations
on
page
173
.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)
(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
1,230,000
$
(
13,721
)
$
(
143,468
)
$
129,747
B+
Traded
Index
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
1,700,000
60,307
(
14,594
)
74,901
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$46,586
$(158,062)
$204,648
Total
Credit
Default
Swap
Contracts
....................................
$621,030
$
(
160,702
)
$781,732
(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,
2024
Franklin
U.S.
Government
Securities
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
0.9%
Oil,
Gas
&
Consumable
Fuels
0.9%
Reliance
Industries
Ltd.
,
Senior
Bond
,
2.512
%
,
1/15/26
..........................
India
2,625,000
$
2,542,410
Senior
Note
,
1.87
%
,
1/15/26
...........................
India
1,473,684
1,415,925
Senior
Note
,
2.06
%
,
1/15/26
...........................
India
1,250,000
1,203,056
5,161,391
Total
Corporate
Bonds
(Cost
$
5,320,733
)
.......................................
5,161,391
Foreign
Government
and
Agency
Securities
1.9%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
4/26/24
..........
Israel
10,000,000
10,000,083
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
...........
Mexico
493,500
485,154
Total
Foreign
Government
and
Agency
Securities
(Cost
$
10,487,085
)
..............
10,485,237
U.S.
Government
and
Agency
Securities
15.1%
FHLB
,
2.625
%,
9/12/25
.................................
United
States
10,000,000
9,693,332
U.S.
International
Development
Finance
Corp.
(The)
,
4.01
%,
5/15/30
United
States
1,150,000
1,120,954
U.S.
Treasury
Notes
,
3
%,
6/30/24
........................................
United
States
3,000,000
2,982,488
a
Index
Linked,
0.125
%,
7/15/24
..........................
United
States
6,350,000
8,258,165
2.375
%,
8/15/24
.....................................
United
States
22,000,000
21,758,701
2.25
%,
8/15/27
.....................................
United
States
34,040,000
31,791,498
0.625
%,
8/15/30
.....................................
United
States
8,500,000
6,808,965
Total
U.S.
Government
and
Agency
Securities
(Cost
$
87,790,998
)
.................
82,414,103
Mortgage-Backed
Securities
76.4%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.7%
FHLMC
,
5.185
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
..
United
States
44,491
44,207
FHLMC
,
5.535
%
-
5.952
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
3/01/36
-
4/01/40
..........
United
States
3,722,149
3,779,123
3,823,330
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
10.9%
FHLMC
Gold
Pool,
15
Year
,
4.5
%,
3/01/25
-
4/01/25
...........
United
States
22,758
22,548
FHLMC
Gold
Pool,
20
Year
,
3.5
%,
3/01/32
..................
United
States
856,430
819,570
FHLMC
Gold
Pool,
30
Year
,
3
%,
5/01/43
....................
United
States
138,585
123,953
FHLMC
Gold
Pool,
30
Year
,
3.5
%,
5/01/43
..................
United
States
21,769
20,013
FHLMC
Gold
Pool,
30
Year
,
4
%,
9/01/40
-
12/01/41
............
United
States
2,063,966
1,959,489
FHLMC
Gold
Pool,
30
Year
,
4.5
%,
5/01/40
-
7/01/41
...........
United
States
603,916
592,965
FHLMC
Gold
Pool,
30
Year
,
5
%,
9/01/33
-
4/01/40
.............
United
States
1,875,507
1,876,275
FHLMC
Gold
Pool,
30
Year
,
5.5
%,
7/01/33
-
5/01/38
...........
United
States
363,757
371,740
FHLMC
Gold
Pool,
30
Year
,
6
%,
7/01/28
-
8/01/35
.............
United
States
338,959
346,862
FHLMC
Gold
Pool,
30
Year
,
6.5
%,
5/01/29
-
5/01/35
...........
United
States
95,943
99,202
FHLMC
Gold
Pool,
30
Year
,
7
%,
4/01/24
-
9/01/31
.............
United
States
27,860
28,765
FHLMC
Gold
Pool,
30
Year
,
8.5
%,
7/01/31
..................
United
States
47,571
49,761
FHLMC
Pool,
30
Year
,
2
%,
1/01/51
........................
United
States
4,458,079
3,574,095
FHLMC
Pool,
30
Year
,
4
%,
11/01/45
.......................
United
States
7,421,351
7,031,825
FHLMC
Pool,
30
Year
,
4.5
%,
1/01/49
.......................
United
States
2,253,951
2,195,035
FHLMC
Pool,
30
Year
,
4.5
%,
10/01/52
......................
United
States
14,386,804
13,705,160
FHLMC
Pool,
30
Year
,
5
%,
12/01/52
.......................
United
States
13,927,979
13,603,472
FHLMC
Pool,
30
Year
,
5.5
%,
1/01/53
.......................
United
States
13,589,810
13,536,195
59,956,925
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
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
2.0%
FNMA
,
4.376
%
-
5.705
%,
(
COFI
11th
District
+/-
MBS
Margin),
6/01/25
-
11/01/36
...................................
United
States
23,495
$
23,064
FNMA
,
5.97
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
9/01/37
......................
United
States
3,361,872
3,463,016
FNMA
,
3.884
%
-
6.723
%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
11/01/24
-
12/01/40
..................................
United
States
2,365,272
2,395,682
FNMA
,
5.296
%
-
6.755
%,
(
1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
1/01/32
-
4/01/41
..........
United
States
4,945,741
5,019,233
FNMA
,
5.781
%
-
7.474
%,
(
12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
........................
United
States
117,972
117,988
FNMA
,
4.845
%
-
7.49
%,
(
6-month
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
12/01/24
-
3/01/37
.........
United
States
196,024
196,214
11,215,197
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
20.2%
FNMA
,
2.64
%,
7/01/25
.................................
United
States
2,233,230
2,161,778
FNMA
,
2.77
%,
4/01/25
.................................
United
States
3,500,000
3,404,054
FNMA
,
3.28
%,
7/01/27
.................................
United
States
4,000,000
3,811,405
FNMA
,
5.5
%,
4/01/34
..................................
United
States
365,435
363,721
FNMA,
15
Year
,
2
%,
9/01/35
.............................
United
States
1,960,666
1,753,647
FNMA,
15
Year
,
3
%,
9/01/37
.............................
United
States
11,107,976
10,338,446
FNMA,
15
Year
,
5.5
%,
1/01/25
...........................
United
States
1,829
1,844
FNMA,
30
Year
,
2.5
%,
8/01/51
...........................
United
States
8,789,704
7,301,423
FNMA,
30
Year
,
2.5
%,
9/01/51
...........................
United
States
19,401,914
16,112,738
FNMA,
30
Year
,
2.5
%,
11/01/51
...........................
United
States
4,498,830
3,734,299
FNMA,
30
Year
,
2.5
%,
12/01/51
...........................
United
States
6,140,806
5,094,835
FNMA,
30
Year
,
2.5
%,
2/01/52
...........................
United
States
8,066,692
6,689,727
FNMA,
30
Year
,
3
%,
12/01/42
............................
United
States
49,311
44,361
FNMA,
30
Year
,
3
%,
7/01/51
.............................
United
States
3,842,299
3,325,790
FNMA,
30
Year
,
3
%,
9/01/51
.............................
United
States
3,271,184
2,826,042
FNMA,
30
Year
,
3.5
%,
7/01/45
...........................
United
States
8,585,414
7,860,296
FNMA,
30
Year
,
4
%,
1/01/41
-
8/01/41
......................
United
States
2,016,779
1,911,216
FNMA,
30
Year
,
4
%,
9/01/52
.............................
United
States
14,571,544
13,520,000
FNMA,
30
Year
,
4.5
%,
8/01/40
-
6/01/41
....................
United
States
1,868,914
1,830,187
FNMA,
30
Year
,
5
%,
3/01/34
-
7/01/41
......................
United
States
1,221,879
1,221,297
FNMA,
30
Year
,
5.5
%,
12/01/32
-
8/01/35
...................
United
States
801,786
817,910
FNMA,
30
Year
,
5.5
%,
3/01/54
...........................
United
States
3,867,460
3,848,869
FNMA,
30
Year
,
6
%,
6/01/29
-
8/01/38
......................
United
States
603,201
617,088
FNMA,
30
Year
,
6
%,
8/01/53
.............................
United
States
11,301,888
11,412,924
FNMA,
30
Year
,
6.5
%,
4/01/24
-
9/01/36
....................
United
States
82,846
86,377
FNMA,
30
Year
,
7.5
%,
8/01/25
...........................
United
States
337
337
FNMA,
30
Year
,
8
%,
7/01/24
-
9/01/24
......................
United
States
152
152
FNMA,
30
Year
,
9
%,
10/01/26
............................
United
States
18,485
18,506
110,109,269
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
42.6%
GNMA
I,
30
Year
,
5
%,
9/15/40
............................
United
States
6,777,738
6,786,564
GNMA
I,
30
Year
,
5.5
%,
3/15/32
-
2/15/38
...................
United
States
202,851
207,908
GNMA
I,
30
Year
,
6
%,
7/15/29
-
11/15/38
....................
United
States
158,716
163,233
GNMA
I,
30
Year
,
6.5
%,
12/15/28
-
1/15/33
..................
United
States
75,418
77,242
GNMA
I,
30
Year
,
7
%,
12/15/28
...........................
United
States
3,496
3,556
GNMA
I,
30
Year
,
7.5
%,
12/15/31
-
8/15/33
..................
United
States
63,113
65,567
GNMA
I,
Single-family,
30
Year
,
3
%,
7/15/42
.................
United
States
201,161
181,832
GNMA
I,
Single-family,
30
Year
,
4
%,
10/15/40
-
8/15/46
.........
United
States
3,024,728
2,877,133
GNMA
I,
Single-family,
30
Year
,
4.5
%,
1/15/39
-
6/15/41
........
United
States
4,518,662
4,462,537
GNMA
I,
Single-family,
30
Year
,
5.5
%,
1/15/29
-
10/15/39
........
United
States
1,506,228
1,539,562
GNMA
I,
Single-family,
30
Year
,
6
%,
3/15/29
-
9/15/38
..........
United
States
592,260
608,540
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.
124
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
,
6.5
%,
4/15/24
-
5/15/37
........
United
States
293,395
$
301,479
GNMA
I,
Single-family,
30
Year
,
7
%,
12/15/25
-
9/15/31
.........
United
States
34,130
34,334
GNMA
I,
Single-family,
30
Year
,
7.5
%,
11/15/26
-
11/15/27
.......
United
States
2,859
2,867
GNMA
I,
Single-family,
30
Year
,
8.5
%,
9/15/24
-
12/15/24
........
United
States
1,227
1,226
GNMA
II,
Single-family,
30
Year
,
2
%,
10/20/50
................
United
States
6,687,862
5,487,545
GNMA
II,
Single-family,
30
Year
,
2
%,
8/20/51
.................
United
States
4,751,858
3,895,711
GNMA
II,
Single-family,
30
Year
,
2
%,
12/20/51
................
United
States
10,605,708
8,694,759
GNMA
II,
Single-family,
30
Year
,
2
%,
3/20/52
.................
United
States
6,722,078
5,512,901
GNMA
II,
Single-family,
30
Year
,
2.5
%,
6/20/51
...............
United
States
10,493,116
8,953,084
GNMA
II,
Single-family,
30
Year
,
2.5
%,
7/20/51
...............
United
States
4,441,366
3,787,916
GNMA
II,
Single-family,
30
Year
,
2.5
%,
8/20/51
...............
United
States
29,757,358
25,377,614
GNMA
II,
Single-family,
30
Year
,
2.5
%,
10/20/51
..............
United
States
9,769,737
8,326,713
GNMA
II,
Single-family,
30
Year
,
3
%,
12/20/42
-
9/20/45
........
United
States
2,881,001
2,587,665
GNMA
II,
Single-family,
30
Year
,
3
%,
4/20/46
.................
United
States
5,434,748
4,866,875
GNMA
II,
Single-family,
30
Year
,
3
%,
7/20/51
.................
United
States
14,767,239
13,027,829
GNMA
II,
Single-family,
30
Year
,
3
%,
8/20/51
.................
United
States
5,716,665
5,043,292
GNMA
II,
Single-family,
30
Year
,
3
%,
9/20/51
.................
United
States
14,156,997
12,503,359
GNMA
II,
Single-family,
30
Year
,
3
%,
10/20/51
................
United
States
15,486,702
13,662,488
GNMA
II,
Single-family,
30
Year
,
3
%,
11/20/51
................
United
States
18,110,509
15,977,213
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/42
...............
United
States
5,925,421
5,507,262
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/42
..............
United
States
3,602,339
3,348,479
GNMA
II,
Single-family,
30
Year
,
3.5
%,
1/20/43
...............
United
States
4,836,281
4,495,404
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/20/47
...............
United
States
8,751,618
8,084,261
GNMA
II,
Single-family,
30
Year
,
3.5
%,
9/20/47
...............
United
States
14,584,512
13,436,791
GNMA
II,
Single-family,
30
Year
,
3.5
%,
7/20/42
-
10/20/47
.......
United
States
13,914,205
12,923,800
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
..............
United
States
3,926,724
3,614,520
GNMA
II,
Single-family,
30
Year
,
4
%,
11/20/39
-
2/20/44
.........
United
States
6,401,722
6,139,993
GNMA
II,
Single-family,
30
Year
,
4.5
%,
10/20/39
-
10/20/44
......
United
States
8,651,389
8,530,621
GNMA
II,
Single-family,
30
Year
,
5
%,
9/20/33
-
6/20/44
.........
United
States
3,533,261
3,564,580
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/20/34
-
6/20/38
........
United
States
1,463,104
1,504,462
GNMA
II,
Single-family,
30
Year
,
5.5
%,
3/20/54
...............
United
States
5,520,000
5,517,663
GNMA
II,
Single-family,
30
Year
,
6
%,
4/20/28
-
7/20/39
.........
United
States
955,846
991,132
GNMA
II,
Single-family,
30
Year
,
6.5
%,
12/20/27
-
4/20/32
.......
United
States
121,968
124,949
GNMA
II,
Single-family,
30
Year
,
7
%,
5/20/32
.................
United
States
2,956
3,043
GNMA
II,
Single-family,
30
Year
,
7.5
%,
10/20/25
-
11/20/26
......
United
States
4,829
4,838
GNMA
II,
Single-family,
30
Year
,
8
%,
8/20/26
.................
United
States
821
829
232,811,171
Total
Mortgage-Backed
Securities
(Cost
$
471,909,229
)
...........................
417,915,892
Total
Long
Term
Investments
(Cost
$
575,508,045
)
...............................
515,976,623
a
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
125
See
Abbreviations
on
page
173
.
Short
Term
Investments
5.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
5.3%
c
Joint
Repurchase
Agreement
,
5.232
%
,
4/01/24
(Maturity
Value
$
29,155,126
)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$14,368,229)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,166,018)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$8,620,879)
Collateralized
by
U.S.
Government
Agency
Securities,
3%
-
7%,
9/20/45
-
3/20/54;
and
U.S.
Treasury
Notes,
0.5%
-
4.38%,
4/30/25
-
8/31/28
(valued
at
$
29,732,999
)
........................
29,138,187
$
29,138,187
Total
Repurchase
Agreements
(Cost
$
29,138,187
)
...............................
29,138,187
Total
Short
Term
Investments
(Cost
$
29,138,187
)
................................
29,138,187
a
Total
Investments
(Cost
$
604,646,232
)
99.6
%
...................................
$545,114,810
Other
Assets,
less
Liabilities
0.4
%
.............................................
1,811,629
Net
Assets
100.0%
...........................................................
$546,926,439
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
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,
2024,
all
repurchase
agreements
had
been
entered
into
on
March
28,
2024.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
VolSmart
Allocation
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Shares
a
Value
a
Common
Stocks
68.6%
Aerospace
&
Defense
1.2%
General
Dynamics
Corp.
..............................................
2,886
$
815,266
Huntington
Ingalls
Industries,
Inc.
.......................................
203
59,168
RTX
Corp.
........................................................
10,326
1,007,095
1,881,529
Air
Freight
&
Logistics
0.5%
United
Parcel
Service,
Inc.,
B
..........................................
5,419
805,426
Automobile
Components
0.0%
†
Gentex
Corp.
......................................................
1,606
58,009
Automobiles
0.2%
a
Tesla,
Inc.
.........................................................
2,227
391,484
a
Banks
1.3%
Citigroup,
Inc.
......................................................
7,491
473,731
First
Citizens
BancShares
,
Inc.,
A
.......................................
49
80,115
JPMorgan
Chase
&
Co.
...............................................
7,762
1,554,728
New
York
Community
Bancorp,
Inc.
......................................
13,549
43,628
2,152,202
Beverages
0.7%
PepsiCo,
Inc.
......................................................
6,004
1,050,760
Biotechnology
2.2%
AbbVie,
Inc.
.......................................................
10,314
1,878,179
Amgen,
Inc.
.......................................................
1,993
566,650
a
Exelixis
,
Inc.
.......................................................
2,644
62,742
a
Neurocrine
Biosciences,
Inc.
...........................................
450
62,064
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
470
452,370
a
Roivant
Sciences
Ltd.
................................................
5,290
55,757
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,253
523,767
3,601,529
Broadline
Retail
1.2%
a
Amazon.com,
Inc.
...................................................
10,046
1,812,097
Macy's,
Inc.
........................................................
3,313
66,227
1,878,324
Building
Products
1.4%
Armstrong
World
Industries,
Inc.
........................................
494
61,365
a
Builders
FirstSource
,
Inc.
.............................................
624
130,135
Carlisle
Cos.,
Inc.
...................................................
2,203
863,245
Johnson
Controls
International
plc
.......................................
12,127
792,136
Lennox
International,
Inc.
.............................................
134
65,494
Masco
Corp.
.......................................................
916
72,254
Owens
Corning
.....................................................
432
72,058
Trane
Technologies
plc
...............................................
682
204,736
2,261,423
Capital
Markets
1.0%
Cboe
Global
Markets,
Inc.
.............................................
451
82,862
Charles
Schwab
Corp.
(The)
...........................................
4,140
299,488
Evercore,
Inc.,
A
....................................................
315
60,666
LPL
Financial
Holdings,
Inc.
...........................................
310
81,902
Moody's
Corp.
......................................................
657
258,221
Nasdaq,
Inc.
.......................................................
13,985
882,453
1,665,592
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
127
a
a
Shares
a
Value
a
Chemicals
3.0%
Air
Products
and
Chemicals,
Inc.
........................................
4,169
$
1,010,024
Celanese
Corp.,
A
...................................................
380
65,307
CF
Industries
Holdings,
Inc.
...........................................
811
67,483
Ecolab,
Inc.
........................................................
3,360
775,824
Linde
plc
..........................................................
4,535
2,105,691
LyondellBasell
Industries
NV,
A
.........................................
1,127
115,269
NewMarket
Corp.
...................................................
93
59,020
Sherwin-Williams
Co.
(The)
............................................
1,676
582,125
4,780,743
Commercial
Services
&
Supplies
1.3%
Cintas
Corp.
.......................................................
1,681
1,154,898
a
Clean
Harbors,
Inc.
..................................................
315
63,413
a
Copart,
Inc.
........................................................
3,745
216,910
Republic
Services,
Inc.,
A
.............................................
961
183,974
Veralto
Corp.
.......................................................
623
55,235
Waste
Management,
Inc.
..............................................
2,087
444,844
2,119,274
Communications
Equipment
0.8%
a
Arista
Networks,
Inc.
.................................................
1,166
338,117
Cisco
Systems,
Inc.
.................................................
15,299
763,573
Juniper
Networks,
Inc.
................................................
1,587
58,814
Motorola
Solutions,
Inc.
...............................................
337
119,628
1,280,132
Construction
&
Engineering
0.1%
EMCOR
Group,
Inc.
.................................................
222
77,744
Construction
Materials
0.0%
†
Eagle
Materials,
Inc.
.................................................
225
61,144
Consumer
Finance
0.1%
OneMain
Holdings,
Inc.
...............................................
1,204
61,513
SLM
Corp.
........................................................
2,790
60,794
Synchrony
Financial
.................................................
1,760
75,891
198,198
Consumer
Staples
Distribution
&
Retail
1.6%
Albertsons
Cos.,
Inc.,
A
...............................................
2,919
62,584
Casey's
General
Stores,
Inc.
...........................................
191
60,824
Costco
Wholesale
Corp.
..............................................
927
679,148
Target
Corp.
.......................................................
4,935
874,531
Walmart,
Inc.
......................................................
14,199
854,354
2,531,441
Containers
&
Packaging
0.0%
†
Packaging
Corp.
of
America
...........................................
340
64,525
Diversified
Consumer
Services
0.1%
a
Grand
Canyon
Education,
Inc.
..........................................
435
59,251
H&R
Block,
Inc.
.....................................................
1,163
57,115
116,366
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
.........................................................
14,331
252,226
Verizon
Communications,
Inc.
..........................................
18,213
764,217
1,016,443
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.
128
a
a
Shares
a
Value
a
Electric
Utilities
0.0%
†
Hawaiian
Electric
Industries,
Inc.
........................................
4,801
$
54,107
Electrical
Equipment
0.7%
Acuity
Brands,
Inc.
..................................................
231
62,077
Eaton
Corp.
plc
.....................................................
1,370
428,371
nVent
Electric
plc
...................................................
9,000
678,600
1,169,048
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol
Corp.,
A
..................................................
1,733
199,902
Avnet,
Inc.
........................................................
1,282
63,562
CDW
Corp.
........................................................
366
93,615
Jabil,
Inc.
.........................................................
570
76,351
Vontier
Corp.
.......................................................
1,348
61,145
494,575
Financial
Services
2.7%
a
Berkshire
Hathaway,
Inc.,
B
............................................
1,641
690,074
Mastercard,
Inc.,
A
..................................................
2,177
1,048,378
MGIC
Investment
Corp.
...............................................
3,000
67,080
Visa,
Inc.,
A
........................................................
9,216
2,572,001
Western
Union
Co.
(The)
..............................................
4,235
59,205
4,436,738
Food
Products
0.9%
Ingredion,
Inc.
......................................................
508
59,360
McCormick
&
Co.,
Inc.
...............................................
7,842
602,344
Mondelez
International,
Inc.,
A
..........................................
10,975
768,250
1,429,954
Gas
Utilities
0.1%
Atmos
Energy
Corp.
.................................................
612
72,748
National
Fuel
Gas
Co.
................................................
1,208
64,894
137,642
Ground
Transportation
1.0%
JB
Hunt
Transport
Services,
Inc.
........................................
2,396
477,403
Norfolk
Southern
Corp.
...............................................
2,512
640,233
Ryder
System,
Inc.
..................................................
522
62,739
a
Saia,
Inc.
.........................................................
124
72,540
a
Uber
Technologies,
Inc.
...............................................
5,718
440,229
1,693,144
Health
Care
Equipment
&
Supplies
4.3%
Abbott
Laboratories
..................................................
11,947
1,357,896
Becton
Dickinson
&
Co.
...............................................
4,673
1,156,334
a
Boston
Scientific
Corp.
...............................................
2,788
190,950
a
IDEXX
Laboratories,
Inc.
..............................................
372
200,854
a
Intuitive
Surgical,
Inc.
................................................
1,430
570,699
Medtronic
plc
......................................................
8,320
725,088
STERIS
plc
........................................................
324
72,841
Stryker
Corp.
......................................................
7,623
2,728,043
7,002,705
Health
Care
Providers
&
Services
2.4%
Cardinal
Health,
Inc.
.................................................
1,264
141,442
Cencora
,
Inc.
......................................................
384
93,308
a
Centene
Corp.
.....................................................
1,001
78,559
Chemed
Corp.
.....................................................
96
61,625
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
129
a
a
Shares
a
Value
a
Health
Care
Providers
&
Services
(continued)
Cigna
Group
(The)
..................................................
563
$
204,476
a
DaVita,
Inc.
........................................................
463
63,917
Encompass
Health
Corp.
.............................................
783
64,660
HCA
Healthcare,
Inc.
.................................................
868
289,504
McKesson
Corp.
....................................................
415
222,793
a
Molina
Healthcare,
Inc.
...............................................
197
80,934
UnitedHealth
Group,
Inc.
..............................................
5,119
2,532,369
Universal
Health
Services,
Inc.,
B
.......................................
346
63,131
3,896,718
Health
Care
REITs
0.0%
†
Omega
Healthcare
Investors,
Inc.
.......................................
1,892
59,920
Hotels,
Restaurants
&
Leisure
1.7%
Booking
Holdings,
Inc.
...............................................
147
533,298
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................................
110
319,745
Darden
Restaurants,
Inc.
.............................................
443
74,047
Domino's
Pizza,
Inc.
.................................................
146
72,545
Hilton
Worldwide
Holdings,
Inc.
.........................................
451
96,203
Marriott
International,
Inc.,
A
...........................................
771
194,531
McDonald's
Corp.
...................................................
3,702
1,043,779
Starbucks
Corp.
....................................................
2,988
273,073
Texas
Roadhouse,
Inc.,
A
.............................................
394
60,861
2,668,082
Household
Durables
0.6%
DR
Horton,
Inc.
.....................................................
1,381
227,244
Garmin
Ltd.
........................................................
545
81,134
Lennar
Corp.,
A
.....................................................
1,097
188,662
Lennar
Corp.,
B
....................................................
387
59,668
a
NVR,
Inc.
.........................................................
14
113,399
PulteGroup,
Inc.
....................................................
1,053
127,013
Toll
Brothers,
Inc.
...................................................
562
72,706
a
TopBuild
Corp.
.....................................................
151
66,550
936,376
Household
Products
1.1%
Colgate-Palmolive
Co.
...............................................
8,748
787,757
Procter
&
Gamble
Co.
(The)
...........................................
5,947
964,901
1,752,658
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Vistra
Corp.
........................................................
1,406
97,928
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
...........................................
5,517
1,132,364
Industrial
REITs
0.0%
†
STAG
Industrial,
Inc.
.................................................
1,585
60,927
Insurance
0.8%
a
Arch
Capital
Group
Ltd.
...............................................
1,474
136,256
Assurant,
Inc.
......................................................
330
62,119
Erie
Indemnity
Co.,
A
.................................................
1,270
509,994
Loews
Corp.
.......................................................
751
58,796
Marsh
&
McLennan
Cos.,
Inc.
..........................................
1,666
343,163
Reinsurance
Group
of
America,
Inc.
.....................................
336
64,808
Travelers
Cos.,
Inc.
(The)
.............................................
433
99,650
1,274,786
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.
130
a
a
Shares
a
Value
a
Interactive
Media
&
Services
2.1%
a
Alphabet,
Inc.,
A
....................................................
7,074
$
1,067,679
a
Alphabet,
Inc.,
C
....................................................
6,041
919,803
Meta
Platforms,
Inc.,
A
...............................................
2,888
1,402,355
3,389,837
IT
Services
1.5%
Accenture
plc,
A
....................................................
4,215
1,460,961
a
Akamai
Technologies,
Inc.
.............................................
543
59,057
Cognizant
Technology
Solutions
Corp.,
A
..................................
1,786
130,896
a
Gartner,
Inc.
.......................................................
221
105,344
a
GoDaddy,
Inc.,
A
....................................................
515
61,120
International
Business
Machines
Corp.
...................................
3,560
679,818
2,497,196
Life
Sciences
Tools
&
Services
1.1%
Bruker
Corp.
.......................................................
684
64,255
Danaher
Corp.
.....................................................
2,516
628,296
a
ICON
plc
..........................................................
252
84,659
a
Medpace
Holdings,
Inc.
...............................................
161
65,068
West
Pharmaceutical
Services,
Inc.
......................................
2,450
969,490
1,811,768
Machinery
1.8%
Allison
Transmission
Holdings,
Inc.
......................................
769
62,412
Caterpillar,
Inc.
.....................................................
1,764
646,383
Donaldson
Co.,
Inc.
.................................................
4,540
339,047
Dover
Corp.
.......................................................
4,170
738,882
Illinois
Tool
Works,
Inc.
...............................................
1,247
334,608
ITT,
Inc.
..........................................................
482
65,566
Lincoln
Electric
Holdings,
Inc.
..........................................
254
64,882
PACCAR,
Inc.
......................................................
2,645
327,689
Parker-Hannifin
Corp.
................................................
369
205,087
Snap-on,
Inc.
......................................................
215
63,687
2,848,243
Media
0.4%
Comcast
Corp.,
A
...................................................
14,088
610,715
Metals
&
Mining
0.3%
Nucor
Corp.
.......................................................
1,071
211,951
Reliance,
Inc.
......................................................
259
86,553
Southern
Copper
Corp.
...............................................
737
78,505
Steel
Dynamics,
Inc.
.................................................
732
108,504
United
States
Steel
Corp.
.............................................
1,235
50,363
535,876
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
Rithm
Capital
Corp.
..................................................
5,147
57,441
Office
REITs
0.1%
Cousins
Properties,
Inc.
..............................................
2,561
61,567
Kilroy
Realty
Corp.
..................................................
1,458
53,115
NET
Lease
Office
Properties
...........................................
2,439
58,048
172,730
Oil,
Gas
&
Consumable
Fuels
1.8%
Antero
Midstream
Corp.
..............................................
4,351
61,175
Chevron
Corp.
.....................................................
4,050
638,847
Diamondback
Energy,
Inc.
.............................................
355
70,350
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
131
a
a
Shares
a
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
EOG
Resources,
Inc.
................................................
3,797
$
485,408
Exxon
Mobil
Corp.
...................................................
3,958
460,078
Marathon
Petroleum
Corp.
............................................
1,838
370,357
Ovintiv
,
Inc.
........................................................
1,200
62,280
Phillips
66
.........................................................
1,983
323,903
Pioneer
Natural
Resources
Co.
.........................................
817
214,463
a
Southwestern
Energy
Co.
.............................................
8,013
60,739
Valero
Energy
Corp.
.................................................
1,390
237,259
2,984,859
Pharmaceuticals
2.6%
Eli
Lilly
&
Co.
......................................................
1,209
940,554
Johnson
&
Johnson
.................................................
11,854
1,875,184
Merck
&
Co.,
Inc.
...................................................
7,511
991,076
Organon
&
Co.
.....................................................
3,456
64,973
Zoetis,
Inc.,
A
......................................................
1,647
278,689
4,150,476
Professional
Services
0.2%
Booz
Allen
Hamilton
Holding
Corp.,
A
....................................
399
59,227
Broadridge
Financial
Solutions,
Inc.
......................................
441
90,343
Leidos
Holdings,
Inc.
.................................................
521
68,298
Robert
Half,
Inc.
....................................................
731
57,954
Science
Applications
International
Corp.
..................................
479
62,457
338,279
Retail
REITs
0.2%
NNN
REIT,
Inc.
.....................................................
1,446
61,802
Simon
Property
Group,
Inc.
............................................
1,481
231,762
293,564
Semiconductors
&
Semiconductor
Equipment
6.6%
a
Advanced
Micro
Devices,
Inc.
..........................................
3,179
573,778
Analog
Devices,
Inc.
.................................................
6,067
1,199,992
Applied
Materials,
Inc.
................................................
3,762
775,837
Broadcom,
Inc.
.....................................................
845
1,119,971
Intel
Corp.
.........................................................
14,992
662,197
KLA
Corp.
.........................................................
676
472,233
Lam
Research
Corp.
.................................................
622
604,317
Microchip
Technology,
Inc.
............................................
2,209
198,169
NVIDIA
Corp.
......................................................
2,460
2,222,758
QUALCOMM,
Inc.
...................................................
5,111
865,292
Skyworks
Solutions,
Inc.
..............................................
643
69,650
Texas
Instruments,
Inc.
...............................................
10,711
1,865,963
10,630,157
Software
8.9%
a
Adobe,
Inc.
........................................................
1,449
731,165
a
Cadence
Design
Systems,
Inc.
.........................................
1,160
361,085
a
Crowdstrike
Holdings,
Inc.,
A
...........................................
669
214,475
a
Fair
Isaac
Corp.
....................................................
107
133,708
Intuit,
Inc.
.........................................................
787
511,550
a
Manhattan
Associates,
Inc.
............................................
309
77,321
Microsoft
Corp.
.....................................................
22,517
9,473,352
a
Nutanix,
Inc.,
A
.....................................................
951
58,696
a
Palo
Alto
Networks,
Inc.
..............................................
900
255,717
Roper
Technologies,
Inc.
..............................................
3,942
2,210,831
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.
132
a
a
Shares
a
Value
a
Software
(continued)
a
Synopsys,
Inc.
.....................................................
602
$
344,043
14,371,943
Specialized
REITs
0.2%
EPR
Properties
.....................................................
1,443
61,255
Gaming
and
Leisure
Properties,
Inc.
.....................................
1,302
59,983
Lamar
Advertising
Co.,
A
..............................................
540
64,482
Public
Storage
.....................................................
652
189,119
374,839
Specialty
Retail
1.9%
Dick's
Sporting
Goods,
Inc.
............................................
324
72,855
Lowe's
Cos.,
Inc.
....................................................
4,477
1,140,426
Murphy
USA,
Inc.
...................................................
146
61,203
a
O'Reilly
Automotive,
Inc.
..............................................
257
290,122
Ross
Stores,
Inc.
...................................................
6,372
935,155
TJX
Cos.,
Inc.
(The)
.................................................
4,505
456,897
a
Ulta
Beauty,
Inc.
....................................................
111
58,040
Williams-Sonoma,
Inc.
...............................................
340
107,960
3,122,658
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple,
Inc.
........................................................
19,929
3,417,425
Hewlett
Packard
Enterprise
Co.
.........................................
5,640
99,997
HP,
Inc.
...........................................................
4,109
124,174
NetApp,
Inc.
.......................................................
952
99,932
3,741,528
Textiles,
Apparel
&
Luxury
Goods
0.6%
a
Deckers
Outdoor
Corp.
...............................................
124
116,716
NIKE,
Inc.,
B
.......................................................
7,429
698,178
PVH
Corp.
........................................................
416
58,494
Ralph
Lauren
Corp.,
A
................................................
307
57,642
Tapestry,
Inc.
......................................................
1,242
58,970
990,000
Tobacco
0.2%
Altria
Group,
Inc.
....................................................
8,576
374,085
Trading
Companies
&
Distributors
1.1%
Fastenal
Co.
.......................................................
2,176
167,857
MSC
Industrial
Direct
Co.,
Inc.,
A
........................................
583
56,574
United
Rentals,
Inc.
..................................................
278
200,468
Watsco
,
Inc.
.......................................................
145
62,636
WW
Grainger,
Inc.
...................................................
1,282
1,304,179
1,791,714
Total
Common
Stocks
(Cost
$60,930,256)
......................................
111,377,868
a
Investments
In
Underlying
Funds
29.2%
Domestic
Fixed
Income
21.7%
b
Franklin
U.S.
Core
Bond
ETF
..........................................
1,112,475
23,740,216
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,218,548
11,405,613
35,145,829
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
133
At
March
31,
2024,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
173
.
a
a
Shares
a
Value
a
Domestic
Hybrid
7.5%
b
Franklin
Income
VIP
Fund,
Class
1
......................................
796,449
$
12,161,783
Total
Investments
In
Underlying
Funds
(Cost
$54,860,406)
.......................
47,307,612
Total
Long
Term
Investments
(Cost
$115,790,662)
...............................
158,685,480
a
a
a
a
a
Short
Term
Investments
2.3%
a
Money
Market
Funds
2.3%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
..................
3,682,837
3,682,837
Total
Money
Market
Funds
(Cost
$3,682,837)
...................................
3,682,837
Total
Short
Term
Investments
(Cost
$3,682,837
)
.................................
3,682,837
a
Total
Investments
(Cost
$119,473,499)
100.1%
..................................
$162,368,317
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(69,114)
Net
Assets
100.0%
...........................................................
$162,299,203
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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
5/24/24
4,000,000
$
(930)
Total
Return
Swap
Contracts
....................................................................
$(930)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Templeton
Developing
Markets
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
90.0%
Brazil
2.2%
a
Hypera
SA
.....................
Pharmaceuticals
103,087
$
676,853
a
Oncoclinicas
do
Brasil
Servicos
Medicos
SA
..........................
Health
Care
Providers
&
Services
591,704
1,044,111
TOTVS
SA
.....................
Software
135,185
764,961
Vale
SA
........................
Metals
&
Mining
261,048
3,166,190
5,652,115
Cambodia
0.2%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,089,238
476,521
Chile
0.9%
Banco
Santander
Chile
,
ADR
.......
Banks
113,339
2,247,512
China
22.1%
Alibaba
Group
Holding
Ltd.
.........
Broadline
Retail
1,067,200
9,650,574
Alibaba
Group
Holding
Ltd.
,
ADR
....
Broadline
Retail
8,158
590,313
b
BAIC
Motor
Corp.
Ltd.
,
H
,
144A
,
Reg
S
Automobiles
1,500,600
410,866
a
Baidu,
Inc.
,
A
....................
Interactive
Media
&
Services
272,655
3,589,423
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
A
...........
Construction
Materials
256,500
570,481
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
2,638,365
1,820,918
Chervon
Holdings
Ltd.
.............
Household
Durables
132,261
332,222
China
Merchants
Bank
Co.
Ltd.
,
H
....
Banks
1,214,803
4,814,924
China
Resources
Building
Materials
Technology
Holdings
Ltd.
.........
Construction
Materials
2,844,315
433,099
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
132,733
421,089
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
1,048,422
575,671
a,c
Daqo
New
Energy
Corp.
,
ADR
......
Semiconductors
&
Semiconductor
Equipment
54,018
1,520,607
b
Greentown
Service
Group
Co.
Ltd.
,
Reg
S
...........................
Real
Estate
Management
&
Development
529,539
202,636
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
A
....................
Chemicals
794,548
2,394,775
Haier
Smart
Home
Co.
Ltd.
,
D
.......
Household
Durables
836,125
1,199,675
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
668,893
897,344
JD.com,
Inc.
,
A
..................
Broadline
Retail
11,027
151,257
a,b
Meituan
Dianping
,
B
,
144A
,
Reg
S
...
Hotels,
Restaurants
&
Leisure
128,959
1,591,892
NetEase,
Inc.
...................
Entertainment
90,910
1,883,817
Ping
An
Bank
Co.
Ltd.
,
A
...........
Banks
689,322
1,001,271
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
H
.......................
Insurance
501,906
2,130,946
Prosus
NV
.....................
Broadline
Retail
252,517
7,903,516
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
254,023
9,894,245
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,638,467
1,877,673
Weifu
High-Technology
Group
Co.
Ltd.
,
B
...........................
Automobile
Components
306,139
405,221
a,b
Wuxi
Biologics
Cayman,
Inc.
,
144A
,
Reg
S
...........................
Life
Sciences
Tools
&
Services
775,388
1,418,474
57,682,929
Hong
Kong
1.9%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
372,626
5,063,224
Hungary
1.0%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
108,852
2,761,674
India
12.1%
ACC
Ltd.
.......................
Construction
Materials
57,500
1,721,495
Bajaj
Holdings
&
Investment
Ltd.
.....
Financial
Services
21,931
2,180,519
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
135
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Federal
Bank
Ltd.
................
Banks
1,090,012
$
1,968,736
HDFC
Bank
Ltd.
.................
Banks
330,011
5,756,194
Hindalco
Industries
Ltd.
............
Metals
&
Mining
83,082
561,093
ICICI
Bank
Ltd.
..................
Banks
1,009,053
13,306,684
Infosys
Ltd.
.....................
IT
Services
155,567
2,802,245
a
One
97
Communications
Ltd.
.......
Financial
Services
328,173
1,590,704
a
Zomato
Ltd.
....................
Hotels,
Restaurants
&
Leisure
789,191
1,730,323
31,617,993
Indonesia
0.5%
Astra
International
Tbk.
PT
.........
Industrial
Conglomerates
4,089,572
1,328,663
Italy
0.4%
a,b
Wizz
Air
Holdings
plc
,
144A
,
Reg
S
...
Passenger
Airlines
41,947
1,135,124
Mexico
2.3%
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
B
.................
Transportation
Infrastructure
2
20
Grupo
Financiero
Banorte
SAB
de
CV
,
O
...........................
Banks
526,776
5,595,148
a,b,c
Nemak
SAB
de
CV
,
144A
,
Reg
S
....
Automobile
Components
1,928,563
381,173
5,976,341
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
44,198
1,052,354
Philippines
0.4%
BDO
Unibank,
Inc.
...............
Banks
428,462
1,177,533
Russia
0.0%
d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
d
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
—
South
Africa
1.0%
Discovery
Ltd.
...................
Insurance
136,272
867,920
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
2,717,289
1,704,458
2,572,378
South
Korea
20.4%
Doosan
Bobcat,
Inc.
..............
Machinery
67,639
2,706,890
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
49,892
1,417,250
KT
Skylife
Co.
Ltd.
...............
Media
92,351
385,939
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
17,754
974,108
LG
Corp.
.......................
Industrial
Conglomerates
84,291
5,469,183
NAVER
Corp.
...................
Interactive
Media
&
Services
48,509
6,722,041
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
275,217
16,497,640
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
111,393
7,882,039
Samsung
SDI
Co.
Ltd.
............
Electronic
Equipment,
Instruments
&
Components
14,288
5,054,364
SK
Hynix,
Inc.
...................
Semiconductors
&
Semiconductor
Equipment
31,330
4,139,860
Soulbrain
Co.
Ltd.
................
Chemicals
9,825
2,132,297
53,381,611
Taiwan
17.4%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,155,205
5,610,981
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
176,647
6,400,782
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,332,966
31,933,318
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.
136
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Taiwan
(continued)
Yageo
Corp.
....................
Electronic
Equipment,
Instruments
&
Components
88,913
$
1,649,923
45,595,004
Thailand
2.4%
Kasikornbank
PCL
...............
Banks
886,285
3,017,430
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
783,875
Minor
International
PCL
............
Hotels,
Restaurants
&
Leisure
716,235
649,333
a
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
3,332,420
806,758
Thai
Beverage
PCL
...............
Beverages
2,633,906
955,798
6,213,194
United
Arab
Emirates
0.4%
Emirates
Central
Cooling
Systems
Corp.
Water
Utilities
2,486,094
1,117,041
United
Kingdom
0.9%
Unilever
plc
.....................
Personal
Care
Products
45,589
2,288,470
United
States
3.1%
Cognizant
Technology
Solutions
Corp.
,
A
...........................
IT
Services
53,642
3,931,422
Genpact
Ltd.
....................
Professional
Services
123,253
4,061,187
7,992,609
Total
Common
Stocks
(Cost
$
193,767,272
)
.....................................
235,332,290
a
Preferred
Stocks
6.7%
Brazil
6.7%
c
Banco
Bradesco
SA
,
ADR
..........
Banks
1,492,823
4,269,474
e
Itau
Unibanco
Holding
SA
,
ADR
,
2.86
%
Banks
804,099
5,572,406
e
Petroleo
Brasileiro
SA
,
15.72
%
......
Oil,
Gas
&
Consumable
Fuels
1,021,528
7,609,496
17,451,376
Total
Preferred
Stocks
(Cost
$
15,898,264
)
......................................
17,451,376
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
82,304
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
209,665,536
)
...............................
252,783,666
Short
Term
Investments
3.8%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.7%
United
States
3.7%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
9,693,146
9,693,146
Total
Money
Market
Funds
(Cost
$
9,693,146
)
...................................
9,693,146
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
137
See
Abbreviations
on
page
173
.
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
152,500
$
152,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
152,500
)
...................................................................
152,500
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
9,845,646
)
.................................
9,845,646
a
a
a
Total
Investments
(Cost
$
219,511,182
)
100.5
%
..................................
$262,629,312
Other
Assets,
less
Liabilities
(
0.5
)
%
...........................................
(1,259,290)
Net
Assets
100.0%
...........................................................
$261,370,022
a
a
a
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,
2024,
the
aggregate
value
of
these
securities
was
$5,140,165,
representing
2.0%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
6
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,
2024
Templeton
Foreign
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.4%
Aerospace
&
Defense
3.9%
Dassault
Aviation
SA
...................................
France
75,298
$
16,577,595
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
3,498,240
18,820,321
35,397,916
Automobile
Components
4.8%
Continental
AG
.......................................
Germany
250,136
18,055,205
a
Forvia
SE
...........................................
France
817,984
12,392,978
Valeo
SE
............................................
France
995,953
12,451,119
42,899,302
Automobiles
2.1%
Honda
Motor
Co.
Ltd.
..................................
Japan
1,538,100
19,030,718
Banks
17.2%
HDFC
Bank
Ltd.
......................................
India
968,461
16,892,315
ING
Groep
NV
.......................................
Netherlands
1,801,420
29,655,923
KB
Financial
Group,
Inc.
,
ADR
...........................
South
Korea
328,493
17,104,630
Lloyds
Banking
Group
plc
...............................
United
Kingdom
42,513,475
27,801,471
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
510,915
17,976,572
Standard
Chartered
plc
.................................
United
Kingdom
3,017,860
25,582,547
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
334,900
19,581,216
154,594,674
Broadline
Retail
4.5%
Alibaba
Group
Holding
Ltd.
..............................
China
2,297,500
20,776,044
Prosus
NV
..........................................
China
616,743
19,303,405
40,079,449
Chemicals
4.8%
b
Albemarle
Corp.
......................................
United
States
101,297
13,344,867
a,c
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
280,659
15,351,323
LG
Chem
Ltd.
........................................
South
Korea
43,989
14,361,086
43,057,276
Commercial
Services
&
Supplies
2.1%
b
Securitas
AB
,
B
.......................................
Sweden
1,804,485
18,599,292
Construction
Materials
2.9%
CRH
plc
............................................
United
States
302,965
26,146,843
Containers
&
Packaging
3.0%
b
Smurfit
Kappa
Group
plc
................................
Ireland
589,342
26,870,302
Electric
Utilities
2.0%
a,c
Orsted
A/S
,
144A
,
Reg
S
................................
Denmark
318,609
17,802,351
Energy
Equipment
&
Services
2.3%
b
SBM
Offshore
NV
.....................................
Netherlands
1,296,845
20,711,823
Household
Durables
3.9%
Barratt
Developments
plc
...............................
United
Kingdom
2,686,685
16,124,432
Persimmon
plc
.......................................
United
Kingdom
1,113,334
18,458,179
34,582,611
Insurance
3.0%
AIA
Group
Ltd.
.......................................
Hong
Kong
1,779,800
11,972,033
Prudential
plc
........................................
Hong
Kong
1,555,015
14,582,677
26,554,710
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
139
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
2.2%
CNH
Industrial
NV
.....................................
United
States
1,495,520
$
19,381,939
Media
1.2%
TBS
Holdings,
Inc.
....................................
Japan
371,900
10,360,079
Metals
&
Mining
4.6%
Antofagasta
plc
.......................................
Chile
714,449
18,349,893
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
429,200
12,815,210
b
Wheaton
Precious
Metals
Corp.
..........................
Brazil
223,500
10,527,742
41,692,845
Oil,
Gas
&
Consumable
Fuels
10.3%
BP
plc
..............................................
United
Kingdom
7,089,711
44,473,278
Galp
Energia
SGPS
SA
,
B
..............................
Portugal
471,906
7,801,365
Shell
plc
............................................
Netherlands
1,223,600
40,595,221
92,869,864
Pharmaceuticals
2.3%
AstraZeneca
plc
......................................
United
Kingdom
151,960
20,413,271
Professional
Services
1.6%
Adecco
Group
AG
.....................................
Switzerland
363,802
14,393,645
Semiconductors
&
Semiconductor
Equipment
8.9%
Infineon
Technologies
AG
...............................
Germany
689,424
23,443,148
NXP
Semiconductors
NV
...............................
China
66,732
16,534,188
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
1,669,000
39,983,546
79,960,882
Specialty
Retail
0.8%
JD
Sports
Fashion
plc
..................................
United
Kingdom
4,396,692
7,468,750
Technology
Hardware,
Storage
&
Peripherals
5.5%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
825,657
49,493,281
Textiles,
Apparel
&
Luxury
Goods
1.5%
Kering
SA
...........................................
France
34,880
13,814,750
Total
Common
Stocks
(Cost
$
659,676,088
)
.....................................
856,176,573
Convertible
Preferred
Stocks
0.6%
Chemicals
0.6%
a
Albemarle
Corp.
,
7.25
%
................................
United
States
100,000
5,900,000
a
Total
Convertible
Preferred
Stocks
(Cost
$
5,000,000
)
............................
5,900,000
Total
Long
Term
Investments
(Cost
$
664,676,088
)
...............................
862,076,573
a
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.
140
See
Abbreviations
on
page
173
.
Short
Term
Investments
3.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.6%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
32,125,115
$
32,125,115
Total
Money
Market
Funds
(Cost
$
32,125,115
)
..................................
32,125,115
Total
Short
Term
Investments
(Cost
$
32,125,115
)
................................
32,125,115
a
Total
Investments
(Cost
$
696,801,203
)
99.6
%
...................................
$894,201,688
Other
Assets,
less
Liabilities
0.4
%
.............................................
3,561,527
Net
Assets
100.0%
...........................................................
$897,763,215
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2024.
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,
2024,
the
aggregate
value
of
these
securities
was
$33,153,674,
representing
3.7%
of
net
assets.
d
See
Note
6
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,
2024
Templeton
Global
Bond
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
74.7%
Australia
9.5%
New
South
Wales
Treasury
Corp.
,
Senior
Bond
,
2
%
,
3/08/33
........
48,446,000
AUD
$
25,773,940
a
Senior
Bond
,
Reg
S,
1.75
%
,
3/20/34
43,382,000
AUD
21,814,357
Queensland
Treasury
Corp.
,
Senior
Bond
,
2
%
,
8/22/33
........
49,530,000
AUD
26,129,988
a
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
7/20/34
......................
52,103,000
AUD
26,028,800
Treasury
Corp.
of
Victoria
,
a
Senior
Bond
,
Reg
S,
2.25
%
,
9/15/33
35,999,000
AUD
19,189,806
Senior
Bond
,
2.25
%
,
11/20/34
.....
49,634,000
AUD
25,575,481
144,512,372
Brazil
6.7%
Brazil
Notas
do
Tesouro
Nacional
,
10
%
,
1/01/27
..................
233,800,000
BRL
46,534,786
10
%
,
1/01/31
..................
112,168,000
BRL
21,557,269
10
%
,
1/01/33
..................
45,024,000
BRL
8,563,949
F
,
10
%
,
1/01/29
................
134,126,000
BRL
26,246,856
102,902,860
Colombia
6.8%
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
............
576,000,000
COP
146,116
Colombia
Titulos
de
Tesoreria
,
B
,
7.5
%
,
8/26/26
...............
62,065,600,000
COP
15,536,390
B
,
6
%
,
4/28/28
.................
28,988,600,000
COP
6,685,250
B
,
7.75
%
,
9/18/30
..............
37,868,000,000
COP
8,959,156
B
,
7
%
,
3/26/31
.................
17,210,500,000
COP
3,843,839
B
,
7
%
,
6/30/32
.................
24,227,000,000
COP
5,252,665
B
,
13.25
%
,
2/09/33
.............
95,554,000,000
COP
29,151,103
B
,
7.25
%
,
10/18/34
.............
53,738,000,000
COP
11,351,153
B
,
6.25
%
,
7/09/36
..............
10,374,000,000
COP
1,925,845
B
,
9.25
%
,
5/28/42
..............
91,424,000,000
COP
20,943,747
103,795,264
Germany
2.2%
a
Bundesobligation
,
Reg
S,
10/18/24
...
9,999,000
EUR
10,581,107
a
Bundesschatzanweisungen
,
Reg
S,
0.4
%
,
9/13/24
.................
21,697,000
EUR
23,072,182
33,653,289
Ghana
0.6%
b
Ghana
Government
Bond
,
PIK,
8.35
%
,
2/16/27
.............
24,559,115
GHS
1,217,900
PIK,
8.5
%
,
2/15/28
..............
24,595,360
GHS
1,087,757
PIK,
8.65
%
,
2/13/29
.............
24,251,420
GHS
973,120
PIK,
5
%
,
2/12/30
...............
24,287,159
GHS
900,610
PIK,
8.95
%
,
2/11/31
.............
22,213,558
GHS
770,157
PIK,
9.1
%
,
2/10/32
..............
22,246,245
GHS
733,851
PIK,
9.25
%
,
2/08/33
.............
22,278,956
GHS
706,438
PIK,
9.4
%
,
2/07/34
..............
16,949,471
GHS
522,035
PIK,
9.55
%
,
2/06/35
.............
16,974,356
GHS
512,240
PIK,
9.7
%
,
2/05/36
..............
16,999,261
GHS
506,235
PIK,
9.85
%
,
2/03/37
.............
17,024,184
GHS
503,189
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.
142
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Ghana
(continued)
b
Ghana
Government
Bond,
(continued)
PIK,
10
%
,
2/02/38
..............
17,049,125
GHS
$
502,491
8,936,023
India
4.9%
India
Government
Bond
,
Senior
Bond
,
5.77
%
,
8/03/30
......
526,000,000
INR
5,895,571
Senior
Bond
,
7.26
%
,
8/22/32
......
1,877,900,000
INR
22,759,404
Senior
Bond
,
7.18
%
,
8/14/33
......
1,416,000,000
INR
17,130,050
Senior
Note
,
7.1
%
,
4/18/29
.......
2,390,000,000
INR
28,735,328
74,520,353
Indonesia
4.2%
Indonesia
Government
Bond
,
FR73
,
8.75
%
,
5/15/31
...........
7,058,000,000
IDR
497,149
FR82
,
7
%
,
9/15/30
..............
7,166,000,000
IDR
461,354
FR87
,
6.5
%
,
2/15/31
............
47,115,000,000
IDR
2,949,093
FR91
,
6.375
%
,
4/15/32
..........
132,268,000,000
IDR
8,194,276
FR95
,
6.375
%
,
8/15/28
..........
7,169,000,000
IDR
449,850
FR96
,
7
%
,
2/15/33
..............
796,444,000,000
IDR
51,341,628
63,893,350
Israel
0.9%
a
Israel
Government
Bond
,
Senior
Bond
,
Reg
S,
1.5
%
,
1/16/29
............
14,513,000
EUR
13,998,650
Malaysia
7.6%
Malaysia
Government
Bond
,
3.478
%
,
6/14/24
................
17,090,000
MYR
3,611,979
4.181
%
,
7/15/24
................
33,190,000
MYR
7,031,792
4.059
%
,
9/30/24
................
38,440,000
MYR
8,152,470
3.882
%
,
3/14/25
................
56,950,000
MYR
12,096,320
3.955
%
,
9/15/25
................
8,790,000
MYR
1,873,493
3.9
%
,
11/30/26
.................
68,750,000
MYR
14,716,099
3.892
%
,
3/15/27
................
5,820,000
MYR
1,245,187
3.502
%
,
5/31/27
................
9,330,000
MYR
1,971,615
3.899
%
,
11/16/27
...............
209,830,000
MYR
44,914,263
3.733
%
,
6/15/28
................
15,880,000
MYR
3,374,893
4.498
%
,
4/15/30
................
29,740,000
MYR
6,538,506
3.582
%
,
7/15/32
................
49,470,000
MYR
10,261,606
115,788,223
Mexico
4.3%
Mexican
Bonos
,
M
,
10
%
,
11/20/36
...............
39,180,000
MXN
2,482,377
M
,
Senior
Bond
,
7.75
%
,
11/23/34
...
121,750,000
MXN
6,553,958
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
7.5
%
,
5/26/33
...............
719,380,000
MXN
38,557,679
M
,
Senior
Bond
,
8.5
%
,
5/31/29
.....
114,900,000
MXN
6,692,660
M
,
Senior
Bond
,
8.5
%
,
11/18/38
....
71,820,000
MXN
4,017,627
M
,
Senior
Bond
,
7.75
%
,
11/13/42
...
154,590,000
MXN
7,901,369
66,205,670
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
143
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Norway
4.0%
a
Norway
Government
Bond
,
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
3/13/25
......................
89,312,000
NOK
$
8,038,501
Senior
Bond
,
144A,
Reg
S,
1.5
%
,
2/19/26
......................
518,748,000
NOK
45,801,457
Senior
Bond
,
144A,
Reg
S,
1.75
%
,
2/17/27
......................
85,989,000
NOK
7,516,366
61,356,324
Panama
4.1%
Panama
Government
Bond
,
Senior
Bond
,
3.16
%
,
1/23/30
......
3,280,000
2,733,921
Senior
Bond
,
2.252
%
,
9/29/32
.....
7,860,000
5,631,315
Senior
Bond
,
3.298
%
,
1/19/33
.....
800,000
617,867
Senior
Bond
,
6.4
%
,
2/14/35
.......
29,180,000
27,628,472
Senior
Bond
,
6.7
%
,
1/26/36
.......
880,000
856,379
Senior
Bond
,
6.875
%
,
1/31/36
.....
5,230,000
5,111,905
Senior
Bond
,
8
%
,
3/01/38
........
19,080,000
20,036,097
62,615,956
Romania
2.8%
a
Romania
Government
Bond
,
Senior
Bond
,
144A,
7.125
%
,
1/17/33
11,200,000
11,999,266
Senior
Bond
,
144A,
6.375
%
,
1/30/34
23,740,000
24,116,160
Senior
Bond
,
144A,
6
%
,
5/25/34
....
6,540,000
6,507,849
42,623,275
Singapore
4.5%
Singapore
Government
Bond
,
2.875
%
,
9/01/30
................
4,770,000
SGD
3,492,716
2.625
%
,
8/01/32
................
53,040,000
SGD
37,966,625
3.375
%
,
9/01/33
................
35,730,000
SGD
27,073,430
68,532,771
South
Korea
10.1%
Korea
Treasury
Bonds
,
2.125
%
,
6/10/27
................
38,800,000,000
KRW
27,731,812
3.25
%
,
3/10/28
................
64,086,000,000
KRW
47,382,472
3.5
%
,
9/10/28
.................
87,596,910,000
KRW
65,397,243
Senior
Note
,
1.75
%
,
9/10/26
......
20,481,000,000
KRW
14,624,950
155,136,477
Uruguay
1.5%
c
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond
,
3.875
%
,
7/02/40
782,003,070
UYU
22,477,070
Total
Foreign
Government
and
Agency
Securities
(Cost
$
1,156,270,156
)
...........
1,140,947,927
U.S.
Government
and
Agency
Securities
13.9%
United
States
13.9%
U.S.
Treasury
Bonds
,
3.375
%,
8/15/42
................
27,930,000
24,133,811
3.125
%,
2/15/43
................
16,230,000
13,450,930
3.625
%,
8/15/43
................
56,190,000
50,000,320
3.75
%,
11/15/43
................
14,300,000
12,940,103
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.
144
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
United
States
(continued)
U.S.
Treasury
Bonds,
(continued)
U.S.
Treasury
Notes
,
3.5
%,
2/15/33
...
117,400,000
$
111,208,984
211,734,148
Total
U.S.
Government
and
Agency
Securities
(Cost
$
223,015,306
)
................
211,734,148
Total
Long
Term
Investments
(Cost
$
1,379,285,462
)
.............................
1,352,682,075
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.4%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
160.00
JPY
,
Expires
6/25/24
..
1
96,441,000
97,124
97,124
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
August
Strike
Price
132.90
JPY
,
Expires
8/13/24
..
1
84,868,000
137,304
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
136.40
JPY
,
Expires
6/12/24
..
1
96,441,000
77,450
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
September
Strike
Price
140.30
JPY
,
Expires
9/12/24
......................
1
514,351,000
3,660,662
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
August
Strike
Price
141.35
JPY
,
Expires
8/13/24
..
1
257,175,000
1,611,736
5,487,152
Total
Options
Purchased
(Cost
$
11,638,227
)
....................................
5,584,276
Short
Term
Investments
9.2%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.3%
Germany
0.3%
a
,d
Germany
Treasury
Bills
,
Reg
S,
5/15/24
.................
2,576,920
EUR
2,767,781
Reg
S,
9/18/24
.................
2,422,000
EUR
2,569,337
5,337,118
Total
Foreign
Government
and
Agency
Securities
(Cost
$
5,391,440
)
...............
5,337,118
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
145
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
8.9%
United
States
8.9%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
.........
135,724,075
$
135,724,075
Total
Money
Market
Funds
(Cost
$
135,724,075
)
.................................
135,724,075
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$
141,115,515
)
...............................
141,061,193
a
a
a
Total
Investments
(Cost
$
1,532,039,204
)
98.2
%
..................................
$1,499,327,544
Options
Written
(
0.2
)
%
.......................................................
(2,977,245)
Other
Assets,
less
Liabilities
2.0
%
.............................................
30,021,480
Net
Assets
100.0%
...........................................................
$1,526,371,779
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.2)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
154.00
JPY
,
Expires
6/25/24
..
1
96,441,000
(
482,564
)
(
482,564
)
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
September
Strike
Price
135.90
JPY
,
Expires
9/12/24
......................
1
353,616,000
(
1,253,586
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
August
Strike
Price
137.30
JPY
,
Expires
8/13/24
..
1
257,175,000
(
827,323
)
Foreign
Exchange
USD/JPY
,
Counterparty
MSCO
,
June
Strike
Price
141.20
JPY
,
Expires
6/12/24
..
1
192,882,000
(
413,772
)
(
2,494,681
)
Total
Options
Written
(Premiums
received
$
6,141,316
)
...........................
$
(
2,977,245
)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
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.
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,
2024,
the
aggregate
value
of
these
securities
was
$224,001,619,
representing
14.7%
of
net
assets.
b
Income
may
be
received
in
additional
securities
and/or
cash.
c
Principal
amount
of
security
is
adjusted
for
inflation.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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.
146
At
March
31,
2024,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
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
Indian
Rupee
......
HSBK
Buy
241,380,400
2,885,824
4/05/24
$
8,875
$
—
Japanese
Yen
......
HSBK
Buy
755,900,000
5,157,896
4/05/24
—
(
162,525
)
Japanese
Yen
......
HSBK
Sell
755,900,000
5,162,040
4/05/24
166,669
—
Japanese
Yen
......
MSCO
Buy
4,678,000,000
32,371,462
4/05/24
—
(
1,456,862
)
Japanese
Yen
......
MSCO
Sell
4,678,000,000
31,946,896
4/05/24
1,032,296
—
Chilean
Peso
......
HSBK
Buy
6,783,000,000
7,001,806
4/12/24
—
(
81,105
)
Indian
Rupee
......
JPHQ
Buy
1,431,342,200
17,082,087
4/15/24
77,780
—
Japanese
Yen
......
BNDP
Buy
14,877,674,660
104,217,436
4/15/24
—
(
5,746,868
)
Japanese
Yen
......
BOFA
Buy
7,460,672,540
52,259,147
4/15/24
—
(
2,879,342
)
Japanese
Yen
......
BOFA
Sell
7,460,672,540
51,031,639
4/15/24
1,651,835
—
Japanese
Yen
......
DBAB
Buy
9,711,052,240
67,987,856
4/15/24
—
(
3,713,509
)
Japanese
Yen
......
DBAB
Sell
1,008,500,000
6,898,302
4/15/24
223,363
—
Japanese
Yen
......
GSCO
Buy
6,951,000,000
48,628,863
4/15/24
—
(
2,622,419
)
Japanese
Yen
......
GSCO
Sell
6,951,000,000
47,542,184
4/15/24
1,535,739
—
Japanese
Yen
......
MSCO
Buy
28,577,684,380
195,463,781
4/15/24
—
(
6,317,233
)
Japanese
Yen
......
MSCO
Sell
20,992,862,259
142,436,606
4/15/24
3,493,905
(
2,336
)
Chilean
Peso
......
HSBK
Buy
5,512,400,000
5,688,047
4/25/24
—
(
66,226
)
Chilean
Peso
......
JPHQ
Buy
6,233,500,000
6,429,404
4/25/24
—
(
72,169
)
Chilean
Peso
......
JPHQ
Buy
8,189,100,000
8,347,451
4/26/24
3,916
—
Indian
Rupee
......
HSBK
Buy
242,055,750
2,904,541
5/08/24
—
(
4,662
)
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
15,160,561
5/21/24
—
(
497,502
)
Thai
Baht
.........
HSBK
Buy
311,767,000
8,836,933
6/12/24
—
(
255,368
)
Thai
Baht
.........
CITI
Buy
112,978,000
3,204,141
6/14/24
—
(
93,966
)
Thai
Baht
.........
HSBK
Buy
146,234,000
4,121,009
6/17/24
—
(
94,569
)
Indian
Rupee
......
CITI
Buy
590,870,000
7,113,773
6/18/24
—
(
44,765
)
Indian
Rupee
......
HSBK
Buy
875,000,000
10,533,919
6/18/24
—
(
65,656
)
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,207,109
6/18/24
—
(
20,603
)
Japanese
Yen
......
MSCO
Buy
2,196,400,000
15,553,478
6/20/24
—
(
865,572
)
Thai
Baht
.........
HSBK
Buy
599,623,014
16,822,994
6/20/24
—
(
309,724
)
Thai
Baht
.........
JPHQ
Buy
288,195,100
8,144,167
6/20/24
—
(
207,441
)
Thai
Baht
.........
HSBK
Buy
218,800,685
6,115,167
6/21/24
—
(
89,145
)
South
Korean
Won
..
JPHQ
Buy
5,342,000,000
4,090,853
7/16/24
—
(
110,807
)
Mexican
Peso
......
MSCO
Buy
107,315,000
4,723,862
9/03/24
1,576,091
—
Mexican
Peso
......
MSCO
Sell
107,315,000
4,562,422
9/03/24
—
(
1,737,530
)
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
6,456,195
9/18/24
—
(
123,870
)
New
Zealand
Dollar
.
CITI
Buy
12,470,000
7,603,925
9/18/24
—
(
154,483
)
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
28,883,796
9/18/24
—
(
579,497
)
Thai
Baht
.........
JPHQ
Buy
93,377,000
2,626,269
9/23/24
—
(
35,502
)
Australian
Dollar
....
HSBK
Buy
71,050,000
47,058,369
9/25/24
—
(
540,449
)
Total
Forward
Exchange
Contracts
...................................................
$9,770,469
$(28,951,705)
Net
unrealized
appreciation
(depreciation)
............................................
$(19,181,236)
*
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)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
At
March
31,
2024
,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
See
Abbreviations
on
page
173.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Fixed
3.285%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
5/03/33
92,910,000
$
(
5,745,831
)
$
—
$
(
5,745,831
)
Receive
Fixed
3.847%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
8/31/33
39,360,000
(
350,736
)
—
(
350,736
)
Total
Interest
Rate
Swap
Contracts
....................................
$(6,096,567)
$
—
$(6,096,567)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Templeton
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.9%
Aerospace
&
Defense
10.0%
BAE
Systems
plc
.....................................
United
Kingdom
545,608
$
9,299,385
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
4,071,251
21,903,086
Thales
SA
...........................................
France
48,858
8,328,944
39,531,415
Automobile
Components
4.0%
Continental
AG
.......................................
Germany
89,050
6,427,767
a
Forvia
SE
...........................................
France
252,019
3,818,248
b
Lear
Corp.
..........................................
United
States
40,060
5,803,893
16,049,908
Automobiles
1.4%
Honda
Motor
Co.
Ltd.
..................................
Japan
440,688
5,452,577
Banks
6.0%
Bank
of
America
Corp.
.................................
United
States
248,051
9,406,094
Lloyds
Banking
Group
plc
...............................
United
Kingdom
9,691,356
6,337,613
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
50,107
8,097,291
23,840,998
Beverages
2.3%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
151,200
9,203,723
Broadline
Retail
2.4%
a
Amazon.com,
Inc.
.....................................
United
States
51,644
9,315,545
Capital
Markets
1.2%
Intercontinental
Exchange,
Inc.
...........................
United
States
33,385
4,588,101
Chemicals
1.9%
Albemarle
Corp.
......................................
United
States
56,793
7,481,910
Consumer
Staples
Distribution
&
Retail
3.2%
Target
Corp.
.........................................
United
States
72,079
12,773,120
Electric
Utilities
0.4%
a,c,d
Orsted
A/S
,
144A
,
Reg
S
................................
Denmark
30,840
1,723,192
Electrical
Equipment
0.4%
Schneider
Electric
SE
..................................
United
States
6,690
1,512,381
Entertainment
2.8%
Walt
Disney
Co.
(The)
..................................
United
States
91,246
11,164,861
Financial
Services
1.2%
b
Visa,
Inc.
,
A
..........................................
United
States
17,349
4,841,759
Food
Products
2.2%
Danone
SA
..........................................
France
136,707
8,836,993
Ground
Transportation
2.5%
Union
Pacific
Corp.
....................................
United
States
40,255
9,899,912
Health
Care
Equipment
&
Supplies
2.4%
Medtronic
plc
........................................
United
States
108,405
9,447,496
Health
Care
Providers
&
Services
3.6%
HCA
Healthcare,
Inc.
...................................
United
States
13,725
4,577,699
UnitedHealth
Group,
Inc.
................................
United
States
19,319
9,557,110
14,134,809
Hotels,
Restaurants
&
Leisure
2.8%
Booking
Holdings,
Inc.
.................................
United
States
1,269
4,603,780
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
149
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Hyatt
Hotels
Corp.
,
A
...................................
United
States
40,185
$
6,414,329
11,018,109
Household
Durables
2.8%
Barratt
Developments
plc
...............................
United
Kingdom
389,928
2,340,195
Persimmon
plc
.......................................
United
Kingdom
133,105
2,206,774
Sony
Group
Corp.
.....................................
Japan
75,443
6,468,865
11,015,834
Industrial
Conglomerates
2.1%
Hitachi
Ltd.
..........................................
Japan
45,893
4,193,446
Honeywell
International,
Inc.
.............................
United
States
19,685
4,040,346
8,233,792
Interactive
Media
&
Services
3.5%
a
Alphabet,
Inc.
,
A
......................................
United
States
92,051
13,893,257
Leisure
Products
0.9%
a,b
YETI
Holdings,
Inc.
....................................
United
States
91,251
3,517,726
Life
Sciences
Tools
&
Services
2.6%
a
ICON
plc
............................................
United
States
16,254
5,460,531
Thermo
Fisher
Scientific,
Inc.
............................
United
States
8,542
4,964,696
10,425,227
Machinery
3.2%
CNH
Industrial
NV
.....................................
United
States
620,612
8,043,131
Komatsu
Ltd.
........................................
Japan
160,374
4,745,281
12,788,412
Media
2.3%
Comcast
Corp.
,
A
.....................................
United
States
212,743
9,222,409
Oil,
Gas
&
Consumable
Fuels
5.5%
BP
plc
..............................................
United
Kingdom
1,475,469
9,255,517
Reliance
Industries
Ltd.
.................................
India
197,248
7,055,177
Shell
plc
............................................
Netherlands
170,389
5,652,974
21,963,668
Personal
Care
Products
2.2%
Unilever
plc
..........................................
United
Kingdom
174,200
8,747,442
Professional
Services
0.8%
Adecco
Group
AG
.....................................
Switzerland
78,281
3,097,149
Semiconductors
&
Semiconductor
Equipment
6.6%
Infineon
Technologies
AG
...............................
Germany
195,180
6,636,894
Micron
Technology,
Inc.
.................................
United
States
99,633
11,745,734
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
...........
Taiwan
56,950
7,748,048
26,130,676
Software
3.5%
Microsoft
Corp.
.......................................
United
States
20,553
8,647,058
SAP
SE
............................................
Germany
27,160
5,288,323
13,935,381
Specialty
Retail
4.0%
Nitori
Holdings
Co.
Ltd.
.................................
Japan
39,154
5,933,479
TJX
Cos.,
Inc.
(The)
...................................
United
States
96,190
9,755,590
15,689,069
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.
150
See
Abbreviations
on
page
173
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
3.0%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
199,337
$
11,949,081
Textiles,
Apparel
&
Luxury
Goods
1.2%
Li
Ning
Co.
Ltd.
.......................................
China
1,819,000
4,852,594
Total
Common
Stocks
(Cost
$
276,912,646
)
.....................................
376,278,526
Short
Term
Investments
4.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.7%
e
FHLB
,
4/01/24
.......................................
United
States
6,900,000
6,896,036
Total
U.S.
Government
and
Agency
Securities
(Cost
$
6,900,000
)
..................
6,896,036
a
a
a
Time
Deposits
2.4%
Royal
Bank
of
Canada
,
5.3
%
,
4/01/24
......................
Canada
9,500,000
9,500,000
Total
Time
Deposits
(Cost
$
9,500,000
)
.........................................
9,500,000
Total
Short
Term
Investments
(Cost
$
16,400,000
)
................................
16,396,036
a
Total
Investments
(Cost
$
293,312,646
)
99.0
%
...................................
$392,674,562
Other
Assets,
less
Liabilities
1.0
%
.............................................
3,946,541
Net
Assets
100.0%
...........................................................
$396,621,103
a
a
a
*
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,
2024.
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,
2024,
the
value
of
this
security
was
$1,723,192,
representing
0.4%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Templeton
Variable
Insurance
Products
Trust
151
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
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).
The
Funds
follow the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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.
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
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
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.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in repurchase
agreements
and
time
deposits
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. 
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
152
Quarterly
Schedules
of
Investments
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,
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,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
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.
Restricted
Securities
At
March
31,
2024,
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
Shares
VIP
Fund
643,835
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
$
5,263,806
$
8,032,319
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
..............
$5,263,806
$8,032,319
Principal
Amount
*
/
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
$
578,684
64,369
a
Blaize
,
Inc.,
10%,
12/09/24
.....................
1/19/23
64,36
8
64,375
1
a
Blaize
,
Inc.,
12/09/25
.........................
1/19/23
6
—
8,275
a
Blaize
,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
—
1,418
206,272
a
Blaize
,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,154,000
830,241
82,758
a
Blaize
,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
399,999
219,911
25,878
Databricks,
Inc.,
G
...........................
2/01/21
1,529,975
1,967,827
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
7,281,145
48,915
Newsela,
Inc.,
D
.............................
1/21/21
1,034,807
908,953
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
4.
Unfunded
Loan
Commitments
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Funds
are
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules of
Investments.
At
March
31,
2024,
unfunded
commitments
were
as
follows:
5.
Investments
in
FT
Underlying
Funds  
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
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
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
in
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the period ended March
31,
2024,
were
as
follows:
Principal
Amount*/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
82,367
OneTrust
LLC,
C
............................
4/01/21
$
1,615,24
2
$
1,293,140
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$9,619,046
$13,145,694
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
14,792,309
b
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
114,768
$
—
1,472,041
b
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
—
27,685
Talos
Energy
Inc
............................
3/04/24
366,820
377,519
Total
Restricted
Securities
(Value
is
0.1%
of
Net
Assets)
..............
$482,681
$377,519
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$195,400
as
of
March
31,
2024.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
March
31,
2024.
Borrower
Unfunded
Commitment
Franklin
Strategic
Income
VIP
Fund
Osmosis
Buyer
Ltd.
$
1,755
$
1,755
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
6.
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,
2024,
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
Dividend
Income
a
a
a
a
a
a
a
a
a
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Franklin
Income
VIP
Fund,
Class
1
$
12,043,626
$
—
$
(168,000)
$
(18,428)
$
304,585
$
12,161,783
796,449
$
—
Franklin
U.S.
Core
Bond
ETF
...
24,391,684
—
(336,119)
(70,333)
(245,016)
23,740,216
1,112,475
140,410
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
......
2,608,818
8,365,918
(7,291,899)
—
—
3,682,837
3,682,837
46,866
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
............
11,707,211
129,398
(163,000)
(45,162)
(222,834)
11,405,613
1,218,548
130,949
Total
Affiliated
Securities
....
$50,751,339
$8,495,316
$(7,959,018)
$(133,923)
$(163,265)
$50,990,449
$318,225
    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,
4.997%
$13,390,903
$17,790,573
$(19,003,331)
$—
$—
$12,178,145
12,178,145
$163,385
Total
Affiliated
Securities
...
$13,390,903
$17,790,573
$(19,003,331)
$—
$—
$12,178,145
$163,385
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$1,788,799
$6,312,179
$(8,074,064)
$—
$—
$26,914
26,914
$18,391
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$269,540
$(269,540)
$—
$—
$—
—
$480
Total
Affiliated
Securities
...
$1,788,799
$6,581,719
$(8,343,604)
$—
$—
$26,914
$18,871
5.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
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
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$1,390,000
$(834,000)
$—
$—
$556,000
556,000
$1,699
Total
Affiliated
Securities
...
$—
$1,390,000
$(834,000)
$—
$—
$556,000
$1,699
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$104,664,771
$125,213,455
$(188,433,843)
$—
$—
$41,444,383
41,444,383
$763,873
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$18,720,000
$(10,562,000)
$—
$—
$8,158,000
8,158,000
$31,139
Total
Affiliated
Securities
...
$104,664,771
$143,933,455
$(198,995,843)
$—
$—
$49,602,383
$795,012
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$1,295,000
$(1,295,000)
$—
$—
$—
—
$1,238
Total
Affiliated
Securities
...
$—
$1,295,000
$(1,295,000)
$—
$—
$—
$1,238
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$39,323,497
$28,223,513
$(26,935,933)
$—
$—
$40,611,077
40,611,077
$510,625
Total
Affiliated
Securities
...
$39,323,497
$28,223,513
$(26,935,933)
$—
$—
$40,611,077
$510,625
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
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
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$23,892,595
$57,381,242
$(69,136,692)
$—
$—
$12,137,145
12,137,145
$270,856
Total
Affiliated
Securities
...
$23,892,595
$57,381,242
$(69,136,692)
$—
$—
$12,137,145
$270,856
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$11,615,433
$16,011,934
$(16,802,987)
$—
$—
$10,824,380
10,824,380
$152,952
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$3,185,475
$13,574,129
$(14,441,404)
$—
$—
$2,318,200
2,318,200
$53,490
Total
Affiliated
Securities
...
$14,800,908
$29,586,063
$(31,244,391)
$—
$—
$13,142,580
$206,442
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$9,243,211
$—
$(9,031,462)
$(1,084,209)
$872,460
$—
—
$56,658
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
6,941,880
16,202,208
(17,411,110)
—
—
5,732,978
5,732,978
73,175
Total
Affiliated
Securities
...
$16,185,091
$16,202,208
$(26,442,572)
$(1,084,209)
$872,460
$5,732,978
$129,833
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$6,253,326
$12,752,563
$(9,312,743)
$—
$—
$9,693,146
9,693,146
$88,975
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$47,337
$269,437
$(164,274)
$—
$—
$152,500
152,500
$636
Total
Affiliated
Securities
...
$6,300,663
$13,022,000
$(9,477,017)
$—
$—
$9,845,646
$89,611
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
7. 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)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
    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,
4.997%
$68,636,979
$30,257,288
$(66,769,152)
$—
$—
$32,125,115
32,125,115
$563,133
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$1,239,870
$(1,239,870)
$—
$—
$—
—
$170
Total
Affiliated
Securities
...
$68,636,979
$31,497,158
$(68,009,022)
$—
$—
$32,125,115
$563,303
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$100,787,690
$126,456,153
$(91,519,768)
$—
$—
$135,724,075
135,724,075
$1,218,153
Total
Affiliated
Securities
...
$100,787,690
$126,456,153
$(91,519,768)
$—
$—
$135,724,075
$1,218,153
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.997%
$—
$7,547,229
$(7,547,229)
$—
$—
$—
—
$1,030
Total
Affiliated
Securities
...
$—
$7,547,229
$(7,547,229)
$—
$—
$—
$1,030
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
Quarterly
Schedules
of
Investments
A
summary
of
inputs
used
as
of
March
31,
2024,
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
...................
$
4,994,166
$
2,961,378
$
—
$
7,955,544
Air
Freight
&
Logistics
...................
2,411,808
1,219,703
—
3,631,511
Automobile
Components
.................
278,775
1,902,414
—
2,181,189
Automobiles
..........................
2,188,312
2,855,205
—
5,043,517
Banks
...............................
8,506,403
8,095,956
—
16,602,359
Beverages
...........................
3,899,836
531,704
—
4,431,540
Biotechnology
.........................
5,047,081
1,732,534
—
6,779,615
Broadline
Retail
.......................
9,200,308
1,912,965
—
11,113,273
Building
Products
......................
1,689,752
748,665
—
2,438,417
Capital
Markets
........................
6,904,429
3,356,360
—
10,260,789
Chemicals
...........................
6,479,341
4,209,523
—
10,688,864
Commercial
Services
&
Supplies
...........
1,255,008
765,001
—
2,020,009
Communications
Equipment
..............
3,721,701
74,093
—
3,795,794
Construction
&
Engineering
...............
266,152
279,465
—
545,617
Construction
Materials
..................
1,935,997
1,266,844
—
3,202,841
Consumer
Finance
.....................
2,961,257
—
—
2,961,257
Consumer
Staples
Distribution
&
Retail
......
3,255,183
778,153
—
4,033,336
Containers
&
Packaging
.................
83,503
2,177,368
—
2,260,871
Diversified
Consumer
Services
............
121,645
40,895
—
162,540
Diversified
REITs
......................
—
122,869
—
122,869
Diversified
Telecommunication
Services
.....
324,886
499,667
—
824,553
Electric
Utilities
........................
2,842,102
1,411,124
—
4,253,226
Electrical
Equipment
....................
3,244,278
693,515
—
3,937,793
Electronic
Equipment,
Instruments
&
Components
..........................
1,918,705
503,198
—
2,421,903
Energy
Equipment
&
Services
.............
94,087
917,608
—
1,011,695
Entertainment
.........................
3,730,728
1,371,150
—
5,101,878
Financial
Services
......................
11,497,302
555,782
—
12,053,084
Food
Products
........................
786,509
1,064,967
—
1,851,476
Gas
Utilities
..........................
80,295
202,309
—
282,604
Ground
Transportation
..................
4,590,537
—
—
4,590,537
Health
Care
Equipment
&
Supplies
.........
6,467,126
3,733,454
—
10,200,580
Health
Care
Providers
&
Services
..........
10,243,684
—
—
10,243,684
Health
Care
Technology
.................
320,427
40,293
—
360,720
Hotels,
Restaurants
&
Leisure
.............
2,097,709
1,652,334
—
3,750,043
Household
Durables
....................
1,728,715
1,792,345
—
3,521,060
Household
Products
....................
411,765
—
—
411,765
Independent
Power
and
Renewable
Electricity
Producers
............................
404,666
43,672
—
448,338
Industrial
Conglomerates
................
—
905,614
—
905,614
Industrial
REITs
.......................
353,176
282,566
—
635,742
Insurance
............................
5,577,922
2,493,723
—
8,071,645
Interactive
Media
&
Services
..............
11,388,413
184,357
—
11,572,770
IT
Services
...........................
2,127,087
257,013
—
2,384,100
Leisure
Products
.......................
—
70,505
—
70,505
Life
Sciences
Tools
&
Services
............
5,595,394
1,691,176
—
7,286,570
Machinery
............................
5,978,201
2,299,521
—
8,277,722
Marine
Transportation
...................
—
265,746
—
265,746
Media
...............................
2,871,245
230,350
—
3,101,595
Metals
&
Mining
.......................
2,403,654
1,997,656
—
4,401,310
Multi-Utilities
..........................
4,152,180
192,215
—
4,344,395
Oil,
Gas
&
Consumable
Fuels
.............
8,063,141
5,183,373
—
13,246,514
7. 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
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Paper
&
Forest
Products
.................
$
84,326
$
—
$
—
$
84,326
Passenger
Airlines
.....................
—
39,005
—
39,005
Personal
Care
Products
.................
1,498,078
912,938
—
2,411,016
Pharmaceuticals
.......................
7,109,919
5,948,173
—
13,058,092
Professional
Services
...................
563,689
2,158,226
—
2,721,915
Real
Estate
Management
&
Development
....
—
436,920
—
436,920
Residential
REITs
......................
80,053
—
—
80,053
Retail
REITs
..........................
1,054,563
104,133
—
1,158,696
Semiconductors
&
Semiconductor
Equipment
.
25,920,050
6,132,224
—
32,052,274
Software
.............................
31,188,032
1,029,117
—
32,217,149
Specialized
REITs
......................
1,648,754
—
—
1,648,754
Specialty
Retail
........................
2,540,582
884,565
—
3,425,147
Technology
Hardware,
Storage
&
Peripherals
.
7,596,324
2,191,113
—
9,787,437
Textiles,
Apparel
&
Luxury
Goods
..........
1,505,310
2,624,173
—
4,129,483
Tobacco
.............................
76,030
803,727
—
879,757
Trading
Companies
&
Distributors
..........
1,937,959
1,641,140
—
3,579,099
Transportation
Infrastructure
..............
—
83,308
—
83,308
Water
Utilities
.........................
183,682
—
—
183,682
Management
Investment
Companies
.........
10,799,624
—
—
10,799,624
Preferred
Stocks
.........................
—
660,402
—
660,402
Rights
.................................
—
—
—
a
—
Limited
Partnerships
......................
1,890,689
—
—
1,890,689
Corporate
Bonds
........................
—
64,205,126
—
64,205,126
Foreign
Government
and
Agency
Securities
....
—
5,841,965
—
5,841,965
U.S.
Government
and
Agency
Securities
.......
—
102,207,084
—
102,207,084
Asset-Backed
Securities
...................
—
4,617,973
—
4,617,973
Commercial
Mortgage-Backed
Securities
......
—
3,755,401
—
3,755,401
Mortgage-Backed
Securities
................
—
30,638,549
—
30,638,549
Municipal
Bonds
.........................
—
1,129,364
—
1,129,364
Residential
Mortgage-Backed
Securities
.......
—
1,363,694
—
1,363,694
Options
purchased
.......................
1,328
—
—
1,328
Short
Term
Investments
...................
15,153,383
316,563
—
15,469,946
Total
Investments
in
Securities
...........
$275,326,966
$305,291,211
b
$—
$580,618,177
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$36,374
$—
$36,374
Futures
contracts
........................
304,520
—
—
304,520
Swap
contracts
.........................
—
153,507
—
153,507
Total
Other
Financial
Instruments
.........
$304,520
$189,881
$—
$494,401
Liabilities:
Other
Financial
Instruments:
TBA
Sales
Commitments
..................
$
—
$
82,669
$
—
$
82,669
Forward
exchange
contracts
................
—
220,279
—
220,279
Futures
contracts
........................
109,456
—
—
109,456
Options
written
..........................
1,250
—
—
1,250
Swap
contracts
..........................
—
82
—
82
Total
Other
Financial
Instruments
.........
$110,706
$303,030
$—
$413,736
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,927,028
—
—
1,927,028
Automobile
Components
.................
19,322
—
—
19,322
7. 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
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Automobiles
..........................
$
2,451,567
$
—
$
—
$
2,451,567
Biotechnology
.........................
534,294
485,328
—
1,019,622
Broadline
Retail
.......................
14,573,809
—
—
14,573,809
Capital
Markets
........................
3,017,567
—
—
3,017,567
Communications
Equipment
..............
301,869
—
—
301,869
Construction
&
Engineering
...............
1,349,921
—
—
1,349,921
Diversified
Consumer
Services
............
296,680
—
—
296,680
Electronic
Equipment,
Instruments
&
Components
..........................
395,189
636,460
—
1,031,649
Energy
Equipment
&
Services
.............
1,081,922
—
—
1,081,922
Entertainment
.........................
—
130,564
—
130,564
Financial
Services
......................
7,607,729
—
—
7,607,729
Ground
Transportation
..................
1,870,934
—
—
1,870,934
Health
Care
Equipment
&
Supplies
.........
5,983,328
—
—
5,983,328
Health
Care
Providers
&
Services
..........
1,104,646
—
—
1,104,646
Health
Care
Technology
.................
315,330
49,364
—
364,694
Hotels,
Restaurants
&
Leisure
.............
1,542,392
—
—
1,542,392
Interactive
Media
&
Services
..............
13,544,037
—
—
13,544,037
IT
Services
...........................
5,247,458
—
—
5,247,458
Life
Sciences
Tools
&
Services
............
5,456,132
—
—
5,456,132
Pharmaceuticals
.......................
3,934,498
—
—
3,934,498
Professional
Services
...................
91,699
—
—
91,699
Semiconductors
&
Semiconductor
Equipment
.
41,261,462
1,045,944
—
42,307,406
Software
.............................
50,551,436
—
—
50,551,436
Technology
Hardware,
Storage
&
Peripherals
.
2,675,431
—
—
2,675,431
Trading
Companies
&
Distributors
..........
185,676
—
—
185,676
Warrants
...............................
—
—
—
a
—
Short
Term
Investments
...................
26,914
—
—
26,914
Total
Investments
in
Securities
...........
$167,348,270
$2,347,660
c
$—
$169,695,930
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
REITs
......................
375,156
1,725,800
—
2,100,956
Diversified
Telecommunication
Services
.....
—
548,707
—
548,707
Health
Care
Providers
&
Services
..........
1,117,925
—
—
1,117,925
Health
Care
REITs
.....................
7,153,931
—
—
7,153,931
Hotel
&
Resort
REITs
...................
2,901,315
908,153
—
3,809,468
Industrial
REITs
.......................
12,026,822
7,078,040
—
19,104,862
Office
REITs
..........................
2,347,449
3,627,622
—
5,975,071
Real
Estate
Management
&
Development
....
834,871
14,548,497
—
15,383,368
Residential
REITs
......................
15,052,861
1,489,709
—
16,542,570
Retail
REITs
..........................
11,791,139
5,645,998
—
17,437,137
Specialized
REITs
......................
15,283,515
1,548,568
—
16,832,083
Short
Term
Investments
...................
—
157,540
—
157,540
Total
Investments
in
Securities
...........
$68,884,984
$37,278,634
d
$—
$106,163,618
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,058,865
—
—
1,058,865
Air
Freight
&
Logistics
...................
801,116
—
—
801,116
7. 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
Franklin
Growth
and
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Banks
...............................
$
3,801,190
$
—
$
—
$
3,801,190
Beverages
...........................
1,499,492
—
—
1,499,492
Capital
Markets
........................
4,311,447
—
—
4,311,447
Chemicals
...........................
602,269
349,133
—
951,402
Commercial
Services
&
Supplies
...........
118,693
—
—
118,693
Communications
Equipment
..............
835,493
—
—
835,493
Consumer
Finance
.....................
405,288
—
—
405,288
Consumer
Staples
Distribution
&
Retail
......
1,077,954
—
—
1,077,954
Electric
Utilities
........................
2,092,014
—
—
2,092,014
Electrical
Equipment
....................
1,222,005
—
—
1,222,005
Electronic
Equipment,
Instruments
&
Components
..........................
663,021
—
—
663,021
Financial
Services
......................
445,864
—
—
445,864
Food
Products
........................
443,800
—
—
443,800
Ground
Transportation
..................
411,105
—
—
411,105
Health
Care
Equipment
&
Supplies
.........
1,939,176
—
—
1,939,176
Health
Care
Providers
&
Services
..........
1,982,524
—
—
1,982,524
Health
Care
REITs
.....................
618,569
—
—
618,569
Hotels,
Restaurants
&
Leisure
.............
570,949
—
—
570,949
Household
Products
....................
1,293,133
—
—
1,293,133
Industrial
REITs
.......................
430,638
—
—
430,638
Insurance
............................
107,517
—
—
107,517
Interactive
Media
&
Services
..............
351,667
—
—
351,667
Life
Sciences
Tools
&
Services
............
1,064,194
—
—
1,064,194
Machinery
............................
691,946
—
—
691,946
Media
...............................
612,319
—
—
612,319
Oil,
Gas
&
Consumable
Fuels
.............
5,011,598
—
—
5,011,598
Pharmaceuticals
.......................
3,011,308
—
—
3,011,308
Residential
REITs
......................
613,163
—
—
613,163
Semiconductors
&
Semiconductor
Equipment
.
2,002,380
—
—
2,002,380
Software
.............................
1,218,417
—
—
1,218,417
Specialty
Retail
........................
1,038,243
—
—
1,038,243
Trading
Companies
&
Distributors
..........
360,555
—
—
360,555
Equity-Linked
Securities
...................
—
4,236,279
—
4,236,279
Convertible
Preferred
Stocks
................
1,247,655
—
—
1,247,655
Short
Term
Investments
...................
556,000
1,796,978
—
2,352,978
Total
Investments
in
Securities
...........
$44,511,567
$6,382,390
e
$—
$50,893,957
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
878,306,950
—
—
878,306,950
Equity-Linked
Securities
...................
—
300,577,888
—
300,577,888
Convertible
Preferred
Stocks
................
19,246,250
—
—
19,246,250
Corporate
Bonds
........................
—
1,566,340,848
—
1,566,340,848
U.S.
Government
and
Agency
Securities
.......
—
331,676,360
—
331,676,360
Asset-Backed
Securities
...................
—
12,406,132
—
12,406,132
Mortgage-Backed
Securities
................
—
1,332,856
—
1,332,856
Short
Term
Investments
...................
49,602,383
—
—
49,602,383
Total
Investments
in
Securities
...........
$947,155,583
$2,212,334,084
$—
$3,159,489,667
Other
Financial
Instruments:
Futures
contracts
........................
$1,368,742
$—
$—
$1,368,742
Total
Other
Financial
Instruments
.........
$1,368,742
$—
$—
$1,368,742
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
 $102,321,059
 $—
 $—
 $102,321,059
Short
Term
Investments
...................
—
1,765,509
—
1,765,509
Total
Investments
in
Securities
...........
$102,321,059
$1,765,509
$—
$104,086,568
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
7,283,701
—
7,283,701
Air
Freight
&
Logistics
...................
9,077,875
—
—
9,077,875
Automobile
Components
.................
—
7,892,056
—
7,892,056
Automobiles
..........................
9,278,565
—
—
9,278,565
Banks
...............................
12,927,345
17,425,436
—
30,352,781
Building
Products
......................
9,168,903
—
—
9,168,903
Capital
Markets
........................
7,517,473
—
—
7,517,473
Chemicals
...........................
—
7,074,510
—
7,074,510
Consumer
Finance
.....................
7,920,352
—
—
7,920,352
Consumer
Staples
Distribution
&
Retail
......
—
9,167,904
—
9,167,904
Diversified
Telecommunication
Services
.....
—
9,574,490
—
9,574,490
Electrical
Equipment
....................
—
7,613,978
—
7,613,978
Energy
Equipment
&
Services
.............
8,632,959
—
—
8,632,959
Entertainment
.........................
9,103,339
—
—
9,103,339
Financial
Services
......................
25,052,346
—
—
25,052,346
Food
Products
........................
8,436,152
6,912,734
—
15,348,886
Health
Care
Equipment
&
Supplies
.........
9,801,760
—
—
9,801,760
Health
Care
Providers
&
Services
..........
26,423,304
6,098,397
—
32,521,701
Household
Durables
....................
6,580,684
—
—
6,580,684
Household
Products
....................
—
6,790,245
—
6,790,245
Industrial
Conglomerates
................
—
7,663,167
—
7,663,167
Insurance
............................
9,486,735
13,085,555
—
22,572,290
Interactive
Media
&
Services
..............
—
7,114,214
—
7,114,214
IT
Services
...........................
—
6,031,845
—
6,031,845
Media
...............................
8,087,070
—
—
8,087,070
Metals
&
Mining
.......................
—
6,435,848
—
6,435,848
Oil,
Gas
&
Consumable
Fuels
.............
10,162,026
20,077,895
—
30,239,921
Personal
Care
Products
.................
7,273,459
8,036,034
—
15,309,493
Pharmaceuticals
.......................
16,103,657
15,838,290
—
31,941,947
Real
Estate
Management
&
Development
....
7,851,936
—
—
7,851,936
Semiconductors
&
Semiconductor
Equipment
.
—
5,986,188
—
5,986,188
Technology
Hardware,
Storage
&
Peripherals
.
—
8,671,276
—
8,671,276
Textiles,
Apparel
&
Luxury
Goods
..........
3,226,855
7,022,174
—
10,249,029
Tobacco
.............................
—
7,494,275
—
7,494,275
Trading
Companies
&
Distributors
..........
15,172,917
—
—
15,172,917
Corporate
Bonds
........................
—
4,021,075
—
4,021,075
Senior
Floating
Rate
Interests
...............
—
8,408,667
—
8,408,667
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
9,384,609
—
9,384,609
Total
Investments
in
Securities
...........
$227,285,712
$221,104,563
g
$—
$448,390,275
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$624,009
$—
$624,009
Futures
contracts
........................
145,148
—
—
145,148
Total
Other
Financial
Instruments
.........
$145,148
$624,009
$—
$769,157
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
5,304
$
—
$
5,304
Total
Other
Financial
Instruments
.........
$—
$5,304
$—
$5,304
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
47,949,524
—
—
47,949,524
Automobiles
..........................
50,179,503
—
—
50,179,503
Banks
...............................
161,520,690
—
—
161,520,690
Building
Products
......................
50,405,550
—
—
50,405,550
Capital
Markets
........................
36,208,425
—
—
36,208,425
Construction
&
Engineering
...............
37,171,356
—
—
37,171,356
Consumer
Finance
.....................
44,292,095
—
—
44,292,095
Containers
&
Packaging
.................
36,636,736
—
—
36,636,736
Diversified
Telecommunication
Services
.....
—
—
8,032,319
8,032,319
Electric
Utilities
........................
26,168,201
—
—
26,168,201
Electronic
Equipment,
Instruments
&
Components
..........................
29,517,166
—
—
29,517,166
Energy
Equipment
&
Services
.............
43,400,531
—
—
43,400,531
Entertainment
.........................
51,540,112
—
—
51,540,112
Financial
Services
......................
134,775,180
—
—
134,775,180
Food
Products
........................
51,264,617
—
—
51,264,617
Health
Care
Equipment
&
Supplies
.........
90,555,875
—
—
90,555,875
Health
Care
Providers
&
Services
..........
126,526,181
—
—
126,526,181
Household
Durables
....................
40,623,940
—
—
40,623,940
Insurance
............................
80,015,185
—
—
80,015,185
Machinery
............................
63,692,942
—
—
63,692,942
Media
...............................
69,178,767
—
—
69,178,767
Metals
&
Mining
.......................
17,186,649
25,530,280
—
42,716,929
Oil,
Gas
&
Consumable
Fuels
.............
109,658,697
41,687,876
—
151,346,573
Personal
Care
Products
.................
40,204,366
—
—
40,204,366
Pharmaceuticals
.......................
93,628,470
47,705,098
—
141,333,568
Professional
Services
...................
69,768,101
—
—
69,768,101
Real
Estate
Management
&
Development
....
44,157,559
—
—
44,157,559
Retail
REITs
..........................
47,385,861
—
—
47,385,861
Software
.............................
72,668,446
—
—
72,668,446
Specialized
REITs
......................
21,935,256
—
—
21,935,256
Textiles,
Apparel
&
Luxury
Goods
..........
31,802,816
—
—
31,802,816
Tobacco
.............................
—
37,168,890
—
37,168,890
Trading
Companies
&
Distributors
..........
76,132,906
—
—
76,132,906
Wireless
Telecommunication
Services
.......
26,940,114
—
—
26,940,114
Corporate
Bonds
........................
—
19,082,695
—
19,082,695
Senior
Floating
Rate
Interests
...............
—
57,066,317
—
57,066,317
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
25,685,237
—
25,685,237
Total
Investments
in
Securities
...........
$1,923,091,817
$253,926,393
h
$8,032,319
$2,185,050,529
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$13,516
$—
$13,516
Futures
contracts
........................
165,623
—
—
165,623
Total
Other
Financial
Instruments
.........
$165,623
$13,516
$—
$179,139
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
$
1,496,331,415
$
—
$
—
$
1,496,331,415
Short
Term
Investments
...................
40,611,077
—
—
40,611,077
Total
Investments
in
Securities
...........
$1,536,942,492
$—
$—
$1,536,942,492
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
57,788,528
—
57,788,528
Automobile
Components
.................
18,522,787
—
—
18,522,787
Banks
...............................
173,277,490
—
—
173,277,490
Building
Products
......................
32,182,833
—
—
32,182,833
Capital
Markets
........................
15,299,263
—
—
15,299,263
Chemicals
...........................
63,002,725
19,077,424
—
82,080,149
Commercial
Services
&
Supplies
...........
26,564,546
—
—
26,564,546
Communications
Equipment
..............
18,754,314
—
—
18,754,314
Construction
&
Engineering
...............
39,700,534
—
—
39,700,534
Consumer
Finance
.....................
4,569,348
—
—
4,569,348
Diversified
REITs
......................
10,851,754
—
—
10,851,754
Electric
Utilities
........................
11,140,762
—
—
11,140,762
Electrical
Equipment
....................
29,364,405
—
—
29,364,405
Electronic
Equipment,
Instruments
&
Components
..........................
56,508,977
—
—
56,508,977
Energy
Equipment
&
Services
.............
5,770,052
—
—
5,770,052
Food
Products
........................
31,199,685
—
—
31,199,685
Health
Care
Equipment
&
Supplies
.........
39,307,258
—
—
39,307,258
Hotel
&
Resort
REITs
...................
12,110,071
—
—
12,110,071
Hotels,
Restaurants
&
Leisure
.............
58,999,898
—
—
58,999,898
Household
Durables
....................
21,986,748
—
—
21,986,748
Industrial
REITs
.......................
1,066,057
—
—
1,066,057
Insurance
............................
69,787,206
—
—
69,787,206
Leisure
Products
.......................
28,890,271
—
—
28,890,271
Machinery
............................
59,201,790
—
—
59,201,790
Metals
&
Mining
.......................
15,519,220
—
—
15,519,220
Multi-Utilities
..........................
3,350,529
—
—
3,350,529
Office
REITs
..........................
3,071,464
—
—
3,071,464
Oil,
Gas
&
Consumable
Fuels
.............
59,860,209
—
—
59,860,209
Paper
&
Forest
Products
.................
16,913,571
—
—
16,913,571
Professional
Services
...................
14,452,913
—
—
14,452,913
Real
Estate
Management
&
Development
....
4,883,333
—
—
4,883,333
Retail
REITs
..........................
1,080,748
—
—
1,080,748
Semiconductors
&
Semiconductor
Equipment
.
14,412,625
—
—
14,412,625
Software
.............................
40,121,200
—
—
40,121,200
Specialty
Retail
........................
1,808,612
—
—
1,808,612
Textiles,
Apparel
&
Luxury
Goods
..........
3,482,769
6,656,799
—
10,139,568
Trading
Companies
&
Distributors
..........
36,148,261
—
—
36,148,261
Short
Term
Investments
...................
12,137,145
—
—
12,137,145
Total
Investments
in
Securities
...........
$1,055,301,373
$83,522,751
i
$—
$1,138,824,124
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
14,844,112
—
—
14,844,112
Automobile
Components
.................
2,343,735
—
—
2,343,735
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
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:
Beverages
...........................
$
3,822,612
$
—
$
—
$
3,822,612
Biotechnology
.........................
9,181,673
—
—
9,181,673
Building
Products
......................
10,446,960
—
—
10,446,960
Capital
Markets
........................
34,509,481
—
—
34,509,481
Commercial
Services
&
Supplies
...........
4,709,424
—
—
4,709,424
Containers
&
Packaging
.................
4,732,900
—
—
4,732,900
Electrical
Equipment
....................
7,516,485
—
—
7,516,485
Electronic
Equipment,
Instruments
&
Components
..........................
6,205,830
—
—
6,205,830
Energy
Equipment
&
Services
.............
3,118,122
—
—
3,118,122
Entertainment
.........................
5,650,640
—
—
5,650,640
Financial
Services
......................
7,053,972
—
—
7,053,972
Food
Products
........................
8,745,219
—
—
8,745,219
Ground
Transportation
..................
6,381,921
—
—
6,381,921
Health
Care
Equipment
&
Supplies
.........
23,323,686
—
—
23,323,686
Health
Care
Providers
&
Services
..........
2,971,332
—
—
2,971,332
Health
Care
Technology
.................
8,544,534
—
—
8,544,534
Hotels,
Restaurants
&
Leisure
.............
29,239,926
—
—
29,239,926
Household
Durables
....................
3,094,185
—
—
3,094,185
Industrial
REITs
.......................
3,794,760
—
—
3,794,760
Insurance
............................
5,075,812
—
—
5,075,812
Interactive
Media
&
Services
..............
9,955,363
—
—
9,955,363
IT
Services
...........................
23,100,611
—
—
23,100,611
Leisure
Products
.......................
—
—
7,281,145
7,281,145
Life
Sciences
Tools
&
Services
............
28,777,045
—
—
28,777,045
Machinery
............................
9,345,777
—
—
9,345,777
Media
...............................
3,289,042
—
—
3,289,042
Oil,
Gas
&
Consumable
Fuels
.............
10,577,652
—
—
10,577,652
Passenger
Airlines
.....................
3,834,387
—
—
3,834,387
Personal
Care
Products
.................
4,654,517
—
—
4,654,517
Pharmaceuticals
.......................
3,299,508
—
—
3,299,508
Professional
Services
...................
21,640,798
—
—
21,640,798
Residential
REITs
......................
3,310,160
—
—
3,310,160
Semiconductors
&
Semiconductor
Equipment
.
17,758,474
—
—
17,758,474
Software
.............................
54,358,849
—
—
54,358,849
Specialized
REITs
......................
3,349,532
—
—
3,349,532
Specialty
Retail
........................
23,057,408
—
—
23,057,408
Textiles,
Apparel
&
Luxury
Goods
..........
2,812,680
—
—
2,812,680
Trading
Companies
&
Distributors
..........
8,369,690
—
—
8,369,690
Convertible
Preferred
Stocks
................
—
—
5,798,756
5,798,756
Warrants
...............................
—
—
1,418
a
1,418
Convertible
Bonds
.......................
—
—
195,400
195,400
Corporate
Bonds
........................
—
—
64,375
64,375
Short
Term
Investments
...................
13,142,580
—
—
13,142,580
Total
Investments
in
Securities
...........
$449,941,394
$—
$13,341,094
$463,282,488
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Hotels,
Restaurants
&
Leisure
.............
—
866
—
866
Machinery
............................
—
94,439
—
94,439
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
2,849
$
39,556
$
377,519
$
419,924
Preferred
Stocks
.........................
—
169
—
169
Warrants
...............................
—
—
38
38
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,294,190
—
1,294,190
Air
Freight
&
Logistics
...................
—
814,184
—
814,184
Automobile
Components
.................
—
3,174,670
—
3,174,670
Automobiles
..........................
—
921,306
—
921,306
Banks
...............................
—
18,395,454
—
18,395,454
Beverages
...........................
—
920,536
—
920,536
Biotechnology
.........................
—
1,080,319
—
1,080,319
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
2,672,677
—
2,672,677
Capital
Markets
........................
—
7,106,004
—
7,106,004
Chemicals
...........................
—
5,253,897
—
5,253,897
Commercial
Services
&
Supplies
...........
—
2,921,885
—
2,921,885
Construction
&
Engineering
...............
—
738,022
—
738,022
Construction
Materials
..................
—
733,535
—
733,535
Consumer
Finance
.....................
—
1,911,801
—
1,911,801
Consumer
Staples
Distribution
&
Retail
......
—
1,382,285
—
1,382,285
Containers
&
Packaging
.................
—
4,282,555
—
4,282,555
Distributors
...........................
—
518,507
—
518,507
Diversified
Consumer
Services
............
—
1,139,523
—
1,139,523
Diversified
REITs
......................
—
1,495,399
—
1,495,399
Diversified
Telecommunication
Services
.....
—
3,231,272
—
3,231,272
Electric
Utilities
........................
—
6,142,977
—
6,142,977
Electrical
Equipment
....................
—
1,028,272
—
1,028,272
Electronic
Equipment,
Instruments
&
Components
..........................
—
1,594,614
—
1,594,614
Energy
Equipment
&
Services
.............
—
611,552
—
611,552
Entertainment
.........................
—
654,710
—
654,710
Financial
Services
......................
—
2,934,292
—
2,934,292
Food
Products
........................
—
2,879,533
—
2,879,533
Gas
Utilities
..........................
—
203,667
—
203,667
Ground
Transportation
..................
—
2,442,082
—
2,442,082
Health
Care
Equipment
&
Supplies
.........
—
2,418,230
—
2,418,230
Health
Care
Providers
&
Services
..........
—
6,876,688
—
6,876,688
Health
Care
REITs
.....................
—
541,664
—
541,664
Health
Care
Technology
.................
—
817,412
—
817,412
Hotel
&
Resort
REITs
...................
—
1,073,429
—
1,073,429
Hotels,
Restaurants
&
Leisure
.............
—
4,775,671
—
4,775,671
Household
Durables
....................
—
1,442,004
—
1,442,004
Household
Products
....................
—
826,827
—
826,827
Independent
Power
and
Renewable
Electricity
Producers
............................
—
4,240,212
—
4,240,212
Insurance
............................
—
5,678,790
—
5,678,790
Interactive
Media
&
Services
..............
—
769,437
—
769,437
IT
Services
...........................
—
4,141,846
—
4,141,846
Life
Sciences
Tools
&
Services
............
—
620,120
—
620,120
Machinery
............................
—
1,780,095
—
1,780,095
Media
...............................
—
5,727,822
—
5,727,822
Metals
&
Mining
.......................
—
2,731,845
—
2,731,845
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..............................
—
1,000,922
—
1,000,922
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
167
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Multi-Utilities
..........................
$
—
$
1,680,627
$
—
$
1,680,627
Office
REITs
..........................
—
245,469
—
245,469
Oil,
Gas
&
Consumable
Fuels
.............
—
18,319,016
—
18,319,016
Paper
&
Forest
Products
.................
—
951,796
—
951,796
Passenger
Airlines
.....................
—
1,661,386
—
1,661,386
Personal
Care
Products
.................
—
2,898,054
—
2,898,054
Pharmaceuticals
.......................
—
3,335,458
—
3,335,458
Real
Estate
Management
&
Development
....
—
399,856
—
399,856
Residential
REITs
......................
—
430,158
—
430,158
Software
.............................
—
734,513
—
734,513
Specialized
REITs
......................
—
918,136
—
918,136
Specialty
Retail
........................
—
192,196
—
192,196
Technology
Hardware,
Storage
&
Peripherals
.
—
1,072,593
—
1,072,593
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,908,765
—
1,908,765
Tobacco
.............................
—
2,192,182
—
2,192,182
Trading
Companies
&
Distributors
..........
—
2,614,324
—
2,614,324
Transportation
Infrastructure
..............
—
118,359
—
118,359
Wireless
Telecommunication
Services
.......
—
1,573,871
—
1,573,871
Senior
Floating
Rate
Interests
...............
—
7,491,557
—
7,491,557
Marketplace
Loans
.......................
—
—
2,993,854
2,993,854
Foreign
Government
and
Agency
Securities
....
—
5,878,217
—
5,878,217
U.S.
Government
and
Agency
Securities
.......
—
56,567,101
—
56,567,101
Asset-Backed
Securities
...................
—
12,183,544
—
12,183,544
Commercial
Mortgage-Backed
Securities
......
—
1,478,980
—
1,478,980
Mortgage-Backed
Securities
................
—
35,759,331
—
35,759,331
Residential
Mortgage-Backed
Securities
.......
—
7,758,758
—
7,758,758
Escrows
and
Litigation
Trusts
...............
—
14,580
—
a
14,580
Short
Term
Investments
...................
5,732,978
—
—
5,732,978
Total
Investments
in
Securities
...........
$5,735,827
$292,456,591
$3,371,411
$301,563,829
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$15,288
$—
$15,288
Futures
contracts
........................
76,844
—
—
76,844
Swap
contracts
.........................
—
781,732
—
781,732
Unfunded
Loan
Commitments
..............
—
3
—
3
Total
Other
Financial
Instruments
.........
$76,844
$797,023
$—
$873,867
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
119,597
$
—
$
119,597
Futures
contracts
........................
62,143
—
—
62,143
Total
Other
Financial
Instruments
.........
$62,143
$119,597
$—
$181,740
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
f
Corporate
Bonds
........................
—
5,161,391
—
5,161,391
Foreign
Government
and
Agency
Securities
....
—
10,485,237
—
10,485,237
U.S.
Government
and
Agency
Securities
.......
—
82,414,103
—
82,414,103
Mortgage-Backed
Securities
................
—
417,915,892
—
417,915,892
Short
Term
Investments
...................
—
29,138,187
—
29,138,187
Total
Investments
in
Securities
...........
$—
$545,114,810
$—
$545,114,810
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
168
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
.........................
$
111,377,868
$
—
$
—
$
111,377,868
Investments
in
Underlying
Funds
and
Exchange
Traded
Funds
...........................
47,307,612
—
—
47,307,612
Short
Term
Investments
...................
3,682,837
—
—
3,682,837
Total
Investments
in
Securities
...........
$162,368,317
$—
$—
$162,368,317
Liabilities:
Other
Financial
Instruments:
Swap
contracts
..........................
$—
$930
$—
$930
Total
Other
Financial
Instruments
.........
$—
$930
$—
$930
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
5,652,115
$
—
$
—
$
5,652,115
Cambodia
............................
—
476,521
—
476,521
Chile
................................
2,247,512
—
—
2,247,512
China
...............................
6,823,055
50,859,874
—
57,682,929
Hong
Kong
...........................
—
5,063,224
—
5,063,224
Hungary
.............................
2,761,674
—
—
2,761,674
India
................................
—
31,617,993
—
31,617,993
Indonesia
............................
—
1,328,663
—
1,328,663
Italy
.................................
—
1,135,124
—
1,135,124
Mexico
..............................
—
5,976,341
—
5,976,341
Peru
................................
1,052,354
—
—
1,052,354
Philippines
............................
1,177,533
—
—
1,177,533
Russia
...............................
—
—
—
j
—
South
Africa
...........................
867,920
1,704,458
—
2,572,378
South
Korea
..........................
—
53,381,611
—
53,381,611
Taiwan
...............................
—
45,595,004
—
45,595,004
Thailand
.............................
—
6,213,194
—
6,213,194
United
Arab
Emirates
....................
1,117,041
—
—
1,117,041
United
Kingdom
........................
—
2,288,470
—
2,288,470
United
States
..........................
7,992,609
—
—
7,992,609
Preferred
Stocks
........................
17,451,376
—
—
17,451,376
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
9,845,646
—
—
9,845,646
Total
Investments
in
Securities
...........
$56,988,835
$205,640,477
k
$—
$262,629,312
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
35,397,916
$
—
$
35,397,916
Automobile
Components
.................
—
42,899,302
—
42,899,302
Automobiles
..........................
—
19,030,718
—
19,030,718
Banks
...............................
17,104,630
137,490,044
—
154,594,674
Broadline
Retail
.......................
—
40,079,449
—
40,079,449
Chemicals
...........................
13,344,867
29,712,409
—
43,057,276
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
169
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Commercial
Services
&
Supplies
...........
$
—
$
18,599,292
$
—
$
18,599,292
Construction
Materials
..................
—
26,146,843
—
26,146,843
Containers
&
Packaging
.................
—
26,870,302
—
26,870,302
Electric
Utilities
........................
—
17,802,351
—
17,802,351
Energy
Equipment
&
Services
.............
—
20,711,823
—
20,711,823
Household
Durables
....................
—
34,582,611
—
34,582,611
Insurance
............................
—
26,554,710
—
26,554,710
Machinery
............................
19,381,939
—
—
19,381,939
Media
...............................
—
10,360,079
—
10,360,079
Metals
&
Mining
.......................
10,527,742
31,165,103
—
41,692,845
Oil,
Gas
&
Consumable
Fuels
.............
—
92,869,864
—
92,869,864
Pharmaceuticals
.......................
—
20,413,271
—
20,413,271
Professional
Services
...................
—
14,393,645
—
14,393,645
Semiconductors
&
Semiconductor
Equipment
.
16,534,188
63,426,694
—
79,960,882
Specialty
Retail
........................
—
7,468,750
—
7,468,750
Technology
Hardware,
Storage
&
Peripherals
.
—
49,493,281
—
49,493,281
Textiles,
Apparel
&
Luxury
Goods
..........
—
13,814,750
—
13,814,750
Convertible
Preferred
Stocks
................
5,900,000
—
—
5,900,000
Short
Term
Investments
...................
32,125,115
—
—
32,125,115
Total
Investments
in
Securities
...........
$114,918,481
$779,283,207
l
$—
$894,201,688
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
—
$
1,140,947,927
$
—
$
1,140,947,927
U.S.
Government
and
Agency
Securities
.......
—
211,734,148
—
211,734,148
Options
purchased
.......................
—
5,584,276
—
5,584,276
Short
Term
Investments
...................
135,724,075
5,337,118
—
141,061,193
Total
Investments
in
Securities
...........
$135,724,075
$1,363,603,469
$—
$1,499,327,544
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$9,770,469
$—
$9,770,469
Swap
contracts
.........................
—
—
—
—
Total
Other
Financial
Instruments
.........
$—
$9,770,469
$—
$9,770,469
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$—
$2,977,245
$—
$2,977,245
Forward
exchange
contracts
................
—
28,951,705
—
28,951,705
Swap
contracts
..........................
—
6,096,567
—
6,096,567
Total
Other
Financial
Instruments
.........
$—
$38,025,517
$—
$38,025,517
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
39,531,415
$
—
$
39,531,415
Automobile
Components
.................
5,803,893
10,246,015
—
16,049,908
Automobiles
..........................
—
5,452,577
—
5,452,577
Banks
...............................
17,503,385
6,337,613
—
23,840,998
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
170
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Beverages
...........................
$
—
$
9,203,723
$
—
$
9,203,723
Broadline
Retail
.......................
9,315,545
—
—
9,315,545
Capital
Markets
........................
4,588,101
—
—
4,588,101
Chemicals
...........................
7,481,910
—
—
7,481,910
Consumer
Staples
Distribution
&
Retail
......
12,773,120
—
—
12,773,120
Electric
Utilities
........................
—
1,723,192
—
1,723,192
Electrical
Equipment
....................
—
1,512,381
—
1,512,381
Entertainment
.........................
11,164,861
—
—
11,164,861
Financial
Services
......................
4,841,759
—
—
4,841,759
Food
Products
........................
—
8,836,993
—
8,836,993
Ground
Transportation
..................
9,899,912
—
—
9,899,912
Health
Care
Equipment
&
Supplies
.........
9,447,496
—
—
9,447,496
Health
Care
Providers
&
Services
..........
14,134,809
—
—
14,134,809
Hotels,
Restaurants
&
Leisure
.............
11,018,109
—
—
11,018,109
Household
Durables
....................
—
11,015,834
—
11,015,834
Industrial
Conglomerates
................
4,040,346
4,193,446
—
8,233,792
Interactive
Media
&
Services
..............
13,893,257
—
—
13,893,257
Leisure
Products
.......................
3,517,726
—
—
3,517,726
Life
Sciences
Tools
&
Services
............
10,425,227
—
—
10,425,227
Machinery
............................
8,043,131
4,745,281
—
12,788,412
Media
...............................
9,222,409
—
—
9,222,409
Oil,
Gas
&
Consumable
Fuels
.............
—
21,963,668
—
21,963,668
Personal
Care
Products
.................
—
8,747,442
—
8,747,442
Professional
Services
...................
—
3,097,149
—
3,097,149
Semiconductors
&
Semiconductor
Equipment
.
19,493,782
6,636,894
—
26,130,676
Software
.............................
8,647,058
5,288,323
—
13,935,381
Specialty
Retail
........................
9,755,590
5,933,479
—
15,689,069
Technology
Hardware,
Storage
&
Peripherals
.
—
11,949,081
—
11,949,081
Textiles,
Apparel
&
Luxury
Goods
..........
—
4,852,594
—
4,852,594
Short
Term
Investments
...................
—
16,396,036
—
16,396,036
Total
Investments
in
Securities
...........
$205,011,426
$187,663,136
m
$—
$392,674,562
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$91,215,492,
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.
c
Includes
foreign
securities
valued
at
$2,347,660,
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
$37,121,094,
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
$349,133,
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
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
g
Includes
foreign
securities
valued
at
$199,290,212,
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.
h
Includes
foreign
securities
valued
at
$152,092,144,
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
$83,522,751,
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
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at  March
31,
2024.
k
Includes
foreign
securities
valued
at
$205,640,477,
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.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
171
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,
2024,
the
reconciliations
are
as
follows:
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,
2024,
are
as
follows:
l
Includes
foreign
securities
valued
at
$779,283,207,
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
$171,267,100,
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
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
....
$
6,610,010
$
—
$
—
$
—
$
—
$
—
$
—
$
671,135
$
7,281,145
$
671,135
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
901,223
—
—
—
—
—
—
7,730
908,953
7,730
Software
..........
5,004,113
—
—
—
—
—
—
(114,310)
4,889,803
(114,310)
Warrants
:
Software
..........
1,418
c
—
—
c
—
—
—
—
—
1,418
c
—
Convertible
Bonds
:
Software
..........
195,400
—
—
—
—
—
—
—
195,400
—
Corporate
Bonds
:
Software
..........
64,375
—
—
—
—
—
—
—
64,375
—
Total
Investments
in
Securities
............
$12,776,539
$—
$—
$—
$—
$—
$—
$564,555
$13,341,094
$564,555
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Oil,
Gas
&
Consumable
Fuels
............
—
366,820
—
—
—
—
—
10,699
377,519
10,699
Warrants
:
Machinery
.........
—
132
—
—
—
—
—
(94)
38
(94)
Corporate
Bonds
:
Broadline
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Marketplace
Loans
:
Financial
Services
...
3,684,351
869
(622,499)
—
—
—
(29,134)
(39,733)
2,993,854
(98,423)
Escrows
and
Litigation
Trusts
:
—
c
—
c
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$3,684,351
$367,821
$(622,499)
$—
$—
$—
$(29,134)
$(29,128)
$3,371,411
$(87,818)
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
Includes
financial
instruments
determined
to
have
no
value.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
172
Quarterly
Schedules
of
Investments
Abbreviations
List
EV
-
Enterprise
value
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
...............
$7,281,145
Market
comparables
Discount
for
lack
of
marketability
14.5%
Decrease
EV
/
revenue
multiple
5.4x
Increase
All
Other
Investments
.............
6,059,949
c,d
Total
..........................
$13,341,094
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
..............
$2,993,854
Discounted
cash
flow
Loss-adjusted
discount
rate
2.0%
-
19.6%
(8.2%)
Decrease
Projected
loss
rate
0.5%
-
30.9%
(18.8%)
Decrease
All
other
investments
.............
377,557
c,d
Total
..........................
$3,371,411
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
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
173
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
UBSW
UBS
AG
WFLA
Wells
Fargo
Bank
NA
Cu
r
rency
AED
Emirati
Dirham
AUD
Australian
Dollar
BRL
Brazilian
Real
CHF
Swiss
Franc
CNY
Chinese
Yuan
COP
Colombian
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
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
ETF
Exchange-Traded
Fund
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
IBOR
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
TBA
To-Be-Announced
TIPS
Treasury
Inflation
Protected
Securities
T-Note
Treasury
Note
VIX
Market
Volatility
Index
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
........................
5.34%
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.