NPORT-EX 2 FTVIP_11536.htm
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Allocation VIP Fund
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests 51.8%        
  Automobiles & Components 0.6%        
 
Aptiv PLC
United States        17,000       $837,080
 
Bayerische Motoren Werke AG
Germany        10,806       551,488
 
Cie Generale des Etablissements Michelin SCA
France         8,000       700,488
 
General Motors Co.
United States        18,814       390,955
 
Gentex Corp.
United States         8,426       186,720
 
Honda Motor Co. Ltd.
Japan        19,400       438,347
 
Isuzu Motors Ltd.
Japan 88,700   589,959
 
Lear Corp.
United States 1,868   151,775
 
Toyota Industries Corp.
Japan 8,600   414,226
          4,261,038
  Banks 1.2%        
 
Bank of Ireland Group PLC
Ireland 146,462   272,941
 
BNP Paribas SA
France 11,767   343,447
 
FinecoBank Banca Fineco SpA
Italy 170,000   1,529,088
 
Housing Development Finance Corp. Ltd.
India 24,746   536,311
 
ING Groep NV
Netherlands 94,033   481,703
 
Kasikornbank PCL, fgn.
Thailand 131,600   359,859
 
KB Financial Group Inc.
South Korea 47,540   1,347,256
 
KBC Groep NV
Belgium 21,000   952,620
 
Shinhan Financial Group Co. Ltd.
South Korea 19,989   468,921
 
Standard Chartered PLC
United Kingdom 181,172   1,001,098
 
Sumitomo Mitsui Financial Group Inc., ADR
Japan 167,800   803,762
          8,097,006
  Capital Goods 5.6%        
 
3M Co.
United States 8,752   1,194,736
 
Allegion PLC
United States 5,371   494,239
 
Allison Transmission Holdings Inc.
United States 2,215   72,231
 
AMETEK Inc.
United States 4,518   325,386
 
BAE Systems PLC
United Kingdom 102,340   657,166
 
The Boeing Co.
United States 4,954   738,840
 
BWX Technologies Inc.
United States 11,001   535,859
 
CAE Inc.
Canada 57,000   720,448
 
Carlisle Cos. Inc.
United States 3,100   388,368
 
Caterpillar Inc.
United States 3,746   434,686
 
CK Hutchison Holdings Ltd.
Hong Kong 192,500   1,298,620
 
Cummins Inc.
United States 4,550   615,706
 
Deere & Co.
United States 3,486   481,626
 
Donaldson Co. Inc.
United States 8,700   336,081
 
Dover Corp.
United States 9,600   805,824
 
Emerson Electric Co.
United States 25,292   1,205,164
 
Fastenal Co.
United States 30,553   954,781
 
Ferguson PLC
United Kingdom 18,500   1,143,256
 
Fortive Corp.
United States 3,517   194,103
 
General Dynamics Corp.
United States 12,887   1,705,079
 
Graco Inc.
United States 4,752   231,565
 
GrafTech International Ltd.
United States 844   6,853
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  1
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Capital Goods (continued)        
 
Honeywell International Inc.
United States        21,745     $2,909,264
 
Huntington Ingalls Industries Inc.
United States         1,176       214,279
 
Illinois Tool Works Inc.
United States        11,317     1,608,372
a
Ingersoll-Rand Inc.
United States         6,326       156,885
 
Johnson Controls International PLC
United States        24,100       649,736
 
Komatsu Ltd.
Japan        30,100       497,772
 
Lennox International Inc.
United States 502   91,259
 
Lockheed Martin Corp.
United States 7,031   2,383,157
 
Masco Corp.
United States 2,247   77,679
 
MSC Industrial Direct Co. Inc., A
United States 1,257   69,097
 
MTU Aero Engines AG
Germany 7,200   1,040,814
 
Northrop Grumman Corp.
United States 8,355   2,527,805
 
nVent Electric PLC
United States 15,900   268,233
 
PACCAR Inc.
United States 4,976   304,183
 
Pentair PLC
United States 14,400   428,544
 
Raytheon Co.
United States 15,542   2,038,333
 
Rockwell Automation Inc.
United States 3,621   546,445
 
Roper Technologies Inc.
United States 9,100   2,837,471
 
Siemens AG
Germany 6,186   517,844
 
Sinopec Engineering Group Co. Ltd.
China 843,500   354,693
 
Snap-on Inc.
United States 1,016   110,561
 
Stanley Black & Decker Inc.
United States 5,352   535,200
 
Toro Co.
United States 3,572   232,501
 
Trane Technologies PLC
United States 7,156   591,014
 
United Technologies Corp.
United States 15,275   1,440,891
 
W.W. Grainger Inc.
United States 3,289   817,316
a
WABCO Holdings Inc.
United States 844   113,982
 
Watsco Inc.
United States 809   127,846
          38,031,793
  Commercial & Professional Services 1.0%        
 
Cintas Corp.
United States 6,284   1,088,514
a
Copart Inc.
United States 6,003   411,326
 
Equifax Inc.
United States 3,590   428,826
 
Experian PLC
United Kingdom 54,000   1,499,886
a
IAA Inc.
United States 1,139   34,124
 
IHS Markit Ltd.
United States 23,409   1,404,540
 
KAR Auction Services Inc.
United States 1,042   12,504
 
Matthews International Corp., A
United States 7,500   181,425
 
Republic Services Inc.
United States 2,900   217,674
 
Robert Half International Inc.
United States 4,264   160,966
 
Rollins Inc.
United States 4,605   166,425
 
Verisk Analytics Inc.
United States 9,861   1,374,426
          6,980,636
  |  2
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Consumer Durables & Apparel 0.9%        
a
Capri Holdings Ltd.
United States         4,944        $53,346
 
Carter’s Inc.
United States         1,386        91,102
 
D.R. Horton Inc.
United States         2,668        90,712
 
Garmin Ltd.
United States         4,296       322,028
 
Hanesbrands Inc.
United States         5,102        40,153
 
Hasbro Inc.
United States         3,501       250,497
 
Leggett & Platt Inc.
United States 3,927   104,772
a
Lululemon Athletica Inc.
United States 3,432   650,536
 
NIKE Inc., B
United States 42,208   3,492,290
a
NVR Inc.
United States 112   287,740
 
PulteGroup Inc.
United States 3,970   88,610
 
Tapestry Inc.
United States 9,480   122,766
 
VF Corp.
United States 9,705   524,846
 
Whirlpool Corp.
United States 525   45,045
          6,164,443
  Consumer Services 1.0%        
 
Carnival Corp.
United States 11,718   154,326
 
Choice Hotels International Inc.
United States 1,034   63,332
 
Darden Restaurants Inc.
United States 4,295   233,906
 
Domino’s Pizza Inc.
United States 1,302   421,939
 
H&R Block Inc.
United States 7,332   103,235
 
Las Vegas Sands Corp.
United States 17,529   744,457
 
McDonald’s Corp.
United States 13,601   2,248,925
 
Six Flags Entertainment Corp.
United States 1,814   22,748
 
Starbucks Corp.
United States 10,065   661,673
a
TAL Education Group, ADR
China 28,500   1,517,910
 
Wyndham Destinations Inc.
United States 1,962   42,575
 
Yum! Brands Inc.
United States 11,125   762,396
          6,977,422
  Diversified Financials 1.6%        
 
American Express Co.
United States 3,990   341,584
a
Berkshire Hathaway Inc., B
United States 7,894   1,443,260
 
BlackRock Inc.
United States 1,465   644,556
 
The Charles Schwab Corp.
United States 19,631   659,994
 
Deutsche Boerse AG
Germany 12,000   1,648,159
 
FactSet Research Systems Inc.
United States 1,114   290,398
 
Flow Traders
Netherlands 25,638   771,572
 
Intercontinental Exchange Inc.
United States 9,155   739,266
 
Intermediate Capital Group PLC
United Kingdom 66,000   728,042
 
Invesco Ltd.
United States 7,131   64,749
 
Lazard Ltd., A
United States 3,513   82,766
 
MarketAxess Holdings Inc.
United States 1,105   367,490
 
MFA Financial Inc.
United States 4,330   6,712
 
Moody’s Corp.
United States 2,363   499,775
 
Morningstar Inc.
United States 545   63,356
 
MSCI Inc.
United States 2,378   687,147
  |  3
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Diversified Financials (continued)        
 
S&P Global Inc.
United States         2,099       $514,360
 
Santander Consumer USA Holdings Inc.
United States         3,125        43,469
 
SEI Investments Co.
United States         3,055       141,569
 
State Street Corp.
United States         2,600       138,502
 
T. Rowe Price Group Inc.
United States         7,739       755,713
          10,632,439
  Energy 1.2%        
 
BP PLC
United Kingdom 261,832   1,073,153
 
Cabot Oil & Gas Corp., A
United States 6,007   103,260
 
Chevron Corp.
United States 7,400   536,204
 
Cimarex Energy Co.
United States 1,926   32,414
 
ConocoPhillips
United States 15,805   486,794
 
Eni SpA
Italy 79,506   789,874
 
EOG Resources Inc.
United States 6,400   229,888
 
Equinor ASA
Norway 68,994   861,895
 
Exxon Mobil Corp.
United States 28,976   1,100,219
 
Galp Energia SGPS SA, B
Portugal 52,410   600,699
 
HollyFrontier Corp.
United States 2,216   54,314
 
Husky Energy Inc.
Canada 124,100   312,124
 
ONEOK Inc.
United States 3,393   74,001
 
Phillips 66
United States 10,544   565,686
 
SBM Offshore NV
Netherlands 59,580   787,461
 
Tenaris SA
Italy 3,853   23,238
 
Valero Energy Corp.
United States 12,245   555,433
          8,186,657
  Food & Staples Retailing 1.2%        
 
Casey’s General Stores Inc.
United States 947   125,468
 
Costco Wholesale Corp.
United States 4,887   1,393,430
 
The Kroger Co.
United States 14,920   449,390
 
Matsumotokiyoshi Holdings Co. Ltd.
Japan 20,700   756,437
 
Seven & I Holdings Co. Ltd., ADR
Japan 42,300   699,642
a
Sprouts Farmers Market Inc.
United States 2,539   47,200
 
Sundrug Co. Ltd.
Japan 22,700   730,318
 
Sysco Corp.
United States 15,175   692,435
 
Walgreens Boots Alliance Inc.
United States 17,826   815,540
 
Walmart Inc.
United States 20,975   2,383,179
          8,093,039
  Food, Beverage & Tobacco 2.5%        
 
Altria Group Inc.
United States 30,176   1,166,906
 
Brown-Forman Corp., A
United States 1,586   81,489
 
Brown-Forman Corp., B
United States 11,999   666,064
 
Bunge Ltd.
United States 9,300   381,579
 
The Coca-Cola Co.
United States 27,892   1,234,221
 
Constellation Brands Inc., A
United States 3,604   516,669
 
Flowers Foods Inc.
United States 5,437   111,567
  |  4
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Food, Beverage & Tobacco (continued)        
 
General Mills Inc.
United States        18,181       $959,411
 
The Hershey Co.
United States         5,251       695,758
 
Hormel Foods Corp.
United States         8,792       410,059
 
Imperial Brands PLC
United Kingdom        37,213       686,392
 
Ingredion Inc.
United States         1,870       141,185
 
The J. M. Smucker Co.
United States         2,302       255,522
 
Kellogg Co.
United States 4,386   263,116
 
Kirin Holdings Co. Ltd.
Japan 60,900   1,210,412
 
Lamb Weston Holdings Inc.
United States 3,532   201,677
 
McCormick & Co. Inc.
United States 6,300   889,623
 
Mondelez International Inc., A
United States 9,569   479,216
a
Monster Beverage Corp.
United States 26,924   1,514,744
 
PepsiCo Inc.
United States 24,088   2,892,969
 
Philip Morris International Inc.
United States 17,946   1,309,340
 
Suntory Beverage & Food Ltd.
Japan 8,200   311,470
 
Tyson Foods Inc.
United States 8,574   496,177
          16,875,566
  Health Care Equipment & Services 3.4%        
 
Abbott Laboratories
United States 22,660   1,788,100
 
Baxter International Inc.
United States 2,615   212,312
 
Becton, Dickinson and Co.
United States 9,143   2,100,787
 
Cerner Corp.
United States 7,697   484,834
 
Chemed Corp.
United States 371   160,717
 
Cochlear Ltd.
Australia 12,300   1,416,352
 
CVS Health Corp.
United States 7,400   439,042
 
Danaher Corp.
United States 7,187   994,753
 
Dentsply Sirona Inc.
United States 5,500   213,565
a
Edwards Lifesciences Corp.
United States 2,707   510,594
 
GN Store Nord AS
Denmark 30,000   1,329,898
a
Haemonetics Corp.
United States 6,424   640,216
 
HCA Healthcare Inc.
United States 5,464   490,940
a
IDEXX Laboratories Inc.
United States 645   156,245
a
Intuitive Surgical Inc.
United States 2,922   1,447,004
a
Laboratory Corp. of America Holdings
United States 3,510   443,629
a
LivaNova PLC
United Kingdom 25,000   1,131,250
 
Medtronic PLC
United States 18,700   1,686,366
a
Premier Inc., A
United States 636   20,810
 
Quest Diagnostics Inc.
United States 5,873   471,602
 
ResMed Inc.
United States 3,990   587,687
 
Sinopharm Group Co. Ltd., H
China 168,800   379,725
 
Stryker Corp.
United States 14,792   2,462,720
 
Teleflex Inc.
United States 3,484   1,020,324
 
UnitedHealth Group Inc.
United States 1,900   473,822
 
Universal Health Services Inc., B
United States 1,389   137,622
a
Varian Medical Systems Inc.
United States 2,004   205,731
  |  5
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Health Care Equipment & Services (continued)        
 
West Pharmaceutical Services Inc.
United States         8,600     $1,309,350
          22,715,997
  Household & Personal Products 1.2%        
 
Church & Dwight Co. Inc.
United States         7,316       469,541
 
Clorox Co.
United States         4,417       765,245
 
Colgate-Palmolive Co.
United States        32,304     2,143,694
 
Estee Lauder Cos. Inc., A
United States 6,918   1,102,314
 
Kimberly-Clark Corp.
United States 7,114   909,667
 
Nu Skin Enterprises Inc., A
United States 1,539   33,627
 
The Procter & Gamble Co.
United States 21,838   2,402,180
          7,826,268
  Insurance 0.2%        
 
Aflac Inc.
United States 10,400   356,096
 
AIA Group Ltd.
Hong Kong 62,200   562,818
 
American National Insurance Co.
United States 258   21,254
 
Assured Guaranty Ltd.
United States 1,941   50,058
 
Erie Indemnity Co., A
United States 3,000   444,720
 
Fidelity National Financial Inc.
United States 2,105   52,372
 
RenaissanceRe Holdings Ltd.
United States 565   84,366
          1,571,684
  Materials 3.0%        
 
Air Products and Chemicals Inc.
United States 16,172   3,228,093
 
Albemarle Corp.
United States 20,008   1,127,851
 
ArcelorMittal SA
France 53,539   505,295
a
Axalta Coating Systems Ltd.
United States 21,985   379,681
 
Celanese Corp.
United States 9,841   722,231
 
Covestro AG
Germany 10,330   313,411
 
Eastman Chemical Co.
United States 2,905   135,315
 
Ecolab Inc.
United States 10,221   1,592,738
 
International Flavors & Fragrances Inc.
United States 2,716   277,249
 
Johnson Matthey PLC
United Kingdom 31,831   700,971
 
Koninklijke DSM NV
Netherlands 14,500   1,630,644
 
Linde PLC
United Kingdom 15,885   2,748,105
 
LyondellBasell Industries NV, A
United States 11,096   550,695
 
Martin Marietta Materials Inc.
United States 2,563   484,997
 
NewMarket Corp.
United States 243   93,037
 
Nucor Corp.
United States 4,370   157,407
 
Packaging Corp. of America
United States 2,231   193,718
 
Reliance Steel & Aluminum Co.
United States 536   46,948
 
Royal Gold Inc.
United States 493   43,241
 
Sonoco Products Co.
United States 2,993   138,726
 
Steel Dynamics Inc.
United States 4,132   93,135
 
Sumitomo Metal Mining Co. Ltd.
Japan 31,900   657,903
 
Symrise AG
Germany 15,500   1,433,497
 
Tosoh Corp.
Japan 32,200   368,274
  |  6
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Materials (continued)        
 
Umicore SA
Belgium        38,000     $1,310,311
 
Valvoline Inc.
United States         2,681        35,094
 
Wheaton Precious Metals Corp.
Canada        37,200     1,023,628
          19,992,195
  Media & Entertainment 2.1%        
a
Alphabet Inc., A
United States         2,246     2,609,740
a
AMC Networks Inc., A
United States 1,108   26,935
 
Ascential PLC
United Kingdom 355,885   1,081,117
a
Baidu Inc., ADR
China 8,600   866,794
 
Cable One Inc.
United States 455   748,025
 
Cinemark Holdings Inc.
United States 2,017   20,553
 
Comcast Corp., A
United States 38,907   1,337,623
 
CTS Eventim AG & Co KGaA
Germany 12,000   548,946
 
CyberAgent Inc.
Japan 45,000   1,753,220
a
Facebook Inc., A
United States 12,728   2,123,030
a
IAC/InterActiveCorp
United States 2,007   359,715
 
The Interpublic Group of Cos. Inc.
United States 8,214   132,985
a
Match Group Inc.
United States 1,348   89,022
 
Nippon Television Holdings Inc.
Japan 18,000   201,683
 
Omnicom Group Inc.
United States 6,512   357,509
 
SES SA, IDR
Luxembourg 58,023   342,144
 
Tokyo Broadcasting System Holdings Inc.
Japan 19,900   278,298
 
The Walt Disney Co.
United States 11,312   1,092,739
          13,970,078
  Pharmaceuticals, Biotechnology & Life Sciences 5.4%        
 
AbbVie Inc.
United States 25,827   1,967,759
 
Agilent Technologies Inc.
United States 8,285   593,372
 
Amgen Inc.
United States 12,884   2,611,973
 
AstraZeneca PLC, ADR
United Kingdom 13,114   585,671
 
Bayer AG
Germany 26,374   1,510,779
a
Biogen Inc.
United States 4,887   1,546,149
 
Bristol-Myers Squibb Co.
United States 26,105   1,455,093
a
Bristol-Myers Squibb Co., rts., 2/01/49
United States 5,723   21,747
a
Catalent Inc.
United States 22,189   1,152,718
 
CSL Ltd.
Australia 8,700   1,585,580
a
Deciphera Pharmaceuticals Inc.
United States 3,900   160,563
a
Elanco Animal Health Inc.
United States 9,787   219,131
 
Eli Lilly & Co.
United States 8,062   1,118,361
a
Exelixis Inc.
United States 7,348   126,533
 
Gilead Sciences Inc.
United States 26,158   1,955,572
a
GW Pharmaceuticals PLC, ADR
United Kingdom 1,426   124,875
 
Hikma Pharmaceuticals PLC
United Kingdom 65,000   1,633,597
a
Illumina Inc.
United States 3,546   968,483
 
Johnson & Johnson
United States 28,055   3,678,852
 
Merck & Co. Inc.
United States 23,663   1,820,631
 
Merck KGaA
Germany 5,125   517,290
  |  7
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Pharmaceuticals, Biotechnology & Life Sciences (continued)        
a
Mettler-Toledo International Inc.
United States         3,580     $2,472,026
a
Neurocrine Biosciences Inc.
United States         3,209       277,739
 
Pfizer Inc.
United States        66,022     2,154,958
a
PTC Therapeutics Inc.
United States         2,700       120,447
a
Reata Pharmaceuticals Inc.
United States           700       101,038
a
Regeneron Pharmaceuticals Inc.
United States           613       299,322
 
Roche Holding AG
Switzerland 3,072   987,878
 
Sanofi
France 11,101   960,806
 
Santen Pharmaceutical Co. Ltd.
Japan 80,000   1,382,119
 
Takeda Pharmaceutical Co. Ltd., ADR
Japan 112,500   1,707,750
a
Waters Corp.
United States 3,996   727,472
          36,546,284
  Real Estate 1.3%        
 
American Tower Corp.
United States 6,129   1,334,590
 
CK Asset Holdings Ltd.
Hong Kong 197,330   1,080,490
 
Crown Castle International Corp.
United States 7,585   1,095,274
 
EPR Properties
United States 2,325   56,312
 
Equinix Inc.
United States 1,198   748,235
 
Gaming and Leisure Properties Inc.
United States 5,331   147,722
 
Kimco Realty Corp.
United States 10,578   102,289
 
Mitsui Fudosan Co. Ltd.
Japan 43,100   749,626
 
National Retail Properties Inc.
United States 5,357   172,442
 
OMEGA Healthcare Investors Inc.
United States 6,649   176,464
 
Public Storage
United States 5,214   1,035,553
 
Realty Income Corp.
United States 9,590   478,157
 
Simon Property Group Inc.
United States 7,737   424,452
 
Spirit Realty Capital Inc.
United States 3,149   82,346
 
STORE Capital Corp.
United States 5,795   105,005
 
Swire Pacific Ltd., A
Hong Kong 85,500   550,873
 
Ventas Inc.
United States 6,506   174,361
 
VEREIT Inc.
United States 30,782   150,524
 
WP Carey Inc.
United States 3,880   225,350
          8,890,065
  Retailing 3.1%        
a
Alibaba Group Holding Ltd., ADR
China 3,345   650,536
a
Amazon.com Inc.
United States 2,338   4,558,445
a
AutoZone Inc.
United States 569   481,374
 
Best Buy Co. Inc.
United States 7,734   440,838
a
boohoo Group PLC
United Kingdom 480,000   1,128,451
a
Booking Holdings Inc.
United States 332   446,646
a
Burlington Stores Inc.
United States 531   84,142
 
Dick’s Sporting Goods Inc.
United States 2,556   54,341
 
Dollar General Corp.
United States 6,650   1,004,216
 
Expedia Group Inc.
United States 2,451   137,918
 
Foot Locker Inc.
United States 4,357   96,072
 
The Gap Inc.
United States 8,417   59,256
  |  8
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Retailing (continued)        
 
Genuine Parts Co.
United States         4,377       $294,703
 
The Home Depot Inc.
United States         6,699     1,250,770
 
Kohl’s Corp.
United States         6,012        87,715
 
L Brands Inc.
United States         7,713        89,162
 
Lowe’s Cos. Inc.
United States         8,600       740,030
 
Macy’s Inc.
United States        10,257        50,362
a
MercadoLibre Inc.
Argentina 2,700   1,319,166
 
Nordstrom Inc.
United States 3,773   57,878
a
O’Reilly Automotive Inc.
United States 2,453   738,476
 
Penske Automotive Group Inc.
United States 782   21,896
 
Pool Corp.
United States 1,094   215,266
 
Ross Stores Inc.
United States 25,149   2,187,209
 
Seria Co. Ltd.
Japan 12,400   360,314
 
Target Corp.
United States 22,041   2,049,152
 
Tiffany & Co.
United States 1,000   129,500
 
The TJX Cos. Inc.
United States 24,414   1,167,233
 
Tractor Supply Co.
United States 3,801   321,375
a
Ulta Beauty Inc.
United States 1,843   323,815
a
Urban Outfitters Inc.
United States 2,374   33,806
 
Williams-Sonoma Inc.
United States 2,842   120,842
          20,700,905
  Semiconductors & Semiconductor Equipment 2.7%        
 
Analog Devices Inc.
United States 17,400   1,559,910
 
Applied Materials Inc.
United States 25,796   1,181,973
 
ASML Holding NV
Netherlands 5,400   1,423,132
 
ASML Holding NV, N.Y. shs
Netherlands 4,322   1,130,808
 
Intel Corp.
United States 25,458   1,377,787
 
KLA Corp.
United States 4,502   647,117
 
Lam Research Corp.
United States 4,069   976,560
 
Maxim Integrated Products Inc.
United States 8,003   389,026
 
Monolithic Power Systems
United States 2,900   485,634
 
NVIDIA Corp.
United States 3,487   919,173
 
NXP Semiconductors NV
Netherlands 16,197   1,343,217
 
QUALCOMM Inc.
United States 10,224   691,654
 
Skyworks Solutions Inc.
United States 6,004   536,638
 
Taiwan Semiconductor Manufacturing Co. Ltd.
Taiwan 110,000   989,093
 
Texas Instruments Inc.
United States 37,520   3,749,374
 
Xilinx Inc.
United States 7,578   590,629
          17,991,725
  Software & Services 6.5%        
 
Accenture PLC, A
United States 19,212   3,136,551
a
Adobe Inc.
United States 977   310,921
a
Adyen NV
Netherlands 2,341   1,999,428
 
Amdocs Ltd.
United States 4,288   235,711
a
Aspen Technology Inc.
United States 1,336   127,014
a
Atlassian Corp. PLC
United States 1,000   137,260
  |  9
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Software & Services (continued)        
a
Autodesk Inc.
United States         5,642       $880,716
 
Automatic Data Processing Inc.
United States        13,415     1,833,562
 
AVEVA Group PLC
United Kingdom        27,000     1,162,633
 
Booz Allen Hamilton Holding Corp.
United States         1,899       130,347
 
Broadridge Financial Solutions Inc.
United States         3,665       347,552
a
Cadence Design Systems Inc.
United States         4,030       266,141
 
Citrix Systems Inc.
United States 1,868   264,415
 
Cognizant Technology Solutions Corp., A
United States 11,809   548,764
a
CyberArk Software Ltd.
Israel 18,000   1,540,080
 
International Business Machines Corp.
United States 11,026   1,223,114
 
Intuit Inc.
United States 12,288   2,826,240
 
Jack Henry & Associates Inc.
United States 2,322   360,467
 
Keywords Studios PLC
Ireland 88,000   1,556,866
 
Mastercard Inc., A
United States 14,225   3,436,191
 
Microsoft Corp.
United States 60,498   9,541,140
 
Paychex Inc.
United States 10,879   684,507
a
PayPal Holdings Inc.
United States 3,500   335,090
a
PTC Inc.
United States 8,121   497,086
 
The Sage Group PLC
United Kingdom 160,000   1,162,791
a
salesforce.com Inc.
United States 3,753   540,357
 
SAP SE
Germany 13,500   1,506,838
a
ServiceNow Inc.
United States 6,555   1,878,532
a
Shopify Inc., A
Canada 2,200   917,246
a
Synopsys Inc.
United States 3,000   386,370
a
Twilio Inc., A
United States 2,562   229,273
a
Tyler Technologies Inc.
United States 1,096   325,030
a
VeriSign Inc.
United States 2,984   537,389
 
Visa Inc., A
United States 14,884   2,398,110
a
Workday Inc., A
United States 4,420   575,572
          43,839,304
  Technology Hardware & Equipment 2.0%        
 
Amphenol Corp., A
United States 8,633   629,173
 
Apple Inc.
United States 24,312   6,182,299
 
Cisco Systems Inc.
United States 42,348   1,664,700
 
Cognex Corp.
United States 2,787   117,667
a
F5 Networks Inc.
United States 2,000   213,260
 
Hitachi Ltd.
Japan 21,200   619,570
 
HP Inc.
United States 50,192   871,333
a
Keysight Technologies Inc.
United States 4,262   356,644
 
Motorola Solutions Inc.
United States 4,497   597,741
 
NetApp Inc.
United States 6,842   285,243
 
Samsung Electronics Co. Ltd.
South Korea 37,495   1,468,553
 
TE Connectivity Ltd.
United States 12,249   771,442
 
Ubiquiti Inc.
United States 323   45,730
          13,823,355
  |  10
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Telecommunication Services 0.5%        
 
AT&T Inc.
United States        39,921     $1,163,697
 
Verizon Communications Inc.
United States        24,629     1,323,316
 
Vodafone Group PLC
United Kingdom       846,142     1,169,931
          3,656,944
  Transportation 1.8%        
 
A.P. Moeller-Maersk AS, B
Denmark           562       498,045
 
Alaska Air Group Inc.
United States 3,923   111,688
 
C.H. Robinson Worldwide Inc.
United States 4,472   296,046
 
Canadian National Railway Co.
Canada 6,414   497,919
 
Canadian Pacific Railway Ltd.
Canada 3,272   718,498
 
Delta Air Lines Inc.
United States 17,452   497,905
 
Deutsche Lufthansa AG
Germany 44,680   417,785
 
DSV Panalpina A/S
Denmark 15,000   1,363,684
 
Expeditors International of Washington Inc.
United States 5,057   337,403
 
J.B. Hunt Transport Services Inc.
United States 5,926   546,555
 
Kansas City Southern
United States 4,895   622,546
 
Landstar System Inc.
United States 1,110   106,404
 
Norfolk Southern Corp.
United States 4,100   598,600
 
Old Dominion Freight Line Inc.
United States 776   101,858
 
Southwest Airlines Co.
United States 14,883   529,984
a
Uber Technologies Inc.
United States 6,638   185,333
 
Union Pacific Corp.
United States 21,596   3,045,900
 
United Parcel Service Inc., B
United States 18,327   1,712,108
          12,188,261
  Utilities 1.8%        
 
Alliant Energy Corp.
United States 6,338   306,062
 
Ameren Corp.
United States 4,398   320,306
 
American Electric Power Co. Inc.
United States 3,773   301,765
 
American Water Works Co. Inc.
United States 4,719   564,204
 
Atmos Energy Corp.
United States 3,092   306,819
 
Consolidated Edison Inc.
United States 8,867   691,626
 
Dominion Energy Inc.
United States 11,218   809,827
 
DTE Energy Co.
United States 5,418   514,547
 
E.ON SE
Germany 90,756   930,692
 
Evergy Inc.
United States 4,253   234,128
 
Eversource Energy
United States 7,824   611,915
 
Exelon Corp.
United States 26,169   963,281
 
Hawaiian Electric Industries Inc.
United States 3,031   130,485
 
NextEra Energy Inc.
United States 9,808   2,360,001
 
OGE Energy Corp.
United States 5,530   169,937
 
PPL Corp.
United States 13,989   345,249
 
Public Service Enterprise Group Inc.
United States 15,856   712,093
 
Sempra Energy
United States 2,118   239,313
 
The Southern Co.
United States 19,795   1,071,701
 
Veolia Environnement SA
France 17,654   372,767
  |  11
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Shares/Rights   Value
  Common Stocks and Other Equity Interests (continued)        
  Utilities (continued)        
 
Xcel Energy Inc.
United States         3,971       $239,451
          12,196,169
 
Total Common Stocks and Other Equity Interests (Cost $402,678,292)
      350,209,273
  Management Investment Companies 7.5%        
  Diversified Financials 7.5%        
b
Franklin LibertyQ U.S. Equity ETF
United States 134,725   3,719,757
 
iShares Core MSCI EAFE ETF
United States 402,960   20,103,675
b
Templeton Global Bond VIP Fund, Class 1
United States 1,687,863   26,887,651
 
Total Management Investment Companies (Cost $60,468,215)
      50,711,083
      Principal
Amount* 		   
  Corporate Bonds 13.2%        
  Automobiles & Components 0.0%†        
c
Adient U.S. LLC, senior secured note, 144A, 7.00%, 5/15/26
United States 200,000   186,124
c
Allison Transmission Inc., senior bond, 144A, 5.875%, 6/01/29
United States 200,000   197,394
          383,518
  Banks 2.3%        
c
Akbank T.A.S., senior note, 144A, 5.125%, 3/31/25
Turkey 200,000   163,019
 
Bancolombia SA, senior note, 3.00%, 1/29/25
Colombia 650,000   584,844
 
Bank of America Corp., sub. bond, 4.183%, 11/25/27
United States 2,240,000   2,320,626
 
Barclays PLC, senior note, 3.932% to 5/07/24, FRN thereafter, 5/07/25
United Kingdom 800,000   768,887
d
BDO Unibank Inc., senior note, Reg S, 2.95%, 3/06/23
Philippines 200,000   198,500
c BPCE SA,        
 
sub. note, 144A, 5.15%, 7/21/24
France     1,000,000     1,056,174
 
sub. note, 144A, 4.875%, 4/01/26
France       500,000       486,336
 
Citigroup Inc., senior note, 3.352% to 4/24/24, FRN thereafter, 4/24/25
United States 1,700,000   1,753,131
 
Credit Suisse Group Funding Guernsey Ltd., senior note, 3.80%, 9/15/22
Switzerland 1,200,000   1,221,591
  JPMorgan Chase & Co.,        
 
senior bond, 3.54% to 5/01/27, FRN thereafter, 5/01/28
United States     1,350,000     1,426,626
 
SR UNSECURED, Sr UnsecuredFRN thereafter, 4.493%, 3/24/31
United States       400,000       464,655
d Realkredit Danmark A/S,        
 
secured bond, Reg S, 1.00%, 4/01/27
Denmark     2,530,000 DKK     390,934
 
senior bond, 10F, Reg S, 1.00%, 4/01/29
Denmark     2,000,000 DKK     308,236
c
Standard Chartered PLC, senior note, 144A, 4.05%, 4/12/26
United Kingdom 1,300,000   1,312,613
 
Truist Financial Corp., sub. bond, 3.875%, 3/19/29
United States 2,000,000   2,033,178
e
Wells Fargo Bank NA, senior note, FRN, 2.082%, 9/09/22
United States 1,100,000   1,095,645
          15,584,995
  Capital Goods 0.6%        
c
Beacon Roofing Supply Inc., senior note, 144A, 4.875%, 11/01/25
United States 200,000   181,751
c
Carrier Global Corp., senior note, 144A, 3.577%, 4/05/50
United States 430,000   388,450
 
Caterpillar Financial Services Corp., senior note, I, 2.65%, 5/17/21
United States 1,300,000   1,316,664
  |  12
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Capital Goods (continued)        
  General Electric Co.,        
 
senior bond, 3.10%, 1/09/23
United States       500,000       $508,484
 
senior bond, 4.125%, 10/09/42
United States        24,000        22,798
c
Jeld-Wen Inc., senior bond, 144A, 4.875%, 12/15/27
United States       200,000       178,208
c
Resideo Funding Inc., senior note, 144A, 6.125%, 11/01/26
United States       300,000       264,022
 
United Technologies Corp., senior bond, 4.50%, 6/01/42
United States       800,000       933,114
          3,793,491
  Commercial & Professional Services 0.2%        
c
Ashtead Capital Inc., secured note, second lien, 144A, 4.125%, 8/15/25
United Kingdom 850,000   782,000
c
Harsco Corp., senior note, 144A, 5.75%, 7/31/27
United States 200,000   186,583
c
Intrado Corp., senior note, 144A, 8.50%, 10/15/25
United States 200,000   147,440
 
United Rentals North America Inc., senior bond, 5.50%, 5/15/27
United States 200,000   196,485
          1,312,508
  Consumer Durables & Apparel 0.0%†        
c
Ashton Woods USA LLC/Ashton Woods Finance Co., senior note, 144A, 6.75%, 8/01/25
United States 200,000   161,749
  Consumer Services 0.1%        
 
Marriott International Inc., senior note, 3.60%, 4/15/24
United States 300,000   279,449
c
Stars Group Holdings BV/Stars Group U.S. Co-Borrower LLC, senior note, 144A, 7.00%, 7/15/26
Canada 100,000   94,575
c
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.25%, 5/15/27
United States 200,000   181,750
          555,774
  Diversified Financials 1.2%        
  Capital One Financial Corp.,        
 
senior note, 3.20%, 1/30/23
United States       200,000       197,938
 
senior note, 3.75%, 3/09/27
United States     1,100,000     1,079,404
 
DY9 Leasing LLC, secured bond, 2.372%, 3/19/27
United States 697,711   723,878
c
FirstCash Inc., senior note, 144A, 5.375%, 6/01/24
United States 200,000   193,249
 
The Goldman Sachs Group Inc., senior note, 3.50%, 1/23/25
United States 1,400,000   1,437,938
 
Goldman Sachs Group Inc., senior note, 2.60%, 2/07/30
United States 300,000   282,957
 
Jyske Realkredit A/S, secured note, 1.00%, 4/01/26
Denmark 2,220,000 DKK 342,228
 
Morgan Stanley, senior bond, 3.591% to 7/22/27, FRN thereafter, 7/22/28
United States 1,800,000   1,890,184
 
Private Export Funding Corp., secured bond, 2.80%, 5/15/22
United States 1,600,000   1,670,377
 
Springleaf Finance Corp., senior bond, 5.375%, 11/15/29
United States 200,000   184,214
d
TNB Global Ventures Capital Bhd., senior note, Reg S, 3.244%, 10/19/26
Malaysia 300,000   307,752
          8,310,119
  Energy 1.8%        
c Aker BP ASA,        
 
senior note, 144A, 4.75%, 6/15/24
Norway       200,000       168,267
 
senior note, 144A, 3.75%, 1/15/30
Norway       650,000       489,334
  |  13
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Energy (continued)        
 
Baker Hughes a GE Co. LLC/Baker Hughes Co-obligator Inc., senior bond, 4.08%, 12/15/47
United States       900,000       $742,867
  Canadian Natural Resources Ltd.,        
 
senior bond, 3.90%, 2/01/25
Canada     1,350,000     1,142,084
 
senior bond, 3.85%, 6/01/27
Canada       300,000       238,040
 
Cheniere Corpus Christi Holdings LLC, senior secured note, first lien, 5.875%, 3/31/25
United States       200,000       182,508
 
Enable Midstream Partners LP, senior bond, 4.95%, 5/15/28
United States       300,000       149,958
 
Energy Transfer Operating LP, senior bond, 6.05%, 6/01/41
United States 700,000   613,316
 
Enterprise Products Operating LLC, senior bond, 6.125%, 10/15/39
United States 700,000   720,208
 
Kinder Morgan Inc., senior bond, 5.55%, 6/01/45
United States 800,000   824,651
 
MPLX LP, senior bond, 5.50%, 2/15/49
United States 425,000   360,226
 
Murphy Oil USA Inc., senior bond, 4.75%, 9/15/29
United States 200,000   188,610
 
Occidental Petroleum Corp., senior note, 2.60%, 8/13/21
United States 500,000   400,401
 
Reliance Industries Ltd., senior note, 2.06%, 1/15/26
United States 750,000   763,400
c
Schlumberger Holdings Corp., senior note, 144A, 3.75%, 5/01/24
United States 1,800,000   1,706,708
 
Total Capital International SA, senior note, 3.455%, 2/19/29
France 670,000   708,835
 
TransCanada PipeLines Ltd., senior bond, 4.875%, 5/15/48
Canada 200,000   218,424
 
Valero Energy Corp., senior bond, 4.00%, 4/01/29
United States 1,000,000   978,160
  The Williams Cos. Inc.,        
 
senior bond, 4.125%, 11/15/20
United States     1,350,000     1,334,743
 
senior bond, 4.85%, 3/01/48
United States       320,000       300,029
          12,230,769
  Food & Staples Retailing 0.4%        
c
Cencosud SA, senior note, 144A, 4.375%, 7/17/27
Chile 300,000   248,606
c
CK Hutchison International 19 Ltd., senior note, 144A, 3.25%, 4/11/24
Hong Kong 1,275,000   1,329,537
 
The Kroger Co., senior bond, 5.40%, 1/15/49
United States 550,000   665,305
 
Walgreens Boots Alliance Inc., senior note, 3.80%, 11/18/24
United States 500,000   514,688
          2,758,136
  Food, Beverage & Tobacco 0.4%        
 
Anheuser-Busch InBev Worldwide Inc., senior bond, 5.80%, 1/23/59
Belgium 100,000   122,913
 
B&G Foods Inc., senior note, 5.25%, 9/15/27
United States 200,000   195,750
 
Bunge Ltd. Finance Corp., senior note, 4.35%, 3/15/24
United States 200,000   207,557
c Imperial Brands Finance PLC,        
 
senior note, 144A, 4.25%, 7/21/25
United Kingdom       585,000       570,264
 
senior note, 144A, 3.50%, 7/26/26
United Kingdom       300,000       277,568
c
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., senior bond, 144A, 5.50%, 1/15/30
United States 200,000   207,610
c
Post Holdings Inc., senior bond, 144A, 4.625%, 4/15/30
United States 200,000   193,000
 
Reynolds American Inc., senior bond, 5.85%, 8/15/45
United Kingdom 650,000   702,267
          2,476,929
  Health Care Equipment & Services 0.8%        
 
Abbott Laboratories, senior bond, 3.75%, 11/30/26
United States 450,000   503,515
 
Anthem Inc., senior bond, 5.10%, 1/15/44
United States 600,000   714,664
c
Catalent Pharma Solutions Inc., senior note, 144A, 5.00%, 7/15/27
United States 200,000   195,110
c
Centene Corp., senior note, 144A, 4.25%, 12/15/27
United States 200,000   201,490
  |  14
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Health Care Equipment & Services (continued)        
  CHS/Community Health Systems Inc.,        
 
c senior secured note, 144A, 8.00%, 3/15/26
United States       100,000        $95,562
 
senior secured note, first lien, 6.25%, 3/31/23
United States       100,000        95,687
  Cigna Corp.,        
 
senior note, 2.40%, 3/15/30
United States       300,000       285,647
 
c senior note, 144A, 3.05%, 10/15/27
United States       850,000       847,537
  CVS Health Corp.,        
 
senior bond, 4.30%, 3/25/28
United States       300,000       319,231
 
senior bond, 5.30%, 12/05/43
United States       800,000       948,110
 
HCA Inc., senior secured bond, first lien, 4.50%, 2/15/27
United States 583,000   601,600
c
MEDNAX Inc., senior note, 144A, 6.25%, 1/15/27
United States 200,000   162,015
c
Tenet Healthcare Corp., senior note, second lien, 144A, 6.25%, 2/01/27
United States 200,000   195,750
          5,165,918
  Household & Personal Products 0.0%†        
 
Avon Products Inc., senior bond, 7.00%, 3/15/23
United Kingdom 260,000   215,739
  Insurance 0.8%        
  Aflac Inc.,        
 
senior bond, 4.75%, 1/15/49
United States       700,000       776,965
 
senior note, 3.60%, 4/01/30
United States       200,000       202,876
 
The Allstate Corp., senior bond, 4.20%, 12/15/46
United States 700,000   779,697
 
Marsh & McLennan Cos. Inc., senior note, 3.875%, 3/15/24
United States 1,500,000   1,573,774
 
MetLife Inc., junior sub. bond, 6.40%, 12/15/66
United States 700,000   732,791
c
Metropolitan Life Global Funding I, secured note, 144A, 3.60%, 1/11/24
United States 1,220,000   1,268,798
          5,334,901
  Materials 0.4%        
c
Braskem Netherlands Finance BV, senior bond, 144A, 4.50%, 1/31/30
Brazil 300,000   234,600
c
Gates Global LLC / Gates Corp., senior note, 144A, 6.25%, 1/15/26
United States 200,000   178,101
c
Glencore Funding LLC, senior note, 144A, 4.625%, 4/29/24
Switzerland 1,350,000   1,238,870
c
Mauser Packaging Solutions Holding Co., senior note, 144A, 7.25%, 4/15/25
United States 300,000   229,509
c
Novelis Corp., senior bond, 144A, 4.75%, 1/30/30
United States 200,000   179,125
c
Plastipak Holdings Inc., senior note, 144A, 6.25%, 10/15/25
United States 200,000   180,500
c
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, senior note, 144A, 7.00%, 7/15/24
United States 200,000   204,375
c
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., senior note, 144A, 7.50%, 6/15/25
United States 200,000   145,494
          2,590,574
  Media & Entertainment 0.6%        
c
CCO Holdings LLC/CCO Holdings Capital Corp., senior bond, 144A, 5.00%, 2/01/28
United States 200,000   201,912
 
Charter Communications Operating LLC/Charter Communications Operating Capital, senior secured note, first lien, 4.50%, 2/01/24
United States 550,000   567,849
 
Comcast Corp., senior bond, 4.049%, 11/01/52
United States 1,300,000   1,556,813
c
CSC Holdings LLC, senior bond, 144A, 5.375%, 2/01/28
United States 300,000   308,090
c
Diamond Sports Group LLC/Diamond Sports Finance Co., first lien, 144A, 5.375%, 8/15/26
United States 200,000   163,628
  |  15
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Media & Entertainment (continued)        
 
DISH DBS Corp., senior note, 5.875%, 11/15/24
United States       200,000       $196,017
 
Fox Corp., senior bond, 5.476%, 1/25/39
United States       420,000       489,588
c
Gray Escrow Inc., senior note, 144A, 7.00%, 5/15/27
United States       200,000       200,110
  Netflix Inc.,        
 
senior bond, 5.75%, 3/01/24
United States       100,000       105,876
 
senior bond, 4.875%, 4/15/28
United States       100,000       102,758
c
Nexstar Broadcasting Inc., senior note, 144A, 5.625%, 7/15/27
United States 200,000   196,610
c
Univision Communications Inc., senior secured note, first lien, 144A, 5.125%, 2/15/25
United States 200,000   172,000
          4,261,251
  Pharmaceuticals, Biotechnology & Life Sciences 0.8%        
c AbbVie Inc.,        
 
senior bond, 144A, 4.25%, 11/21/49
United States       370,000       404,279
 
senior note, 144A, 3.20%, 11/21/29
United States       300,000       307,912
 
Allergan Funding SCS, senior bond, 4.85%, 6/15/44
United States 550,000   685,654
 
AstraZeneca PLC, senior bond, 4.375%, 11/16/45
United Kingdom 1,000,000   1,244,036
c
Bausch Health Americas Inc., senior note, 144A, 9.25%, 4/01/26
United States 200,000   209,890
 
Biogen Inc., senior bond, 5.20%, 9/15/45
United States 500,000   649,909
c
Bristol-Myers Squibb Co., senior bond, 144A, 4.625%, 5/15/44
United States 600,000   770,532
 
Gilead Sciences Inc., senior bond, 4.80%, 4/01/44
United States 700,000   904,145
          5,176,357
  Real Estate 0.1%        
 
MPT Operating Partnership LP/MPT Finance Corp., senior bond, 5.00%, 10/15/27
United States 200,000   195,515
 
Simon Property Group LP, senior note, 3.375%, 12/01/27
United States 780,000   774,761
          970,276
  Retailing 0.3%        
 
Alibaba Group Holding Ltd., senior bond, 4.20%, 12/06/47
China 800,000   980,995
 
AutoZone Inc., senior note, 3.75%, 4/18/29
United States 500,000   507,896
 
Dollar Tree Inc., senior note, 4.00%, 5/15/25
United States 450,000   461,774
c
Party City Holdings Inc., senior note, 144A, 6.625%, 8/01/26
United States 200,000   21,000
          1,971,665
  Software & Services 0.4%        
 
Fiserv Inc., senior bond, 3.50%, 7/01/29
United States 630,000   670,525
 
Microsoft Corp., senior note, 2.65%, 11/03/22
United States 1,850,000   1,942,443
          2,612,968
  Technology Hardware & Equipment 0.1%        
c CommScope Inc.,        
 
senior bond, 144A, 5.50%, 6/15/24
United States       100,000        93,097
 
senior note, 144A, 5.00%, 6/15/21
United States        34,000        33,956
c
CommScope Technologies LLC, senior bond, 144A, 5.00%, 3/15/27
United States 100,000   87,507
c
Presidio Holdings Inc., senior note, 144A, 8.25%, 2/01/28
United States 200,000   177,750
          392,310
  |  16
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Telecommunication Services 0.2%        
c
Altice France SA/France, senior secured note, 144A, 5.50%, 1/15/28
France       300,000       $282,555
 
AT&T Inc., senior note, 3.80%, 2/15/27
United States       700,000       729,001
 
Hughes Satellite Systems Corp., senior bond, 6.625%, 8/01/26
United States       200,000       204,292
 
Telefonica Emisiones SA, senior bond, 5.52%, 3/01/49
Spain       200,000       235,594
          1,451,442
  Transportation 0.3%        
 
CSX Corp., senior bond, 4.75%, 11/15/48
United States 800,000   926,429
 
Fedex Corp., senior bond, 5.10%, 1/15/44
United States 550,000   548,413
c
Kazakhstan Temir Zholy Finance BV, senior bond, 144A, 6.95%, 7/10/42
Kazakhstan 250,000   261,250
c
Mexico City Airport Trust, senior secured bond, first lien, 144A, 5.50%, 7/31/47
Mexico 200,000   170,839
d
RZD Capital PLC, (Russian Railways), loan participation, senior bond, Reg S, 5.70%, 4/05/22
Russia 200,000   205,730
          2,112,661
  Utilities 1.4%        
c
Calpine Corp., senior note, 144A, 5.125%, 3/15/28
United States 200,000   185,500
c
Colbun SA, senior note, 144A, 3.15%, 3/06/30
Chile 200,000   175,500
 
Dominion Energy Inc., senior note, 4.25%, 6/01/28
United States 2,050,000   2,153,562
 
Duke Energy Corp., senior bond, 3.75%, 9/01/46
United States 100,000   96,336
c
Electricite de France SA, senior note, 144A, 4.50%, 9/21/28
France 1,300,000   1,435,671
c
Enel Finance International NV, senior note, 144A, 4.25%, 9/14/23
Italy 1,400,000   1,434,676
 
Exelon Corp, senior bond, 4.05%, 4/15/30
United States 300,000   297,721
 
Georgia Power Co., senior bond, 4.30%, 3/15/42
United States 1,400,000   1,528,495
 
Public Service Enterprise Group Inc., senior note, 2.875%, 6/15/24
United States 1,000,000   998,785
c
State Grid Overseas Investment 2016 Ltd., senior note, 144A, 3.50%, 5/04/27
China 400,000   428,637
c
Talen Energy Supply LLC, senior secured note, 144A, 7.25%, 5/15/27
United States 200,000   181,850
c Vistra Operations Co. LLC,        
 
senior note, 144A, 5.00%, 7/31/27
United States       200,000       204,110
 
senior secured note, first lien, 144A, 3.55%, 7/15/24
United States       510,000       480,956
          9,601,799
 
Total Corporate Bonds (Cost $90,411,580)
      89,425,849
e Senior Floating Rate Interests 0.8%        
  Automobiles & Components 0.0%†        
 
Clarios Global LP (Power Solutions), Initial Dollar Term Loan, 4.441%, (1-month USD LIBOR + 3.50%), 4/30/26
United States 29,925   27,531
  Capital Goods 0.1%        
 
Altra Industrial Motion Corp., Term Loan, 2.989%, (1-month USD LIBOR + 2.00%), 10/01/25
United States 27,699   25,414
f,g
Arconic Rolled Products Corp., Initial Term Loans, TBD, 2/04/27
United States 46,000   42,090
f Dynasty Acquisition Co. Inc.,        
 
Initial Term B-1 Loan, 4.95%, (3-month USD LIBOR + 3.50%), 4/04/26
United States        19,462        15,336
 
Initial Term B-2 Loan (CAD), 4.95%, (3-month USD LIBOR + 3.50%), 4/04/26
United States        10,463         8,245
  |  17
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
e Senior Floating Rate Interests (continued)        
  Capital Goods (continued)        
 
Navistar Inc., Tranche B Term Loan, 4.28%, (1-month USD LIBOR + 3.50%), 11/06/24
United States       297,722       $261,499
          352,584
  Commercial & Professional Services 0.1%        
 
Nielsen Finance LLC (VNU Inc.), Class B-4 Term Loans, 3.005%, (1-month USD LIBOR + 2.00%), 10/04/23
United States       198,469       186,231
 
Pitney Bowes Inc., Incremental Tranche Term B Loans, 6.49%, (1-month USD LIBOR + 5.50%), 1/07/25
United States       100,000        85,500
f
Prime Security Services Borrower LLC, Term B-1 Facility, 4.606%, (1-month USD LIBOR + 3.25%), 9/12/26
United States       623,438       567,328
          839,059
  Consumer Durables & Apparel 0.0%†        
 
Champ Acquisition Corp., Initial Term Loan, 6.572%, (3-month USD LIBOR + 5.50%), 12/21/25
United States 29,809   23,251
 
Playtika Holding Corp., Term B Loans, 7.072%, (3-month USD LIBOR + 6.00%), 12/10/24
United States 19,750   18,631
          41,882
  Consumer Services 0.1%        
 
Caesars Resort Collection LLC, Term B Loans, 3.739%, (1-month USD LIBOR + 2.75%), 12/22/24
United States 99,745   82,102
 
Equinox Holdings Inc., Term B-1 Loans, 4.072%, (1-month USD LIBOR + 3.00%), 3/08/24
United States 198,979   148,571
 
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (Yum Brands), Term Loan B, 2.362%, (1-month USD LIBOR + 1.75%), 4/03/25
United States 197,980   188,477
 
NASCAR Holdings Inc., Initial Term Loans, 3.674%, (1-month USD LIBOR + 2.75%), 10/18/26
United States 259,868   229,767
          648,917
  Diversified Financials 0.0%†        
f
Asurion LLC, Replacement B-6 Term Loans, 3.989%, (1-month USD LIBOR + 3.00%), 11/03/23
United States 199,474   192,493
  Energy 0.0%†        
 
Buckeye Partners LP, Initial Term Loans, 4.265%, (1-month USD LIBOR + 2.75%), 11/01/26
United States 111,321   103,528
  Food & Staples Retailing 0.1%        
 
Aramark Corp., U.S. Term B-4 Loan, 2.739%, (1-month USD LIBOR + 1.75%), 1/15/27
United States 460,000   430,100
 
Whatabrands LLC (Whataburger), 2020 Refinancing Term Loans, 3.766%, (1-month USD LIBOR + 2.75%), 8/02/26
United States 19,950   17,057
          447,157
  Food, Beverage & Tobacco 0.0%†        
 
B&G Foods Inc., Tranche B-4 Term Loan, 3.489%, (1-month USD LIBOR + 2.50%), 10/10/26
United States 99,500   94,857
 
JBS USA Lux SA, New Term Loans, 3.072%, (3-month USD LIBOR + 2.00%), 5/01/26
United States 43,897   41,451
          136,308
  |  18
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
e Senior Floating Rate Interests (continued)        
  Health Care Equipment & Services 0.0%†        
 
Catalent Pharma Solutions Inc., Dollar Term B-2 Loan, 3.239%, (1-month USD LIBOR + 2.25%), 5/17/26
United States        99,748        $97,255
f
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 4.113%, (1-month USD LIBOR + 3.25%), 3/05/26
United States        30,000        27,600
f
Refinancing Date Term Loans, Term Loan, 4/02/25
United States         4,438         4,088
f,g
US Anesthesia Partners Inc., First Lien Term Loan, TBD, 6/23/24
United States        13,333        10,100
          139,043
  Household & Personal Products 0.0%†        
 
Knowlton Development Corp., Initial Term Loan, 4.739%, (1-month USD LIBOR + 3.75%), 12/21/25
United States 18,251   15,970
  Insurance 0.0%†        
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issue, Initial Term Loan, 3.989%, (1-month USD LIBOR + 3.00%), 5/10/25
United States 39,898   37,072
f
AssuredPartners Inc., 2020 February Refinancing Term Loans, 4.489%, (1-month USD LIBOR + 3.50%), 2/13/27
United States 29,925   26,708
          63,780
  Materials 0.0%†        
 
Berry Global Inc., Term Y Loans, 2.863%, (1-month USD LIBOR + 2.00%), 7/01/26
United States 99,749   94,462
f,g
BWAY Holding Co. Inc., Term Loan B, TBD, 4/03/24
United States 30,000   24,825
          119,287
  Media & Entertainment 0.1%        
f,g
Banijay Group US Holding Inc., Facility B (USD) Loan, TBD, 2/03/25
France 20,000   18,000
 
Charter Communications Operating LLC (CCO Safari III LLC), Term B-2 Loan, 2.74%, (1-month USD LIBOR + 1.75%), 2/01/27
United States 197,992   191,393
 
Diamond Sports Group LLC, Term Loan, 4.18%, (1-month USD LIBOR + 3.25%), 8/24/26
United States 67,926   53,322
 
Gray Television Inc., Term C Loan, 4.015%, (1-month USD LIBOR + 2.50%), 1/02/26
United States 255,532   246,588
          509,303
  Pharmaceuticals, Biotechnology & Life Sciences 0.0%†        
 
Grifols Worldwide Operations USA Inc., Dollar Tranche B Term Loan, 2.684%, (1-week USD LIBOR + 2.00%), 11/15/27
United States 69,825   67,281
  Retailing 0.1%        
  Michaels Stores, Inc.,        
 
2018 New Replacement Term B Loan, 3.50%, (1-month USD LIBOR + 2.50%), 1/28/23
United States       137,063       115,818
 
2018 New Replacement Term B Loan, 3.558% - 3.568%, (3-month USD LIBOR + 2.50%), 1/28/23
United States       162,084       136,961
f
Bass Pro Group LLC, Initial Term Loans, 6.072%, (3-month USD LIBOR + 5.00%), 9/25/24
United States 149,235   126,850
 
Harbor Freight Tools USA Inc., Refinancing Loans, 3.489%, (1-month USD LIBOR + 2.50%), 8/19/23
United States 99,745   91,516
 
Staples Inc., 2019 Refinancing Term B-1 Loans, 6.515%, (1-month USD LIBOR + 5.00%), 4/12/26
United States 14,597   11,714
          482,859
  |  19
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
e Senior Floating Rate Interests (continued)        
  Software & Services 0.1%        
 
Dcert Buyer Inc., Initial Term Loans, 4.989%, (1-month USD LIBOR + 4.00%), 10/16/26
United States        50,000        $44,958
 
Infor (U.S.) Inc. (Lawson), Tranche B-6 Term Loan, 3.75%, (1-month USD LIBOR + 2.75%), 2/01/22
United States        99,487        96,453
f
LegalZoom.com Inc., 2018 Term Loans, 5.489%, (1-month USD LIBOR + 4.50%), 11/21/24
United States        39,924        35,732
f
Surf Holdings LLC (Sophos), Dollar Tranche Term Loan, 4.814%, (3-month USD LIBOR + 3.50%), 3/05/27
United States        30,372        27,259
f
TIBCO Software Inc., Term B-3 Loans, 4.74%, (1-month USD LIBOR + 3.75%), 7/31/26
United States        30,000        28,500
f,g
Verscend Holding Corp., Term B Loans, TBD, 7/27/25
United States        19,950        18,952
f
Waystar (Navicure Inc), Initial Term Loans, 4.989%, (1-month USD LIBOR + 4.00%), 10/22/26
United States 30,000   28,350
          280,204
  Technology Hardware & Equipment 0.0%†        
 
CommScope Inc., Initial Term Loans, 4.239%, (1-month USD LIBOR + 3.25%), 4/04/26
United States 69,824   65,984
  Telecommunication Services 0.0%†        
  Aventiv Technologies, LLC,        
 
Initial Term Loan, 5.50%, (1-month USD LIBOR + 4.50%), 11/01/24
United States            76            60
 
Initial Term Loan, 5.50%, (3-month USD LIBOR + 4.50%), 11/01/24
United States        29,620        23,548
 
Global Tel*Link Corp., First Lien Term Loan, 5.70%, (3-month USD LIBOR + 4.25%), 11/29/25
United States 39,599   34,154
          57,762
  Transportation 0.1%        
 
Air Canada, Term Loans, 2.50%, (1-month USD LIBOR + 1.75%), 10/06/23
Canada 197,315   185,476
 
Allegiant Travel Co., Class B Term Loan, 4.707%, (3-month USD LIBOR + 3.00%), 2/05/24
United States 75,000   60,000
 
Avis Budget Car Rental LLC, Tranche B Term, 2.74%, (1-month USD LIBOR + 1.75%), 8/06/27
United States 197,985   171,257
 
Westjet Airlines Ltd., Initial Term Loan, 4.00%, (1-month USD LIBOR + 3.00%), 12/11/26
Canada 29,925   23,566
 
XPO Logistics Inc., Refinanced Term Loan, 3.613%, (3-month USD LIBOR + 2.00%), 2/24/25
United States 200,000   191,500
          631,799
 
Total Senior Floating Rate Interests (Cost $5,730,782)
      5,222,731
  Foreign Government and Agency Securities 0.9%        
c
Angolan Government International Bond, senior note, 144A, 8.25%, 5/09/28
Angola 550,000   229,110
d
Banque Centrale de Tunisie International Bond, senior note, Reg S, 5.625%, 2/17/24
Tunisia 550,000 EUR 504,188
c
Banque Ouest Africaine de Developpement, senior note, 144A, 5.00%, 7/27/27
Supranationalh 300,000   281,481
c
Dominican Republic, senior note, 144A, 8.90%, 2/15/23
Dominican Republic 23,800,000 DOP 412,962
c
Government of Belarus International Bond, senior note, 144A, 7.625%, 6/29/27
Belarus 400,000   403,556
  |  20
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  Government of Colombia,        
 
senior bond, 9.85%, 6/28/27
Colombia 1,000,000,000 COP     $272,478
 
senior bond, 5.00%, 6/15/45
Colombia       300,000       310,500
c Government of Gabon,        
 
144A, 6.375%, 12/12/24
Gabon       230,564       161,683
 
senior note, 144A, 6.625%, 2/06/31
Gabon       350,000       216,593
c
Government of Indonesia, senior bond, 144A, 4.35%, 1/08/27
Indonesia       300,000       311,599
c
Government of Iraq, 144A, 5.80%, 1/15/28
Iraq 650,000   497,250
c
Government of Kazakhstan, senior bond, 144A, 4.875%, 10/14/44
Kazakhstan 300,000   339,653
 
Government of Mexico, senior note, 4.15%, 3/28/27
Mexico 600,000   615,900
 
Government of Peru, senior bond, 6.55%, 3/14/37
Peru 100,000   144,157
 
Government of South Africa, senior bond, 7.00%, 2/28/31
South Africa 8,500,000 ZAR 351,425
c
Government of Ukraine, senior bond, 144A, 7.375%, 9/25/32
Ukraine 600,000   547,505
i
Government of Uruguay, senior bond, Index Linked, 3.70%, 6/26/37
Uruguay 17,556,251 UYU 397,582
 
Total Foreign Government and Agency Securities

(Cost $7,358,865)
      5,997,622
  U.S. Government and Agency Securities 4.1%        
 
Federal Agricultural Mortgage Corp., 2.90%, 1/03/22
United States 800,000   831,692
  FFCB,        
 
3.17%, 3/07/28
United States       800,000       913,366
 
senior bond, 2.86%, 7/11/28
United States       800,000       921,027
 
Hashemite Kingdom of Jordan Government AID Bond, senior note, 2.578%, 6/30/22
United States 800,000   828,852
 
Israel Government Agency for International Development Bond, 5.50%, 9/18/23
United States 1,110,000   1,290,500
 
Overseas Private Investment Corp., senior note, 2.12%, 3/20/24
United States 400,000   414,608
 
TVA, 5.88%, 4/01/36
United States 630,000   965,012
  U.S. Treasury Bond,        
 
3.75%, 8/15/41
United States       390,000       579,485
 
3.125%, 2/15/42
United States     1,665,000     2,276,367
 
2.50%, 2/15/46
United States       840,000     1,056,103
 
3.00%, 2/15/49
United States     2,100,000     2,929,090
 
2.25%, 8/15/49
United States       300,000       365,086
 
i Index Linked, 2.00%, 1/15/26
United States       519,835       578,518
 
i Index Linked, 1.75%, 1/15/28
United States     2,400,903     2,733,048
 
i Index Linked, 3.625%, 4/15/28
United States       717,649       924,382
  U.S. Treasury Note,        
 
2.375%, 8/15/24
United States       880,000       957,172
 
2.25%, 8/15/27
United States     1,920,000     2,155,650
 
i Index Linked, 0.125%, 7/15/24
United States       869,044       871,108
 
i Index Linked, 0.375%, 7/15/25
United States     4,459,530     4,550,853
 
i Index Linked, 0.375%, 7/15/27
United States     1,476,236     1,519,988
 
Total U.S. Government and Agency Securities

(Cost $24,980,817)
      27,661,907
  |  21
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities 5.6%        
  Diversified Financials 5.6%        
c,j
Adagio CLO VIII DAC, VIII-A, B1, 144A, FRN, 1.65%, 4/15/32
Ireland       250,000 EUR     $237,860
  American Express Credit Account Master Trust,        
 
j 2018-3, A, FRN, 1.025%, 10/15/25
United States     1,040,000     1,018,203
 
2019-3, A, 2.00%, 4/15/25
United States       410,000       415,749
c,j Ares European CLO VIII BV,        
 
8A, AR, 144A, FRN, 0.92%, 4/17/32
Netherlands       600,000 EUR     615,917
 
8A, BR, 144A, FRN, 1.60%, 4/17/32
Netherlands       250,000 EUR     239,959
c,k
Atrium XII, 12A, CR, 144A, FRN, 3.452%, (3-month USD LIBOR + 1.65%), 4/22/27
United States 1,240,000   1,048,979
c,j
Avoca CLO XVII Designated Activity Co., 17A, B1R, 144A, FRN, 1.70%, 10/15/32
Ireland 250,000 EUR 242,167
c,j Blackrock European CLO IX DAC,        
 
9A, A, 144A, FRN, 0.90%, 12/15/32
Ireland       500,000 EUR     513,481
 
9A, B, 144A, FRN, 1.55%, 12/15/32
Ireland       250,000 EUR     238,590
c,j
BlueMountain CLO XXII Ltd., 2018-1A, B, 144A, FRN, 3.47%, 7/30/30
United States 900,000   792,456
c,j Bluemountain Fuji Eur CLO V DAC,        
 
5A, A, 144A, FRN, 0.91%, 1/15/33
Ireland       600,000 EUR     617,195
 
5A, B, 144A, FRN, 1.55%, 1/15/33
Ireland       250,000 EUR     241,886
c,k
BlueMountain Fuji U.S. CLO III Ltd., 2017-3A, A2, 144A, FRN, 2.981%, (3-month USD LIBOR + 1.15%), 1/15/30
United States 650,000   613,459
c
BRAVO Residential Funding Trust, 2019-1, A1C, 144A, 3.50%, 3/25/58
United States 778,820   786,293
c
BWAY Mortgage Trust, 2013-1515, C, 144A, 3.454%, 3/10/33
United States 750,000   782,765
 
Capital One Multi-Asset Execution Trust, 2015-A4, A4, 2.75%, 5/15/25
United States 380,000   384,929
c,j
Carlyle Euro CLO DAC, 2019-2A, A1A, 144A, FRN, 1.11%, 8/15/32
Ireland 350,000 EUR 362,991
c,k Carlyle Global Market Strategies CLO Ltd.,        
 
2014-4RA, C, 144A, FRN, 4.731%, (3-month USD LIBOR + 2.90%), 7/15/30
United States       250,000       184,504
 
2015-2A, A1R, 144A, FRN, 2.574%, (3-month USD LIBOR + 0.78%), 4/27/27
United States       804,267       782,181
c,j
Cent CLO, 2018-28A, C, 144A, FRN, 5.162%, 11/07/30
United States 750,000   563,825
c,j
CIM Trust, 2019-INV2, A3, 144A, FRN, 4.00%, 5/25/49
United States 511,500   512,369
j Citibank Credit Card Issuance Trust,        
 
2017-A7, A7, FRN, 1.375%, 8/08/24
United States       130,000       128,317
 
2018-A2, A2, FRN, 1.103%, 1/20/25
United States     1,280,000     1,255,980
c,k
Dryden 42 Senior Loan Fund, 2016-42A, CR, 144A, FRN, 3.881%, (3-month USD LIBOR + 2.05%), 7/15/30
United States 900,000   743,165
c,j
Euro-Galaxy III CLO BV, 2013-3A, B2ER, 144A, FRN, 1.50%, 1/17/31
Netherlands 250,000 EUR 247,200
  FHLMC Structured Agency Credit Risk Debt Notes,        
 
k 2016-DNA2, M3, FRN, 5.597%, (1-month USD LIBOR + 4.65%), 10/25/28
United States       870,486       837,025
 
k 2016-HQA2, M3, FRN, 6.097%, (1-month USD LIBOR + 5.15%), 11/25/28
United States       750,000       719,832
 
j 2017-DNA2, M2, FRN, 4.397%, 10/25/29
United States     1,000,000       904,404
 
k 2017-DNA3, M2, FRN, 3.447%, (1-month USD LIBOR + 2.50%), 3/25/30
United States     1,000,000       874,492
 
j 2017-HQA1, M2, FRN, 4.497%, 8/25/29
United States       250,000       198,756
 
j 2017-HQA3, M2, FRN, 3.297%, 4/25/30
United States       219,063       190,703
  |  22
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities (continued)        
  Diversified Financials (continued)        
  FNMA Connecticut Avenue Securities,        
 
k 2013-C01, M2, FRN, 6.197%, (1-month USD LIBOR + 5.25%), 10/25/23
United States       749,711       $741,287
 
k 2014-C01, M2, FRN, 5.347%, (1-month USD LIBOR + 4.40%), 1/25/24
United States       913,031       859,698
 
k 2014-C03, 1M2, FRN, 3.947%, (1-month USD LIBOR + 3.00%), 7/25/24
United States     1,270,841     1,176,557
 
k 2014-C04, 2M2, FRN, 5.947%, (1-month USD LIBOR + 5.00%), 11/25/24
United States     1,013,231       987,064
 
j 2016-C02, 1M2, FRN, 6.947%, 9/25/28
United States       757,575       747,210
 
j 2016-C04, 1M2, FRN, 5.197%, 1/25/29
United States       927,790       882,230
 
j 2016-C05, 2M2, FRN, 5.397%, 1/25/29
United States       319,941       308,767
 
j 2016-C06, 1M2, FRN, 5.197%, 4/25/29
United States       180,000       175,197
 
k 2017-C01, 1M2, FRN, 4.497%, (1-month USD LIBOR + 3.55%), 7/25/29
United States       993,868       920,152
 
j 2017-C02, 2M2, FRN, 4.597%, 9/25/29
United States       550,000       401,468
 
j 2017-C03, 1M2, FRN, 3.947%, 10/25/29
United States     1,000,000       898,746
 
j 2017-C05, 1M2, FRN, 3.147%, 1/25/30
United States       944,590       845,008
c,j
Holland Park CLO DAC, 1A, A1RR, 144A, FRN, 0.92%, 11/14/32
Ireland 1,300,000 EUR 1,322,969
c,k
LCM XXV Ltd., 25A, B2, 144A, FRN, 3.469%, (3-month USD LIBOR + 1.65%), 7/20/30
United States 1,200,000   1,088,689
c,j Madison Park Euro Funding VIII DAC,        
 
8A, ARN, 144A, FRN, 0.95%, 4/15/32
Ireland     1,100,000 EUR   1,132,414
 
8A, BRN, 144A, FRN, 1.70%, 4/15/32
Ireland       300,000 EUR     291,219
c,j
Madison Park Euro Funding XIV DAC, 2014A, A1N, 144A, FRN, 1.12%, 7/15/32
Ireland 250,000 EUR 265,497
c,j
Mill City Mortgage Loan Trust, 2018-2, A1, 144A, FRN, 3.50%, 5/25/58
United States 1,044,495   1,066,220
c,j
Neuberger Berman CLO XVIII Ltd., 2014-18A, CR2, 144A, FRN, 4.819%, 10/21/30
United States 800,000   594,047
c,j
Octagon Investment Partners 18-R Ltd., 2018-18A, A1A, 144A, FRN, 2.803%, 4/16/31
United States 1,000,000   950,820
c,j
Octagon Investment Partners 28 Ltd., 2016-1A, BR, 144A, FRN, 3.601%, 10/24/30
United States 1,200,000   1,085,383
c,k
Octagon Investment Partners XVI Ltd., 2013-1A, CR, 144A, FRN, 3.686%, (3-month USD LIBOR + 1.85%), 7/17/30
United States 850,000   682,843
c,j
Provident Funding Mortgage Trust, 2019-1, A2, 144A, FRN, 3.00%, 12/25/49
United States 314,548   318,091
c,j
Provident Funding Mortgage Trust 2020-1, 2020-1, A3, 144A, FRN, 3.00%, 2/25/50
United States 495,184   498,245
c,j Towd Point Mortgage Trust,        
 
2015-5, A1B, 144A, FRN, 2.75%, 5/25/55
United States       536,167       535,118
 
2018-1, A1, 144A, FRN, 3.00%, 1/25/58
United States     1,239,486     1,252,836
 
2018-3, A1, 144A, FRN, 3.75%, 5/25/58
United States       939,803       944,621
 
Total Asset-Backed Securities and Commercial Mortgage-Backed Securities (Cost $42,367,654)
      38,268,028
  |  23
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Mortgage-Backed Securities 11.1%        
  Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 3.1%        
l
FHLMC 30 Year, 2.50%, 4/01/50
United States     1,050,000     $1,088,145
l
FHLMC 30 Year, 3.00%, 4/01/50
United States    14,185,000    14,893,197
 
FHLMC 30 Year, 4.00%, 7/01/49
United States     2,167,176     2,314,299
 
FHLMC 30 Year, 4.00%, 8/01/49
United States     2,247,030     2,399,356
          20,694,997
  Federal National Mortgage Association (FNMA) Fixed Rate 1.4%        
 
FNMA 30 Year, 3.00%, 1/01/50
United States 5,933,790   6,234,998
 
FNMA 30 Year, 3.50%, 6/01/49
United States 1,988,128   2,105,406
 
FNMA 30 Year, 4.00%, 1/01/50
United States 1,107,946   1,182,760
          9,523,164
  Government National Mortgage Association (GNMA) Fixed Rate 6.6%        
 
GNMA II SF 30 Year, 3.00%, 9/20/47
United States 2,548,023   2,704,447
 
GNMA II SF 30 Year, 3.00%, 2/20/50
United States 1,616,498   1,715,736
 
GNMA II SF 30 Year, 3.50%, 10/20/49
United States 11,497,161   12,141,504
 
GNMA II SF 30 Year, 3.50%, 11/20/49
United States 2,362,115   2,495,455
 
GNMA II SF 30 Year, 3.50%, 12/20/49
United States 5,731,275   6,055,775
 
GNMA II SF 30 Year, 3.50%, 2/20/50
United States 10,976,233   11,623,844
 
GNMA II SF 30 Year, 4.00%, 11/20/49
United States 4,822,358   5,136,176
 
GNMA II SF 30 Year, 4.00%, 12/20/49
United States 2,828,305   3,032,879
          44,905,816
 
Total Mortgage-Backed Securities (Cost $73,466,734)
      75,123,977
  Municipal Bonds 1.0%        
 
Birmingham Water Works Board Water Revenue, Senior, Refunding, 3.573%, 1/01/45
United States 530,000   544,813
 
Board of Regents of the Texas A & M University System Revenue, Permanent University Fund, Refunding, 3.10%, 7/01/49
United States 355,000   358,635
 
Broward County Airport System Revenue, Refunding, Series C, 3.477%, 10/01/43
United States 140,000   136,303
  California Health Facilities Financing Authority Revenue,        
 
Senior, No Place Like Home Program, 2.934%, 6/01/32
United States       135,000       135,830
 
Senior, No Place Like Home Program, 2.984%, 6/01/33
United States       115,000       115,592
 
Senior, No Place Like Home Program, 3.034%, 6/01/34
United States        90,000        90,444
 
City of Austin Electric Utility System Revenue, Travis and Williamson Counties, Refunding, 6.262%, 11/15/32
United States 270,000   332,286
 
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue, Refunding, Series A, 4.094%, 1/15/49
United States 70,000   71,001
 
Gilroy USD, GO, Santa Clara County, Refunding, 3.364%, 8/01/47
United States 290,000   288,538
 
Greenville City School District GO, County of Darke, School Improvement, Refunding, 3.541%, 1/01/51
United States 330,000   330,950
 
Honolulu City and County Wastewater System Revenue, Second Bond Resolution, Refunding, Junior Series B, 2.585%, 7/01/28
United States 50,000   52,503
 
Kaiser Foundation Hospitals, 3.266%, 11/01/49
United States 445,000   444,620
 
Massachusetts State College Building Authority Revenue, Refunding, Series C, 3.373%, 5/01/43
United States 230,000   234,841
 
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, Subordinated, Refunding, Series B, 3.395%, 10/15/40
United States 265,000   271,919
  |  24
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Municipal Bonds (continued)        
 
Metro Wastewater Reclamation District Sewer Revenue, Refunding, Series B, 3.158%, 4/01/41
United States       220,000       $224,420
 
New Jersey State Transportation Trust Fund Authority Revenue, Transportation System, Series B, 4.131%, 6/15/42
United States       160,000       155,346
 
New York State Dormitory Authority Revenues, Non State Supported Debt, State University of New York Dormitory Facilities, Series B, 3.142%, 7/01/43
United States       140,000       139,276
 
New York State GO, Refunding, Series B, 3.20%, 2/15/39
United States       530,000       543,192
 
Ohio State Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Refunding, Series G, 3.276%, 1/01/42
United States        90,000        90,445
 
Oregon State Department of Transportation Highway User Tax Revenue, senior lien, Refunding, Series B, 3.168%, 11/15/38
United States       175,000       180,227
 
Pennsylvania State Turnpike Commission Turnpike Revenue, Motor License Fund-Enhanced, Subordinate, Refunding, First Series, 3.579%, 12/01/43
United States       440,000       444,057
 
Regional Transportation District Sales Tax Revenue, FasTracks Project, Refunding, Series A, 3.258%, 11/01/38
United States 140,000   144,879
 
RWJ Barnabas Health Inc., 3.477%, 7/01/49
United States 120,000   122,088
 
Salt Lake City Sales and Excise Tax Revenue, Refunding, Series B, 3.102%, 4/01/38
United States 125,000   126,049
 
San Bernardino Community College District GO, San Bernadino and Riverside Counties, Election of 2018, Series A-1, 3.271%, 8/01/39
United States 100,000   101,574
 
San Diego County Regional Transportation Commission Sales Tax Revenue, Limited Tax, Refunding, Series A, 3.248%, 4/01/48
United States 105,000   103,263
 
San Francisco City and County Public Utilities Commission Water Revenue, Green Bonds, Refunding, Sub-Series A, 3.473%, 11/01/43
United States 105,000   97,583
 
Texas State GO, Transportation Commission, Highway Improvement, Refunding, 3.211%, 4/01/44
United States 265,000   273,029
  Texas State University System Financing Revenue,        
 
Refunding, Series B, 2.938%, 3/15/33
United States       105,000       105,292
 
Refunding, Serise B, 3.289%, 3/15/40
United States        90,000        89,212
 
University of Pittsburgh of the Commonwealth System of Higher Education Revenue, Refunding, Series C, 3.005%, 9/15/41
United States 250,000   253,850
 
Utah Transit Authority Sales Tax Revenue, Refunding, Series B, 3.443%, 12/15/42
United States 175,000   178,049
 
Total Municipal Bonds (Cost $6,700,980)
      6,780,106
 
Total Investments before Short Term Investments (Cost $714,163,919)
      649,400,576
  |  25
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
    Country/Organization   Shares   Value
  Short Term Investments (Cost $34,353,614) 5.1%          
  Money Market Funds 5.1%          
b,m
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States      34,353,614    $34,353,614
 
Total Investments (Cost $748,517,533) 101.1%
        683,754,190
 
Options Written (0.0)%†
        (282,728)
 
Other Assets, less Liabilities (1.1)%
        (6,992,017)
 
Net Assets 100.0%
        $676,479,445
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (0.0)%†          
  Puts - Over-the-Counter          
  Credit Default Swaptions (0.0)%†          
 
Buy Protection on CDX.NA.IG.33, Counterparty BZWS, Premium Rate 5.00%, Strike Price $105, Expires 4/15/20
1   8,200,000   (60,664)
  Interest Rate Swaptions (0.0)%†          
 
Receive fixed 1.30%, Counterparty JPHQ, pay float 3 month USD LIBOR, Expires 5/19/20
1   3,800,000   (222,064)
 
Total Options Written (Premiums received $29,640)
        $(282,728)
 
†Rounds to less than 0.1% of net assets.
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bSee  Note 9 regarding investments in affiliated management investment companies.
cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $51,296,630, representing 7.6% of net assets.
dSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $1,915,340, representing 0.3% of net assets.
eThe coupon rate shown represents the rate at period end.
fA portion or all of the security purchased on a delayed delivery basis.  
gA portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of settlement and will be based upon a reference index/floor plus a spread.
hA supranational organization is an entity formed by two or more central governments through international treaties.
iPrincipal amount of security is adjusted for inflation.  
jAdjustable 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.
kThe coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.
lA portion or all of the security purchased on a to-be-announced (TBA) basis.  
mThe rate shown is the annualized seven-day effective yield at period end.
  |  26
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
At March 31, 2020, the Fund had the following futures contracts outstanding. See  Note 3.
Futures Contracts
Description Type Number of Contracts Notional
Amount* 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Equity Contracts          
S&P 500 E-Mini
Long 112 $14,390,320 6/19/20 $598,784
Interest Rate Contracts          
Australian 3 Yr. Bond
Long 45 3,237,305 6/15/20 17,511
Australian 10 Yr. Bond
Long 6 555,121 6/15/20 10,474
Canada 10 Yr. Bond
Long 52 5,436,078 6/19/20 248,196
CME Ultra Long Term U.S. Treasury Bond
Long 7 1,553,125 6/19/20 77,544
Euro-BTP
Long 35 5,457,153 6/08/20 (210,792)
Euro-Bund
Long 14 2,662,933 6/08/20 (53,576)
U.S. Treasury 2 Yr. Note
Long 56 12,341,438 6/30/20 173,017
U.S. Treasury 5 Yr. Note
Long 5 626,797 6/30/20 3,119
U.S. Treasury 10 Yr. Note
Long 76 10,540,250 6/19/20 52,640
U.S. Treasury 10 Yr. Note
Short 14 1,941,625 6/19/20 (19,490)
U.S. Treasury 30 Yr. Bond
Long 2 358,125 6/19/20 (2,592)
Ultra 10 Yr. U.S. Treasury Note
Long 23 3,588,719 6/19/20 2,219
  $48,298,669 $298,270
Total Futures Contracts
$62,688,989 $897,054
 
*As of period end.
 
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Turkish Lira 
JPHQ Buy 1,380,000 218,822   4/15/20      $ —   $(11,138)
Indonesian Rupiah 
JPHQ Buy 4,950,000,000 345,598   6/15/20       —   (46,051)
Australian Dollar 
JPHQ Sell 1,100,000 758,373   7/02/20  82,526        —
Japanese Yen 
CITI Buy 182,581,700 1,700,000   7/16/20   5,414        —
Australian Dollar 
JPHQ Sell 390,000 267,856   7/21/20  28,243        —
Japanese Yen 
JPHQ Buy 239,900,000 2,216,760   7/22/20  24,438        —
Canadian Dollar 
JPHQ Sell 430,000 327,148   7/23/20  21,372        —
Danish Krone 
JPHQ Sell 7,518,245 1,122,696   7/23/20   7,616        —
Euro 
JPHQ Sell 696,577 776,366   7/23/20   5,107        —
Mexican Peso 
JPHQ Buy 6,950,000 360,128   7/23/20       —   (72,424)
Norwegian Krone 
JPHQ Buy 6,740,000 745,252   7/23/20       —   (95,382)
Norwegian Krone 
JPHQ Sell 6,740,000 661,303   7/23/20  11,433        —
Euro 
JPHQ Sell 380,000 427,861   8/05/20   6,961        —
Japanese Yen 
JPHQ Buy 102,000,000 956,668   8/13/20       —    (3,139)
Singapore Dollar 
JPHQ Sell 3,750,000 279,675,187 JPY 8/13/20       —   (28,841)
Chinese Yuan Renminbi 
JPHQ Buy 5,095,000 730,016   8/21/20       —   (13,479)
Chinese Yuan Renminbi 
JPHQ Sell 5,095,000 723,660   8/21/20   7,123        —
  |  27
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Japanese Yen 
JPHQ Buy 70,500,000 674,444   9/14/20      $ —   $(14,760)
Canadian Dollar 
JPHQ Sell 1,450,000 1,047,083   9/15/20  15,789        —
Euro 
JPHQ Sell 1,504,009 1,691,860   9/15/20  23,982        —
Norwegian Krone 
JPHQ Buy 7,680,000 760,411   9/15/20       —   (19,851)
Norwegian Krone 
JPHQ Sell 7,680,000 752,941   9/15/20  12,381        —
South Korean Won 
JPHQ Sell 467,500,000 380,855   9/16/20       —    (5,173)
Total Forward Exchange Contracts 
$252,385 $(310,238)
Net unrealized appreciation (depreciation) 
$(57,853)
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
 
At March 31, 2020, the Fund had the following credit default swap contracts outstanding. See  Note 3.
Credit Default Swap Contracts
Description Periodic
Payment Rate
Received (Paid) 		Payment
Frequency 		Counter-partya Maturity
Date 		Notional
Amountb 		  Value Unamortized
Upfront
Payments
(Receipts) 		Unrealized
Appreciation
(Depreciation) 		Ratingc
Centrally Cleared Swap Contracts
Contracts to Sell Protectiond,e
Traded Index
CDX.EM.32
1.00% Quarterly   12/20/24 $1,500,000   $(173,919)   $(84,046)   $(89,873)  
CDX.NA.HY.33
5.00% Quarterly   12/20/24 1,341,200     (79,901)    45,542 (125,443) Non-
  Investment
Grade
CDX.NA.IG.33
1.00% Quarterly   12/20/24 2,000,000      (6,654)    23,505   (30,159) Investment
  Grade
Total Centrally Cleared Swap Contracts
$(260,474) $(14,999) $(245,475)  
OTC Swap Contracts
Contracts to Buy Protectiond
Single Name
Avon Products Inc.
(5.00)% Quarterly CITI 3/20/23   $260,000      $27,258   $(22,463)    $49,721  
Contracts to Sell Protectiond,e
Single Name
Government of Argentina
5.00% Quarterly CITI 12/20/21   550,000   (400,602) (248,925) (151,677) CCC-
Government of Russia
1.00% Quarterly CITI 12/20/24   300,000     (11,070)     2,810   (13,880) BBB-
Traded Index
fCitibank Bespoke Phoenix Index, Mezzanine Tranche 5-7%
2.90% Quarterly CITI 12/20/21   250,000     (54,207)        —   (54,207) Non-
  Investment
Grade
Total OTC Swap Contracts
$(438,621) $(268,578) $(170,043)  
Total Credit Default Swap Contracts
$(699,095) $(283,577) $(415,518)  
  |  28
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
Credit Default Swap Contracts (continued)
aPosting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of the agreement. The table below summarizes the cash and/or securities held as collateral for each applicable counterparty at period end.
 
Counterparty Collateral
Pledged
(Received)
BZWS $260,000
CITI 120,000
JPHQ 270,000
Total collateral $650,000
 
bIn 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.
cBased on Standard and Poor’s (S&P) Rating for single name swaps. Internal ratings based on mapping into equivalent ratings from external vendors.
dPerformance 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.
eThe Fund enters contracts to sell protection to create a long credit position.
fRepresents a custom index comprised of a basket of underlying instruments.
 
At March 31, 2020, the Fund had the following cross-currency swap contracts outstanding. See  Note 3.
Cross-Currency Swap Contracts
Description Payment
Frequency 		Counterparty Maturity
Date 		Notional
Amount 		  Value/Unrealized
Appreciation
(Depreciation)
OTC Swap Contracts
Receive Floating 3-month USD LIBOR + 1.334%
Quarterly     280,000 USD  
Pay Floating 3-month EUR LIBOR + 1.12%
Quarterly CITI 7/10/21 250,000 EUR $5,925
Receive Floating 3-month USD LIBOR + 1.305%
Quarterly     387,450 USD  
Pay Floating 3-month EUR LIBOR + 1.11%
Quarterly JPHQ 8/20/21 350,000 EUR 2,890
Receive Floating 3-month USD LIBOR + 1.23%
Quarterly     277,500 USD  
Pay Floating 3-month EUR LIBOR + 1.07%
Quarterly CITI 9/17/21 250,000 EUR 1,769
Receive Floating 3-month USD LIBOR + 1.87%
Quarterly     275,000 USD  
Pay Floating 3-month EUR LIBOR + 1.70%
Quarterly CITI 10/15/21 250,000 EUR 577
Receive Floating 3-month USD LIBOR + 1.25%
Quarterly     1,221,000 USD  
Pay Floating 3-month EUR LIBOR + 1.10%
Quarterly CITI 10/30/21 1,100,000 EUR 12,558
Receive Floating 3-month USD LIBOR + 1.175%
Quarterly     1,436,500 USD  
Pay Floating 3-month EUR LIBOR + 1.05%
Quarterly CITI 11/22/21 1,300,000 EUR 5,488
Receive Floating 3-month USD LIBOR + 1.17%
Quarterly     832,500 USD  
Pay Floating 3-month EUR LIBOR + 1.05%
Quarterly CITI 11/29/21 750,000 EUR 6,677
Receive Floating 3-month USD LIBOR + 1.174%
Quarterly     1,554,000 USD  
Pay Floating 3-month EUR LIBOR + 1.05%
Quarterly CITI 12/10/21 1,400,000 EUR 9,761
Receive Floating 3-month USD LIBOR + 1.318%
Quarterly     943,500 USD  
Pay Floating 3-month EUR LIBOR + 1.20%
Quarterly CITI 12/12/21 850,000 EUR 5,484
Total Cross Currency Swap Contracts
$51,129
 
  |  29
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Allocation VIP Fund (continued)
At March 31, 2020, the Fund had the following inflation index swap contracts outstanding. See  Note 3.
Inflation Index Swap Contracts
Description Payment
Frequency 		  Maturity
Date 		Notional
Amount 		  Value/Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Swap Contracts
Receive variable change in USA-CPI-U
At maturity          
Pay Fixed 1.719%
At maturity   8/14/26   $550,000     $(36,042)
Receive variable change in USA-CPI-U
At maturity          
Pay Fixed 1.913%
At maturity   1/14/29 1,500,000   (134,195)
Receive variable change in USA-CPI-U
At maturity          
Pay Fixed 1.943%
At maturity   1/15/29 5,100,000   (470,414)
Total Inflation Index Swap Contracts
$(640,651)
 
At March 31, 2020, the Fund had the following total return swap contracts outstanding. See  Note 3.
Total Return Swap Contracts
Underlying Instruments Financing Rate Payment
Frequency 		Counterparty Maturity
Date 		Notional
Value 		  Value/Unrealized
Appreciation
(Depreciation)
OTC Swap Contracts
Longa
Markit iBoxx USD Liquid Leveraged Loan Index
3-month USD LIBOR Quarterly BZWS 6/20/20 $1,400,000          $(73,963)
 
aThe Fund receives the total return on the underlying instrument and pays a variable financing rate.
See Abbreviations on page 157.
  |  30
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Flex Cap Growth VIP Fund
    Shares   Value
  Common Stocks 100.9%      
  Capital Goods 3.3%      
 
The Boeing Co.
 2,376      $354,357
 
Fortive Corp.
16,873      931,221
 
Raytheon Co.
 6,723      881,721
 
Roper Technologies Inc.
 3,304    1,030,220
        3,197,519
  Commercial & Professional Services 2.2%      
a
CoStar Group Inc.
 1,601      940,123
 
Verisk Analytics Inc.
 8,436    1,175,810
        2,115,933
  Consumer Durables & Apparel 1.5%      
 
NIKE Inc., B
17,651    1,460,444
  Diversified Financials 2.4%      
 
CME Group Inc.
 6,757    1,168,353
 
Intercontinental Exchange Inc.
14,137    1,141,563
        2,309,916
  Food & Staples Retailing 4.0%      
 
Costco Wholesale Corp.
13,546    3,862,371
  Health Care Equipment & Services 12.5%      
 
Abbott Laboratories
25,585    2,018,912
a
Alcon Inc. (Switzerland)
22,124    1,124,342
 
Becton, Dickinson and Co.
 4,217      968,940
 
Danaher Corp.
16,683    2,309,094
a
IDEXX Laboratories Inc.
 8,336    2,019,313
a
Intuitive Surgical Inc.
 3,338    1,653,011
a
Veeva Systems Inc.
13,224    2,067,837
        12,161,449
  Household & Personal Products 3.0%      
 
Estee Lauder Cos. Inc., A
18,062    2,877,999
  Media & Entertainment 11.6%      
a
Alphabet Inc., C
 5,335    6,203,591
a
Charter Communications Inc., A
 4,383    1,912,347
a
Facebook Inc., A
 7,831    1,306,211
a
Netflix Inc.
 4,869    1,828,309
        11,250,458
  Pharmaceuticals, Biotechnology & Life Sciences 1.0%      
a
10X Genomics Inc., A
   413       25,738
a
Illumina Inc.
 3,304      902,389
a
PPD Inc.
   887       15,797
        943,924
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  31
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Flex Cap Growth VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Real Estate 5.7%      
 
American Tower Corp.
 9,767    $2,126,764
 
Crown Castle International Corp.
16,266    2,348,811
 
Equinix Inc.
 1,621    1,012,428
        5,488,003
  Retailing 9.6%      
a
Alibaba Group Holding Ltd., ADR (China)
 7,919    1,540,087
a
Amazon.com Inc.
 3,829    7,465,478
a
Booking Holdings Inc.
   249      334,985
a
Chewy Inc., A
   370       13,871
        9,354,421
  Semiconductors & Semiconductor Equipment 6.8%      
 
Analog Devices Inc.
26,801    2,402,710
 
NVIDIA Corp.
 8,336    2,197,370
 
Xilinx Inc.
25,857    2,015,294
        6,615,374
  Software & Services 35.3%      
a
Adobe Inc.
 8,336    2,652,849
a,b
Bill.Com Holdings Inc.
   613       20,964
 
Mastercard Inc., A
21,071    5,089,911
 
Microsoft Corp.
59,687    9,413,237
a
PayPal Holdings Inc.
16,380    1,568,221
a
salesforce.com Inc.
32,045    4,613,839
a
ServiceNow Inc.
21,561    6,178,951
 
Visa Inc., A
22,118    3,563,652
a
Workday Inc., A
 8,208    1,068,846
        34,170,470
  Technology Hardware & Equipment 0.8%      
a
Keysight Technologies Inc.
 9,832      822,742
  Utilities 1.2%      
 
NextEra Energy Inc.
 4,854    1,167,969
 
Total Common Stocks (Cost $54,416,075)
    97,798,992
  Short Term Investments 0.0%†      
  Money Market Funds (Cost $259) 0.0%†      
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
   259          259
  |  32
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Flex Cap Growth VIP Fund (continued)
    Shares   Value
  Short Term Investments (continued)      
  Investments from Cash Collateral Received for Loaned Securities 0.0%†      
  Money Market Funds (Cost $19,250) 0.0%†      
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
19,250       $19,250
 
Total Investments (Cost $54,435,584) 100.9%
    97,818,501
 
Other Assets, less Liabilities (0.9)%
    (915,333)
 
Net Assets 100.0%
    $96,903,168
 
See Abbreviations on page 157.
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bA portion or all of the security is on loan at March 31, 2020.  
cSee  Note 9 regarding investments in affiliated management investment companies.
dThe rate shown is the annualized seven-day effective yield at period end.
  |  33
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Global Real Estate VIP Fund
    Country Shares   Value
  Common Stocks 98.7%        
  Diversified Real Estate Activities 9.7%        
 
CapitaLand Ltd.
Singapore   731,688     $1,466,354
 
Mitsubishi Estate Co. Ltd.
Japan   186,636     2,767,999
 
Mitsui Fudosan Co. Ltd.
Japan   151,929     2,642,458
 
New World Development Co. Ltd.
Hong Kong   974,780     1,048,631
 
Nomura Real Estate Holdings Inc.
Japan    51,147       834,655
 
Sun Hung Kai Properties Ltd.
Hong Kong   191,228     2,520,880
          11,280,977
  Diversified REITs 6.2%        
 
Gecina SA
France 12,294   1,636,133
 
GPT Group
Australia 313,395   698,842
 
Hulic REIT Inc.
Japan 823   958,107
 
Kenedix Office Investment Corp.
Japan 250   1,322,702
 
Premier Investment Corp.
Japan 930   1,029,922
 
VEREIT Inc.
United States 304,632   1,489,651
          7,135,357
  Health Care REITs 5.2%        
 
Healthpeak Properties Inc.
United States 99,598   2,375,412
 
Physicians Realty Trust
United States 71,945   1,002,913
 
Welltower Inc.
United States 58,885   2,695,756
          6,074,081
  Hotel & Resort REITs 2.3%        
 
Host Hotels & Resorts Inc.
United States 78,718   869,047
 
MGM Growth Properties LLC, A
United States 49,555   1,172,967
 
Ryman Hospitality Properties Inc.
United States 16,518   592,170
          2,634,184
  Industrial REITs 17.8%        
 
Americold Realty Trust
United States 50,849   1,730,900
 
First Industrial Realty Trust Inc.
United States 40,055   1,331,028
 
GLP J-REIT
Japan 1,488   1,682,466
 
Goodman Group
Australia 294,894   2,191,956
 
Mapletree Logistics Trust
Singapore 1,084,425   1,201,277
 
Prologis Inc.
United States 91,318   7,339,228
 
Rexford Industrial Realty Inc.
United States 57,490   2,357,665
 
Segro PLC
United Kingdom 289,408   2,734,340
          20,568,860
  Integrated Telecommunication Services 0.5%        
 
Cellnex Telecom SA
Spain 12,510   567,330
  Office REITs 13.3%        
 
Alexandria Real Estate Equities Inc.
United States 25,894   3,549,032
 
Boston Properties Inc.
United States 14,013   1,292,419
 
Cousins Properties Inc.
United States 71,861   2,103,371
 
Derwent London PLC
United Kingdom 53,206   2,148,066
 
Dexus
Australia 263,756   1,472,810
 
Ichigo Office REIT Investment Corp.
Japan 1,040   724,311
 
Inmobiliaria Colonial SA
Spain 139,328   1,326,535
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  34
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Global Real Estate VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Office REITs (continued)        
 
Kilroy Realty Corp.
United States    27,946     $1,780,160
 
ORIX JREIT Inc.
Japan       812     1,072,147
          15,468,851
  Real Estate Development 1.6%        
 
CK Asset Holdings Ltd.
Hong Kong   341,941     1,872,314
  Real Estate Operating Companies 8.6%        
 
Aroundtown SA
Germany 174,357   872,499
 
Deutsche Wohnen AG
Germany 37,980   1,439,001
 
Fabege AB
Sweden 95,261   1,213,060
 
Grainger PLC
United Kingdom 397,206   1,263,330
 
Hufvudstaden AB, A
Sweden 44,723   609,919
 
Shurgard Self Storage SA
Belgium 19,461   577,182
 
Vonovia SE
Germany 79,309   3,944,035
          9,919,026
  Residential REITs 14.1%        
 
American Homes 4 Rent, A
United States 95,827   2,223,186
 
AvalonBay Communities Inc.
United States 26,458   3,893,824
 
Camden Property Trust
United States 30,847   2,444,316
 
Canadian Apartment Properties REIT
Canada 51,819   1,568,008
 
Equity Lifestyle Properties Inc.
United States 43,501   2,500,437
 
UDR Inc.
United States 72,044   2,632,488
 
Unite Group PLC
United Kingdom 111,812   1,115,191
          16,377,450
  Retail REITs 9.7%        
 
CapitaLand Mall Trust
Singapore 914,094   1,146,234
 
Link REIT
Hong Kong 143,629   1,217,187
 
Realty Income Corp.
United States 58,007   2,892,229
 
Regency Centers Corp.
United States 41,547   1,596,651
 
Retail Properties of America Inc., A
United States 109,361   565,397
 
Simon Property Group Inc.
United States 25,599   1,404,361
 
SmartCentres REIT
Canada 58,740   786,261
 
Spirit Realty Capital Inc.
United States 46,769   1,223,009
a
Unibail-Rodamco-Westfield
France 6,717   384,957
          11,216,286
  Specialized REITs 9.7%        
 
Equinix Inc.
United States 4,079   2,547,621
 
Extra Space Storage Inc.
United States 35,360   3,386,074
 
Public Storage
United States 6,723   1,335,255
 
QTS Realty Trust Inc., A
United States 34,529   2,003,027
 
SBA Communications Corp., A
United States 7,264   1,961,062
          11,233,039
 
Total Common Stocks (Cost $104,580,498)
      114,347,755
  |  35
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Global Real Estate VIP Fund (continued)
    Country Principal
Amount 		  Value
  Short Term Investments 1.0%        
  Repurchase Agreements (Cost $765,466) 0.7%        
b
Joint Repurchase Agreement, 0.009%, 4/01/20 (Maturity Value $765,466)

BNP Paribas Securities Corp. (Maturity Value $599,436)

Deutsche Bank Securities Inc. (Maturity Value $126,065)

HSBC Securities (USA) Inc. (Maturity Value $39,965)

Collateralized by U.S. Government Agency Securities, 3.50% - 4.672%, 8/20/46 - 10/20/66; cU.S. Treasury Bills, 5/05/20; and U.S. Treasury Notes, 1.50% - 2.625%, 8/31/21 - 12/31/23 (valued at $782,597)
United States   $765,466       $765,466
      Shares    
  Investments from Cash Collateral Received for Loaned Securities 0.3%        
  Money Market Funds (Cost $286,000) 0.2%        
d,e
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States   286,000       286,000
      Principal
Amount 		   
  Repurchase Agreements (Cost $72,705) 0.1%        
b
Joint Repurchase Agreement, 0.01%, 4/01/20 (Maturity Value $72,705)

BNP Paribas Securities Corp.

Collateralized by cU.S. Treasury Bills, 4/7/20; U.S. Treasury Notes, 2.75%, 5/15/21 - 11/15/23; U.S. Treasury Strips, 8/15/20 – 11/15/23; U.S. Treasury Floating Rate Notes, 0.30%, 10/31/21 (valued at $74,159)
United States $72,705   72,705
 
Total Investments from Cash Collateral Received for Loaned Securities (Cost $358,705)
      358,705
 
Total Investments (Cost $105,704,669) 99.7%
      115,471,926
 
Other Assets, less Liabilities 0.3%
      396,207
 
Net Assets 100.0%
      $115,868,133
  
See Abbreviations on page 157.
aA portion or all of the security is on loan at March 31, 2020.  
bInvestment 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, 2020, all repurchase agreements had been entered into on that date.
cThe security was issued on a discount basis with no stated coupon rate.
dSee  Note 9 regarding investments in affiliated management investment companies.
eThe rate shown is the annualized seven-day effective yield at period end.
  |  36
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Growth and Income VIP Fund
    Country Shares   Value
  Common Stocks 83.5%        
  Communication Services 5.4%        
 
Comcast Corp., A
United States    27,800      $955,764
 
Rogers Communications Inc., B
Canada     6,944      288,385
 
TELUS Corp.
Canada    17,900      282,966
 
Verizon Communications Inc.
United States    26,810    1,440,501
          2,967,616
  Consumer Discretionary 4.1%        
 
Lowe’s Cos. Inc.
United States 4,748   408,565
 
McDonald’s Corp.
United States 5,700   942,495
 
Target Corp.
United States 9,880   918,544
          2,269,604
  Consumer Staples 12.3%        
 
The Coca-Cola Co.
United States 29,750   1,316,437
 
Nestle SA
Switzerland 5,400   552,499
 
PepsiCo Inc.
United States 11,198   1,344,880
 
The Procter & Gamble Co.
United States 15,150   1,666,500
 
Unilever NV, N.Y. shs.
United Kingdom 12,900   629,391
 
Walmart Inc.
United States 11,000   1,249,820
          6,759,527
  Energy 4.6%        
 
Canadian Natural Resources Ltd.
Canada 17,600   238,480
 
Chevron Corp.
United States 16,643   1,205,952
 
Exxon Mobil Corp.
United States 6,877   261,120
 
Royal Dutch Shell PLC, A, ADR
United Kingdom 16,563   577,883
 
Suncor Energy Inc.
Canada 16,682   263,575
          2,547,010
  Financials 16.5%        
 
Apollo Global Management Inc., A
United States 10,900   365,150
 
Ares Management Corp., A
United States 12,900   398,997
 
Arthur J. Gallagher & Co.
United States 5,266   429,231
 
Bank of America Corp.
United States 54,586   1,158,861
 
BlackRock Inc.
United States 1,211   532,804
 
Citigroup Inc.
United States 20,500   863,460
 
JPMorgan Chase & Co.
United States 24,275   2,185,478
 
MetLife Inc.
United States 21,000   641,970
 
Morgan Stanley
United States 37,737   1,283,058
 
Truist Financial Corp.
United States 30,826   950,674
 
Wells Fargo & Co.
United States 11,050   317,135
          9,126,818
  Health Care 12.2%        
 
Baxter International Inc.
United States 5,700   462,783
 
HCA Healthcare Inc.
United States 3,970   356,705
 
Johnson & Johnson
United States 13,365   1,752,552
 
Medtronic PLC
United States 14,581   1,314,915
 
Merck & Co. Inc.
United States 11,450   880,963
 
Pfizer Inc.
United States 32,063   1,046,536
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  37
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Growth and Income VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Health Care (continued)        
 
UnitedHealth Group Inc.
United States     3,700      $922,706
          6,737,160
  Industrials 9.3%        
 
Emerson Electric Co.
United States    10,500      500,325
 
Fastenal Co.
United States     6,400      200,000
 
Illinois Tool Works Inc.
United States     1,211      172,107
 
Lockheed Martin Corp.
United States 2,319   786,025
 
Norfolk Southern Corp.
United States 5,900   861,400
 
Raytheon Co.
United States 6,116   802,114
 
Republic Services Inc.
United States 13,030   978,032
 
Stanley Black & Decker Inc.
United States 1,432   143,200
 
United Technologies Corp.
United States 7,534   710,682
          5,153,885
  Information Technology 8.2%        
 
Analog Devices Inc.
United States 4,400   394,460
 
Apple Inc.
United States 2,532   643,862
 
Cisco Systems Inc.
United States 19,489   766,113
 
Intel Corp.
United States 7,357   398,161
 
Microsoft Corp.
United States 10,026   1,581,201
 
Oracle Corp.
United States 2,979   143,975
 
Texas Instruments Inc.
United States 5,896   589,187
          4,516,959
  Materials 0.6%        
 
BASF SE
Germany 7,437   347,525
  Real Estate 2.3%        
 
Equity Residential
United States 8,200   506,022
 
Host Hotels & Resorts Inc.
United States 22,341   246,645
 
Prologis Inc.
United States 6,200   498,294
          1,250,961
  Utilities 8.0%        
 
Duke Energy Corp.
United States 17,250   1,395,180
 
Entergy Corp.
United States 2,200   206,734
 
NextEra Energy Inc.
United States 6,754   1,625,147
 
Xcel Energy Inc.
United States 19,546   1,178,624
          4,405,685
 
Total Common Stocks (Cost $37,203,855)
      46,082,750
  Equity-Linked Securities 8.5%        
  Consumer Discretionary 3.5%        
a
JPMorgan Chase Bank NA into The TJX Cos. Inc., 5.50%, 144A
United States 9,000   430,599
a
Royal Bank of Canada into Lowe’s Cos. Inc., 7.00%, 144A
United States 3,100   274,849
a
Royal Bank of Canada into Tractor Supply Co., 6.00%, 144A
United States 5,700   475,725
a
Wells Fargo Bank NA into Amazon.com Inc., 144A
United States 380   735,004
          1,916,177
  |  38
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Growth and Income VIP Fund (continued)
    Country Shares   Value
  Equity-Linked Securities (continued)        
  Financials 0.9%        
a
Credit Suisse AG into Bank of America Corp., 7.00%, 144A
United States    22,000      $486,354
  Health Care 0.6%        
a
Goldman Sachs International into HCA Holdings Inc., 6.00%, 144A
United States     3,500      327,858
  Industrials 1.0%        
a
Citigroup Global Markets Holdings Inc. into Fastenal Co., 7.00%, 144A
United States     8,000      249,928
a
Goldman Sachs International into Stanley Black & Decker Inc., 7.00%, 144A
United States     3,000      320,953
          570,881
  Information Technology 2.5%        
a
Barclays Bank PLC into Broadcom Inc., 10.00%, 144A
United States 1,800   430,925
a
Barclays Bank PLC into Microsoft Corp., 6.50%, 144A
United States 3,000   427,356
a
Barclays Bank PLC into Oracle Corp., 6.50%, 144A
United States 11,500   551,303
          1,409,584
 
Total Equity-Linked Securities (Cost $5,546,752)
      4,710,854
  Convertible Preferred Stocks 5.7%        
  Health Care 3.0%        
 
Becton Dickinson and Co., 6.125%, cvt. pfd., A
United States 19,950   1,042,986
 
Danaher Corp., 4.75%, cvt. pfd., A
United States 580   599,227
          1,642,213
  Industrials 0.8%        
 
Fortive Corp., 5.00%, cvt. pfd., A
United States 585   421,042
  Information Technology 0.8%        
 
Broadcom Inc., 8.00%, cvt. pfd., A
United States 465   434,477
  Utilities 1.1%        
 
Essential Utilities Inc., 6.00%, cvt. pfd.
United States 11,900   637,364
 
Total Convertible Preferred Stocks (Cost $3,386,676)
      3,135,096
 
Total Investments before Short Term Investments (Cost $46,137,283)
      53,928,700
  |  39
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Growth and Income VIP Fund (continued)
    Country Principal
Amount 		  Value
  Short Term Investments (Cost $1,242,991) 2.3%        
  Repurchase Agreements 2.3%        
b
Joint Repurchase Agreement, 0.009%, 4/01/20 (Maturity Value $1,242,992)

BNP Paribas Securities Corp. (Maturity Value $973,387)

Deutsche Bank Securities Inc. (Maturity Value $204,708)

HSBC Securities (USA) Inc. (Maturity Value $64,897)

Collateralized by U.S. Government Agency Securities, 3.50% - 4.672%, 8/20/46 - 10/20/66; cU.S. Treasury Bills, 5/05/20; and U.S. Treasury Notes, 1.50% - 2.625%, 8/31/21 - 12/31/23 (valued at $1,270,809)
United States $1,242,991    $1,242,991
 
Total Investments (Cost $47,380,274) 100.0%
      55,171,691
 
Other Assets, less Liabilities 0.0%†
      9,260
 
Net Assets 100.0%
      $55,180,951
 
See Abbreviations on page 157.
†Rounds to less than 0.1% of net assets.
aSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $4,710,854, representing 8.5% of net assets.
bInvestment 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, 2020, all repurchase agreements had been entered into on that date.
cThe Security was issued on a discount basis with no stated coupon rate.
  |  40
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Income VIP Fund
    Country Shares   Value
  Common Stocks 31.9%        
  Communication Services 3.0%        
a
Alphabet Inc., A
United States      10,000      $11,619,500
 
BCE Inc.
Canada     466,000      19,113,449
 
Comcast Corp., A
United States     600,000      20,628,000
 
Verizon Communications Inc.
United States   1,200,000      64,476,000
          115,836,949
  Consumer Discretionary 0.8%        
 
General Motors Co.
United States 1,425,000   29,611,500
  Consumer Staples 3.5%        
 
The Coca-Cola Co.
United States 475,000   21,018,750
 
PepsiCo Inc.
United States 300,000   36,030,000
 
Philip Morris International Inc.
United States 350,000   25,536,000
 
The Procter & Gamble Co.
United States 500,000   55,000,000
          137,584,750
  Energy 3.5%        
 
BP PLC, ADR
United Kingdom 700,000   17,073,000
 
Chevron Corp.
United States 500,000   36,230,000
 
Exxon Mobil Corp.
United States 800,000   30,376,000
 
Halliburton Co.
United States 839,165   5,748,280
 
Royal Dutch Shell PLC, A, ADR
United Kingdom 900,000   31,401,000
a
Weatherford International PLC
United States 1,005,306   5,981,571
 
The Williams Cos. Inc.
United States 857,600   12,135,040
          138,944,891
  Financials 4.2%        
 
Bank of America Corp.
United States 365,000   7,748,950
 
Barclays PLC
United Kingdom 12,500,000   14,197,396
 
JPMorgan Chase & Co.
United States 600,000   54,018,000
 
MetLife Inc.
United States 535,108   16,358,251
 
Morgan Stanley
United States 250,000   8,500,000
 
Truist Financial Corp.
United States 500,000   15,420,000
 
Wells Fargo & Co.
United States 1,665,000   47,785,500
          164,028,097
  Health Care 6.2%        
 
AstraZeneca PLC
United Kingdom 455,000   40,517,145
 
Bayer AG
Germany 311,750   17,857,940
 
Bristol-Myers Squibb Co.
United States 1,000,000   55,740,000
 
CVS Health Corp.
United States 520,000   30,851,600
 
Johnson & Johnson
United States 230,000   30,159,900
 
Merck & Co. Inc.
United States 400,000   30,776,000
 
Pfizer Inc.
United States 1,100,000   35,904,000
          241,806,585
  Industrials 1.3%        
 
Cummins Inc.
United States 100,000   13,532,000
 
Honeywell International Inc.
United States 275,000   36,792,250
          50,324,250
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  41
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Information Technology 1.6%        
 
Cisco Systems Inc.
United States     300,000      $11,793,000
b
Intel Corp.
United States     414,307      22,422,295
 
Oracle Corp.
United States      38,400       1,855,872
 
Texas Instruments Inc.
United States     276,000      27,580,680
          63,651,847
  Materials 1.6%        
 
BASF SE
Germany 600,000   28,037,539
 
Rio Tinto PLC, ADR
Australia 800,000   36,448,000
          64,485,539
  Real Estate 0.4%        
 
Host Hotels & Resorts Inc.
United States 1,500,000   16,560,000
  Utilities 5.8%        
 
Dominion Energy Inc.
United States 906,638   65,450,197
 
Duke Energy Corp.
United States 577,500   46,708,200
 
Sempra Energy
United States 275,000   31,072,250
 
The Southern Co.
United States 1,560,000   84,458,400
          227,689,047
 
Total Common Stocks (Cost $1,252,482,222)
      1,250,523,455
  Equity-Linked Securities 9.7%        
  Consumer Discretionary 1.3%        
c
JPMorgan Chase Bank NA into Target Corp., 9.00%, 144A
United States 250,000   23,579,908
a,c,d
Royal Bank of Canada into The Home Depot Inc., 8.50%, 144A
United States 151,500   28,059,357
          51,639,265
  Energy 0.2%        
a,c
Societe Generale SA into Schlumberger Ltd., 2.312%, 144A
United States 429,000   6,843,650
  Financials 1.6%        
c
Barclays Bank PLC into Bank of America Corp., 8.50%, 144A
United States 600,000   13,450,206
c
Merrill Lynch International & Co. CV into Wells Fargo &Co., 8.00%, 144A
United States 775,000   23,474,732
c
UBS AG London into MetLife Inc., 7.50%, 144A
United States 800,000   25,885,349
          62,810,287
  Health Care 0.6%        
c
UBS AG London into CVS Health Corp., 8.50%, 144A
United States 400,000   23,201,586
  Information Technology 6.0%        
a,c
Credit Suisse AG into International Business Machines Corp., 7.50%, 144A
United States 160,000   18,426,441
c
Credit Suisse AG London into Analog Devices Inc., 7.50%, 144A
United States 260,000   23,806,002
c
JPMorgan Chase Bank NA into Apple Inc., 7.00%, 144A
United States 450,000   96,532,270
c
Royal Bank of Canada into Intel Corp., 8.00%, 144A
United States 1,100,000   54,182,040
c
UBS AG London into Texas Instruments Inc., 8.50%, 144A
United States 400,000   41,860,634
          234,807,387
 
Total Equity-Linked Securities (Cost $438,502,750)
      379,302,175
  |  42
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country Shares   Value
  Convertible Preferred Stocks 2.3%        
  Financials 1.4%        
 
Bank of America Corp., 7.25%, cvt. pfd., L
United States      34,600      $43,804,292
a
FNMA, 5.375%, cvt. pfd.
United States         475       8,668,750
          52,473,042
  Information Technology 0.6%        
 
Broadcom Inc., 8.00%, cvt. pfd., A
United States      25,000      23,359,000
  Utilities 0.3%        
 
The Southern Co., 6.75%, cvt. pfd.
United States 280,000   12,432,000
 
Total Convertible Preferred Stocks (Cost $104,397,102)
      88,264,042
  Preferred Stocks (Cost $13,035,000) 0.4%        
  Financials 0.4%        
 
JPMorgan Chase & Co., 6.00%, pfd., EE
United States 521,400   13,634,610
      Principal
Amount* 		   
  Corporate Bonds 34.6%        
  Communication Services 5.6%        
 
AMC Entertainment Holdings Inc., senior sub. note, 5.875%, 11/15/26
United States $5,600,000   2,363,018
 
AT&T Inc., senior bond, 4.125%, 2/17/26
United States 12,000,000   12,829,178
c
CCO Holdings LLC/CCO Holdings Capital Corp., senior bond, 144A, 5.50%, 5/01/26
United States 10,000,000   10,195,675
  DISH DBS Corp.,        
 
senior bond, 5.875%, 7/15/22
United States  27,000,000      26,437,320
 
senior bond, 5.00%, 3/15/23
United States  21,000,000      20,317,920
 
senior note, 5.875%, 11/15/24
United States   9,400,000       9,212,799
 
Netflix Inc., senior bond, 4.875%, 4/15/28
United States 22,000,000   22,606,650
  Sprint Communications Inc.,        
 
senior bond, 11.50%, 11/15/21
United States  30,000,000      33,238,800
 
senior note, 7.00%, 8/15/20
United States   7,500,000       7,573,125
 
senior note, 6.00%, 11/15/22
United States   6,300,000       6,589,422
  Sprint Corp.,        
 
senior bond, 7.875%, 9/15/23
United States  12,500,000      13,857,938
 
senior bond, 7.125%, 6/15/24
United States   8,200,000       9,060,877
 
senior note, 7.625%, 3/01/26
United States   7,500,000       8,530,125
c
Sprint Spectrum Co. LLC, senior secured bond, first lien, 144A, 5.152%, 9/20/29
United States 16,000,000   17,176,680
c Univision Communications Inc.,        
 
senior secured note, first lien, 144A, 5.125%, 5/15/23
United States  15,000,000      13,387,500
 
senior secured note, first lien, 144A, 5.125%, 2/15/25
United States   7,140,000       6,140,400
          219,517,427
  Consumer Discretionary 1.8%        
c
24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22
United States 10,000,000   1,084,360
 
Ford Motor Co., senior note, 4.346%, 12/08/26
United States 18,500,000   14,337,500
 
General Motors Co., senior bond, 5.15%, 4/01/38
United States 16,000,000   11,623,386
c
Golden Nugget Inc., senior note, 144A, 6.75%, 10/15/24
United States 5,000,000   3,186,800
  |  43
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Consumer Discretionary (continued)        
c Shea Homes LP/Shea Homes Funding Corp.,        
 
senior bond, 144A, 6.125%, 4/01/25
United States  $10,000,000       $9,987,450
 
senior note, 144A, 5.875%, 4/01/23
United States  10,000,000      10,146,900
c Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,        
 
senior bond, 144A, 5.50%, 3/01/25
United States  13,200,000      12,374,604
 
senior bond, 144A, 5.25%, 5/15/27
United States  10,000,000       9,087,500
          71,828,500
  Consumer Staples 1.4%        
  BAT Capital Corp.,        
 
senior note, 3.222%, 8/15/24
United Kingdom  10,000,000      10,063,676
 
senior note, 3.557%, 8/15/27
United Kingdom  20,000,000      18,878,756
 
Kraft Heinz Foods Co., senior bond, 4.625%, 1/30/29
United States 13,000,000   13,132,465
c Post Holdings Inc.,        
 
senior bond, 144A, 5.00%, 8/15/26
United States   7,500,000       7,760,250
 
senior bond, 144A, 5.625%, 1/15/28
United States   2,500,000       2,557,625
          52,392,772
  Energy 3.3%        
  Calumet Specialty Products Partners LP/Calumet Finance Corp.,        
 
senior note, 7.625%, 1/15/22
United States   8,000,000       6,267,488
 
senior note, 7.75%, 4/15/23
United States   2,000,000       1,397,490
 
c senior note, 144A, 11.00%, 4/15/25
United States  28,500,000      20,742,870
  Chesapeake Energy Corp.,        
 
c secured note, second lien, 144A, 11.50%, 1/01/25
United States  81,000,000      13,770,000
 
senior note, 7.00%, 10/01/24
United States   9,050,000         769,250
c
CNX Resources Corp., senior note, 144A, 7.25%, 3/14/27
United States 3,900,000   2,782,591
  HighPoint Operating Corp.,        
 
senior bond, 7.00%, 10/15/22
United States  17,937,000       9,388,872
 
senior note, 8.75%, 6/15/25
United States  26,600,000      12,502,000
  Kinder Morgan Inc.,        
 
senior bond, 7.75%, 1/15/32
United States  22,000,000      25,415,661
 
c senior secured bond, first lien, 144A, 5.625%, 11/15/23
United States   6,400,000       6,697,372
c
Weatherford International Ltd., senior note, 144A, 11.00%, 12/01/24
United States 49,344,000   30,124,512
          129,858,106
  Financials 4.0%        
  Bank of America Corp.,        
 
e junior sub. bond, AA, 6.10% to 3/17/25, FRN thereafter, Perpetual
United States   8,000,000       8,085,560
 
e junior sub. bond, X, 6.25% to 9/05/24, FRN thereafter, Perpetual
United States   6,000,000       6,094,170
 
senior bond, 3.419% to 12/20/27, FRN thereafter, 12/20/28
United States  10,000,000      10,346,208
 
Capital One Financial Corp., senior sub. note, 4.20%, 10/29/25
United States 15,500,000   15,475,978
 
Citigroup Inc., sub. bond, 4.125%, 7/25/28
United States 18,500,000   19,025,418
 
The Goldman Sachs Group Inc., senior note, 3.272% to 9/29/24, FRN thereafter, 9/29/25
United States 15,500,000   15,832,824
 
HSBC Holdings PLC, senior note, 4.292% to 9/12/25, FRN thereafter, 9/12/26
United Kingdom 28,500,000   29,852,271
  |  44
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Financials (continued)        
e JPMorgan Chase & Co.,        
 
f junior sub. bond, FRN, 5.24%, (3-month USD LIBOR + 3.47%), Perpetual
United States  $19,559,000      $17,686,128
 
junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual
United States   3,200,000       3,202,224
e
Morgan Stanley, junior sub. bond, 5.55% to 7/15/20, FRN thereafter, Perpetual
United States   7,300,000       6,422,321
 
Prudential Financial Inc., junior sub. bond, 5.70% to 9/15/28, FRN thereafter, 9/15/48
United States  17,000,000      15,797,000
e
Wells Fargo & Co., junior sub. bond, S, 5.90% to 6/15/24, FRN thereafter, Perpetual
United States   6,600,000       6,491,133
          154,311,235
  Health Care 14.9%        
 
Allergan Funding SCS, senior bond, 3.80%, 3/15/25
United States 17,000,000   17,438,157
c Bausch Health Cos. Inc.,        
 
senior bond, 144A, 6.125%, 4/15/25
United States   9,400,000       9,317,797
 
senior note, 144A, 5.50%, 3/01/23
United States  11,270,000      11,143,156
 
senior note, 144A, 5.875%, 5/15/23
United States   1,950,000       1,934,156
 
senior note, 144A, 9.00%, 12/15/25
United States   5,000,000       5,308,500
 
senior note, first lien, 144A, 7.00%, 3/15/24
United States   4,500,000       4,640,648
 
senior secured note, first lien, 144A, 6.50%, 3/15/22
United States   3,000,000       3,041,250
 
senior secured note, first lien, 144A, 5.50%, 11/01/25
United States  35,000,000      35,579,425
c
Bayer U.S. Finance II LLC, senior note, 144A, 4.25%, 12/15/25
Germany 15,000,000   15,617,514
c Bristol-Myers Squibb Co.,        
 
senior bond, 144A, 3.40%, 7/26/29
United States   8,000,000       8,811,972
 
senior bond, 144A, 4.25%, 10/26/49
United States   4,500,000       5,664,950
c CHS/Community Health Systems Inc.,        
 
senior note, 144A, 9.875%, 6/30/23
United States  94,701,000      74,694,940
 
senior note, 144A, 8.125%, 6/30/24
United States  49,344,000      34,558,070
 
senior note, 144A, 8.00%, 12/15/27
United States  38,674,000      35,870,135
 
senior note, 144A, 6.875%, 4/01/28
United States 100,000,000      40,500,000
 
senior secured note, 144A, 6.625%, 2/15/25
United States  39,000,000      36,367,500
 
senior secured note, 144A, 8.00%, 3/15/26
United States  15,500,000      14,812,141
 
Cigna Corp., senior note, 3.75%, 7/15/23
United States 13,292,000   13,705,988
  CVS Health Corp.,        
 
senior bond, 4.30%, 3/25/28
United States   8,000,000       8,512,832
 
senior bond, 5.05%, 3/25/48
United States   3,900,000       4,446,174
 
senior note, 4.10%, 3/25/25
United States   5,100,000       5,376,707
  DaVita Inc.,        
 
senior bond, 5.125%, 7/15/24
United States   5,000,000       5,016,275
 
senior bond, 5.00%, 5/01/25
United States   4,000,000       4,019,780
c Endo DAC/Endo Finance LLC/Endo Finco Inc.,        
 
senior bond, 144A, 6.00%, 2/01/25
United States   4,800,000       3,304,464
 
senior note, 144A, 6.00%, 7/15/23
United States  10,000,000       7,318,500
  HCA Inc.,        
 
senior bond, 5.875%, 5/01/23
United States   7,500,000       7,875,938
 
senior secured note, first lien, 5.00%, 3/15/24
United States  10,400,000      10,786,880
  |  45
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Health Care (continued)        
c Mallinckrodt International Finance SA/Mallinckrodt CB LLC,        
 
senior note, 144A, 4.875%, 4/15/20
United States   $4,500,000       $3,238,092
 
senior note, 144A, 5.75%, 8/01/22
United States  12,100,000       6,140,750
 
senior note, 144A, 5.625%, 10/15/23
United States  11,800,000       3,023,691
 
senior note, 144A, 5.50%, 4/15/25
United States   7,600,000       1,653,000
 
Mylan NV, senior note, 3.95%, 6/15/26
United States  10,000,000      10,009,061
c
Par Pharmaceutical Inc., senior secured note, 144A, 7.50%, 4/01/27
United States 8,500,000   8,521,888
  Tenet Healthcare Corp.,        
 
secured note, second lien, 5.125%, 5/01/25
United States   2,500,000       2,381,250
 
senior note, 8.125%, 4/01/22
United States  30,000,000      28,510,200
 
senior note, 6.75%, 6/15/23
United States  58,200,000      54,053,541
 
senior note, 7.00%, 8/01/25
United States  12,175,000      10,607,530
 
c senior note, second lien, 144A, 6.25%, 2/01/27
United States  29,000,000      28,383,750
          582,186,602
  Industrials 1.0%        
c
Ashtead Capital Inc., second lien, 144A, 4.25%, 11/01/29
United Kingdom 4,500,000   3,843,595
 
United Rentals North America Inc., senior bond, 4.875%, 1/15/28
United States 20,000,000   19,511,000
 
United Technologies Corp., senior note, 3.95%, 8/16/25
United States 15,000,000   16,443,256
          39,797,851
  Information Technology 0.2%        
c
CommScope Inc., senior bond, 144A, 5.50%, 6/15/24
United States 10,000,000   9,309,700
  Materials 1.3%        
c
Cemex Finance LLC, senior secured note, first lien, 144A, 6.00%, 4/01/24
Mexico 9,665,000   8,408,840
c
FMG Resources (August 2006) Pty. Ltd., senior note, 144A, 5.125%, 5/15/24
Australia 6,700,000   6,641,409
c Mauser Packaging Solutions Holding Co.,        
 
secured note, 144A, 5.50%, 4/15/24
United States  10,000,000       9,274,700
 
senior note, 144A, 7.25%, 4/15/25
United States  23,000,000      17,595,690
c
Syngenta Finance NV, senior note, 144A, 4.441%, 4/24/23
Switzerland 10,000,000   9,431,558
          51,352,197
  Real Estate 0.7%        
 
Equinix Inc., senior bond, 5.375%, 5/15/27
United States 11,000,000   11,036,630
 
Iron Mountain Inc., senior sub. bond, 5.75%, 8/15/24
United States 16,000,000   16,039,520
          27,076,150
  Utilities 0.4%        
 
Calpine Corp., senior note, 5.50%, 2/01/24
United States 16,375,000   15,678,571
 
Total Corporate Bonds (Cost $1,679,818,242)
      1,353,309,111
f Senior Floating Rate Interests 0.5%        
  Consumer Discretionary 0.3%        
 
24 Hour Fitness Worldwide Inc., Term Loan, 4.95%, (3-month USD LIBOR + 3.50%), 5/30/25
United States 13,755,000   3,438,750
 
Belk Inc., Extended Term Loan B, 7.75%, (3-month USD LIBOR + 6.75%), 7/31/25
United States 18,333,348   8,708,341
          12,147,091
  |  46
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country   Principal
Amount* 		  Value
f Senior Floating Rate Interests (continued)          
  Energy 0.2%          
 
Chesapeake Energy Corp., Class A Loan, 9.00%, (1-month USD LIBOR + 8.00%), 6/23/24
United States    $17,000,000       $6,902,000
 
Total Senior Floating Rate Interests (Cost $47,588,405)
        19,049,091
  U.S. Government and Agency Securities 7.9%          
  U.S. Treasury Note,          
 
2.50%, 5/31/20
United States    75,000,000      75,297,419
 
2.50%, 6/30/20
United States    50,000,000      50,299,054
 
2.375%, 3/15/21
United States    75,000,000      76,618,652
 
2.75%, 4/30/23
United States    25,000,000      26,894,531
 
2.75%, 5/31/23
United States    50,000,000      53,878,906
 
2.875%, 5/31/25
United States    25,000,000      28,141,602
 
Total U.S. Government and Agency Securities

(Cost $299,848,937)
        311,130,164
  Mortgage-Backed Securities 5.0%          
  Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 0.2%          
 
FHLMC 30 Year, 4.00%, 5/01/49 - 10/01/49
United States   8,628,135   9,248,137
  Federal National Mortgage Association (FNMA) Fixed Rate 1.0%          
 
FNMA 30 Year, 4.00%, 10/01/47 - 2/01/50
United States   35,674,113   38,246,814
  Government National Mortgage Association (GNMA) Fixed Rate 3.8%          
 
GNMA II SF 30 Year, 3.50%, 9/20/49 - 10/20/49
United States   23,637,487   24,960,357
 
GNMA II SF 30 Year, 3.50%, 11/20/49
United States   23,329,032   24,645,944
 
GNMA II SF 30 Year, 3.50%, 12/20/49
United States   23,401,055   24,726,001
 
GNMA II SF 30 Year, 3.50%, 1/20/50
United States   24,368,119   25,805,873
 
GNMA II SF 30 Year, 4.00%, 9/20/49 - 12/20/49
United States   34,651,695   36,938,892
 
GNMA II SF 30 Year, 4.00%, 1/20/50
United States   12,022,989   12,796,965
            149,874,032
 
Total Mortgage-Backed Securities

(Cost $193,857,120)
        197,368,983
        Shares    
  Escrows and Litigation Trusts (Cost $62,602) 0.0%          
a,g
Motors Liquidation Co., Escrow Account, cvt. pfd., C
United States   1,400,000    —
    Number of
Contracts 		  Notional
Amount 		   
  Options Purchased (Cost $19,402,038) 1.1%          
  Puts - Exchange-Traded          
 
S&P 500 Index, September Strike Price $3000, Expires 9/18/20
1,000   100,000   43,826,000
 
Total Investments before Short Term Investments (Cost $4,048,994,418)
        3,656,407,631
  |  47
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Income VIP Fund (continued)
    Country   Shares   Value
  Short Term Investments (Cost $276,120,316) 7.0%          
  Money Market Funds 7.0%          
h,i
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States   276,120,316     $276,120,316
 
Total Investments (Cost $4,325,114,734) 100.4%
        3,932,527,947
 
Options Written (0.6)%
        (24,986,000)
 
Other Assets, less Liabilities 0.2%
        9,016,315
 
Net Assets 100.0%
        $3,916,558,262
    Number of
Contracts 		  Notional
Amount 		   
  Options Written (0.6)%          
  Calls - Exchange-Traded          
 
Intel Corp., June Strike Price $60.00, Expires 6/19/20
2,500   250,000   (630,000)
  Puts - Exchange-Traded          
 
S&P 500 Index, September Strike Price $2600, Expires 9/18/20
1,000   $100,000   (24,356,000)
 
Total Options Written (Premiums received $6,666,181)
        $(24,986,000)
 
See Abbreviations on page 157.
*The principal amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bA portion or all of the security is held in connection with written option contracts open at period end.
cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $1,020,457,045, representing 26.1% of net assets.
dSecurity purchased on a delayed delivery basis.  
ePerpetual security with no stated maturity date.
fThe coupon rate shown represents the rate at period end.
gFair valued using significant unobservable inputs. See  Note 11 regarding fair value measurements.
hSee  Note 9 regarding investments in affiliated management investment companies.
iThe rate shown is the annualized seven-day effective yield at period end.
  |  48
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Large Cap Growth VIP Fund
    Shares   Value
  Common Stocks 100.1%      
  Communication Services 6.7%      
a
Alphabet Inc., A
  2,839    $3,298,776
a
Facebook Inc., A
  6,063    1,011,308
a
Liberty Broadband Corp., C
 10,640    1,178,061
 
The Walt Disney Co.
  9,748      941,657
        6,429,802
  Consumer Discretionary 11.9%      
a
Amazon.com Inc.
  4,439    8,654,807
 
Aptiv PLC
  7,825      385,303
a
Burlington Stores Inc.
  1,434      227,232
a
Chipotle Mexican Grill Inc.
    957      626,261
 
Levi Strauss & Co., A
 14,521      180,496
 
NIKE Inc., B
  7,664      634,119
a
Peloton Interactive Inc., A
 19,200      509,760
a
Tesla Inc.
    456      238,944
        11,456,922
  Consumer Staples 2.8%      
 
Constellation Brands Inc., A
  5,557      796,651
 
Lamb Weston Holdings Inc.
 13,836      790,036
a
Monster Beverage Corp.
 10,421      586,285
a
Nomad Foods Ltd. (United Kingdom)
 27,598      512,219
        2,685,191
  Financials 7.0%      
 
The Charles Schwab Corp.
 19,528      656,532
 
Intercontinental Exchange Inc.
 17,135    1,383,651
 
MarketAxess Holdings Inc.
  2,914      969,109
 
MSCI Inc.
  6,758    1,952,792
 
S&P Global Inc.
  7,045    1,726,377
        6,688,461
  Health Care 15.7%      
 
AstraZeneca PLC, ADR (United Kingdom)
 11,457      511,670
 
Danaher Corp.
  1,797      248,723
a
Edwards Lifesciences Corp.
  7,953    1,500,095
a
Guardant Health Inc.
  6,625      461,100
a
GW Pharmaceuticals PLC, ADR (United Kingdom)
  8,488      743,294
a
Heron Therapeutics Inc.
 67,906      797,216
a
IDEXX Laboratories Inc.
  3,350      811,504
a
Illumina Inc.
  3,213      877,535
a
Intuitive Surgical Inc.
  1,964      972,592
a
Nevro Corp.
 12,486    1,248,350
a
PTC Therapeutics Inc.
  7,689      343,006
a
Reata Pharmaceuticals Inc.
  3,873      559,029
 
UnitedHealth Group Inc.
 10,373    2,586,819
a
Veeva Systems Inc.
 11,721    1,832,813
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  49
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Large Cap Growth VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Health Care (continued)      
 
West Pharmaceutical Services Inc.
 10,672    $1,624,812
        15,118,558
  Industrials 10.3%      
a
CoStar Group Inc.
  4,672    2,743,445
 
Honeywell International Inc.
  7,149      956,465
 
IHS Markit Ltd.
 13,970      838,200
 
Raytheon Co.
  6,690      877,393
 
Republic Services Inc.
  4,414      331,315
 
Roper Technologies Inc.
  3,852    1,201,092
 
TransUnion
  6,864      454,260
 
Union Pacific Corp.
  4,658      656,964
a
Univar Solutions Inc.
 25,562      274,025
 
Verisk Analytics Inc.
 11,092    1,546,003
        9,879,162
  Information Technology 40.5%      
a
Adobe Inc.
  7,696    2,449,175
 
Analog Devices Inc.
  7,324      656,597
 
Apple Inc.
 11,783    2,996,299
a
Atlassian Corp. PLC
  2,335      320,502
a
Autodesk Inc.
  2,826      441,139
a,b
Bill.Com Holdings Inc.
 11,169      381,980
a
Black Knight Inc.
  9,576      555,982
a
Fiserv Inc.
  7,993      759,255
 
Intuit Inc.
  2,158      496,340
 
Mastercard Inc., A
 22,509    5,437,274
 
Microsoft Corp.
 46,928    7,401,015
 
Monolithic Power Systems
  5,854      980,311
 
NVIDIA Corp.
  6,016    1,585,818
a
Okta Inc., A
  2,697      329,735
a
PayPal Holdings Inc.
 12,536    1,200,197
a
PTC Inc.
 12,000      734,520
a
salesforce.com Inc.
  7,491    1,078,554
a
ServiceNow Inc.
 10,474    3,001,639
a
Synopsys Inc.
  2,061      265,436
a
Twilio Inc., A
 10,086      902,596
 
Visa Inc., A
 28,106    4,528,439
a
Workday Inc., A
  6,934      902,945
 
Xilinx Inc.
  5,861      456,806
a
Zendesk Inc.
 11,588      741,748
a
Zoom Video Communications Inc., A
  2,084      304,514
        38,908,816
  Materials 0.4%      
a
Ingevity Corp.
  7,436      261,747
 
Martin Marietta Materials Inc.
    549      103,887
        365,634
  |  50
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Large Cap Growth VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Real Estate 4.8%      
 
American Tower Corp.
  4,316      $939,809
 
SBA Communications Corp., A
 13,433    3,626,507
        4,566,316
 
Total Common Stocks (Cost $48,277,528)
    96,098,862
  Short Term Investments 0.4%      
    Shares    
  Investments from Cash Collateral Received for Loaned Securities 0.4%      
  Money Market Funds (Cost $24,000) 0.0%†      
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
 24,000       24,000
    Principal
Amount 		   
  Repurchase Agreements 0.4%      
e
Joint Repurchase Agreement, 0.01%, 04/01/20 (Maturity Value $363,026)

BofA Securities Inc.

Collateralized by U.S. Treasury Note, 2.75%, 11/15/23 (valued at $370,288)
$363,026      363,026
 
Total Investments from Cash Collateral Received for Loaned Securities (Cost $387,026)
    387,026
 
Total Investments (Cost $48,664,554) 100.5%
    96,485,888
 
Other Assets, less Liabilities (0.5)%
    (493,360)
 
Net Assets 100.0%
    $95,992,528
  
See Abbreviations on page 157.
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bA portion or all of the security is on loan at March 31, 2020.  
cSee  Note 9 regarding investments in affiliated management investment companies.
dThe rate shown is the annualized seven-day effective yield at period end.
eInvestment 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, 2020, all repurchase agreements had been entered into on that date.
  |  51
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Mutual Global Discovery VIP Fund
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests 89.6%        
  Aerospace & Defense 1.4%        
 
BAE Systems PLC
United Kingdom    847,691     $5,443,363
  Auto Components 0.0%†        
a,b,c
International Automotive Components Group Brazil LLC
Brazil    424,073         7,992
  Automobiles 1.0%        
 
General Motors Co.
United States    198,100     4,116,518
  Banks 7.9%        
 
CIT Group Inc.
United States 4,386   75,702
 
Citigroup Inc.
United States 77,850   3,279,042
 
Citizens Financial Group Inc.
United States 199,223   3,747,385
 
First Horizon National Corp.
United States 353,473   2,848,992
 
ING Groep NV
Netherlands 730,668   3,742,995
 
JPMorgan Chase & Co.
United States 64,286   5,787,669
 
Standard Chartered PLC
United Kingdom 892,332   4,930,739
 
Wells Fargo & Co.
United States 234,620   6,733,594
          31,146,118
  Beverages 0.2%        
 
Heineken NV
Netherlands 8,942   758,646
  Building Products 1.4%        
 
Johnson Controls International PLC
United States 206,500   5,567,240
  Capital Markets 2.4%        
 
Credit Suisse Group AG
Switzerland 647,755   5,225,541
 
Deutsche Bank AG
Germany 370,317   2,353,496
 
Guotai Junan Securities Co. Ltd.
China 1,275,797   1,899,054
          9,478,091
  Chemicals 2.3%        
 
BASF SE
Germany 113,111   5,285,590
 
Covestro AG
Germany 122,646   3,721,068
          9,006,658
  Communications Equipment 1.1%        
 
Cisco Systems Inc.
United States 110,580   4,346,900
  Construction Materials 1.2%        
 
LafargeHolcim Ltd., B
Switzerland 133,134   4,856,004
  Consumer Finance 1.0%        
 
Capital One Financial Corp.
United States 76,488   3,856,525
  Containers & Packaging 1.1%        
 
International Paper Co.
United States 134,900   4,199,437
  Diversified Financial Services 1.8%        
a
Berkshire Hathaway Inc., B
United States 1,817   332,202
a
M&G PLC
United Kingdom 998,386   1,387,980
 
Voya Financial Inc.
United States 129,550   5,253,252
          6,973,434
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  52
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Global Discovery VIP Fund (continued)
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests (continued)        
  Diversified Telecommunication Services 0.5%        
 
Koninklijke KPN NV
Netherlands    841,914     $2,012,814
  Energy Equipment & Services 0.6%        
 
Schlumberger Ltd.
United States    173,200     2,336,468
  Entertainment 2.5%        
 
The Walt Disney Co.
United States    102,991     9,948,931
  Food & Staples Retailing 1.2%        
 
Walgreens Boots Alliance Inc.
United States 102,904   4,707,858
  Food Products 1.9%        
 
The Kraft Heinz Co.
United States 305,300   7,553,122
  Health Care Equipment & Supplies 3.3%        
 
Medtronic PLC
United States 146,210   13,185,218
  Health Care Providers & Services 3.4%        
 
Anthem Inc.
United States 17,632   4,003,169
 
CVS Health Corp.
United States 155,591   9,231,214
          13,234,383
  Hotels, Restaurants & Leisure 1.4%        
 
Accor SA
France 213,326   5,729,666
  Industrial Conglomerates 1.4%        
 
General Electric Co.
United States 681,750   5,413,095
  Insurance 7.9%        
 
Alleghany Corp.
United States 2,730   1,507,915
 
American International Group Inc.
United States 183,989   4,461,733
 
China Pacific Insurance Group Co. Ltd., H
China 1,523,508   4,608,265
 
Everest Re Group Ltd.
United States 10,778   2,073,903
 
The Hartford Financial Services Group Inc.
United States 220,196   7,759,707
 
NN Group NV
Netherlands 297,394   8,079,708
 
RSA Insurance Group PLC
United Kingdom 501,149   2,613,727
          31,104,958
  IT Services 1.6%        
 
Cognizant Technology Solutions Corp., A
United States 135,160   6,280,885
  Machinery 0.7%        
 
CNH Industrial NV
United Kingdom 468,811   2,669,289
  Media 2.6%        
a
Charter Communications Inc., A
United States 19,886   8,676,460
a
DISH Network Corp., A
United States 38,491   769,435
a
iHeartMedia Inc., A
United States 95,199   695,905
a,b
iHeartMedia Inc., B
United States 1,606   9,979
          10,151,779
  Oil, Gas & Consumable Fuels 9.1%        
 
BP PLC
United Kingdom 1,728,946   7,086,315
 
Caltex Australia Ltd.
Australia 141,080   1,934,373
 
Canadian Natural Resources Ltd.
Canada 308,400   4,217,904
  |  53
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Global Discovery VIP Fund (continued)
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests (continued)        
  Oil, Gas & Consumable Fuels (continued)        
 
Crescent Point Energy Corp.
Canada    670,900       $519,560
 
JXTG Holdings Inc.
Japan    897,639     3,089,925
 
Kinder Morgan Inc.
United States    640,670     8,918,126
 
Plains All American Pipeline LP
United States     61,910       326,885
 
Royal Dutch Shell PLC, A (EUR Traded)
United Kingdom     90,745     1,573,176
 
Royal Dutch Shell PLC, A (GBP Traded)
United Kingdom    226,238     3,928,370
 
The Williams Cos. Inc.
United States 297,101   4,203,979
          35,798,613
  Pharmaceuticals 13.6%        
 
Allergan PLC
United States 27,100   4,799,410
a
Elanco Animal Health Inc.
United States 35,110   786,113
 
Eli Lilly & Co.
United States 70,484   9,777,541
 
GlaxoSmithKline PLC
United Kingdom 807,616   15,145,695
 
Merck & Co. Inc.
United States 140,345   10,798,144
 
Novartis AG, ADR
Switzerland 149,297   12,309,538
          53,616,441
  Semiconductors & Semiconductor Equipment 0.9%        
a
Renesas Electronics Corp.
Japan 933,897   3,377,990
  Software 3.9%        
a
Avaya Holdings Corp.
United States 4   32
a
Avaya Holdings Corp., wts., 12/15/22
United States 5,179   829
a
Check Point Software Technologies Ltd.
Israel 94,267   9,477,604
 
Oracle Corp.
United States 120,000   5,799,600
          15,278,065
  Specialty Retail 0.3%        
 
Dufry AG
Switzerland 44,773   1,373,380
  Technology Hardware, Storage & Peripherals 4.8%        
 
Hewlett Packard Enterprise Co.
United States 376,580   3,656,592
 
Samsung Electronics Co. Ltd.
South Korea 282,257   11,055,056
 
Western Digital Corp.
United States 99,612   4,145,851
          18,857,499
  Textiles, Apparel & Luxury Goods 0.8%        
 
Cie Financiere Richemont SA
Switzerland 56,843   3,036,898
  Tobacco 3.7%        
 
Altria Group Inc.
United States 107,584   4,160,273
 
British American Tobacco PLC
United Kingdom 224,633   7,647,869
 
British American Tobacco PLC, ADR
United Kingdom 83,985   2,871,447
          14,679,589
  Wireless Telecommunication Services 0.7%        
 
Vodafone Group PLC
United Kingdom 1,960,056   2,710,100
 
Total Common Stocks and Other Equity Interests (Cost $414,555,150)
      352,813,967
  |  54
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Global Discovery VIP Fund (continued)
    Country Shares   Value
  Preferred Stocks (Cost $12,962,908) 2.1%        
  Automobiles 2.1%        
d
Volkswagen AG, 4.653%, pfd.
Germany     72,588     $8,359,616
      Principal
Amount 		   
  Corporate Bonds, Notes and Senior Floating Rate Interests (Cost $831,090) 0.2%        
 
Occidental Petroleum Corp, senior bond, zero cpn., 10/10/36
United States  $2,131,000       824,441
  Corporate Notes in Reorganization 0.5%        
e Frontier Communications Corp.,        
 
senior note, 10.50%, 9/15/22
United States  3,610,000       973,566
 
senior note, 11.00%, 9/15/25
United States  4,065,000     1,087,388
 
Total Corporate Notes in Reorganization (Cost $7,152,596)
      2,060,954
      Shares    
  Companies in Liquidation 0.0%†        
a,b,f
Tribune Media Co., Litigation Trust, Contingent Distribution
United States 57,340    —
a,b,f
Vistra Energy Corp., Litigation Trust, Contingent Distribution
United States 5,912,264   3,252
a,b,f
Walter Energy Inc., Litigation Trust, Contingent Distribution
United States 966,000    —
 
Total Companies in Liquidation (Cost $185,800)
      3,252
 
Total Investments before Short Term Investments (Cost $435,687,544)
      364,062,230
      Principal
Amount 		   
  Short Term Investments 6.3%        
  U.S. Government and Agency Securities 1.7%        
g U.S. Treasury Bill,        
 
4/07/20 - 5/28/20
United States  $4,000,000     3,999,643
 
h 7/23/20
United States  2,500,000     2,499,245
 
Total U.S. Government and Agency Securities

(Cost $6,481,748)
      6,498,888
i Repurchase Agreements (Cost $18,300,000) 4.6%        
 
Credit Suisse Securities (USA) LLC, 0.00%, 4/01/20 (18,300,000)

Collateralized by U.S. Treasury Notes, 1.625%, 6/30/20; and U.S. Treasury Strips, 8/15/23 – 2/15/49 (valued at $18,666,000)
United States 18,300,000   18,300,000
 
Total Investments (Cost $460,469,292) 98.7%
      388,861,118
 
Securities Sold Short (0.5)%
      (1,788,103)
 
Other Assets, less Liabilities 1.8%
      6,899,226
 
Net Assets 100.0%
      $393,972,241
  |  55
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Global Discovery VIP Fund (continued)
    Country Shares   Value
  Securities Sold Short (Proceeds $1,702,994) (0.5)%        
  Common Stocks (0.5)%        
  Biotechnology (0.5)%        
 
AbbVie Inc.
United States     23,469    $(1,788,103)
 
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 11 regarding fair value measurements.
cSee  Note 7 regarding restricted securities.
dVariable rate security. The rate shown represents the yield at period end.
eDefaulted security or security for which income has been deemed uncollectible.
fContingent 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.
gThe security was issued on a discount basis with no stated coupon rate.
hA portion or all of the security has been segregated as collateral for securities sold short and open forward exchange contracts. At March 31, 2020, value of this security pledged amounted to $1,099,668, representing 0.3% of net assets.
iAt March 31, 2020, all repurchase agreements had been entered into on that date.
At March 31, 2020, the Fund had the following futures contracts outstanding. See  Note 3.
Futures Contracts
Description Type Number of Contracts Notional
Amount* 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Currency Contracts          
EUR/USD
Short 167 $23,065,831 6/15/20 $641,230
GBP/USD
Short 128 9,964,800 6/15/20 443,937
Total Futures Contracts
$1,085,167
 
*As of period end.
 
  |  56
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Global Discovery VIP Fund (continued)
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Euro 
BOFA Buy 100,220 $107,912   4/07/20     $2,622       $ —
Euro 
BOFA Buy 452,803 504,844   4/07/20         —    (5,440)
Euro 
BOFA Sell 762,045 839,555   4/07/20         —     (917)
Euro 
BOFA Sell 9,254,589 10,351,073   4/07/20   144,037        —
Euro 
BONY Sell 657,589 713,071   4/07/20         —   (12,195)
Euro 
HSBK Sell 731,376 795,007   4/07/20         —   (11,639)
Euro 
HSBK Sell 9,418,596 10,536,955   4/07/20   149,034        —
Euro 
UBSW Buy 452,804 505,408   4/07/20         —    (6,004)
Euro 
UBSW Sell 762,045 839,888   4/07/20         —     (584)
Australian Dollar 
HSBK Buy 441,581 262,488   4/14/20     8,795        —
Australian Dollar 
HSBK Buy 1,495,447 963,251   4/14/20         —   (44,529)
Australian Dollar 
HSBK Sell 104,399 62,394   4/14/20         —    (1,743)
Australian Dollar 
HSBK Sell 4,726,180 3,189,888   4/14/20   286,377        —
Swiss Franc 
HSBK Buy 1,579,194 1,672,939   4/14/20         —   (31,866)
Swiss Franc 
HSBK Sell 793,417 816,615   4/14/20         —    (7,892)
Swiss Franc 
HSBK Sell 5,775,384 6,228,796   4/14/20   227,110        —
British Pound 
BOFA Buy 572,650 669,474   4/17/20    41,663        —
British Pound 
BOFA Sell 467,434 564,861   4/17/20         —   (15,615)
British Pound 
HSBK Buy 590,722 721,301   4/17/20    12,278        —
British Pound 
HSBK Sell 8,993,308 11,218,253   4/17/20    50,047        —
South Korean Won 
HSBK Buy 1,457,857,405 1,212,901   4/17/20         —   (16,325)
South Korean Won 
HSBK Buy 14,904,743,497 12,132,419   4/17/20   101,063        —
South Korean Won 
HSBK Sell 922,274,748 746,667   4/17/20         —   (10,315)
South Korean Won 
HSBK Sell 15,440,326,154 13,093,831   4/17/20   420,756        —
South Korean Won 
UBSW Buy 356,186,851 290,948   4/17/20     1,403        —
South Korean Won 
UBSW Sell 356,186,851 301,406   4/17/20     9,056        —
South Korean Won 
HSBK Sell 12,689,026,047 10,370,240   5/15/20         —   (53,905)
South Korean Won 
UBSW Sell 356,186,851 291,185   5/15/20         —    (1,425)
Total Forward Exchange Contracts 
$1,454,241 $(220,394)
Net unrealized appreciation (depreciation) 
$1,233,847
 
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 157.
  |  57
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Mutual Shares VIP Fund
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests 89.2%        
  Aerospace & Defense 2.5%        
 
BAE Systems PLC
United Kingdom  4,125,858      $26,493,783
 
Huntington Ingalls Industries Inc.
United States    139,964      25,502,841
          51,996,624
  Auto Components 0.0%†        
a,b,c
International Automotive Components Group Brazil LLC
Brazil  1,730,515          32,612
  Automobiles 1.0%        
 
General Motors Co.
United States 1,031,445   21,433,427
  Banks 6.8%        
 
Cadence Bancorp
United States 85,871   562,455
 
CIT Group Inc.
United States 27,544   475,409
 
Citigroup Inc.
United States 814,044   34,287,533
 
Citizens Financial Group Inc.
United States 1,146,266   21,561,264
 
JPMorgan Chase & Co.
United States 434,969   39,160,259
 
Synovus Financial Corp.
United States 802,733   14,095,992
 
Wells Fargo & Co.
United States 1,095,322   31,435,741
          141,578,653
  Beverages 0.1%        
 
Heineken NV
Netherlands 17,381   1,474,618
  Building Products 1.1%        
 
Johnson Controls International PLC
United States 869,230   23,434,441
  Capital Markets 0.9%        
 
Credit Suisse Group AG
Switzerland 2,212,082   17,845,212
  Communications Equipment 1.0%        
 
Cisco Systems Inc.
United States 520,564   20,463,371
  Consumer Finance 1.1%        
 
Capital One Financial Corp.
United States 459,937   23,190,024
  Containers & Packaging 1.6%        
 
International Paper Co.
United States 857,075   26,680,745
 
WestRock Co.
United States 268,071   7,575,686
          34,256,431
  Diversified Financial Services 1.6%        
a
Berkshire Hathaway Inc., B
United States 8,744   1,598,666
 
Voya Financial Inc.
United States 758,210   30,745,415
          32,344,081
  Diversified Telecommunication Services 0.3%        
 
Koninklijke KPN NV
Netherlands 2,694,618   6,442,184
  Electrical Equipment 1.4%        
a
Sensata Technologies Holding PLC
United States 969,743   28,054,665
  Electronic Equipment, Instruments & Components 1.1%        
 
Corning Inc.
United States 1,079,669   22,176,401
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  58
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests (continued)        
  Energy Equipment & Services 0.9%        
 
Baker Hughes Co., A
United States    663,295       $6,964,598
 
Schlumberger Ltd.
United States    893,500      12,053,315
          19,017,913
  Entertainment 2.2%        
 
The Walt Disney Co.
United States    482,642      46,623,217
  Equity Real Estate Investment Trusts (REITs) 1.2%        
 
Alexander’s Inc.
United States 31,168   8,600,810
 
Vornado Realty Trust
United States 466,415   16,888,887
          25,489,697
  Food & Staples Retailing 3.5%        
 
The Kroger Co.
United States 1,566,436   47,181,052
 
Walgreens Boots Alliance Inc.
United States 559,630   25,603,073
          72,784,125
  Food Products 3.6%        
 
Archer-Daniels-Midland Co.
United States 622,300   21,892,514
 
Conagra Brands Inc.
United States 498,865   14,636,699
 
The Kraft Heinz Co.
United States 1,571,513   38,879,232
          75,408,445
  Health Care Equipment & Supplies 3.5%        
 
Medtronic PLC
United States 803,229   72,435,191
  Health Care Providers & Services 3.1%        
 
Anthem Inc.
United States 103,517   23,502,500
 
CVS Health Corp.
United States 684,127   40,589,255
          64,091,755
  Household Durables 2.6%        
 
Lennar Corp., A
United States 551,737   21,076,353
 
Newell Brands Inc.
United States 2,196,068   29,163,783
 
Toll Brothers Inc.
United States 230,100   4,429,425
          54,669,561
  Household Products 0.6%        
 
Energizer Holdings Inc.
United States 399,600   12,087,900
  Industrial Conglomerates 1.2%        
 
General Electric Co.
United States 3,010,498   23,903,354
  Insurance 7.0%        
 
Alleghany Corp.
United States 83,867   46,323,937
 
American International Group Inc.
United States 1,217,943   29,535,118
 
Everest Re Group Ltd.
United States 116,329   22,384,026
 
The Hartford Financial Services Group Inc.
United States 841,751   29,663,305
 
MetLife Inc.
United States 590,603   18,054,734
          145,961,120
  |  59
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests (continued)        
  IT Services 1.7%        
 
Cognizant Technology Solutions Corp., A
United States    755,577      $35,111,663
  Machinery 0.7%        
 
CNH Industrial NV
United Kingdom    605,230       3,446,024
 
CNH Industrial NV, special voting
United Kingdom  1,844,814      10,503,895
          13,949,919
  Media 6.2%        
a
Charter Communications Inc., A
United States 141,490   61,733,502
 
Comcast Corp., A
United States 1,133,970   38,985,889
a
Discovery Inc., C
United States 1,099,173   19,279,494
a
DISH Network Corp., A
United States 192,872   3,855,511
a
iHeartMedia Inc., A
United States 717,645   5,245,985
a,b
iHeartMedia Inc., B
United States 12,783   79,427
          129,179,808
  Oil, Gas & Consumable Fuels 5.6%        
 
BP PLC
United Kingdom 7,063,726   28,951,621
 
Kinder Morgan Inc.
United States 2,559,017   35,621,517
 
Marathon Oil Corp.
United States 2,662,301   8,758,970
 
Plains All American Pipeline LP
United States 930,400   4,912,512
 
Royal Dutch Shell PLC, A (EUR Traded)
United Kingdom 382,657   6,633,827
 
Royal Dutch Shell PLC, A (GBP Traded)
United Kingdom 611,623   10,620,150
 
The Williams Cos. Inc.
United States 1,454,684   20,583,778
          116,082,375
  Pharmaceuticals 12.7%        
 
Allergan PLC
United States 187,800   33,259,380
a
Elanco Animal Health Inc.
United States 161,240   3,610,164
 
Eli Lilly & Co.
United States 383,214   53,159,446
 
GlaxoSmithKline PLC
United Kingdom 2,639,472   49,499,562
 
Merck & Co. Inc.
United States 734,532   56,514,892
 
Novartis AG, ADR
Switzerland 577,404   47,606,960
 
Perrigo Co. PLC
United States 425,100   20,443,059
          264,093,463
  Software 3.5%        
a
Avaya Holdings Corp.
United States 116   939
a
Avaya Holdings Corp., wts., 12/15/22
United States 91,551   14,648
 
NortonLifeLock Inc.
United States 1,553,604   29,067,931
 
Oracle Corp.
United States 885,289   42,786,017
          71,869,535
  Specialty Retail 0.2%        
a,b
TRU Kids Parent LLC
United States 2,040   4,495,684
a,b
Wayne Services Legacy Inc.
United States 2,039    —
          4,495,684
  |  60
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
    Country Shares/Units/
Warrants 		  Value
  Common Stocks and Other Equity Interests (continued)        
  Technology Hardware, Storage & Peripherals 4.4%        
 
Hewlett Packard Enterprise Co.
United States  2,038,215      $19,791,068
 
Samsung Electronics Co. Ltd.
South Korea  1,259,373      49,325,399
 
Western Digital Corp.
United States    518,500      21,579,970
          90,696,437
  Textiles, Apparel & Luxury Goods 0.6%        
 
PVH Corp.
United States    341,105      12,839,192
  Tobacco 3.2%        
 
Altria Group Inc.
United States 540,825   20,913,703
 
British American Tobacco PLC
United Kingdom 973,313   33,137,474
 
British American Tobacco PLC, ADR
United Kingdom 372,933   12,750,579
          66,801,756
  Wireless Telecommunication Services 0.5%        
 
Vodafone Group PLC
United Kingdom 7,301,663   10,095,752
 
Total Common Stocks and Other Equity Interests (Cost $1,894,695,736)
      1,852,410,606
      Principal
Amount 		   
  Corporate Bonds, Notes and Senior Floating Rate Interests 4.2%        
d
Banff Merger Sub Inc., senior note, 144A, 9.75%, 9/01/26
United States $18,444,000   16,370,433
d
Frontier Communications Corp., senior secured note, first lien, 144A, 8.00%, 4/01/27
United States 6,148,000   6,097,771
 
Occidental Petroleum Corp, senior bond, zero cpn., 10/10/36
United States 11,296,000   4,370,196
e
Veritas U.S. Inc., Term Loan B1, 5.95%, (3-month USD LIBOR + 4.50%), 1/27/23
United States 17,279,899   14,774,314
d Veritas U.S. Inc./Veritas Bermuda Ltd.,        
 
senior note, 144A, 7.50%, 2/01/23
United States  2,856,000       2,538,256
 
senior note, 144A, 10.50%, 2/01/24
United States 23,445,000      19,957,439
e Windstream Services LLC,        
 
b PSA Holder Revolving Commitment, 6.25%, (Prime + 3.00%), 4/24/20
United States 26,279,371      19,183,941
 
PSA Holder Term Loan B6, 8.25%, (Prime + 5.00%), 3/30/21
United States  6,671,000       4,202,730
 
Total Corporate Bonds, Notes and Senior Floating Rate Interests (Cost $101,556,945)
      87,495,080
  Corporate Notes in Reorganization 0.6%        
f Frontier Communications Corp.,        
 
senior note, 10.50%, 9/15/22
United States 22,633,000       6,103,803
 
senior note, 11.00%, 9/15/25
United States 25,535,000       6,830,613
 
Total Corporate Notes in Reorganization (Cost $44,895,501)
      12,934,416
  |  61
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
    Country Shares   Value
  Companies in Liquidation 0.0%†        
a,b,g
Tribune Media Co., Litigation Trust, Contingent Distribution
United States    396,923              $ —
a,b,g
Vistra Energy Corp., Litigation Trust, Contingent Distribution
United States 90,618,405          49,840
a,b,g
Walter Energy Inc., Litigation Trust, Contingent Distribution
United States  6,301,000               —
 
Total Companies in Liquidation (Cost $2,834,275)
      49,840
 
Total Investments before Short Term Investments (Cost $2,043,982,457)
      1,952,889,942
      Principal
Amount 		   
  Short Term Investments 4.7%        
  U.S. Government and Agency Securities 1.6%        
h U.S. Treasury Bill,        
 
i 6/25/20
United States $18,000,000      17,996,695
 
7/16/20 - 7/23/20
United States 15,000,000      14,995,654
 
Total U.S. Government and Agency Securities

(Cost $32,863,358)
      32,992,349
j Repurchase Agreements (Cost $64,500,000) 3.1%        
 
Credit Suisse Securities (USA) LLC, 0.00%, 4/01/20 (64,500,000)

Collateralized by U.S. Treasury Notes, 1.625%, 6/30/20; and U.S. Treasury Strips, 2/15/22 – 2/15/49 (valued at $65,790,000)
United States 64,500,000   64,500,000
 
Total Investments (Cost $2,141,345,815) 98.7%
      2,050,382,291
 
Securities Sold Short (0.6)%
      (12,392,227)
 
Other Assets, less Liabilities 1.9%
      39,209,765
 
Net Assets 100.0%
      $2,077,199,829
      Shares    
  Securities Sold Short (Proceeds $12,428,238) (0.6)%        
  Common Stocks (0.6)%        
  Biotechnology (0.6)%        
 
AbbVie Inc.
United States 162,649   (12,392,227)
  |  62
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 11 regarding fair value measurements.
cSee  Note 7 regarding restricted securities.
dSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $44,963,899, representing 2.2% of net assets.
eThe coupon rate shown represents the rate at period end.
fDefaulted security or security for which income has been deemed uncollectible.
gContingent 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.
hThe security was issued on a discount basis with no stated coupon rate.
iA portion or all of the security has been segregated as collateral for securities sold short and open forward exchange contracts. At March 31, 2020, the value of this security pledged amounted to $6,118,874, representing 0.3% of net assets.
jAt March 31, 2020, all repurchase agreements had been entered into on that date.
At March 31, 2020, the Fund had the following futures contracts outstanding. See  Note 3.
Futures Contracts
Description Type Number of Contracts Notional
Amount* 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Currency Contracts          
EUR/USD
Short 104 $14,364,350 6/15/20 $406,772
GBP/USD
Short 498 38,769,300 6/15/20 1,732,220
Total Futures Contracts
$2,138,992
 
*As of period end.
 
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Euro 
BOFA Buy 320,767 $345,386   4/07/20     $8,393       $ —
Euro 
BOFA Sell 4,587,093 5,130,572   4/07/20    71,393        —
Euro 
BONY Buy 208,044 227,480   4/07/20     1,975        —
Euro 
HSBK Buy 1,122,924 1,214,387   4/07/20    24,104        —
Euro 
HSBK Sell 398,470 437,817   4/07/20         —    (1,662)
Euro 
HSBK Sell 4,587,093 5,132,636   4/07/20    73,457        —
Swiss Franc 
HSBK Buy 414,761 421,925   4/14/20     9,088        —
Swiss Franc 
HSBK Buy 5,740,465 6,081,235   4/14/20         — (115,835)
Swiss Franc 
HSBK Sell 2,199,887 2,268,429   4/14/20         —   (17,659)
Swiss Franc 
HSBK Sell 20,993,872 22,642,055   4/14/20   825,559        —
British Pound 
BOFA Buy 1,205,911 1,406,773   4/17/20    90,770        —
British Pound 
BOFA Sell 1,079,880 1,304,960   4/17/20         —   (36,074)
British Pound 
BONY Buy 550,000 638,146   4/17/20    44,864        —
British Pound 
HSBK Buy 512,851 625,732   4/17/20    11,145        —
British Pound 
HSBK Sell 13,004,663 16,222,016   4/17/20    72,370        —
  |  63
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Mutual Shares VIP Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
South Korean Won 
HSBK Buy 47,888,223,824 $38,977,199   4/17/20   $328,387       $ —
South Korean Won 
HSBK Sell 4,115,001,278 3,331,473   4/17/20         —   (46,028)
South Korean Won 
HSBK Sell 43,773,222,546 37,124,266   4/17/20 1,196,181        —
South Korean Won 
UBSW Buy 7,974,189,000 6,634,584   4/17/20         —   (89,547)
South Korean Won 
UBSW Buy 20,202,925,854 16,457,237   4/17/20   124,874        —
South Korean Won 
UBSW Sell 28,177,114,854 23,843,550   4/17/20   716,402        —
South Korean Won 
HSBK Sell 40,143,079,874 32,807,355   5/15/20         — (170,536)
South Korean Won 
UBSW Sell 18,061,991,754 14,765,818   5/15/20         —   (72,266)
Total Forward Exchange Contracts 
$3,598,962 $(549,607)
Net unrealized appreciation (depreciation) 
$3,049,355
 
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 157.
  |  64
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Rising Dividends VIP Fund
    Shares   Value
  Common Stocks 98.1%      
  Aerospace & Defense 5.2%      
 
The Boeing Co.
    51,825       $7,729,180
 
General Dynamics Corp.
   128,852      17,048,408
 
Raytheon Co.
   102,424      13,432,908
 
United Technologies Corp.
   197,107      18,593,103
        56,803,599
  Building Products 1.1%      
 
Johnson Controls International PLC
   461,010      12,428,830
  Commercial & Professional Services 1.6%      
 
Cintas Corp.
    81,072      14,043,292
 
Matthews International Corp., A
   157,717       3,815,174
        17,858,466
  Consumer Durables & Apparel 2.1%      
 
NIKE Inc., B
   283,084      23,422,370
  Consumer Services 1.9%      
 
McDonald’s Corp.
   121,999      20,172,535
  Diversified Financials 0.3%      
 
State Street Corp.
    57,541       3,065,209
  Electrical Equipment 0.5%      
 
nVent Electric PLC
   334,326       5,640,080
  Energy 2.0%      
 
Chevron Corp.
   146,794      10,636,693
 
EOG Resources Inc.
   155,661       5,591,343
 
Exxon Mobil Corp.
   146,661       5,568,718
        21,796,754
  Food & Staples Retailing 1.8%      
 
Walmart Inc.
   175,308      19,918,495
  Food, Beverage & Tobacco 4.3%      
 
Bunge Ltd.
   188,004       7,713,804
 
McCormick & Co. Inc.
   125,547      17,728,492
 
PepsiCo Inc.
   180,330      21,657,633
        47,099,929
  Health Care Equipment & Services 16.9%      
 
Abbott Laboratories
   286,895      22,638,884
 
Becton, Dickinson and Co.
   171,315      39,363,048
 
CVS Health Corp.
   147,093       8,727,028
 
Dentsply Sirona Inc.
   121,092       4,702,002
 
Medtronic PLC
   367,854      33,173,074
 
Stryker Corp.
   241,145      40,148,231
 
UnitedHealth Group Inc.
    38,600       9,626,068
 
West Pharmaceutical Services Inc.
   172,201      26,217,602
        184,595,937
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  65
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Rising Dividends VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Household & Personal Products 3.4%      
 
Colgate-Palmolive Co.
   239,540      $15,895,874
 
The Procter & Gamble Co.
   194,594      21,405,340
        37,301,214
  Industrial Conglomerates 9.6%      
 
Carlisle Cos. Inc.
    68,102       8,531,819
 
Honeywell International Inc.
   271,775      36,360,777
 
Roper Technologies Inc.
   190,883      59,519,228
        104,411,824
  Insurance 1.5%      
 
Aflac Inc.
   194,504       6,659,817
 
Erie Indemnity Co., A
    63,270       9,379,145
        16,038,962
  Machinery 2.9%      
 
Donaldson Co. Inc.
   178,697       6,903,065
 
Dover Corp.
   188,188      15,796,501
 
Pentair PLC
   291,194       8,665,933
        31,365,499
  Materials 10.8%      
 
Air Products and Chemicals Inc.
   190,467      38,019,118
 
Albemarle Corp.
   398,147      22,443,546
 
Ecolab Inc.
   121,709      18,965,914
 
Linde PLC (United Kingdom)
   225,132      38,947,836
        118,376,414
  Pharmaceuticals, Biotechnology & Life Sciences 4.1%      
 
AbbVie Inc.
   113,936       8,680,784
 
Johnson & Johnson
   187,129      24,538,226
 
Perrigo Co. PLC
   105,463       5,071,716
 
Pfizer Inc.
   187,915       6,133,545
        44,424,271
  Retailing 5.2%      
 
Lowe’s Cos. Inc.
   178,572      15,366,121
 
Ross Stores Inc.
   230,930      20,083,982
 
Target Corp.
   203,337      18,904,241
 
Tiffany & Co.
    20,330       2,632,735
        56,987,079
  Semiconductors & Semiconductor Equipment 5.8%      
 
Analog Devices Inc.
   344,319      30,868,199
 
Texas Instruments Inc.
   319,868      31,964,409
        62,832,608
  |  66
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Rising Dividends VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Software & Services 13.7%      
 
Accenture PLC, A
   235,278      $38,411,486
 
Microsoft Corp.
   585,828      92,390,934
 
Visa Inc., A
   116,862      18,828,806
        149,631,226
  Trading Companies & Distributors 0.8%      
 
W.W. Grainger Inc.
    36,993       9,192,760
  Transportation 2.6%      
 
Norfolk Southern Corp.
    88,547      12,927,862
 
United Parcel Service Inc., B
   164,967      15,411,217
        28,339,079
 
Total Common Stocks (Cost $631,898,224)
    1,071,703,140
  Short Term Investments (Cost $19,459,811) 1.8%      
  Money Market Funds 1.8%      
a,b
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
19,459,811      19,459,811
 
Total Investments (Cost $651,358,035) 99.9%
    1,091,162,951
 
Other Assets, less Liabilities 0.1%
    1,188,595
 
Net Assets 100.0%
    $1,092,351,546
  
aSee  Note 9 regarding investments in affiliated management investment companies.
bThe rate shown is the annualized seven-day effective yield at period end.
  |  67
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Small Cap Value VIP Fund
    Shares   Value
  Common Stocks 96.6%      
  Automobiles & Components 1.7%      
 
Gentex Corp.
    36,000       $797,760
 
LCI Industries
    22,770     1,521,719
 
Thor Industries Inc.
   253,200    10,679,976
        12,999,455
  Banks 16.8%      
 
Atlantic Union Bankshares Corp.
   217,448     4,762,111
 
Bryn Mawr Bank Corp.
   484,783    13,758,142
 
CenterState Bank Corp.
   590,300    10,170,869
 
Columbia Banking System Inc.
   851,300    22,814,840
 
First Horizon National Corp.
 2,132,737    17,189,860
 
First of Long Island Corp.
   614,355    10,659,059
 
German American Bancorp Inc.
   196,123     5,383,576
 
Glacier Bancorp Inc.
   209,600     7,127,448
 
Lakeland Financial Corp.
   516,362    18,976,303
 
Peoples Bancorp Inc.
   289,712     6,417,121
 
TCF Financial Corp.
    29,642       671,688
 
TrustCo Bank Corp. NY
   782,700     4,234,407
 
Washington Trust Bancorp Inc.
   221,091     8,083,087
        130,248,511
  Building Products 5.2%      
 
Fortune Brands Home & Security Inc.
     6,224       269,188
a
Gibraltar Industries Inc.
   302,257    12,972,870
 
Insteel Industries Inc.
   390,746     5,177,385
 
Universal Forest Products Inc.
   581,440    21,623,754
        40,043,197
  Commercial & Professional Services 1.7%      
a
Huron Consulting Group Inc.
    17,136       777,289
 
McGrath RentCorp
   245,545    12,861,647
        13,638,936
  Consumer Durables & Apparel 4.8%      
 
Brunswick Corp.
   348,600    12,329,982
 
Callaway Golf Co.
   394,884     4,035,714
 
Carter’s Inc.
   276,293    18,160,739
a
M/I Homes Inc.
    59,400       981,882
a
Unifi Inc.
   171,800     1,984,290
        37,492,607
  Consumer Services 3.6%      
 
Jack in the Box Inc.
   297,400    10,423,870
 
Wyndham Hotels and Resorts Inc.
   556,100    17,522,711
        27,946,581
  Diversified Financials 1.9%      
 
Houlihan Lokey Inc.
   276,700    14,421,604
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  68
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small Cap Value VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Electrical Equipment 3.2%      
 
Encore Wire Corp.
    75,262     $3,160,251
 
Regal Beloit Corp.
   350,500    22,063,975
        25,224,226
  Energy 0.8%      
 
Crescent Point Energy Corp. (Canada)
 3,534,800     2,737,430
 
Hunting PLC (United Kingdom)
 1,122,336     2,391,344
a
Natural Gas Services Group Inc.
   173,987       775,982
        5,904,756
  Food & Staples Retailing 1.9%      
a
BJ’s Wholesale Club Holdings Inc.
   586,600    14,940,702
  Food, Beverage & Tobacco 2.1%      
 
Glanbia PLC (Ireland)
   979,700    10,659,431
 
Maple Leaf Foods Inc. (Canada)
   312,519     5,666,419
        16,325,850
  Health Care Equipment & Services 1.9%      
 
Envista Holdings Corp.
   280,900     4,196,646
a
Integer Holdings Corp.
   162,700    10,227,322
        14,423,968
  Insurance 12.9%      
 
CNO Financial Group Inc.
   989,300    12,257,427
 
The Hanover Insurance Group Inc.
   255,500    23,143,190
 
Horace Mann Educators Corp.
   777,245    28,439,394
 
Old Republic International Corp.
 1,598,900    24,383,225
 
Selective Insurance Group Inc.
   234,381    11,648,736
        99,871,972
  Machinery 12.8%      
 
Astec Industries Inc.
   221,274     7,737,952
 
Barnes Group Inc.
   126,300     5,283,129
 
Columbus McKinnon Corp.
   227,114     5,677,850
 
Federal Signal Corp.
    92,551     2,524,791
 
The Greenbrier Cos. Inc.
   194,321     3,447,255
 
John Bean Technologies Corp.
     8,318       617,778
 
Mueller Industries Inc.
   266,662     6,383,888
 
Mueller Water Products Inc., A
 2,103,549    16,849,427
 
Oshkosh Corp.
   326,000    20,971,580
 
Rexnord Corp.
   914,800    20,738,516
a
SPX Flow Inc.
   332,980     9,463,292
        99,695,458
  Materials 8.0%      
 
Carpenter Technology Corp.
    57,324     1,117,818
 
Eagle Materials Inc.
   205,700    12,016,994
a
Livent Corp. (Argentina)
   280,900     1,474,725
 
Minerals Technologies Inc.
   296,252    10,742,097
  |  69
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small Cap Value VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Materials (continued)      
a
OceanaGold Corp. (Australia)
 4,344,481     $4,166,998
 
PH Glatfelter Co.
   758,294     9,266,353
 
PolyOne Corp.
   531,900    10,090,143
 
Reliance Steel & Aluminum Co.
   151,900    13,304,921
        62,180,049
  Media & Entertainment 0.0%†      
 
Cinemark Holdings Inc.
    14,900       151,831
  Real Estate 4.7%      
 
Brandywine Realty Trust
 1,064,700    11,200,644
 
Healthcare Realty Trust Inc.
    69,200     1,932,756
 
Highwoods Properties Inc.
   444,900    15,758,358
 
Retail Properties of America Inc., A
 1,355,311     7,006,958
 
Sunstone Hotel Investors Inc.
    59,797       520,832
        36,419,548
  Semiconductors & Semiconductor Equipment 2.7%      
a
Advanced Energy Industries Inc.
   215,032    10,426,902
 
MKS Instruments Inc.
    89,894     7,321,866
a
Synaptics Inc.
    55,081     3,187,537
        20,936,305
  Technology Hardware & Equipment 7.8%      
a
Coherent Inc.
   119,508    12,716,846
a
FARO Technologies Inc.
    12,000       534,000
a
II-VI Inc.
   708,200    20,183,700
a
NetScout Systems Inc.
   431,900    10,223,073
a
Plexus Corp.
   314,800    17,175,488
        60,833,107
  Transportation 0.1%      
 
Heartland Express Inc.
    30,600       568,242
  Utilities 2.0%      
 
Black Hills Corp.
    98,300     6,294,149
 
IDACORP Inc.
    73,489     6,451,599
 
Spire Inc.
    39,355     2,931,161
        15,676,909
 
Total Common Stocks (Cost $931,780,930)
    749,943,814
    Principal
Amount 		   
  Corporate Bonds (Cost $2,378,000) 0.3%      
  Machinery 0.3%      
 
Mueller Industries Inc., sub. bond, 6.00%, 3/01/27
 $2,378,000     2,166,459
 
Total Investments before Short Term Investments (Cost $934,158,930)
    752,110,273
  |  70
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small Cap Value VIP Fund (continued)
    Shares   Value
  Short Term Investments (Cost $23,086,881) 3.0%      
  Money Market Funds 3.0%      
b,c
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
23,086,881    $23,086,881
 
Total Investments (Cost $957,245,811) 99.9%
    775,197,154
 
Other Assets, less Liabilities 0.1%
    1,040,611
 
Net Assets 100.0%
    $776,237,765
 
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bSee  Note 9 regarding investments in affiliated management investment companies.
cThe rate shown is the annualized seven-day effective yield at period end.
  |  71
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin Small-Mid Cap Growth VIP Fund
    Shares   Value
  Common Stocks 98.4%      
  Communication Services 3.7%      
a
IAC/InterActiveCorp
   22,000     $3,943,060
a
Pinterest Inc., A
  181,300     2,799,272
a
Roku Inc
   12,656     1,107,147
a
Spotify Technology SA
   20,000     2,428,800
a
Zynga Inc.
  323,500     2,215,975
        12,494,254
  Consumer Discretionary 13.7%      
 
Aptiv PLC
   25,977     1,279,107
a
Burlington Stores Inc.
   27,500     4,357,650
a
Chipotle Mexican Grill Inc.
    6,455     4,224,152
 
Domino’s Pizza Inc.
   10,750     3,483,753
a,b,c
DraftKings Inc.
  733,541     2,198,135
a
Five Below Inc.
   31,400     2,209,932
 
Levi Strauss & Co., A
  150,000     1,864,500
 
Marriott International Inc., A
   10,400       778,024
a
NVR Inc.
    1,077     2,766,931
a
O’Reilly Automotive Inc.
   12,157     3,659,865
a
Peloton Interactive Inc., A
   81,500     2,163,825
a,d
Revolve Group Inc.
   64,500       557,280
a
RH
   14,300     1,436,721
 
Tractor Supply Co.
   60,737     5,135,313
a
Ulta Beauty Inc.
   19,200     3,373,440
 
Vail Resorts Inc.
   23,600     3,485,956
 
Wingstop Inc.
   37,500     2,988,750
        45,963,334
  Consumer Staples 2.7%      
a
BellRing Brands Inc., A
   80,600     1,374,230
 
Church & Dwight Co. Inc.
   61,000     3,914,980
 
McCormick & Co. Inc.
   27,250     3,847,973
        9,137,183
  Financials 6.8%      
 
Ares Management Corp., A
   91,500     2,830,095
 
MarketAxess Holdings Inc.
   17,000     5,653,690
 
MSCI Inc.
   26,300     7,599,648
 
TCF Financial Corp.
   63,500     1,438,910
 
Tradeweb Markets Inc.
   87,500     3,678,500
 
Western Alliance Bancorp
   54,500     1,668,245
        22,869,088
  Health Care 14.9%      
a
10X Genomics Inc., A
   13,700       853,784
a
Argenx SE, ADR (Netherlands)
    9,000     1,185,570
 
Bio-Techne Corp.
    5,475     1,038,169
a
Deciphera Pharmaceuticals Inc.
    7,500       308,775
a
DexCom Inc.
   24,188     6,513,103
a
Elanco Animal Health Inc.
   83,500     1,869,565
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  72
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small-Mid Cap Growth VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Health Care (continued)      
a
Guardant Health Inc.
   32,900     $2,289,840
a
GW Pharmaceuticals PLC, ADR (United Kingdom)
   22,400     1,961,568
a
HealthEquity Inc.
   46,000     2,327,140
a
Heron Therapeutics Inc.
  142,400     1,671,776
a
IDEXX Laboratories Inc.
   24,750     5,995,440
a
iRhythm Technologies Inc.
   25,500     2,074,425
a,d
Livongo Health Inc.
   69,000     1,968,570
a
Mettler-Toledo International Inc.
    8,905     6,148,992
a
Penumbra Inc.
   23,500     3,791,255
a
PTC Therapeutics Inc.
   40,000     1,784,400
a
Reata Pharmaceuticals Inc.
   15,200     2,193,968
a
Revance Therapeutics Inc.
   74,001     1,095,215
a
Veeva Systems Inc.
   32,200     5,035,114
        50,106,669
  Industrials 15.4%      
a
CoStar Group Inc.
   15,035     8,828,702
 
Fastenal Co.
   79,100     2,471,875
 
Fortive Corp.
   75,100     4,144,769
 
Hexcel Corp.
   50,250     1,868,798
 
IDEX Corp.
   33,100     4,571,441
a
Kratos Defence & Security Solutions Inc.
   18,300       253,272
a
Mercury Systems Inc.
   51,000     3,638,340
 
Old Dominion Freight Line Inc.
   14,550     1,909,833
 
Republic Services Inc.
   63,100     4,736,286
 
Roper Technologies Inc.
   17,843     5,563,626
 
Stanley Black & Decker Inc.
   25,296     2,529,600
 
TransUnion
   57,300     3,792,114
 
Verisk Analytics Inc.
   54,961     7,660,464
        51,969,120
  Information Technology 35.8%      
a
Adyen NV (Netherlands)
    3,000     2,562,273
a
Alteryx Inc.
   37,300     3,549,841
 
Amphenol Corp., A
   54,700     3,986,536
a
ANSYS Inc.
   21,700     5,044,599
a
Atlassian Corp. PLC
   39,450     5,414,907
a,d
Bill.Com Holdings Inc.
   21,300       728,460
a,b
Bill.Com Holdings Inc.
   48,148     1,440,937
a
Black Knight Inc.
  106,000     6,154,360
a
CloudFlare Inc., A
  145,300     3,411,644
a
DocuSign Inc.
   87,200     8,057,280
a
EPAM Systems Inc.
   20,000     3,713,200
 
Global Payments Inc.
   46,200     6,663,426
a
GoDaddy Inc., A
   85,117     4,861,032
 
Jack Henry & Associates Inc.
   14,050     2,181,122
a
Keysight Technologies Inc.
   49,300     4,125,424
 
KLA Corp.
   35,737     5,136,836
  |  73
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small-Mid Cap Growth VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Information Technology (continued)      
a
Lattice Semiconductor Corp.
  152,555     $2,718,530
 
Microchip Technology Inc.
   28,927     1,961,251
 
Monolithic Power Systems
   26,000     4,353,960
 
NXP Semiconductors NV (Netherlands)
   19,160     1,588,939
a
Okta Inc., A
   31,000     3,790,060
a
Paylocity Holding Corp.
   42,450     3,749,184
a
Q2 Holdings Inc.
   41,496     2,450,754
a
Semtech Corp.
   43,000     1,612,500
a
SiTime Corp.
   59,100     1,286,607
a
Square Inc., A
   47,600     2,493,288
a
Synopsys Inc.
   52,250     6,729,277
a
Twilio Inc., A
   56,475     5,053,948
a
ViaSat Inc.
   42,566     1,528,971
a
WEX Inc.
   18,500     1,934,175
a
Wix.com Ltd. (Israel)
   20,100     2,026,482
a
Workday Inc., A
    5,500       716,210
 
Xilinx Inc.
   41,600     3,242,304
a
Zendesk Inc.
   56,200     3,597,362
a
Zscaler Inc.
   46,300     2,817,818
        120,683,497
  Materials 2.8%      
 
Ball Corp.
   67,900     4,390,414
a
Ingevity Corp.
   46,841     1,648,803
 
Martin Marietta Materials Inc.
   18,000     3,406,140
        9,445,357
  Real Estate 2.6%      
 
SBA Communications Corp., A
   32,057     8,654,428
 
Total Common Stocks (Cost $288,105,646)
    331,322,930
  Short Term Investments 2.5%      
  Money Market Funds (Cost $5,087,616) 1.5%      
e,f
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
5,087,616     5,087,616
  Investments from Cash Collateral Received for Loaned Securities 1.0%      
  Money Market Funds (Cost $3,236,275) 1.0%      
e,f
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
3,236,275     3,236,275
 
Total Investments (Cost $296,429,537) 100.9%
    339,646,821
 
Other Assets, less Liabilities (0.9)%
    (3,049,410)
 
Net Assets 100.0%
    $336,597,411
  |  74
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Small-Mid Cap Growth VIP Fund (continued)
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 11 regarding fair value measurements.
cSee  Note 7 regarding restricted securities.
dA portion or all of the security is on loan at March 31, 2020.  
eSee  Note 9 regarding investments in affiliated management investment companies.
fThe rate shown is the annualized seven-day effective yield at period end.
  |  75
Franklin Templeton Variable Insurance Products Trust
Consolidated Statement of Investments, March 31, 2020 (unaudited)
Franklin Strategic Income VIP Fund
    Country/Organization Shares/Warrants   Value
  Common Stocks and Other Equity Interests 0.2%        
  Commercial & Professional Services 0.0%†        
a,b
Remington Outdoor Co. Inc.
United States         74,576        $37,288
  Consumer Services 0.0%†        
a,b,c
Turtle Bay Resort
United States      1,901,449        41,832
  Energy 0.1%        
 
Amplify Energy Corp.
United States            431           244
a,b
Amplify Energy Corp., wts., 4/21/20
United States          4,121             —
a
Battalion Oil Corp.
United States 183   856
a,b
Battalion Oil Corp., wts., A, 10/08/22
United States 879   2,672
a,b
Battalion Oil Corp., wts., B, 10/08/22
United States 1,098   3,324
a,b
Battalion Oil Corp., wts., C, 10/08/22
United States 1,412   4,252
a
Birch Permian Holdings Inc.
United States 4,478   42,541
a
Birch Permian Holdings Inc.
United States 34,907   327,253
 
Riviera Resources Inc.
United States 6,620   27,804
a
Weatherford International PLC
United States 13,794   82,074
          491,020
  Materials 0.1%        
a,b,d
Appvion Operations Inc.
United States 18,684   267,045
a
Verso Corp., A
United States 5,620   63,393
a
Verso Corp., wts., 7/25/23
United States 592   657
          331,095
  Media & Entertainment 0.0%†        
a
Clear Channel Outdoor Holdings Inc.
United States 20,804   13,315
a
iHeartMedia Inc., A
United States 8,384   61,287
a,b
iHeartMedia Inc., B
United States 142   882
          75,484
  Retailing 0.0%†        
a,b,d
K2016470219 South Africa Ltd., A
South Africa 14,792,309   8,266
a,b,d
K2016470219 South Africa Ltd., B
South Africa 1,472,041   822
          9,088
 
Total Common Stocks and Other Equity Interests (Cost $6,847,916)
      985,807
  Management Investment Companies (Cost $11,072,145) 2.1%        
  Diversified Financials 2.1%        
e
Franklin Floating Rate Income Fund
United States 1,118,951   7,955,744
      Principal
Amount* 		   
  Corporate Bonds 33.5%        
  Automobiles & Components 0.1%        
f
Allison Transmission Inc., senior bond, 144A, 5.875%, 6/01/29
United States 300,000   296,090
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  76
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Banks 3.5%        
f
Akbank T.A.S., senior note, 144A, 5.125%, 3/31/25
Turkey      1,200,000       $978,113
  Bank of America Corp.,        
 
senior bond, 3.248%, 10/21/27
United States        647,000       677,119
 
senior note, 3.50%, 4/19/26
United States      2,480,000     2,646,262
g
BDO Unibank Inc., senior note, Reg S, 2.95%, 3/06/23
Philippines        200,000       198,500
g
China Construction Bank Corp., sub. note, Reg S, 4.25% to 2/26/24, FRN thereafter, 2/27/29
China        800,000       826,614
  Citigroup Inc.,        
 
senior note, 3.30%, 4/27/25
United States        243,000       252,014
 
senior note, 3.40%, 5/01/26
United States      1,106,000     1,187,358
 
Industrial & Commercial Bank of China Ltd., senior note, 3.538%, 11/08/27
China 900,000   981,008
  JPMorgan Chase & Co.,        
 
h junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual
United States        213,000       213,148
 
senior bond, 3.20%, 6/15/26
United States      1,213,000     1,262,449
 
sub. note, 3.375%, 5/01/23
United States        809,000       845,326
 
sub. note, 3.875%, 9/10/24
United States        809,000       855,826
g
Turkiye Vakiflar Bankasi TAO, secured note, Reg S, 2.375%, 11/04/22
Turkey 500,000 EUR 529,838
 
Wells Fargo & Co., senior note, 3.00%, 4/22/26
United States 2,021,000   2,084,783
          13,538,358
  Capital Goods 1.3%        
f
Beacon Roofing Supply Inc., senior note, 144A, 4.875%, 11/01/25
United States 1,094,000   994,178
 
CNH Industrial NV, senior bond, 3.85%, 11/15/27
United Kingdom 566,000   548,206
f
Herc Holdings Inc., senior note, 144A, 5.50%, 7/15/27
United States 1,000,000   937,575
f
The Manitowoc Co. Inc., secured note, second lien, 144A, 9.00%, 4/01/26
United States 800,000   713,694
f
NCI Building Systems Inc., senior secured note, 144A, 8.00%, 4/15/26
United States 800,000   694,060
i
Onsite Rental Group Operations Pty. Ltd., secured note, PIK, 6.10%, 10/26/23
Australia 262,519   240,861
f
Resideo Funding Inc., senior note, 144A, 6.125%, 11/01/26
United States 800,000   704,060
f
Rutas 2 and 7 Finance Ltd., senior secured bond, first lien, 144A, 9/30/36
United States 200,000   118,061
          4,950,695
  Commercial & Professional Services 0.6%        
f
Intrado Corp., senior note, 144A, 8.50%, 10/15/25
United States 1,321,000   973,841
 
United Rentals North America Inc., senior bond, 5.875%, 9/15/26
United States 1,194,000   1,218,328
          2,192,169
  Consumer Durables & Apparel 0.8%        
f
Hanesbrands Inc., senior bond, 144A, 4.875%, 5/15/26
United States 1,482,000   1,464,290
 
KB Home, senior note, 7.00%, 12/15/21
United States 970,000   968,739
 
Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24
United States 889,000   861,215
          3,294,244
  |  77
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Consumer Services 1.2%        
f 1011778 BC ULC/New Red Finance Inc.,        
 
secured note, second lien, 144A, 5.00%, 10/15/25
Canada        970,000       $932,408
 
senior secured note, first lien, 144A, 4.25%, 5/15/24
Canada        428,000       429,603
f
Golden Nugget Inc., senior note, 144A, 6.75%, 10/15/24
United States      1,132,000       721,491
f KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,        
 
senior note, 144A, 5.00%, 6/01/24
United States        728,000       717,994
 
senior note, 144A, 5.25%, 6/01/26
United States        851,000       856,255
f Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,        
 
senior bond, 144A, 5.50%, 3/01/25
United States        670,000       628,105
 
senior bond, 144A, 5.25%, 5/15/27
United States        200,000       181,750
          4,467,606
  Diversified Financials 2.8%        
f
Altice France Holding SA, senior note, 144A, 6.00%, 2/15/28
Luxembourg 700,000   621,026
 
Capital One Financial Corp., senior note, 3.20%, 2/05/25
United States 1,617,000   1,588,914
  The Goldman Sachs Group Inc.,        
 
senior note, 3.50%, 1/23/25
United States      1,725,000     1,771,746
 
senior note, 3.75%, 2/25/26
United States      1,213,000     1,266,362
  Morgan Stanley,        
 
senior bond, 3.591% to 7/22/27, FRN thereafter, 7/22/28
United States        809,000       849,532
 
senior note, 3.875%, 1/27/26
United States      2,395,000     2,590,781
f
MSCI Inc., senior bond, 144A, 4.00%, 11/15/29
United States 700,000   699,251
 
Springleaf Finance Corp., senior note, 6.625%, 1/15/28
United States 1,000,000   941,950
g
TNB Global Ventures Capital Bhd., senior note, Reg S, 3.244%, 10/19/26
Malaysia 400,000   410,337
          10,739,899
  Energy 1.8%        
f
Aker BP ASA, senior note, 144A, 4.75%, 6/15/24
Norway 600,000   504,802
 
Cheniere Energy Partners LP, senior secured note, first lien, 5.25%, 10/01/25
United States 970,000   909,346
 
CONSOL Energy Inc., senior note, 5.875%, 4/15/22
United States 1,317,000   1,214,933
 
Ecopetrol SA, senior bond, 4.125%, 1/16/25
Colombia 800,000   752,204
 
Energy Transfer Operating LP, senior bond, 4.05%, 3/15/25
United States 200,000   175,185
 
EnLink Midstream LLC, senior bond, 5.375%, 6/01/29
United States 300,000   158,090
f,i
EnQuest PLC, senior note, 144A, PIK, 7.00%, 10/15/23
United Kingdom 820,556   201,036
 
Enterprise Products Operating LLC, senior bond, 4.80%, 2/01/49
United States 150,000   150,750
 
Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note, 7.25%, 2/15/21
United States 1,617,000   881,346
f
Nabors Industries Ltd., senior note, 144A, 7.25%, 1/15/26
United States 800,000   278,000
 
Oceaneering International Inc., senior note, 4.65%, 11/15/24
United States 200,000   81,500
j
Sanchez Energy Corp., senior note, 6.125%, 1/15/23
United States 243,000   3,645
f
Schlumberger Holdings Corp., senior note, 144A, 3.90%, 5/17/28
United States 400,000   372,739
  Sunoco LP/Sunoco Finance Corp.,        
 
senior note, 4.875%, 1/15/23
United States        485,000       472,591
 
senior note, 6.00%, 4/15/27
United States        500,000       433,484
f
Weatherford International Ltd., senior note, 144A, 11.00%, 12/01/24
United States 417,000   254,579
          6,844,230
  |  78
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Food & Staples Retailing 0.8%        
f
Cencosud SA, senior note, 144A, 4.375%, 7/17/27
Chile        800,000       $662,950
 
The Kroger Co., senior bond, 4.45%, 2/01/47
United States        150,000       165,729
 
Walgreens Boots Alliance Inc., senior note, 3.80%, 11/18/24
United States      2,087,000     2,148,309
          2,976,988
  Food, Beverage & Tobacco 0.7%        
 
B&G Foods Inc., senior note, 5.25%, 9/15/27
United States        900,000       880,875
 
BAT Capital Corp., senior bond, 4.54%, 8/15/47
United Kingdom 50,000   45,869
 
Bunge Ltd. Finance Corp., senior note, 3.25%, 8/15/26
United States 200,000   200,308
f
MHP Lux SA, senior note, 144A, 6.95%, 4/03/26
Ukraine 800,000   649,103
f
Post Holdings Inc., senior bond, 144A, 4.625%, 4/15/30
United States 700,000   675,500
 
Reynolds American Inc., senior note, 4.45%, 6/12/25
United Kingdom 200,000   204,029
          2,655,684
  Health Care Equipment & Services 1.7%        
 
Anthem Inc., senior bond, 3.70%, 9/15/49
United States 150,000   151,196
  Centene Corp.,        
 
f senior bond, 144A, 4.625%, 12/15/29
United States        200,000       202,110
 
f senior bond, 144A, 3.375%, 2/15/30
United States        600,000       560,250
 
senior note, 4.75%, 5/15/22
United States        750,000       757,755
 
f senior note, 144A, 5.375%, 6/01/26
United States        324,000       335,554
 
f senior note, 144A, 4.25%, 12/15/27
United States        300,000       302,235
  CHS/Community Health Systems Inc.,        
 
senior note, 6.875%, 2/01/22
United States        183,000       138,623
 
senior secured note, first lien, 6.25%, 3/31/23
United States        405,000       387,534
 
Cigna Corp., senior bond, 4.90%, 12/15/48
United States 150,000   182,201
  DaVita Inc.,        
 
senior bond, 5.125%, 7/15/24
United States        305,000       305,993
 
senior bond, 5.00%, 5/01/25
United States        728,000       731,600
 
HCA Inc., senior note, 5.375%, 9/01/26
United States 713,000   739,791
f
MEDNAX Inc., senior note, 144A, 6.25%, 1/15/27
United States 1,100,000   891,082
f
MPH Acquisition Holdings LLC, senior note, 144A, 7.125%, 6/01/24
United States 300,000   263,259
f,i
Polaris Intermediate Corp., senior note, 144A, PIK, 8.50%, 12/01/22
United States 500,000   391,240
 
Stryker Corp., senior bond, 3.50%, 3/15/26
United States 405,000   423,290
          6,763,713
  Materials 5.1%        
f
Alpek SAB de CV, senior note, 144A, 4.25%, 9/18/29
Mexico 1,600,000   1,313,232
f
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., senior note, 144A, 6.00%, 2/15/25
Luxembourg 900,000   909,270
f
Braskem Netherlands Finance BV, senior bond, 144A, 4.50%, 1/31/30
Brazil 1,100,000   860,200
f
Cemex Finance LLC, senior secured note, first lien, 144A, 6.00%, 4/01/24
Mexico 299,000   260,139
f
Cemex SAB de CV, senior secured bond, first lien, 144A, 5.70%, 1/11/25
Mexico 1,013,000   863,562
g
CNAC HK Finbridge Co. Ltd., senior note, Reg S, 4.875%, 3/14/25
China 800,000   841,766
 
Crown Americas LLC/Crown Americas Capital Corp. VI, senior note, 4.75%, 2/01/26
United States 1,066,000   1,101,437
  |  79
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Materials (continued)        
f
First Quantum Minerals Ltd., senior note, 144A, 7.25%, 4/01/23
Zambia      1,294,000     $1,116,081
f FMG Resources (August 2006) Pty. Ltd.,        
 
senior note, 144A, 5.125%, 3/15/23
Australia        324,000       319,940
 
senior note, 144A, 5.125%, 5/15/24
Australia        647,000       641,342
 
Freeport-McMoRan Inc., senior note, 4.55%, 11/14/24
United States      1,017,000       966,765
f
Gates Global LLC / Gates Corp., senior note, 144A, 6.25%, 1/15/26
United States        100,000        89,051
f Glencore Funding LLC,        
 
senior note, 144A, 4.125%, 5/30/23
Switzerland        485,000       447,441
 
senior note, 144A, 4.625%, 4/29/24
Switzerland        250,000       229,420
 
LYB International Finance BV, senior note, 4.00%, 7/15/23
United States 1,698,000   1,737,187
f
Mauser Packaging Solutions Holding Co., senior note, 144A, 7.25%, 4/15/25
United States 1,278,000   977,708
f
Neon Holdings Inc., senior note, 144A, 10.125%, 4/01/26
United States 800,000   722,306
f
Novelis Corp., senior bond, 144A, 5.875%, 9/30/26
United States 1,059,000   1,046,644
f Owens-Brockway Glass Container Inc.,        
 
senior note, 144A, 5.00%, 1/15/22
United States        732,000       743,339
 
senior note, 144A, 5.875%, 8/15/23
United States        566,000       558,220
f Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA,        
 
senior note, 144A, 7.00%, 7/15/24
United States        105,000       107,297
 
senior secured note, first lien, 144A, 5.125%, 7/15/23
United States        566,000       565,290
f
SABIC Capital II BV, senior note, 144A, 4.50%, 10/10/28
Saudi Arabia 600,000   627,944
f Sealed Air Corp.,        
 
senior bond, 144A, 5.125%, 12/01/24
United States        809,000       819,113
 
senior bond, 144A, 5.50%, 9/15/25
United States        124,000       126,636
 
senior note, 144A, 4.875%, 12/01/22
United States         85,000        85,823
f
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., senior note, 144A, 7.50%, 6/15/25
United States 1,100,000   800,217
f
TPC Group Inc., secured note, 144A, 10.50%, 8/01/24
United States 900,000   742,730
          19,620,100
  Media & Entertainment 3.0%        
f
Altice Financing SA, secured bond, 144A, 7.50%, 5/15/26
Luxembourg 600,000   586,830
 
AMC Entertainment Holdings Inc., senior sub. bond, 5.75%, 6/15/25
United States 800,000   341,004
  CCO Holdings LLC/CCO Holdings Capital Corp.,        
 
senior bond, 5.25%, 9/30/22
United States        689,000       680,622
 
f senior bond, 144A, 5.375%, 5/01/25
United States        728,000       750,899
 
f senior bond, 144A, 4.50%, 8/15/30
United States        300,000       295,688
f Clear Channel Worldwide Holdings Inc.,        
 
senior secured note, first lien, 144A, 5.125%, 8/15/27
United States        600,000       565,170
 
senior sub. note, 144A, 9.25%, 2/15/24
United States        256,000       221,761
f
CSC Holdings LLC, senior secured note, first lien, 144A, 5.50%, 5/15/26
United States 1,378,000   1,434,936
f Diamond Sports Group LLC/Diamond Sports Finance Co.,        
 
first lien, 144A, 5.375%, 8/15/26
United States        400,000       327,257
 
senior note, 144A, 6.625%, 8/15/27
United States        300,000       202,290
  |  80
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Media & Entertainment (continued)        
  DISH DBS Corp.,        
 
senior bond, 6.75%, 6/01/21
United States        405,000       $412,881
 
senior note, 5.875%, 11/15/24
United States        670,000       656,657
k
Fox Corp, senior bond, 3.50%, 4/08/30
United States        400,000       400,000
  iHeartCommunications Inc.,        
 
secured note, 6.375%, 5/01/26
United States         48,209        45,889
 
senior note, 8.375%, 5/01/27
United States         87,378        74,879
f
Live Nation Entertainment Inc., senior note, 144A, 4.75%, 10/15/27
United States 800,000   720,440
  Netflix Inc.,        
 
senior bond, 5.875%, 2/15/25
United States      1,000,000     1,062,255
 
senior bond, 4.375%, 11/15/26
United States        300,000       302,415
f
Nexstar Broadcasting Inc., senior note, 144A, 5.625%, 8/01/24
United States 1,417,000   1,342,600
f
Univision Communications Inc., senior secured note, first lien, 144A, 5.125%, 2/15/25
United States 1,321,000   1,136,060
          11,560,533
  Pharmaceuticals, Biotechnology & Life Sciences 1.7%        
f
AbbVie Inc., senior note, 144A, 2.95%, 11/21/26
United States 600,000   612,751
 
Allergan Funding SCS, senior bond, 3.80%, 3/15/25
United States 1,778,000   1,823,826
f Bausch Health Cos. Inc.,        
 
senior bond, 144A, 6.125%, 4/15/25
United States        243,000       240,875
 
senior note, 144A, 8.50%, 1/31/27
United States        809,000       849,895
 
senior note, first lien, 144A, 7.00%, 3/15/24
United States        200,000       206,251
f
Bayer U.S. Finance II LLC, senior bond, 144A, 4.375%, 12/15/28
Germany 889,000   952,200
f Endo DAC/Endo Finance LLC/Endo Finco Inc.,        
 
senior bond, 144A, 6.00%, 2/01/25
United States        970,000       667,777
 
senior note, 144A, 6.00%, 7/15/23
United States        328,000       240,047
f
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, senior note, 144A, 6.375%, 8/01/23
United States 970,000   994,221
          6,587,843
  Real Estate 1.0%        
g
China Overseas Finance Cayman VI Ltd., senior note, Reg S, 5.95%, 5/08/24
China 700,000   791,242
 
Equinix Inc., senior bond, 5.875%, 1/15/26
United States 100,000   102,592
f
Five Point Operating Co. LP/Five Point Capital Corp., senior note, 144A, 7.875%, 11/15/25
United States 800,000   693,976
  MPT Operating Partnership LP/MPT Finance Corp.,        
 
senior bond, 5.25%, 8/01/26
United States        247,000       247,486
 
senior bond, 5.00%, 10/15/27
United States        889,000       869,064
f
VICI Properties LP/VICI Note Co. Inc., senior note, 144A, 3.75%, 2/15/27
United States 1,400,000   1,327,375
          4,031,735
  |  81
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Retailing 0.0%†        
b,f,i
K2016470219 South Africa Ltd., senior secured note, 144A, PIK, 3.00%, 12/31/22
South Africa        962,011         $1,202
b,f,i
K2016470260 South Africa Ltd., senior secured note, 144A, PIK, 25.00%, 12/31/22
South Africa        313,367         1,567
f
Party City Holdings Inc., senior note, 144A, 6.625%, 8/01/26
United States      1,085,000       113,925
          116,694
  Semiconductors & Semiconductor Equipment 0.0%†        
 
Maxim Integrated Products Inc., senior note, 3.375%, 3/15/23
United States        100,000       102,166
  Software & Services 0.3%        
f
NortonLifeLock Inc., senior note, 144A, 5.00%, 4/15/25
United States 978,000   988,320
  Technology Hardware & Equipment 0.4%        
f
Blackboard Inc., secured note, second lien, 144A, 10.375%, 11/15/24
United States 200,000   183,500
f
CommScope Technologies LLC, senior bond, 144A, 5.00%, 3/15/27
United States 1,374,000   1,202,353
          1,385,853
  Telecommunication Services 1.1%        
f
Altice France SA/France, senior secured note, 144A, 5.50%, 1/15/28
France 200,000   188,370
 
Bell Canada Inc., senior bond, 4.464%, 4/01/48
Canada 150,000   160,829
f
Digicel Group Two Ltd., senior note, 144A, 8.25%, 9/30/22
Bermuda 486,000   85,050
 
Hughes Satellite Systems Corp., senior bond, 6.625%, 8/01/26
United States 800,000   817,166
 
Sprint Communications Inc., senior note, 6.00%, 11/15/22
United States 405,000   423,606
 
Sprint Corp., senior bond, 7.875%, 9/15/23
United States 405,000   448,997
 
Telefonica Emisiones SA, senior bond, 4.895%, 3/06/48
Spain 150,000   166,798
 
TELUS Corp., senior bond, 4.60%, 11/16/48
Canada 150,000   169,325
  T-Mobile USA Inc.,        
 
senior bond, 6.50%, 1/15/24
United States        405,000       414,100
 
senior bond, 6.375%, 3/01/25
United States      1,051,000     1,081,222
 
senior note, 6.00%, 4/15/24
United States        200,000       204,494
          4,159,957
  Transportation 1.9%        
 
CSX Corp., senior bond, 4.10%, 3/15/44
United States 150,000   156,704
f
DAE Funding LLC, senior note, 144A, 5.00%, 8/01/24
United Arab Emirates 1,294,000   1,180,736
 
FedEx Corp., senior bond, 4.05%, 2/15/48
United States 150,000   132,751
g
ICTSI Treasury BV, senior note, Reg S, 4.625%, 1/16/23
Philippines 1,200,000   1,222,123
f
Kazakhstan Temir Zholy Finance BV, senior bond, 144A, 6.95%, 7/10/42
Kazakhstan 1,700,000   1,776,500
f
Mexico City Airport Trust, senior secured bond, first lien, 144A, 5.50%, 7/31/47
Mexico 1,200,000   1,025,034
g
RZD Capital PLC, (Russian Railways), loan participation, senior bond, Reg S, 5.70%, 4/05/22
Russia 1,700,000   1,748,705
          7,242,553
  Utilities 3.7%        
  Calpine Corp.,        
 
senior bond, 5.75%, 1/15/25
United States      1,170,000     1,091,025
 
f senior note, 144A, 5.125%, 3/15/28
United States        200,000       185,500
  |  82
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Utilities (continued)        
g
CGNPC International Ltd., senior note, Reg S, 3.75%, 12/11/27
China        300,000       $327,527
 
Clearway Energy Operating LLC, senior note, 5.75%, 10/15/25
United States      1,132,000     1,127,761
f Colbun SA,        
 
senior note, 144A, 3.95%, 10/11/27
Chile        800,000       771,100
 
senior note, 144A, 3.15%, 3/06/30
Chile        300,000       263,250
f,h
EDF SA, junior sub. note, 144A, 5.25% to 1/29/23, FRN thereafter, Perpetual
France      2,425,000     2,341,313
 
Exelon Corp, senior bond, 4.05%, 4/15/30
United States 100,000   99,240
f
InterGen NV, secured bond, 144A, 7.00%, 6/30/23
Netherlands 700,000   619,500
f
Israel Electric Corp. Ltd., secured bond, 144A, 4.25%, 8/14/28
Israel 1,000,000   1,024,615
 
The Southern Co., senior bond, 3.25%, 7/01/26
United States 2,410,000   2,435,918
f
State Grid Overseas Investment 2016 Ltd., senior note, 144A, 3.50%, 5/04/27
China 1,651,000   1,769,198
f
Talen Energy Supply LLC, senior secured note, 144A, 7.25%, 5/15/27
United States 1,300,000   1,182,025
f
Three Gorges Finance I Cayman Islands Ltd., senior note, 144A, 3.15%, 6/02/26
China 1,051,000   1,112,675
 
Virginia Electric & Power Co., senior bond, 6.35%, 11/30/37
United States 85,000   114,280
          14,464,927
 
Total Corporate Bonds (Cost $141,938,782)
      128,980,357
l Senior Floating Rate Interests 7.1%        
  Automobiles & Components 0.6%        
 
Adient U.S. LLC, Initial Term Loans, 5.45% - 5.742%, (3-month USD LIBOR + 4.00%), 5/06/24
United States 1,161,225   1,032,039
 
Clarios Global LP (Power Solutions), Initial Dollar Term Loan, 4.441%, (1-month USD LIBOR + 3.50%), 4/30/26
United States 159,599   146,831
  Thor Industries, Inc.,        
 
Initial USD Term Loans, 4.375%, (1-month USD LIBOR + 3.75%), 2/01/26
United States         12,863        11,062
 
Initial USD Term Loans, 5.375%, (3-month USD LIBOR + 3.75%), 2/01/26
United States      1,225,864     1,054,243
          2,244,175
  Capital Goods 0.2%        
b,i
Alloy Finco Ltd., Term Loan B (PIK), 14.00%, 3/06/25
United States 159,309   79,655
 
Altra Industrial Motion Corp., Term Loan, 2.989%, (1-month USD LIBOR + 2.00%), 10/01/25
United States 278,414   255,445
m,n
Arconic Rolled Products Corp., Initial Term Loans, TBD, 2/04/27
United States 236,000   215,940
m Dynasty Acquisition Co. Inc.,        
 
Initial Term B-1 Loan, 4.95%, (3-month USD LIBOR + 3.50%), 4/04/26
United States        103,795        81,791
 
Initial Term B-2 Loan (CAD), 4.95%, (3-month USD LIBOR + 3.50%), 4/04/26
United States         55,804        43,973
 
Onsite Rental Group Operations Pty. Ltd., Term Loan, 5.50%, (1-month USD LIBOR + 4.50%), 10/25/22
Australia 192,010   186,249
          863,053
  |  83
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
l Senior Floating Rate Interests (continued)        
  Commercial & Professional Services 0.1%        
 
Harsco Corp., Term Loan B-2, 3.25%, (1-month USD LIBOR + 2.25%), 12/10/24
United States        110,062       $101,257
m
Pitney Bowes Inc., Incremental Tranche Term B Loans, 6.49%, (1-month USD LIBOR + 5.50%), 1/07/25
United States        230,000       196,650
m
Prime Security Services Borrower LLC, Term B-1 Facility, 4.606%, (1-month USD LIBOR + 3.25%), 9/12/26
United States        124,688       113,466
          411,373
  Consumer Durables & Apparel 0.0%†        
 
Champ Acquisition Corp., Initial Term Loan, 6.572%, (3-month USD LIBOR + 5.50%), 12/21/25
United States         99,364        77,504
 
Playtika Holding Corp., Term B Loans, 7.072%, (3-month USD LIBOR + 6.00%), 12/10/24
United States 79,000   74,523
          152,027
  Consumer Services 0.5%        
 
Aristocrat Technologies Inc., Term B-3 Loans, 3.577%, (3-month USD LIBOR + 1.75%), 10/19/24
United States 775,372   705,589
 
Caesars Resort Collection LLC, Term B Loans, 3.739%, (1-month USD LIBOR + 2.75%), 12/22/24
United States 349,107   287,359
 
Eldorado Resorts Inc., Initial Term Loan, 3.25%, (3-month USD LIBOR + 2.25%), 4/17/24
United States 176,290   172,764
 
NASCAR Holdings Inc., Initial Term Loans, 3.674%, (1-month USD LIBOR + 2.75%), 10/18/26
United States 600,000   530,500
          1,696,212
  Diversified Financials 0.4%        
m
Asurion LLC, Replacement B-6 Term Loans, 3.989%, (1-month USD LIBOR + 3.00%), 11/03/23
United States 488,712   471,607
 
Russell Investments US Institutional Holdco Inc., Term Loan B, 3.822%, (3-month USD LIBOR + 2.75%), 6/01/23
United States 1,036,127   966,188
          1,437,795
  Energy 0.3%        
 
Fieldwood Energy LLC, Closing Date Loans, 7.027%, (3-month USD LIBOR + 5.25%), 4/11/22
United States 2,507,942   877,779
  Utex Industries Inc.,        
 
Initial Term Loan (First Lien), 5.00%, (1-month USD LIBOR + 4.00%), 5/21/21
United States        514,307       174,007
 
Second Lien Initial Term Loan, 8.25%, (1-month USD LIBOR + 7.25%), 5/20/22
United States         53,878        13,470
          1,065,256
  Food & Staples Retailing 0.2%        
  Aramark Corp.,        
 
U.S. Term B-3 Loan, 2.739%, (1-month USD LIBOR + 1.75%), 3/11/25
United States        359,644       337,466
 
U.S. Term B-4 Loan, 2.739%, (1-month USD LIBOR + 1.75%), 1/15/27
United States        500,000       467,500
 
Whatabrands LLC (Whataburger), 2020 Refinancing Term Loans, 3.766%, (1-month USD LIBOR + 2.75%), 8/02/26
United States 101,196   86,523
          891,489
  |  84
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
l Senior Floating Rate Interests (continued)        
  Food, Beverage & Tobacco 0.2%        
 
B&G Foods Inc., Tranche B-4 Term Loan, 3.489%, (1-month USD LIBOR + 2.50%), 10/10/26
United States        290,208       $276,665
 
CSM Bakery Supplies LLC, Second Lien Term Loan, 9.62%, (3-month USD LIBOR + 7.75%), 7/03/21
United States        478,111       372,927
 
JBS USA Lux SA, New Term Loans, 3.072%, (3-month USD LIBOR + 2.00%), 5/01/26
United States        208,510       196,893
          846,485
  Health Care Equipment & Services 0.2%        
 
Catalent Pharma Solutions Inc., Dollar Term B-2 Loan, 3.239%, (1-month USD LIBOR + 2.25%), 5/17/26
United States        598,489       583,526
m
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 4.113%, (1-month USD LIBOR + 3.25%), 3/05/26
United States 159,600   147,200
m,n
US Anesthesia Partners Inc., First Lien Term Loan, TBD, 6/23/24
United States 60,000   45,450
          776,176
  Household & Personal Products 0.6%        
b FGI Operating Co. LLC (Freedom Group),        
 
i Term Loan, PIK, 12.00%, (3-month USD LIBOR + 10.00%), 5/15/22
United States        851,786       756,674
 
Term Loan FILO, 9.50%, (3-month USD LIBOR + 7.50%), 5/15/21
United States      1,616,351     1,600,144
 
Knowlton Development Corp., Initial Term Loan, 4.739%, (1-month USD LIBOR + 3.75%), 12/21/25
United States 68,443   59,887
          2,416,705
  Insurance 0.1%        
m
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issue, Initial Term Loan, 3.989%, (1-month USD LIBOR + 3.00%), 5/10/25
United States 274,830   255,363
m
AssuredPartners Inc., 2020 February Refinancing Term Loans, 4.489%, (1-month USD LIBOR + 3.50%), 2/13/27
United States 159,600   142,443
          397,806
  Materials 0.3%        
  Appvion Operations, Inc.,        
 
Term Loan, 7.00% - 7.52%, (1-month USD LIBOR + 6.00%), 6/15/26
United States        144,847       140,321
 
Term Loan, 7.00%, (3-month USD LIBOR + 6.00%), 6/15/26
United States        270,871       262,406
 
Axalta Coating Systems U.S. Holdings Inc. (DuPont Performance Coatings), Term B-3 Dollar Loan, 3.20%, (3-month USD LIBOR + 1.75%), 6/01/24
United States 233,822   220,962
 
Berry Global Inc., Term Y Loans, 2.863%, (1-month USD LIBOR + 2.00%), 7/01/26
United States 349,121   330,617
m,n
BWAY Holding Co. Inc., Term Loan B, TBD, 4/03/24
United States 150,000   124,125
          1,078,431
  Media & Entertainment 1.1%        
m,n
Banijay Group US Holding Inc., Facility B (USD) Loan, TBD, 2/03/25
France 110,000   99,000
 
Charter Communications Operating LLC, Term A-2 Loan, 2.49%, (1-month USD LIBOR + 1.50%), 3/31/23
United States 833,736   787,881
 
CSC Holdings LLC, March 2017 Incremental Term Loans, 2.862%, (1-month USD LIBOR + 2.25%), 7/17/25
United States 1,200,259   1,158,250
  |  85
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
l Senior Floating Rate Interests (continued)        
  Media & Entertainment (continued)        
 
Diamond Sports Group LLC, Term Loan, 4.18%, (1-month USD LIBOR + 3.25%), 8/24/26
United States        452,838       $355,478
  Gray Television Inc.,        
 
Term B-2 Loan, 3.765%, (1-month USD LIBOR + 2.25%), 2/07/24
United States        843,033       798,774
 
Term C Loan, 4.015%, (1-month USD LIBOR + 2.50%), 1/02/26
United States        536,353       517,580
 
Lions Gate Capital Holdings LLC, Term A Loan, 2.739%, (1-month USD LIBOR + 1.75%), 3/22/23
Canada        243,103       218,792
 
Mediacom Illinois LLC, Tranche N Term Loan, 2.37%, (1-week USD LIBOR + 1.75%), 2/15/24
United States        305,068       296,679
          4,232,434
  Real Estate 0.0%†        
 
Cushman & Wakefield U.S. Borrower LLC, Replacement Term Loan, 3.739%, (1-month USD LIBOR + 2.75%), 8/21/25
United States 100,000   90,000
  Retailing 0.2%        
m
Bass Pro Group LLC, Initial Term Loans, 6.072%, (3-month USD LIBOR + 5.00%), 9/25/24
United States 298,724   253,915
  General Nutrition Centers, Inc.,        
 
Tranche B-2 Term Loans, 9.74%, (1-month USD LIBOR + 8.75%), 3/04/21
United States        218,455       156,195
 
Tranche B-2 Term Loans, 10.37%, (3-month USD LIBOR + 8.75%), 3/04/21
United States        326,738       233,618
 
Harbor Freight Tools USA Inc., Refinancing Loans, 3.489%, (1-month USD LIBOR + 2.50%), 8/19/23
United States 199,489   183,032
 
Staples Inc., 2019 Refinancing Term B-1 Loans, 6.515%, (1-month USD LIBOR + 5.00%), 4/12/26
United States 72,987   58,572
          885,332
  Semiconductors & Semiconductor Equipment 0.4%        
 
MKS Instruments Inc., Tranche B-6 Term Loans, 2.739%, (1-month USD LIBOR + 1.75%), 2/02/26
United States 477,611   437,730
 
ON Semiconductor Corp., 2019 Replacement Term B-4 Loans, 2.989%, (1-month USD LIBOR + 2.00%), 9/18/26
United States 1,134,256   1,069,746
          1,507,476
  Software & Services 0.3%        
 
Infor (U.S.) Inc. (Lawson), Tranche B-6 Term Loan, 3.75%, (1-month USD LIBOR + 2.75%), 2/01/22
United States 149,231   144,679
m
LegalZoom.com Inc., 2018 Term Loans, 5.489%, (1-month USD LIBOR + 4.50%), 11/21/24
United States 160,000   143,200
m
Surf Holdings LLC (Sophos), Dollar Tranche Term Loan, 4.814%, (3-month USD LIBOR + 3.50%), 3/05/27
United States 123,269   110,634
m
TIBCO Software Inc., Term B-3 Loans, 4.74%, (1-month USD LIBOR + 3.75%), 7/31/26
United States 120,000   114,000
m,n
Verscend Holding Corp., Term B Loans, TBD, 7/27/25
United States 79,798   75,808
m
Waystar (Navicure Inc), Initial Term Loans, 4.989%, (1-month USD LIBOR + 4.00%), 10/22/26
United States 160,000   151,200
 
WEX Inc., Term B-3 Loan, 3.239%, (1-month USD LIBOR + 2.25%), 5/17/26
United States 638,515   558,701
          1,298,222
  |  86
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
l Senior Floating Rate Interests (continued)        
  Technology Hardware & Equipment 0.1%        
 
CommScope Inc., Initial Term Loans, 4.239%, (1-month USD LIBOR + 3.25%), 4/04/26
United States        349,123       $329,921
  Telecommunication Services 0.3%        
  Aventiv Technologies, LLC,        
 
Initial Term Loan, 5.50%, (1-month USD LIBOR + 4.50%), 11/01/24
United States            633           503
 
Initial Term Loan, 5.50%, (3-month USD LIBOR + 4.50%), 11/01/24
United States        246,835       196,234
 
Aventiv Technologies LLC, Second Lien Initial Loan, 11/01/25
United States        597,127       313,492
  Global Tel*Link Corp.,        
 
First Lien Term Loan, 5.70%, (3-month USD LIBOR + 4.25%), 11/29/25
United States        395,990       341,541
 
Second Lien Term Loan, 9.70%, (3-month USD LIBOR + 8.25%), 11/29/26
United States        183,038       153,294
          1,005,064
  Transportation 0.4%        
 
Allegiant Travel Co., Class B Term Loan, 4.707%, (3-month USD LIBOR + 3.00%), 2/05/24
United States 230,959   184,767
 
Avis Budget Car Rental LLC, Tranche B Term, 2.74%, (1-month USD LIBOR + 1.75%), 8/06/27
United States 1,006,206   870,368
 
Hertz Corp., Tranche B-1 Term Loan, 3.74%, (1-month USD LIBOR + 2.75%), 6/30/23
United States 343,879   248,023
 
Westjet Airlines Ltd., Initial Term Loan, 4.00%, (1-month USD LIBOR + 3.00%), 12/11/26
Canada 159,600   125,685
          1,428,843
  Utilities 0.6%        
  EFS Cogen Holdings I LLC (Linden),        
 
Term B Advance, 4.25%, (1-month USD LIBOR + 3.25%), 6/28/23
United States        782,085       694,752
 
Term B Advance, 4.71%, (3-month USD LIBOR + 3.25%), 6/28/23
United States      1,885,149     1,674,640
          2,369,392
 
Total Senior Floating Rate Interests (Cost $32,688,807)
      27,423,667
  Marketplace Loans (Cost $1,149,952) 0.3%        
  Diversified Financials 0.3%        
b
Lending Club, 6.46%-25.65%, 8/22/22 - 2/28/25
United States 1,195,539   1,101,008
  Foreign Government and Agency Securities 10.0%        
f
The African Export-Import Bank, senior bond, 144A, 3.994%, 9/21/29
Supranationalo 1,600,000   1,512,672
f
Angolan Government International Bond, senior note, 144A, 8.25%, 5/09/28
Angola 2,900,000   1,208,036
g
Banque Centrale de Tunisie International Bond, senior note, Reg S, 5.625%, 2/17/24
Tunisia 2,400,000 EUR 2,200,095
f
Banque Ouest Africaine de Developpement, senior note, 144A, 5.00%, 7/27/27
Supranationalo 1,600,000   1,501,232
  |  87
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
f
Dominican Republic, senior note, 144A, 8.90%, 2/15/23
Dominican Republic     81,500,000 DOP   $1,414,136
f
The Export-Import Bank of India, senior note, 144A, 3.875%, 2/01/28
India      1,655,000     1,529,983
f Government of Belarus International Bond,        
 
senior bond, 144A, 6.20%, 2/28/30
Belarus      1,200,000     1,097,726
 
senior note, 144A, 7.625%, 6/29/27
Belarus      1,200,000     1,210,668
  Government of Colombia,        
 
senior bond, 3.875%, 4/25/27
Colombia      1,400,000     1,395,159
 
senior bond, 9.85%, 6/28/27
Colombia  5,315,000,000 COP   1,448,220
 
senior bond, 4.50%, 3/15/29
Colombia        500,000       516,571
 
senior bond, 5.00%, 6/15/45
Colombia      1,900,000     1,966,500
f Government of Gabon,        
 
144A, 6.375%, 12/12/24
Gabon      1,037,538       727,574
 
senior note, 144A, 6.625%, 2/06/31
Gabon      1,600,000       990,137
  Government of Indonesia,        
 
f senior bond, 144A, 4.35%, 1/08/27
Indonesia        900,000       934,798
 
senior bond, FR64, 6.125%, 5/15/28
Indonesia 26,500,000,000 IDR   1,437,108
 
senior bond, FR70, 8.375%, 3/15/24
Indonesia 19,648,000,000 IDR   1,255,256
f
Government of Kazakhstan, senior bond, 144A, 4.875%, 10/14/44
Kazakhstan 1,800,000   2,037,917
  Government of Mexico,        
 
senior bond, M, 6.50%, 6/10/21
Mexico        293,000p MXN   1,235,243
 
senior note, 4.15%, 3/28/27
Mexico      3,200,000     3,284,800
 
Government of Peru, senior bond, 6.55%, 3/14/37
Peru 1,000,000   1,441,565
f
Government of Russia, senior note, 144A, 4.875%, 9/16/23
Russia 800,000   852,846
 
Government of South Africa, senior bond, 7.00%, 2/28/31
South Africa 36,100,000 ZAR 1,492,522
f Government of Ukraine,        
 
144A, 7.75%, 9/01/22
Ukraine        200,000       190,455
 
144A, 7.75%, 9/01/23
Ukraine        369,000       347,404
 
144A, 7.75%, 9/01/24
Ukraine        369,000       341,344
 
a,q 144A, VRI, GDP Linked Security, 5/31/40
Ukraine        978,000       724,307
 
senior bond, 144A, 7.375%, 9/25/32
Ukraine        500,000       456,254
  Government of Uruguay,        
 
senior bond, 4.375%, 1/23/31
Uruguay        800,000       875,408
 
r senior bond, Index Linked, 4.375%, 12/15/28
Uruguay      4,845,271 UYU     111,432
 
r senior bond, Index Linked, 3.70%, 6/26/37
Uruguay     80,865,155 UYU   1,831,287
f
Panama Notas del Tesoro, senior note, 144A, 3.75%, 4/17/26
Panama 800,000   805,694
 
Total Foreign Government and Agency Securities

(Cost $45,396,620)
      38,374,349
  U.S. Government and Agency Securities 6.0%        
  U.S. Treasury Bond,        
 
7.875%, 2/15/21
United States        728,000       777,211
 
r Index Linked, 1.75%, 1/15/28
United States      3,693,697     4,204,690
  U.S. Treasury Note,        
 
1.50%, 11/30/21
United States      3,000,000     3,064,160
 
r Index Linked, 0.125%, 7/15/24
United States      4,981,580     4,993,409
 
r Index Linked, 0.375%, 7/15/25
United States      4,568,299     4,661,850
  |  88
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  U.S. Government and Agency Securities (continued)        
  U.S. Treasury Note, (continued)        
 
r Index Linked, 0.375%, 7/15/27
United States      5,303,904     $5,461,099
 
Total U.S. Government and Agency Securities

(Cost $22,831,271)
      23,162,419
  Asset-Backed Securities and Commercial Mortgage-Backed Securities 23.7%        
  Banks 0.8%        
s
Commercial Mortgage Trust, 2006-GG7, AJ, FRN, 5.513%, 7/10/38
United States        425,000       387,791
s
CWABS Asset-Backed Certificates Trust, 2005-11, AF4, FRN, 5.21%, 3/25/34
United States        460,199       458,309
f
Government of Iraq, 144A, 5.80%, 1/15/28
Iraq 2,700,000   2,065,500
t
Merrill Lynch Mortgage Investors Trust, 2005-A6, 2A3, FRN, 1.327%, (1-month USD LIBOR + 0.38%), 8/25/35
United States 43,674   42,788
          2,954,388
  Diversified Financials 22.9%        
t
American Express Credit Account Master Trust, 2017-2, A, FRN, 1.155%, (1-month USD LIBOR + 0.45%), 9/16/24
United States 670,000   665,901
f,t
AMMC CLO XI Ltd., 2012-11A, BR2, 144A, FRN, 3.37%, (3-month USD LIBOR + 1.60%), 4/30/31
United States 350,000   306,115
f,t
Antares CLO Ltd., 2018-1A, B, 144A, FRN, 3.469%, (3-month USD LIBOR + 1.65%), 4/20/31
United States 1,455,000   1,293,979
f,s
ARES CLO Ltd., 2018-50A, B, 144A, FRN, 3.531%, 1/15/32
United States 500,000   447,630
f,s ARES LII CLO Ltd.,        
 
2019-52A, A2, 144A, FRN, 3.452%, 4/22/31
United States        250,000       222,788
 
2019-52A, B, 144A, FRN, 3.652%, 4/22/31
United States        500,000       455,279
f,s
BCC Middle Market CLO LLC, 2018-1A, A2, 144A, FRN, 3.969%, 10/20/30
United States 700,000   649,780
f,s BlueMountain CLO Ltd.,        
 
2012-2A, BR2, 144A, FRN, 3.145%, 11/20/28
United States        510,000       456,152
 
2012-2A, CR2, 144A, FRN, 3.695%, 11/20/28
United States        270,000       224,930
 
2018-1A, D, 144A, FRN, 4.82%, 7/30/30
United States      1,000,000       750,980
f,s Bluemountain Fuji Eur CLO V DAC,        
 
5A, A, 144A, FRN, 0.91%, 1/15/33
Ireland      1,900,000 EUR   1,954,451
 
5A, B, 144A, FRN, 1.55%, 1/15/33
Ireland        600,000 EUR     580,526
f BRAVO Residential Funding Trust,        
 
2019-1, A1C, 144A, 3.50%, 3/25/58
United States        864,491       872,786
 
s 2019-2, A3, 144A, FRN, 3.50%, 10/25/44
United States        980,743       990,793
f,s
Burnham Park CLO Ltd., 2016-1A, BR, 144A, FRN, 3.319%, 10/20/29
United States 460,000   423,148
f,s
Buttermilk Park CLO Ltd., 2018-1A, C, 144A, FRN, 3.931%, 10/15/31
United States 1,408,860   1,170,892
t Capital One Multi-Asset Execution Trust,        
 
2016-A2, A2, FRN, 1.335%, (1-month USD LIBOR + 0.63%), 2/15/24
United States      3,225,000     3,216,162
 
2016-A7, A7, FRN, 1.215%, (1-month USD LIBOR + 0.51%), 9/16/24
United States        320,000       317,840
  |  89
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities (continued)        
  Diversified Financials (continued)        
f,t
Carlyle Global Market Strategies CLO Ltd., 2014-4RA, C, 144A, FRN, 4.731%, (3-month USD LIBOR + 2.90%), 7/15/30
United States        300,000       $221,405
f,s
Carlyle GMS Finance MM CLO LLC, 2015-1A, A2R, 144A, FRN, 4.031%, 10/15/31
United States      1,213,000     1,104,095
f,t
Catamaran CLO Ltd., 2014-2A, BR, 144A, FRN, 4.769%, (3-month USD LIBOR + 2.95%), 10/18/26
United States      1,253,000     1,158,533
f,s CIM Trust,        
 
2019-INV1, A1, 144A, FRN, 4.00%, 2/25/49
United States      1,058,083     1,053,686
 
2019-INV2, A3, 144A, FRN, 4.00%, 5/25/49
United States      1,562,149     1,564,803
s Citibank Credit Card Issuance Trust,        
 
2016-A3, A3, FRN, 1.495%, 12/07/23
United States        350,000       349,863
 
2017-A7, A7, FRN, 1.375%, 8/08/24
United States      2,685,000     2,650,230
f,s
Cole Park CLO Ltd., 2015-1A, BR, 144A, FRN, 3.419%, 10/20/28
United States 270,000   252,191
b,f,l Consumer Loan Underlying Bond CLUB Certificate Issuer Trust I,        
 
2019-51, PT, 144A, FRN, 15.995%, 1/15/45
United States        979,227       808,484
 
2019-52, PT, 144A, FRN, 11.621%, 1/15/45
United States      1,014,991       850,134
 
2019-S8, PT, 144A, FRN, 9.038%, 1/15/45
United States        732,548       589,399
 
2020-2, PT, 144A, FRN, 15.85%, 3/15/45
United States        983,425       828,136
 
2020-7, PT, 144A, FRN, 14.159%, 4/17/45
United States        598,111       508,665
s
Discover Card Execution Note Trust, 2017-A7, A7, FRN, 1.065%, 4/15/25
United States 390,000   371,400
f,s
Dryden 38 Senior Loan Fund, 2015-38A, CR, 144A, FRN, 3.831%, 7/15/30
United States 863,000   710,098
f,t
Dryden 55 CLO Ltd., 2018-55A, D, 144A, FRN, 4.681%, (3-month USD LIBOR + 2.85%), 4/15/31
United States 300,000   214,502
f,s
Eaton Vance CLO Ltd., 2014-1RA, C, 144A, FRN, 3.931%, 7/15/30
United States 315,610   268,688
  FHLMC Structured Agency Credit Risk Debt Notes,        
 
t 2013-DN2, M2, FRN, 5.197%, (1-month USD LIBOR + 4.25%), 11/25/23
United States      1,650,569     1,602,193
 
t 2014-DN1, M2, FRN, 3.147%, (1-month USD LIBOR + 2.20%), 2/25/24
United States        519,845       517,889
 
t 2014-DN2, M3, FRN, 4.547%, (1-month USD LIBOR + 3.60%), 4/25/24
United States      2,290,000     2,110,987
 
t 2014-DN3, M3, FRN, 4.947%, (1-month USD LIBOR + 4.00%), 8/25/24
United States        151,729       145,643
 
t 2014-DN4, M3, FRN, 5.497%, (1-month USD LIBOR + 4.55%), 10/25/24
United States      1,123,863     1,078,016
 
t 2014-HQ1, M3, FRN, 5.047%, (1-month USD LIBOR + 4.10%), 8/25/24
United States        275,043       269,552
 
t 2014-HQ2, M2, FRN, 3.147%, (1-month USD LIBOR + 2.20%), 9/25/24
United States        365,120       363,890
 
t 2014-HQ3, M3, FRN, 5.697%, (1-month USD LIBOR + 4.75%), 10/25/24
United States        545,364       533,370
 
t 2015-DNA1, M3, FRN, 4.247%, (1-month USD LIBOR + 3.30%), 10/25/27
United States        250,000       242,794
 
t 2015-DNA3, M3, FRN, 5.647%, (1-month USD LIBOR + 4.70%), 4/25/28
United States      1,819,000     1,692,404
 
t 2015-HQ1, M3, FRN, 4.747%, (1-month USD LIBOR + 3.80%), 3/25/25
United States        561,237       539,125
  |  90
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities (continued)        
  Diversified Financials (continued)        
  FHLMC Structured Agency Credit Risk Debt Notes, (continued)        
 
t 2015-HQA1, M3, FRN, 5.647%, (1-month USD LIBOR + 4.70%), 3/25/28
United States      1,789,766     $1,713,745
 
t 2016-DNA2, M3, FRN, 5.597%, (1-month USD LIBOR + 4.65%), 10/25/28
United States      1,456,323     1,400,342
 
s 2017-DNA1, M2, FRN, 4.197%, 7/25/29
United States        990,000       884,349
 
s 2017-DNA2, M2, FRN, 4.397%, 10/25/29
United States      1,340,000     1,211,902
 
t 2017-DNA3, M2, FRN, 3.447%, (1-month USD LIBOR + 2.50%), 3/25/30
United States      2,920,000     2,553,515
 
s 2017-HQA1, M2, FRN, 4.497%, 8/25/29
United States      1,180,000       938,130
 
s 2017-HQA2, M2, FRN, 3.597%, 12/25/29
United States        260,000       228,311
f,t
Flagship CLO VIII Ltd., 2014-8A, ARR, 144A, FRN, 2.693%, (3-month USD LIBOR + 0.85%), 1/16/26
United States 309,985   306,022
  FNMA Connecticut Avenue Securities,        
 
t 2013-C01, M2, FRN, 6.197%, (1-month USD LIBOR + 5.25%), 10/25/23
United States        291,779       288,501
 
t 2014-C01, M2, FRN, 5.347%, (1-month USD LIBOR + 4.40%), 1/25/24
United States        454,689       428,130
 
t 2014-C02, 1M2, FRN, 3.547%, (1-month USD LIBOR + 2.60%), 5/25/24
United States      1,251,122     1,135,790
 
t 2014-C02, 2M2, FRN, 3.547%, (1-month USD LIBOR + 2.60%), 5/25/24
United States        614,336       564,616
 
t 2014-C03, 1M2, FRN, 3.947%, (1-month USD LIBOR + 3.00%), 7/25/24
United States      2,519,775     2,332,833
 
t 2014-C03, 2M2, FRN, 3.847%, (1-month USD LIBOR + 2.90%), 7/25/24
United States        120,040       112,422
 
t 2015-C01, 1M2, FRN, 5.247%, (1-month USD LIBOR + 4.30%), 2/25/25
United States        777,365       740,151
 
t 2015-C01, 2M2, FRN, 5.497%, (1-month USD LIBOR + 4.55%), 2/25/25
United States        599,367       582,780
 
t 2015-C02, 1M2, FRN, 4.947%, (1-month USD LIBOR + 4.00%), 5/25/25
United States      1,722,512     1,618,320
 
t 2015-C02, 2M2, FRN, 4.947%, (1-month USD LIBOR + 4.00%), 5/25/25
United States        738,669       703,948
 
t 2015-C03, 1M2, FRN, 5.947%, (1-month USD LIBOR + 5.00%), 7/25/25
United States      2,568,377     2,505,373
 
t 2015-C03, 2M2, FRN, 5.947%, (1-month USD LIBOR + 5.00%), 7/25/25
United States      1,089,047     1,060,535
 
s 2016-C02, 1M2, FRN, 6.947%, 9/25/28
United States        696,969       687,433
 
s 2016-C04, 1M2, FRN, 5.197%, 1/25/29
United States      1,475,186     1,402,746
 
s 2016-C05, 2M2, FRN, 5.397%, 1/25/29
United States      1,363,558     1,315,936
 
s 2016-C06, 1M2, FRN, 5.197%, 4/25/29
United States        440,000       428,259
 
s 2016-C07, 2M2, FRN, 5.297%, 5/25/29
United States        899,269       867,443
 
t 2017-C01, 1M2, FRN, 4.497%, (1-month USD LIBOR + 3.55%), 7/25/29
United States      1,846,607     1,709,643
 
s 2017-C03, 1M2, FRN, 3.947%, 10/25/29
United States      2,720,000     2,444,589
 
s 2017-C03, 2M2, FRN, 3.797%, 11/25/29
United States        630,000       557,565
 
s 2017-C05, 1M2, FRN, 3.147%, 1/25/30
United States      2,049,761     1,833,667
  |  91
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities (continued)        
  Diversified Financials (continued)        
f,t
Galaxy XVIII CLO Ltd., 2018-28A, C, 144A, FRN, 3.781%, (3-month USD LIBOR + 1.95%), 7/15/31
United States        250,000       $199,943
f,t
Galaxy XXVII CLO Ltd., 2018-27A, C, 144A, FRN, 3.492%, (3-month USD LIBOR + 1.80%), 5/16/31
United States        400,000       326,536
f,t
LCM 26 Ltd., 26A, B, 144A, FRN, 3.219%, (3-month USD LIBOR + 1.40%), 1/20/31
United States        250,000       219,533
f,s
LCM XVI LP, 2016A, BR2, 144A, FRN, 3.581%, 10/15/31
United States        351,320       311,699
f,s LCM XVII LP,        
 
2017A, BRR, 144A, FRN, 3.431%, 10/15/31
United States        350,000       306,396
 
2017A, CRR, 144A, FRN, 3.931%, 10/15/31
United States        320,000       256,084
f,t
LCM XVIII LP, 2018A, DR, 144A, FRN, 4.619%, (3-month USD LIBOR + 2.80%), 4/20/31
United States 770,000   543,398
f,s
Madison Park Euro Funding VIII DAC, 8A, BRN, 144A, FRN, 1.70%, 4/15/32
Ireland 400,000 EUR 388,292
f,s
Madison Park Euro Funding XIV DAC, 2014A, A1N, 144A, FRN, 1.12%, 7/15/32
Ireland 1,000,000 EUR 1,061,989
f,t
Madison Park Funding XXIII Ltd., 2017-23A, B, 144A, FRN, 3.494%, (3-month USD LIBOR + 1.70%), 7/27/30
United States 400,000   368,875
f,s
Mill City Mortgage Loan Trust, 2018-4, A1B, 144A, FRN, 3.50%, 4/25/66
United States 1,470,000   1,462,895
t
MortgageIT Trust, 2004-1, A2, FRN, 1.847%, (1-month USD LIBOR + 0.90%), 11/25/34
United States 109,804   102,410
f,s
Mountain View Funding CLO XIV Ltd., 2019-1A, C, 144A, FRN, 4.731%, 4/15/29
United States 500,000   434,980
f,t
NZCG Funding Ltd., 2015-1A, A2R, 144A, FRN, 3.197%, (3-month USD LIBOR + 1.55%), 2/26/31
United States 2,182,000   1,927,233
f,s
Octagon Investment Partners 24 Ltd., 2015-1A, BS, 144A, FRN, 3.719%, 4/21/31
United States 390,000   353,315
f,s
Octagon Investment Partners 28 Ltd., 2016-1A, BR, 144A, FRN, 3.601%, 10/24/30
United States 250,000   226,122
f,t
Octagon Investment Partners 36 Ltd., 2018-1A, A1, 144A, FRN, 2.801%, (3-month USD LIBOR + 0.97%), 4/15/31
United States 500,000   475,972
f,t
Octagon Investment Partners 37 Ltd., 2018-2A, C, 144A, FRN, 4.644%, (3-month USD LIBOR + 2.85%), 7/25/30
United States 400,000   283,612
f,s
Octagon Investment Partners 38 Ltd., 2018-1A, C, 144A, FRN, 4.769%, 7/20/30
United States 1,000,000   752,174
f,t
Octagon Investment Partners XVI Ltd., 2013-1A, DR, 144A, FRN, 4.836%, (3-month USD LIBOR + 3.00%), 7/17/30
United States 400,000   293,572
f,t
Octagon Investment Partners XXIII Ltd., 2015-1A, BR, 144A, FRN, 3.031%, (3-month USD LIBOR + 1.20%), 7/15/27
United States 400,000   370,544
t
Opteum Mortgage Acceptance Corp. Trust, 2005-4, 1APT, FRN, 1.257%, (1-month USD LIBOR + 0.31%), 11/25/35
United States 122,969   119,831
f Prosper Pass-Thru Trust III,        
 
2020-PT1, A, 144A, FRN, 8.796%, 3/15/26
United States        655,811       625,587
 
2020-PT3, A, 144A, 7.183%, 5/15/26
United States        186,345       187,384
 
PT2, A, 144A, 9.444%, 4/15/26
United States        690,658       665,247
  |  92
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Asset-Backed Securities and Commercial Mortgage-Backed Securities (continued)        
  Diversified Financials (continued)        
f,s
Provident Funding Mortgage Trust, 2019-1, A2, 144A, FRN, 3.00%, 12/25/49
United States        953,474       $964,214
f,s
Provident Funding Mortgage Trust 2020-1, 2020-1, A3, 144A, FRN, 3.00%, 2/25/50
United States      1,029,984     1,036,349
f,s
Strata CLO I Ltd., 2018-1A, B, 144A, FRN, 4.031%, 1/15/31
United States      1,300,000     1,044,703
t
Structured Asset Securities Corp., 2005-2XS, 2A2, FRN, 3.081%, (1-month USD LIBOR + 1.50%), 2/25/35
United States        125,220       115,862
s
Thornburg Mortgage Securities Trust, 2005-1, A3, FRN, 3.897%, 4/25/45
United States         87,018        77,008
f
Upgrade Master Pass-Thru Trust, 2019-PT2, A, 144A, FRN, 13.103%, 2/15/26
United States        571,131       524,683
f Voya CLO Ltd.,        
 
t 2013-2A, BR, 144A, FRN, 3.644%, (3-month USD LIBOR + 1.85%), 4/25/31
United States        780,000       636,351
 
t 2014-1A, CR2, 144A, FRN, 4.619%, (3-month USD LIBOR + 2.80%), 4/18/31
United States      1,000,000       711,431
 
s 2015-2A, BR, 144A, FRN, 3.306%, 7/23/27
United States        820,000       744,779
          88,276,306
 
Total Asset-Backed Securities and Commercial Mortgage-Backed Securities (Cost $103,625,736)
      91,230,694
  Mortgage-Backed Securities 9.3%        
  Federal Home Loan Mortgage Corp. (FHLMC) Adjustable Rate 0.0%†        
 
FHLMC, 3.848%, (US 1 Year CMT T-Note +/- MBS Margin), 1/01/33
United States 5,465   5,515
  Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 5.4%        
 
FHLMC 30 Year, 2.50%, 10/01/49
United States 1,184,352   1,229,643
u
FHLMC 30 Year, 2.50%, 4/01/50
United States 1,000,000   1,036,328
u
FHLMC 30 Year, 3.00%, 4/01/50
United States 17,304,000   18,146,894
 
FHLMC Gold 30 Year, 5.00%, 4/01/34 - 8/01/35
United States 184,933   205,436
 
FHLMC Gold 30 Year, 5.50%, 3/01/33 - 1/01/35
United States 112,232   125,100
 
FHLMC Gold 30 Year, 6.00%, 4/01/33 - 2/01/36
United States 83,578   94,687
 
FHLMC Gold 30 Year, 6.50%, 11/01/27 - 7/01/32
United States 15,554   17,390
 
FHLMC Gold 30 Year, 7.00%, 9/01/21 - 4/01/30
United States 4,540   4,864
 
FHLMC Gold 30 Year, 7.50%, 8/01/30
United States 164   199
          20,860,541
  Federal National Mortgage Association (FNMA) Adjustable Rate 0.0%†        
 
FNMA, 4.031%, (US 1 Year CMT T-Note +/- MBS Margin), 12/01/34
United States 65,361   66,225
  Federal National Mortgage Association (FNMA) Fixed Rate 3.8%        
 
FNMA 15 Year, 2.50%, 7/01/22 - 6/01/27
United States 159,640   166,084
 
FNMA 15 Year, 2.50%, 12/01/34
United States 1,747,273   1,816,965
 
FNMA 30 Year, 3.00%, 9/01/48
United States 3,141,970   3,332,711
 
FNMA 30 Year, 3.00%, 11/01/48
United States 3,910,072   4,126,449
 
FNMA 30 Year, 4.50%, 5/01/48
United States 4,617,636   5,020,230
 
FNMA 30 Year, 5.00%, 4/01/30
United States 39,120   42,667
  |  93
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Mortgage-Backed Securities (continued)        
  Federal National Mortgage Association (FNMA) Fixed Rate (continued)        
 
FNMA 30 Year, 6.50%, 6/01/28 - 10/01/37
United States        103,288       $120,663
          14,625,769
  Government National Mortgage Association (GNMA) Fixed Rate 0.1%        
 
GNMA I SF 30 Year, 5.00%, 11/15/33 - 7/15/34
United States        166,134       184,640
 
GNMA I SF 30 Year, 7.00%, 10/15/28 - 6/15/32
United States         13,116        13,271
 
GNMA I SF 30 Year, 7.50%, 9/15/30
United States          1,109         1,324
 
GNMA II SF 30 Year, 5.00%, 9/20/33 - 11/20/33
United States 43,819   48,681
 
GNMA II SF 30 Year, 6.00%, 11/20/34
United States 61,259   70,706
 
GNMA II SF 30 Year, 6.50%, 4/20/31 - 2/20/34
United States 31,471   37,095
 
GNMA II SF 30 Year, 7.50%, 1/20/28 - 4/20/32
United States 8,149   9,505
          365,222
 
Total Mortgage-Backed Securities (Cost $34,638,995)
      35,923,272
  Municipal Bonds 4.4%        
 
Birmingham Water Works Board Water Revenue, Senior, Refunding, 3.573%, 1/01/45
United States 1,145,000   1,177,003
 
Broward County Airport System Revenue, Refunding, Series C, 3.477%, 10/01/43
United States 310,000   301,813
  California Health Facilities Financing Authority Revenue,        
 
Senior, No Place Like Home Program, 2.934%, 6/01/32
United States        295,000       296,814
 
Senior, No Place Like Home Program, 2.984%, 6/01/33
United States        250,000       251,287
 
Senior, No Place Like Home Program, 3.034%, 6/01/34
United States        190,000       190,937
 
City of Austin Electric Utility System Revenue, Travis and Williamson Counties, Refunding, 6.262%, 11/15/32
United States 580,000   713,800
 
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue, Refunding, Series A, 4.094%, 1/15/49
United States 150,000   152,145
 
Gilroy USD, GO, Santa Clara County, Refunding, 3.364%, 8/01/47
United States 630,000   626,825
 
Greenville City School District GO, County of Darke, School Improvement, Refunding, 3.541%, 1/01/51
United States 715,000   717,059
 
Honolulu City and County Wastewater System Revenue, Second Bond Resolution, Refunding, Junior Series B, 2.585%, 7/01/28
United States 115,000   120,756
 
Massachusetts State College Building Authority Revenue, Refunding, Series C, 3.373%, 5/01/43
United States 500,000   510,525
 
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, Subordinated, Refunding, Series B, 3.395%, 10/15/40
United States 575,000   590,013
 
Metro Wastewater Reclamation District Sewer Revenue, Refunding, Series B, 3.158%, 4/01/41
United States 475,000   484,543
 
Metropolitan St. Louis Sewer District Wastewater System Revenue, Refunding, Series C, 3.259%, 5/01/45
United States 1,375,000   1,389,437
 
New Jersey State Transportation Trust Fund Authority Revenue, Transportation System, Series B, 4.131%, 6/15/42
United States 345,000   334,964
 
New York State Dormitory Authority Revenues, Non State Supported Debt, State University of New York Dormitory Facilities, Series B, 3.142%, 7/01/43
United States 305,000   303,423
 
New York State GO, Refunding, Series B, 3.20%, 2/15/39
United States 1,140,000   1,168,375
  |  94
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization Principal
Amount* 		  Value
  Municipal Bonds (continued)        
 
New York State Urban Development Corp. Sales Tax Revenue, Bidding Group 2, Series B, 2.97%, 3/15/34
United States      1,865,000     $1,884,191
 
Ohio State Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Refunding, Series G, 3.276%, 1/01/42
United States        190,000       190,939
 
Oregon State Department of Transportation Highway User Tax Revenue, senior lien, Refunding, Series B, 3.168%, 11/15/38
United States        380,000       391,351
 
Orlando Health Obligated Group, 3.777%, 10/01/28
United States        330,000       355,243
 
Pennsylvania State Turnpike Commission Turnpike Revenue, Motor License Fund-Enhanced, Subordinate, Refunding, First Series, 3.579%, 12/01/43
United States        955,000       963,805
 
Regional Transportation District Sales Tax Revenue, FasTracks Project, Refunding, Series A, 3.258%, 11/01/38
United States        305,000       315,629
 
RWJ Barnabas Health Inc., 3.477%, 7/01/49
United States        255,000       259,437
 
Salt Lake City Sales and Excise Tax Revenue, Refunding, Series B, 3.102%, 4/01/38
United States 270,000   272,265
 
San Bernardino Community College District GO, San Bernadino and Riverside Counties, Election of 2018, Series A-1, 3.271%, 8/01/39
United States 210,000   213,305
 
San Diego County Regional Transportation Commission Sales Tax Revenue, Limited Tax, Refunding, Series A, 3.248%, 4/01/48
United States 230,000   226,196
 
San Francisco City and County Public Utilities Commission Water Revenue, Green Bonds, Refunding, Sub-Series A, 3.473%, 11/01/43
United States 230,000   213,753
 
San Jose RDA Successor Agency Tax Allocation, Senior, Refunding, Series A-T, 3.25%, 8/01/29
United States 440,000   457,556
 
Texas State GO, Transportation Commission, Highway Improvement, Refunding, 3.211%, 4/01/44
United States 575,000   592,422
  Texas State University System Financing Revenue,        
 
Refunding, Series B, 2.938%, 3/15/33
United States        225,000       225,625
 
Refunding, Serise B, 3.289%, 3/15/40
United States        190,000       188,336
 
University of Pittsburgh of the Commonwealth System of Higher Education Revenue, Refunding, Series C, 3.005%, 9/15/41
United States 535,000   543,239
 
Utah Transit Authority Sales Tax Revenue, Refunding, Series B, 3.443%, 12/15/42
United States 380,000   386,620
 
Total Municipal Bonds (Cost $16,763,066)
      17,009,631
      Shares/Units    
  Escrows and Litigation Trusts 0.0%†        
a,b
Millennium Corporate Claim Trust, Escrow Account
United States 950,432    —
a,b
Millennium Lender Claim Trust, Escrow Account
United States 950,432    —
a,b,d
Remington Outdoor Co. Inc., Litigation Units
United States 7,021    —
a,b
T-Mobile USA Inc., Escrow Account
United States 1,654,665    —
a
Vistra Energy Corp., Escrow Account
United States 3,000,000   6,000
 
Total Escrows and Litigation Trusts (Cost $82,648)
      6,000
 
Total Investments before Short Term Investments (Cost $417,035,938)
      372,152,948
  |  95
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
    Country/Organization   Shares   Value
  Short Term Investments (Cost $18,172,918) 4.7%          
  Money Market Funds 4.7%          
e,v
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States       18,172,918    $18,172,918
 
Total Investments (Cost $435,208,856) 101.3%
        390,325,866
 
Options Written (0.2)%
        (832,201)
 
Other Assets, less Liabilities (1.1)%
        (4,214,008)
 
Net Assets 100.0%
        $385,279,657
    Number of
Contracts 		  Notional
Amount* 		   
  Options Written (0.2)%          
  Puts - Over-the-Counter          
  Credit Default Swaptions (0.0)%†          
 
Buy Protection on CDX.NA.IG.33, Counterparty GSCO, Premium Rate 5.00%, Strike Price $105, Expires 4/15/20
1   11,500,000   (85,077)
 
Buy Protection on CDX.NA.IG.33, Counterparty BZWS, Premium Rate 5.00%, Strike Price $105, Expires 4/15/20
1   6,200,000   (45,868)
            (130,945)
  Interest Rate Swaptions (0.2)%          
 
Receive fixed 1.30%, Counterparty JPHQ, pay float 3 month USD LIBOR, Expires 5/19/20
1   12,000,000   (701,256)
 
Total Options Written (Premiums received $84,550)
        $(832,201)
  |  96
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
†Rounds to less than 0.1% of net assets.
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 11 regarding fair value measurements.
cThe security is owned by FT Holdings Corporation III, a wholly-owned subsidiary of the Fund. See Note 10.
dSee  Note 7 regarding restricted securities.
eSee  Note 9 regarding investments in affiliated management investment companies.
fSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $124,455,906, representing 32.3% of net assets.
gSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $9,096,747, representing 2.4% of net assets.
hPerpetual security with no stated maturity date.
iIncome may be received in additional securities and/or cash.
jDefaulted security or security for which income has been deemed uncollectible.
kSecurity purchased on a when-issued basis.  
lThe coupon rate shown represents the rate at period end.
mA portion or all of the security purchased on a delayed delivery basis.  
nA portion or all of the security represents an unsettled loan commitment. The coupon rate is to-be determined (TBD) at the time of settlement and will be based upon a reference index/floor plus a spread.
oA supranational organization is an entity formed by two or more central governments through international treaties.
pPrincipal amount is stated in 100 Mexican Peso Units.
qThe principal represents the notional amount. See  Note 3 regarding value recovery instruments.
rPrincipal amount of security is adjusted for inflation.  
sAdjustable 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.
tThe coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.
uSecurity purchased on a to-be-announced (TBA) basis.  
vThe rate shown is the annualized seven-day effective yield at period end.
At March 31, 2020, the Fund had the following futures contracts outstanding. See  Note 3.
Futures Contracts
Description Type Number of Contracts Notional
Amount* 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Interest Rate Contracts          
Australian 3 Yr. Bond
Long 114 $8,201,172 6/15/20 $44,323
Australian 10 Yr. Bond
Long 66 6,106,333 6/15/20 115,214
Canada 10 Yr. Bond
Long 54 5,645,158 6/19/20 257,742
Euro-BTP
Long 123 19,177,996 6/08/20 (740,000)
Euro-Bund
Long 15 2,853,143 6/08/20 (57,403)
U.S. Treasury 2 Yr. Note
Long 309 68,098,289 6/30/20 954,683
U.S. Treasury 10 Yr. Note
Long 321 44,518,688 6/19/20 260,716
Total Futures Contracts
$835,275
 
*As of period end.
 
  |  97
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Australian Dollar 
JPHQ Buy 1,000,000 $675,170   4/15/20        $ —    $(60,820)
Australian Dollar 
JPHQ Sell 1,000,000 688,160   4/15/20    73,811          —
Turkish Lira 
JPHQ Buy 5,800,000 919,686   4/15/20         —    (46,812)
Canadian Dollar 
JPHQ Sell 3,500,000 2,684,399   4/16/20   197,313          —
Australian Dollar 
JPHQ Sell 5,760,000 3,948,538   4/27/20   409,656          —
Japanese Yen 
JPHQ Buy 1,498,000,000 13,761,552   4/28/20   189,573          —
Japanese Yen 
JPHQ Sell 95,000,000 881,139   4/28/20         —     (3,612)
Mexican Peso 
JPHQ Sell 1,700,000 89,171   4/28/20    17,906          —
Canadian Dollar 
JPHQ Sell 2,100,000 1,597,541   4/29/20   105,091          —
Australian Dollar 
JPHQ Sell 1,350,000 910,602   5/11/20    81,155          —
Norwegian Krone 
JPHQ Buy 18,500,000 2,003,765   5/11/20         —   (220,185)
Norwegian Krone 
JPHQ Sell 18,500,000 1,817,235   5/11/20    33,655          —
South African Rand 
JPHQ Buy 19,600,000 1,298,744   5/18/20         —   (211,139)
Indonesian Rupiah 
JPHQ Sell 7,200,000,000 506,151   6/03/20    69,357          —
Mexican Peso 
JPHQ Buy 1,300,000 66,118   6/16/20         —    (12,014)
New Zealand Dollar 
JPHQ Sell 3,000,000 1,803,300   6/17/20    15,795          —
Japanese Yen 
CITI Buy 558,485,200 5,200,000   7/16/20    16,561          —
Euro 
JPHQ Buy 2,381,059 2,585,580   7/23/20    50,762          —
Euro 
JPHQ Sell 5,588,621 6,217,843   7/23/20    30,044          —
Norwegian Krone 
JPHQ Buy 26,200,000 2,896,972   7/23/20         —   (370,771)
Norwegian Krone 
JPHQ Sell 26,200,000 2,570,644   7/23/20    44,442          —
Euro 
JPHQ Sell 2,500,000 2,814,875   8/05/20    45,794          —
Japanese Yen 
JPHQ Buy 1,043,000,000 9,977,376   8/13/20         —   (227,074)
Singapore Dollar 
JPHQ Sell 11,700,000 8,390,254   8/13/20   143,050          —
Chinese Yuan Renminbi 
JPHQ Buy 18,050,000 2,586,219   8/21/20         —    (47,751)
Chinese Yuan Renminbi 
JPHQ Sell 18,050,000 2,563,702   8/21/20    25,234          —
Japanese Yen 
JPHQ Buy 430,000,000 4,113,632   9/14/20         —    (90,028)
Canadian Dollar 
JPHQ Sell 300,000 216,638   9/15/20     3,267          —
Euro 
DBAB Sell 650,000 731,341   9/15/20    10,520          —
Euro 
JPHQ Sell 12,100,082 13,611,383   9/15/20   192,938          —
Norwegian Krone 
JPHQ Buy 39,200,000 3,881,265   9/15/20         —   (101,321)
Norwegian Krone 
JPHQ Sell 39,200,000 3,843,137   9/15/20    63,193          —
Total Forward Exchange Contracts 
$1,819,117 $(1,391,527)
Net unrealized appreciation (depreciation) 
$427,590
 
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
 
  |  98
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
At March 31, 2020, the Fund had the following credit default swap contracts outstanding. See  Note 3.
Credit Default Swap Contracts
Description Periodic
Payment Rate
Received (Paid) 		Payment
Frequency 		Counter-partya Maturity
Date 		Notional
Amountb 		  Value Unamortized
Upfront
Payments
(Receipts) 		Unrealized
Appreciation
(Depreciation) 		Ratingc
Centrally Cleared Swap Contracts
Contracts to Sell Protectiond,e
Traded Index
CDX.EM.31
1.00% Quarterly   6/20/24 $4,500,000     $(436,211)    $(99,496)   $(336,715) Investment
  Grade
CDX.EM.32
1.00% Quarterly   12/20/24 5,000,000     (579,731)   (194,556)   (385,175) Investment
  Grade
CDX.NA.HY.33
5.00% Quarterly   12/20/24 8,232,000     (490,519)    114,264   (604,783) Non-
  Investment
Grade
CDX.NA.IG.33
1.00% Quarterly   12/20/24 7,000,000      (23,288)    103,146   (126,434) Investment
  Grade
Total Centrally Cleared Swap Contracts
$(1,529,749) $(76,642) $(1,453,107)  
OTC Swap Contracts
Contracts to Buy Protectiond
Single Name
Ally Financial Inc.
(5.00)% Quarterly JPHQ 12/20/24 $1,810,000     $(152,102)   $(319,553)    $167,451  
Chesapeake Energy Corp.
(5.00)% Quarterly CITI 6/20/20    55,000       24,613      7,911     16,702  
Chesapeake Energy Corp.
(5.00)% Quarterly JPHQ 6/20/20   219,000       98,003     35,143     62,860  
Government of Italy
(1.00)% Quarterly BZWS 6/20/23 1,500,000       16,691     10,524      6,167  
Contracts to Sell Protectiond,e
Single Name
Government of Argentina
5.00% Quarterly CITI 12/20/21 4,300,000   (3,131,982) (1,946,931) (1,185,051) CCC-
Government of Indonesia
1.00% Quarterly CITI 12/20/24 2,300,000      (93,966)     14,218   (108,184) NR
Government of Italy
1.00% Quarterly BZWS 6/20/23 1,500,000      (16,691)    (46,147)     29,456 NR
Government of Russia
1.00% Quarterly CITI 12/20/24 1,300,000      (47,971)     12,174    (60,145) BBB-
Traded Index
fBNP Paribas Bespoke Bordeaux Index, Mezzanine Tranche 7-10%
2.10% Quarterly BNDP 6/20/20   750,000      (13,779)          —    (13,779) Non-
  Investment
Grade
fBNP Paribas Bespoke Rodez2 Index, Mezzanine Tranche 5-7%
3.20% Quarterly BNDP 12/20/20   300,000      (51,034)          —    (51,034) Non-
  Investment
Grade
fCitibank Bespoke Bogota Index, Mezzanine Tranche 7-10%
1.35% Quarterly CITI 6/20/20   750,000      (13,303)          —    (13,303) Non-
  Investment
Grade
  |  99
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
Credit Default Swap Contracts (continued)
Description Periodic
Payment Rate
Received (Paid) 		Payment
Frequency 		Counter-partya Maturity
Date 		Notional
Amountb 		  Value Unamortized
Upfront
Payments
(Receipts) 		Unrealized
Appreciation
(Depreciation) 		Ratingc
OTC Swap Contracts (continued)
Contracts to Sell Protectiond,e (continued)
Traded Index (continued)
fCitibank Bespoke Palma Index, Mezzanine Tranche 5-7%
2.30% Quarterly CITI 6/20/21   $620,000      $(88,275)         $ —    $(88,275) Non-
  Investment
Grade
fCitibank Bespoke Singapore Index, Equity Tranche 0-3%
0.00% Quarterly CITI 6/20/20   300,000      (77,665)     (9,290)    (68,375) Non-
  Investment
Grade
fCitibank Bespoke Sydney Index, Equity Tranche 0-3%
0.00% Quarterly CITI 6/20/20   359,511     (101,376)    (12,709)    (88,667) Non-
  Investment
Grade
MCDX.NA.31
1.00% Quarterly CITI 12/20/23 2,270,000       (1,664)     17,111    (18,775) Investment
  Grade
fMorgan Stanley Bespoke Pecan Index, Mezzanine Tranche 5-10%
3.98% Quarterly MSCO 12/20/21   850,000     (277,862)          —   (277,862) Non-
  Investment
Grade
fMorgan Stanley Bespoke Pecan Index, Mezzanine Tranche 5-10%
4.10% Quarterly MSCO 12/20/21   850,000     (230,502)          —   (230,502) Non-
  Investment
Grade
Total OTC Swap Contracts
$(4,158,865) $(2,237,549) $(1,921,316)  
Total Credit Default Swap Contracts
$(5,688,614) $(2,314,191) $(3,374,423)  
 
aPosting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary depending on the counterparty and the type of the agreement. The table below summarizes the cash and/or securities held as collateral for each applicable counterparty at period end.
 
Counterparty Collateral
Pledged
(Received)
BZWS $320,000
CITI 3,820,000
GSCO 320,000
JPHQ 380,000
Total collateral $4,840,000
  |  100
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin Strategic Income VIP Fund (continued)
bFor 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.
cBased 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.
dPerformance 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.
eThe fund enters contracts to sell protection to create a long credit position.
fRepresents a custom index comprised of a basket of underlying issuers.
 
At March 31, 2020, the Fund had the following cross-currency swap contracts outstanding. See  Note 3.
Cross-Currency Swap Contracts
Description Payment
Frequency 		Counterparty Maturity
Date 		Notional
Amount 		  Value/Unrealized
Appreciation
(Depreciation)
OTC Swap Contracts
Receive Floating 3-month USD LIBOR + 2.87%
Quarterly     464,800 USD  
Pay Fixed 2.50%
Annual CITI 5/04/21 400,000 EUR $18,137
Receive Floating 3-month USD LIBOR + 1.334%
Quarterly     1,120,000 USD  
Pay Floating 3-month EUR LIBOR + 1.12%
Quarterly CITI 7/10/21 1,000,000 EUR 23,697
Total Cross Currency Swap Contracts
$41,834
 
At March 31, 2020, the Fund had the following inflation index swap contracts outstanding. See  Note 3.
Inflation Index Swap Contracts
Description Payment
Frequency 		  Maturity
Date 		Notional
Amount 		  Value/Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Swap Contracts
Receive variable change in USA-CPI-U
At maturity          
Pay Fixed 1.913%
At maturity   1/14/29  $4,500,000     $(402,195)
Receive variable change in USA-CPI-U
At maturity          
Pay Fixed 1.943%
At maturity   1/15/29 16,500,000   (1,521,491)
Total Inflation Index Swap Contracts
$(1,923,686)
 
At March 31, 2020, the Fund had the following total return swap contracts outstanding. See  Note 3.
Total Return Swap Contracts
Underlying Instruments Financing Rate Payment
Frequency 		Counterparty Maturity
Date 		Notional
Value 		  Value/Unrealized
Appreciation
(Depreciation)
OTC Swap Contracts
Longa
Markit iBoxx USD Liquid Leveraged Loan Index
3-month USD LIBOR Quarterly BZWS 6/20/20 $1,850,000     $(97,737)
Markit iBoxx USD Liquid Leveraged Loan Index
3-month USD LIBOR Quarterly GSCO 9/20/20 1,300,000   (168,455)
Total Total Return Swap Contracts
$(266,192)
 
aThe Fund receives the total return on the underlying instrument and pays a variable financing rate.
See Abbreviations on page 157.
  |  101
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin U.S. Government Securities VIP Fund
    Principal
Amount 		  Value
  Mortgage-Backed Securities 75.2%      
a Federal Home Loan Mortgage Corp. (FHLMC) Adjustable Rate 1.1%      
 
FHLMC, 4.109%, (12-month USD LIBOR +/- MBS Margin), 4/01/40
 $4,406,007     $4,469,553
 
FHLMC, 4.469%, (US 1 Year CMT T-Note +/- MBS Margin), 5/01/37
   326,102       329,558
 
FHLMC, 4.222% - 4.66%, (12-month USD LIBOR +/- MBS Margin), 3/01/36 - 5/01/38
 4,092,320     4,157,415
        8,956,526
  Federal Home Loan Mortgage Corp. (FHLMC) Fixed Rate 6.8%      
 
FHLMC 30 Year, 3.50%, 12/01/47
 6,039,880     6,388,086
 
FHLMC Gold 15 Year, 4.50%, 3/01/25 - 4/01/25
   595,808       627,931
 
FHLMC Gold 30 Year, 3.00%, 5/01/43
   372,525       394,600
 
FHLMC Gold 30 Year, 3.00%, 6/01/46
29,761,945    31,510,097
 
FHLMC Gold 30 Year, 3.50%, 3/01/32 - 5/01/43
 2,726,157     2,938,833
 
FHLMC Gold 30 Year, 4.00%, 9/01/40 - 12/01/41
 5,660,804     6,130,564
 
FHLMC Gold 30 Year, 4.50%, 5/01/40 - 7/01/41
 1,721,527     1,885,817
 
FHLMC Gold 30 Year, 5.00%, 9/01/33 - 4/01/40
 4,162,999     4,622,173
 
FHLMC Gold 30 Year, 5.50%, 7/01/33 - 5/01/38
   877,360       995,372
 
FHLMC Gold 30 Year, 6.00%, 1/01/24 - 8/01/35
   623,462       702,229
 
FHLMC Gold 30 Year, 6.50%, 12/01/23 - 5/01/35
   273,153       306,128
 
FHLMC Gold 30 Year, 7.00%, 4/01/24 - 9/01/31
    90,571       100,753
 
FHLMC Gold 30 Year, 7.50%, 12/01/22
       237           238
 
FHLMC Gold 30 Year, 8.00%, 9/01/21 - 5/01/22
       956         1,003
 
FHLMC Gold 30 Year, 8.50%, 7/01/31
   178,975       209,974
        56,813,798
a Federal National Mortgage Association (FNMA) Adjustable Rate 3.5%      
 
FNMA, 3.017% - 4.255%, (12-month USD LIBOR +/- MBS Margin), 1/01/32 - 4/01/41
 7,968,874     8,023,887
 
FNMA, 3.166% - 4.361%, (1 Year CMT +/- MBS Margin), 9/01/35 - 10/01/44
   277,067       274,940
 
FNMA, 4.40%, (12-month USD LIBOR +/- MBS Margin), 9/01/37
 9,719,942     9,908,584
 
FNMA, 4.294% - 4.652%, (12-month USD LIBOR +/- MBS Margin), 5/01/33 - 9/01/40
 3,332,367     3,368,186
 
FNMA, 3.226% - 5.109%, (US 1 Year CMT T-Note +/- MBS Margin), 6/01/21 - 12/01/40
 6,934,908     7,003,081
 
FNMA, 2.675% - 5.168%, (6-month USD LIBOR +/- MBS Margin), 6/01/21 - 7/01/37
   743,950       752,022
 
FNMA, 2.234% - 5.334%, (11th District COF +/- MBS Margin), 6/01/25 - 6/01/38
   108,339       108,530
        29,439,230
  Federal National Mortgage Association (FNMA) Fixed Rate 11.3%      
 
FNMA 15 Year, 2.64%, 7/01/25
 2,427,791     2,611,882
 
FNMA 15 Year, 2.77%, 4/01/25
 3,500,000     3,785,809
 
FNMA 15 Year, 3.14%, 10/01/25
 3,974,527     4,299,371
 
FNMA 15 Year, 3.28%, 7/01/27
 4,000,000     4,518,515
 
FNMA 15 Year, 3.51%, 8/01/23
 3,000,000     3,236,809
 
FNMA 15 Year, 5.50%, 1/01/25
   453,376       479,220
 
FNMA 30 Year, 3.00%, 12/01/42
   158,344       167,687
 
FNMA 30 Year, 3.50%, 7/01/45
26,956,361    28,888,267
 
FNMA 30 Year, 4.00%, 1/01/41 - 8/01/41
 6,108,802     6,621,326
 
FNMA 30 Year, 4.00%, 10/01/47
 9,674,844    10,437,237
 
FNMA 30 Year, 4.00%, 9/01/48
14,166,624    15,241,696
 
FNMA 30 Year, 4.50%, 8/01/40 - 6/01/41
 5,654,779     6,189,719
 
FNMA 30 Year, 5.00%, 3/01/34 - 7/01/41
 3,268,642     3,635,467
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  102
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin U.S. Government Securities VIP Fund (continued)
    Principal
Amount 		  Value
  Mortgage-Backed Securities (continued)      
  Federal National Mortgage Association (FNMA) Fixed Rate (continued)      
 
FNMA 30 Year, 5.50%, 12/01/32 - 8/01/35
 $1,454,432     $1,632,989
 
FNMA 30 Year, 6.00%, 1/01/24 - 8/01/38
 1,633,182     1,850,917
 
FNMA 30 Year, 6.50%, 1/01/24 - 9/01/36
   211,503       240,150
 
FNMA 30 Year, 7.50%, 4/01/23 - 8/01/25
     7,442         7,710
 
FNMA 30 Year, 8.00%, 3/01/22 - 12/01/24
    47,294        47,998
 
FNMA 30 Year, 8.50%, 5/01/21 - 6/01/21
        53            54
 
FNMA 30 Year, 9.00%, 10/01/26
    42,398        43,426
 
FNMA PL 30 Year, 5.50%, 4/01/34
   829,884       895,820
        94,832,069
  Government National Mortgage Association (GNMA) Fixed Rate 52.5%      
 
GNMA I SF 30 Year, 3.00%, 7/15/42
   369,842       398,208
 
GNMA I SF 30 Year, 4.00%, 10/15/40 - 8/15/45
 7,580,095     8,277,643
 
GNMA I SF 30 Year, 4.00%, 9/15/45 - 8/15/46
   677,476       737,622
 
GNMA I SF 30 Year, 4.50%, 1/15/39 - 5/15/40
 7,315,372     8,202,413
 
GNMA I SF 30 Year, 4.50%, 5/15/40 - 6/15/41
 4,145,268     4,620,386
 
GNMA I SF 30 Year, 5.00%, 6/15/30 - 10/15/39
 6,905,516     7,691,063
 
GNMA I SF 30 Year, 5.00%, 10/15/39 - 3/15/40
 6,431,143     7,177,808
 
GNMA I SF 30 Year, 5.00%, 3/15/40 - 9/15/40
 3,451,252     3,849,850
 
GNMA I SF 30 Year, 5.50%, 12/15/28 - 10/15/39
 4,202,643     4,717,981
 
GNMA I SF 30 Year, 6.00%, 11/15/23 - 11/15/38
 1,987,863     2,246,125
 
GNMA I SF 30 Year, 6.50%, 6/15/23 - 9/15/38
 1,047,020     1,186,726
 
GNMA I SF 30 Year, 7.00%, 9/15/22 - 1/15/32
   211,143       220,795
 
GNMA I SF 30 Year, 7.50%, 2/15/22 - 8/15/33
   281,630       324,797
 
GNMA I SF 30 Year, 8.00%, 12/15/21 - 7/15/23
    46,145        47,258
 
GNMA I SF 30 Year, 8.50%, 6/15/22 - 12/15/24
    22,224        22,657
 
GNMA I SF 30 Year, 9.50%, 5/15/20 - 12/15/20
     1,773         1,779
 
GNMA I SF 30 Year, 10.00%, 8/15/21
       211           212
 
GNMA II SF 30 Year, 3.00%, 12/20/42 - 2/20/48
 6,904,600     7,388,190
 
GNMA II SF 30 Year, 3.00%, 9/20/45
 7,582,625     8,159,461
 
GNMA II SF 30 Year, 3.00%, 4/20/46
21,605,085    23,147,875
 
GNMA II SF 30 Year, 3.00%, 7/20/47
17,285,555    18,509,221
 
GNMA II SF 30 Year, 3.00%, 10/20/47
 9,506,114    10,089,701
 
GNMA II SF 30 Year, 3.00%, 2/20/50
13,261,272    14,075,390
 
GNMA II SF 30 Year, 3.50%, 12/20/40 - 8/20/43
 1,909,400     2,044,390
 
GNMA II SF 30 Year, 3.50%, 8/20/42
 5,345,681     5,725,281
 
GNMA II SF 30 Year, 3.50%, 9/20/42
15,641,357    16,752,074
 
GNMA II SF 30 Year, 3.50%, 10/20/42
 4,766,928     5,105,440
 
GNMA II SF 30 Year, 3.50%, 11/20/42
 9,408,867    10,077,016
 
GNMA II SF 30 Year, 3.50%, 12/20/42
 7,129,558     7,635,855
 
GNMA II SF 30 Year, 3.50%, 1/20/43
12,002,273    12,855,277
 
GNMA II SF 30 Year, 3.50%, 3/20/43
 4,261,699     4,564,350
 
GNMA II SF 30 Year, 3.50%, 4/20/43
 5,319,043     5,696,786
 
GNMA II SF 30 Year, 3.50%, 5/20/43
 9,868,781    10,569,099
 
GNMA II SF 30 Year, 3.50%, 6/20/43
 4,494,400     4,813,483
 
GNMA II SF 30 Year, 3.50%, 9/20/47
66,710,377    71,307,624
 
GNMA II SF 30 Year, 3.50%, 10/20/47
 5,496,590     5,847,454
  |  103
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin U.S. Government Securities VIP Fund (continued)
    Principal
Amount 		  Value
  Mortgage-Backed Securities (continued)      
  Government National Mortgage Association (GNMA) Fixed Rate (continued)      
 
GNMA II SF 30 Year, 3.50%, 11/20/47
$17,306,175    $18,413,206
 
GNMA II SF 30 Year, 4.00%, 11/20/39 - 3/20/41
 7,374,730     8,053,906
 
GNMA II SF 30 Year, 4.00%, 7/20/41 - 2/20/44
 4,231,950     4,622,970
 
GNMA II SF 30 Year, 4.00%, 11/20/41
 5,128,473     5,601,444
 
GNMA II SF 30 Year, 4.00%, 7/20/49
18,775,053    19,958,291
 
GNMA II SF 30 Year, 4.00%, 11/20/49
28,026,293    29,850,123
 
GNMA II SF 30 Year, 4.00%, 12/20/49
16,445,702    17,635,239
 
GNMA II SF 30 Year, 4.50%, 10/20/39 - 5/20/41
 5,385,685     5,944,015
 
GNMA II SF 30 Year, 4.50%, 6/20/41 - 10/20/41
 5,907,460     6,520,033
 
GNMA II SF 30 Year, 4.50%, 9/20/41
 4,073,058     4,495,120
 
GNMA II SF 30 Year, 4.50%, 3/20/42 - 10/20/44
 6,498,732     7,137,749
 
GNMA II SF 30 Year, 5.00%, 9/20/33 - 10/20/42
 6,630,299     7,351,879
 
GNMA II SF 30 Year, 5.00%, 6/20/44
 2,018,856     2,236,942
 
GNMA II SF 30 Year, 5.50%, 5/20/34 - 6/20/38
 3,442,028     3,877,831
 
GNMA II SF 30 Year, 6.00%, 11/20/23 - 7/20/39
 2,194,211     2,507,461
 
GNMA II SF 30 Year, 6.50%, 12/20/27 - 4/20/34
   341,335       394,230
 
GNMA II SF 30 Year, 7.00%, 5/20/32
     6,492         7,807
 
GNMA II SF 30 Year, 7.50%, 9/20/22 - 11/20/26
    46,039        50,946
 
GNMA II SF 30 Year, 8.00%, 8/20/26
     3,461         4,005
 
GNMA II SF 30 Year, 9.50%, 4/20/25
     1,597         1,605
        438,752,092
 
Total Mortgage-Backed Securities (Cost $612,376,178)
    628,793,715
  U.S. Government and Agency Securities 19.6%      
 
DY9 Leasing LLC, secured bond, 2.372%, 3/19/27
 2,209,420     2,292,281
 
FHLB, 2.625%, 9/12/25
10,000,000    11,045,983
 
Israel Government Agency for International Development Bond, 5.50%, 9/18/23
12,000,000    13,951,348
 
New Valley Generation IV, secured bond, 4.687%, 1/15/22
   619,287       631,258
  Overseas Private Investment Corp.,      
 
senior bond, 4.01%, 5/15/30
 1,710,000     1,973,730
 
senior note, 2.12%, 3/20/24
 5,500,000     5,700,866
 
Petroleos Mexicanos, 2.378%, 4/15/25
 1,809,500     1,857,874
  Private Export Funding Corp.,      
 
secured note, 4.30%, 12/15/21
 1,865,000     1,980,287
 
senior secured note, MM, 2.30%, 9/15/20
 3,500,000     3,519,947
  Reliance Industries Ltd.,      
 
senior bond, 1.87%, 1/15/26
 4,421,052     4,454,535
 
senior bond, 2.512%, 1/15/26
 7,875,000     8,092,695
 
senior note, 2.06%, 1/15/26
 3,750,000     3,817,000
 
TVA, 1.875%, 8/15/22
 6,000,000     6,177,912
  U.S. Treasury Bond,      
 
2.50%, 2/15/46
 6,000,000     7,543,594
 
b Index Linked, 2.00%, 1/15/26
 1,949,382     2,169,443
 
b Index Linked, 1.75%, 1/15/28
 9,849,860    11,212,506
 
b Index Linked, 3.625%, 4/15/28
 7,973,873    10,270,916
 
b Index Linked, 0.125%, 1/15/30
 8,020,371     8,275,300
  |  104
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin U.S. Government Securities VIP Fund (continued)
    Principal
Amount 		  Value
  U.S. Government and Agency Securities (continued)      
  U.S. Treasury Note,      
 
2.375%, 8/15/24
$22,000,000    $23,929,297
 
2.25%, 8/15/27
 6,000,000     6,736,406
 
b Index Linked, 0.125%, 7/15/24
16,837,736    16,877,716
 
b Index Linked, 0.25%, 7/15/29
 8,067,090     8,386,414
 
United States International Development Finance Corp., A, Strip, 11/15/20
 2,575,000     3,338,127
 
Total U.S. Government and Agency Securities (Cost $155,911,948)
    164,235,435
 
Total Investments before Short Term Investments

(Cost $768,288,126)
    793,029,150
  Short Term Investments (Cost $39,913,774) 4.8%      
  Repurchase Agreements 4.8%      
c
Joint Repurchase Agreement, 0.009%, 4/01/20 (Maturity Value $39,913,784)

BNP Paribas Securities Corp. (Maturity Value $31,256,484)

Deutsche Bank Securities Inc. (Maturity Value $6,573,401)

HSBC Securities (USA) Inc. (Maturity Value $2,083,899)

Collateralized by U.S. Government Agency Securities, 3.50% - 4.672%, 8/20/46 - 10/20/66; dU.S. Treasury Bills, 5/05/20; and U.S. Treasury Notes, 1.50% - 2.625%, 8/31/21 - 12/31/23 (valued at $40,807,027)
39,913,774    39,913,774
 
Total Investments (Cost $808,201,900) 99.6%
    832,942,924
 
Other Assets, less Liabilities 0.4%
    3,403,152
 
Net Assets 100.0%
    $836,346,076
  
See Abbreviations on page 157.
aAdjustable 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).
bPrincipal amount of security is adjusted for inflation.  
cInvestment 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, 2020, all repurchase agreements had been entered into on that date.
dThe security was issued on a discount basis with no stated coupon rate.
  |  105
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Franklin VolSmart Allocation VIP Fund
    Shares   Value
  Common Stocks 51.2%      
  Capital Goods 10.4%      
 
The Boeing Co.
    4,200       $626,388
 
Carlisle Cos. Inc.
    6,160       771,725
 
Donaldson Co. Inc.
   14,830       572,883
 
Dover Corp.
   15,744     1,321,551
 
General Dynamics Corp.
   11,000     1,455,410
 
Honeywell International Inc.
   22,700     3,037,033
 
Johnson Controls International PLC
   39,792     1,072,792
 
nVent Electric PLC
   27,600       465,612
 
Pentair PLC
   24,300       723,168
 
Raytheon Co.
    8,200     1,075,430
 
Roper Technologies Inc.
   14,900     4,645,969
 
United Technologies Corp.
   14,800     1,396,084
 
W.W. Grainger Inc.
    3,150       782,775
        17,946,820
  Commercial & Professional Services 0.9%      
 
Cintas Corp.
    6,700     1,160,574
 
Matthews International Corp., A
   12,770       308,906
        1,469,480
  Consumer Durables & Apparel 1.2%      
 
NIKE Inc., B
   23,800     1,969,212
  Consumer Services 1.0%      
 
McDonald’s Corp.
    9,980     1,650,193
  Diversified Financials 0.1%      
 
State Street Corp.
    3,050       162,474
  Energy 1.0%      
 
Chevron Corp.
   12,090       876,041
 
EOG Resources Inc.
   11,930       428,526
 
Exxon Mobil Corp.
   12,300       467,031
        1,771,598
  Food & Staples Retailing 0.9%      
 
Walmart Inc.
   14,290     1,623,630
  Food, Beverage & Tobacco 2.2%      
 
Bunge Ltd.
   14,800       607,244
 
McCormick & Co. Inc.
   10,350     1,461,524
 
PepsiCo Inc.
   14,700     1,765,470
        3,834,238
  Health Care Equipment & Services 9.0%      
 
Abbott Laboratories
   23,660     1,867,011
 
Becton, Dickinson and Co.
   14,200     3,262,734
 
CVS Health Corp.
   12,350       732,725
 
Dentsply Sirona Inc.
   11,500       446,545
 
Medtronic PLC
   30,800     2,777,544
 
Stryker Corp.
   20,200     3,363,098
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  106
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin VolSmart Allocation VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Health Care Equipment & Services (continued)      
 
UnitedHealth Group Inc.
    3,200       $798,016
 
West Pharmaceutical Services Inc.
   14,100     2,146,725
        15,394,398
  Household & Personal Products 1.8%      
 
Colgate-Palmolive Co.
   19,600     1,300,656
 
The Procter & Gamble Co.
   15,980     1,757,800
        3,058,456
  Insurance 0.9%      
 
Aflac Inc.
   16,140       552,633
 
Chubb Ltd.
    2,081       232,427
 
Erie Indemnity Co., A
    5,320       788,637
        1,573,697
  Materials 5.7%      
 
Air Products and Chemicals Inc.
   15,700     3,133,877
 
Albemarle Corp.
   33,200     1,871,484
 
Ecolab Inc.
   10,060     1,567,650
 
Linde PLC (United Kingdom)
   18,800     3,252,400
        9,825,411
  Pharmaceuticals, Biotechnology & Life Sciences 2.2%      
 
AbbVie Inc.
    9,640       734,472
 
Johnson & Johnson
   15,500     2,032,515
 
Perrigo Co. PLC
    8,640       415,498
 
Pfizer Inc.
   15,510       506,246
        3,688,731
  Retailing 2.8%      
 
Lowe’s Cos. Inc.
   14,300     1,230,515
 
Ross Stores Inc.
   20,900     1,817,673
 
Target Corp.
   16,840     1,565,615
 
Tiffany & Co.
    1,823       236,078
        4,849,881
  Semiconductors & Semiconductor Equipment 3.0%      
 
Analog Devices Inc.
   28,514     2,556,280
 
Texas Instruments Inc.
   26,400     2,638,152
        5,194,432
  Software & Services 6.8%      
 
Accenture PLC, A
   19,800     3,232,548
 
Microsoft Corp.
   43,800     6,907,698
 
Visa Inc., A
    9,800     1,578,976
        11,719,222
  |  107
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin VolSmart Allocation VIP Fund (continued)
    Shares   Value
  Common Stocks (continued)      
  Transportation 1.3%      
 
Norfolk Southern Corp.
    6,900     $1,007,400
 
United Parcel Service Inc., B
   12,900     1,205,118
        2,212,518
 
Total Common Stocks (Cost $71,745,852)
    87,944,391
  Investments in Underlying Funds 39.6%      
  Domestic Equity 6.2%      
a,b
Franklin DynaTech Fund, Class R6
  127,291    10,631,294
  Domestic Fixed Income 25.8%      
b
Franklin Low Duration Total Return Fund, Class R6
2,709,816    24,388,342
b
Franklin Strategic Income Fund, Class R6
2,321,064    19,914,733
        44,303,075
  Domestic Hybrid 7.6%      
b
Franklin Income Fund, Class R6
6,787,008    13,098,925
 
Total Investments in Underlying Funds (Cost $70,464,682)
    68,033,294
 
Total Investments before Short Term Investments (Cost $142,210,534)
    155,977,685
  Short Term Investments (Cost $7,314,343) 4.2%      
  Money Market Funds 4.2%      
b,c
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
7,314,343     7,314,343
 
Total Investments (Cost $149,524,877) 95.0%
    163,292,028
 
Other Assets, less Liabilities 5.0%
    8,539,715
 
Net Assets 100.0%
    $171,831,743
  
aNon-income producing.
bSee Note 8 regarding investments in FT Underlying Funds.
cThe rate shown is the annualized seven-day effective yield at period end.
  |  108
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Franklin VolSmart Allocation VIP Fund (continued)
At March 31, 2020, the Fund had the following futures contracts outstanding. See  Note 3.
Futures Contracts
Description Type Number of Contracts Notional
Amount* 		Expiration
Date 		Value/Unrealized
Appreciation
(Depreciation)
Equity Contracts          
S&P500 EMINI FUT Jun20
Short 380 $48,824,300 6/19/20 $(1,646,669)
Total Futures Contracts
$48,824,300 $(1,646,669)
 
*As of period end.
 
At March 31, 2020, the Fund had the following total return swap contracts outstanding. See  Note 3.
Total Return Swap Contracts
Underlying Instruments Financing Rate Payment
Frequency 		Counterparty Maturity
Date 		Notional
Value 		  Value/Unrealized
Appreciation
(Depreciation)
OTC Swap Contracts
Longa
Dynamic VIX Backwardation (BEFSDVB1)b
— Monthly BZWS 5/29/20 $3,500,000            $3,140,113
 
aThe Fund receives the total return on the underlying instrument.
bRepresents a custom index comprised of a basket of underlying instruments. The notional amount of the swap is allocated based on predefined triggers at the close of market each business day. Additional information regarding the underlying instruments and their respective values including fees are as shown in the table below:
 
Underlying Instruments Notional
Valuec
Value/Unrealized
Appreciation
(Depreciation)
CBOE VIX Future Apr 20
$921,053 $1,539,777
CBOE VIX Future May 20
828,947 (67,502)
CBOE VIX Future Jul 20
307,018 466,449
CBOE VIX Future Aug 20
583,333 397,927
CBOE VIX Future Sep 20
583,333 229,155
CBOE VIX Future Oct 20
276,316 (68,522)
Closed contracts
— 642,829d
   Total $3,500,000 $3,140,113
cNotional value represents the fair value at period end of each underlying instrument (which is calculated based on the swap contract’s original notional value of $3,500,000, allocated to each underlying instrument on a pro-rata basis.
dIncludes financing fees and accumulated unrealized appreciation (depreciation) on invested futures that closed during the month but were not settled at period end.Settlement occurs on a monthly basis.
See Abbreviations on page 157.
  |  109
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Developing Markets VIP Fund
    Industry Shares   Value
  Common Stocks 96.7%      
  Brazil 2.0%        
a
B2W Cia Digital
Internet & Direct Marketing Retail    76,800       $709,421
 
B3 SA - Brasil Bolsa Balcao
Capital Markets    61,400       424,194
 
Lojas Americanas SA
Multiline Retail   170,860       475,127
 
M Dias Branco SA
Food Products   106,200       594,729
 
Vale SA
Metals & Mining   278,500     2,316,389
          4,519,860
  Cambodia 0.7%        
 
NagaCorp Ltd.
Hotels, Restaurants & Leisure 1,525,400   1,556,360
  China 31.6%        
a
Alibaba Group Holding Ltd., ADR
Internet & Direct Marketing Retail 93,210   18,127,481
 
BAIC Motor Corp. Ltd., H
Automobiles 1,686,100   669,860
a
Baidu Inc., ADR
Interactive Media & Services 9,411   948,535
 
Brilliance China Automotive Holdings Ltd.
Automobiles 8,808,600   7,248,988
 
China Merchants Bank Co. Ltd., A
Banks 392,600   1,789,358
 
China Merchants Bank Co. Ltd., H
Banks 507,700   2,292,055
 
China Mobile Ltd.
Wireless Telecommunication Services 447,000   3,323,967
 
China Resources Cement Holdings Ltd.
Construction Materials 2,429,000   2,898,138
 
CNOOC Ltd.
Oil, Gas & Consumable Fuels 2,411,500   2,528,876
 
COSCO SHIPPING Ports Ltd.
Transportation Infrastructure 433,196   208,980
 
Health & Happiness H&H International Holdings Ltd.
Food Products 418,400   1,546,202
 
NetEase Inc., ADR
Entertainment 4,253   1,365,043
 
Ping An Bank Co. Ltd., A
Banks 802,600   1,450,516
 
Ping An Insurance Group Co. of China Ltd., A
Insurance 202,225   1,974,995
a
Prosus NV
Internet & Direct Marketing Retail 32,057   2,244,047
 
Sunny Optical Technology Group Co. Ltd.
Electronic Equipment, Instruments & Components 159,000   2,141,152
 
Tencent Holdings Ltd.
Interactive Media & Services 381,100   18,689,638
 
Uni-President China Holdings Ltd.
Food Products 940,300   912,082
 
Weifu High-Technology Co. Ltd., B
Auto Components 324,339   501,612
          70,861,525
  Czech Republic 0.4%        
 
Moneta Money Bank AS
Banks 390,403   807,189
  Hungary 1.2%        
 
Richter Gedeon Nyrt
Pharmaceuticals 143,110   2,692,086
  India 6.8%        
 
Bajaj Holdings & Investment Ltd.
Diversified Financial Services 60,776   1,450,442
 
Biocon Ltd.
Biotechnology 155,325   556,248
 
Coal India Ltd.
Oil, Gas & Consumable Fuels 442,535   816,522
 
Glenmark Pharmaceuticals Ltd.
Pharmaceuticals 292,323   795,414
 
ICICI Bank Ltd.
Banks 1,806,409   7,892,711
 
Infosys Ltd.
IT Services 306,365   2,548,610
 
Tata Chemicals Ltd.
Chemicals 165,900   488,664
 
Tata Consumer Products Ltd.
Food Products 189,126   737,200
          15,285,811
  Indonesia 0.8%        
 
Astra International Tbk PT
Automobiles 7,340,300   1,755,191
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  110
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Developing Markets VIP Fund (continued)
    Industry Shares   Value
  Common Stocks (continued)      
  Kenya 0.2%        
 
Equity Group Holdings PLC
Banks 1,643,772       $530,476
  Macau 0.2%        
 
MGM China Holdings Ltd.
Hotels, Restaurants & Leisure   442,800       452,930
  Mexico 1.5%        
 
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, ADR
Banks   949,761     3,077,226
 
Nemak SAB de CV
Auto Components 2,014,800       335,899
          3,413,125
  Pakistan 0.3%        
 
Habib Bank Ltd.
Banks 1,116,900   691,760
  Peru 0.4%        
 
Intercorp Financial Services Inc.
Banks 31,950   956,902
  Philippines 0.3%        
 
BDO Unibank Inc.
Banks 327,469   667,055
  Russia 8.0%        
 
Gazprom PJSC, ADR
Oil, Gas & Consumable Fuels 429,000   1,945,403
 
LUKOIL PJSC, ADR
Oil, Gas & Consumable Fuels 95,250   5,613,244
a
Mail.Ru Group Ltd., GDR
Interactive Media & Services 81,525   1,310,378
 
Sberbank of Russia PJSC, ADR
Banks 498,847   4,699,051
a
Yandex NV, A
Interactive Media & Services 126,319   4,301,162
          17,869,238
  South Africa 4.5%        
a
Massmart Holdings Ltd.
Food & Staples Retailing 580,084   881,814
 
Naspers Ltd., N
Internet & Direct Marketing Retail 64,938   9,223,132
          10,104,946
  South Korea 19.0%        
 
Fila Holdings Corp.
Textiles, Apparel & Luxury Goods 64,280   1,531,669
 
Hankook Technology Group Co. Ltd.
Auto Components 37,500   262,990
 
Hankook Tire & Technology Co. Ltd.
Auto Components 21,600   342,829
 
KT Skylife Co. Ltd.
Media 166,071   829,572
 
LG Corp.
Industrial Conglomerates 96,342   4,662,411
 
Naver Corp.
Interactive Media & Services 60,007   8,367,461
 
POSCO
Metals & Mining 15,429   2,037,542
 
Samsung Electronics Co. Ltd.
Technology Hardware, Storage & Peripherals 519,818   20,359,520
 
Samsung Life Insurance Co. Ltd.
Insurance 75,737   2,671,280
 
SK Hynix Inc.
Semiconductors & Semiconductor Equipment 24,040   1,642,564
          42,707,838
  Taiwan 11.3%        
 
Catcher Technology Co. Ltd.
Technology Hardware, Storage & Peripherals 114,000   728,387
 
CTBC Financial Holding Co. Ltd.
Banks 350,500   206,146
 
FIT Hon Teng Ltd.
Electronic Equipment, Instruments & Components 1,759,800   376,809
 
Hon Hai Precision Industry Co. Ltd.
Electronic Equipment, Instruments & Components 959,000   2,205,284
  |  111
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Developing Markets VIP Fund (continued)
    Industry Shares   Value
  Common Stocks (continued)      
  Taiwan (continued)        
 
Largan Precision Co. Ltd.
Electronic Equipment, Instruments & Components     5,300       $668,442
 
Taiwan Semiconductor Manufacturing Co. Ltd.
Semiconductors & Semiconductor Equipment 2,344,000    21,076,675
          25,261,743
  Thailand 1.7%        
 
Kasikornbank PCL, fgn.
Banks   705,000     1,927,814
 
Kiatnakin Bank PCL, fgn.
Banks   859,600     1,012,518
 
Thai Beverage PCL, fgn.
Beverages 1,810,200   765,857
          3,706,189
  United Kingdom 3.4%        
 
Unilever PLC
Personal Products 150,775   7,599,326
  United States 2.4%        
 
Cognizant Technology Solutions Corp., A
IT Services 92,962   4,319,944
a
IMAX Corp.
Entertainment 123,155   1,114,553
          5,434,497
 
Total Common Stocks (Cost $198,496,722)
      216,874,047
  Preferred Stocks 3.7%        
  Brazil 3.7%        
b
Banco Bradesco SA, 12.532%, ADR, pfd.
Banks 933,515   3,790,071
b
Itau Unibanco Holding SA, 11.051%, ADR, pfd.
Banks 897,443   4,029,519
b
Petroleo Brasileiro SA, 8.718%, ADR, pfd.
Oil, Gas & Consumable Fuels 79,600   429,044
 
Total Preferred Stocks (Cost $8,782,942)
      8,248,634
 
Total Investments before Short Term Investments (Cost $207,279,664)
      225,122,681
  Short Term Investments 3.0%      
  Money Market Funds (Cost $115) 0.0%†        
  United States 0.0%†        
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  115   115
  Investments from Cash Collateral Received for Loaned Securities 3.0%        
  Money Market Funds (Cost $6,716,398) 3.0%        
  United States 3.0%        
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  6,716,398   6,716,398
 
Total Investments (Cost $213,996,177) 103.4%
      231,839,194
 
Other Assets, less Liabilities (3.4)%
      (7,530,581)
 
Net Assets 100.0%
      $224,308,613
  |  112
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Developing Markets VIP Fund (continued)
See Abbreviations on page 157.
†Rounds to less than 0.1% of net assets.
aNon-income producing.
bVariable rate security. The rate shown represents the yield at period end.
cSee  Note 9 regarding investments in affiliated management investment companies.
dThe rate shown is the annualized seven-day effective yield at period end.
  |  113
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Foreign VIP Fund
    Country Shares   Value
  Common Stocks 88.2%        
  Aerospace & Defense 1.3%        
 
BAE Systems PLC
United Kingdom  1,961,611    $12,596,288
  Airlines 0.8%        
a
Deutsche Lufthansa AG
Germany    842,228     7,875,335
  Auto Components 2.2%        
 
Cie Generale des Etablissements Michelin SCA
France    158,794    13,904,158
 
Toyota Industries Corp.
Japan    155,300     7,480,162
          21,384,320
  Automobiles 2.9%        
 
Bayerische Motoren Werke AG
Germany 145,602   7,430,845
 
Honda Motor Co. Ltd.
Japan 451,100   10,192,692
 
Isuzu Motors Ltd.
Japan 1,579,100   10,502,861
          28,126,398
  Banks 10.2%        
 
Bank of Ireland Group PLC
Ireland 2,346,131   4,372,162
 
BNP Paribas SA
France 276,049   8,057,123
 
ING Groep NV
Netherlands 2,487,169   12,741,028
 
Kasikornbank PCL, fgn.
Thailand 1,860,000   5,086,147
 
KB Financial Group Inc., ADR
South Korea 956,806   26,015,555
 
Shinhan Financial Group Co. Ltd.
South Korea 366,922   8,607,611
 
Standard Chartered PLC
United Kingdom 3,651,049   20,174,519
 
Sumitomo Mitsui Financial Group Inc.
Japan 548,600   13,380,239
          98,434,384
  Beverages 3.0%        
 
Kirin Holdings Co. Ltd.
Japan 1,159,100   23,037,577
 
Suntory Beverage & Food Ltd.
Japan 153,600   5,834,358
          28,871,935
  Chemicals 2.4%        
 
Covestro AG
Germany 199,631   6,056,785
 
Johnson Matthey PLC
United Kingdom 580,290   12,778,936
 
Tosoh Corp.
Japan 389,100   4,450,165
          23,285,886
  Construction & Engineering 0.5%        
 
Sinopec Engineering Group Co. Ltd.
China 11,734,000   4,934,163
  Diversified Telecommunication Services 0.9%        
 
China Telecom Corp. Ltd., H
China 29,703,557   9,003,806
  Electronic Equipment, Instruments & Components 2.1%        
 
Hitachi Ltd.
Japan 402,800   11,771,820
 
Landis+Gyr Group AG
Switzerland 120,834   8,263,433
          20,035,253
  Energy Equipment & Services 1.8%        
 
SBM Offshore NV
Netherlands 960,511   12,694,946
 
Tenaris SA
Italy 800,667   4,828,967
          17,523,913
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  114
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Foreign VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Food & Staples Retailing 4.1%        
 
Matsumotokiyoshi Holdings Co. Ltd.
Japan    388,300    $14,189,586
 
Seven & i Holdings Co. Ltd.
Japan    360,100    11,973,756
 
Sundrug Co. Ltd.
Japan    410,400    13,203,626
          39,366,968
  Health Care Providers & Services 0.6%        
 
Sinopharm Group Co. Ltd., H
China  2,794,800     6,287,052
  Household Durables 1.0%        
 
Panasonic Corp.
Japan 1,239,300   9,506,927
  Industrial Conglomerates 3.7%        
 
CK Hutchison Holdings Ltd.
Hong Kong 3,873,500   26,130,942
 
Siemens AG
Germany 114,627   9,595,687
          35,726,629
  Insurance 1.0%        
 
AIA Group Ltd.
Hong Kong 1,089,400   9,857,456
  Interactive Media & Services 1.4%        
b
Baidu Inc., ADR
China 138,230   13,932,202
  Machinery 0.8%        
 
Komatsu Ltd.
Japan 466,800   7,719,595
  Marine 0.5%        
 
A.P. Moeller-Maersk AS, B
Denmark 5,208   4,615,333
  Media 1.3%        
 
Nippon Television Holdings Inc.
Japan 338,900   3,797,243
 
SES SA, IDR
Luxembourg 809,562   4,773,748
 
Tokyo Broadcasting System Holdings Inc.
Japan 262,400   3,669,623
          12,240,614
  Metals & Mining 5.3%        
a
Alamos Gold Inc., A
Canada 1,982,052   9,910,260
 
ArcelorMittal SA
France 1,011,540   9,546,792
a
Sumitomo Metal Mining Co. Ltd.
Japan 603,700   12,450,663
 
Wheaton Precious Metals Corp.
Canada 718,100   19,759,867
          51,667,582
  Multi-Utilities 2.6%        
 
E.ON SE
Germany 1,722,486   17,663,899
 
Veolia Environnement SA
France 337,796   7,132,608
          24,796,507
  Oil, Gas & Consumable Fuels 8.4%        
 
BP PLC
United Kingdom 5,505,186   22,563,737
 
Eni SpA
Italy 1,751,379   17,399,543
 
Equinor ASA
Norway 1,032,386   12,896,899
 
Galp Energia SGPS SA, B
Portugal 844,528   9,679,581
a
Husky Energy Inc.
Canada 1,163,600   2,926,568
 
Total SA
France 418,732   15,773,026
          81,239,354
  |  115
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Foreign VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Pharmaceuticals 12.0%        
 
Bayer AG
Germany    509,973    $29,212,726
 
Merck KGaA
Germany     96,394     9,729,493
 
Novartis AG
Switzerland    128,920    10,630,221
 
Roche Holding AG
Switzerland     57,133    18,372,533
 
Sanofi
France    209,983    18,174,300
 
Takeda Pharmaceutical Co. Ltd.
Japan    966,094    29,716,295
          115,835,568
  Real Estate Management & Development 4.5%        
 
CK Asset Holdings Ltd.
Hong Kong 3,560,500   19,495,685
 
Mitsui Fudosan Co. Ltd.
Japan 811,000   14,105,495
 
Swire Pacific Ltd., A
Hong Kong 1,628,500   10,492,358
          44,093,538
  Semiconductors & Semiconductor Equipment 5.2%        
 
Infineon Technologies AG
Germany 590,665   8,524,375
 
NXP Semiconductors NV
Netherlands 221,300   18,352,409
 
Taiwan Semiconductor Manufacturing Co. Ltd.
Taiwan 2,587,000   23,261,672
          50,138,456
  Technology Hardware, Storage & Peripherals 3.7%        
 
Samsung Electronics Co. Ltd.
South Korea 909,188   35,609,832
  Thrifts & Mortgage Finance 0.9%        
 
Housing Development Finance Corp. Ltd.
India 395,375   8,568,826
  Tobacco 1.0%        
 
Imperial Brands PLC
United Kingdom 543,383   10,022,670
  Wireless Telecommunication Services 2.1%        
 
Vodafone Group PLC, ADR
United Kingdom 1,512,103   20,821,658
 
Total Common Stocks (Cost $1,027,788,143)
      854,118,448
  Short Term Investments 8.2%        
  Money Market Funds (Cost $60,398,327) 6.2%        
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States 60,398,327   60,398,327
  |  116
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Foreign VIP Fund (continued)
    Country Shares   Value
  Short Term Investments (continued)        
  Investments from Cash Collateral Received for Loaned Securities 2.0%        
  Money Market Funds (Cost $18,896,908) 2.0%        
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States 18,896,908    $18,896,908
 
Total Investments (Cost $1,107,083,378) 96.4%
      933,413,683
 
Other Assets, less Liabilities 3.6%
      35,322,234
 
Net Assets 100.0%
      $968,735,917
  
See Abbreviations on page 157.
aA portion or all of the security is on loan at March 31, 2020.  
bNon-income producing.
cSee  Note 9 regarding investments in affiliated management investment companies.
dThe rate shown is the annualized seven-day effective yield at period end.
  |  117
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Global Bond VIP Fund
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities 45.4%        
  Argentina 1.4%        
a,b Argentina Treasury Bond BONCER,        
 
Index Linked, 1.20%, 3/18/22
    1,476,595,148 ARS     $9,013,384
 
Index Linked, 1.40%, 3/25/23
      892,881,163 ARS     4,989,926
 
Index Linked, 1.50%, 3/25/24
      892,881,166 ARS     4,770,248
a Argentine Bonos del Tesoro,        
 
18.20%, 10/03/21
      820,823,000 ARS     4,748,075
 
16.00%, 10/17/23
      844,288,000 ARS     3,921,991
 
senior note, 15.50%, 10/17/26
    1,668,306,000 ARS     7,352,588
a,c
Government of Argentina, FRN, 36.86%, (ARS Badlar + 2.00%), 4/03/22
  24,036,000 ARS 192,737
          34,988,949
  Brazil 6.8%        
  Letra Tesouro Nacional,        
 
Strip, 7/01/20
          719,675d BRL   137,384,127
 
Strip, 4/01/21
           25,610d BRL     4,768,348
 
Strip, 7/01/21
           34,210d BRL     6,303,272
 
Nota do Tesouro Nacional, 10.00%, 1/01/21
  117,516d BRL 23,689,370
          172,145,117
  Colombia 1.3%        
  Government of Colombia,        
 
senior bond, 7.75%, 4/14/21
    2,386,000,000 COP       602,966
 
senior bond, 4.375%, 3/21/23
      362,000,000 COP        85,459
 
senior bond, 9.85%, 6/28/27
      576,000,000 COP       156,947
  Titulos de Tesoreria,        
 
senior bond, B, 11.00%, 7/24/20
    9,167,000,000 COP     2,305,667
 
senior bond, B, 7.00%, 5/04/22
   10,237,000,000 COP     2,617,576
 
senior bond, B, 10.00%, 7/24/24
   40,977,000,000 COP    11,534,862
 
senior bond, B, 7.50%, 8/26/26
   35,134,200,000 COP     8,861,400
 
senior bond, B, 6.00%, 4/28/28
   29,113,600,000 COP     6,694,078
          32,858,955
  Ghana 1.4%        
  Government of Ghana,        
 
24.75%, 3/01/21
          690,000 GHS       127,788
 
16.25%, 5/17/21
        7,250,000 GHS     1,245,166
 
24.50%, 6/21/21
           80,000 GHS        14,848
 
24.75%, 7/19/21
        1,190,000 GHS       220,810
 
18.75%, 1/24/22
       26,840,000 GHS     4,530,906
 
17.60%, 11/28/22
          370,000 GHS        58,939
 
19.75%, 3/25/24
       26,840,000 GHS     4,387,090
 
19.00%, 11/02/26
       80,510,000 GHS    12,448,596
 
senior bond, 19.75%, 3/15/32
       80,510,000 GHS    12,457,487
 
senior note, 18.50%, 6/01/20
          500,000 GHS        87,718
 
senior note, 18.25%, 9/21/20
          480,000 GHS        84,779
 
senior note, 16.50%, 3/22/21
        1,730,000 GHS       300,332
          35,964,459
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  118
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
      Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)        
  India 5.0%        
  Government of India,        
 
senior bond, 8.20%, 2/15/22
      500,000,000 INR     $7,015,524
 
senior bond, 8.35%, 5/14/22
      212,700,000 INR     3,005,328
 
senior bond, 8.13%, 9/21/22
       28,000,000 INR       396,196
 
senior note, 8.27%, 6/09/20
    1,222,000,000 INR    16,325,571
 
senior note, 7.80%, 4/11/21
    1,980,300,000 INR    26,983,179
 
senior note, 8.79%, 11/08/21
      653,000,000 INR     9,132,938
 
senior note, 8.15%, 6/11/22
    1,621,000,000 INR    22,846,741
 
senior note, 6.84%, 12/19/22
       98,000,000 INR     1,355,399
 
senior note, 7.16%, 5/20/23
      133,700,000 INR     1,858,429
 
senior note, 8.83%, 11/25/23
    2,578,900,000 INR    37,800,210
          126,719,515
  Indonesia 3.7%        
  Government of Indonesia,        
 
senior bond, FR34, 12.80%, 6/15/21
  324,406,000,000 IDR    21,565,732
 
senior bond, FR35, 12.90%, 6/15/22
   71,229,000,000 IDR     4,950,216
 
senior bond, FR39, 11.75%, 8/15/23
    5,491,000,000 IDR       384,942
 
senior bond, FR40, 11.00%, 9/15/25
   46,856,000,000 IDR     3,304,627
 
senior bond, FR43, 10.25%, 7/15/22
  147,832,000,000 IDR     9,802,592
 
senior bond, FR44, 10.00%, 9/15/24
    4,454,000,000 IDR       301,430
 
senior bond, FR46, 9.50%, 7/15/23
  226,780,000,000 IDR    14,963,874
 
senior bond, FR47, 10.00%, 2/15/28
       12,000,000 IDR           818
 
senior bond, FR59, 7.00%, 5/15/27
   47,752,000,000 IDR     2,799,829
 
senior bond, FR61, 7.00%, 5/15/22
  244,849,000,000 IDR    15,278,676
 
senior bond, FR63, 5.625%, 5/15/23
  258,951,000,000 IDR    15,406,083
 
senior bond, FR64, 6.125%, 5/15/28
       37,000,000 IDR         2,006
 
senior bond, FR70, 8.375%, 3/15/24
   69,055,000,000 IDR     4,411,731
          93,172,556
  Mexico 12.3%        
  Government of Mexico,        
 
senior bond, M, 8.00%, 6/11/20
        3,814,000e MXN    16,102,200
 
senior bond, M, 6.50%, 6/10/21
       18,568,200e MXN    78,280,679
 
senior bond, M, 6.50%, 6/09/22
       20,792,500e MXN    87,793,668
 
senior bond, M, 8.00%, 12/07/23
        7,653,700e MXN    33,819,926
 
senior note, M, 7.25%, 12/09/21
       21,545,600e MXN    92,244,339
f
Mexican Udibonos, Index Linked, 2.50%, 12/10/20
  396,320g MXN 1,645,577
          309,886,389
  Norway 4.1%        
h,i Government of Norway,        
 
144A, Reg S, 3.75%, 5/25/21
      335,990,000 NOK    33,673,791
 
144A, Reg S, 2.00%, 5/24/23
      280,579,000 NOK    28,415,268
 
144A, Reg S, 3.00%, 3/14/24
      254,275,000 NOK    26,952,099
 
144A, Reg S, 1.75%, 3/13/25
       89,312,000 NOK     9,125,221
 
144A, Reg S, 1.50%, 2/19/26
       52,969,000 NOK     5,367,434
          103,533,813
  |  119
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
        Principal
Amount* 		  Value
  Foreign Government and Agency Securities (continued)          
  South Korea 9.1%          
  Korea Treasury Bond,          
 
senior note, 3.00%, 3/10/23
      3,919,000,000 KRW     $3,389,064
 
senior note, 2.25%, 9/10/23
     88,312,000,000 KRW    74,980,120
 
senior note, 1.875%, 3/10/24
     33,811,000,000 KRW    28,357,864
 
senior note, 1.375%, 9/10/24
     75,881,910,000 KRW    62,456,010
 
senior note, 3.00%, 9/10/24
     18,500,000,000 KRW    16,289,439
 
senior note, 1.375%, 12/10/29
     53,382,000,000 KRW    43,104,054
            228,576,551
j Supranational 0.3%          
 
Inter-American Development Bank, senior bond, 7.50%, 12/05/24
    200,000,000 MXN 8,760,157
 
Total Foreign Government and Agency Securities

(Cost $1,504,173,644)
        1,146,606,461
  U.S. Government and Agency Securities 19.3%          
  United States 19.3%          
  U.S. Treasury Note,          
 
1.125%, 9/30/21
          3,497,000       3,545,222
 
1.50%, 9/30/21
         15,768,000      16,073,197
 
2.125%, 12/31/21
          3,953,000       4,084,098
 
1.50%, 10/31/24
         64,160,000      67,490,806
 
1.50%, 11/30/24
         50,420,000      53,108,410
 
2.00%, 2/15/25
         49,140,000      52,971,384
 
2.125%, 5/15/25
         58,760,000      63,834,936
 
2.875%, 5/31/25
         76,680,000      86,315,920
 
2.625%, 12/31/25
         44,803,000      50,287,868
 
1.625%, 2/15/26
         24,220,000      25,808,491
 
2.125%, 5/31/26
         11,063,000      12,145,964
 
1.625%, 10/31/26
         24,220,000      25,933,376
 
1.75%, 12/31/24
         22,672,000      24,146,566
 
Total U.S. Government and Agency Securities

(Cost $465,801,178)
        485,746,238
    Number of
Contracts 		  Notional
Amount* 		   
  Options Purchased 3.4%          
  Calls - Over-the-Counter          
  Currency Options 2.5%          
 
AUD/JPY, Counterparty CITI, April Strike Price 79.30 JPY, Expires 4/22/20
1   14,227,000 AUD 280
 
AUD/JPY, Counterparty CITI, May Strike Price 84.00 JPY, Expires 5/06/20
1   11,838,000 AUD 189
 
AUD/JPY, Counterparty CITI, May Strike Price 86.63 JPY, Expires 5/06/20
1   13,022,000 AUD 144
 
AUD/JPY, Counterparty CITI, May Strike Price 78.75 JPY, Expires 5/07/20
1   11,838,000 AUD 647
 
AUD/JPY, Counterparty CITI, May Strike Price 85.50 JPY, Expires 5/07/20
1   47,352,000 AUD 611
 
AUD/JPY, Counterparty CITI, May Strike Price 80.00 JPY, Expires 5/13/20
1   33,196,000 AUD 1,529
 
AUD/JPY, Counterparty CITI, November Strike Price 84.33 JPY, Expires 11/12/20
1   8,878,000 AUD 2,432
  |  120
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
AUD/JPY, Counterparty CITI, December Strike Price 82.15 JPY, Expires 12/21/20
1      35,514,000 AUD        $13,090
 
AUD/USD, Counterparty HSBK, April Strike Price $0.77, Expires 4/30/20
1      14,798,000 AUD           264
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/04/20
1      18,644,000 AUD           653
 
AUD/USD, Counterparty HSBK, May Strike Price $0.77, Expires 5/07/20
1      11,838,000 AUD           473
 
AUD/USD, Counterparty HSBK, February Strike Price $0.75, Expires 2/08/21
1      15,808,000 AUD        23,316
 
AUD/USD, Counterparty HSBK, February Strike Price $0.74, Expires 2/10/21
1 18,969,000 AUD 30,250
 
AUD/USD, Counterparty MSCO, May Strike Price $0.70, Expires 5/07/20
1 14,820,000 AUD 3,432
 
AUD/USD, Counterparty MSCO, October Strike Price $0.66, Expires 10/28/20
1 31,615,000 AUD 244,784
 
AUD/USD, Counterparty MSCO, May Strike Price $0.77, Expires 5/12/21
1 21,309,000 AUD 33,314
 
USD/MXN, Counterparty CITI, July Strike Price 22.70 MXN, Expires 7/26/21
1 36,642,000   5,027,063
 
USD/JPY, Counterparty CITI, September Strike Price 112.24 JPY, Expires 9/22/20
1 38,210,000   265,292
 
USD/JPY, Counterparty CITI, February Strike Price 118.25 JPY, Expires 2/24/21
1 98,607,000   379,933
 
USD/MXN, Counterparty CITI, May Strike Price 20.50 MXN, Expires 5/11/20
1 21,843,000   3,160,245
 
USD/MXN, Counterparty CITI, May Strike Price 20.09 MXN, Expires 5/12/20
1 19,994,000   3,223,892
 
USD/MXN, Counterparty CITI, May Strike Price 20.87 MXN, Expires 5/14/20
1 7,898,000   1,034,772
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 13,730,000   1,956,292
 
USD/MXN, Counterparty CITI, June Strike Price 25.08 MXN, Expires 6/25/20
1 21,925,000   766,257
 
USD/MXN, Counterparty CITI, July Strike Price 21.03 MXN, Expires 7/30/20
1 12,204,000   1,687,081
 
USD/MXN, Counterparty CITI, September Strike Price 21.94 MXN, Expires 9/03/20
1 47,671,000   5,355,646
 
USD/MXN, Counterparty CITI, September Strike Price 21.70 MXN, Expires 9/08/20
1 47,623,000   5,737,571
 
USD/MXN, Counterparty CITI, September Strike Price 20.85 MXN, Expires 9/17/20
1 43,738,000   6,600,283
 
USD/MXN, Counterparty CITI, September Strike Price 27.34 MXN, Expires 9/24/20
1 37,848,000   1,110,460
 
USD/MXN, Counterparty CITI, October Strike Price 20.08 MXN, Expires 10/19/20
1 26,139,000   4,808,086
 
USD/MXN, Counterparty CITI, July Strike Price 22.57 MXN, Expires 7/20/21
1 36,645,000   5,108,753
 
USD/MXN, Counterparty GSCO, March Strike Price 20.62 MXN, Expires 3/03/21
1 7,624,000   1,374,264
 
USD/MXN, Counterparty JPHQ, June Strike Price 25.25 MXN, Expires 6/22/20
1 25,108,000   818,320
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.14 MXN, Expires 7/14/20
1 25,142,000   4,248,445
 
USD/MXN, Counterparty JPHQ, July Strike Price 20.90 MXN, Expires 7/27/20
1 12,571,000   1,787,596
 
USD/MXN, Counterparty JPHQ, September Strike Price 25.50 MXN, Expires 9/22/20
1 25,142,000   1,111,201
 
USD/MXN, Counterparty MSCO, June Strike Price 21.45 MXN, Expires 6/15/20
1 12,400,000   1,424,338
 
USD/MXN, Counterparty MSCO, September Strike Price 22.33 MXN, Expires 9/04/20
1 38,137,000   3,856,718
 
USD/MXN, Counterparty MSCO, September Strike Price 25.97 MXN, Expires 9/04/20
1 38,137,000   1,429,947
          62,627,863
  |  121
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Puts - Over-the-Counter        
  Currency Options 0.9%        
 
AUD/JPY, Counterparty CITI, May Strike Price 69.54 JPY, Expires 5/06/20
1       9,470,000 AUD       $337,550
 
AUD/JPY, Counterparty CITI, May Strike Price 70.65 JPY, Expires 5/06/20
1       5,919,000 AUD       264,762
 
AUD/JPY, Counterparty CITI, May Strike Price 74.48 JPY, Expires 5/06/20
1       9,470,000 AUD       750,064
 
AUD/JPY, Counterparty CITI, May Strike Price 75.05 JPY, Expires 5/06/20
1       5,919,000 AUD       500,250
 
AUD/JPY, Counterparty CITI, May Strike Price 65.55 JPY, Expires 5/07/20
1       5,919,000 AUD        83,211
 
AUD/JPY, Counterparty CITI, May Strike Price 73.25 JPY, Expires 5/07/20
1 19,730,000 AUD 1,342,402
 
AUD/JPY, Counterparty CITI, July Strike Price 72.00 JPY, Expires 7/21/20
1 71,027,000 AUD 4,278,456
 
AUD/JPY, Counterparty CITI, November Strike Price 66.78 JPY, Expires 11/12/20
1 4,439,000 AUD 147,399
 
AUD/JPY, Counterparty CITI, November Strike Price 69.18 JPY, Expires 11/12/20
1 2,664,000 AUD 120,017
 
AUD/JPY, Counterparty CITI, November Strike Price 72.78 JPY, Expires 11/12/20
1 11,098,000 AUD 786,624
 
AUD/JPY, Counterparty CITI, November Strike Price 74.00 JPY, Expires 11/12/20
1 7,990,000 AUD 648,867
 
AUD/JPY, Counterparty CITI, December Strike Price 65.85 JPY, Expires 12/21/20
1 17,757,000 AUD 560,307
 
AUD/USD, Counterparty HSBK, May Strike Price $0.66, Expires 5/07/20
1 29,595,000 AUD 1,393,240
 
AUD/USD, Counterparty HSBK, May Strike Price $0.68, Expires 5/07/20
1 11,838,000 AUD 745,090
 
AUD/USD, Counterparty HSBK, July Strike Price $0.67, Expires 7/28/20
1 20,914,000 AUD 1,144,247
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/08/21
1 31,616,000 AUD 1,597,436
 
AUD/USD, Counterparty HSBK, February Strike Price $0.65, Expires 2/10/21
1 37,939,000 AUD 1,749,879
 
AUD/USD, Counterparty MSCO, August Strike Price $0.67, Expires 8/12/20
1 33,541,000 AUD 2,054,098
 
AUD/USD, Counterparty MSCO, October Strike Price $0.58, Expires 10/28/20
1 31,615,000 AUD 444,083
 
USD/JPY, Counterparty CITI, September Strike Price 100.70 JPY, Expires 9/16/20
1 69,025,000   856,255
 
USD/JPY, Counterparty CITI, September Strike Price 106.75 JPY, Expires 9/22/20
1 76,420,000   2,008,776
 
USD/JPY, Counterparty CITI, February Strike Price 105.70 JPY, Expires 2/24/21
1 49,303,000   1,570,103
 
USD/MXN, Counterparty CITI, July Strike Price 18.28 MXN, Expires 7/20/20
1 7,329,000   6,017
 
USD/MXN, Counterparty CITI, July Strike Price 18.38 MXN, Expires 7/24/20
1 7,328,000   6,764
 
USD/MXN, Counterparty CITI, September Strike Price 19.11 MXN, Expires 9/03/20
1 23,836,000   40,259
 
USD/MXN, Counterparty CITI, October Strike Price 18.00 MXN, Expires 10/19/20
1 18,322,000   20,979
 
USD/MXN, Counterparty CITI, March Strike Price 21.48 MXN, Expires 3/24/21
1 10,516,000   150,410
 
USD/MXN, Counterparty GSCO, March Strike Price 18.65 MXN, Expires 3/03/21
1 7,624,000   19,174
 
USD/MXN, Counterparty JPHQ, June Strike Price 21.95 MXN, Expires 6/22/20
1 12,554,000   144,095
  |  122
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Purchased (continued)        
  Puts - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.10 MXN, Expires 7/14/20
1      15,714,000          $10,214
          23,781,028
 
Total Options Purchased

(Cost $25,935,353)
      86,408,891
 
Total Investments before Short Term Investments

(Cost $1,995,910,175)
      1,718,761,590
      Principal
Amount* 		   
  Short Term Investments 28.4%        
  Foreign Government and Agency Securities 6.5%        
  Brazil 1.3%        
 
Letra Tesouro Nacional, Strip, 10/01/20
  166,070d BRL 31,450,360
  Japan 4.9%        
k Japan Treasury Discount Bill,        
 
4/06/20
    5,429,400,000 JPY    50,485,721
 
4/10/20 - 9/23/20
    7,974,300,000 JPY    74,191,039
          124,676,760
  Norway 0.3%        
h,i,k
Norway Treasury Bill, 144A, Reg S, 6/17/20 - 9/16/20
  77,138,000 NOK 7,417,397
 
Total Foreign Government and Agency Securities

(Cost $164,197,323)
      163,544,517
 
Total Investments before Money Market Funds (Cost $2,160,107,498)
      1,882,306,107
      Shares    
  Money Market Funds (Cost $551,433,451) 21.9%        
  United States 21.9%        
l,m
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  551,433,451   551,433,451
 
Total Investments (Cost $2,711,540,949) 96.5%
      2,433,739,558
 
Options Written (1.2)%
      (29,349,718)
 
Other Assets, less Liabilities 4.7%
      118,398,392
 
Net Assets 100.0%
      $2,522,788,232
  |  123
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (1.2)%        
  Calls - Over-the-Counter        
  Currency Options (1.0)%        
 
AUD/JPY, Counterparty CITI, April Strike Price 75.95 JPY, Expires 4/22/20
1      14,227,000 AUD          $(795)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.00 JPY, Expires 5/06/20
1      24,860,000 AUD        (2,947)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/07/20
1      23,676,000 AUD        (2,502)
 
AUD/JPY, Counterparty CITI, May Strike Price 77.35 JPY, Expires 5/07/20
1      11,838,000 AUD          (960)
 
AUD/JPY, Counterparty CITI, May Strike Price 76.50 JPY, Expires 5/13/20
1      33,196,000 AUD        (4,078)
 
AUD/JPY, Counterparty CITI, December Strike Price 75.70 JPY, Expires 12/21/20
1 35,514,000 AUD (53,363)
 
AUD/USD, Counterparty HSBK, April Strike Price $0.71, Expires 4/30/20
1 14,798,000 AUD (1,445)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.71, Expires 5/04/20
1 18,644,000 AUD (3,218)
 
AUD/USD, Counterparty HSBK, November Strike Price $0.71, Expires 11/05/20
1 11,838,000 AUD (20,522)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/08/21
1 15,808,000 AUD (63,247)
 
AUD/USD, Counterparty HSBK, February Strike Price $0.69, Expires 2/10/21
1 18,969,000 AUD (87,022)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.78, Expires 5/05/21
1 19,730,000 AUD (27,537)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.68, Expires 5/07/20
1 29,640,000 AUD (14,548)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.74, Expires 8/12/20
1 12,578,000 AUD (8,059)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.61, Expires 10/28/20
1 31,615,000 AUD (803,645)
 
AUD/USD, Counterparty MSCO, May Strike Price $0.74, Expires 5/12/21
1 42,617,000 AUD (97,414)
 
USD/JPY, Counterparty CITI, September Strike Price 107.50 JPY, Expires 9/16/20
1 39,442,000   (924,087)
 
USD/JPY, Counterparty CITI, September Strike Price 108.77 JPY, Expires 9/22/20
1 76,420,000   (1,337,197)
 
USD/JPY, Counterparty CITI, February Strike Price 112.00 JPY, Expires 2/24/21
1 98,607,000   (1,151,138)
 
USD/MXN, Counterparty CITI, May Strike Price 19.34 MXN, Expires 5/12/20
1 9,997,000   (1,918,984)
 
USD/MXN, Counterparty CITI, May Strike Price 22.85 MXN, Expires 5/14/20
1 10,986,000   (719,451)
 
USD/MXN, Counterparty CITI, May Strike Price 22.91 MXN, Expires 5/21/20
1 4,212,000   (273,847)
 
USD/MXN, Counterparty CITI, June Strike Price 26.36 MXN, Expires 6/25/20
1 11,039,000   (261,293)
 
USD/MXN, Counterparty CITI, June Strike Price 30.33 MXN, Expires 6/25/20
1 10,962,000   (98,220)
 
USD/MXN, Counterparty CITI, September Strike Price 23.00 MXN, Expires 9/03/20
1 23,836,000   (1,990,521)
 
USD/MXN, Counterparty CITI, September Strike Price 24.30 MXN, Expires 9/08/20
1 15,874,000   (925,518)
 
USD/MXN, Counterparty CITI, September Strike Price 20.06 MXN, Expires 9/17/20
1 21,869,000   (3,943,856)
 
USD/MXN, Counterparty CITI, September Strike Price 22.40 MXN, Expires 9/17/20
1 21,869,000   (2,208,725)
 
USD/MXN, Counterparty CITI, March Strike Price 35.62 MXN, Expires 3/24/21
1 37,848,000   (656,209)
 
USD/MXN, Counterparty GSCO, June Strike Price 21.07 MXN, Expires 6/03/20
1 7,624,000   (965,374)
 
USD/MXN, Counterparty JPHQ, June Strike Price 29.40 MXN, Expires 6/22/20
1 25,108,000   (268,103)
 
USD/MXN, Counterparty JPHQ, July Strike Price 22.30 MXN, Expires 7/27/20
1 12,571,000   (1,210,235)
 
USD/MXN, Counterparty JPHQ, September Strike Price 30.80 MXN, Expires 9/22/20
1 25,142,000   (385,804)
 
USD/MXN, Counterparty MSCO, June Strike Price 24.20 MXN, Expires 6/15/20
1 6,200,000   (280,463)
  |  124
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
    Number of
Contracts 		Notional
Amount* 		  Value
  Options Written (continued)        
  Calls - Over-the-Counter (continued)        
  Currency Options (continued)        
 
USD/MXN, Counterparty MSCO, September Strike Price 24.56 MXN, Expires 9/04/20
1      57,205,000      $(3,081,862)
 
USD/MXN, Counterparty MSCO, September Strike Price 22.46 MXN, Expires 9/10/20
1       4,767,000        (468,158)
          (24,260,347)
  Puts - Over-the-Counter        
  Currency Options (0.2)%        
 
AUD/JPY, Counterparty CITI, July Strike Price 68.00 JPY, Expires 7/21/20
1 31,568,000 AUD (1,016,211)
 
AUD/USD, Counterparty HSBK, May Strike Price $0.64, Expires 5/07/20
1 23,676,000 AUD (731,194)
 
AUD/USD, Counterparty HSBK, January Strike Price $0.63, Expires 1/27/21
1 10,457,000 AUD (345,687)
 
AUD/USD, Counterparty MSCO, June Strike Price $0.55, Expires 6/16/20
1 11,856,000 AUD (50,727)
 
AUD/USD, Counterparty MSCO, August Strike Price $0.64, Expires 8/12/20
1 8,386,000 AUD (294,306)
 
AUD/USD, Counterparty MSCO, October Strike Price $0.50, Expires 10/28/20
1 15,808,000 AUD (91,583)
 
USD/JPY, Counterparty CITI, September Strike Price 89.80 JPY, Expires 9/16/20
1 34,512,000   (158,721)
 
USD/JPY, Counterparty CITI, September Strike Price 102.25 JPY, Expires 9/22/20
1 38,210,000   (576,016)
 
USD/MXN, Counterparty CITI, May Strike Price 20.58 MXN, Expires 5/15/20
1 13,730,000   (31,153)
 
USD/MXN, Counterparty CITI, May Strike Price 19.09 MXN, Expires 5/21/20
1 4,212,000   (2,018)
 
USD/MXN, Counterparty CITI, July Strike Price 18.86 MXN, Expires 7/20/20
1 21,987,000   (27,638)
 
USD/MXN, Counterparty CITI, July Strike Price 18.97 MXN, Expires 7/24/20
1 21,985,000   (31,175)
 
USD/MXN, Counterparty CITI, September Strike Price 19.76 MXN, Expires 9/03/20
1 47,671,000   (130,666)
 
USD/MXN, Counterparty CITI, September Strike Price 24.20 MXN, Expires 9/24/20
1 10,516,000   (573,637)
 
USD/MXN, Counterparty CITI, October Strike Price 18.89 MXN, Expires 10/19/20
1 36,644,000   (75,120)
 
USD/MXN, Counterparty GSCO, June Strike Price 19.52 MXN, Expires 6/03/20
1 3,812,000   (4,109)
 
USD/MXN, Counterparty GSCO, March Strike Price 19.80 MXN, Expires 3/03/21
1 7,624,000   (38,783)
 
USD/MXN, Counterparty JPHQ, June Strike Price 23.40 MXN, Expires 6/22/20
1 25,108,000   (832,857)
 
USD/MXN, Counterparty JPHQ, July Strike Price 18.92 MXN, Expires 7/14/20
1 25,142,000   (30,170)
 
USD/MXN, Counterparty MSCO, June Strike Price 19.05 MXN, Expires 6/15/20
1 9,300,000   (7,514)
 
USD/MXN, Counterparty MSCO, September Strike Price 19.76 MXN, Expires 9/10/20
1 14,301,000   (40,086)
          (5,089,371)
 
Total Options Written (Premiums received $18,059,537)
      (29,349,718)
  |  125
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
*The principal/notional amount is stated in U.S. dollars unless otherwise indicated.
aSecurities denominated in Argentine Peso have been designated as Level 3 investments. See Note 11 regarding fair value measurements.
bRedemption price at maturity and coupon payment are adjusted for inflation.  
cThe coupon rate shown represents the rate at period end.
dPrincipal amount is stated in 1,000 Brazilian Real Units.
ePrincipal amount is stated in 100 Mexican Peso Units.
fPrincipal amount of security is adjusted for inflation.  
gPrincipal amount is stated in 100 Unidad de Inversion Units.
hSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. At March 31, 2020, the aggregate value of these securities was $110,951,210, representing 4.4% of net assets.
iSecurity was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security 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, 2020, the aggregate value of these securities was $110,951,210, representing 4.4% of net assets.
jA supranational organization is an entity formed by two or more central governments through international treaties.
kThe security was issued on a discount basis with no stated coupon rate.
lSee  Note 9 regarding investments in affiliated management investment companies.
mThe rate shown is the annualized seven-day effective yield at period end.
At March 31, 2020, the Fund had the following forward exchange contracts outstanding. See  Note 3.
Forward Exchange Contracts
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts
Brazilian Real 
CITI Buy 206,375,000 44,333,097 EUR 4/01/20         $ —  $(9,170,629)
Brazilian Real 
CITI Sell 206,375,000 36,669,332 EUR 4/01/20    720,215           —
Brazilian Real 
CITI Buy 64,908,700 12,579,205   4/02/20          —     (89,461)
Brazilian Real 
CITI Sell 64,908,700 12,661,406   4/02/20    171,662           —
Indian Rupee 
BNDP Buy 1,698,656,000 22,847,681   4/07/20          —    (362,452)
Indian Rupee 
BNDP Sell 1,698,656,000 23,397,948   4/07/20    912,719           —
Euro 
BOFA Buy 17,079,724 19,098,667   4/08/20          —    (260,393)
Euro 
BOFA Sell 17,079,724 18,978,477   4/08/20    140,203           —
Euro 
GSCO Buy 2,045,000 2,286,562   4/08/20          —     (31,006)
Euro 
GSCO Sell 2,045,000 2,272,915   4/08/20     17,359           —
Mexican Peso 
CITI Sell 157,383,000 7,836,511   4/08/20  1,218,793           —
South Korean Won 
HSBK Sell 42,561,000,000 36,614,763   4/08/20  1,693,681           —
Euro 
UBSW Buy 8,311,299 9,309,154   4/09/20          —    (141,737)
Euro 
UBSW Sell 8,311,299 9,247,151   4/09/20     79,735           —
Euro 
BZWS Buy 7,003,000 7,832,985   4/14/20          —    (107,049)
Euro 
BZWS Sell 7,003,000 7,785,515   4/14/20     59,579           —
Euro 
BOFA Buy 17,769,000 19,910,449   4/15/20          —    (306,309)
Euro 
BOFA Sell 17,769,000 19,824,340   4/15/20    220,201           —
Euro 
GSCO Buy 1,789,884 2,001,811   4/15/20          —     (27,073)
Euro 
GSCO Sell 1,789,884 1,996,758   4/15/20     22,020           —
Swedish Krona 
DBAB Buy 208,032,300 19,139,791 EUR 4/15/20          —    (129,112)
Indian Rupee 
CITI Buy 649,971,200 8,685,042   4/16/20          —    (110,865)
Indian Rupee 
CITI Sell 649,971,200 8,999,255   4/16/20    425,078           —
Brazilian Real 
JPHQ Sell 78,488,300 16,400,384   4/17/20  1,310,934           —
South Korean Won 
HSBK Sell 7,007,000,000 5,848,183   4/20/20     96,332           —
Euro 
GSCO Buy 1,231,111 1,381,337   4/23/20          —     (22,635)
Euro 
GSCO Sell 1,231,111 1,390,048   4/23/20     31,345           —
  |  126
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
UBSW Buy 11,641,500 13,050,936   4/24/20         $ —    $(202,393)
Euro 
UBSW Sell 11,641,500 13,116,769   4/24/20    268,226           —
Euro 
HSBK Buy 19,488,000 21,817,496   4/27/20          —    (306,247)
Euro 
HSBK Sell 19,488,000 21,942,319   4/27/20    431,070           —
South Korean Won 
HSBK Sell 39,774,174,559 34,190,815   4/28/20  1,531,298           —
Euro 
BOFA Buy 1,440,663 1,573,770   4/29/20     16,593           —
Euro 
BOFA Buy 32,470,000 36,410,137   4/29/20          —    (566,155)
Euro 
BOFA Sell 33,910,663 38,077,605   4/29/20    643,260           —
Euro 
GSCO Buy 2,855,793 3,205,499   4/29/20          —     (52,959)
Euro 
GSCO Sell 2,855,793 3,209,112   4/29/20     56,571           —
Euro 
SCNY Buy 12,300,264 13,789,519   4/29/20          —    (211,125)
Euro 
SCNY Sell 12,300,264 13,820,762   4/29/20    242,367           —
Indian Rupee 
JPHQ Buy 1,986,473,600 26,465,143   4/29/20          —    (389,633)
Indian Rupee 
JPHQ Sell 1,986,473,600 27,399,636   4/29/20  1,324,126           —
South Korean Won 
HSBK Sell 24,029,880,977 20,694,898   4/29/20    962,638           —
Euro 
BOFA Buy 6,525,000 7,129,398   4/30/20     73,915           —
Euro 
BOFA Sell 33,910,663 38,086,761   4/30/20    650,881           —
Euro 
CITI Sell 22,979,200 2,779,793,824 JPY 4/30/20    523,590           —
Euro 
GSCO Buy 13,037,050 14,602,148   4/30/20          —    (209,818)
Euro 
GSCO Sell 13,037,050 14,638,912   4/30/20    246,583           —
Euro 
HSBK Sell 25,974,891 29,216,947   4/30/20    541,810           —
Indian Rupee 
HSBK Buy 1,269,191,200 16,939,624   4/30/20          —    (285,867)
Indian Rupee 
HSBK Sell 1,629,025,341 22,612,789   4/30/20  1,237,449           —
Indian Rupee 
HSBK Buy 1,119,400,000 14,977,254   5/04/20          —    (302,687)
Indian Rupee 
HSBK Sell 1,466,662,182 20,315,288   5/04/20  1,088,350           —
Brazilian Real 
CITI Sell 65,103,700 12,661,409   5/05/20    158,298           —
Brazilian Real 
JPHQ Sell 64,790,800 15,630,734   5/05/20  3,187,715           —
Indian Rupee 
HSBK Sell 640,177,000 8,844,056   5/05/20    453,730           —
Swiss Franc 
UBSW Buy 17,378,212 15,829,025 EUR 5/08/20    601,080           —
South Korean Won 
HSBK Sell 75,818,000,000 63,967,939   5/11/20  1,689,304           —
Swiss Franc 
GSCO Buy 17,055,038 15,539,898 EUR 5/12/20    584,756           —
Indian Rupee 
BNDP Sell 237,955,000 3,306,860   5/13/20    193,964           —
Swedish Krona 
DBAB Buy 208,032,300 19,542,908 EUR 5/13/20          —    (594,101)
Euro 
HSBK Sell 1,800,000 2,005,992   5/14/20     17,774           —
Indian Rupee 
HSBK Sell 320,909,148 4,461,719   5/14/20    264,604           —
Indian Rupee 
JPHQ Sell 1,513,957,170 21,034,779   5/14/20  1,233,998           —
Indian Rupee 
HSBK Sell 833,252,000 11,571,337   5/18/20    683,509           —
Indian Rupee 
JPHQ Sell 451,390,000 6,129,685   5/18/20    231,521           —
Euro 
BOFA Sell 10,878,191 12,169,758   5/20/20    151,236           —
Euro 
GSCO Sell 1,898,500 2,124,232   5/20/20     26,717           —
Australian Dollar 
JPHQ Sell 60,630,000 4,397,043,441 JPY 5/21/20  3,736,110           —
Euro 
BOFA Sell 7,066,000 7,919,573   5/21/20    112,555           —
Euro 
GSCO Sell 1,230,811 1,379,124   5/21/20     19,236           —
Euro 
JPHQ Sell 21,878,395 24,516,274   5/21/20    343,470           —
Euro 
HSBK Sell 25,253,559 2,981,897,280 JPY 5/22/20          —    (105,694)
Euro 
HSBK Sell 25,253,559 3,033,255,442 JPY 5/22/20    373,068           —
  |  127
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
JPHQ Sell 26,361,295 29,500,003   5/22/20    $373,024          $ —
Australian Dollar 
CITI Sell 35,702,533 2,640,416,503 JPY 5/26/20  2,681,693           —
Japanese Yen 
JPHQ Buy 2,297,117,500 21,392,415   5/26/20     24,643           —
Euro 
MSCS Sell 30,744,500 34,286,266   5/27/20    309,516           —
Euro 
BOFA Sell 27,627,938 30,796,586   5/29/20    261,639           —
Euro 
BZWS Sell 11,247,583 12,585,820   5/29/20    154,768           —
Brazilian Real 
HSBK Sell 93,155,800 18,459,853   6/02/20    597,660           —
Brazilian Real 
JPHQ Sell 57,125,400 13,338,330   6/02/20  2,384,800           —
Indian Rupee 
SCNY Sell 2,362,358,000 32,644,133   6/03/20  1,879,270           —
Euro 
JPHQ Sell 6,775,311 7,592,787   6/04/20    102,952           —
Euro 
SCNY Sell 17,972,751 20,144,776   6/05/20    275,917           —
Japanese Yen 
HSBK Buy 1,385,935,690 13,139,372   6/08/20          —    (211,143)
Japanese Yen 
HSBK Sell 1,385,935,690 13,288,611   6/08/20    360,382           —
Japanese Yen 
JPHQ Buy 1,316,291,430 12,493,638   6/08/20          —    (215,062)
Japanese Yen 
JPHQ Sell 1,316,291,430 12,591,391   6/08/20    312,815           —
Australian Dollar 
CITI Sell 23,089,500 1,639,747,021 JPY 6/09/20  1,109,932           —
Australian Dollar 
HSBK Sell 29,370,000 2,163,795,505 JPY 6/12/20  2,142,102           —
Australian Dollar 
JPHQ Sell 44,900,000 3,317,676,979 JPY 6/12/20  3,365,556           —
Australian Dollar 
HSBK Sell 81,620,000 5,528,106,276 JPY 6/15/20  1,432,916           —
Euro 
JPHQ Sell 6,775,311 7,873,725   6/15/20    380,964           —
Norwegian Krone 
JPHQ Buy 199,051,400 21,751,993   6/15/20          —  (2,560,305)
Swedish Krona 
DBAB Buy 416,064,700 39,278,208 EUR 6/15/20          —  (1,425,528)
Australian Dollar 
HSBK Sell 9,830,000 645,083,920 JPY 6/16/20          —     (20,333)
Norwegian Krone 
JPHQ Buy 197,840,000 21,751,989   6/16/20          —  (2,677,086)
Swedish Krona 
DBAB Buy 208,032,400 19,122,207 EUR 6/16/20          —    (141,437)
Mexican Peso 
CITI Sell 539,656,000 26,544,132   6/17/20  4,088,107           —
Norwegian Krone 
JPHQ Buy 202,667,400 22,486,869   6/19/20          —  (2,946,487)
Japanese Yen 
JPHQ Buy 1,776,469,130 16,798,461   6/22/20          —    (218,176)
Japanese Yen 
JPHQ Buy 2,360,520,000 21,781,742   6/22/20    249,654           —
Japanese Yen 
JPHQ Sell 1,776,469,130 17,004,749   6/22/20    424,464           —
South Korean Won 
CITI Sell 4,215,000,000 3,523,216   6/22/20     54,510           —
Japanese Yen 
BNDP Buy 4,489,315,360 42,878,248   6/24/20          —    (974,921)
Japanese Yen 
CITI Buy 4,212,680,000 38,676,827   6/24/20    644,382           —
Brazilian Real 
HSBK Sell 40,142,900 7,799,281   6/25/20    110,543           —
Euro 
HSBK Sell 25,254,215 3,019,267,699 JPY 6/25/20    244,635           —
Euro 
CITI Sell 11,490,023 1,367,668,918 JPY 6/30/20     55,308           —
Euro 
CITI Sell 22,979,200 2,707,404,380 JPY 6/30/20          —    (149,238)
Norwegian Krone 
JPHQ Buy 230,077,650 21,512,370   6/30/20    670,983           —
Brazilian Real 
CITI Buy 206,375,000 36,375,253 EUR 7/02/20          —    (737,684)
Brazilian Real 
CITI Sell 64,908,700 12,516,622   7/02/20     89,084           —
Brazilian Real 
HSBK Sell 93,532,700 18,459,843   7/02/20    551,901           —
Brazilian Real 
JPHQ Sell 147,867,600 29,149,224   7/02/20    838,224           —
South Korean Won 
DBAB Sell 13,919,000,000 11,570,241   7/06/20    107,964           —
Australian Dollar 
JPHQ Sell 25,330,000 1,891,479,755 JPY 7/14/20  2,103,753           —
South Korean Won 
HSBK Sell 13,984,825,441 12,171,831   7/17/20    650,592           —
Euro 
UBSW Buy 1,922,305 2,166,765   7/23/20          —     (38,361)
  |  128
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Global Bond VIP Fund (continued)
Forward Exchange Contracts (continued)
Currency Counterpartya Type Quantity Contract Amount*   Settlement
Date 		Unrealized
Appreciation 		Unrealized
Depreciation
OTC Forward Exchange Contracts (continued)
Euro 
UBSW Sell 1,922,305 2,182,681   7/23/20     $54,278          $ —
Brazilian Real 
JPHQ Sell 71,627,700 15,860,872   8/04/20  2,174,957           —
South Korean Won 
DBAB Sell 13,920,000,000 11,743,862   8/07/20    266,984           —
Swiss Franc 
UBSW Buy 34,756,424 32,085,555 EUR 8/10/20    755,768           —
Swiss Franc 
GSCO Buy 34,110,076 31,546,498 EUR 8/12/20    678,457           —
Swedish Krona 
DBAB Buy 208,032,300 19,727,621 EUR 8/13/20          —    (831,084)
Australian Dollar 
JPHQ Sell 45,472,501 3,268,860,463 JPY 8/21/20  2,628,898           —
Australian Dollar 
CITI Sell 35,607,467 2,527,369,963 JPY 8/24/20  1,758,487           —
Australian Dollar 
JPHQ Sell 52,305,500 3,724,936,182 JPY 8/24/20  2,698,730           —
Euro 
HSBK Sell 25,253,559 2,984,142,320 JPY 8/24/20          —     (81,282)
Australian Dollar 
JPHQ Sell 52,305,500 3,860,368,198 JPY 8/25/20  3,966,322           —
Euro 
HSBK Sell 25,253,559 3,061,640,442 JPY 8/25/20    643,469           —
Indian Rupee 
SCNY Sell 945,558,000 12,949,745   8/27/20    768,659           —
Japanese Yen 
JPHQ Buy 2,297,161,600 20,973,377   8/27/20    510,168           —
Indian Rupee 
SCNY Sell 1,135,539,000 15,483,004   8/28/20    856,272           —
Japanese Yen 
CITI Buy 2,796,566,000 27,059,295   8/31/20          —    (902,104)
South Korean Won 
GSCO Sell 44,346,000,000 36,942,686   9/09/20    334,548           —
Australian Dollar 
HSBK Sell 19,340,000 1,310,343,020 JPY 9/14/20    379,721           —
Australian Dollar 
JPHQ Sell 22,880,000 1,553,370,104 JPY 9/14/20    478,995           —
Norwegian Krone 
JPHQ Buy 177,591,200 19,683,519   9/21/20          —  (2,558,762)
Euro 
CITI Sell 22,979,200 2,708,323,548 JPY 9/30/20          —    (139,594)
Euro 
CITI Sell 34,468,377 4,154,876,281 JPY 9/30/20    656,022           —
Euro 
GSCO Buy 17,044,025 19,273,383   10/05/20          —    (360,781)
Euro 
GSCO Sell 17,044,025 19,070,900   10/05/20    158,298           —
Mexican Peso 
CITI Sell 161,485,000 7,836,491   10/08/20  1,224,059           —
Mexican Peso 
CITI Sell 121,288,000 5,877,353   10/09/20    911,567           —
Euro 
HSBK Sell 33,800,018 37,982,433   10/13/20    467,033           —
Mexican Peso 
CITI Sell 404,375,000 19,555,619   10/13/20  3,008,628           —
Mexican Peso 
CITI Sell 595,223,000 28,888,991   10/15/20  4,539,115           —
Euro 
BOFA Sell 5,251,819 5,944,009   10/16/20    114,325           —
Euro 
HSBK Sell 8,692,000 9,833,042   10/16/20    184,650           —
Mexican Peso 
CITI Sell 545,017,000 26,695,974   10/16/20  4,402,986           —
Japanese Yen 
BNDP Buy 8,410,370,000 77,686,199   10/26/20  1,117,922           —
Swiss Franc 
UBSW Buy 17,378,212 15,853,718 EUR 11/09/20    601,454           —
Swiss Franc 
GSCO Buy 17,055,038 15,564,006 EUR 11/12/20    585,051           —
Australian Dollar 
JPHQ Sell 15,157,499 1,110,777,880 JPY 11/24/20  1,106,880           —
Japanese Yen 
MSCS Buy 12,189,000,000 115,214,473   12/18/20          —    (803,170)
Total Forward Exchange Contracts 
$98,088,584 $(31,977,938)
Net unrealized appreciation (depreciation) 
$66,110,646
 
*In U.S. dollars unless otherwise indicated.
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Abbreviations on page 157.
  |  129
Franklin Templeton Variable Insurance Products Trust
Statement of Investments, March 31, 2020 (unaudited)
Templeton Growth VIP Fund
    Country Shares   Value
  Common Stocks 88.6%        
  Air Freight & Logistics 1.2%        
 
United Parcel Service Inc., B
United States    70,479     $6,584,148
  Airlines 0.3%        
 
Japan Airlines Co. Ltd.
Japan    87,600     1,620,940
  Automobiles 1.8%        
 
Hero Motocorp Ltd.
India   141,930     3,005,113
 
Honda Motor Co. Ltd.
Japan   316,000     7,140,081
          10,145,194
  Banks 5.3%        
 
Bangkok Bank PCL, fgn.
Thailand 1,552,060   4,811,034
 
BNP Paribas SA
France 217,276   6,341,698
 
KB Financial Group Inc.
South Korea 204,285   5,789,318
 
Sumitomo Mitsui Financial Group Inc.
Japan 271,960   6,633,047
 
Wells Fargo & Co.
United States 224,698   6,448,833
          30,023,930
  Beverages 4.0%        
 
Anheuser-Busch InBev SA/NV
Belgium 145,426   6,421,698
 
Kirin Holdings Co. Ltd.
Japan 466,400   9,269,887
 
Suntory Beverage & Food Ltd.
Japan 185,560   7,048,330
          22,739,915
  Biotechnology 3.2%        
 
Gilead Sciences Inc.
United States 242,854   18,155,765
  Diversified Telecommunication Services 4.4%        
 
China Telecom Corp. Ltd., ADR
China 76,165   2,324,556
 
Deutsche Telekom AG
Germany 233,410   3,013,770
 
Singapore Telecommunications Ltd.
Singapore 7,759,230   13,833,532
 
Verizon Communications Inc.
United States 113,159   6,080,033
          25,251,891
  Electrical Equipment 1.2%        
 
Mitsubishi Electric Corp.
Japan 565,700   7,022,265
  Electronic Equipment, Instruments & Components 2.0%        
 
Kyocera Corp.
Japan 192,100   11,446,156
  Food & Staples Retailing 6.3%        
 
The Kroger Co.
United States 465,082   14,008,270
 
Seven & i Holdings Co. Ltd.
Japan 233,500   7,764,154
 
Walgreens Boots Alliance Inc.
United States 301,129   13,776,652
          35,549,076
  Food Products 2.7%        
 
Kellogg Co.
United States 258,057   15,480,840
  Gas Utilities 0.5%        
 
Kunlun Energy Co. Ltd.
China 5,368,700   3,137,019
Quarterly Statement of Investments  |  See Notes to Statements of Investments.  |  130
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Growth VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Hotels, Restaurants & Leisure 3.0%        
 
Galaxy Entertainment Group Ltd.
Macau 1,031,300     $5,500,604
 
InterContinental Hotels Group PLC
United Kingdom    96,760     4,114,164
 
Yum China Holdings Inc.
China   168,771     7,194,708
          16,809,476
  Household Durables 2.1%        
 
Gree Electric Appliances Inc. of Zhuhai, A
China   224,300     1,653,153
 
Panasonic Corp.
Japan 1,366,580   10,483,319
          12,136,472
  Industrial Conglomerates 3.8%        
 
CK Hutchison Holdings Ltd.
Hong Kong 1,636,400   11,039,286
 
Siemens AG
Germany 127,702   10,690,225
          21,729,511
  Interactive Media & Services 0.9%        
a
Baidu Inc., ADR
China 50,650   5,105,014
  Internet & Direct Marketing Retail 1.2%        
a
Booking Holdings Inc.
United States 5,134   6,906,873
  Leisure Products 0.2%        
a,b
Mattel Inc.
United States 161,389   1,421,837
  Machinery 1.7%        
 
Komatsu Ltd.
Japan 440,500   7,284,664
 
Makita Corp.
Japan 70,900   2,219,725
          9,504,389
  Marine 1.4%        
 
A.P. Moeller-Maersk AS, B
Denmark 9,264   8,209,763
  Media 2.0%        
 
Comcast Corp., A
United States 174,363   5,994,600
 
SES SA, IDR
Luxembourg 881,520   5,198,063
          11,192,663
  Metals & Mining 4.1%        
 
ArcelorMittal SA
France 505,963   4,775,217
 
Freeport-McMoRan Inc.
United States 734,044   4,954,797
 
Wheaton Precious Metals Corp.
Canada 496,476   13,661,468
          23,391,482
  Multiline Retail 1.9%        
a
Dollar Tree Inc.
United States 144,189   10,593,566
  Multi-Utilities 3.4%        
 
E.ON SE
Germany 1,144,619   11,737,938
 
Veolia Environnement SA
France 358,282   7,565,173
          19,303,111
  Oil, Gas & Consumable Fuels 4.6%        
 
Apache Corp.
United States 218,766   914,442
 
BP PLC
United Kingdom 2,100,831   8,610,535
 
Eni SpA
Italy 420,209   4,174,679
  |  131
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Growth VIP Fund (continued)
    Country Shares   Value
  Common Stocks (continued)        
  Oil, Gas & Consumable Fuels (continued)        
 
Exxon Mobil Corp.
United States    83,554     $3,172,545
b
Husky Energy Inc.
Canada   527,660     1,327,116
 
Royal Dutch Shell PLC, B
United Kingdom   467,119     7,831,066
          26,030,383
  Pharmaceuticals 14.3%        
 
Allergan PLC
United States   122,834    21,753,901
 
Bayer AG
Germany 168,816   9,670,268
 
Merck KGaA
Germany 72,694   7,337,342
 
Roche Holding AG
Switzerland 42,833   13,774,014
 
Sanofi
France 177,087   15,327,108
 
Takeda Pharmaceutical Co. Ltd.
Japan 440,170   13,539,285
          81,401,918
  Real Estate Management & Development 1.9%        
 
CK Asset Holdings Ltd.
Hong Kong 1,043,190   5,712,036
 
Sun Hung Kai Properties Ltd.
Hong Kong 385,500   5,081,888
          10,793,924
  Semiconductors & Semiconductor Equipment 0.4%        
 
NXP Semiconductors NV
Netherlands 24,758   2,053,181
  Software 2.0%        
 
Oracle Corp.
United States 231,028   11,165,583
  Specialty Retail 1.6%        
 
Kingfisher PLC
United Kingdom 3,797,455   6,666,503
 
Ross Stores Inc.
United States 9,700   843,609
 
The TJX Cos. Inc.
United States 36,136   1,727,662
          9,237,774
  Technology Hardware, Storage & Peripherals 2.6%        
 
Samsung Electronics Co. Ltd.
South Korea 373,630   14,633,829
  Textiles, Apparel & Luxury Goods 1.6%        
 
Adidas AG
Germany 14,503   3,219,187
 
Burberry Group PLC
United Kingdom 355,780   5,779,852
          8,999,039
  Wireless Telecommunication Services 1.0%        
 
Vodafone Group PLC
United Kingdom 4,058,758   5,611,902
 
Total Common Stocks (Cost $565,215,993)
      503,388,829
  |  132
Franklin Templeton Variable Insurance Products Trust
Statement of Investments (unaudited)
Templeton Growth VIP Fund (continued)
    Country Principal
Amount* 		  Value
  Short Term Investments 3.1%        
  Time Deposits 2.6%        
 
National Australia Bank Ltd, 0.01%, 4/01/20
Australia $7,000,000     $7,000,000
 
Royal Bank Of Canada, 0.01%, 4/01/20
Canada 8,000,000     8,000,000
 
Total Time Deposits (Cost $15,000,000)
      15,000,000
      Shares    
  Investments from Cash Collateral Received for Loaned Securities 0.5%        
  Money Market Funds (Cost $2,614,108) 0.5%        
c,d
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
United States 2,614,108   2,614,108
 
Total Investments (Cost $582,830,101) 91.7%
      521,002,937
 
Other Assets, less Liabilities 8.3%
      47,078,279
 
Net Assets 100.0%
      $568,081,216
 
See Abbreviations on page 157.
*The principal amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bA portion or all of the security is on loan at March 31, 2020.  
cSee  Note 9 regarding investments in affiliated management investment companies.
dThe rate shown is the annualized seven-day effective yield at period end.
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Franklin Templeton Variable Insurance Products Trust
Notes to Statements 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) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). Shares of the Funds are generally sold only to insurance company separate accounts to fund the benefits of variable life insurance policies or variable annuity contracts.
Certain or all Funds invest in affiliated funds managed by Franklin Templeton (Underlying Funds) and/or exchange traded funds (ETFs).
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 Funds’ administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The Funds may utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
Equity securities, exchange traded funds and derivative financial instruments listed on an exchange or on the NASDAQ National Market System are valued at the last quoted sale price or the official closing price of the day, respectively. Foreign equity securities are valued as of the close of trading on the foreign stock exchange on which the security is primarily traded or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Over-the-counter (OTC) securities are valued within the range of the most recent quoted bid and ask prices. Securities that trade in multiple markets or on multiple exchanges are valued according to the broadest and most representative market. Certain equity securities are valued based upon fundamental characteristics or relationships to similar securities.
Debt securities generally trade in the OTC market rather than on a securities exchange. The Funds’ pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.
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.
  |  134
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
The Funds have procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Funds’ business day. Occasionally, events 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, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Funds. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services. At March 31, 2020, a market event occurred resulting in a portion of the securities held by certain or all Funds being valued using fair value procedures.
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 significant security valuation changes due to an open foreign market are adjusted and reflected by the Funds for financial reporting purposes. 
3.  DERIVATIVE FINANCIAL INSTRUMENTS
Certain or all Funds invested in derivative financial instruments in order to manage risk or gain exposure to various other investments or markets. Derivatives are financial contracts based on an underlying or notional amount, require no initial investment or an initial net investment that is smaller than would normally be required to have a similar response to changes in market factors, and require or permit net settlement. Derivatives contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and/or the potential for market movements.
Derivative counterparty credit risk is managed through a formal evaluation of the creditworthiness of all potential counterparties. Certain or all Funds attempt to reduce their exposure to counterparty credit risk on OTC derivatives, whenever possible, by entering into International Swaps and Derivatives Association (ISDA) master agreements with certain counterparties. These agreements contain various provisions, including but not limited to collateral requirements, events of default, or early termination. Termination events applicable to the counterparty include certain deteriorations in the credit quality of the counterparty. Termination events applicable to the Funds include failure of the Funds to maintain certain net asset levels and/or limit the decline in net assets over various periods of time. In the event of default or early termination, the ISDA master agreement gives the non-defaulting party the right to net and close-out all transactions traded, whether or not arising under the ISDA agreement, to one net amount payable by one counterparty to the other. Early termination by the counterparty may result in an immediate payment by the Funds of any net liability owed to that counterparty under the ISDA agreement.
Collateral requirements differ by type of derivative. Collateral or initial margin requirements are set by the broker or exchange clearing house for exchange traded and centrally cleared derivatives. Initial margin deposited is held at the exchange and can be in the form of cash and/or securities. For OTC derivatives traded under an ISDA master agreement, posting of collateral is required by either the Fund or the applicable counterparty if the total net exposure of all OTC derivatives with the applicable counterparty exceeds the minimum transfer amount, which typically ranges from $100,000 to $250,000, and can vary
  |  135
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
3.  DERIVATIVE FINANCIAL INSTRUMENTS (continued)
depending on the counterparty and the type of the agreement. Generally, collateral is determined at the close of Fund business each day and any additional collateral required due to changes in derivative values may be delivered by the Fund or the counterparty the next business day, or within a few business days. Collateral pledged and/or received by the Fund for OTC derivatives, if any, is held in segregated accounts with the Fund’s custodian/counterparty broker and can be in the form of cash and/or securities. Unrestricted cash may be invested according to the Funds’ investment objectives. To the extent that the amounts due to the Fund from its counterparties are not subject to collateralization or are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance.
At March 31, 2020, the Funds received United Kingdom Treasury Bonds and U.S. Treasury Bills, Bonds and Notes as collateral for derivatives, as follows:
Franklin Mutual Global Discovery VIP Fund $1,367,452
Franklin Mutual Shares VIP Fund $2,580,559
Templeton Global Bond VIP Fund $50,851,741
Certain or all Funds entered into exchange traded futures contracts primarily to manage and/or gain exposure to interest rate risk and/or certain foreign currencies. A futures contract is an agreement between the Fund and a counterparty to buy or sell an asset at a specified price on a future date. Required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable.
Certain or all Funds entered into OTC forward exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. A forward exchange contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency for a specific exchange rate on a future date.
Certain or all Funds entered into credit default swap contracts primarily to manage and/or gain exposure to credit risk. A credit default swap is an agreement between the Fund and a counterparty whereby the buyer of the contract receives credit protection and the seller of the contract guarantees the credit worthiness of a referenced debt obligation. These agreements may be privately negotiated in the over-the-counter market (OTC credit default swaps) or may be executed in a multilateral trade facility platform, such as a registered exchange (centrally cleared credit default swaps). The underlying referenced debt obligation may be a single issuer of corporate or sovereign debt, a credit index, a basket of issuers or indices, or a tranche of a credit index or basket of issuers or indices. In the event of a default of the underlying referenced debt obligation, the buyer is entitled to receive the notional amount of the credit default swap contract from the seller in exchange for the referenced debt obligation, a net settlement amount equal to the notional amount of the credit default swap less the recovery value of the referenced debt obligation, or other agreed upon amount. For centrally cleared credit default swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, the buyer pays the seller a periodic stream of payments, provided that no event of default has occurred. Such periodic payments are accrued daily as an unrealized appreciation or depreciation until the payments are made, at which time they are realized. Upfront payments and receipts represent compensating factors between stated terms of the credit default swap agreement and prevailing market conditions (credit spreads and other relevant factors). These upfront payments and receipts are amortized over the term of the contract as a realized gain or loss.
Certain or all Funds entered into OTC cross currency swap contracts primarily to manage and/or gain exposure to interest rate risk and certain foreign currencies. A cross currency swap is an agreement between the Fund and a counterparty to exchange cash flows (determined using either a fixed or floating rate) based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the opening of the contract. Cross currency swaps may require the exchange of notional amounts at the opening and/or closing of the contract. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized
  |  136
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
depreciation and appreciation until the payments are made, at which time they are realized. Upfront payments and receipts represent compensating factors between stated terms of the cross currency swap contract and prevailing market conditions (interest rate spreads and other relevant factors). These upfront payments and receipts are amortized over the term of the contract as a realized gain or loss.
Certain or all Funds entered into inflation index swap contracts primarily to manage and/or gain exposure to inflation risk. An inflation index swap is an agreement between the Fund and a counterparty to exchange cash flows whereby one party makes payments based on the percentage change in an index that serves as a measure of inflation and the other party makes a regular payment based on a compounded fixed rate, applied to a notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC inflation index swap) or may be executed on a registered exchange (centrally cleared inflation index swap). For centrally cleared inflation index swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized depreciation and appreciation until the payments are made, at which time they are realized. Typically, an inflation index swap has payment obligations netted and exchanged upon maturity.
Certain or all Funds entered into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between the Fund and a counterparty to exchange cash flows based on the difference between two interest rates, applied to a notional amount. These agreements may be privately negotiated in the over-the-counter market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps). For centrally cleared interest rate swaps, required initial margins are pledged by the Fund, and the daily change in fair value is accounted for as a variation margin payable or receivable. Over the term of the contract, contractually required payments to be paid and to be received are accrued daily and recorded as unrealized depreciation and appreciation until the payments are made, at which time they are realized. Certain or all Funds do not hold any interest rate swap contracts at period end.
Certain or all Funds entered into OTC total return swap contracts primarily to manage and/or gain exposure to equity price risk of an underlying instrument such as a stock, bond, index or basket of securities or indices. A total return swap is an agreement between the Fund and a counterparty to exchange a return linked to an underlying instrument for a floating or fixed rate payment, both based upon a notional amount. Over the term of the contract, contractually required payments to be paid or received are accrued daily and recorded as unrealized appreciation or depreciation until the payments are made, at which time they are recognized as realized gain or loss.
Certain or all Funds purchased or wrote exchange traded and OTC option contracts primarily to manage exposure to equity price and foreign exchange rate risk. An option is a contract entitling the holder to purchase or sell a specific amount of shares or units of an asset or notional amount of a swap (swaption), at a specified price. When an option is purchased or written, an amount equal to the premium paid or received is recorded as an asset or liability, respectively. Upon exercise of an option, the acquisition cost or sales proceeds of the underlying investment is adjusted by any premium received or paid. Upon expiration of an option, any premium received or paid is recorded as a realized gain or loss. Upon closing an option other than through expiration or exercise, the difference between the premium received or paid and the cost to close the position is recorded as a realized gain or loss.
Certain or all Funds invest in value recovery instruments (VRI) primarily to gain exposure to economic growth. Periodic payments from VRI are dependent on established benchmarks for underlying variables. VRI has a notional amount, which is used to calculate amounts of payments to holders. Payments are recorded upon receipt as realized gains. The risks of investing in VRI include growth risk, liquidity, and the potential loss of investment.
The following Funds have invested in derivatives during the period.
Franklin Allocation VIP Fund - Futures, forwards, options and swaps
Franklin Income VIP Fund - Options
Franklin Mutual Global Discovery VIP Fund - Futures and forwards
  |  137
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
3.  DERIVATIVE FINANCIAL INSTRUMENTS (continued)
Franklin Mutual Shares VIP Fund - Futures and forwards
Franklin Strategic Income VIP Fund - Futures, forwards, options, swaps and VRI
Franklin VolSmart Allocation VIP Fund - Futures and swaps
Templeton Global Bond VIP Fund - Options, forwards and swaps 
4.  MORTGAGE DOLLAR ROLLS
Franklin Allocation VIP Fund and Franklin Strategic Income VIP Fund enter into mortgage dollar rolls, typically on a to-be-announced basis. Mortgage dollar rolls are agreements between the Fund and a financial institution where the Fund sells (or buys) mortgage-backed securities for delivery on a specified date and simultaneously contracts to repurchase (or sell) substantially similar (same type, coupon, and maturity) securities at a future date and at a predetermined price. Gains or losses are realized on the initial sale, and the difference between the repurchase price and the sale price is recorded as an unrealized gain or loss to the Fund upon entering into the mortgage dollar roll. In addition, the Fund may invest the cash proceeds that are received from the initial sale. During the period between the sale and repurchase, the Fund is not entitled to principal and interest paid on the mortgage backed securities. Transactions in mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to the Fund’s portfolio turnover rate. The risks of mortgage dollar roll transactions include the potential inability of the counterparty to fulfill its obligations. 
5.  CONCENTRATION OF RISK
Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local, regional and global economic, political and social conditions, which may result in greater market volatility. Current political and financial uncertainty surrounding the European Union may increase market volatility and the economic risk of investing in securities in Europe. In addition, certain foreign securities may not be as liquid as U.S. securities.
Certain or all Funds invest a large percentage of their total assets in Real Estate Investment Trust securities. Such concentration may subject the Funds to special risks associated with real estate securities. These securities may be more sensitive to economic or regulatory developments due to a variety of factors such as local, regional, national and global economic conditions, interest rates and tax considerations.
The United States and other nations have imposed and could impose additional sanctions on certain issuers in Russia due to regional conflicts. These sanctions could result in the devaluation of Russia’s currency, a downgrade in Russian issuers’ credit ratings, or a decline in the value and liquidity of Russian stocks or other securities. Such sanctions could also adversely affect Russia’s economy. The Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, if the Fund holds the securities of an issuer that is subject to such sanctions, an immediate freeze of that issuer’s securities could result, impairing the ability of the Fund to buy, sell, receive or deliver those securities. There is also the risk that countermeasures could be taken by Russia’s government, which could involve the seizure of the Fund’s assets. These risks could affect the value of the Funds’ portfolio. While the Funds hold securities of certain issuers impacted by the sanctions, existing investments do not presently violate the applicable terms and conditions of the sanctions. The sanctions currently do not affect the Funds’ ability to sell these securities. At March 31, 2020, the Templeton Developing Markets VIP Fund had 8.0% of its net assets invested in Russia. The remaining Funds in the Trust did not have a significant investment in Russia.
At March 31, 2020, Templeton Global Bond VIP Fund had 1.7% of its net assets denominated in Argentine Pesos, which has restricted currency repatriation since September 2019, and had restructured certain issues of its debt. Political and economic conditions in Argentina could continue to affect the value of the Fund’s holdings. 
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Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
6.  NOVEL CORONAVIRUS PANDEMIC
The global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of the Funds, their ability to buy and sell fund investments at appropriate valuations and their ability to achieve their investment objectives. 
7.  RESTRICTED SECURITIES
At March 31, 2020, investments in restricted securities, excluding securities exempt from registration under the Securities Act of 1933, were as follows:
Principal
Amount/
Shares/
Units 		  Issuer Acquisition
Date 		Cost Value
Franklin Mutual Global Discovery VIP Fund      
424,073  
International Automotive Components Group Brazil LLC, (Value is 0.0%† of Net Assets)
4/13/06 - 12/26/08 $281,629 $7,992
Franklin Mutual Shares VIP Fund      
1,730,515  
International Automotive Components Group Brazil LLC, (Value is 0.0%† of Net Assets)
4/13/06 - 12/26/08 $1,149,241 $32,612
Franklin Small-Mid Cap Growth VIP Fund      
733,541  
DraftKings Inc. (Value is 0.7% of Net Assets)
8/07/15 $2,800,003 $2,198,135
Franklin Strategic Income VIP Fund      
18,684   a
Appvion Operations Inc.
4/12/19 $252,711 $267,045
14,792,309   b
K2016470219 South Africa Ltd., A
2/08/13 - 2/01/17 114,768 8,266
1,472,041   b
K2016470219 South Africa Ltd., B
2/01/17 1,093 822
7,021   c
Remington Outdoor Co. Inc., Litigation Units
4/12/19  —  —
   
Total Restricted Securities (Value is 0.1% of Net Assets)
$368,572 $276,133
 
†Rounds to less than 0.1% of net assets.
aThe Fund also invests in unrestricted securities of the issuer, valued at $402,727 as of March 31, 2020.
bThe Fund also invests in unrestricted securities of the issuer, valued at $1,202 as of March 31, 2020.
cThe Fund also invests in unrestricted securities of the issuer, valued at $37,288 as of March 31, 2020. 
8.  INVESTMENTS IN UNDERLYING FUNDS
Certain or all Funds invest in Underlying Funds which are managed by affiliates of the Fund’s administrative manager, Franklin Templeton Services, LLC. The Fund does not invest in Underlying Funds for the purpose of exercising a controlling influence over the management or policies.
Investments in Underlying Funds for the three months ended March 31, 2020, were as follows:
  Value at
Beginning
of Period 		Purchases Sales Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value at
End of
Period 		Number of
Shares
Held at End
of Period 		Dividend
Income
Franklin VolSmart Allocation VIP Fund              
Non-Controlled Affiliates                
Franklin DynaTech Fund, Class R6
$9,701,447 $1,700,000 $ — $ — $(770,153) $10,631,294 127,291 $ —
Franklin Income Fund, Class R6
15,600,923 207,817  —  — (2,709,815) 13,098,925 6,787,008 207,818
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Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
8.  INVESTMENTS IN UNDERLYING FUNDS (continued)
  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
Franklin VolSmart Allocation VIP Fund (continued)              
Non-Controlled Affiliates (continued)                
Franklin Low Duration Total Return Fund, Class R6
$32,117,065 $259,564 $(5,736,000) $(549,632) $(1,702,655) $24,388,342 2,709,816 $259,564
Franklin Strategic Income Fund, Class R6
22,028,255 245,275  —  — (2,358,797) 19,914,733 2,321,064 245,275
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
4,131,506 41,724,449 (38,541,612) — — 7,314,343 7,314,343 15,034
  Total Affiliated Securities
$83,579,196 $44,137,105 $(44,277,612) $(549,632) $(7,541,420) $75,347,637   $727,691
                 
 
9.  INVESTMENTS IN AFFILIATED MANAGEMENT INVESTMENT COMPANIES
Certain or all Funds invest in one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. During the period ended March 31, 2020, investments in affiliated management investment companies were as follows:
  Value at
Beginning
of Period 		Purchases Sales Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value at
End of
Period 		Number of
Shares
Held at End
of Period 		Investment
Income
Franklin Allocation VIP Fund
Non-Controlled Affiliates
                Dividends
Franklin LibertyQ U.S. Equity ETF
         $  —   $4,446,395           $  —       $  —   $(726,638)   $3,719,757 134,725    $10,093
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
21,473,752 63,381,240 (50,501,378)   —   — 34,353,614 34,353,614 70,431
Templeton Global Bond VIP Fund, Class 1
33,013,162   — (4,600,000) (672,169) (853,342) 26,887,651 1,687,863   —
Total Affiliated Securities
$54,486,914 $67,827,635 $(55,101,378) $(672,169) $(1,579,980) $64,961,022   $80,524
Franklin Flex Cap Growth VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$2,694,405 $8,215,369 $(10,909,515) $  — $  — $259 259 $3,073
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  — 5,461,040 (5,441,790)   —   — 19,250 19,250 9
Total Affiliated Securities
$2,694,405 $13,676,409 $(16,351,305) $ — $ — $19,509   $3,082
Franklin Global Real Estate VIP Fund
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$  — $856,000 $(570,000) $  — $  — $286,000 286,000 $  —
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Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Value at
Beginning
of Period 		Purchases Sales Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value at
End of
Period 		Number of
Shares
Held at End
of Period 		Investment
Income
Franklin Income VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
 $83,971,136 $396,324,926 $(204,175,746)       $  —         $  — $276,120,316 276,120,316   $345,343
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
747,000 57,726,000 (58,473,000)   —   — — — 11,050
Total Affiliated Securities
$84,718,136 $454,050,926 $(262,648,746) $ — $ — $276,120,316   $356,393
Franklin Large Cap Growth VIP Fund
Non-Controlled Affiliates
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$411,000 $2,669,000 $(3,056,000) $  — $  — $24,000 24,000 $1,023
Franklin Mutual Global Discovery VIP Fund
Non-Controlled Affiliates
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$  — $4,625,000 $(4,625,000) $  — $  — $  — — $1,058
Franklin Mutual Shares VIP Fund
Non-Controlled Affiliates
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$  — $14,916,000 $(14,916,000) $  — $  — $  — — $3,223
Franklin Rising Dividends VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$17,735,928 $81,826,107 $(80,102,224) $  — $  — $19,459,811 19,459,811 $37,632
Franklin Small Cap Value VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$24,977,897 $58,396,099 $(60,287,115) $  — $  — $23,086,881 23,086,881 $51,969
  |  141
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
9.  INVESTMENTS IN AFFILIATED MANAGEMENT INVESTMENT COMPANIES (continued)
  Value at
Beginning
of Period 		Purchases Sales Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value at
End of
Period 		Number of
Shares
Held at End
of Period 		Investment
Income
Franklin Small-Mid Cap Growth VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
 $10,406,987  $21,614,332    $(26,933,703)       $  —         $  —   $5,087,616 5,087,616    $32,447
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
4,879,541 13,708,820 (15,352,086)   —   — 3,236,275 3,236,275 11,293
Total Affiliated Securities
$15,286,528 $35,323,152 $(42,285,789) $ — $ — $8,323,891   $43,740
Franklin Strategic Income VIP Fund
Non-Controlled Affiliates
                Dividends
Franklin Floating Rate Income Fund
$9,264,918 $  — $  — $  — $(1,309,174) $7,955,744 1,118,951 $103,694
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
11,463,714 54,463,724 (47,754,520)   —   — 18,172,918 18,172,918 28,544
Total Affiliated Securities
$20,728,632 $54,463,724 $(47,754,520) $ — $(1,309,174) $26,128,662   $132,238
Templeton Developing Markets VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$3,522,232 $11,641,500 $(15,163,617) $  — $  — $115 115 $9,556
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  — 10,532,820 (3,816,422)   —   — 6,716,398 6,716,398 1,326
Total Affiliated Securities
$3,522,232 $22,174,320 $(18,980,039) $ — $ — $6,716,513   $10,882
Templeton Foreign VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$70,825,763 $76,730,244 $(87,157,680) $  — $  — $60,398,327 60,398,327 $176,727
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
  — 67,185,568 (48,288,660)   —   — 18,896,908 18,896,908 14,024
Total Affiliated Securities
$70,825,763 $143,915,812 $(135,446,340) $ — $ — $79,295,235   $190,751
  |  142
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  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 Global Bond VIP Fund
Non-Controlled Affiliates
                Dividends
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$691,092,548 $181,146,743 $(320,805,840)       $  —         $  — $551,433,451 551,433,451 $1,658,199
Templeton Growth VIP Fund
Non-Controlled Affiliates
                Income from
securities
loaned
Institutional Fiduciary Trust Money Market Portfolio, 0.32%
$  — $11,648,552 $(9,034,444) $  — $  — $2,614,108 2,614,108 $1,454
10.  INVESTMENTS IN FT HOLDINGS CORPORATION III (FT Subsidiary)
Franklin Strategic Income VIP Fund invests in certain financial instruments through its investment in FT Subsidiary. FT Subsidiary is a Delaware Corporation, is a wholly-owned subsidiary of the Fund, and is able to invest in certain financial instruments consistent with the investment objective of the Fund. At March 31, 2020, FT Subsidiary’s investment, Turtle Bay Resort, as well as any other assets and liabilities of FT Subsidiary are reflected in the Fund’s Consolidated Statement of Investments. At March 31, 2020, the net assets of FT Subsidiary were $6,349,161, representing 1.6% of the Fund’s consolidated net assets. The Fund’s investment in FT Subsidiary is limited to 25% of consolidated assets. 
11.  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.
  |  143
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
A summary of inputs used as of March 31, 2020, 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:a        
Equity Investments:b        
Automobiles & Components
$3,009,062 $1,251,976 $— $4,261,038
Banks
2,619,939 5,477,067 — 8,097,006
Capital Goods
34,672,713 3,359,080 — 38,031,793
Commercial & Professional Services
5,480,750 1,499,886 — 6,980,636
Diversified Financials
58,195,749 3,147,773 — 61,343,522
Energy
4,651,036 3,535,621 — 8,186,657
Food, Beverage & Tobacco
16,189,174 686,392 — 16,875,566
Health Care Equipment & Services
21,386,099 1,329,898 — 22,715,997
Materials
14,098,066 5,894,129 — 19,992,195
Media & Entertainment
12,340,015 1,630,063 — 13,970,078
Pharmaceuticals, Biotechnology & Life Sciences
30,935,934 5,610,350 — 36,546,284
Retailing
19,572,454 1,128,451 — 20,700,905
Semiconductors & Semiconductor Equipment
15,579,500 2,412,225 — 17,991,725
Software & Services
36,450,748 7,388,556 — 43,839,304
Telecommunication Services
2,487,013 1,169,931 — 3,656,944
Transportation
9,908,747 2,279,514 — 12,188,261
Utilities
10,892,710 1,303,459 — 12,196,169
All Other Equity Investments
53,346,276 — — 53,346,276
Corporate Bonds
— 89,425,849 — 89,425,849
Senior Floating Rate Interests
— 5,222,731 — 5,222,731
Foreign Government and Agency Securities
— 5,997,622 — 5,997,622
U.S. Government and Agency Securities
— 27,661,907 — 27,661,907
Asset-Backed Securities and Commercial Mortgage-Backed Securities
— 38,268,028 — 38,268,028
Mortgage-Backed Securities
— 75,123,977 — 75,123,977
Municipal Bonds
— 6,780,106 — 6,780,106
Short Term Investments
34,353,614 — — 34,353,614
Total Investments in Securities
$386,169,599 $297,584,591 $ — $683,754,190
Other Financial Instruments:        
Futures Contracts
$1,183,504 $— $— $1,183,504
Forward Exchange Contracts
— 252,385 — 252,385
Swap Contracts
— 100,850 — 100,850
Total Other Financial Instruments
$1,183,504 $353,235 $ — $1,536,739
Liabilities:        
Other Financial Instruments:        
Options Written
$— $282,728 $— $282,728
Futures Contracts
286,450 — — 286,450
Forward Exchange Contracts
— 310,238 — 310,238
Swap Contracts
— 1,179,853 — 1,179,853
Total Other Financial Instruments
$286,450 $1,772,819 $ — $2,059,269
  |  144
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Level 1 Level 2 Level 3 Total
Franklin Flex Cap Growth VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments
$97,798,992 $— $— $97,798,992
Short Term Investments
19,509 — — 19,509
Total Investments in Securities
$97,818,501 $ — $ — $97,818,501
Franklin Global Real Estate VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
Diversified Real Estate Activities
$9,814,623 $1,466,354 $— $11,280,977
Industrial REITs
16,633,243 3,935,617 — 20,568,860
Integrated Telecommunication Services
— 567,330 — 567,330
Office REITs
13,320,785 2,148,066 — 15,468,851
Real Estate Operating Companies
— 9,919,026 — 9,919,026
Residential REITs
15,262,259 1,115,191 — 16,377,450
Retail REITs
9,685,095 1,531,191 — 11,216,286
All Other Equity Investments
28,948,975 — — 28,948,975
Short Term Investments
286,000 838,171 — 1,124,171
Total Investments in Securities
$93,950,980 $21,520,946 $ — $115,471,926
Franklin Growth and Income VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
Consumer Staples
$6,207,028 $552,499 $— $6,759,527
Materials
— 347,525 — 347,525
All Other Equity Investments
42,110,794 — — 42,110,794
Equity-Linked Securities
— 4,710,854 — 4,710,854
Short Term Investments
— 1,242,991 — 1,242,991
Total Investments in Securities
$48,317,822 $6,853,869 $ — $55,171,691
Franklin Income VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
Financials
$207,269,603 $22,866,146 $— $230,135,749
Health Care
183,431,500 58,375,085 — 241,806,585
Materials
36,448,000 28,037,539 — 64,485,539
All Other Equity Investments
815,994,234 — — 815,994,234
Equity-Linked Securities
— 379,302,175 — 379,302,175
Corporate Bonds
— 1,353,309,111 — 1,353,309,111
Senior Floating Rate Interests
— 19,049,091 — 19,049,091
U.S. Government and Agency Securities
— 311,130,164 — 311,130,164
Mortgage-Backed Securities
— 197,368,983 — 197,368,983
Escrows and Litigation Trusts
— — —c —
Options Purchased
43,826,000 — — 43,826,000
Short Term Investments
276,120,316 — — 276,120,316
Total Investments in Securities
$1,563,089,653 $2,369,438,294 $ — $3,932,527,947
  |  145
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
  Level 1 Level 2 Level 3 Total
Franklin Income VIP Fund (continued)
Liabilities:        
Other Financial Instruments:        
Options Written
$24,986,000 $— $— $24,986,000
Franklin Large Cap Growth VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments
$96,098,862 $— $— $96,098,862
Short Term Investments
24,000 363,026 — 387,026
Total Investments in Securities
$96,122,862 $363,026 $ — $96,485,888
Franklin Mutual Global Discovery VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b         
Aerospace & Defense
$— $5,443,363 $— $5,443,363
Auto Components
— — 7,992 7,992
Automobiles
4,116,518 8,359,616 — 12,476,134
Banks
22,472,384 8,673,734 — 31,146,118
Beverages
— 758,646 — 758,646
Capital Markets
1,899,054 7,579,037 — 9,478,091
Chemicals
— 9,006,658 — 9,006,658
Construction Materials
— 4,856,004 — 4,856,004
Diversified Financial Services
5,585,454 1,387,980 — 6,973,434
Diversified Telecommunication Services
— 2,012,814 — 2,012,814
Hotels, Restaurants & Leisure
— 5,729,666 — 5,729,666
Insurance
20,411,523 10,693,435 — 31,104,958
Machinery
— 2,669,289 — 2,669,289
Media
10,141,800 — 9,979 10,151,779
Oil, Gas & Consumable Fuels
23,210,752 12,587,861 — 35,798,613
Pharmaceuticals
38,470,746 15,145,695 — 53,616,441
Specialty Retail
— 1,373,380 — 1,373,380
Textiles, Apparel & Luxury Goods
— 3,036,898 — 3,036,898
Tobacco
7,031,720 7,647,869 — 14,679,589
Wireless Telecommunication Services
— 2,710,100 — 2,710,100
All Other Equity Investments
118,143,616 — — 118,143,616
Corporate Bonds, Notes and Senior Floating Rate Interests
— 824,441 — 824,441
Corporate Notes in Reorganization
— 2,060,954 — 2,060,954
Companies in Liquidation
— — 3,252c 3,252
Short Term Investments
6,498,888 18,300,000 — 24,798,888
Total Investments in Securities
$257,982,455 $130,857,440 $21,223 $388,861,118
Other Financial Instruments:        
Futures Contracts
$1,085,167 $— $— $1,085,167
Forward Exchange Contracts
— 1,454,241 — 1,454,241
Total Other Financial Instruments
$1,085,167 $1,454,241 $ — $2,539,408
  |  146
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Level 1 Level 2 Level 3 Total
Franklin Mutual Global Discovery VIP Fund (continued)
Liabilities:        
Other Financial Instruments:        
Securities Sold Short
$1,788,103 $— $— $1,788,103
Forward Exchange Contracts
— 220,394 — 220,394
Total Other Financial Instruments
$1,788,103 $220,394 $ — $2,008,497
Franklin Mutual Shares VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
Aerospace & Defense
$25,502,841 $26,493,783 $— $51,996,624
Auto Components
— — 32,612 32,612
Beverages
— 1,474,618 — 1,474,618
Capital Markets
— 17,845,212 — 17,845,212
Diversified Telecommunication Services
— 6,442,184 — 6,442,184
Machinery
— 13,949,919 — 13,949,919
Media
129,100,381 — 79,427 129,179,808
Oil, Gas & Consumable Fuels
69,876,777 46,205,598 — 116,082,375
Pharmaceuticals
214,593,901 49,499,562 — 264,093,463
Specialty Retail
— — 4,495,684c 4,495,684
Tobacco
33,664,282 33,137,474 — 66,801,756
Wireless Telecommunication Services
— 10,095,752 — 10,095,752
All Other Equity Investments
1,169,920,599 — — 1,169,920,599
Corporate Bonds, Notes and Senior Floating Rate Interests
— 68,311,139 19,183,941 87,495,080
Corporate Notes in Reorganization
— 12,934,416 — 12,934,416
Companies in Liquidation
— — 49,840c 49,840
Short Term Investments
32,992,349 64,500,000 — 97,492,349
Total Investments in Securities
$1,675,651,130 $350,889,657 $23,841,504 $2,050,382,291
Other Financial Instruments:        
Futures Contracts
$2,138,992 $— $— $2,138,992
Forward Exchange Contracts
— 3,598,962 — 3,598,962
Total Other Financial Instruments
$2,138,992 $3,598,962 $ — $5,737,954
Liabilities:        
Other Financial Instruments:        
Securities Sold Short
$12,392,227 $— $— $12,392,227
Forward Exchange Contracts
— 549,607 — 549,607
Total Other Financial Instruments
$12,392,227 $549,607 $ — $12,941,834
Franklin Rising Dividends VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments
$1,071,703,140 $— $— $1,071,703,140
Short Term Investments
19,459,811 — — 19,459,811
Total Investments in Securities
$1,091,162,951 $ — $ — $1,091,162,951
  |  147
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
  Level 1 Level 2 Level 3 Total
Franklin Small Cap Value VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
Energy
$3,513,412 $2,391,344 $— $5,904,756
Food, Beverage & Tobacco
5,666,419 10,659,431 — 16,325,850
All Other Equity Investments
727,713,208 — — 727,713,208
Corporate Bonds
— 2,166,459 — 2,166,459
Short Term Investments
23,086,881 — — 23,086,881
Total Investments in Securities
$759,979,920 $15,217,234 $ — $775,197,154
Franklin Small-Mid Cap Growth VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
Consumer Discretionary
$43,765,199 $— $2,198,135 $45,963,334
Information Technology
116,680,287 2,562,273 1,440,937 120,683,497
All Other Equity Investments
164,676,099 — — 164,676,099
Short Term Investments
8,323,891 — — 8,323,891
Total Investments in Securities
$333,445,476 $2,562,273 $3,639,072 $339,646,821
  |  148
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Level 1 Level 2 Level 3 Total
Franklin Strategic Income VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
Commercial & Professional Services
$— $— $37,288 $37,288
Consumer Services
— — 41,832 41,832
Energy
110,978 369,794 10,248c 491,020
Materials
64,050 — 267,045 331,095
Media & Entertainment
74,602 — 882 75,484
Retailing
— — 9,088 9,088
All Other Equity Investments
7,955,744 — — 7,955,744
 Corporate Bonds:        
Retailing
— 113,925 2,769 116,694
All Other Corporate Bonds
— 128,863,663 — 128,863,663
 Senior Floating Rate Interests:        
Capital Goods
— 783,398 79,655 863,053
Household & Personal Products
— 59,887 2,356,818 2,416,705
All Other Senior Floating Rate Interests
— 24,143,909 — 24,143,909
Marketplace Loans
— — 1,101,008 1,101,008
Foreign Government and Agency Securities
— 38,374,349 — 38,374,349
U.S. Government and Agency Securities
— 23,162,419 — 23,162,419
Asset-Backed Securities and Commercial Mortgage-Backed Securities:        
Diversified Financials
— 84,691,488 3,584,818 88,276,306
All Other Asset-Backed Securities and Commercial Mortgage-Backed Securities
— 2,954,388 — 2,954,388
Mortgage-Backed Securities
— 35,923,272 — 35,923,272
Municipal Bonds
— 17,009,631 — 17,009,631
Escrows and Litigation Trusts
— 6,000 —c 6,000
Short Term Investments
18,172,918 — — 18,172,918
Total Investments in Securities
$26,378,292 $356,456,123 $7,491,451 $390,325,866
Other Financial Instruments:        
Futures Contracts
$1,632,678 $— $— $1,632,678
Forward Exchange Contracts
— 1,819,117 — 1,819,117
Swap Contracts
— 324,470 — 324,470
Total Other Financial Instruments
$1,632,678 $2,143,587 $ — $3,776,265
Liabilities:        
Other Financial Instruments:        
Options Written
$— $832,201 $— $832,201
Futures Contracts
797,403 — — 797,403
Forward Exchange Contracts
— 1,391,527 — 1,391,527
Swap Contracts
— 5,846,937 — 5,846,937
Total Other Financial Instruments
$797,403 $8,070,665 $ — $8,868,068
  |  149
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
  Level 1 Level 2 Level 3 Total
Franklin U.S. Government Securities VIP Fund
Assets:        
Investments in Securities:a        
Mortgage-Backed Securities
$— $628,793,715 $— $628,793,715
U.S. Government and Agency Securities
— 164,235,435 — 164,235,435
Short Term Investments
— 39,913,774 — 39,913,774
Total Investments in Securities
$ — $832,942,924 $ — $832,942,924
Franklin VolSmart Allocation VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments
$87,944,391 $— $— $87,944,391
Investments in Underlying Funds
68,033,294 — — 68,033,294
Short Term Investments
7,314,343 — — 7,314,343
Total Investments in Securities
$163,292,028 $ — $ — $163,292,028
Other Financial Instruments:        
Swap Contracts
$— $3,140,113 $— $3,140,113
Liabilities:        
Other Financial Instruments:        
Futures Contracts
$1,646,669 $— $— $1,646,669
Templeton Developing Markets VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:b        
China
$68,617,478 $2,244,047 $— $70,861,525
India
— 15,285,811 — 15,285,811
Russia
4,301,162 13,568,076 — 17,869,238
South Africa
— 10,104,946 — 10,104,946
Taiwan
376,809 24,884,934 — 25,261,743
Thailand
— 3,706,189 — 3,706,189
United Kingdom
— 7,599,326 — 7,599,326
All Other Equity Investments
74,433,903 — — 74,433,903
Short Term Investments
6,716,513 — — 6,716,513
Total Investments in Securities
$154,445,865 $77,393,329 $ — $231,839,194
  |  150
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Level 1 Level 2 Level 3 Total
Templeton Foreign VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
Aerospace & Defense
$— $12,596,288 $— $12,596,288
Airlines
— 7,875,335 — 7,875,335
Auto Components
7,480,162 13,904,158 — 21,384,320
Automobiles
20,695,553 7,430,845 — 28,126,398
Banks
48,003,405 50,430,979 — 98,434,384
Chemicals
4,450,165 18,835,721 — 23,285,886
Electronic Equipment, Instruments & Components
11,771,820 8,263,433 — 20,035,253
Energy Equipment & Services
— 17,523,913 — 17,523,913
Industrial Conglomerates
26,130,942 9,595,687 — 35,726,629
Marine
— 4,615,333 — 4,615,333
Metals & Mining
42,120,790 9,546,792 — 51,667,582
Multi-Utilities
— 24,796,507 — 24,796,507
Oil, Gas & Consumable Fuels
12,606,149 68,633,205 — 81,239,354
Pharmaceuticals
29,716,295 86,119,273 — 115,835,568
Semiconductors & Semiconductor Equipment
18,352,409 31,786,047 — 50,138,456
Thrifts & Mortgage Finance
— 8,568,826 — 8,568,826
Tobacco
— 10,022,670 — 10,022,670
All Other Equity Investments
242,245,746 — — 242,245,746
Short Term Investments
79,295,235 — — 79,295,235
Total Investments in Securities
$542,868,671 $390,545,012 $ — $933,413,683
Templeton Global Bond VIP Fund
Assets:        
Investments in Securities:        
Foreign Government and Agency Securities:        
Argentina
$— $— $34,988,949 $34,988,949
All Other Foreign Government and Agency Securities
— 1,111,617,512 — 1,111,617,512
U.S. Government and Agency Securities
— 485,746,238 — 485,746,238
Options Purchased
— 86,408,891 — 86,408,891
Short Term Investments
551,433,451 163,544,517 — 714,977,968
Total Investments in Securities
$551,433,451 $1,847,317,158 $34,988,949 $2,433,739,558
Other Financial Instruments:        
Forward Exchange Contracts
$— $98,088,584 $— $98,088,584
Restricted Currency (ARS)
— — 4,394,074 4,394,074
Total Other Financial Instruments
— 98,088,584 4,394,074 102,482,658
Receivables:        
Interest (ARS)
$— $— $3,163,485 $3,163,485
  |  151
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
  Level 1 Level 2 Level 3 Total
Templeton Global Bond VIP Fund (continued)
Liabilities:        
Other Financial Instruments:        
Options Written
$— $29,349,718 $— $29,349,718
Forward Exchange Contracts
— 31,977,938 — 31,977,938
Total Other Financial Instruments
$ — $61,327,656 $ — $61,327,656
Payables:        
Deferred Tax (ARS)
$— $— $3,754 $3,754
Templeton Growth VIP Fund
Assets:        
Investments in Securities:a        
Equity Investments:        
Automobiles
$7,140,081 $3,005,113 $— $10,145,194
Banks
18,871,198 11,152,732 — 30,023,930
Beverages
16,318,217 6,421,698 — 22,739,915
Diversified Telecommunication Services
8,404,589 16,847,302 — 25,251,891
Hotels, Restaurants & Leisure
12,695,312 4,114,164 — 16,809,476
Industrial Conglomerates
11,039,286 10,690,225 — 21,729,511
Marine
— 8,209,763 — 8,209,763
Metals & Mining
18,616,265 4,775,217 — 23,391,482
Multi-Utilities
— 19,303,111 — 19,303,111
Oil, Gas & Consumable Fuels
5,414,103 20,616,280 — 26,030,383
Pharmaceuticals
35,293,186 46,108,732 — 81,401,918
Specialty Retail
2,571,271 6,666,503 — 9,237,774
Textiles, Apparel & Luxury Goods
— 8,999,039 — 8,999,039
Wireless Telecommunication Services
— 5,611,902 — 5,611,902
All Other Equity Investments
194,503,540 — — 194,503,540
Short Term Investments
2,614,108 15,000,000 — 17,614,108
Total Investments in Securities
$333,481,156 $187,521,781 $ — $521,002,937
 
aFor detailed categories, see the accompanying Statement of Investments.
bIncludes common, preferred, convertible preferred stocks and management investment companies as well as other equity interests.
cIncludes securities determined to have no value at March 31, 2020.
  |  152
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
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. The reconciliation for the three months ended March 31, 2020, is as follows:
  Balance at
Beginning
of Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of
Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Franklin Mutual Shares VIP Fund                    
 Assets:                    
Investments in Securities:                    
Equity Investments:c                    
Auto Components
$ 62,818 $— $— $— $— $— $— $ (30,206) $ 32,612 $ (30,206)
Media
183,628 — — — — — — (104,201) 79,427 (104,201)
Specialty Retail
7,609,922d — — — — — — (3,114,238) 4,495,684d (3,114,238)
Corporate Bonds, Notes and Senior Floating Rate Interests
— — — 21,417,688 — 546 — (2,234,293) 19,183,941 (2,234,293)
Companies in Liquidation
49,840d — — — — — — — 49,840d —
Total Investments in Securities
$ 7,906,208 $— $— $ 21,417,688 $— $ 546 $— $ (5,482,938) $ 23,841,504 $ (5,482,938)
                     
                     
Franklin Small-Mid Cap Growth VIP Fund                    
 Assets:                    
Investments in Securities:                    
Equity Investments:                    
Consumer Discretionary
$2,241,958 $— $— $— $— $— $— $(43,823) $2,198,135 $(43,823)
 Information Technology
1,763,456 — — — — — — (322,519) 1,440,937 (322,519)
Total Investments in Securities
$ 4,005,414 $ — $ — $ — $ — $ — $ — $ (366,342) $ 3,639,072 $ (366,342)
                     
                     
                     
                     
                     
                     
  |  153
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
  Balance at
Beginning
of Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of
Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
Franklin Strategic Income VIP Fund                    
 Assets:                    
Investments in Securities:                    
Equity Investments:c                    
Commercial & Professional Services
$46,610 $— $— $— $— $— $— $(9,322) $37,288 $(9,322)
Consumer Services
41,832 — — — — — — — 41,832 —
Energy
2,073d — — — — — — 8,175 10,248d 8,175
Materials
254,512 — — — — — — 12,533 267,045 12,533
Media & Entertainment
2,040 — — — — — — (1,158) 882 (1,158)
Retailing
11,614 — — — — — — (2,526) 9,088 (2,526)
Corporate Bonds:                    
Retailing
2,769 — — — — (34,898) — 34,898 2,769 34,898
Senior Floating Rate Interests:                    
Capital Goods
— — — 79,655 — — — — 79,655 —
Household & Personal Products
2,416,190 — — — — 5,177 — (64,549) 2,356,818 (64,549)
Marketplace Loans
— 1,149,952 — — — — — (48,944) 1,101,008 (48,944)
Asset-Backed Securities and Commercial Mortgage-Backed Securities:                    
Diversified Financials
— 1,551,167 — 2,248,017 — — — (214,366) 3,584,818 (214,366)
Escrows and Litigation Trusts
— d — — — — — — — — d —
Total Investments in Securities
$ 2,777,640 $2,701,119 $ — $2,327,672 $ — $ (29,721) $ — $(285,259) $ 7,491,451 $(285,259)
                     
                     
                     
  |  154
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
  Balance at
Beginning
of Period 		Purchases Sales Transfer
Into
Level 3a 		Transfer
Out of
Level 3 		Cost Basis
Adjustmentsb 		Net
Realized
Gain
(Loss) 		Net
Unrealized
Appreciation
(Depreciation) 		Balance
at End
of
Period 		Net Change in
Unrealized
Appreciation
(Depreciation)
on Assets
Held at
Period End
                     
                     
Templeton Global Bond VIP Fund                    
 Assets:                    
Investments in Securities:                    
Foreign Government and Agency Securities:                    
Argentina
$35,675,197 $19,284,726 $(10,217,792) $— $— $(1,860,617) $(18,641,512) $7,027,713 $34,988,949 $(521,391)
Short Term Investments:                    
 Argentina
3,394,233 206,241 (2,160,508) — — 386,308 (817,458) (1,008,816) — —
Total Investments in Securities
$ 39,069,430 $19,490,967 $ (12,378,300) $ — $ — $2,246,925 $(19,458,970) $ 6,018,897 $34,988,949 $ (521,391)
Other Financial Instruments:                    
Restricted Currency (ARS)
$ 8,460,563 $ 6,298,046 $(9,558,818) $— $— $— $(1,220,684) $ 414,967 $ 4,394,074 $ 292,151
Receivables:                    
Interest (ARS)
$ 1,601,869 $ 1,732,778 $ (94,456) $— $— $— $ (8,794) $ (67,912) $ 3,163,485 $ (62,358)
Liabilities:                    
Payables:                    
Deferred Tax (ARS)
$ 4,066 $— $— $— $— $— $— $ (312) $ 3,754 $ (312)
aTransferred into Level 3 as a result of the unavailability of a quoted market price in an active market for identical securities or as a result of the unreliability of the foreign exchange rate and other significant observable valuation inputs.
bMay include accretion, amortization, partnership adjustments, and/or other cost basis adjustments.
cIncludes common stocks and convertible preferred stocks as well as other equity interests.
dIncludes securities determined to have no value.
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, 2020, are as follows:
Description Fair Value
at End of Period 		Valuation
Technique 		Unobservable
Inputs 		Amount/
Range
(Weighted Averagea) 		Impact to Fair
Value if Input
Increasesb
Franklin Mutual Shares VIP Fund          
Assets:          
Investments in Securities:          
Equity Investments:          
Specialty Retail
$ 4,495,684 Market comparables Discount for lack of marketability 32% Decreasec
      EV / EBITDA multiple 7.8x - 8.1x Increasec
  |  155
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
11.  FAIR VALUE MEASUREMENTS (continued)
Description Fair Value
at End of Period 		Valuation
Technique 		Unobservable
Inputs 		Amount/
Range
(Weighted Averagea) 		Impact to Fair
Value if Input
Increasesb
      EV/Revenue multiple 0.3x Increasec
Corporate Bonds, Notes and Senior Floating Rate Interests
19,183,941 Comparable bond Yield spread $11 Increasec
All Other Investmentsd
161,879e        
Total
$ 23,841,504        
           
           
Franklin Small-Mid Cap Growth VIP Fund        
Assets:          
Investments in Securities:          
Equity Investments:          
Information Technology
$1,440,937 Market comparables Discount for lack of marketability 12.5% Decreasec
Consumer Discretionary
2,198,135 Market comparables Discount for lack of marketability 22.0% Decreasec
All other Investments
—        
Total
$3,639,072        
           
Franklin Strategic Income VIP Fund          
Assets:          
Investments in Securities:          
Senior Floating Rate Interests          
Household & Personal Products
$ 2,356,818 Discounted cash flow Discount rate 10.9% - 17.8%
(13.1%) 		Decreasec
      Free cash flow $1.0 - $1.8 mil
($1.6 mil) 		Increasef
Marketplace Loans – Lending Club
1,101,008 Discounted cash flow Loss-Adjusted
Discount rate 		14.0% Decreasec
      Projected Loss
rate 		11.9% Decreasec
All other Investmentsd
4,033,625e        
Total
$7,491,451        
           
Templeton Global Bond VIP Fund          
Assets:          
Investments in Securities:          
Foreign Government and Agency Securities:          
Argentina
$34,988,949 Market comparables Implied Foreign
exchange rate 		81.4 ARS/USD Decreasec
Other Financial Instruments:          
Restricted Currency (ARS)
4,394,074 Market comparables Implied Foreign
exchange rate 		81.4 ARS/USD Decreasec
All otherd
3,163,485        
Liabilities:          
All otherd
3,754        
aWeighted based on the relative fair value of the financial instruments.
bRepresents the directional change in the fair value that would result from a significant and reasonable increase in the corresponding input. A significant and reasonable decrease in the input would have the opposite effect. Significant impacts, if any, to fair value and/or net assets have been indicated.
cRepresents a significant impact to fair value but not net assets.
dIncludes fair value of immaterial assets and/or liabilities developed using various valuation techniques and unobservable inputs. May also include values derived using private transaction prices or non-public third party pricing information which is unobservable.
eIncludes securities determined to have no value at March 31, 2020.
  |  156
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
fRepresents a significant impact to fair value and net assets.
Abbreviations List
EBITDA - Earnings before interest, taxes, depreciation and amortization
EV - Enterprise value
12.  SUBSEQUENT EVENTS
The Funds have evaluated subsequent events through the issuance of the Statements of Investments and determined that no events have occurred that require disclosure.  
ABBREVIATIONS    
Counterparty
BNDP BNP Paribas SA
BOFA Bank of America Corp.
BONY Bank of New York Mellon
BZWS Barclays Bank PLC
CITI Citigroup, Inc.
DBAB Deutsche Bank AG
GSCO The Goldman Sachs Group, Inc.
HSBK HSBC Bank PLC
JPHQ JP Morgan Chase & Co.
MSCO Morgan Stanley
SCNY Standard Chartered Bank
UBSW UBS AG
Currency
ARS Argentine Peso
AUD Australian Dollar
BRL Brazilian Real
BTP Buoni del Tesoro Poliennali
COP Colombian Peso
DKK Danish Krone
DOP Dominican Peso
EUR Euro
GBP British Pound
GHS Ghanaian Cedi
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NOK Norwegian Krone
USD United States Dollar
UYU Uruguayan Peso
ZAR South African Rand
  
Selected Portfolio
ADR American Depositary Receipt
BADLAR Argentina Deposit Rates Badlar Private Banks ARS
BTP Buoni del Tesoro Poliennali
CLO Collateralized Loan Obligation
CMT 1 year Constant Maturity Treasury Index
COF Cost of Funds
ETF Exchange Traded Fund
FFCB Federal Farm Credit Bank
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
FRN Floating Rate Note
GDP Gross Domestic Product
GDR Global Depositary Receipt
GNMA Government National Mortgage Association
GO General Obligation
IDR International Depositary Receipt
LIBOR London InterBank Offered Rate
MBS Mortgage-Backed Security
PIK Payment-In-Kind
PL Project Loan
RDA Redevelopment Agency/Authority
REIT Real Estate Investment Trust
SF Single Family
T-Note Treasury Note
TVA Tennessee Valley Authority
USD United School District
VIX Market Volatility Index
VRI Value Recovery Instruments
 
  |  157
Franklin Templeton Variable Insurance Products Trust
Notes to Statements of Investments (unaudited)
Index
CDX.EM.Series number CDX Emerging Markets Index
CDX.NA.HY.Series number CDX North America High Yield Index
CDX.NA.IG.Series number CDX North America Investment Grade Index
MCDX.NA.Series number MCDX North America Index
For additional information on the Funds’ significant accounting policies, please refer to the Funds’ most recent semiannual or annual shareholder report.
  |  158