NPORT-EX 2 VIP.htm
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Allocation
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
58.5%
Aerospace
&
Defense
1.5%
BAE
Systems
plc
.....................................
United
Kingdom
89,830
$
557,912
Boeing
Co.
(The)
.....................................
United
States
584
96,512
BWX
Technologies,
Inc.
................................
United
States
10,563
594,803
a
Dassault
Aviation
SA
...................................
France
381
321,325
General
Dynamics
Corp.
................................
United
States
4,900
678,307
Huntington
Ingalls
Industries,
Inc.
.........................
United
States
1,598
224,918
Lockheed
Martin
Corp.
.................................
United
States
8,144
3,121,432
a
Mercury
Systems,
Inc.
..................................
United
States
4,600
356,316
MTU
Aero
Engines
AG
.................................
Germany
8,500
1,408,751
Northrop
Grumman
Corp.
...............................
United
States
7,284
2,298,029
Raytheon
Technologies
Corp.
............................
United
States
36,217
2,083,926
11,742,231
Air
Freight
&
Logistics
0.7%
CH
Robinson
Worldwide,
Inc.
............................
United
States
3,576
365,431
DSV
PANALPINA
A/S
..................................
Denmark
12,000
1,946,025
Expeditors
International
of
Washington,
Inc.
.................
United
States
4,593
415,758
United
Parcel
Service,
Inc.,
B
............................
United
States
13,796
2,298,828
5,026,042
Airlines
0.0%
†
a
Deutsche
Lufthansa
AG
................................
Germany
5,928
51,336
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
209,596
255,994
a
Japan
Airlines
Co.
Ltd.
.................................
Japan
100
1,865
309,195
Auto
Components
0.2%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
7,713
827,796
a
Faurecia
SE
.........................................
France
1,347
58,049
Gentex
Corp.
........................................
United
States
7,256
186,842
Toyota
Industries
Corp.
.................................
Japan
6,574
416,159
1,488,846
Automobiles
0.3%
Bayerische
Motoren
Werke
AG
...........................
Germany
8,340
605,165
Fiat
Chrysler
Automobiles
NV
............................
United
Kingdom
5,139
63,067
Honda
Motor
Co.
Ltd.
..................................
Japan
21,300
505,673
Isuzu
Motors
Ltd.
.....................................
Japan
65,600
573,560
Peugeot
SA
.........................................
France
3,248
58,888
a
Tesla,
Inc.
...........................................
United
States
725
311,032
2,117,385
Banks
1.3%
Banco
de
Sabadell
SA
.................................
Spain
226,342
78,542
Bank
of
America
Corp.
.................................
United
States
8,254
198,839
a
Bank
of
Ireland
Group
plc
...............................
Ireland
29,169
54,067
a
FinecoBank
Banca
Fineco
SpA
...........................
Italy
117,493
1,617,971
a
ING
Groep
NV
.......................................
Netherlands
166,078
1,185,024
JPMorgan
Chase
&
Co.
.................................
United
States
4,998
481,157
Kasikornbank
PCL
....................................
Thailand
99,900
244,597
KB
Financial
Group,
Inc.
................................
South
Korea
28,480
919,974
KBC
Group
NV
.......................................
Belgium
24,689
1,237,793
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
15,279
359,595
Shinsei
Bank
Ltd.
.....................................
Japan
4,500
55,547
a
Standard
Chartered
plc
.................................
United
Kingdom
193,778
891,722
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
.................
Japan
109,500
612,105
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
29,300
819,019
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Truist
Financial
Corp.
..................................
United
States
3,234
$
123,054
Wells
Fargo
&
Co.
.....................................
United
States
32,831
771,857
9,650,863
Beverages
0.9%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
3,120
167,946
a
Boston
Beer
Co.,
Inc.
(The),
A
............................
United
States
25
22,084
Brown-Forman
Corp.,
A
.................................
United
States
488
33,516
Brown-Forman
Corp.,
B
................................
United
States
9,890
744,915
Coca-Cola
Co.
(The)
...................................
United
States
10,526
519,669
Constellation
Brands,
Inc.,
A
.............................
United
States
3,104
588,239
Kirin
Holdings
Co.
Ltd.
.................................
Japan
39,500
741,702
a
Monster
Beverage
Corp.
................................
United
States
21,345
1,711,869
PepsiCo,
Inc.
........................................
United
States
18,846
2,612,055
7,141,995
Biotechnology
1.7%
AbbVie,
Inc.
.........................................
United
States
21,410
1,875,302
Amgen,
Inc.
.........................................
United
States
9,834
2,499,409
a
Biogen,
Inc.
.........................................
United
States
5,112
1,450,172
CSL
Ltd.
............................................
Australia
10,542
2,176,715
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
3,300
169,290
a
Exelixis,
Inc.
.........................................
United
States
6,762
165,331
a
Galapagos
NV
.......................................
Belgium
3,584
507,995
a
Genmab
A/S
.........................................
Denmark
2,900
1,052,203
Gilead
Sciences,
Inc.
..................................
United
States
13,246
837,015
a
Iovance
Biotherapeutics,
Inc.
.............................
United
States
2,300
75,716
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
2,609
250,882
a
PTC
Therapeutics,
Inc.
.................................
United
States
2,200
102,850
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
1,562
874,376
a
United
Therapeutics
Corp.
...............................
United
States
1,333
134,633
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
2,124
577,983
12,749,872
Building
Products
0.5%
A
O
Smith
Corp.
......................................
United
States
3,394
179,203
Allegion
plc
..........................................
United
States
4,306
425,907
Geberit
AG
..........................................
Switzerland
1,449
857,031
Johnson
Controls
International
plc
.........................
United
States
19,600
800,660
a
Kingspan
Group
plc
...................................
Ireland
729
66,329
Lennox
International,
Inc.
...............................
United
States
200
54,522
Masco
Corp.
.........................................
United
States
1,192
65,715
Owens
Corning
.......................................
United
States
2,168
149,180
Trane
Technologies
plc
.................................
United
States
6,156
746,415
a
Trex
Co.,
Inc.
........................................
United
States
2,668
191,029
3,535,991
Capital
Markets
2.6%
3i
Group
plc
.........................................
United
Kingdom
4,485
57,596
a,b
Amundi
SA,
144A,
Reg
S
...............................
France
2,392
168,563
Bank
of
New
York
Mellon
Corp.
(The)
......................
United
States
12,809
439,861
BlackRock,
Inc.
.......................................
United
States
2,201
1,240,373
Cboe
Global
Markets,
Inc.
...............................
United
States
1,340
117,572
Charles
Schwab
Corp.
(The)
.............................
United
States
17,031
617,033
Daiwa
Securities
Group,
Inc.
.............................
Japan
11,700
49,195
Deutsche
Boerse
AG
...................................
Germany
10,647
1,866,238
Eaton
Vance
Corp.
....................................
United
States
3,470
132,380
Evercore,
Inc.,
A
......................................
United
States
75
4,909
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
FactSet
Research
Systems,
Inc.
..........................
United
States
1,520
$
509,018
b
Flow
Traders,
144A,
Reg
S
..............................
Netherlands
10,180
406,728
Hargreaves
Lansdown
plc
...............................
United
Kingdom
12,481
251,071
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....................
Hong
Kong
16,000
753,181
Intercontinental
Exchange,
Inc.
...........................
United
States
7,855
785,893
Intermediate
Capital
Group
plc
...........................
United
Kingdom
74,000
1,138,155
Invesco
Ltd.
.........................................
United
States
14,654
167,202
Japan
Exchange
Group,
Inc.
.............................
Japan
8,400
235,371
Lazard
Ltd.,
A
........................................
United
States
1,181
39,032
Magellan
Financial
Group
Ltd.
............................
Australia
5,010
206,546
MarketAxess
Holdings,
Inc.
..............................
United
States
1,375
662,186
Moody's
Corp.
........................................
United
States
5,615
1,627,508
Morgan
Stanley
.......................................
United
States
7,096
343,092
Morningstar,
Inc.
......................................
United
States
167
26,822
MSCI,
Inc.
...........................................
United
States
3,377
1,204,846
Nasdaq,
Inc.
.........................................
United
States
3,200
392,672
a
Natixis
SA
...........................................
France
21,564
48,450
Nomura
Holdings,
Inc.
..................................
Japan
94,900
433,563
Partners
Group
Holding
AG
..............................
Switzerland
721
662,999
S&P
Global,
Inc.
......................................
United
States
7,733
2,788,520
SEI
Investments
Co.
...................................
United
States
4,433
224,842
Singapore
Exchange
Ltd.
...............................
Singapore
30,700
207,076
State
Street
Corp.
.....................................
United
States
5,845
346,784
T
Rowe
Price
Group,
Inc.
...............................
United
States
9,472
1,214,500
Tradeweb
Markets,
Inc.,
A
...............................
United
States
3,600
208,800
UBS
Group
AG
.......................................
Switzerland
71,266
796,032
20,374,609
Chemicals
2.5%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
12,282
3,658,317
Albemarle
Corp.
......................................
United
States
13,330
1,190,102
Celanese
Corp.
.......................................
United
States
7,544
810,603
b
Covestro
AG,
144A,
Reg
S
..............................
Germany
11,099
550,283
Eastman
Chemical
Co.
.................................
United
States
1,029
80,385
Ecolab,
Inc.
..........................................
United
States
8,721
1,742,805
EMS-Chemie
Holding
AG
...............................
Switzerland
316
283,838
Huntsman
Corp.
......................................
United
States
475
10,550
International
Flavors
&
Fragrances,
Inc.
.....................
United
States
2,316
283,594
Koninklijke
DSM
NV
...................................
Netherlands
9,800
1,613,046
Linde
plc
............................................
United
Kingdom
13,485
3,211,183
LyondellBasell
Industries
NV,
A
...........................
United
States
11,816
832,910
NewMarket
Corp.
.....................................
United
States
64
21,908
Nitto
Denko
Corp.
.....................................
Japan
6,200
403,807
Sherwin-Williams
Co.
(The)
..............................
United
States
1,044
727,397
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
1,000
130,817
Symrise
AG
.........................................
Germany
12,000
1,657,117
Tosoh
Corp.
.........................................
Japan
31,300
508,042
Umicore
SA
.........................................
Belgium
36,000
1,497,084
Valvoline,
Inc.
........................................
United
States
1,002
19,078
19,232,866
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
.........................................
United
States
4,628
1,540,337
a
Copart,
Inc.
..........................................
United
States
5,074
533,582
Downer
EDI
Ltd.
......................................
Australia
53,536
170,089
a
IAA,
Inc.
............................................
United
States
514
26,764
Republic
Services,
Inc.
.................................
United
States
3,700
345,395
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
(continued)
Rollins,
Inc.
..........................................
United
States
5,954
$
322,647
2,938,814
Communications
Equipment
0.2%
a
Arista
Networks,
Inc.
...................................
United
States
125
25,866
a
Ciena
Corp.
.........................................
United
States
350
13,892
Cisco
Systems,
Inc.
...................................
United
States
19,185
755,697
a
F5
Networks,
Inc.
.....................................
United
States
2,539
311,713
Motorola
Solutions,
Inc.
.................................
United
States
1,582
248,074
Ubiquiti,
Inc.
.........................................
United
States
93
15,499
1,370,741
Construction
&
Engineering
0.1%
Obayashi
Corp.
.......................................
Japan
26,200
239,119
Sinopec
Engineering
Group
Co.
Ltd.,
H
.....................
China
649,500
240,088
479,207
Construction
Materials
0.1%
Martin
Marietta
Materials,
Inc.
............................
United
States
2,263
532,620
Taiheiyo
Cement
Corp.
.................................
Japan
2,300
58,710
591,330
Consumer
Finance
0.0%
†
Santander
Consumer
USA
Holdings,
Inc.
...................
United
States
915
16,644
Containers
&
Packaging
0.1%
Avery
Dennison
Corp.
..................................
United
States
1,680
214,771
Graphic
Packaging
Holding
Co.
...........................
United
States
8,779
123,696
Packaging
Corp.
of
America
.............................
United
States
803
87,567
Sonoco
Products
Co.
..................................
United
States
989
50,509
476,543
Distributors
0.1%
Pool
Corp.
..........................................
United
States
1,557
520,879
Diversified
Consumer
Services
0.2%
a
Grand
Canyon
Education,
Inc.
............................
United
States
1,533
122,548
H&R
Block,
Inc.
.......................................
United
States
2,540
41,377
a
TAL
Education
Group,
ADR
..............................
China
21,000
1,596,840
1,760,765
Diversified
Financial
Services
0.3%
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
4,936
1,051,072
Equitable
Holdings,
Inc.
.................................
United
States
1,000
18,240
EXOR
NV
...........................................
Netherlands
3,786
205,471
Jefferies
Financial
Group,
Inc.
............................
United
States
600
10,800
M&G
plc
............................................
United
Kingdom
98,226
201,904
Mitsubishi
UFJ
Lease
&
Finance
Co.
Ltd.
...................
Japan
16,000
74,321
ORIX
Corp.
..........................................
Japan
53,600
669,288
Sofina
SA
...........................................
Belgium
582
158,856
2,389,952
Diversified
Telecommunication
Services
0.9%
AT&T,
Inc.
...........................................
United
States
41,861
1,193,457
b
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
16,000
971,036
Deutsche
Telekom
AG
..................................
Germany
56,626
942,625
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
28,700
585,792
Proximus
SADP
......................................
Belgium
5,777
105,367
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Telecommunication
Services
(continued)
Swisscom
AG
........................................
Switzerland
1,006
$
532,792
Telefonica
SA
........................................
Spain
12,485
42,759
Verizon
Communications,
Inc.
............................
United
States
36,803
2,189,410
6,563,238
Electric
Utilities
0.5%
Alliant
Energy
Corp.
...................................
United
States
2,179
112,545
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,004
163,787
Endesa
SA
..........................................
Spain
12,174
325,561
Evergy,
Inc.
..........................................
United
States
1,583
80,448
Eversource
Energy
....................................
United
States
2,894
241,794
Hawaiian
Electric
Industries,
Inc.
..........................
United
States
1,062
35,301
NextEra
Energy,
Inc.
...................................
United
States
6,110
1,695,892
NRG
Energy,
Inc.
.....................................
United
States
7,353
226,031
PPL
Corp.
...........................................
United
States
5,355
145,709
Red
Electrica
Corp.
SA
.................................
Spain
11,169
209,434
Southern
Co.
(The)
....................................
United
States
7,582
411,096
Xcel
Energy,
Inc.
......................................
United
States
2,225
153,547
3,801,145
Electrical
Equipment
0.5%
Acuity
Brands,
Inc.
....................................
United
States
1,237
126,607
AMETEK,
Inc.
........................................
United
States
3,818
379,509
Emerson
Electric
Co.
..................................
United
States
6,066
397,747
a
Generac
Holdings,
Inc.
.................................
United
States
125
24,205
Mitsubishi
Electric
Corp.
................................
Japan
49,700
674,198
nVent
Electric
plc
.....................................
United
States
13,900
245,891
Rockwell
Automation,
Inc.
...............................
United
States
2,594
572,444
Schneider
Electric
SE
..................................
France
8,750
1,087,384
3,507,985
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol
Corp.,
A
....................................
United
States
8,233
891,387
a
Arrow
Electronics,
Inc.
.................................
United
States
2,271
178,637
Avnet,
Inc.
..........................................
United
States
12,440
321,450
Cognex
Corp.
........................................
United
States
2,187
142,374
Hitachi
Ltd.
..........................................
Japan
25,472
862,223
Jabil,
Inc.
...........................................
United
States
2,663
91,234
a
Keysight
Technologies,
Inc.
..............................
United
States
4,062
401,244
SYNNEX
Corp.
.......................................
United
States
1,256
175,915
TE
Connectivity
Ltd.
...................................
United
States
10,449
1,021,285
Topcon
Corp.
........................................
Japan
6,000
55,103
4,140,852
Energy
Equipment
&
Services
0.1%
SBM
Offshore
NV
.....................................
Netherlands
45,637
727,830
a
Tecnicas
Reunidas
SA
.................................
Spain
10,371
110,871
Tenaris
SA
..........................................
United
States
8,984
44,749
883,450
Entertainment
0.6%
Activision
Blizzard,
Inc.
.................................
United
States
5,472
442,958
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
24,000
1,159,749
a
Electronic
Arts,
Inc.
....................................
United
States
4,785
624,012
a
Netflix,
Inc.
..........................................
United
States
801
400,524
a
Spotify
Technology
SA
..................................
United
States
918
222,679
a
Ubisoft
Entertainment
SA
...............................
France
626
56,408
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Entertainment
(continued)
Walt
Disney
Co.
(The)
..................................
United
States
14,608
$
1,812,561
4,718,891
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
American
Tower
Corp.
..................................
United
States
1,958
473,307
Brixmor
Property
Group,
Inc.
.............................
United
States
8,043
94,023
CoreSite
Realty
Corp.
..................................
United
States
75
8,916
Crown
Castle
International
Corp.
..........................
United
States
6,485
1,079,753
EPR
Properties
.......................................
United
States
663
18,233
Equinix,
Inc.
.........................................
United
States
1,098
834,623
Equity
Commonwealth
.................................
United
States
3,582
95,389
Gaming
and
Leisure
Properties,
Inc.
.......................
United
States
7,966
294,184
Gecina
SA
..........................................
France
405
53,378
Goodman
Group
......................................
Australia
50,394
652,200
Highwoods
Properties,
Inc.
..............................
United
States
3,213
107,860
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
8,574
92,513
Kimco
Realty
Corp.
....................................
United
States
3,657
41,178
Lamar
Advertising
Co.,
A
................................
United
States
2,664
176,277
Link
REIT
...........................................
Hong
Kong
6,600
54,083
National
Retail
Properties,
Inc.
...........................
United
States
1,792
61,842
Omega
Healthcare
Investors,
Inc.
.........................
United
States
3,483
104,281
Public
Storage
.......................................
United
States
5,329
1,186,875
Realty
Income
Corp.
...................................
United
States
3,305
200,779
Segro
plc
...........................................
United
Kingdom
4,130
49,634
Simon
Property
Group,
Inc.
..............................
United
States
12,240
791,683
Spirit
Realty
Capital,
Inc.
................................
United
States
1,021
34,459
STORE
Capital
Corp.
..................................
United
States
2,012
55,189
Ventas,
Inc.
..........................................
United
States
9,905
415,614
Vornado
Realty
Trust
...................................
United
States
5,595
188,607
WP
Carey,
Inc.
.......................................
United
States
1,418
92,397
7,257,277
Food
&
Staples
Retailing
1.0%
Casey's
General
Stores,
Inc.
.............................
United
States
312
55,427
Coles
Group
Ltd.
......................................
Australia
4,028
49,052
Costco
Wholesale
Corp.
................................
United
States
1,624
576,520
Jeronimo
Martins
SGPS
SA
.............................
Portugal
3,098
49,806
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
40,441
1,195,097
Kroger
Co.
(The)
......................................
United
States
29,614
1,004,211
Lawson,
Inc.
.........................................
Japan
2,000
95,338
Matsumotokiyoshi
Holdings
Co.
Ltd.
.......................
Japan
18,100
659,772
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
2,900
90,078
a
Sprouts
Farmers
Market,
Inc.
............................
United
States
4,578
95,818
Sundrug
Co.
Ltd.
......................................
Japan
20,043
755,305
Walgreens
Boots
Alliance,
Inc.
...........................
United
States
6,675
239,766
Walmart,
Inc.
........................................
United
States
16,608
2,323,625
Welcia
Holdings
Co.
Ltd.
................................
Japan
4,000
175,364
7,365,179
Food
Products
0.5%
a
a2
Milk
Co.
Ltd.
(The)
..................................
New
Zealand
4,223
42,976
Calbee,
Inc.
.........................................
Japan
2,900
95,493
Campbell
Soup
Co.
....................................
United
States
400
19,348
Flowers
Foods,
Inc.
....................................
United
States
1,943
47,273
General
Mills,
Inc.
.....................................
United
States
6,587
406,286
Hershey
Co.
(The)
....................................
United
States
1,804
258,585
Hormel
Foods
Corp.
...................................
United
States
3,085
150,826
Ingredion,
Inc.
........................................
United
States
618
46,770
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
J
M
Smucker
Co.
(The)
.................................
United
States
856
$
98,885
Kellogg
Co.
..........................................
United
States
1,790
115,616
Lamb
Weston
Holdings,
Inc.
.............................
United
States
2,932
194,304
McCormick
&
Co.,
Inc.
.................................
United
States
5,300
1,028,730
Mondelez
International,
Inc.,
A
............................
United
States
8,269
475,054
Nestle
SA
...........................................
Switzerland
2,978
354,322
Orkla
ASA
...........................................
Norway
5,310
53,571
Tyson
Foods,
Inc.,
A
...................................
United
States
2,893
172,076
b
WH
Group
Ltd.,
144A,
Reg
S
............................
Hong
Kong
366,000
298,551
Yamazaki
Baking
Co.
Ltd.
...............................
Japan
3,000
52,278
3,910,944
Gas
Utilities
0.1%
Atmos
Energy
Corp.
...................................
United
States
1,113
106,392
Toho
Gas
Co.
Ltd.
.....................................
Japan
2,900
143,453
Tokyo
Gas
Co.
Ltd.
....................................
Japan
14,600
333,085
582,930
Health
Care
Equipment
&
Supplies
3.3%
Abbott
Laboratories
....................................
United
States
19,160
2,085,183
a
ABIOMED,
Inc.
.......................................
United
States
75
20,779
a
Alcon,
Inc.
...........................................
Switzerland
21,000
1,190,287
a
Align
Technology,
Inc.
..................................
United
States
200
65,472
Becton
Dickinson
and
Co.
...............................
United
States
6,900
1,605,492
Cochlear
Ltd.
........................................
Australia
10,700
1,528,054
Coloplast
A/S,
B
......................................
Denmark
2,654
420,541
Danaher
Corp.
.......................................
United
States
10,116
2,178,278
DENTSPLY
SIRONA,
Inc.
...............................
United
States
4,459
194,992
DiaSorin
SpA
........................................
Italy
977
196,523
a
Edwards
Lifesciences
Corp.
.............................
United
States
14,150
1,129,453
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
......................
New
Zealand
8,385
185,047
GN
Store
Nord
A/S
....................................
Denmark
25,000
1,883,019
a
Haemonetics
Corp.
....................................
United
States
5,424
473,244
Hoya
Corp.
..........................................
Japan
4,000
451,537
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,861
731,578
a
Intuitive
Surgical,
Inc.
..................................
United
States
2,522
1,789,460
a
LivaNova
plc
.........................................
United
States
14,000
632,940
a
Masimo
Corp.
........................................
United
States
421
99,381
Medtronic
plc
........................................
United
States
17,130
1,780,150
ResMed,
Inc.
........................................
United
States
1,902
326,060
Stryker
Corp.
........................................
United
States
12,592
2,623,795
Teleflex,
Inc.
.........................................
United
States
2,984
1,015,813
West
Pharmaceutical
Services,
Inc.
........................
United
States
9,441
2,595,331
25,202,409
Health
Care
Providers
&
Services
0.6%
Chemed
Corp.
.......................................
United
States
310
148,908
Cigna
Corp.
.........................................
United
States
1,027
173,984
CVS
Health
Corp.
.....................................
United
States
7,565
441,796
Humana,
Inc.
........................................
United
States
618
255,784
a
Laboratory
Corp.
of
America
Holdings
......................
United
States
3,010
566,693
Medipal
Holdings
Corp.
.................................
Japan
2,800
56,130
Premier,
Inc.,
A
.......................................
United
States
301
9,882
Quest
Diagnostics,
Inc.
.................................
United
States
4,873
557,910
Sinopharm
Group
Co.
Ltd.,
H
............................
China
104,800
221,465
Suzuken
Co.
Ltd.
.....................................
Japan
1,400
53,387
UnitedHealth
Group,
Inc.
................................
United
States
5,951
1,855,343
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Universal
Health
Services,
Inc.,
B
.........................
United
States
1,401
$
149,935
4,491,217
Health
Care
Technology
0.2%
a
American
Well
Corp.,
A
.................................
United
States
400
11,856
Cerner
Corp.
.........................................
United
States
12,551
907,312
a
GoodRx
Holdings,
Inc.,
A
...............................
United
States
300
16,680
a
Veeva
Systems,
Inc.,
A
.................................
United
States
2,606
732,781
1,668,629
Hotels,
Restaurants
&
Leisure
0.5%
Darden
Restaurants,
Inc.
...............................
United
States
1,423
143,353
Domino's
Pizza,
Inc.
...................................
United
States
1,628
692,356
Las
Vegas
Sands
Corp.
.................................
United
States
11,173
521,332
McDonald's
Corp.
.....................................
United
States
7,779
1,707,413
Starbucks
Corp.
......................................
United
States
5,518
474,107
Yum
China
Holdings,
Inc.
...............................
China
2,155
114,107
Yum!
Brands,
Inc.
.....................................
United
States
4,704
429,475
4,082,143
Household
Durables
0.4%
Barratt
Developments
plc
...............................
United
Kingdom
39,662
243,246
Berkeley
Group
Holdings
plc
.............................
United
Kingdom
4,942
269,413
DR
Horton,
Inc.
.......................................
United
States
1,418
107,243
Garmin
Ltd.
..........................................
United
States
1,510
143,239
Lennar
Corp.,
A
.......................................
United
States
1,916
156,499
a
Mohawk
Industries,
Inc.
.................................
United
States
1,155
112,716
a
NVR,
Inc.
...........................................
United
States
54
220,489
Persimmon
plc
.......................................
United
Kingdom
12,363
394,004
PulteGroup,
Inc.
......................................
United
States
5,677
262,788
Sekisui
Chemical
Co.
Ltd.
...............................
Japan
3,800
60,765
Sekisui
House
Ltd.
....................................
Japan
24,900
441,121
Sony
Corp.
..........................................
Japan
8,670
664,297
Taylor
Wimpey
plc
.....................................
United
Kingdom
33,713
47,142
3,122,962
Household
Products
0.8%
Church
&
Dwight
Co.,
Inc.
...............................
United
States
2,581
241,866
Clorox
Co.
(The)
......................................
United
States
3,786
795,704
Colgate-Palmolive
Co.
.................................
United
States
19,373
1,494,627
a
Essity
AB,
B
.........................................
Sweden
1,580
53,331
Kimberly-Clark
Corp.
...................................
United
States
7,818
1,154,406
Procter
&
Gamble
Co.
(The)
.............................
United
States
19,952
2,773,128
6,513,062
Industrial
Conglomerates
1.0%
3M
Co.
.............................................
United
States
6,654
1,065,838
Carlisle
Cos.,
Inc.
.....................................
United
States
2,900
354,873
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
160,000
969,567
Honeywell
International,
Inc.
.............................
United
States
12,289
2,022,892
Roper
Technologies,
Inc.
................................
United
States
7,500
2,963,325
7,376,495
Insurance
0.6%
Admiral
Group
plc
.....................................
United
Kingdom
7,296
246,069
Aflac,
Inc.
...........................................
United
States
11,850
430,748
AIA
Group
Ltd.
.......................................
Hong
Kong
87,340
868,174
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
Allianz
SE
...........................................
Germany
251
$
48,164
American
National
Group,
Inc.
............................
United
States
65
4,390
Aviva
plc
............................................
United
Kingdom
151,931
562,127
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
13,460
46,946
Erie
Indemnity
Co.,
A
...................................
United
States
2,850
599,298
Fidelity
National
Financial,
Inc.
...........................
United
States
2,852
89,296
Japan
Post
Insurance
Co.
Ltd.
...........................
Japan
9,000
141,667
Lincoln
National
Corp.
..................................
United
States
5,798
181,651
Medibank
Pvt
Ltd.
.....................................
Australia
27,533
49,660
MetLife,
Inc.
.........................................
United
States
7,272
270,300
MS&AD
Insurance
Group
Holdings,
Inc.
....................
Japan
2,000
53,871
NN
Group
NV
........................................
Netherlands
6,878
257,758
Principal
Financial
Group,
Inc.
............................
United
States
2,177
87,668
Progressive
Corp.
(The)
................................
United
States
1,400
132,538
Prudential
Financial,
Inc.
................................
United
States
1,987
126,214
Unum
Group
.........................................
United
States
6,521
109,748
4,306,287
Interactive
Media
&
Services
1.8%
a
Alphabet,
Inc.,
A
......................................
United
States
3,329
4,878,982
a
Alphabet,
Inc.,
C
......................................
United
States
1,828
2,686,429
a
Baidu,
Inc.,
ADR
......................................
China
5,459
691,055
a
Facebook,
Inc.,
A
.....................................
United
States
17,169
4,496,561
a
IAC/InterActiveCorp
...................................
United
States
1,607
192,486
Kakaku.com,
Inc.
.....................................
Japan
5,100
134,418
a
Match
Group,
Inc.
.....................................
United
States
5,680
628,492
13,708,423
Internet
&
Direct
Marketing
Retail
2.2%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
3,045
895,169
a
Alibaba
Group
Holding
Ltd.
..............................
China
18,200
668,147
a
Amazon.com,
Inc.
.....................................
United
States
3,304
10,403,404
a
boohoo
Group
plc
.....................................
United
Kingdom
375,000
1,810,458
a
Booking
Holdings,
Inc.
.................................
United
States
316
540,575
eBay,
Inc.
...........................................
United
States
4,067
211,891
Expedia
Group,
Inc.
...................................
United
States
2,051
188,056
a
MercadoLibre,
Inc.
....................................
Argentina
1,300
1,407,224
a,b
Zalando
SE,
144A,
Reg
S
...............................
Germany
5,323
497,221
ZOZO,
Inc.
..........................................
Japan
3,400
94,849
16,716,994
IT
Services
3.1%
Accenture
plc,
A
......................................
United
States
17,615
3,980,814
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,304
2,404,694
a
Akamai
Technologies,
Inc.
...............................
United
States
2,829
312,718
Amadeus
IT
Group
SA
.................................
Spain
20,000
1,110,484
Amdocs
Ltd.
.........................................
United
States
5,319
305,364
Automatic
Data
Processing,
Inc.
..........................
United
States
7,246
1,010,744
Booz
Allen
Hamilton
Holding
Corp.
........................
United
States
862
71,529
Broadridge
Financial
Solutions,
Inc.
........................
United
States
1,237
163,284
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
4,335
300,936
Fujitsu
Ltd.
..........................................
Japan
7,500
1,024,341
International
Business
Machines
Corp.
.....................
United
States
3,932
478,406
Jack
Henry
&
Associates,
Inc.
............................
United
States
846
137,551
Keywords
Studios
plc
..................................
Ireland
57,000
1,600,509
Mastercard,
Inc.,
A
....................................
United
States
10,435
3,528,804
NEC
Corp.
..........................................
Japan
1,900
111,107
Nomura
Research
Institute
Ltd.
...........................
Japan
11,200
329,685
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
(continued)
a
Okta,
Inc.
...........................................
United
States
400
$
85,540
Otsuka
Corp.
........................................
Japan
4,000
204,347
Paychex,
Inc.
........................................
United
States
3,660
291,958
a
PayPal
Holdings,
Inc.
..................................
United
States
4,300
847,229
a
Shopify,
Inc.,
A
.......................................
Canada
1,200
1,227,564
a
Snowflake,
Inc.,
A
.....................................
United
States
1,600
401,600
a
Twilio,
Inc.,
A
.........................................
United
States
2,462
608,336
Visa,
Inc.,
A
..........................................
United
States
17,059
3,411,288
Western
Union
Co.
(The)
................................
United
States
9,742
208,771
24,157,603
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
............................
Japan
1,000
73,249
Polaris,
Inc.
..........................................
United
States
1,808
170,567
243,816
Life
Sciences
Tools
&
Services
0.8%
a
10X
Genomics,
Inc.,
A
..................................
United
States
1,100
137,148
Agilent
Technologies,
Inc.
...............................
United
States
8,071
814,687
a
Illumina,
Inc.
.........................................
United
States
3,346
1,034,182
a
Mettler-Toledo
International,
Inc.
..........................
United
States
2,962
2,860,551
Sartorius
Stedim
Biotech
................................
France
1,063
366,830
Thermo
Fisher
Scientific,
Inc.
............................
United
States
836
369,111
a
Waters
Corp.
........................................
United
States
150
29,352
a,b
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
..................
China
17,500
428,894
6,040,755
Machinery
1.5%
Allison
Transmission
Holdings,
Inc.
........................
United
States
889
31,239
Amada
Co.
Ltd.
.......................................
Japan
7,700
72,011
Atlas
Copco
AB,
A
.....................................
Sweden
17,566
837,348
Atlas
Copco
AB,
B
.....................................
Sweden
6,440
268,710
Caterpillar,
Inc.
.......................................
United
States
3,146
469,226
Cummins,
Inc.
........................................
United
States
5,927
1,251,545
Deere
&
Co.
.........................................
United
States
2,986
661,787
Donaldson
Co.,
Inc.
...................................
United
States
7,600
352,792
Dover
Corp.
.........................................
United
States
7,900
855,886
Epiroc
AB,
A
.........................................
Sweden
25,578
370,451
Epiroc
AB,
B
.........................................
Sweden
15,197
210,900
Fortive
Corp.
.........................................
United
States
6,217
473,798
Graco,
Inc.
..........................................
United
States
6,476
397,303
Illinois
Tool
Works,
Inc.
.................................
United
States
7,667
1,481,341
a
Ingersoll
Rand,
Inc.
....................................
United
States
5,326
189,606
Komatsu
Ltd.
........................................
Japan
22,626
496,795
Kone
OYJ,
B
.........................................
Finland
5,313
466,400
Kurita
Water
Industries
Ltd.
..............................
Japan
1,800
59,507
Lincoln
Electric
Holdings,
Inc.
............................
United
States
1,857
170,918
Oshkosh
Corp.
.......................................
United
States
1,929
141,781
Otis
Worldwide
Corp.
..................................
United
States
6,661
415,780
PACCAR,
Inc.
........................................
United
States
2,047
174,568
Pentair
plc
..........................................
United
States
12,400
567,548
SKF
AB,
B
..........................................
Sweden
13,522
278,907
Snap-on,
Inc.
........................................
United
States
382
56,204
Stanley
Black
&
Decker,
Inc.
.............................
United
States
4,452
722,114
Sumitomo
Heavy
Industries
Ltd.
..........................
Japan
2,600
60,474
Toro
Co.
(The)
.......................................
United
States
1,224
102,755
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Yangzijiang
Shipbuilding
Holdings
Ltd.
......................
China
98,800
$
72,177
11,709,871
Marine
0.0%
†
Kuehne
+
Nagel
International
AG
.........................
Switzerland
2,113
410,177
Media
0.7%
a,b
Ascential
plc,
144A,
Reg
S
..............................
United
Kingdom
324,885
1,232,872
Cable
One,
Inc.
.......................................
United
States
450
848,444
Comcast
Corp.,
A
.....................................
United
States
20,414
944,352
CyberAgent,
Inc.
......................................
Japan
29,000
1,790,285
a
Informa
plc
..........................................
United
Kingdom
34,286
166,179
Interpublic
Group
of
Cos.,
Inc.
(The)
.......................
United
States
2,955
49,260
Nippon
Television
Holdings,
Inc.
..........................
Japan
14,000
150,486
Omnicom
Group,
Inc.
..................................
United
States
2,187
108,257
TBS
Holdings,
Inc.
....................................
Japan
15,300
264,285
5,554,420
Metals
&
Mining
0.6%
a
ArcelorMittal
SA
......................................
Luxembourg
47,730
634,832
BHP
Group
plc
.......................................
Australia
13,136
280,256
Evraz
plc
...........................................
Russia
19,479
86,741
Fortescue
Metals
Group
Ltd.
.............................
Australia
46,385
544,704
Newmont
Corp.
.......................................
United
States
1,975
125,314
Nucor
Corp.
.........................................
United
States
4,877
218,782
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
2,239
228,468
Rio
Tinto
Ltd.
........................................
Australia
9,119
622,580
Rio
Tinto
plc
.........................................
Australia
8,724
524,965
Royal
Gold,
Inc.
......................................
United
States
256
30,763
Steel
Dynamics,
Inc.
...................................
United
States
7,893
225,977
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
21,890
678,710
Wheaton
Precious
Metals
Corp.
..........................
Brazil
15,817
775,944
4,978,036
Multiline
Retail
0.5%
Dollar
General
Corp.
...................................
United
States
3,325
696,987
Next
plc
............................................
United
Kingdom
5,142
394,238
Nordstrom,
Inc.
.......................................
United
States
1,022
12,182
Seria
Co.
Ltd.
........................................
Japan
8,868
378,306
Target
Corp.
.........................................
United
States
15,726
2,475,587
3,957,300
Multi-Utilities
0.4%
AGL
Energy
Ltd.
......................................
Australia
25,011
244,113
Ameren
Corp.
........................................
United
States
1,725
136,413
Centrica
plc
.........................................
United
Kingdom
81,817
42,336
Consolidated
Edison,
Inc.
...............................
United
States
2,992
232,777
Dominion
Energy,
Inc.
..................................
United
States
4,943
390,151
DTE
Energy
Co.
......................................
United
States
5,818
669,303
E.ON
SE
............................................
Germany
70,070
772,176
Public
Service
Enterprise
Group,
Inc.
......................
United
States
5,233
287,344
Veolia
Environnement
SA
...............................
France
12,700
273,958
WEC
Energy
Group,
Inc.
................................
United
States
750
72,675
3,121,246
Oil,
Gas
&
Consumable
Fuels
1.0%
Ampol
Ltd.
..........................................
Australia
9,945
171,565
BP
plc
..............................................
United
Kingdom
175,562
507,742
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Cabot
Oil
&
Gas
Corp.
.................................
United
States
10,699
$
185,735
Chevron
Corp.
.......................................
United
States
8,843
636,696
Devon
Energy
Corp.
...................................
United
States
8,799
83,238
Eni
SpA
............................................
Italy
5,873
45,894
EOG
Resources,
Inc.
..................................
United
States
23,112
830,645
Equinor
ASA
.........................................
Norway
51,473
728,986
Exxon
Mobil
Corp.
.....................................
United
States
50,179
1,722,645
Galp
Energia
SGPS
SA,
B
..............................
Portugal
40,425
374,882
Husky
Energy,
Inc.
....................................
Canada
83,500
193,122
Neste
OYJ
..........................................
Finland
3,958
208,383
a
OMV
AG
............................................
Austria
4,130
112,977
Royal
Dutch
Shell
plc,
B
................................
Netherlands
76,301
925,342
TOTAL
SE
..........................................
France
19,949
684,954
Valero
Energy
Corp.
...................................
United
States
5,150
223,098
7,635,904
Personal
Products
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
2,733
596,477
Nu
Skin
Enterprises,
Inc.,
A
..............................
United
States
559
28,000
Unilever
NV
.........................................
United
Kingdom
5,776
350,687
Unilever
plc
..........................................
United
Kingdom
7,037
433,871
1,409,035
Pharmaceuticals
3.0%
Astellas
Pharma,
Inc.
..................................
Japan
11,300
168,397
AstraZeneca
plc,
ADR
..................................
United
Kingdom
11,514
630,967
Bayer
AG
...........................................
Germany
22,657
1,397,497
Bristol-Myers
Squibb
Co.
................................
United
States
16,841
1,015,344
a
Catalent,
Inc.
........................................
United
States
19,089
1,635,164
Chugai
Pharmaceutical
Co.
Ltd.
..........................
Japan
1,100
49,349
Eli
Lilly
and
Co.
.......................................
United
States
13,294
1,967,778
a
GW
Pharmaceuticals
plc,
ADR
...........................
United
Kingdom
1,226
119,351
Hikma
Pharmaceuticals
plc
..............................
Jordan
45,000
1,508,337
a
Horizon
Therapeutics
plc
................................
United
States
425
33,014
a
Jazz
Pharmaceuticals
plc
...............................
United
States
1,218
173,674
Johnson
&
Johnson
...................................
United
States
25,373
3,777,532
Merck
&
Co.,
Inc.
.....................................
United
States
23,340
1,936,053
Novartis
AG
.........................................
Switzerland
2,194
190,441
Novo
Nordisk
A/S,
B
...................................
Denmark
19,588
1,356,858
Orion
OYJ,
B
........................................
Finland
4,061
183,951
Pfizer,
Inc.
...........................................
United
States
30,566
1,121,772
Roche
Holding
AG
....................................
Switzerland
8,123
2,781,702
Sanofi
..............................................
France
11,564
1,158,603
Shionogi
&
Co.
Ltd.
....................................
Japan
800
42,807
Takeda
Pharmaceutical
Co.
Ltd.,
ADR
......................
Japan
75,044
1,338,785
Zoetis,
Inc.
..........................................
United
States
1,175
194,310
22,781,686
Professional
Services
1.2%
Adecco
Group
AG
.....................................
Switzerland
6,052
319,249
a
CoStar
Group,
Inc.
....................................
United
States
300
254,553
Equifax,
Inc.
.........................................
United
States
3,090
484,821
Experian
plc
.........................................
United
Kingdom
45,000
1,690,913
a
FTI
Consulting,
Inc.
....................................
United
States
75
7,948
IHS
Markit
Ltd.
.......................................
United
States
16,909
1,327,526
ManpowerGroup,
Inc.
..................................
United
States
6,130
449,513
Nihon
M&A
Center,
Inc.
.................................
Japan
5,400
308,843
Persol
Holdings
Co.
Ltd.
................................
Japan
4,900
80,015
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
(continued)
a
Randstad
NV
........................................
Netherlands
4,638
$
241,799
Recruit
Holdings
Co.
Ltd.
...............................
Japan
8,700
345,425
RELX
plc
...........................................
United
Kingdom
34,295
763,370
Robert
Half
International,
Inc.
............................
United
States
4,911
259,988
SGS
SA
............................................
Switzerland
237
634,949
Verisk
Analytics,
Inc.
...................................
United
States
8,936
1,655,930
Wolters
Kluwer
NV
....................................
Netherlands
5,711
487,059
9,311,901
Real
Estate
Management
&
Development
0.4%
Aroundtown
SA
.......................................
Germany
8,671
43,518
a
CBRE
Group,
Inc.,
A
...................................
United
States
2,703
126,960
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
144,330
709,204
Daito
Trust
Construction
Co.
Ltd.
..........................
Japan
2,800
248,135
Jones
Lang
LaSalle,
Inc.
................................
United
States
932
89,155
Kerry
Properties
Ltd.
...................................
Hong
Kong
24,500
63,010
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
32,000
556,696
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
49,000
631,444
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
67,500
326,802
2,794,924
Road
&
Rail
1.0%
Canadian
National
Railway
Co.
...........................
Canada
5,414
576,375
Canadian
Pacific
Railway
Ltd.
............................
Canada
2,872
874,323
ComfortDelGro
Corp.
Ltd.
...............................
Singapore
67,300
69,948
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
6,127
774,330
Kansas
City
Southern
..................................
United
States
4,095
740,499
Knight-Swift
Transportation
Holdings,
Inc.
...................
United
States
3,810
155,067
Landstar
System,
Inc.
..................................
United
States
1,592
199,780
Norfolk
Southern
Corp.
.................................
United
States
3,900
834,561
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
3,408
616,575
Schneider
National,
Inc.,
B
..............................
United
States
200
4,946
a
Uber
Technologies,
Inc.
.................................
United
States
5,638
205,674
Union
Pacific
Corp.
....................................
United
States
14,435
2,841,819
7,893,897
Semiconductors
&
Semiconductor
Equipment
3.0%
Advantest
Corp.
......................................
Japan
2,800
136,155
Analog
Devices,
Inc.
...................................
United
States
14,500
1,692,730
Applied
Materials,
Inc.
..................................
United
States
8,669
515,372
ASML
Holding
NV,
NYRS
...............................
Netherlands
2,722
1,005,153
ASML
Holding
NV
.....................................
Netherlands
3,700
1,366,389
a
Cirrus
Logic,
Inc.
......................................
United
States
75
5,059
a
Enphase
Energy,
Inc.
..................................
United
States
200
16,518
Intel
Corp.
...........................................
United
States
37,102
1,921,142
KLA
Corp.
...........................................
United
States
1,560
302,234
Lam
Research
Corp.
...................................
United
States
1,507
499,947
Maxim
Integrated
Products,
Inc.
..........................
United
States
2,818
190,525
a
Micron
Technology,
Inc.
.................................
United
States
5,925
278,238
Monolithic
Power
Systems,
Inc.
...........................
United
States
2,700
754,947
NVIDIA
Corp.
........................................
United
States
5,948
3,219,177
NXP
Semiconductors
NV
...............................
Netherlands
11,058
1,380,149
QUALCOMM,
Inc.
.....................................
United
States
9,806
1,153,970
Skyworks
Solutions,
Inc.
................................
United
States
4,592
668,136
a
SolarEdge
Technologies,
Inc.
............................
United
States
125
29,794
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
78,203
1,177,956
Teradyne,
Inc.
........................................
United
States
2,372
188,479
Texas
Instruments,
Inc.
.................................
United
States
36,433
5,202,268
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Tokyo
Electron
Ltd.
....................................
Japan
3,400
$
888,014
Xilinx,
Inc.
...........................................
United
States
2,639
275,089
22,867,441
Software
5.5%
a
Adobe,
Inc.
..........................................
United
States
4,810
2,358,968
a
Aspen
Technology,
Inc.
.................................
United
States
512
64,814
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,000
181,790
a
Autodesk,
Inc.
........................................
United
States
4,942
1,141,652
a
Avalara,
Inc.
.........................................
United
States
2,380
303,069
AVEVA
Group
plc
.....................................
United
Kingdom
23,000
1,418,659
a
Bill.com
Holdings,
Inc.
..................................
United
States
6,200
621,922
a
Cadence
Design
Systems,
Inc.
...........................
United
States
9,764
1,041,135
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
3,000
361,020
Citrix
Systems,
Inc.
....................................
United
States
2,854
393,024
a
CyberArk
Software
Ltd.
.................................
United
States
15,000
1,551,300
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
400
18,172
a
Fair
Isaac
Corp.
......................................
United
States
295
125,487
a
Fortinet,
Inc.
.........................................
United
States
4,097
482,668
Intuit,
Inc.
...........................................
United
States
10,724
3,498,276
a
Manhattan
Associates,
Inc.
..............................
United
States
1,984
189,452
Microsoft
Corp.
.......................................
United
States
76,629
16,117,378
a
Nice
Ltd.
............................................
Israel
502
113,806
Oracle
Corp.
.........................................
United
States
8,064
481,421
Oracle
Corp.
Japan
....................................
Japan
1,500
161,919
a
Paycom
Software,
Inc.
.................................
United
States
500
155,650
a
PTC,
Inc.
...........................................
United
States
6,821
564,233
Sage
Group
plc
(The)
..................................
United
Kingdom
187,800
1,745,328
a
salesforce.com,
Inc.
...................................
United
States
3,253
817,544
SAP
SE
............................................
Germany
14,971
2,330,760
a
ServiceNow,
Inc.
......................................
United
States
5,755
2,791,175
a
Synopsys,
Inc.
.......................................
United
States
6,145
1,314,907
Trend
Micro,
Inc.
......................................
Japan
5,100
310,699
a
Tyler
Technologies,
Inc.
.................................
United
States
1,438
501,229
a
VMware,
Inc.,
A
.......................................
United
States
175
25,142
a
Workday,
Inc.,
A
......................................
United
States
4,420
950,875
42,133,474
Specialty
Retail
1.1%
ABC-Mart,
Inc.
.......................................
Japan
900
46,846
a
AutoNation,
Inc.
......................................
United
States
1,884
99,720
a
AutoZone,
Inc.
.......................................
United
States
177
208,442
Best
Buy
Co.,
Inc.
.....................................
United
States
9,416
1,047,907
Foot
Locker,
Inc.
......................................
United
States
1,303
43,038
Gap,
Inc.
(The)
.......................................
United
States
2,452
41,757
Hennes
&
Mauritz
AB,
B
................................
Sweden
3,356
57,805
Home
Depot,
Inc.
(The)
.................................
United
States
4,561
1,266,635
Industria
de
Diseno
Textil
SA
.............................
Spain
1,966
54,377
Lowe's
Cos.,
Inc.
......................................
United
States
10,160
1,685,138
Nitori
Holdings
Co.
Ltd.
.................................
Japan
3,100
642,918
a
O'Reilly
Automotive,
Inc.
................................
United
States
1,284
592,027
a
Party
City
Holdings,
Inc.
................................
United
States
4,430
11,517
Ross
Stores,
Inc.
.....................................
United
States
14,585
1,361,072
TJX
Cos.,
Inc.
(The)
...................................
United
States
8,942
497,622
Tractor
Supply
Co.
....................................
United
States
4,914
704,373
a
Ulta
Beauty,
Inc.
......................................
United
States
589
131,924
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Williams-Sonoma,
Inc.
.................................
United
States
3,200
$
289,408
8,782,526
Technology
Hardware,
Storage
&
Peripherals
1.7%
Apple,
Inc.
..........................................
United
States
98,540
11,411,917
HP,
Inc.
.............................................
United
States
16,884
320,627
NetApp,
Inc.
.........................................
United
States
2,292
100,481
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
30,227
1,505,370
Xerox
Holdings
Corp.
..................................
United
States
275
5,162
13,343,557
Textiles,
Apparel
&
Luxury
Goods
0.7%
a
adidas
AG
...........................................
Germany
692
223,428
Burberry
Group
plc
....................................
United
Kingdom
7,515
150,638
Carter's,
Inc.
.........................................
United
States
456
39,481
Hanesbrands,
Inc.
.....................................
United
States
2,024
31,878
Hermes
International
...................................
France
913
786,156
a
Lululemon
Athletica,
Inc.
................................
United
States
1,526
502,619
a
Moncler
SpA
.........................................
Italy
7,579
310,078
NIKE,
Inc.,
B
.........................................
United
States
27,326
3,430,506
Pandora
A/S
.........................................
Denmark
3,127
225,527
5,700,311
Thrifts
&
Mortgage
Finance
0.1%
Housing
Development
Finance
Corp.
Ltd.
...................
India
28,671
681,520
Tobacco
0.3%
Altria
Group,
Inc.
......................................
United
States
12,085
466,964
Imperial
Brands
plc
....................................
United
Kingdom
50,852
898,260
Philip
Morris
International,
Inc.
...........................
United
States
9,235
692,533
2,057,757
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
.........................................
United
States
33,148
1,494,643
Ferguson
plc
.........................................
United
States
15,500
1,559,833
MSC
Industrial
Direct
Co.,
Inc.,
A
..........................
United
States
1,807
114,347
Watsco,
Inc.
.........................................
United
States
752
175,133
WW
Grainger,
Inc.
.....................................
United
States
2,687
958,641
4,302,597
Transportation
Infrastructure
0.0%
†
Kamigumi
Co.
Ltd.
....................................
Japan
3,900
76,829
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
..........................
United
States
7,456
1,080,225
Wireless
Telecommunication
Services
0.3%
KDDI
Corp.
..........................................
Japan
28,000
704,043
NTT
DOCOMO,
Inc.
...................................
Japan
19,900
731,040
SoftBank
Corp.
.......................................
Japan
31,700
354,126
Vodafone
Group
plc
...................................
United
Kingdom
257,722
341,606
2,130,815
Total
Common
Stocks
(Cost
$385,788,990)
.....................................
448,992,905
Management
Investment
Companies
3.0%
Capital
Markets
3.0%
Schwab
U.S.
TIPS
ETF
.................................
United
States
248,750
15,330,463
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
(continued)
Capital
Markets
(continued)
a,c
Templeton
Global
Bond
VIP
Fund,
Class
1
..................
United
States
539,390
$
7,774,980
23,105,443
Total
Management
Investment
Companies
(Cost
$24,028,784)
....................
23,105,443
Preferred
Stocks
0.0%
Chemicals
0.0%
†
d
FUCHS
PETROLUB
SE,
2.24%
..........................
Germany
2,694
136,949
Total
Preferred
Stocks
(Cost
$103,367)
.........................................
136,949
Rights
Rights
0.0%
Pharmaceuticals
0.0%
†
a
Bristol-Myers
Squibb
Co.,
CVR,
12/31/20
...................
United
States
2,250
5,062
Total
Rights
(Cost
$5,175)
....................................................
5,062
Principal
Amount
*
Corporate
Bonds
11.3%
Aerospace
&
Defense
0.2%
Lockheed
Martin
Corp.
,
Senior
Bond
,
4.7
%
,
5/15/46
...........
United
States
200,000
272,635
Northrop
Grumman
Corp.
,
Senior
Bond
,
5.25
%
,
5/01/50
........
United
States
400,000
575,476
Raytheon
Technologies
Corp.
,
Senior
Bond
,
4.5
%
,
6/01/42
......
United
States
600,000
758,326
1,606,437
Air
Freight
&
Logistics
0.2%
FedEx
Corp.
,
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
510,333
Senior
Bond,
4.75%,
11/15/45
..........................
United
States
100,000
123,867
United
Parcel
Service,
Inc.
,
Senior
Bond,
3.75%,
11/15/47
..........................
United
States
400,000
483,983
Senior
Bond,
5.3%,
4/01/50
............................
United
States
100,000
147,923
1,266,106
Airlines
0.0%
†
b
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
300,000
308,135
Banks
1.8%
Bancolombia
SA
,
Senior
Note
,
3
%
,
1/29/25
..................
Colombia
650,000
651,664
Bank
of
America
Corp.
,
L,
Sub.
Bond,
4.183%,
11/25/27
........................
United
States
1,310,000
1,504,867
Sub.
Note,
4.2%,
8/26/24
.............................
United
States
400,000
445,787
b
BNP
Paribas
SA
,
Senior
Bond,
144A,
3.052%
to
1/13/30,
FRN
thereafter,
1/13/31
France
200,000
215,083
Senior
Note,
144A,
2.219%
to
6/09/25,
FRN
thereafter,
6/09/26
.
France
200,000
206,575
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/03/30,
FRN
thereafter,
6/03/31
.....
United
States
700,000
737,339
Senior
Note,
3.352%
to
4/24/24,
FRN
thereafter,
4/24/25
......
United
States
1,500,000
1,623,998
Credit
Suisse
Group
Funding
Guernsey
Ltd.
,
Senior
Note
,
3.8
%
,
9/15/22
...........................................
Switzerland
1,200,000
1,269,083
HSBC
Holdings
plc
,
Senior
Bond,
2.357%
to
8/18/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
200,000
198,556
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
HSBC
Holdings
plc,
(continued)
Senior
Note,
1.645%
to
8/18/25,
FRN
thereafter,
4/18/26
......
United
Kingdom
525,000
$
524,091
Senior
Note,
2.013%
to
9/22/27,
FRN
thereafter,
9/22/28
......
United
Kingdom
300,000
297,080
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
5/01/27,
FRN
thereafter,
5/01/28
......
United
States
1,200,000
1,346,310
Sub.
Note,
3.875%,
9/10/24
...........................
United
States
400,000
442,843
b
Standard
Chartered
plc
,
Senior
Note
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
970,000
1,071,683
SVB
Financial
Group
,
Senior
Note
,
3.125
%
,
6/05/30
...........
United
States
100,000
111,904
Truist
Bank
,
Sub.
Note
,
2.25
%
,
3/11/30
.....................
United
States
400,000
412,624
Truist
Financial
Corp.
,
Sub.
Note
,
3.875
%
,
3/19/29
............
United
States
860,000
987,573
US
Bancorp
,
Sub.
Note
,
3
%
,
7/30/29
.......................
United
States
300,000
333,387
Wells
Fargo
&
Co.
,
Senior
Note
,
2.393%
to
6/02/27,
FRN
thereafter
,
6/02/28
...........................................
United
States
200,000
208,898
Wells
Fargo
Bank
NA
,
Senior
Note
,
2.082%
to
9/09/21,
FRN
thereafter
,
9/09/22
...................................
United
States
1,100,000
1,115,783
13,705,128
Beverages
0.1%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
4.9
%
,
2/01/46
............................
Belgium
500,000
621,713
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
3.5%,
6/01/30
............................
Belgium
100,000
113,975
Senior
Bond,
5.8%,
1/23/59
............................
Belgium
250,000
357,506
1,093,194
Biotechnology
0.4%
b
AbbVie,
Inc.
,
Senior
Bond,
144A,
4.85%,
6/15/44
......................
United
States
400,000
492,117
Senior
Bond,
144A,
4.25%,
11/21/49
.....................
United
States
370,000
439,333
Senior
Note,
144A,
3.8%,
3/15/25
.......................
United
States
400,000
444,289
Senior
Note,
144A,
3.2%,
11/21/29
......................
United
States
200,000
220,766
Amgen,
Inc.
,
Senior
Note,
2.2%,
2/21/27
............................
United
States
100,000
105,706
Senior
Note,
2.45%,
2/21/30
...........................
United
States
500,000
530,915
Biogen,
Inc.
,
Senior
Bond
,
5.2
%
,
9/15/45
....................
United
States
375,000
496,013
Gilead
Sciences,
Inc.
,
Senior
Bond
,
4.8
%
,
4/01/44
.............
United
States
500,000
644,667
Regeneron
Pharmaceuticals,
Inc.
,
Senior
Bond
,
1.75
%
,
9/15/30
..
United
States
50,000
48,837
3,422,643
Building
Products
0.1%
b
Carrier
Global
Corp.
,
Senior
Bond
,
144A,
3.577
%
,
4/05/50
......
United
States
430,000
456,189
Capital
Markets
0.3%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
3.5%,
1/23/25
............................
United
States
625,000
686,674
Sub.
Note,
4.25%,
10/21/25
...........................
United
States
400,000
454,959
Morgan
Stanley
,
Senior
Bond
,
3.591%
to
7/22/27,
FRN
thereafter
,
7/22/28
...........................................
United
States
1,060,000
1,193,757
2,335,390
Chemicals
0.2%
Air
Products
and
Chemicals,
Inc.
,
Senior
Bond
,
2.7
%
,
5/15/40
....
United
States
400,000
426,756
b
CNAC
HK
Finbridge
Co.
Ltd.
,
Senior
Note,
Reg
S,
4.875%,
3/14/25
....................
China
400,000
442,434
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
(continued)
b
CNAC
HK
Finbridge
Co.
Ltd.,
(continued)
Senior
Note,
Reg
S,
3.875%,
6/19/29
....................
China
200,000
$
213,066
EI
du
Pont
de
Nemours
and
Co.
,
Senior
Note
,
1.7
%
,
7/15/25
.....
United
States
180,000
186,867
Westlake
Chemical
Corp.
,
Senior
Note
,
3.375
%
,
6/15/30
........
United
States
100,000
107,530
b
Yara
International
ASA
,
Senior
Note
,
144A,
3.148
%
,
6/04/30
.....
Norway
100,000
107,112
1,483,765
Consumer
Finance
0.2%
Capital
One
Financial
Corp.
,
Senior
Note
,
3.75
%
,
3/09/27
.......
United
States
1,035,000
1,150,307
Containers
&
Packaging
0.0%
†
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
235,000
255,813
Diversified
Financial
Services
0.3%
b
CK
Hutchison
International
19
Ltd.
,
Senior
Note
,
144A,
3.25
%
,
4/11/24
...........................................
United
Kingdom
635,000
677,593
DY9
Leasing
LLC
,
Secured
Bond
,
2.372
%
,
3/19/27
............
United
States
647,483
683,169
b
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
700,000
696,807
Shell
International
Finance
BV
,
Senior
Bond
,
4.125
%
,
5/11/35
....
Netherlands
500,000
602,224
2,659,793
Diversified
Telecommunication
Services
0.2%
AT&T,
Inc.
,
Senior
Note,
3.8%,
2/15/27
............................
United
States
920,000
1,038,546
Senior
Note,
2.3%,
6/01/27
............................
United
States
100,000
105,121
Bell
Canada,
Inc.
,
Senior
Bond
,
4.464
%
,
4/01/48
..............
Canada
200,000
246,875
Orange
SA
,
Senior
Bond
,
8.75
%
,
3/01/31
...................
France
300,000
489,662
1,880,204
Electric
Utilities
0.8%
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
245,933
Duke
Energy
Corp.
,
Senior
Bond
,
3.75
%
,
9/01/46
.............
United
States
200,000
227,997
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
305,418
b
Enel
Finance
International
NV
,
Senior
Bond,
144A,
3.5%,
4/06/28
.......................
Italy
300,000
334,781
Senior
Note,
144A,
4.25%,
9/14/23
......................
Italy
1,200,000
1,314,732
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
850,000
996,463
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
700,000
838,736
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
............
United
States
700,000
800,492
b
State
Grid
Overseas
Investment
2016
Ltd.
,
Senior
Note
,
144A,
3.5
%
,
5/04/27
...........................................
China
400,000
447,929
b
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
250,456
5,762,937
Electronic
Equipment,
Instruments
&
Components
0.1%
Flex
Ltd.
,
Senior
Note
,
4.875
%
,
5/12/30
.....................
United
States
300,000
343,049
FLIR
Systems,
Inc.
,
Senior
Note
,
2.5
%
,
8/01/30
...............
United
States
575,000
589,247
932,296
Energy
Equipment
&
Services
0.2%
Baker
Hughes
a
GE
Co.
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond,
4.08%,
12/15/47
..........................
United
States
485,000
485,508
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
Baker
Hughes
a
GE
Co.
LLC
/
Baker
Hughes
Co-Obligor,
Inc.,
(continued)
Senior
Note,
3.337%,
12/15/27
.........................
United
States
400,000
$
425,127
b
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.75
%
,
5/01/24
.
United
States
610,000
662,741
1,573,376
Entertainment
0.0%
†
NBCUniversal
Media
LLC
,
Senior
Bond
,
5.95
%
,
4/01/41
........
United
States
200,000
298,675
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
595,000
636,828
Food
&
Staples
Retailing
0.2%
Kroger
Co.
(The)
,
Senior
Bond
,
5.4
%
,
1/15/49
................
United
States
400,000
552,772
Walmart,
Inc.
,
Senior
Bond,
5.25%,
9/01/35
...........................
United
States
300,000
435,403
Senior
Bond,
2.95%,
9/24/49
...........................
United
States
500,000
563,913
1,552,088
Health
Care
Providers
&
Services
0.6%
Anthem,
Inc.
,
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
533,192
Senior
Note,
4.101%,
3/01/28
..........................
United
States
400,000
465,508
Centene
Corp.
,
Senior
Note
,
3
%
,
10/15/30
..................
United
States
250,000
255,000
Cigna
Corp.
,
Senior
Note,
3.05%,
10/15/27
..........................
United
States
550,000
612,072
Senior
Note,
4.375%,
10/15/28
.........................
United
States
500,000
594,626
CVS
Health
Corp.
,
Senior
Bond,
5.3%,
12/05/43
...........................
United
States
500,000
639,192
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
200,000
252,524
HCA,
Inc.
,
Senior
Secured
Bond,
4.5%,
2/15/27
.....................
United
States
408,000
458,664
Senior
Secured
Note,
4.125%,
6/15/29
...................
United
States
300,000
339,338
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
600,000
648,401
4,798,517
Household
Durables
0.0%
†
Mohawk
Industries,
Inc.
,
Senior
Note
,
3.625
%
,
5/15/30
.........
United
States
290,000
318,113
Household
Products
0.1%
b
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
509,823
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3.55
%
,
3/25/40
......
United
States
300,000
365,465
875,288
Independent
Power
and
Renewable
Electricity
Producers
0.1%
b
Colbun
SA
,
Senior
Note,
144A,
3.95%,
10/11/27
.....................
Chile
200,000
225,471
Senior
Note,
144A,
3.15%,
3/06/30
......................
Chile
200,000
216,250
441,721
Industrial
Conglomerates
0.1%
Honeywell
International,
Inc.
,
Senior
Bond
,
1.95
%
,
6/01/30
......
United
States
350,000
368,838
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
0.8%
Aflac,
Inc.
,
Senior
Bond,
4.75%,
1/15/49
...........................
United
States
700,000
$
902,250
Senior
Note,
3.6%,
4/01/30
............................
United
States
400,000
469,248
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
500,000
625,161
Aon
Corp.
,
Senior
Note
,
2.8
%
,
5/15/30
.....................
United
States
500,000
541,158
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
800,000
862,804
MetLife,
Inc.
,
Junior
Sub.
Bond,
6.4%,
12/15/36
.......................
United
States
250,000
311,377
Senior
Bond,
5.7%,
6/15/35
............................
United
States
300,000
440,999
b
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
3.6%,
1/11/24
......................
United
States
940,000
1,029,719
Senior
Secured
Note,
144A,
2.95%,
4/09/30
...............
United
States
250,000
280,763
Prudential
plc
,
Senior
Note
,
3.125
%
,
4/14/30
.................
United
Kingdom
425,000
473,880
Willis
North
America,
Inc.
,
Senior
Note
,
2.95
%
,
9/15/29
.........
United
States
100,000
108,278
6,045,637
Interactive
Media
&
Services
0.1%
b
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
500,000
508,939
Internet
&
Direct
Marketing
Retail
0.3%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond,
4%,
12/06/37
............................
China
300,000
357,196
Senior
Bond,
4.2%,
12/06/47
...........................
China
800,000
1,018,710
Senior
Note,
3.4%,
12/06/27
...........................
China
200,000
224,272
Amazon.com,
Inc.
,
Senior
Bond
,
4.05
%
,
8/22/47
..............
United
States
500,000
648,521
2,248,699
IT
Services
0.2%
Fiserv,
Inc.
,
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
200,000
215,610
Senior
Note,
3.5%,
7/01/29
............................
United
States
870,000
992,758
1,208,368
Machinery
0.1%
Caterpillar,
Inc.
,
Senior
Bond,
3.25%,
4/09/50
...........................
United
States
200,000
225,386
Senior
Note,
2.6%,
4/09/30
............................
United
States
500,000
549,760
775,146
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Note
,
4.5
%
,
2/01/24
.......
United
States
500,000
554,667
Comcast
Corp.
,
Senior
Bond,
4.25%,
1/15/33
...........................
United
States
300,000
373,927
Senior
Bond,
4.049%,
11/01/52
.........................
United
States
550,000
677,053
Fox
Corp.
,
Senior
Bond,
5.476%,
1/25/39
..........................
United
States
100,000
133,886
Senior
Note,
4.709%,
1/25/29
..........................
United
States
400,000
480,030
2,219,563
Multiline
Retail
0.1%
Dollar
Tree,
Inc.
,
Senior
Bond,
4.2%,
5/15/28
............................
United
States
500,000
589,808
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Multiline
Retail
(continued)
Dollar
Tree,
Inc.,
(continued)
Senior
Note,
4%,
5/15/25
.............................
United
States
350,000
$
395,295
985,103
Multi-Utilities
0.3%
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
6.125
%
,
4/01/36
..
United
States
200,000
285,426
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
1,050,000
1,238,257
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
1,000,000
1,071,135
2,594,818
Oil,
Gas
&
Consumable
Fuels
1.4%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
3.75
%
,
1/15/30
.............
Norway
500,000
486,855
BP
Capital
Markets
America,
Inc.
,
Senior
Note,
3.937%,
9/21/28
..........................
United
States
100,000
116,486
Senior
Note,
4.234%,
11/06/28
.........................
United
States
400,000
474,663
Senior
Note,
3.633%,
4/06/30
..........................
United
States
300,000
345,221
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
3.9
%
,
2/01/25
...
Canada
860,000
933,254
Cheniere
Corpus
Christi
Holdings
LLC
,
Senior
Secured
Note
,
5.125
%
,
6/30/27
.....................................
United
States
200,000
222,981
Energy
Transfer
Operating
LP
,
Senior
Bond
,
6.05
%
,
6/01/41
.....
United
States
500,000
502,744
Enterprise
Products
Operating
LLC
,
Senior
Bond,
3.125%,
7/31/29
..........................
United
States
400,000
436,815
Senior
Bond,
6.125%,
10/15/39
.........................
United
States
700,000
894,878
EOG
Resources,
Inc.
,
Senior
Note
,
4.375
%
,
4/15/30
...........
United
States
50,000
59,015
Exxon
Mobil
Corp.
,
Senior
Bond
,
2.61
%
,
10/15/30
.............
United
States
100,000
108,143
Kinder
Morgan,
Inc.
,
Senior
Bond,
5.55%,
6/01/45
...........................
United
States
600,000
715,239
Senior
Note,
4.3%,
3/01/28
............................
United
States
400,000
455,607
MPLX
LP
,
Senior
Bond,
5.5%,
2/15/49
............................
United
States
325,000
364,213
Senior
Note,
4.875%,
12/01/24
.........................
United
States
400,000
447,040
Senior
Note,
4.875%,
6/01/25
..........................
United
States
100,000
113,509
Reliance
Industries
Ltd.
,
Senior
Note
,
2.06
%
,
1/15/26
..........
India
687,500
715,722
Total
Capital
International
SA
,
Senior
Note
,
3.455
%
,
2/19/29
.....
France
670,000
770,810
Total
Capital
SA
,
Senior
Note
,
3.883
%
,
10/11/28
..............
France
400,000
472,601
TransCanada
PipeLines
Ltd.
,
Senior
Bond
,
4.25
%
,
5/15/28
......
Canada
500,000
578,091
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
7.85
%
,
2/01/26
...........................................
United
States
400,000
518,577
Valero
Energy
Corp.
,
Senior
Note
,
4
%
,
4/01/29
...............
United
States
935,000
1,027,556
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.85
%
,
3/01/48
.........
United
States
320,000
359,749
11,119,769
Pharmaceuticals
0.4%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
.............................
United
Kingdom
300,000
367,179
Senior
Bond,
4.375%,
11/16/45
.........................
United
Kingdom
450,000
583,410
Senior
Note,
3.375%,
11/16/25
.........................
United
Kingdom
100,000
112,009
Bristol-Myers
Squibb
Co.
,
Senior
Bond
,
4.625
%
,
5/15/44
........
United
States
250,000
335,953
GlaxoSmithKline
Capital,
Inc.
,
Senior
Bond
,
6.375
%
,
5/15/38
.....
United
Kingdom
300,000
463,161
b
Royalty
Pharma
plc
,
Senior
Note
,
144A,
1.75
%
,
9/02/27
........
United
States
100,000
100,075
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Bond,
3.175%,
7/09/50
..........................
Japan
400,000
411,797
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
Takeda
Pharmaceutical
Co.
Ltd.,
(continued)
Senior
Note,
5%,
11/26/28
.............................
Japan
300,000
$
372,720
2,746,304
Real
Estate
Management
&
Development
0.1%
b
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Note
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
400,000
459,575
Road
&
Rail
0.2%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
8/15/25
......
United
Kingdom
375,000
385,810
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
4.9
%
,
4/01/44
...
United
States
200,000
272,084
CSX
Corp.
,
Senior
Bond
,
4.75
%
,
11/15/48
...................
United
States
525,000
696,655
1,354,549
Software
0.1%
Microsoft
Corp.
,
Senior
Note
,
2.65
%
,
11/03/22
................
United
States
1,020,000
1,067,431
Specialty
Retail
0.1%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
100,000
118,530
AutoZone,
Inc.
,
Senior
Bond,
1.65%,
1/15/31
...........................
United
States
265,000
260,891
Senior
Note,
3.75%,
4/18/29
...........................
United
States
100,000
115,751
b,e
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
43,530
32,647
527,819
Thrifts
&
Mortgage
Finance
0.1%
b
BPCE
SA
,
Sub.
Bond,
144A,
5.15%,
7/21/24
.......................
France
800,000
897,029
Sub.
Note,
144A,
4.875%,
4/01/26
.......................
France
200,000
227,980
1,125,009
Tobacco
0.3%
BAT
Capital
Corp.
,
Senior
Note
,
4.906
%
,
4/02/30
.............
United
Kingdom
500,000
590,696
b
Imperial
Brands
Finance
plc
,
Senior
Note,
144A,
4.25%,
7/21/25
......................
United
Kingdom
585,000
647,945
Senior
Note,
144A,
3.5%,
7/26/26
.......................
United
Kingdom
300,000
324,975
Reynolds
American,
Inc.
,
Senior
Bond
,
5.85
%
,
8/15/45
.........
United
Kingdom
650,000
791,168
2,354,784
Wireless
Telecommunication
Services
0.1%
b
T-Mobile
USA,
Inc.
,
Senior
Secured
Bond,
144A,
3.3%,
2/15/51
................
United
States
200,000
197,630
Senior
Secured
Note,
144A,
3.75%,
4/15/27
...............
United
States
325,000
364,175
561,805
Total
Corporate
Bonds
(Cost
$81,461,646)
......................................
87,085,099
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
0.7%
b
African
Export-Import
Bank
(The)
,
Senior
Note
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
f
500,000
$
516,950
Colombia
Government
Bond
,
Senior
Bond
,
5
%
,
6/15/45
........
Colombia
500,000
584,375
Ecopetrol
SA
,
Senior
Bond
,
4.125
%
,
1/16/25
.................
Colombia
450,000
472,504
b
Electricite
de
France
SA
,
Senior
Note
,
144A,
4.5
%
,
9/21/28
......
France
655,000
779,102
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
.
Indonesia
500,000
574,068
Mexico
Government
Bond
,
Senior
Note
,
4.15
%
,
3/28/27
........
Mexico
500,000
556,438
b
Panama
Notas
del
Tesoro
,
Senior
Note
,
144A,
3.75
%
,
4/17/26
...
Panama
450,000
482,069
Peru
Government
Bond
,
Senior
Bond,
2.783%,
1/23/31
..........................
Peru
200,000
216,952
Senior
Bond,
6.55%,
3/14/37
...........................
Peru
200,000
303,109
Uruguay
Government
Bond
,
Senior
Bond,
4.5%,
8/14/24
............................
Uruguay
300,000
328,468
Senior
Bond,
4.375%,
1/23/31
..........................
Uruguay
150,000
178,735
Total
Foreign
Government
and
Agency
Securities
(Cost
$4,639,771)
...............
4,992,770
U.S.
Government
and
Agency
Securities
11.5%
Federal
Agricultural
Mortgage
Corp.,
2.9%,
1/03/22
............
United
States
800,000
827,642
FFCB,
3.17%,
3/07/28
..................................
United
States
800,000
943,321
Tennessee
Valley
Authority,
5.88%,
4/01/36
..................
United
States
630,000
986,040
U.S.
Treasury
Bonds
,
g
2%,
1/15/26
........................................
United
States
400,000
615,288
g
1.75%,
1/15/28
.....................................
United
States
650,000
979,418
g
3.625%,
4/15/28
.....................................
United
States
450,000
988,680
3.5%,
2/15/39
......................................
United
States
310,000
435,259
1.125%,
5/15/40
.....................................
United
States
500,000
492,266
3.75%,
8/15/41
.....................................
United
States
845,000
1,240,632
3.625%,
2/15/44
.....................................
United
States
800,000
1,169,219
3.125%,
8/15/44
.....................................
United
States
565,000
768,974
3%,
11/15/44
.......................................
United
States
360,000
481,120
2.5%,
2/15/45
......................................
United
States
690,000
849,428
2.5%,
2/15/46
......................................
United
States
620,000
765,627
2.5%,
5/15/46
......................................
United
States
3,420,000
4,226,238
2.25%,
8/15/46
.....................................
United
States
4,575,000
5,404,040
3%,
2/15/49
........................................
United
States
1,650,000
2,255,988
2.875%,
5/15/49
.....................................
United
States
1,075,000
1,439,618
1.25%,
5/15/50
.....................................
United
States
115,000
109,008
U.S.
Treasury
Notes
,
2%,
11/15/21
.......................................
United
States
550,000
561,451
2%,
12/31/21
.......................................
United
States
455,000
465,531
1.625%,
11/15/22
....................................
United
States
570,000
587,946
2%,
11/30/22
.......................................
United
States
630,000
655,348
0.125%,
5/15/23
.....................................
United
States
845,000
844,505
1.75%,
5/15/23
.....................................
United
States
505,000
526,206
0.25%,
6/15/23
.....................................
United
States
150,000
150,393
2.375%,
2/29/24
.....................................
United
States
1,175,000
1,262,804
2.125%,
3/31/24
.....................................
United
States
26,200,000
27,974,129
2%,
4/30/24
........................................
United
States
1,345,000
1,431,900
2.25%,
4/30/24
.....................................
United
States
1,415,000
1,519,080
2.5%,
5/15/24
......................................
United
States
1,395,000
1,511,450
2%,
5/31/24
........................................
United
States
1,455,000
1,550,939
1.75%,
6/30/24
.....................................
United
States
1,700,000
1,798,746
2%,
6/30/24
........................................
United
States
1,365,000
1,456,978
g
0.125%,
7/15/24
.....................................
United
States
800,000
923,660
1.75%,
7/31/24
.....................................
United
States
1,265,000
1,339,862
2.375%,
8/15/24
.....................................
United
States
1,210,000
1,311,432
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
1.25%,
8/31/24
.....................................
United
States
1,430,000
$
1,487,870
1.5%,
10/31/24
.....................................
United
States
3,850,000
4,050,320
1.5%,
11/30/24
......................................
United
States
860,000
905,486
0.5%,
3/31/25
......................................
United
States
1,900,000
1,921,820
g
0.125%,
4/15/25
.....................................
United
States
750,000
800,876
0.25%,
5/31/25
.....................................
United
States
585,000
584,954
0.25%,
6/30/25
.....................................
United
States
715,000
714,609
0.25%,
9/30/25
.....................................
United
States
550,000
549,291
2.25%,
2/15/27
.....................................
United
States
870,000
971,307
1.125%,
2/28/27
.....................................
United
States
885,000
924,963
0.5%,
6/30/27
......................................
United
States
885,000
888,180
2.25%,
8/15/27
.....................................
United
States
920,000
1,032,017
1.625%,
8/15/29
.....................................
United
States
235,000
255,820
g
0.125%,
1/15/30
.....................................
United
States
1,000,000
1,113,153
0.625%,
5/15/30
.....................................
United
States
50,000
49,828
0.625%,
8/15/30
.....................................
United
States
400,000
397,719
United
States
International
Development
Finance
Corp.,
2.12%,
3/20/24
...........................................
United
States
400,000
416,059
Total
U.S.
Government
and
Agency
Securities
(Cost
$86,961,998)
.................
87,914,438
Asset-Backed
Securities
0.3%
Banks
0.1%
Capital
One
Multi-Asset
Execution
Trust
,
2017-A6
,
A6
,
2.29
%
,
7/15/25
...........................................
United
States
600,000
623,375
Consumer
Finance
0.1%
American
Express
Credit
Account
Master
Trust
,
2019-1
,
A
,
2.87
%
,
10/15/24
..........................................
United
States
600,000
623,820
Discover
Card
Execution
Note
Trust
,
2019-A1
,
A1
,
3.04
%
,
7/15/24
United
States
500,000
518,144
1,141,964
a
a
a
a
a
a
Diversified
Financial
Services
0.1%
BA
Credit
Card
Trust
,
2018-A3
,
A3
,
3.1
%
,
12/15/23
............
United
States
500,000
511,383
b
CF
Hippolyta
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
..........
United
States
160,000
162,234
673,617
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$2,445,591)
................................
2,438,956
Mortgage-Backed
Securities
10.5%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
3.3%
FHLMC
Pool,
15
Year,
2%,
8/01/35
........................
United
States
247,574
257,475
FHLMC
Pool,
15
Year,
2.5%,
2/01/35
-
8/01/35
...............
United
States
1,486,985
1,554,402
FHLMC
Pool,
15
Year,
3%,
8/01/34
........................
United
States
139,871
146,805
FHLMC
Pool,
30
Year,
2%,
8/01/50
........................
United
States
249,159
257,695
FHLMC
Pool,
30
Year,
2.5%,
9/01/50
.......................
United
States
2,591,035
2,720,513
FHLMC
Pool,
30
Year,
2.5%,
8/01/50
.......................
United
States
1,789,246
1,878,658
FHLMC
Pool,
30
Year,
3%,
3/01/50
........................
United
States
5,891,623
6,234,938
FHLMC
Pool,
30
Year,
3%,
8/01/50
........................
United
States
2,385,164
2,501,801
FHLMC
Pool,
30
Year,
3.5%,
2/01/47
.......................
United
States
3,896,061
4,228,339
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
.......................
United
States
2,470,011
2,704,891
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
9/01/49
.................
United
States
1,998,063
2,192,560
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
......................
United
States
870,557
971,888
25,649,965
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
3.1%
FNMA,
15
Year,
2%,
8/01/35
-
10/01/35
.....................
United
States
2,710,409
$
2,818,800
FNMA,
15
Year,
2.5%,
8/01/35
...........................
United
States
2,805,088
2,938,465
FNMA,
15
Year,
2.5%,
6/01/35
-
10/01/35
...................
United
States
2,472,644
2,591,098
FNMA,
30
Year,
2%,
10/01/50
............................
United
States
2,400,000
2,482,217
FNMA,
30
Year,
2%,
8/01/50
.............................
United
States
397,225
410,833
FNMA,
30
Year,
2.5%,
6/01/50
-
10/01/50
...................
United
States
4,391,611
4,611,066
FNMA,
30
Year,
3%,
8/01/50
.............................
United
States
3,351,648
3,525,800
FNMA,
30
Year,
3%,
10/01/50
............................
United
States
827,000
867,442
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,455,878
1,596,865
FNMA,
30
Year,
4.5%,
2/01/50
...........................
United
States
1,796,506
1,974,928
23,817,514
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
4.1%
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/50
...............
United
States
3,547,358
3,729,302
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/50
-
9/20/50
........
United
States
1,868,340
1,964,168
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
.................
United
States
2,565,031
2,702,045
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
.................
United
States
2,797,149
2,951,600
GNMA
II,
Single-family,
30
Year,
3%,
9/20/47
-
9/20/50
.........
United
States
4,743,883
4,995,737
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/50
...............
United
States
10,359,742
10,901,972
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/50
...............
United
States
3,952,302
4,206,637
31,451,461
Total
Mortgage-Backed
Securities
(Cost
$80,699,743)
............................
80,918,940
Municipal
Bonds
0.4%
Arizona
0.0%
†
Maricopa
County
Union
High
School
District
No.
210-Phoenix,
GO,
2020
C,
5%,
7/01/31
.................................
United
States
200,000
264,136
California
0.1%
State
of
California,
GO,
2.5%,
10/01/29
.....................
United
States
500,000
541,575
Colorado
0.0%
†
Metro
Wastewater
Reclamation
District,
Revenue,
2019
B,
Refunding,
3.158%,
4/01/41
............................
United
States
220,000
234,582
Florida
0.1%
County
of
Sarasota,
Revenue,
2020,
5%,
10/01/34
............
United
States
500,000
648,780
Massachusetts
0.0%
†
Massachusetts
State
College
Building
Authority,
Revenue,
2019
C,
Refunding,
3.373%,
5/01/43
............................
United
States
230,000
235,368
Pennsylvania
0.0%
†
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education,
Revenue,
2017
C,
Refunding,
3.005%,
9/15/41
.....
United
States
250,000
275,115
Texas
0.2%
City
of
Austin,
Electric
Utility,
Revenue,
2008,
Refunding,
AGMC
Insured,
6.262%,
11/15/32
.............................
United
States
270,000
350,422
State
of
Texas,
GO,
2019,
Refunding,
3.211%,
4/01/44
.........
United
States
765,000
826,728
1,177,150
Total
Municipal
Bonds
(Cost
$3,210,688)
.......................................
3,376,706
Total
Long
Term
Investments
(Cost
$669,345,753)
...............................
738,967,268
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
At
September
30,
2020,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
See
Abbreviations
on
page
172
.
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.6%
c,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
20,156,523
$
20,156,523
Total
Money
Market
Funds
(Cost
$20,156,523)
..................................
20,156,523
Total
Short
Term
Investments
(Cost
$20,156,523
)
................................
20,156,523
a
Total
Investments
(Cost
$689,502,276)
98.8%
...................................
$759,123,791
Other
Assets,
less
Liabilities
1.2%
.............................................
8,936,161
Net
Assets
100.0%
...........................................................
$768,059,952
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$25,370,747,
representing
3.3%
of
net
assets.
c
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
g
Principal
amount
of
security
is
adjusted
for
inflation.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
32
$
5,363,200
12/18/20
$
(43,664)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
23
4,046,406
12/21/20
—
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
30
4,797,656
12/21/20
(26,399)
Total
Futures
Contracts
......................................................................
$(70,063)
*
As
of
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Flex
Cap
Growth
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.5%
Automobiles
1.7%
a
Tesla,
Inc.
...........................................
United
States
5,905
$
2,533,304
a
Biotechnology
0.3%
a,b
Applied
Molecular
Transport,
Inc.
.........................
United
States
5,900
187,738
a
Dyne
Therapeutics,
Inc.
................................
United
States
10,600
214,014
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
1,700
52,479
454,231
Capital
Markets
3.1%
Intercontinental
Exchange,
Inc.
...........................
United
States
12,679
1,268,534
MSCI,
Inc.
...........................................
United
States
5,901
2,105,359
Tradeweb
Markets,
Inc.,
A
...............................
United
States
22,178
1,286,324
4,660,217
Electric
Utilities
2.0%
NextEra
Energy,
Inc.
...................................
United
States
11,110
3,083,692
Electronic
Equipment,
Instruments
&
Components
0.8%
a
Keysight
Technologies,
Inc.
..............................
United
States
12,248
1,209,857
a
Entertainment
3.8%
a
Netflix,
Inc.
..........................................
United
States
4,693
2,346,641
a
Sea
Ltd.,
ADR
........................................
Taiwan
22,650
3,489,006
5,835,647
Equity
Real
Estate
Investment
Trusts
(REITs)
4.2%
American
Tower
Corp.
..................................
United
States
9,835
2,377,415
Crown
Castle
International
Corp.
..........................
United
States
15,536
2,586,744
Equinix
,
Inc.
.........................................
United
States
1,830
1,391,038
6,355,197
Food
&
Staples
Retailing
3.2%
Costco
Wholesale
Corp.
................................
United
States
13,546
4,808,830
Health
Care
Equipment
&
Supplies
8.9%
Abbott
Laboratories
....................................
United
States
27,566
3,000,008
Danaher
Corp.
.......................................
United
States
19,354
4,167,497
a
IDEXX
Laboratories,
Inc.
................................
United
States
8,293
3,260,061
a
Intuitive
Surgical,
Inc.
..................................
United
States
4,426
3,140,424
13,567,990
Health
Care
Technology
2.3%
a
Accolade,
Inc.
........................................
United
States
600
23,322
a
American
Well
Corp.,
A
.................................
United
States
500
14,820
a
GoodRx
Holdings,
Inc.,
A
...............................
United
States
300
16,680
a
Veeva
Systems,
Inc.,
A
.................................
United
States
12,433
3,496,035
3,550,857
Industrial
Conglomerates
0.9%
Roper
Technologies,
Inc.
................................
United
States
3,325
1,313,741
Insurance
0.0%
†
a
Lemonade,
Inc.
.......................................
United
States
200
9,944
a
Interactive
Media
&
Services
8.1%
a
Alphabet,
Inc.,
C
......................................
United
States
5,246
7,709,522
a
Facebook,
Inc.,
A
.....................................
United
States
16,685
4,369,801
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
3,800
163,362
12,242,685
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Flex
Cap
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
9.9%
a
Alibaba
Group
Holding
Ltd.,
ADR
.........................
China
8,731
$
2,566,739
a
Amazon.com,
Inc.
.....................................
United
States
3,302
10,397,107
a
Booking
Holdings,
Inc.
.................................
United
States
221
378,060
a
MercadoLibre
,
Inc.
....................................
Argentina
1,505
1,629,133
14,971,039
IT
Services
8.9%
Mastercard
,
Inc.,
A
....................................
United
States
16,572
5,604,153
a
PayPal
Holdings,
Inc.
..................................
United
States
17,063
3,361,923
a
Shift4
Payments,
Inc.,
A
................................
United
States
2,600
125,736
a
Snowflake,
Inc.,
A
.....................................
United
States
1,800
451,800
Visa,
Inc.,
A
..........................................
United
States
20,224
4,044,193
13,587,805
Life
Sciences
Tools
&
Services
0.7%
a
10X
Genomics,
Inc.,
A
..................................
United
States
369
46,007
a
Berkeley
Lights,
Inc.
...................................
United
States
600
45,816
a
Illumina,
Inc.
.........................................
United
States
3,403
1,051,799
1,143,622
Machinery
0.5%
Fortive
Corp.
.........................................
United
States
9,730
741,523
Media
1.8%
a
Charter
Communications,
Inc.,
A
..........................
United
States
4,421
2,760,207
a
Personal
Products
2.6%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
18,062
3,942,032
Professional
Services
2.1%
a
CoStar
Group,
Inc.
....................................
United
States
1,746
1,481,498
a
Dun
&
Bradstreet
Holdings,
Inc.
...........................
United
States
8,900
228,374
Verisk
Analytics,
Inc.
...................................
United
States
7,706
1,427,999
3,137,871
Semiconductors
&
Semiconductor
Equipment
6.2%
Analog
Devices,
Inc.
...................................
United
States
11,440
1,335,505
ASML
Holding
NV,
NYRS
...............................
Netherlands
3,880
1,432,768
NVIDIA
Corp.
........................................
United
States
7,606
4,116,519
Xilinx,
Inc.
...........................................
United
States
24,545
2,558,571
9,443,363
Software
24.1%
a
Adobe,
Inc.
..........................................
United
States
7,606
3,730,210
a
Atlassian
Corp.
plc,
A
..................................
United
States
8,542
1,552,850
a
Bentley
Systems,
Inc.,
B
................................
United
States
1,400
43,960
a
Bill.com
Holdings,
Inc.
..................................
United
States
284
28,488
a
Coupa
Software,
Inc.
...................................
United
States
6,091
1,670,396
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
700
31,801
a
JFrog
Ltd.
...........................................
Israel
200
16,930
Microsoft
Corp.
.......................................
United
States
55,590
11,692,245
a,b
nCino
,
Inc.
..........................................
United
States
900
71,712
a
Outset
Medical,
Inc.
...................................
United
States
1,000
50,000
a
salesforce.com,
Inc.
...................................
United
States
30,587
7,687,125
a
ServiceNow
,
Inc.
......................................
United
States
20,489
9,937,165
a
Vertex,
Inc.,
A
........................................
United
States
1,500
34,500
36,547,382
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Flex
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
See
Abbreviations
on
page
172
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.0%
†
a
Vroom,
Inc.
..........................................
United
States
500
$
25,890
a
Textiles,
Apparel
&
Luxury
Goods
1.4%
NIKE,
Inc.,
B
.........................................
United
States
17,213
2,160,920
Total
Common
Stocks
(Cost
$62,660,436)
......................................
148,087,846
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.6%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
3,998,407
3,998,407
Total
Money
Market
Funds
(Cost
$3,998,407)
...................................
3,998,407
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Money
Market
Funds
0.2%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
227,325
227,325
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$227,325)
.............................................................
227,325
Total
Short
Term
Investments
(Cost
$4,225,732
)
.................................
4,225,732
a
Total
Investments
(Cost
$66,886,168)
100.3%
...................................
$152,313,578
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(376,782)
Net
Assets
100.0%
...........................................................
$151,936,796
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
c
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Global
Real
Estate
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
99.0%
Diversified
Telecommunication
Services
1.0%
a
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
20,913
$
1,269,204
Equity
Real
Estate
Investment
Trusts
(REITs)
76.7%
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
24,743
3,958,880
American
Homes
4
Rent,
A
..............................
United
States
91,577
2,608,113
Americold
Realty
Trust
.................................
United
States
48,591
1,737,128
AvalonBay
Communities,
Inc.
............................
United
States
21,707
3,241,723
Boston
Properties,
Inc.
.................................
United
States
13,390
1,075,217
Broadstone
Net
Lease,
Inc.,
A
............................
United
States
52,000
872,560
Camden
Property
Trust
.................................
United
States
29,476
2,622,774
Canadian
Apartment
Properties
REIT
......................
Canada
58,793
2,050,713
CapitaLand
Mall
Trust
..................................
Singapore
873,576
1,243,410
Cousins
Properties,
Inc.
................................
United
States
68,672
1,963,333
Derwent
London
plc
...................................
United
Kingdom
42,914
1,420,912
Dexus
..............................................
Australia
252,063
1,613,767
Equinix
,
Inc.
.........................................
United
States
3,896
2,961,466
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
41,570
2,548,241
Extra
Space
Storage,
Inc.
...............................
United
States
31,125
3,330,064
Gecina
SA
..........................................
France
13,732
1,809,845
GLP
J-
Reit
..........................................
Japan
1,422
2,187,962
Goodman
Group
......................................
Australia
207,403
2,684,212
GPT
Group
(The)
.....................................
Australia
299,501
842,202
Healthcare
Realty
Trust,
Inc.
.............................
United
States
43,000
1,295,160
Healthpeak
Properties,
Inc.
..............................
United
States
115,520
3,136,368
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
75,225
811,678
Hulic
Reit
,
Inc.
.......................................
Japan
784
1,038,760
Ichigo
Office
REIT
Investment
Corp.
.......................
Japan
992
720,938
Inmobiliaria
Colonial
Socimi
SA
...........................
Spain
133,149
1,098,726
Kenedix
Office
Investment
Corp.
..........................
Japan
239
1,433,269
Kilroy
Realty
Corp.
....................................
United
States
26,705
1,387,592
Life
Storage,
Inc.
......................................
United
States
7,681
808,579
Link
REIT
...........................................
Hong
Kong
137,260
1,124,769
Mapletree
Logistics
Trust
...............................
Singapore
1,036,358
1,561,146
MGM
Growth
Properties
LLC,
A
...........................
United
States
47,355
1,324,993
Orix
JREIT,
Inc.
.......................................
Japan
776
1,193,625
Premier
Investment
Corp.
...............................
Japan
886
1,031,077
Prologis,
Inc.
.........................................
United
States
87,268
8,780,906
QTS
Realty
Trust,
Inc.,
A
................................
United
States
32,995
2,079,345
Realty
Income
Corp.
...................................
United
States
55,433
3,367,555
Regency
Centers
Corp.
.................................
United
States
39,702
1,509,470
Retail
Properties
of
America,
Inc.,
A
........................
United
States
104,511
607,209
Rexford
Industrial
Realty,
Inc.
............................
United
States
54,938
2,513,963
SBA
Communications
Corp.
.............................
United
States
5,752
1,831,897
Segro
plc
...........................................
United
Kingdom
276,577
3,323,908
Simon
Property
Group,
Inc.
..............................
United
States
22,452
1,452,195
SmartCentres
Real
Estate
Investment
Trust
.................
Canada
56,134
843,043
Spirit
Realty
Capital,
Inc.
................................
United
States
57,404
1,937,385
Summit
Hotel
Properties,
Inc.
............................
United
States
33,355
172,779
Terreno
Realty
Corp.
...................................
United
States
25,486
1,395,613
UDR,
Inc.
...........................................
United
States
64,816
2,113,650
b
Unibail
-
Rodamco
-Westfield
..............................
France
6,416
236,570
c
UNITE
Group
plc
(The)
.................................
United
Kingdom
122,804
1,327,892
VEREIT,
Inc.
.........................................
United
States
227,474
1,478,581
Welltower
,
Inc.
.......................................
United
States
45,965
2,532,212
96,243,375
Hotels,
Restaurants
&
Leisure
0.7%
Extended
Stay
America,
Inc.
.............................
United
States
66,832
798,643
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
20.6%
Aroundtown
SA
.......................................
Germany
166,626
$
836,260
CapitaLand
Ltd.
......................................
Singapore
699,254
1,398,165
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
169,495
832,859
Deutsche
Wohnen
SE
..................................
Germany
52,975
2,647,088
Fabege
AB
..........................................
Sweden
69,881
966,231
c
Fastighets
AB
Balder,
B
.................................
Sweden
22,038
1,116,302
Grainger
plc
.........................................
United
Kingdom
329,114
1,259,324
Hang
Lung
Properties
Ltd.
...............................
Hong
Kong
364,000
927,684
Mitsubishi
Estate
Co.
Ltd.
...............................
Japan
178,360
2,700,959
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
145,193
2,525,884
New
World
Development
Co.
Ltd.
.........................
Hong
Kong
232,890
1,136,909
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
48,877
929,923
Shurgard
Self
Storage
SA
...............................
Belgium
19,461
848,756
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
182,750
2,355,028
Vonovia
SE
..........................................
Germany
78,887
5,406,787
25,888,159
Total
Common
Stocks
(Cost
$98,619,975)
......................................
124,199,381
Short
Term
Investments
0.8%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
d
Repurchase
Agreements
0.6%
e
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$784,964)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$304,276)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$176,412)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$304,276)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33
-
11/15/33;
U.S.
Treasury
Bills,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$800,802)
784,962
784,962
Total
Repurchase
Agreements
(Cost
$784,962)
..................................
784,962
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Country
Shares
Money
Market
Funds
0.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
175,000
175,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
See
Abbreviations
on
page
172
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.0%
†
e
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.06%,
10/01/20
(Maturity
Value
$44,919)
Collateralized
by
U.S.
Treasury
Bond,
Strip,
8/15/25;
and
U.S.
Treasury
Note,
Index
Linked,
0.375%,
7/15/23
(valued
at
$45,817)
44,919
$
44,919
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$219,919)
.............................................................
219,919
Total
Short
Term
Investments
(Cost
$1,004,881
)
.................................
1,004,881
a
Total
Investments
(Cost
$99,624,856)
99.8%
....................................
$125,204,262
Other
Assets,
less
Liabilities
0.2%
.............................................
295,053
Net
Assets
100.0%
...........................................................
$125,499,315
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
value
of
this
security
was
$1,269,204,
representing
1.0%
of
net
assets.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
c
Non-income
producing.
d
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
e
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Growth
and
Income
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
a
Country
Shares
a
Value
a
Common
Stocks
83.1%
Aerospace
&
Defense
3.6%
Lockheed
Martin
Corp.
.................................
United
States
2,100
$
804,888
Raytheon
Technologies
Corp.
............................
United
States
25,200
1,450,008
2,254,896
Air
Freight
&
Logistics
1.2%
United
Parcel
Service,
Inc.,
B
............................
United
States
4,700
783,161
Banks
8.9%
Bank
of
America
Corp.
.................................
United
States
51,400
1,238,226
Citigroup,
Inc.
........................................
United
States
23,600
1,017,396
JPMorgan
Chase
&
Co.
.................................
United
States
23,850
2,296,040
Truist
Financial
Corp.
..................................
United
States
28,400
1,080,620
5,632,282
Beverages
4.7%
Coca-Cola
Co.
(The)
...................................
United
States
30,550
1,508,254
PepsiCo,
Inc.
........................................
United
States
10,550
1,462,230
2,970,484
Capital
Markets
5.7%
Apollo
Global
Management,
Inc.
..........................
United
States
13,100
586,225
Ares
Management
Corp.
................................
United
States
14,100
569,922
BlackRock,
Inc.
.......................................
United
States
1,260
710,073
Morgan
Stanley
.......................................
United
States
35,400
1,711,590
3,577,810
Chemicals
0.5%
BASF
SE
...........................................
Germany
5,300
322,680
Commercial
Services
&
Supplies
1.8%
Republic
Services,
Inc.
.................................
United
States
12,300
1,148,205
Communications
Equipment
0.7%
Cisco
Systems,
Inc.
...................................
United
States
11,100
437,229
Diversified
Telecommunication
Services
2.9%
TELUS
Corp.
........................................
Canada
16,900
297,339
Verizon
Communications,
Inc.
............................
United
States
25,900
1,540,791
1,838,130
Electric
Utilities
8.6%
Duke
Energy
Corp.
....................................
United
States
19,400
1,718,064
Entergy
Corp.
........................................
United
States
6,900
679,857
NextEra
Energy,
Inc.
...................................
United
States
6,370
1,768,057
Xcel
Energy,
Inc.
......................................
United
States
18,300
1,262,883
5,428,861
Electrical
Equipment
0.8%
Emerson
Electric
Co.
..................................
United
States
7,425
486,857
Equity
Real
Estate
Investment
Trusts
(REITs)
2.0%
Equity
Residential
.....................................
United
States
6,750
346,477
Prologis,
Inc.
.........................................
United
States
6,000
603,720
Public
Storage
.......................................
United
States
1,290
287,309
1,237,506
Food
&
Staples
Retailing
2.2%
Walmart,
Inc.
........................................
United
States
9,750
1,364,123
Food
Products
0.9%
Nestle
SA
...........................................
Switzerland
4,750
565,154
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
34
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
3.2%
Baxter
International,
Inc.
................................
United
States
4,900
$
394,058
Medtronic
plc
........................................
United
States
16,000
1,662,720
2,056,778
Health
Care
Providers
&
Services
1.9%
HCA
Healthcare,
Inc.
...................................
United
States
950
118,446
UnitedHealth
Group,
Inc.
................................
United
States
3,425
1,067,812
1,186,258
Hotels,
Restaurants
&
Leisure
1.8%
McDonald's
Corp.
.....................................
United
States
5,300
1,163,297
Household
Products
3.1%
Procter
&
Gamble
Co.
(The)
.............................
United
States
14,200
1,973,658
Insurance
0.8%
Arthur
J
Gallagher
&
Co.
................................
United
States
4,600
485,668
Machinery
0.7%
Illinois
Tool
Works,
Inc.
.................................
United
States
1,175
227,022
Stanley
Black
&
Decker,
Inc.
.............................
United
States
1,250
202,750
429,772
Media
1.9%
Comcast
Corp.,
A
.....................................
United
States
26,100
1,207,386
Multiline
Retail
2.5%
Target
Corp.
.........................................
United
States
9,950
1,566,329
Oil,
Gas
&
Consumable
Fuels
3.5%
Canadian
Natural
Resources
Ltd.
.........................
Canada
18,200
291,382
Chevron
Corp.
.......................................
United
States
15,650
1,126,800
Exxon
Mobil
Corp.
.....................................
United
States
4,900
168,217
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
19,800
498,366
Suncor
Energy,
Inc.
....................................
Canada
10,150
124,134
2,208,899
Personal
Products
0.8%
Unilever
NV,
NYRS
....................................
United
Kingdom
8,900
537,560
Pharmaceuticals
6.2%
Johnson
&
Johnson
...................................
United
States
13,100
1,950,328
Merck
&
Co.,
Inc.
.....................................
United
States
10,750
891,712
Pfizer,
Inc.
...........................................
United
States
30,000
1,101,000
3,943,040
Road
&
Rail
2.2%
Norfolk
Southern
Corp.
.................................
United
States
6,450
1,380,235
Semiconductors
&
Semiconductor
Equipment
3.3%
Analog
Devices,
Inc.
...................................
United
States
4,200
490,308
Broadcom,
Inc.
.......................................
United
States
1,050
382,536
Intel
Corp.
...........................................
United
States
6,750
349,515
Texas
Instruments,
Inc.
.................................
United
States
5,900
842,461
2,064,820
Software
3.0%
Microsoft
Corp.
.......................................
United
States
8,100
1,703,673
Oracle
Corp.
.........................................
United
States
2,800
167,160
1,870,833
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
35
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Specialty
Retail
1.6%
Lowe's
Cos.,
Inc.
......................................
United
States
4,700
$
779,542
TJX
Cos.,
Inc.
(The)
...................................
United
States
4,250
236,513
1,016,055
Technology
Hardware,
Storage
&
Peripherals
1.6%
Apple,
Inc.
..........................................
United
States
8,650
1,001,757
Trading
Companies
&
Distributors
0.4%
Fastenal
Co.
.........................................
United
States
5,600
252,504
Wireless
Telecommunication
Services
0.1%
Rogers
Communications,
Inc.,
B
..........................
Canada
2,400
95,160
Total
Common
Stocks
(Cost
$34,960,211)
......................................
52,487,387
Equity-Linked
Securities
9.7%
Banks
0.8%
a
Credit
Suisse
AG
into
Bank
of
America
Corp.,
144A,
7%
10/15/20
.
United
States
22,000
531,544
Chemicals
0.8%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Sherwin-Williams
Co.
(The),
Senior
Unsecured
Note,
144A,
6.5%
07/09/21
.........
United
States
800
506,443
Health
Care
Equipment
&
Supplies
0.6%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Becton
Dickinson
and
Co.,
Senior
Unsecured
Note,
144A,
7.5%
12/11/20
...........
United
States
1,600
376,557
Health
Care
Providers
&
Services
0.7%
a
Goldman
Sachs
International
Bank
into
HCA
Holdings,
Inc.,
144A,
6%
..............................................
United
States
3,500
438,993
Internet
&
Direct
Marketing
Retail
1.4%
a
Wells
Fargo
Bank
NA
into
Amazon.com,
Inc.,
144A,
6%
........
United
States
380
876,796
Machinery
0.7%
a
Goldman
Sachs
International
Bank
into
Stanley
Black
&
Decker,
Inc.,
144A,
7%
.........................................
United
States
3,000
478,293
Software
1.8%
a
Barclays
Bank
plc
into
Microsoft
Corp.,
Senior
Unsecured
Note,
144A,
6.5%
11/05/20
.................................
United
States
3,000
469,196
a
Barclays
Bank
plc
into
Oracle
Corp.,
Senior
Unsecured
Note,
144A,
6.5%
01/22/21
......................................
United
States
11,500
647,363
1,116,559
Specialty
Retail
2.4%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
TJX
Cos.,
Inc.
(The),
Senior
Unsecured
Note,
144A,
6.5%
09/14/21
..............
United
States
8,808
482,809
a
Royal
Bank
of
Canada
into
Lowe's
Cos.,
Inc.,
144A,
7%
10/09/20
.
United
States
3,100
388,721
a
Royal
Bank
of
Canada
into
Tractor
Supply
Co.,
Senior
Unsecured
Note,
144A,
6%
12/11/20
..............................
United
States
5,700
634,074
1,505,604
Trading
Companies
&
Distributors
0.5%
a
Citigroup
Global
Markets
Holdings,
Inc.
into
Fastenal
Co.,
Senior
Unsecured
Note,
144A,
7%
12/22/20
.....................
United
States
8,000
327,867
Total
Equity-Linked
Securities
(Cost
$5,895,532)
................................
6,158,656
Convertible
Preferred
Stocks
6.9%
Health
Care
Equipment
&
Supplies
3.2%
b
Becton
Dickinson
and
Co.,
6%,
B
.........................
United
States
12,100
637,065
Boston
Scientific
Corp.,
5.5%,
A
..........................
United
States
2,900
324,423
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
36
s
See
Abbreviations
on
page
172
.
a
Country
Shares
a
Value
a
Convertible
Preferred
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Danaher
Corp.,
4.75%,
A
................................
United
States
625
$
922,406
Danaher
Corp.,
5%,
B
..................................
United
States
121
154,585
2,038,479
Machinery
1.4%
Fortive
Corp.,
5%,
A
...................................
United
States
935
875,478
Semiconductors
&
Semiconductor
Equipment
1.3%
Broadcom,
Inc.,
8%,
A
..................................
United
States
650
810,387
Water
Utilities
1.0%
Essential
Utilities,
Inc.,
6%
..............................
United
States
11,650
623,275
Total
Convertible
Preferred
Stocks
(Cost
$3,913,215)
............................
4,347,619
Total
Long
Term
Investments
(Cost
$44,768,958)
................................
62,993,662
a
Short
Term
Investments
0.1%
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.1%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
55,000
55,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
e
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.06%,
10/01/20
(Maturity
Value
$13,900)
Collateralized
by
U.S.
Treasury
Bond,
Strip,
8/15/25;
and
U.S.
Treasury
Note,
Index
Linked,
0.375%,
7/15/23
(valued
at
$14,178)
13,900
13,900
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$68,900)
...............................................................
68,900
Total
Short
Term
Investments
(Cost
$68,900
)
...................................
68,900
a
Total
Investments
(Cost
$44,837,858)
99.8%
....................................
$63,062,562
Other
Assets,
less
Liabilities
0.2%
.............................................
112,102
Net
Assets
100.0%
...........................................................
$63,174,664
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$6,158,656,
representing
9.7%
of
net
assets.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
37
c
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
e
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Income
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
38
I
a
Country
Shares
a
Value
a
Common
Stocks
40.6%
Air
Freight
&
Logistics
0.9%
United
Parcel
Service,
Inc.,
B
............................
United
States
217,700
$
36,275,351
Automobiles
0.4%
General
Motors
Co.
....................................
United
States
600,000
17,754,000
Banks
5.2%
Bank
of
America
Corp.
.................................
United
States
1,600,000
38,544,000
a
Barclays
plc
.........................................
United
Kingdom
12,500,000
15,770,107
Citigroup,
Inc.
........................................
United
States
400,000
17,244,000
JPMorgan
Chase
&
Co.
.................................
United
States
900,000
86,643,000
Truist
Financial
Corp.
..................................
United
States
526,600
20,037,130
US
Bancorp
.........................................
United
States
550,000
19,717,500
Wells
Fargo
&
Co.
.....................................
United
States
665,000
15,634,150
213,589,887
Beverages
2.3%
Coca-Cola
Co.
(The)
...................................
United
States
860,000
42,458,200
PepsiCo,
Inc.
........................................
United
States
385,000
53,361,000
95,819,200
Capital
Markets
1.0%
Morgan
Stanley
.......................................
United
States
830,000
40,130,500
Chemicals
0.7%
BASF
SE
...........................................
Germany
475,000
28,919,467
Diversified
Telecommunication
Services
2.2%
BCE,
Inc.
...........................................
Canada
466,000
19,323,061
Verizon
Communications,
Inc.
............................
United
States
1,200,000
71,388,000
90,711,061
Electric
Utilities
4.0%
American
Electric
Power
Co.,
Inc.
.........................
United
States
450,000
36,778,500
Duke
Energy
Corp.
....................................
United
States
710,000
62,877,600
Southern
Co.
(The)
....................................
United
States
1,200,000
65,064,000
164,720,100
Energy
Equipment
&
Services
0.0%
†
a
Weatherford
International
plc
.............................
United
States
800,000
1,560,000
a
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
1,000,000
10,790,000
Health
Care
Providers
&
Services
1.4%
a
Community
Health
Systems,
Inc.
..........................
United
States
1,000,000
4,220,000
CVS
Health
Corp.
.....................................
United
States
920,000
53,728,000
57,948,000
Household
Products
1.7%
Procter
&
Gamble
Co.
(The)
.............................
United
States
500,000
69,495,000
Industrial
Conglomerates
1.2%
Honeywell
International,
Inc.
.............................
United
States
300,000
49,383,000
Insurance
0.5%
MetLife,
Inc.
.........................................
United
States
535,108
19,889,964
Machinery
0.5%
Cummins,
Inc.
........................................
United
States
100,000
21,116,000
Media
0.6%
Comcast
Corp.,
A
.....................................
United
States
500,000
23,130,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
39
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Metals
&
Mining
1.2%
Rio
Tinto
plc,
ADR
.....................................
Australia
800,000
$
48,312,000
Multi-Utilities
2.8%
Dominion
Energy,
Inc.
..................................
United
States
906,638
71,560,937
DTE
Energy
Co.
......................................
United
States
100,000
11,504,000
Sempra
Energy
.......................................
United
States
275,000
32,549,000
115,613,937
Oil,
Gas
&
Consumable
Fuels
3.9%
BP
plc,
ADR
.........................................
United
Kingdom
550,000
9,603,000
Chevron
Corp.
.......................................
United
States
850,000
61,200,000
Exxon
Mobil
Corp.
.....................................
United
States
2,000,000
68,660,000
Royal
Dutch
Shell
plc,
ADR,
A
............................
Netherlands
450,000
11,326,500
TOTAL
SE,
ADR
......................................
France
300,000
10,290,000
161,079,500
Personal
Products
0.4%
Unilever
plc
..........................................
United
Kingdom
250,000
15,413,907
Pharmaceuticals
5.6%
AstraZeneca
plc
......................................
United
Kingdom
455,000
49,717,259
Bristol-Myers
Squibb
Co.
................................
United
States
1,100,000
66,319,000
Johnson
&
Johnson
...................................
United
States
400,000
59,552,000
Merck
&
Co.,
Inc.
.....................................
United
States
675,000
55,991,250
231,579,509
Road
&
Rail
0.9%
Union
Pacific
Corp.
....................................
United
States
180,000
35,436,600
Semiconductors
&
Semiconductor
Equipment
2.2%
Analog
Devices,
Inc.
...................................
United
States
100,000
11,674,000
Intel
Corp.
...........................................
United
States
414,307
21,452,817
Texas
Instruments,
Inc.
.................................
United
States
400,000
57,116,000
90,242,817
Software
0.1%
Oracle
Corp.
.........................................
United
States
38,400
2,292,480
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
350,000
26,246,500
Total
Common
Stocks
(Cost
$1,451,537,805)
....................................
1,667,448,780
Equity-Linked
Securities
9.5%
Aerospace
&
Defense
0.8%
b
Societe
Generale
SA
into
Raytheon
Technologies
Corp.,
144A,
8%
06/01/21
..........................................
United
States
548,000
31,958,299
Banks
0.8%
b
Barclays
Bank
plc
into
Bank
of
America
Corp.,
Senior
Unsecured
Note,
144A,
8.5%
11/25/20
.............................
United
States
600,000
14,694,498
b
Merrill
Lynch
International
&
Co.
CV
into
Wells
Fargo
&
Co.,
144A,
8%
10/06/20
.......................................
United
States
775,000
18,278,174
32,972,672
Biotechnology
0.7%
b
Goldman
Sachs
International
Bank
into
AbbVie,
Inc.,
144A,
10%
07/22/21
..........................................
United
States
348,000
31,039,019
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
40
a
Country
Shares
a
Value
a
Equity-Linked
Securities
(continued)
Communications
Equipment
0.5%
b
Credit
Suisse
AG
into
Cisco
Systems,
Inc.,
Senior
Unsecured
Note,
144A,
10%
06/01/21
.................................
United
States
508,000
$
20,558,177
Energy
Equipment
&
Services
0.2%
b
Societe
Generale
SA
into
Schlumberger
Ltd.,
144A,
9%
02/01/21
.
United
States
429,000
7,135,294
Insurance
0.7%
b
UBS
AG
into
MetLife,
Inc.,
144A,
7.5%
04/29/21
..............
United
States
800,000
29,800,907
IT
Services
0.5%
b
Credit
Suisse
AG
into
International
Business
Machines
Corp.,
Senior
Unsecured
Note,
144A,
7.5%
02/22/21
....................
United
States
160,000
19,718,360
Media
0.4%
b
Barclays
Bank
plc
into
Comcast
Corp.,
Senior
Unsecured
Note,
144A,
9%
04/28/21
..................................
United
States
408,000
16,901,456
Pharmaceuticals
1.5%
b
Credit
Suisse
AG
into
Pfizer,
Inc.,
144A,
8%
.................
United
States
1,642,000
60,490,904
Semiconductors
&
Semiconductor
Equipment
2.1%
b
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
8.5%
....
United
States
270,000
32,161,324
b
UBS
AG
into
Texas
Instruments,
Inc.,
144A,
8.5%
.............
United
States
400,000
55,577,025
87,738,349
Software
0.4%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Microsoft
Corp.,
Senior
Unsecured
Note,
144A,
8%
09/24/21
.....................
United
States
80,000
16,956,233
Specialty
Retail
0.9%
b
Royal
Bank
of
Canada
into
Home
Depot,
Inc.
(The),
144A,
8.5%
.
United
States
151,500
35,521,695
Total
Equity-Linked
Securities
(Cost
$432,794,510)
..............................
390,791,365
Convertible
Preferred
Stocks
4.3%
Banks
0.2%
Bank
of
America
Corp.,
7.25%,
L
..........................
United
States
4,500
6,696,000
Capital
Markets
0.1%
a
KKR
&
Co.,
Inc.,
6%,
C
.................................
United
States
85,000
4,420,000
a
Electric
Utilities
1.5%
c
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
400,000
19,404,000
a
NextEra
Energy,
Inc.,
6.219%
............................
United
States
30,200
1,442,050
NextEra
Energy,
Inc.,
5.279%
............................
United
States
400,000
18,672,000
Southern
Co.
(The),
6.75%,
2019
.........................
United
States
422,600
19,667,804
59,185,854
Multi-Utilities
0.7%
DTE
Energy
Co.,
6.25%
................................
United
States
225,000
10,161,000
c
Sempra
Energy,
6.75%,
B
...............................
United
States
200,000
19,602,000
29,763,000
Semiconductors
&
Semiconductor
Equipment
1.5%
Broadcom,
Inc.,
8%,
A
..................................
United
States
50,000
62,337,500
Thrifts
&
Mortgage
Finance
0.3%
a
FNMA,
5.375%
.......................................
United
States
475
12,896,250
a
Total
Convertible
Preferred
Stocks
(Cost
$184,361,965)
..........................
175,298,604
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
41
a
Country
Shares
a
Value
a
Preferred
Stocks
0.2%
Banks
0.2%
JPMorgan
Chase
&
Co.,
6%,
EE
..........................
United
States
390,000
$
10,701,600
Total
Preferred
Stocks
(Cost
$9,750,000)
.......................................
10,701,600
a
Principal
Amount
*
a
a
a
a
a
Convertible
Bonds
0.3%
Airlines
0.3%
Southwest
Airlines
Co.
,
Senior
Note
,
1.25
%
,
5/01/25
...........
United
States
8,500,000
11,135,000
Total
Convertible
Bonds
(Cost
$7,916,809)
.....................................
11,135,000
Corporate
Bonds
30.2%
Aerospace
&
Defense
0.4%
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
......
United
States
15,000,000
17,070,809
Automobiles
0.8%
Ford
Motor
Co.
,
Senior
Note
,
4.346
%
,
12/08/26
...............
United
States
13,500,000
13,344,750
General
Motors
Co.
,
Senior
Bond,
5.15%,
4/01/38
...........................
United
States
16,000,000
16,986,104
Senior
Note,
6.125%,
10/01/25
.........................
United
States
2,100,000
2,442,670
32,773,524
Banks
1.9%
Bank
of
America
Corp.
,
d
AA,
Junior
Sub.
Bond,
6.1%
to
3/17/25,
FRN
thereafter,
Perpetual
United
States
8,000,000
8,714,440
d
X,
Junior
Sub.
Bond,
6.25%
to
9/05/24,
FRN
thereafter,
Perpetual
United
States
6,000,000
6,440,483
Senior
Bond,
3.419%
to
12/20/27,
FRN
thereafter,
12/20/28
...
United
States
10,000,000
11,152,879
Citigroup,
Inc.
,
Sub.
Bond
,
4.125
%
,
7/25/28
..................
United
States
18,500,000
21,295,004
d
JPMorgan
Chase
&
Co.
,
e
I,
Junior
Sub.
Bond,
FRN,
5.24%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
.........................................
United
States
19,559,000
18,766,665
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
3,200,000
3,290,633
d
Wells
Fargo
&
Co.
,
S
,
Junior
Sub.
Bond
,
5.9%
to
6/15/24,
FRN
thereafter
,
Perpetual
.................................
United
States
6,600,000
6,767,711
76,427,815
Biotechnology
0.5%
b
AbbVie,
Inc.
,
Senior
Note
,
144A
,
3.8
%
,
3/15/25
...............
United
States
17,000,000
18,882,296
Capital
Markets
0.4%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.272%
to
9/29/24,
FRN
thereafter
,
9/29/25
...............................
United
States
15,500,000
16,793,903
Construction
Materials
0.2%
b
CEMEX
Finance
LLC
,
Senior
Secured
Note
,
144A
,
6
%
,
4/01/24
..
Mexico
9,665,000
9,905,755
Consumer
Finance
0.9%
Capital
One
Financial
Corp.
,
Sub.
Note
,
4.2
%
,
10/29/25
........
United
States
15,500,000
17,199,972
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.125
%
,
6/16/25
.......
United
States
20,000,000
20,650,000
37,849,972
Containers
&
Packaging
0.8%
b
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
23,000,000
21,677,500
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
10,000,000
10,050,000
31,727,500
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
42
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
Senior
Bond
,
4.125
%
,
2/17/26
...................
United
States
12,000,000
$
13,749,472
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A
,
5.5
%
,
5/01/26
.................................
United
States
10,000,000
10,439,050
24,188,522
Energy
Equipment
&
Services
0.8%
b
Weatherford
International
Ltd.
,
144A,
8.75%,
9/01/24
................................
United
States
11,000,000
11,299,640
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
36,465,000
21,970,162
33,269,802
Entertainment
0.6%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
24,620,860
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
Equinix
,
Inc.
,
Senior
Bond
,
5.375
%
,
5/15/27
.................
United
States
11,000,000
12,003,583
Food
Products
0.5%
Kraft
Heinz
Foods
Co.
,
Senior
Bond
,
4.625
%
,
1/30/29
..........
United
States
10,600,000
11,810,813
b
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
7,500,000
7,700,513
Senior
Bond,
144A,
5.625%,
1/15/28
.....................
United
States
2,500,000
2,652,350
22,163,676
Health
Care
Providers
&
Services
9.4%
b
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
11%,
6/30/23
......................
United
States
94,701,000
73,738,460
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
63,744,000
46,692,480
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
20,000,000
9,487,500
Senior
Secured
Note,
144A,
6.625%,
2/15/25
..............
United
States
39,000,000
37,822,200
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
12,500,000
12,286,094
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
31,500,000
30,870,000
Cigna
Corp.
,
Senior
Note
,
3.75
%
,
7/15/23
...................
United
States
13,292,000
14,414,389
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
8,000,000
9,370,395
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
3,900,000
4,975,694
Senior
Note,
4.1%,
3/25/25
............................
United
States
1,225,000
1,385,448
HCA,
Inc.
,
Senior
Bond,
5.875%,
5/01/23
..........................
United
States
7,500,000
8,175,000
Senior
Secured
Note,
5%,
3/15/24
.......................
United
States
10,400,000
11,663,555
Tenet
Healthcare
Corp.
,
Secured
Note,
5.125%,
5/01/25
.........................
United
States
2,500,000
2,505,625
b
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
29,000,000
29,974,545
Senior
Note,
8.125%,
4/01/22
..........................
United
States
20,000,000
22,248,000
Senior
Note,
6.75%,
6/15/23
...........................
United
States
58,200,000
61,168,200
b
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
9,000,000
8,780,625
385,558,210
Hotels,
Restaurants
&
Leisure
1.0%
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A
,
6.25
%
,
7/01/25
...........................................
United
States
18,000,000
18,787,590
b
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
13,200,000
12,696,750
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
10,000,000
9,393,750
40,878,090
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
43
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Durables
0.2%
b
Shea
Homes
LP
/
Shea
Homes
Funding
Corp.
,
Senior
Bond
,
144A
,
6.125
%
,
4/01/25
.....................................
United
States
9,580,000
$
9,921,479
Media
2.1%
b
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Secured
Note
,
144A
,
5.375
%
,
8/15/26
....................
United
States
15,500,000
11,003,682
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
27,000,000
28,107,000
Senior
Note,
5%,
3/15/23
.............................
United
States
21,000,000
21,446,250
Senior
Note,
5.875%,
11/15/24
.........................
United
States
9,400,000
9,693,750
b
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
7,140,000
6,778,538
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
8,500,000
8,319,375
85,348,595
Metals
&
Mining
0.3%
b
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A
,
6.75
%
,
3/15/26
.
United
States
5,000,000
5,092,250
b
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note
,
144A
,
5.125
%
,
5/15/24
...........................................
Australia
6,700,000
7,164,812
12,257,062
Oil,
Gas
&
Consumable
Fuels
2.0%
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.625%,
1/15/22
..........................
United
States
2,815,000
2,803,782
Senior
Note,
7.75%,
4/15/23
...........................
United
States
2,000,000
1,797,710
b
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
30,000,000
27,224,700
b
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
5,185,000
5,672,546
HighPoint
Operating
Corp.
,
Senior
Bond,
7%,
10/15/22
............................
United
States
17,937,000
4,547,299
Senior
Note,
8.75%,
6/15/25
...........................
United
States
26,600,000
6,783,000
Kinder
Morgan,
Inc.
,
Senior
Bond
,
7.75
%
,
1/15/32
.............
United
States
17,000,000
23,665,415
Occidental
Petroleum
Corp.
,
Senior
Note,
8%,
7/15/25
.............................
United
States
5,000,000
5,040,525
Senior
Note,
6.625%,
9/01/30
..........................
United
States
6,000,000
5,546,250
83,081,227
Pharmaceuticals
3.0%
b
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
9,400,000
9,632,650
Senior
Note,
144A,
5.5%,
3/01/23
.......................
United
States
11,270,000
11,262,956
Senior
Note,
144A,
5.875%,
5/15/23
.....................
United
States
974,000
969,890
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
5,000,000
5,451,500
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
4,500,000
4,662,000
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
35,000,000
35,866,250
b
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A
,
4.25
%
,
12/15/25
...
Germany
15,000,000
17,179,037
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.4
%
,
7/26/29
..........
United
States
8,000,000
9,309,023
b
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
5,273,000
5,520,172
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
7,094,000
5,221,184
Mylan
NV
,
Senior
Note
,
3.95
%
,
6/15/26
.....................
United
States
10,000,000
11,248,190
b
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A
,
7.5
%
,
4/01/27
United
States
8,429,000
8,841,937
125,164,789
Road
&
Rail
0.1%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A
,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
4,749,284
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
44
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
0.8%
BAT
Capital
Corp.
,
Senior
Note,
3.222%,
8/15/24
..........................
United
Kingdom
10,000,000
$
10,709,799
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
20,000,000
21,634,885
32,344,684
Trading
Companies
&
Distributors
0.8%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
18,000,000
18,922,500
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A
,
7.125
%
,
6/15/25
...
United
States
14,000,000
15,268,750
34,191,250
Wireless
Telecommunication
Services
1.8%
Sprint
Communications,
Inc.
,
Senior
Note,
11.5%,
11/15/21
..........................
United
States
30,000,000
32,969,250
Senior
Note,
6%,
11/15/22
.............................
United
States
6,300,000
6,796,125
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
12,500,000
14,345,312
Senior
Note,
7.125%,
6/15/24
..........................
United
States
8,200,000
9,445,334
Senior
Note,
7.625%,
3/01/26
..........................
United
States
7,500,000
9,074,250
72,630,271
Total
Corporate
Bonds
(Cost
$1,243,270,007)
...................................
1,243,802,958
e
Senior
Floating
Rate
Interests
0.0%
Specialty
Retail
0.0%
†
Belk,
Inc.,
First
Lien,
Term
Loan,
7.75%,
(3-month
USD
LIBOR
+
6.75%),
7/31/25
.....................................
United
States
2,505,756
962,032
Total
Senior
Floating
Rate
Interests
(Cost
$2,234,214)
...........................
962,032
U.S.
Government
and
Agency
Securities
4.5%
U.S.
Treasury
Notes
,
2.375%,
3/15/21
.....................................
United
States
75,000,000
75,753,454
2.75%,
4/30/23
.....................................
United
States
25,000,000
26,675,781
2.75%,
5/31/23
.....................................
United
States
50,000,000
53,458,984
2.875%,
5/31/25
.....................................
United
States
25,000,000
28,036,133
Total
U.S.
Government
and
Agency
Securities
(Cost
$174,933,930)
................
183,924,352
Mortgage-Backed
Securities
4.3%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.0%
FNMA,
30
Year,
3%,
8/01/50
.............................
United
States
29,169,030
30,684,657
FNMA,
30
Year,
3%,
7/01/50
.............................
United
States
4,891,282
5,143,828
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
3,782,588
4,112,573
39,941,058
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
3.3%
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
.................
United
States
41,053,892
43,320,768
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/50
...............
United
States
65,901,410
70,142,245
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/50
...............
United
States
21,996,658
23,139,395
136,602,408
Total
Mortgage-Backed
Securities
(Cost
$176,759,346)
...........................
176,543,466
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
45
See
Abbreviations
on
page
172
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,f
Motors
Liquidation
Co.,
Escrow
Account,
Convertible
Preferred,
C
.
United
States
1,400,000
$
—
Total
Escrows
and
Litigation
Trusts
(Cost
$62,603)
..............................
—
Total
Long
Term
Investments
(Cost
$3,683,621,189)
.............................
3,860,608,157
a
Short
Term
Investments
5.3%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
5.2%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
212,953,729
212,953,729
Total
Money
Market
Funds
(Cost
$212,953,729)
.................................
212,953,729
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
a
a
a
a
a
Money
Market
Funds
0.1%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
5,227,000
5,227,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
i
Joint
Repurchase
Agreement,
BofA
Securities,
Inc.,
0.06%,
10/01/20
(Maturity
Value
$1,307,882)
Collateralized
by
U.S.
Treasury
Note,
2.25%,
12/31/24
(valued
at
$1,334,041)
........................................
1,307,880
1,307,880
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$6,534,880)
............................................................
6,534,880
Total
Short
Term
Investments
(Cost
$219,488,609
)
...............................
219,488,609
a
Total
Investments
(Cost
$3,903,109,798)
99.2%
..................................
$4,080,096,766
Other
Assets,
less
Liabilities
0.8%
.............................................
30,654,412
Net
Assets
100.0%
...........................................................
$4,110,751,178
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$1,001,701,617,
representing
24.4%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
46
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
g
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
i
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Large
Cap
Growth
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
47
I
a
Country
Shares
a
Value
a
Common
Stocks
98.9%
Aerospace
&
Defense
0.4%
Raytheon
Technologies
Corp.
............................
United
States
8,079
$
464,866
Auto
Components
0.5%
Aptiv
plc
............................................
United
States
7,165
656,887
Automobiles
0.8%
a
Tesla,
Inc.
...........................................
United
States
2,225
954,547
a
Beverages
1.2%
Constellation
Brands,
Inc.,
A
.............................
United
States
4,516
855,827
a
Monster
Beverage
Corp.
................................
United
States
9,074
727,735
1,583,562
Biotechnology
1.9%
a
Heron
Therapeutics,
Inc.
................................
United
States
62,191
921,671
a,b
Novavax
,
Inc.
........................................
United
States
10,771
1,167,038
a
PTC
Therapeutics,
Inc.
.................................
United
States
5,750
268,812
2,357,521
Capital
Markets
5.7%
a
Dragoneer
Growth
Opportunities
Corp.
.....................
United
States
28,900
354,025
Intercontinental
Exchange,
Inc.
...........................
United
States
15,410
1,541,770
MarketAxess
Holdings,
Inc.
..............................
United
States
2,308
1,111,510
MSCI,
Inc.
...........................................
United
States
5,668
2,022,229
S&P
Global,
Inc.
......................................
United
States
6,060
2,185,236
7,214,770
Chemicals
1.0%
Ecolab,
Inc.
..........................................
United
States
3,227
644,884
Linde
plc
............................................
United
Kingdom
2,387
568,416
1,213,300
Commercial
Services
&
Supplies
0.3%
Republic
Services,
Inc.
.................................
United
States
4,233
395,151
Entertainment
0.5%
Walt
Disney
Co.
(The)
..................................
United
States
5,434
674,251
Equity
Real
Estate
Investment
Trusts
(REITs)
3.7%
American
Tower
Corp.
..................................
United
States
3,209
775,712
SBA
Communications
Corp.
.............................
United
States
12,301
3,917,622
4,693,334
Food
Products
0.9%
Lamb
Weston
Holdings,
Inc.
.............................
United
States
8,243
546,264
a
Nomad
Foods
Ltd.
....................................
United
Kingdom
21,530
548,584
1,094,848
Health
Care
Equipment
&
Supplies
6.9%
Danaher
Corp.
.......................................
United
States
6,448
1,388,448
a
Edwards
Lifesciences
Corp.
.............................
United
States
16,263
1,298,113
a
IDEXX
Laboratories,
Inc.
................................
United
States
3,067
1,205,668
a
Intuitive
Surgical,
Inc.
..................................
United
States
1,752
1,243,114
a
Nevro
Corp.
.........................................
United
States
8,406
1,170,956
West
Pharmaceutical
Services,
Inc.
........................
United
States
9,004
2,475,199
8,781,498
Health
Care
Providers
&
Services
2.6%
a
Guardant
Health,
Inc.
..................................
United
States
4,411
493,062
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
48
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................................
United
States
8,799
$
2,743,264
3,236,326
Health
Care
Technology
2.2%
a
American
Well
Corp.,
A
.................................
United
States
400
11,856
a,b
GoodRx
Holdings,
Inc.,
A
...............................
United
States
300
16,680
a
Veeva
Systems,
Inc.,
A
.................................
United
States
9,972
2,804,027
2,832,563
Hotels,
Restaurants
&
Leisure
0.9%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
918
1,141,726
a
Industrial
Conglomerates
1.9%
Honeywell
International,
Inc.
.............................
United
States
6,546
1,077,537
Roper
Technologies,
Inc.
................................
United
States
3,527
1,393,553
2,471,090
Interactive
Media
&
Services
3.4%
a
Alphabet,
Inc.,
A
......................................
United
States
2,043
2,994,221
a
Facebook,
Inc.,
A
.....................................
United
States
5,083
1,331,237
4,325,458
Internet
&
Direct
Marketing
Retail
9.4%
a
Amazon.com,
Inc.
.....................................
United
States
3,623
11,407,849
a
Booking
Holdings,
Inc.
.................................
United
States
287
490,965
11,898,814
IT
Services
14.2%
a
Black
Knight,
Inc.
.....................................
United
States
8,769
763,341
Mastercard
,
Inc.,
A
....................................
United
States
17,130
5,792,852
a
Okta
,
Inc.
...........................................
United
States
2,587
553,230
a
PayPal
Holdings,
Inc.
..................................
United
States
11,987
2,361,799
a
Shopify,
Inc.,
A
.......................................
Canada
681
696,642
a,b
Snowflake,
Inc.,
A
.....................................
United
States
3,416
857,416
a
Twilio
,
Inc.,
A
.........................................
United
States
7,675
1,896,416
Visa,
Inc.,
A
..........................................
United
States
25,031
5,005,449
17,927,145
Leisure
Products
0.7%
a
Peloton
Interactive,
Inc.,
A
...............................
United
States
8,343
827,959
a
Life
Sciences
Tools
&
Services
1.0%
a
Illumina,
Inc.
.........................................
United
States
2,045
632,069
a
Wuxi
Biologics
Cayman,
Inc.,
ADR
........................
China
12,048
592,219
1,224,288
Media
0.9%
a
Liberty
Broadband
Corp.,
C
..............................
United
States
7,911
1,130,245
a
Pharmaceuticals
2.2%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
20,409
1,118,413
a
Catalent
,
Inc.
........................................
United
States
5,548
475,242
a
GW
Pharmaceuticals
plc,
ADR
...........................
United
Kingdom
4,531
441,093
a
Reata
Pharmaceuticals,
Inc.,
A
...........................
United
States
2,944
286,804
Royalty
Pharma
plc,
A
..................................
United
States
10,393
437,234
2,758,786
Professional
Services
5.5%
a
CoStar
Group,
Inc.
....................................
United
States
3,984
3,380,464
a
Dun
&
Bradstreet
Holdings,
Inc.
...........................
United
States
11,414
292,883
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
49
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Professional
Services
(continued)
IHS
Markit
Ltd.
.......................................
United
States
10,578
$
830,479
TransUnion
..........................................
United
States
6,285
528,757
Verisk
Analytics,
Inc.
...................................
United
States
10,158
1,882,379
6,914,962
Road
&
Rail
0.8%
Union
Pacific
Corp.
....................................
United
States
5,382
1,059,554
Semiconductors
&
Semiconductor
Equipment
4.0%
Analog
Devices,
Inc.
...................................
United
States
6,706
782,859
Monolithic
Power
Systems,
Inc.
...........................
United
States
5,079
1,420,139
NVIDIA
Corp.
........................................
United
States
5,324
2,881,455
5,084,453
Software
19.3%
a
Adobe,
Inc.
..........................................
United
States
7,049
3,457,041
a
Atlassian
Corp.
plc,
A
..................................
United
States
2,189
397,938
a
Autodesk,
Inc.
........................................
United
States
2,231
515,383
a
Bill.com
Holdings,
Inc.
..................................
United
States
10,457
1,048,942
a
DocuSign,
Inc.
.......................................
United
States
4,078
877,749
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
600
27,258
Intuit,
Inc.
...........................................
United
States
1,974
643,939
Microsoft
Corp.
.......................................
United
States
38,680
8,135,564
a
PTC,
Inc.
...........................................
United
States
10,482
867,071
a
salesforce.com,
Inc.
...................................
United
States
5,991
1,505,658
a
ServiceNow
,
Inc.
......................................
United
States
8,740
4,238,900
a
Synopsys,
Inc.
.......................................
United
States
2,950
631,241
a
Workday,
Inc.,
A
......................................
United
States
3,121
671,421
a
Zendesk
,
Inc.
........................................
United
States
6,623
681,639
a
Zoom
Video
Communications,
Inc.,
A
......................
United
States
1,538
723,029
24,422,773
Specialty
Retail
0.2%
a
Burlington
Stores,
Inc.
..................................
United
States
1,375
283,374
a
Technology
Hardware,
Storage
&
Peripherals
3.9%
Apple,
Inc.
..........................................
United
States
43,166
4,999,054
Textiles,
Apparel
&
Luxury
Goods
0.7%
NIKE,
Inc.,
B
.........................................
United
States
7,018
881,040
Wireless
Telecommunication
Services
1.3%
a
T-Mobile
US,
Inc.
.....................................
United
States
14,819
1,694,701
a
Total
Common
Stocks
(Cost
$44,277,834)
......................................
125,198,846
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
50
See
Abbreviations
on
page
172
.
Short
Term
Investments
2.7%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
2.0%
c
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$2,586,960)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$1,002,783)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$581,394)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$1,002,783)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33
-
11/15/33;
U.S.
Treasury
Bills,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$2,639,159)
2,586,956
$
2,586,956
Total
Repurchase
Agreements
(Cost
$2,586,956)
................................
2,586,956
Country
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
650,000
650,000
Principal
Amount
*
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.2%
Repurchase
Agreements
0.2%
c
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.06%,
10/01/20
(Maturity
Value
$178,281)
Collateralized
by
U.S.
Treasury
Bond,
Strip,
8/15/25;
and
U.S.
Treasury
Note,
Index
Linked,
0.375%,
7/15/23
(valued
at
$181,847)
.........................................
178,281
178,281
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$828,281)
.............................................................
828,281
Total
Short
Term
Investments
(Cost
$3,415,237
)
.................................
3,415,237
a
Total
Investments
(Cost
$47,693,071)
101.6%
...................................
$128,614,083
Other
Assets,
less
Liabilities
(1.6)%
...........................................
(1,961,904)
Net
Assets
100.0%
...........................................................
$126,652,179
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
51
d
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Mutual
Global
Discovery
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
52
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
90.2%
Aerospace
&
Defense
1.4%
BAE
Systems
plc
.....................................
United
Kingdom
985,909
$
6,123,239
Auto
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Belgium
424,073
6,358
b
Automobiles
0.8%
General
Motors
Co.
....................................
United
States
119,200
3,527,128
Banks
6.6%
Citigroup,
Inc.
........................................
United
States
96,150
4,145,026
b
ING
Groep
NV
.......................................
Netherlands
887,366
6,331,664
JPMorgan
Chase
&
Co.
.................................
United
States
77,686
7,478,831
b
Standard
Chartered
plc
.................................
United
Kingdom
873,845
4,021,235
Wells
Fargo
&
Co.
.....................................
United
States
283,466
6,664,286
28,641,042
Beverages
1.1%
Heineken
NV
........................................
Netherlands
55,066
4,901,304
Biotechnology
0.6%
b
Immunomedics
,
Inc.
...................................
United
States
32,500
2,763,475
b
Building
Products
1.7%
Johnson
Controls
International
plc
.........................
United
States
183,942
7,514,031
Capital
Markets
2.9%
Credit
Suisse
Group
AG
................................
Switzerland
722,165
7,207,202
b
Deutsche
Bank
AG
....................................
Germany
433,542
3,653,724
d
Guotai
Junan
Securities
Co.
Ltd.,
H,
144A,
Reg
S
.............
China
1,275,797
1,780,773
12,641,699
Chemicals
3.4%
BASF
SE
...........................................
Germany
102,530
6,242,343
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
170,705
8,463,465
14,705,808
Communications
Equipment
0.8%
Cisco
Systems,
Inc.
...................................
United
States
90,280
3,556,129
Construction
Materials
1.2%
b
LafargeHolcim
Ltd.
....................................
Switzerland
109,629
4,988,910
b
Consumer
Finance
1.2%
Capital
One
Financial
Corp.
.............................
United
States
71,688
5,151,500
Containers
&
Packaging
1.6%
International
Paper
Co.
.................................
United
States
172,800
7,005,312
Diversified
Financial
Services
3.1%
b
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
30,300
6,452,082
Voya
Financial,
Inc.
....................................
United
States
143,950
6,899,523
13,351,605
Diversified
Telecommunication
Services
0.9%
Deutsche
Telekom
AG
..................................
Germany
223,589
3,721,973
Entertainment
2.1%
Walt
Disney
Co.
(The)
..................................
United
States
71,791
8,907,827
Food
Products
2.0%
Kraft
Heinz
Co.
(The)
..................................
United
States
292,300
8,754,385
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
53
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
3.2%
Medtronic
plc
........................................
United
States
132,013
$
13,718,791
Health
Care
Providers
&
Services
3.9%
Anthem,
Inc.
.........................................
United
States
23,232
6,239,883
CVS
Health
Corp.
.....................................
United
States
186,191
10,873,554
17,113,437
Hotels,
Restaurants
&
Leisure
1.2%
b
Accor
SA
...........................................
France
180,200
5,042,730
b
Industrial
Conglomerates
0.8%
General
Electric
Co.
...................................
United
States
544,250
3,390,678
Insurance
7.7%
Alleghany
Corp.
......................................
United
States
7,130
3,710,809
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
1,931,308
5,515,869
Everest
Re
Group
Ltd.
.................................
United
States
12,978
2,563,674
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
248,396
9,155,877
NN
Group
NV
........................................
Netherlands
335,029
12,555,466
33,501,695
IT
Services
2.3%
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
146,460
10,167,253
Media
3.3%
b
Charter
Communications,
Inc.,
A
..........................
United
States
21,886
13,664,305
b
iHeartMedia
,
Inc.,
A
....................................
United
States
95,199
773,016
a,b
iHeartMedia
,
Inc.,
B
...................................
United
States
1,606
12,128
14,449,449
Oil,
Gas
&
Consumable
Fuels
7.7%
BP
plc
..............................................
United
Kingdom
2,411,298
6,973,699
Canadian
Natural
Resources
Ltd.
.........................
Canada
279,600
4,480,487
ENEOS
Holdings,
Inc.
..................................
Japan
1,015,239
3,621,208
Kinder
Morgan,
Inc.
....................................
United
States
472,470
5,825,555
Royal
Dutch
Shell
plc,
A
................................
Netherlands
137,159
1,712,268
Williams
Cos.,
Inc.
(The)
................................
United
States
553,901
10,884,155
33,497,372
Pharmaceuticals
12.1%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
60,998
1,703,674
Eli
Lilly
and
Co.
.......................................
United
States
55,735
8,249,895
GlaxoSmithKline
plc
...................................
United
Kingdom
790,629
14,822,896
Merck
&
Co.,
Inc.
.....................................
United
States
166,516
13,812,502
Novartis
AG,
ADR
.....................................
Switzerland
159,897
13,904,643
52,493,610
Semiconductors
&
Semiconductor
Equipment
1.9%
b
Renesas
Electronics
Corp.
..............................
Japan
1,140,373
8,367,548
b
Software
4.2%
b
Avaya
Holdings
Corp.
..................................
United
States
4
61
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
80,644
9,704,699
Oracle
Corp.
.........................................
United
States
145,100
8,662,470
18,367,230
Technology
Hardware,
Storage
&
Peripherals
4.6%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
279,362
13,912,828
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
54
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Western
Digital
Corp.
..................................
United
States
166,446
$
6,083,601
19,996,429
Textiles,
Apparel
&
Luxury
Goods
1.0%
Cie
Financiere
Richemont
SA
............................
Switzerland
67,033
4,499,567
Tobacco
4.1%
Altria
Group,
Inc.
......................................
United
States
124,184
4,798,470
British
American
Tobacco
plc
.............................
United
Kingdom
272,332
9,769,286
British
American
Tobacco
plc,
ADR
........................
United
Kingdom
83,985
3,036,058
17,603,814
Wireless
Telecommunication
Services
0.8%
Vodafone
Group
plc
...................................
United
Kingdom
2,705,449
3,586,024
Total
Common
Stocks
(Cost
$372,137,479)
.....................................
392,057,352
Preferred
Stocks
2.5%
Automobiles
2.5%
e
Volkswagen
AG,
3.54%
.................................
Germany
68,758
11,061,576
Total
Preferred
Stocks
(Cost
$11,421,082)
......................................
11,061,576
Warrants
Warrants
0.0%
†
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
5,179
7,199
Total
Warrants
(Cost
$—)
.....................................................
7,199
Principal
Amount
*
Corporate
Bonds
2.5%
Airlines
1.5%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
4,710,000
4,553,369
d
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
2,060,000
2,150,125
6,703,494
Diversified
Telecommunication
Services
0.8%
f
Frontier
Communications
Corp.
,
Senior
Note,
10.5%,
9/15/22
...........................
United
States
3,610,000
1,519,864
Senior
Note,
11%,
9/15/25
.............................
United
States
4,065,000
1,717,462
3,237,326
Multiline
Retail
0.2%
d
Macy's,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/15/25
......
United
States
829,000
858,322
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Occidental
Petroleum
Corp.
,
Senior
Note
,
4.85
%
,
3/15/21
.......
United
States
173,000
172,027
Total
Corporate
Bonds
(Cost
$14,844,748)
......................................
10,971,169
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
55
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
g
Senior
Floating
Rate
Interests
0.1%
Leisure
Products
0.1%
Zuffa
LLC
(Ultimate
Fighting
Championship),
Initial
Term
Loan,
6.25%,
(3-month
USD
LIBOR
+
5.25%),
6/21/27
.............
United
States
533,000
$
542,869
Total
Senior
Floating
Rate
Interests
(Cost
$522,685)
.............................
542,869
Shares
Companies
in
Liquidation
0.0%
†
a,b,h
Tribune
Media,
Litigation
Trust,
Contingent
Distribution
.........
United
States
57,457
—
a,b,h
Vistra
Energy
Corp.,
Litigation
Trust,
Contingent
Distribution
.....
United
States
5,912,264
1,626
a,b,h
Walter
Energy
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
966,000
—
Total
Companies
in
Liquidation
(Cost
$185,800)
.................................
1,626
Total
Long
Term
Investments
(Cost
$399,111,794)
...............................
414,641,791
a
Short
Term
Investments
3.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.5%
i
U.S.
Treasury
Bills
,
10/20/20
..........................................
United
States
2,000,000
1,999,922
11/27/20
..........................................
United
States
2,000,000
1,999,715
1/05/21
...........................................
United
States
3,000,000
2,999,320
1/14/21
...........................................
United
States
1,500,000
1,499,574
1/21/21
...........................................
United
States
2,500,000
2,499,261
10,997,792
Total
U.S.
Government
and
Agency
Securities
(Cost
$10,997,017)
.................
10,997,792
a
a
a
j
Repurchase
Agreements
1.3%
Credit
Suisse
First
Boston,
0.06%,
10/01/20
(Maturity
Value
$5,700,010)
Collateralized
by
U.S.
Treasury
Strips,
11/15/24
-
11/15/41
(valued
at
$5,814,000)
......................................
5,700,000
5,700,000
Total
Repurchase
Agreements
(Cost
$5,700,000)
................................
5,700,000
Total
Short
Term
Investments
(Cost
$16,697,017
)
................................
16,697,792
a
Total
Investments
(Cost
$415,808,811)
99.1%
...................................
$431,339,583
Other
Assets,
less
Liabilities
0.9%
.............................................
3,582,154
Net
Assets
100.0%
...........................................................
$434,921,737
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
7
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$17,806,054,
representing
4.1%
of
net
assets.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
56
At
September
30,
2020,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
At
September
30,
2020,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3
. 
See
Abbreviations
on
page
172
.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
i
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
j
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Currency
contracts
Foreign
Exchange
EUR/USD
...................
Short
94
$
13,789,212
12/14/20
$
166,125
Foreign
Exchange
GBP/USD
...................
Short
118
9,516,700
12/14/20
203,622
Total
Futures
Contracts
......................................................................
$369,747
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
143,206
189,581
10/14/20
$
—
$
(4,773)
British
Pound
......
HSBK
Buy
768,652
1,020,942
10/14/20
—
(28,995)
British
Pound
......
HSBK
Sell
8,305,598
10,831,247
10/14/20
112,857
—
British
Pound
......
UBSW
Buy
150,816
198,228
10/14/20
—
(3,600)
Swiss
Franc
.......
BNY
Buy
58,210
63,306
10/19/20
—
(89)
Swiss
Franc
.......
HSBK
Buy
43,571
47,627
10/19/20
—
(307)
Swiss
Franc
.......
SSBT
Sell
3,440,285
3,791,440
10/19/20
55,231
—
Swiss
Franc
.......
UBSW
Buy
298,083
321,831
10/19/20
1,893
—
Swiss
Franc
.......
UBSW
Sell
3,440,284
3,792,744
10/19/20
56,535
—
Korean
Won
.......
HSBK
Buy
545,782,680
466,481
11/12/20
1,602
—
Korean
Won
.......
HSBK
Sell
7,758,575,175
6,545,112
11/12/20
—
(108,930)
Korean
Won
.......
UBSW
Sell
178,093,426
150,257
11/12/20
—
(2,483)
Euro
.............
UBSW
Buy
361,534
423,409
12/15/20
1,201
(54)
Euro
.............
UBSW
Sell
24,966,736
29,644,504
12/15/20
325,542
—
Korean
Won
.......
HSBK
Sell
8,689,889,054
7,332,215
12/18/20
—
(121,641)
Korean
Won
.......
UBSW
Sell
178,093,425
150,269
12/18/20
—
(2,492)
Total
Forward
Exchange
Contracts
...................................................
$554,861
$(273,364)
Net
unrealized
appreciation
(depreciation)
............................................
$281,497
*
In
U.S.
dollars
unless
otherwise
stated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Mutual
Shares
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
57
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
90.4%
Aerospace
&
Defense
2.2%
BAE
Systems
plc
.....................................
United
Kingdom
4,479,552
$
27,821,397
Huntington
Ingalls
Industries,
Inc.
.........................
United
States
182,062
25,625,227
53,446,624
Auto
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Belgium
1,730,515
25,944
b
Automobiles
0.7%
General
Motors
Co.
....................................
United
States
536,543
15,876,307
Banks
6.7%
Bank
of
America
Corp.
.................................
United
States
1,093,218
26,335,622
Citigroup,
Inc.
........................................
United
States
912,714
39,347,100
JPMorgan
Chase
&
Co.
.................................
United
States
486,583
46,843,345
Synovus
Financial
Corp.
................................
United
States
858,233
18,168,793
Wells
Fargo
&
Co.
.....................................
United
States
1,234,539
29,024,012
159,718,872
Beverages
0.5%
Heineken
NV
........................................
Netherlands
144,888
12,896,165
Biotechnology
0.5%
b
Immunomedics
,
Inc.
...................................
United
States
147,700
12,558,931
b
Building
Products
1.6%
Johnson
Controls
International
plc
.........................
United
States
949,530
38,788,301
Capital
Markets
1.0%
Credit
Suisse
Group
AG
................................
Switzerland
2,373,162
23,684,141
Commercial
Services
&
Supplies
0.0%
a,b
Wayne
Services
Legacy
Inc.
.............................
United
States
2,039
—
b
Communications
Equipment
0.9%
Cisco
Systems,
Inc.
...................................
United
States
576,119
22,693,327
Consumer
Finance
1.5%
Capital
One
Financial
Corp.
.............................
United
States
497,637
35,760,195
Containers
&
Packaging
2.1%
International
Paper
Co.
.................................
United
States
1,267,677
51,391,626
Diversified
Financial
Services
3.2%
b
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
192,073
40,900,025
Voya
Financial,
Inc.
....................................
United
States
758,210
36,341,005
77,241,030
Electric
Utilities
1.0%
Pinnacle
West
Capital
Corp.
.............................
United
States
330,026
24,603,438
Electrical
Equipment
2.0%
b
Sensata
Technologies
Holding
plc
.........................
United
States
1,112,178
47,979,359
b
Electronic
Equipment,
Instruments
&
Components
1.6%
Corning,
Inc.
.........................................
United
States
1,168,202
37,861,427
Energy
Equipment
&
Services
0.6%
Schlumberger
NV
.....................................
United
States
958,169
14,909,110
Entertainment
2.3%
Walt
Disney
Co.
(The)
..................................
United
States
437,857
54,329,297
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
58
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Alexander's,
Inc.
......................................
United
States
31,168
$
7,643,017
Vornado
Realty
Trust
...................................
United
States
496,497
16,736,914
24,379,931
Food
&
Staples
Retailing
2.9%
Kroger
Co.
(The)
......................................
United
States
1,377,979
46,727,268
Walgreens
Boots
Alliance,
Inc.
...........................
United
States
619,260
22,243,819
68,971,087
Food
Products
4.4%
Archer-Daniels-Midland
Co.
.............................
United
States
682,506
31,729,704
Conagra
Brands,
Inc.
..................................
United
States
561,865
20,064,199
Kraft
Heinz
Co.
(The)
..................................
United
States
1,779,082
53,283,506
105,077,409
Health
Care
Equipment
&
Supplies
3.2%
Medtronic
plc
........................................
United
States
744,294
77,347,032
Health
Care
Providers
&
Services
3.1%
Anthem,
Inc.
.........................................
United
States
112,917
30,328,377
CVS
Health
Corp.
.....................................
United
States
762,069
44,504,830
74,833,207
Household
Durables
3.2%
Lennar
Corp.,
A
.......................................
United
States
523,337
42,746,166
Newell
Brands,
Inc.
....................................
United
States
2,000,918
34,335,753
77,081,919
Household
Products
0.7%
Energizer
Holdings,
Inc.
................................
United
States
454,147
17,775,314
Industrial
Conglomerates
0.9%
General
Electric
Co.
...................................
United
States
3,340,001
20,808,206
Insurance
5.6%
Alleghany
Corp.
......................................
United
States
94,902
49,391,746
Everest
Re
Group
Ltd.
.................................
United
States
127,830
25,251,538
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
934,953
34,462,367
MetLife,
Inc.
.........................................
United
States
657,392
24,435,261
133,540,912
IT
Services
2.4%
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
812,513
56,404,652
Leisure
Products
0.2%
a,b
TRU
Kids
Parent
LLC
..................................
United
States
2,039
4,575,528
b
Machinery
0.4%
b
CNH
Industrial
NV
.....................................
United
Kingdom
1,097,544
8,486,978
b
Media
5.8%
b
Charter
Communications,
Inc.,
A
..........................
United
States
126,023
78,681,200
Comcast
Corp.,
A
.....................................
United
States
1,146,526
53,038,293
b,d
iHeartMedia
,
Inc.,
A
....................................
United
States
717,645
5,827,277
a,b
iHeartMedia
,
Inc.,
B
...................................
United
States
12,783
96,532
137,643,302
Oil,
Gas
&
Consumable
Fuels
5.1%
BP
plc
..............................................
United
Kingdom
10,248,168
29,638,660
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
59
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
....................................
United
States
1,612,768
$
19,885,429
Marathon
Oil
Corp.
....................................
United
States
2,662,301
10,888,811
Royal
Dutch
Shell
plc,
A
................................
Netherlands
370,802
4,629,026
Williams
Cos.,
Inc.
(The)
................................
United
States
2,851,487
56,031,720
121,073,646
Pharmaceuticals
10.3%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
283,578
7,920,334
Eli
Lilly
and
Co.
.......................................
United
States
295,063
43,675,225
GlaxoSmithKline
plc
...................................
United
Kingdom
2,855,011
53,526,407
Merck
&
Co.,
Inc.
.....................................
United
States
815,495
67,645,310
Novartis
AG,
ADR
.....................................
Switzerland
607,663
52,842,374
Perrigo
Co.
plc
.......................................
United
States
469,260
21,543,727
247,153,377
Software
3.4%
b
Avaya
Holdings
Corp.
..................................
United
States
116
1,763
NortonLifeLock
,
Inc.
...................................
United
States
1,074,645
22,395,602
Oracle
Corp.
.........................................
United
States
1,000,940
59,756,118
82,153,483
Specialty
Retail
0.9%
Tiffany
&
Co.
.........................................
United
States
189,088
21,905,845
Technology
Hardware,
Storage
&
Peripherals
3.9%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
1,357,966
67,629,626
Western
Digital
Corp.
..................................
United
States
701,884
25,653,860
93,283,486
Textiles,
Apparel
&
Luxury
Goods
0.9%
PVH
Corp.
..........................................
United
States
363,421
21,674,428
Tobacco
3.2%
Altria
Group,
Inc.
......................................
United
States
601,300
23,234,232
British
American
Tobacco
plc
.............................
United
Kingdom
1,095,258
39,289,870
d
British
American
Tobacco
plc,
ADR
........................
United
Kingdom
372,933
13,481,528
76,005,630
Wireless
Telecommunication
Services
0.5%
Vodafone
Group
plc
...................................
United
Kingdom
8,420,931
11,161,793
Total
Common
Stocks
(Cost
$1,907,182,117)
....................................
2,165,101,259
Warrants
Warrants
0.0%
†
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
91,551
127,256
Total
Warrants
(Cost
$—)
.....................................................
127,256
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
5.3%
Airlines
1.4%
e
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
21,072,000
$
20,371,251
e
Delta
Air
Lines,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
5/01/25
....
United
States
1,198,000
1,317,003
e
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
11,070,000
11,554,312
33,242,566
Diversified
Telecommunication
Services
1.1%
Frontier
Communications
Corp.
,
f
Senior
Note,
10.5%,
9/15/22
...........................
United
States
22,633,000
9,528,833
f
Senior
Note,
11%,
9/15/25
.............................
United
States
25,535,000
10,788,538
e
Senior
Secured
Note,
144A,
8%,
4/01/27
..................
United
States
6,148,000
6,136,472
26,453,843
IT
Services
0.8%
e
Banff
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
9.75
%
,
9/01/26
......
United
States
18,444,000
19,522,974
Machinery
0.2%
e
Navistar
International
Corp.
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/01/25
...........................................
United
States
4,878,200
5,488,121
Multiline
Retail
0.2%
e
Macy's,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/15/25
......
United
States
4,438,000
4,594,972
Oil,
Gas
&
Consumable
Fuels
0.1%
Occidental
Petroleum
Corp.
,
Senior
Note
,
4.85
%
,
3/15/21
.......
United
States
917,000
911,842
Software
1.5%
e
Boxer
Parent
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
7.125
%
,
10/02/25
..........................................
United
States
4,027,500
4,307,411
e
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Note,
144A,
10.5%,
2/01/24
......................
United
States
23,445,000
22,133,135
Senior
Secured
Note,
144A,
7.5%,
2/01/23
................
United
States
2,856,000
2,859,870
Senior
Secured
Note,
144A,
7.5%,
9/01/25
................
United
States
6,752,000
6,971,440
36,271,856
Total
Corporate
Bonds
(Cost
$147,158,948)
.....................................
126,486,174
g
Senior
Floating
Rate
Interests
1.5%
Diversified
Telecommunication
Services
1.0%
a
Windstream
Services
LLC,
Revolving
Term
Loan,
6.25%,
(1-month
USD
LIBOR
+
3%),
4/26/21
............................
United
States
26,279,371
18,110,921
a
Windstream
Services
LLC,
Term
Loan,
B6,
8.25%,
(1-month
USD
LIBOR
+
5%),
3/29/21
................................
United
States
6,671,000
4,597,445
22,708,366
a
a
a
a
a
a
Leisure
Products
0.1%
Zuffa
LLC
(Ultimate
Fighting
Championship),
Initial
Term
Loan,
6.25%,
(3-month
USD
LIBOR
+
5.25%),
6/21/27
.............
United
States
2,866,000
2,919,067
Software
0.4%
Veritas
US,
Inc.,
Term
Loan,
6.5%,
(3-month
USD
LIBOR
+
5.5%),
1/01/28
...........................................
United
States
10,504,000
10,283,416
Total
Senior
Floating
Rate
Interests
(Cost
$46,065,418)
..........................
35,910,849
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
61
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Companies
in
Liquidation
0.0%
†
a,b,h
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
$
—
a,b,h
Tribune
Media,
Litigation
Trust,
Contingent
Distribution
.........
United
States
397,730
—
a,b,h
Vistra
Energy
Corp.,
Litigation
Trust,
Contingent
Distribution
.....
United
States
90,618,405
24,920
a,b,h
Walter
Energy
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$2,834,275)
...............................
24,920
Total
Long
Term
Investments
(Cost
$2,103,240,758)
.............................
2,327,650,458
a
Short
Term
Investments
2.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.0%
i
U.S.
Treasury
Bills
,
10/20/20
..........................................
United
States
5,000,000
4,999,805
11/27/20
..........................................
United
States
5,000,000
4,999,288
1/05/21
...........................................
United
States
5,000,000
4,998,867
1/14/21
...........................................
United
States
4,000,000
3,998,862
1/21/21
...........................................
United
States
5,000,000
4,998,522
23,995,344
Total
U.S.
Government
and
Agency
Securities
(Cost
$23,993,645)
.................
23,995,344
a
a
a
j
Repurchase
Agreements
1.8%
Credit
Suisse
First
Boston,
0.06%,
10/01/20
(Maturity
Value
$42,600,071)
Collateralized
by
U.S.
Treasury
Note,
2.25%,
12/31/23;
and
U.S.
Treasury
Bond,
Strip,
11/15/24
-
11/15/45
(valued
at
$43,452,000)
42,600,000
42,600,000
Total
Repurchase
Agreements
(Cost
$42,600,000)
...............................
42,600,000
Total
Short
Term
Investments
(Cost
$66,593,645
)
................................
66,595,344
a
Total
Investments
(Cost
$2,169,834,403)
100.0%
................................
$2,394,245,802
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(618,477)
Net
Assets
100.0%
...........................................................
$2,393,627,325
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
7
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$105,256,961,
representing
4.4%
of
net
assets.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
i
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
j
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
62
At
September
30,
2020,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
At
September
30,
2020,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3
. 
See
Abbreviations
on
page
172
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Currency
contracts
Foreign
Exchange
EUR/USD
...................
Short
55
$
8,068,156
12/14/20
$
97,250
Foreign
Exchange
GBP/USD
...................
Short
475
38,308,750
12/14/20
836,945
Total
Futures
Contracts
......................................................................
$934,195
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
HSBK
Buy
1,594,757
2,116,413
10/14/20
$
—
$
(58,376)
British
Pound
......
HSBK
Sell
20,415,647
26,634,260
10/14/20
287,828
—
British
Pound
......
SSBT
Buy
589,245
757,198
10/14/20
3,224
—
British
Pound
......
UBSW
Buy
193,737
254,643
10/14/20
—
(4,624)
Swiss
Franc
.......
BNY
Buy
328,885
357,678
10/19/20
—
(503)
Swiss
Franc
.......
SSBT
Sell
11,304,849
12,458,754
10/19/20
181,490
—
Swiss
Franc
.......
UBSW
Buy
983,861
1,062,261
10/19/20
6,229
—
Swiss
Franc
.......
UBSW
Sell
11,304,849
12,463,039
10/19/20
185,775
—
Korean
Won
.......
HSBK
Sell
27,769,882,723
23,426,593
11/12/20
—
(389,887)
Korean
Won
.......
UBSW
Sell
9,030,995,877
7,619,415
11/12/20
—
(125,901)
Euro
.............
BNY
Buy
937,950
1,114,686
12/15/20
—
(13,232)
Euro
.............
BOFA
Buy
200,000
237,500
12/15/20
—
(2,636)
Euro
.............
HSBK
Buy
541,478
634,903
12/15/20
965
—
Euro
.............
SSBT
Buy
560,838
656,013
12/15/20
2,591
—
Euro
.............
UBSW
Buy
996,510
1,170,289
12/15/20
671
(738)
Euro
.............
UBSW
Sell
8,176,649
9,708,626
12/15/20
106,616
—
Korean
Won
.......
HSBK
Sell
32,088,214,603
27,075,663
12/18/20
—
(448,388)
Korean
Won
.......
UBSW
Sell
9,030,995,877
7,620,058
12/18/20
—
(126,387)
Total
Forward
Exchange
Contracts
...................................................
$775,389
$(1,170,672)
Net
unrealized
appreciation
(depreciation)
............................................
$(395,283)
*
In
U.S.
dollars
unless
otherwise
stated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Rising
Dividends
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
63
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.4%
Aerospace
&
Defense
3.1%
General
Dynamics
Corp.
................................
United
States
120,052
$
16,618,798
Raytheon
Technologies
Corp.
............................
United
States
501,246
28,841,695
45,460,493
Air
Freight
&
Logistics
2.1%
United
Parcel
Service,
Inc.,
B
............................
United
States
187,767
31,287,615
Beverages
1.8%
PepsiCo,
Inc.
........................................
United
States
189,830
26,310,438
Biotechnology
0.9%
AbbVie,
Inc.
.........................................
United
States
157,436
13,789,819
Building
Products
1.4%
Johnson
Controls
International
plc
.........................
United
States
486,910
19,890,273
Capital
Markets
0.9%
Nasdaq,
Inc.
.........................................
United
States
79,400
9,743,174
State
Street
Corp.
.....................................
United
States
57,541
3,413,908
13,157,082
Chemicals
11.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
188,467
56,136,781
Albemarle
Corp.
......................................
United
States
333,210
29,748,989
Ecolab,
Inc.
..........................................
United
States
120,309
24,042,550
Linde
plc
............................................
United
Kingdom
222,432
52,967,732
162,896,052
Commercial
Services
&
Supplies
1.9%
Cintas
Corp.
.........................................
United
States
84,272
28,048,250
Electrical
Equipment
0.4%
nVent
Electric
plc
.....................................
United
States
349,826
6,188,422
Food
&
Staples
Retailing
1.7%
Walmart,
Inc.
........................................
United
States
181,608
25,408,775
Food
Products
1.7%
McCormick
&
Co.,
Inc.
.................................
United
States
124,447
24,155,163
Health
Care
Equipment
&
Supplies
15.0%
Abbott
Laboratories
....................................
United
States
280,995
30,580,686
Becton
Dickinson
and
Co.
...............................
United
States
171,215
39,838,306
DENTSPLY
SIRONA,
Inc.
...............................
United
States
129,292
5,653,939
Medtronic
plc
........................................
United
States
406,554
42,249,092
Stryker
Corp.
........................................
United
States
260,845
54,352,272
West
Pharmaceutical
Services,
Inc.
........................
United
States
166,901
45,881,085
218,555,380
Health
Care
Providers
&
Services
2.2%
CVS
Health
Corp.
.....................................
United
States
160,793
9,390,311
UnitedHealth
Group,
Inc.
................................
United
States
73,400
22,883,918
32,274,229
Hotels,
Restaurants
&
Leisure
1.9%
McDonald's
Corp.
.....................................
United
States
125,999
27,655,521
Household
Products
3.3%
Colgate-Palmolive
Co.
.................................
United
States
253,340
19,545,181
Procter
&
Gamble
Co.
(The)
.............................
United
States
206,894
28,756,197
48,301,378
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
64
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
8.1%
Carlisle
Cos.,
Inc.
.....................................
United
States
78,402
$
9,594,053
Honeywell
International,
Inc.
.............................
United
States
220,875
36,358,234
Roper
Technologies,
Inc.
................................
United
States
183,883
72,654,012
118,606,299
Insurance
1.5%
Aflac,
Inc.
...........................................
United
States
192,904
7,012,060
Erie
Indemnity
Co.,
A
...................................
United
States
68,070
14,313,760
21,325,820
IT
Services
5.8%
Accenture
plc,
A
......................................
United
States
250,678
56,650,721
Visa,
Inc.,
A
..........................................
United
States
139,262
27,848,222
84,498,943
Machinery
3.1%
Donaldson
Co.,
Inc.
...................................
United
States
190,497
8,842,871
Dover
Corp.
.........................................
United
States
197,488
21,395,850
Pentair
plc
..........................................
United
States
312,894
14,321,158
44,559,879
Multiline
Retail
2.5%
Target
Corp.
.........................................
United
States
229,337
36,102,231
Oil,
Gas
&
Consumable
Fuels
1.4%
Chevron
Corp.
.......................................
United
States
149,794
10,785,168
EOG
Resources,
Inc.
..................................
United
States
142,861
5,134,424
Exxon
Mobil
Corp.
.....................................
United
States
143,861
4,938,748
20,858,340
Pharmaceuticals
3.4%
Johnson
&
Johnson
...................................
United
States
198,829
29,601,662
Perrigo
Co.
plc
.......................................
United
States
110,863
5,089,720
Pfizer,
Inc.
...........................................
United
States
396,215
14,541,090
49,232,472
Road
&
Rail
1.4%
Norfolk
Southern
Corp.
.................................
United
States
98,047
20,981,078
Semiconductors
&
Semiconductor
Equipment
6.3%
Analog
Devices,
Inc.
...................................
United
States
366,119
42,740,732
Texas
Instruments,
Inc.
.................................
United
States
342,668
48,929,564
91,670,296
Software
8.3%
Microsoft
Corp.
.......................................
United
States
576,928
121,345,266
Specialty
Retail
3.7%
Lowe's
Cos.,
Inc.
......................................
United
States
197,572
32,769,292
Ross
Stores,
Inc.
.....................................
United
States
234,930
21,923,668
54,692,960
Textiles,
Apparel
&
Luxury
Goods
2.4%
NIKE,
Inc.,
B
.........................................
United
States
280,384
35,199,407
Trading
Companies
&
Distributors
1.0%
WW
Grainger,
Inc.
.....................................
United
States
42,693
15,231,582
Total
Common
Stocks
(Cost
$663,008,540)
.....................................
1,437,683,463
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
65
See
Abbreviations
on
page
172
.
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.6%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
22,894,564
$
22,894,564
Total
Money
Market
Funds
(Cost
$22,894,564)
..................................
22,894,564
Total
Short
Term
Investments
(Cost
$22,894,564
)
................................
22,894,564
a
Total
Investments
(Cost
$685,903,104)
100.0%
..................................
$1,460,578,027
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(240,991)
Net
Assets
100.0%
...........................................................
$1,460,337,036
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Small
Cap
Value
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
66
I
a
Country
Shares
a
Value
a
Common
Stocks
97.8%
Auto
Components
0.2%
LCI
Industries
........................................
United
States
17,908
$
1,903,441
Automobiles
1.3%
Thor
Industries,
Inc.
...................................
United
States
131,841
12,559,174
Banks
13.2%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
394,830
8,437,517
Bryn
Mawr
Bank
Corp.
.................................
United
States
445,467
11,078,764
Columbia
Banking
System,
Inc.
...........................
United
States
743,406
17,730,233
First
Horizon
National
Corp.
.............................
United
States
2,573,780
24,270,746
First
of
Long
Island
Corp.
(The)
...........................
United
States
614,355
9,098,598
German
American
Bancorp,
Inc.
..........................
United
States
196,123
5,322,778
Glacier
Bancorp,
Inc.
...................................
United
States
162,950
5,222,548
Lakeland
Financial
Corp.
................................
United
States
356,161
14,673,833
Peoples
Bancorp,
Inc.
..................................
United
States
289,712
5,530,602
South
State
Corp.
.....................................
United
States
338,141
16,281,489
TriCo
Bancshares
.....................................
United
States
55,304
1,354,395
Washington
Trust
Bancorp,
Inc.
...........................
United
States
221,091
6,778,650
125,780,153
Building
Products
4.7%
a
Gibraltar
Industries,
Inc.
................................
United
States
204,706
13,334,549
Insteel
Industries,
Inc.
..................................
United
States
390,746
7,306,950
a
Masonite
International
Corp.
.............................
United
States
100,048
9,844,723
UFP
Industries,
Inc.
....................................
United
States
247,149
13,966,390
44,452,612
Capital
Markets
1.5%
Houlihan
Lokey
,
Inc.
...................................
United
States
243,009
14,349,681
Chemicals
5.6%
Avient
Corp.
.........................................
United
States
800,659
21,185,437
Cabot
Corp.
.........................................
United
States
364,405
13,129,512
Minerals
Technologies,
Inc.
..............................
United
States
370,641
18,939,755
53,254,704
Commercial
Services
&
Supplies
1.7%
McGrath
RentCorp
....................................
United
States
277,667
16,546,176
Communications
Equipment
1.3%
a
NetScout
Systems,
Inc.
.................................
United
States
565,600
12,347,048
a
Construction
&
Engineering
0.5%
Argan
,
Inc.
..........................................
United
States
37,607
1,576,109
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
169,526
2,827,694
4,403,803
Construction
Materials
1.6%
Eagle
Materials,
Inc.
...................................
United
States
177,847
15,351,753
Electric
Utilities
1.3%
IDACORP,
Inc.
.......................................
United
States
156,164
12,477,504
Electrical
Equipment
1.8%
Encore
Wire
Corp.
....................................
United
States
60,985
2,830,923
Regal
Beloit
Corp.
.....................................
United
States
153,433
14,402,756
17,233,679
Electronic
Equipment,
Instruments
&
Components
1.9%
Benchmark
Electronics,
Inc.
.............................
United
States
134,793
2,716,079
a
Coherent,
Inc.
........................................
United
States
5,067
562,082
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
67
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
a
FARO
Technologies,
Inc.
................................
United
States
3,667
$
223,614
a
II-VI,
Inc.
............................................
United
States
151,807
6,157,292
a
Plexus
Corp.
.........................................
United
States
118,664
8,381,238
18,040,305
Energy
Equipment
&
Services
0.4%
Hunting
plc
..........................................
United
Kingdom
1,395,634
2,319,267
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
173,987
1,470,190
3,789,457
Equity
Real
Estate
Investment
Trusts
(REITs)
3.0%
Healthcare
Realty
Trust,
Inc.
.............................
United
States
284,773
8,577,363
Highwoods
Properties,
Inc.
..............................
United
States
307,215
10,313,208
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,147,094
9,107,926
27,998,497
Food
&
Staples
Retailing
0.4%
a
BJ's
Wholesale
Club
Holdings,
Inc.
........................
United
States
79,254
3,293,004
a
Food
Products
2.3%
Glanbia
plc
..........................................
Ireland
1,606,455
16,583,559
Maple
Leaf
Foods,
Inc.
.................................
Canada
237,357
4,839,110
21,422,669
Gas
Utilities
0.1%
Spire,
Inc.
...........................................
United
States
21,983
1,169,496
Health
Care
Equipment
&
Supplies
3.5%
a
Envista
Holdings
Corp.
.................................
United
States
772,756
19,071,618
a
Integer
Holdings
Corp.
.................................
United
States
238,458
14,071,407
33,143,025
Hotels,
Restaurants
&
Leisure
5.8%
a
Dalata
Hotel
Group
plc
.................................
Ireland
839,726
2,434,213
a
Denny's
Corp.
........................................
United
States
514,713
5,147,130
Jack
in
the
Box,
Inc.
...................................
United
States
265,587
21,063,705
Wyndham
Hotels
&
Resorts,
Inc.
..........................
United
States
526,826
26,604,713
55,249,761
Household
Durables
0.8%
a
M/I
Homes,
Inc.
.......................................
United
States
173,900
8,008,095
a
Insurance
12.2%
CNO
Financial
Group,
Inc.
..............................
United
States
1,468,223
23,550,297
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
282,384
26,312,541
Horace
Mann
Educators
Corp.
...........................
United
States
759,234
25,358,416
Old
Republic
International
Corp.
..........................
United
States
1,938,882
28,579,121
Selective
Insurance
Group,
Inc.
...........................
United
States
235,011
12,100,716
115,901,091
Leisure
Products
2.3%
BRP,
Inc.
............................................
United
States
87,879
4,642,403
Brunswick
Corp.
......................................
United
States
205,371
12,098,405
Callaway
Golf
Co.
.....................................
United
States
248,035
4,747,390
21,488,198
Machinery
17.5%
Astec
Industries,
Inc.
...................................
United
States
226,797
12,303,737
Columbus
McKinnon
Corp.
..............................
United
States
248,222
8,216,148
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
499,710
14,691,474
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
68
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Machinery
(continued)
Hillenbrand,
Inc.
......................................
United
States
537,390
$
15,240,380
John
Bean
Technologies
Corp.
...........................
United
States
52,500
4,824,225
a
Meritor,
Inc.
..........................................
United
States
138,990
2,910,450
Mueller
Industries,
Inc.
.................................
United
States
354,898
9,603,540
Mueller
Water
Products,
Inc.,
A
...........................
United
States
1,868,253
19,411,149
Oshkosh
Corp.
.......................................
United
States
261,946
19,253,031
REV
Group,
Inc.
......................................
United
States
18,902
149,137
Rexnord
Corp.
.......................................
United
States
814,102
24,292,804
a
SPX
FLOW,
Inc.
......................................
United
States
367,522
15,737,292
Timken
Co.
(The)
.....................................
United
States
146,313
7,933,091
Wabash
National
Corp.
.................................
United
States
960,999
11,493,548
166,060,006
Metals
&
Mining
1.3%
a
OceanaGold
Corp.
....................................
Australia
743,645
1,144,756
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
113,241
11,555,112
12,699,868
Multi-Utilities
1.1%
Black
Hills
Corp.
......................................
United
States
192,469
10,295,167
Oil,
Gas
&
Consumable
Fuels
0.9%
Crescent
Point
Energy
Corp.
.............................
Canada
7,157,980
8,653,862
Paper
&
Forest
Products
1.2%
Louisiana-Pacific
Corp.
.................................
United
States
3,152
93,016
P
H
Glatfelter
Co.
.....................................
United
States
813,924
11,207,733
11,300,749
Professional
Services
0.7%
a
Huron
Consulting
Group,
Inc.
............................
United
States
34,036
1,338,636
Kforce
,
Inc.
..........................................
United
States
157,811
5,076,780
6,415,416
Road
&
Rail
0.3%
Heartland
Express,
Inc.
.................................
United
States
142,955
2,658,963
Semiconductors
&
Semiconductor
Equipment
1.1%
a
Advanced
Energy
Industries,
Inc.
.........................
United
States
97,421
6,131,678
MKS
Instruments,
Inc.
..................................
United
States
22,414
2,448,281
a
Synaptics
,
Inc.
.......................................
United
States
18,846
1,515,595
10,095,554
Software
0.6%
a
ACI
Worldwide,
Inc.
....................................
United
States
206,306
5,390,776
a
Specialty
Retail
2.6%
a
Boot
Barn
Holdings,
Inc.
................................
United
States
473,001
13,310,248
Group
1
Automotive,
Inc.
................................
United
States
131,210
11,597,652
24,907,900
Textiles,
Apparel
&
Luxury
Goods
2.7%
Carter's,
Inc.
.........................................
United
States
252,722
21,880,671
Wolverine
World
Wide,
Inc.
..............................
United
States
157,146
4,060,652
25,941,323
Thrifts
&
Mortgage
Finance
0.4%
TrustCo
Bank
Corp.
...................................
United
States
782,700
4,085,694
Total
Common
Stocks
(Cost
$923,325,830)
.....................................
928,668,604
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
69
See
Abbreviations
on
page
172
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
0.3%
Machinery
0.3%
Mueller
Industries,
Inc.
,
Sub.
Note
,
6
%
,
3/01/27
...............
United
States
2,378,000
$
2,386,466
Total
Corporate
Bonds
(Cost
$2,378,000)
.......................................
2,386,466
Total
Long
Term
Investments
(Cost
$925,703,830)
...............................
931,055,070
a
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
18,264,961
18,264,961
Total
Money
Market
Funds
(Cost
$18,264,961)
..................................
18,264,961
Total
Short
Term
Investments
(Cost
$18,264,961
)
................................
18,264,961
a
Total
Investments
(Cost
$943,968,791)
100.0%
..................................
$949,320,031
Other
Assets,
less
Liabilities
0.0%
†
............................................
201,424
Net
Assets
100.0%
...........................................................
$949,521,455
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
70
a
Country
Shares
a
Value
a
Common
Stocks
97.4%
Aerospace
&
Defense
1.3%
a
Axon
Enterprise,
Inc.
...................................
United
States
13,800
$
1,251,660
a
Kratos
Defense
&
Security
Solutions,
Inc.
...................
United
States
66,100
1,274,408
a
Mercury
Systems,
Inc.
..................................
United
States
51,100
3,958,206
6,484,274
Airlines
0.4%
Southwest
Airlines
Co.
.................................
United
States
50,500
1,893,750
Banks
0.4%
TCF
Financial
Corp.
...................................
United
States
77,000
1,798,720
Biotechnology
3.7%
a
Deciphera
Pharmaceuticals,
Inc.
..........................
United
States
32,800
1,682,640
a
Global
Blood
Therapeutics,
Inc
.
...........................
United
States
56,400
3,109,896
a
Heron
Therapeutics,
Inc.
................................
United
States
153,400
2,273,388
a
Iovance
Biotherapeutics
,
Inc.
.............................
United
States
111,700
3,677,164
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
9,357
288,851
a
Novavax
,
Inc.
........................................
United
States
10,500
1,137,675
a
PTC
Therapeutics,
Inc.
.................................
United
States
52,000
2,431,000
a
Seattle
Genetics,
Inc.
..................................
United
States
22,500
4,403,025
19,003,639
Capital
Markets
4.3%
Ares
Management
Corp.
................................
United
States
93,000
3,759,060
MarketAxess
Holdings,
Inc.
..............................
United
States
13,700
6,597,783
MSCI,
Inc.
...........................................
United
States
18,900
6,743,142
Tradeweb
Markets,
Inc.,
A
...............................
United
States
92,200
5,347,600
22,447,585
Chemicals
0.4%
a
Ingevity
Corp.
........................................
United
States
43,841
2,167,499
a
Commercial
Services
&
Supplies
1.1%
Republic
Services,
Inc.
.................................
United
States
63,100
5,890,385
Construction
Materials
0.8%
Martin
Marietta
Materials,
Inc.
............................
United
States
17,000
4,001,120
Containers
&
Packaging
1.1%
Ball
Corp.
...........................................
United
States
69,700
5,793,464
Diversified
Financial
Services
0.1%
a
Nuvei
Corp.
.........................................
Canada
7,900
333,538
a
Electronic
Equipment,
Instruments
&
Components
2.2%
Amphenol
Corp.,
A
....................................
United
States
54,700
5,922,369
a
Keysight
Technologies,
Inc.
..............................
United
States
56,150
5,546,497
11,468,866
Entertainment
2.9%
a
Roku,
Inc.
...........................................
United
States
32,856
6,203,213
a
Spotify
Technology
SA
..................................
United
States
19,000
4,608,830
a
Zynga,
Inc.,
A
........................................
United
States
455,000
4,149,600
14,961,643
Equity
Real
Estate
Investment
Trusts
(REITs)
2.1%
SBA
Communications
Corp.
.............................
United
States
28,657
9,126,682
Terreno
Realty
Corp.
...................................
United
States
28,050
1,536,018
10,662,700
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
71
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Food
&
Staples
Retailing
0.4%
a
Grocery
Outlet
Holding
Corp.
............................
United
States
50,700
$
1,993,524
a
Health
Care
Equipment
&
Supplies
5.6%
a
DexCom
,
Inc.
........................................
United
States
10,188
4,199,799
a
IDEXX
Laboratories,
Inc.
................................
United
States
24,750
9,729,473
a
Inari
Medical,
Inc.
.....................................
United
States
13,600
938,672
a
iRhythm
Technologies,
Inc.
..............................
United
States
15,550
3,702,610
a
Penumbra,
Inc.
.......................................
United
States
26,400
5,131,632
Teleflex,
Inc.
.........................................
United
States
15,050
5,123,321
28,825,507
Health
Care
Providers
&
Services
2.2%
a
Guardant
Health,
Inc.
..................................
United
States
56,900
6,360,282
a
HealthEquity
,
Inc.
.....................................
United
States
57,000
2,928,090
a,b
Oak
Street
Health,
Inc.
.................................
United
States
39,900
2,132,256
11,420,628
Health
Care
Technology
2.6%
a
American
Well
Corp.,
A
.................................
United
States
4,500
133,380
a
Livongo
Health,
Inc.
...................................
United
States
29,700
4,159,485
a
Veeva
Systems,
Inc.,
A
.................................
United
States
33,100
9,307,389
13,600,254
Hotels,
Restaurants
&
Leisure
6.6%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
3,830
4,763,409
Domino's
Pizza,
Inc.
...................................
United
States
10,050
4,274,064
a,b
DraftKings
,
Inc.,
A
.....................................
United
States
22,900
1,347,436
a,c,d
DraftKings
,
Inc.,
A,
A
...................................
United
States
251,933
14,086,334
Vail
Resorts,
Inc.
......................................
United
States
24,400
5,220,868
Wingstop
,
Inc.
........................................
United
States
32,200
4,400,130
34,092,241
Household
Durables
1.0%
a
NVR,
Inc.
...........................................
United
States
1,282
5,234,560
a
Household
Products
0.9%
Church
&
Dwight
Co.,
Inc.
...............................
United
States
51,000
4,779,210
Interactive
Media
&
Services
2.0%
a
Match
Group,
Inc.
.....................................
United
States
42,124
4,661,021
a
Pinterest,
Inc.,
A
......................................
United
States
137,000
5,686,870
10,347,891
Internet
&
Direct
Marketing
Retail
1.3%
Expedia
Group,
Inc.
...................................
United
States
28,200
2,585,658
a,c
Fanatics,
Inc.,
E
......................................
United
States
92,539
1,599,999
a,c
Marqeta
,
Inc.
.........................................
United
States
129,178
1,077,009
a
Wayfair,
Inc.,
A
.......................................
United
States
5,000
1,455,050
6,717,716
IT
Services
11.9%
a,b
BigCommerce
Holdings,
Inc.,
1
...........................
United
States
26,700
2,224,110
a
Black
Knight,
Inc.
.....................................
United
States
104,000
9,053,200
Booz
Allen
Hamilton
Holding
Corp.
........................
United
States
35,100
2,912,598
a
EPAM
Systems,
Inc.
...................................
United
States
16,000
5,172,480
a
GoDaddy
,
Inc.,
A
......................................
United
States
68,117
5,174,848
Jack
Henry
&
Associates,
Inc.
............................
United
States
37,550
6,105,255
a
Okta
,
Inc.
...........................................
United
States
39,000
8,340,150
a
Shift4
Payments,
Inc.,
A
................................
United
States
43,800
2,118,168
a
Snowflake,
Inc.,
A
.....................................
United
States
11,900
2,986,900
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
72
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
IT
Services
(continued)
a
Twilio
,
Inc.,
A
.........................................
United
States
51,975
$
12,842,503
a
Wix.com
Ltd.
.........................................
Israel
17,700
4,510,845
61,441,057
Leisure
Products
0.7%
a
Peloton
Interactive,
Inc.,
A
...............................
United
States
38,150
3,786,006
a
Life
Sciences
Tools
&
Services
3.5%
a
10X
Genomics,
Inc.,
A
..................................
United
States
27,200
3,391,296
Bio-
Techne
Corp.
.....................................
United
States
20,425
5,059,885
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
9,780
9,445,035
17,896,216
Machinery
2.4%
Fortive
Corp.
.........................................
United
States
69,400
5,288,974
IDEX
Corp.
..........................................
United
States
21,050
3,839,731
Stanley
Black
&
Decker,
Inc.
.............................
United
States
21,646
3,510,981
12,639,686
Personal
Products
0.5%
a
BellRing
Brands,
Inc.,
A
.................................
United
States
119,300
2,474,282
a
Pharmaceuticals
2.1%
a
GW
Pharmaceuticals
plc,
ADR
...........................
United
Kingdom
26,500
2,579,775
a
Horizon
Therapeutics
plc
................................
United
States
70,000
5,437,600
a
Reata
Pharmaceuticals,
Inc.,
A
...........................
United
States
25,100
2,445,242
a
Revance
Therapeutics,
Inc.
..............................
United
States
25,100
631,014
11,093,631
Professional
Services
5.1%
a
CoStar
Group,
Inc.
....................................
United
States
13,735
11,654,285
TransUnion
..........................................
United
States
57,300
4,820,649
Verisk
Analytics,
Inc.
...................................
United
States
53,661
9,943,920
26,418,854
Road
&
Rail
1.1%
Kansas
City
Southern
..................................
United
States
13,900
2,513,537
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
17,850
3,229,422
5,742,959
Semiconductors
&
Semiconductor
Equipment
6.7%
Entegris
,
Inc.
.........................................
United
States
23,000
1,709,820
KLA
Corp.
...........................................
United
States
31,237
6,051,856
a
Lattice
Semiconductor
Corp.
.............................
United
States
155,755
4,510,665
Microchip
Technology,
Inc.
..............................
United
States
28,927
2,972,539
Monolithic
Power
Systems,
Inc.
...........................
United
States
15,550
4,347,935
NXP
Semiconductors
NV
...............................
Netherlands
22,600
2,820,706
a
Semtech
Corp.
.......................................
United
States
55,200
2,923,392
a
SiTime
Corp.
.........................................
United
States
60,000
5,041,800
Xilinx,
Inc.
...........................................
United
States
41,600
4,336,384
34,715,097
Software
15.4%
a,c
Alkami
Technology,
Inc.,
F
...............................
United
States
48,025
768,400
a
Alteryx,
Inc.,
A
........................................
United
States
42,100
4,780,455
a
ANSYS,
Inc.
.........................................
United
States
26,700
8,737,041
a
Atlassian
Corp.
plc,
A
..................................
United
States
26,650
4,844,703
a
Avalara,
Inc.
.........................................
United
States
32,100
4,087,614
a
Bentley
Systems,
Inc.,
B
................................
United
States
4,400
138,160
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
73
s
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Software
(continued)
a
Bill.com
Holdings,
Inc.
..................................
United
States
53,548
$
5,371,400
a
Cloudflare
,
Inc.,
A
.....................................
United
States
105,800
4,344,148
a
DocuSign,
Inc.
.......................................
United
States
57,700
12,419,348
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
11,284
512,632
a
Lightspeed
POS,
Inc.
..................................
Canada
84,400
2,702,488
a
Outset
Medical,
Inc.
...................................
United
States
3,000
150,000
a
Paylocity
Holding
Corp.
.................................
United
States
45,950
7,417,249
a
Q2
Holdings,
Inc.
.....................................
United
States
40,496
3,695,665
a
Synopsys,
Inc.
.......................................
United
States
57,750
12,357,345
a
Zendesk
,
Inc.
........................................
United
States
69,000
7,101,480
79,428,128
Specialty
Retail
2.8%
a
Burlington
Stores,
Inc.
..................................
United
States
29,900
6,162,091
a
Five
Below,
Inc.
.......................................
United
States
32,650
4,146,550
Tractor
Supply
Co.
....................................
United
States
27,737
3,975,821
14,284,462
Textiles,
Apparel
&
Luxury
Goods
1.1%
a,c
Allbirds
,
Inc.,
E
.......................................
United
States
92,392
1,068,276
Levi
Strauss
&
Co.,
A
..................................
United
States
175,000
2,345,000
VF
Corp.
............................................
United
States
31,200
2,191,800
5,605,076
Trading
Companies
&
Distributors
0.7%
Fastenal
Co.
.........................................
United
States
84,600
3,814,614
Total
Common
Stocks
(Cost
$305,301,210)
.....................................
503,258,782
Short
Term
Investments
3.7%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.8%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
14,163,642
14,163,642
Total
Money
Market
Funds
(Cost
$14,163,642)
..................................
14,163,642
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.9%
Money
Market
Funds
0.9%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
4,736,055
4,736,055
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$4,736,055)
............................................................
4,736,055
Total
Short
Term
Investments
(Cost
$18,899,697
)
................................
18,899,697
a
Total
Investments
(Cost
$324,200,907)
101.1%
..................................
$522,158,479
Other
Assets,
less
Liabilities
(1.1)%
...........................................
(5,419,285)
Net
Assets
100.0%
...........................................................
$516,739,194
See
abbreviations
on
page
172
.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
74
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
d
See
Note
7
regarding
restricted
securities.
e
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.2%
Aerospace
&
Defense
0.0%
†
a,b
Remington
Outdoor
Co.,
Inc.
.............................
United
States
74,576
$
2,051
b
Energy
Equipment
&
Services
0.0%
†
b
Weatherford
International
plc
.............................
United
States
13,794
26,898
b
Entertainment
0.0%
†
b
AMC
Entertainment
Holdings,
Inc.
.........................
United
States
1,725
8,125
b
Hotels,
Restaurants
&
Leisure
0.0%
†
a,b,c
Turtle
Bay
Resort
LLC
..................................
United
States
1,901,449
41,832
b
Machinery
0.1%
a,b
Birch
Permian
Holdings,
Inc.
.............................
United
States
4,478
26,868
a,b
Birch
Permian
Holdings,
Inc.
.............................
United
States
34,907
205,079
231,947
Media
0.0%
†
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
20,804
20,804
b
iHeartMedia
,
Inc.,
A
....................................
United
States
8,384
68,078
a,b
iHeartMedia
,
Inc.,
B
...................................
United
States
142
1,072
89,954
Multiline
Retail
0.0%
a,b,d
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
14,792,309
—
a,b,d
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,472,041
—
—
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Amplify
Energy
Corp.
..................................
United
States
431
367
Riviera
Resources,
Inc.
.................................
United
States
6,620
11,585
11,952
Paper
&
Forest
Products
0.1%
a,b,d
Appvion
Operations,
Inc.
................................
United
States
18,684
279,033
Verso
Corp.,
A
........................................
United
States
5,620
44,342
323,375
Road
&
Rail
0.0%
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.
...................
Australia
143,820
—
b
Specialty
Retail
0.0%
†
b
Party
City
Holdings,
Inc.
................................
United
States
24,031
62,480
b
Total
Common
Stocks
(Cost
$4,697,311)
.......................................
798,614
Management
Investment
Companies
2.1%
Capital
Markets
2.1%
e
Franklin
Floating
Rate
Income
Fund
.......................
United
States
1,118,951
8,246,672
Total
Management
Investment
Companies
(Cost
$11,072,145)
....................
8,246,672
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
879
1,510
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
1,098
1,667
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
1,412
1,822
4,999
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
76
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Paper
&
Forest
Products
0.0%
†
b
Verso
Corp.,
7/25/23
...................................
United
States
592
$
376
Total
Warrants
(Cost
$—)
.....................................................
5,375
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
f,g,h
Digicel
Group
0.5
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
.....
Bermuda
25,758
2,848
Total
Convertible
Bonds
(Cost
$8,215)
.........................................
2,848
Corporate
Bonds
46.0%
Aerospace
&
Defense
0.3%
h
TransDigm
,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
1,000,000
1,049,805
Air
Freight
&
Logistics
0.3%
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
150,000
173,384
United
Parcel
Service,
Inc.
,
Senior
Bond
,
5.3
%
,
4/01/50
........
United
States
600,000
887,538
1,060,922
Airlines
0.3%
h
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
1,100,000
1,129,827
Auto
Components
0.6%
h
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
5.875
%
,
6/01/29
..
United
States
800,000
866,292
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
700,000
723,895
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
4.875
%
,
3/15/27
.
United
States
900,000
852,750
2,442,937
Banks
4.2%
h
Akbank
T.A.S.
,
Senior
Note
,
144A,
5.125
%
,
3/31/25
...........
Turkey
1,200,000
1,115,507
Bank
of
America
Corp.
,
Senior
Bond,
3.248%,
10/21/27
.........................
United
States
647,000
715,343
Senior
Note,
3.5%,
4/19/26
............................
United
States
1,000,000
1,122,060
h
BDO
Unibank
,
Inc.
,
Senior
Note
,
Reg
S,
2.95
%
,
3/06/23
........
Philippines
200,000
207,994
h
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.219%
to
6/09/25,
FRN
thereafter
,
6/09/26
...................................
France
500,000
516,437
h
China
Construction
Bank
Corp.
,
Sub.
Note
,
Reg
S,
4.25%
to
2/27/24,
FRN
thereafter
,
2/27/29
...............................
China
800,000
854,360
Citigroup,
Inc.
,
Senior
Note,
3.3%,
4/27/25
............................
United
States
243,000
267,699
Senior
Note,
3.4%,
5/01/26
............................
United
States
1,106,000
1,230,232
g
Comerica,
Inc.
,
Junior
Sub.
Bond
,
5.625%
to
10/01/25,
FRN
thereafter
,
Perpetual
.................................
United
States
300,000
315,750
Fifth
Third
Bancorp
,
Senior
Note
,
2.55
%
,
5/05/27
..............
United
States
500,000
539,238
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/04/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
800,000
829,846
Senior
Bond,
2.357%
to
8/18/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
300,000
297,833
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Senior
Note
,
3.538
%
,
11/08/27
..........................................
China
900,000
1,003,565
JPMorgan
Chase
&
Co.
,
g
R,
Junior
Sub.
Bond,
6%
to
8/01/23,
FRN
thereafter,
Perpetual
.
United
States
213,000
219,033
Senior
Bond,
2.522%
to
4/22/30,
FRN
thereafter,
4/22/31
.....
United
States
1,000,000
1,067,115
Senior
Note,
3.2%,
6/15/26
............................
United
States
1,213,000
1,346,116
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
77
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
JPMorgan
Chase
&
Co.,
(continued)
Sub.
Note,
3.375%,
5/01/23
...........................
United
States
809,000
$
864,020
Sub.
Note,
3.875%,
9/10/24
...........................
United
States
809,000
895,650
Lloyds
Banking
Group
plc
,
Senior
Note
,
3.87%
to
7/09/24,
FRN
thereafter
,
7/09/25
...................................
United
Kingdom
200,000
218,049
SVB
Financial
Group
,
Senior
Note
,
3.125
%
,
6/05/30
...........
United
States
300,000
335,711
Wells
Fargo
&
Co.
,
Senior
Note,
3%,
4/22/26
.............................
United
States
2,021,000
2,199,886
Senior
Note,
2.188%
to
4/30/25,
FRN
thereafter,
4/30/26
......
United
States
700,000
728,104
16,889,548
Beverages
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
1,700,000
1,937,569
Biotechnology
0.8%
h
AbbVie,
Inc.
,
Senior
Note,
144A,
3.8%,
3/15/25
.......................
United
States
1,378,000
1,530,577
Senior
Note,
144A,
2.95%,
11/21/26
.....................
United
States
600,000
654,497
Senior
Note,
144A,
3.2%,
11/21/29
......................
United
States
700,000
772,679
Biogen,
Inc.
,
Senior
Note
,
2.25
%
,
5/01/30
...................
United
States
300,000
306,754
3,264,507
Building
Products
0.2%
h
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
8
%
,
4/15/26
United
States
800,000
842,000
Capital
Markets
1.4%
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.75
%
,
2/25/26
..
United
States
1,213,000
1,366,553
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/22/27,
FRN
thereafter,
7/22/28
.....
United
States
809,000
911,084
Senior
Note,
3.875%,
1/27/26
..........................
United
States
2,395,000
2,733,061
h
MSCI,
Inc.
,
Senior
Bond
,
144A,
4
%
,
11/15/29
................
United
States
700,000
736,183
5,746,881
Chemicals
2.7%
h
Alpek
SAB
de
CV
,
Senior
Note
,
144A,
4.25
%
,
9/18/29
..........
Mexico
800,000
791,020
f,h
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
127,650
108,113
h
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
144A,
4.5
%
,
1/31/30
...........................................
Brazil
1,300,000
1,215,500
h
CNAC
HK
Finbridge
Co.
Ltd.
,
Senior
Note
,
Reg
S,
4.875
%
,
3/14/25
China
800,000
884,867
EI
du
Pont
de
Nemours
and
Co.
,
Senior
Bond
,
2.3
%
,
7/15/30
....
United
States
1,300,000
1,381,204
h
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
800,000
786,500
h
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
700,000
720,419
LYB
International
Finance
BV
,
Senior
Note
,
4
%
,
7/15/23
........
United
States
1,300,000
1,409,750
Olin
Corp.
,
Senior
Bond
,
5.125
%
,
9/15/27
...................
United
States
900,000
892,688
h
SABIC
Capital
II
BV
,
Senior
Note
,
144A,
4.5
%
,
10/10/28
........
Saudi
Arabia
600,000
700,361
h
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
867,717
h
TPC
Group,
Inc.
,
Senior
Secured
Note
,
144A,
10.5
%
,
8/01/24
....
United
States
900,000
757,782
Westlake
Chemical
Corp.
,
Senior
Note
,
3.375
%
,
6/15/30
........
United
States
200,000
215,060
h
Yara
International
ASA
,
Senior
Note
,
144A,
3.148
%
,
6/04/30
.....
Norway
100,000
107,112
10,838,093
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
78
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
0.2%
h
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
700,000
$
674,187
RELX
Capital,
Inc.
,
Senior
Note
,
3
%
,
5/22/30
................
United
Kingdom
100,000
109,488
783,675
Communications
Equipment
0.3%
h
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
5
%
,
3/15/27
..
United
States
1,374,000
1,321,616
Construction
&
Engineering
0.0%
†
h
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn
.,
9/30/36
...........................................
United
States
200,000
142,500
Construction
Materials
0.3%
h
CEMEX
Finance
LLC
,
Senior
Secured
Note
,
144A,
6
%
,
4/01/24
..
Mexico
299,000
306,448
h
Cemex
SAB
de
CV
,
Senior
Secured
Bond
,
144A,
5.7
%
,
1/11/25
...
Mexico
1,013,000
1,035,793
1,342,241
Consumer
Finance
0.8%
Capital
One
Financial
Corp.
,
Senior
Note
,
3.2
%
,
2/05/25
........
United
States
1,617,000
1,749,364
h
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
300,000
307,312
OneMain
Finance
Corp.
,
Senior
Note
,
6.625
%
,
1/15/28
.........
United
States
1,000,000
1,111,490
3,168,166
Containers
&
Packaging
1.8%
h
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
6%,
2/15/25
........................
United
States
248,000
257,746
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
300,000
306,000
Bemis
Co.,
Inc.
,
Senior
Note
,
2.63
%
,
6/19/30
................
United
States
200,000
213,895
h
CCL
Industries,
Inc.
,
Senior
Note
,
144A,
3.05
%
,
6/01/30
........
Canada
500,000
534,427
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
,
Senior
Note
,
4.75
%
,
2/01/26
.................................
United
States
1,066,000
1,109,770
h
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note
,
144A,
7.25
%
,
4/15/25
...........................................
United
States
1,278,000
1,204,515
h
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
566,000
595,715
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
100,000
108,500
h
Reynolds
Group
Issuer,
Inc.
/
Reynolds
Group
Issuer
LLC
/
Reynolds
Group
Issuer
Luxembourg
SA
,
Senior
Note,
144A,
7%,
7/15/24
........................
United
States
85,000
86,530
Senior
Secured
Note,
144A,
5.125%,
7/15/23
..............
United
States
566,000
573,358
Senior
Secured
Note,
144A,
4%,
10/15/27
.................
United
States
600,000
604,620
h
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
124,000
138,028
Senior
Note,
144A,
4.875%,
12/01/22
....................
United
States
85,000
88,857
Senior
Note,
144A,
5.125%,
12/01/24
....................
United
States
809,000
878,776
WRKCo
,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
435,427
7,136,164
Distributors
0.1%
h
Resideo
Funding,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
11/01/26
.....
United
States
400,000
395,000
Diversified
Financial
Services
0.2%
h
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
7.125
%
,
6/01/24
United
States
900,000
925,875
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
79
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
1.1%
h
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
700,000
$
668,952
h
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
200,000
202,750
AT&T,
Inc.
,
Senior
Bond,
4.3%,
2/15/30
............................
United
States
300,000
355,733
Senior
Note,
2.3%,
6/01/27
............................
United
States
300,000
315,363
Bell
Canada,
Inc.
,
Senior
Bond
,
4.464
%
,
4/01/48
..............
Canada
150,000
185,156
h
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.375%,
5/01/25
.....................
United
States
728,000
749,840
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
300,000
315,390
Telefonica
Emisiones
SA
,
Senior
Bond,
4.895%,
3/06/48
..........................
Spain
150,000
173,116
Senior
Note,
4.103%,
3/08/27
..........................
Spain
500,000
569,270
TELUS
Corp.
,
Senior
Bond
,
4.6
%
,
11/16/48
..................
Canada
150,000
187,249
h
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
600,000
617,064
4,339,883
Electric
Utilities
2.1%
h
CGNPC
International
Ltd.
,
Senior
Note
,
Reg
S,
3.75
%
,
12/11/27
..
China
300,000
333,413
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
400,000
421,107
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,524,002
Southern
Co.
(The)
,
Senior
Bond
,
3.25
%
,
7/01/26
.............
United
States
2,410,000
2,691,497
h
State
Grid
Overseas
Investment
2016
Ltd.
,
Senior
Note
,
144A,
3.5
%
,
5/04/27
...........................................
China
1,651,000
1,848,826
h
Three
Gorges
Finance
I
Cayman
Islands
Ltd.
,
Senior
Note
,
144A,
3.15
%
,
6/02/26
.....................................
China
1,051,000
1,145,611
h
TNB
Global
Ventures
Capital
Bhd.
,
Senior
Note
,
Reg
S,
3.244
%
,
10/19/26
..........................................
Malaysia
400,000
431,031
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
127,965
8,523,452
Electrical
Equipment
0.0%
†
Emerson
Electric
Co.
,
Senior
Bond
,
2.75
%
,
10/15/50
...........
United
States
200,000
203,967
Electronic
Equipment,
Instruments
&
Components
0.6%
Flex
Ltd.
,
Senior
Note,
3.75%,
2/01/26
...........................
United
States
1,100,000
1,202,897
Senior
Note,
4.875%,
5/12/30
..........................
United
States
800,000
914,797
FLIR
Systems,
Inc.
,
Senior
Note
,
2.5
%
,
8/01/30
...............
United
States
200,000
204,956
2,322,650
Energy
Equipment
&
Services
0.3%
Baker
Hughes
a
GE
Co.
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Note
,
4.486
%
,
5/01/30
...........................
United
States
50,000
56,954
h
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
800,000
397,000
h
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
400,000
431,181
h
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
417,000
251,243
1,136,378
Entertainment
0.7%
h
AMC
Entertainment
Holdings,
Inc.
,
f
Secured
Note,
144A,
PIK,
12%,
6/15/26
..................
United
States
589,000
155,692
Senior
Secured
Note,
144A,
10.5%,
4/24/26
...............
United
States
69,000
50,025
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
80
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
(continued)
h
Live
Nation
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
10/15/27
United
States
800,000
$
750,500
Netflix,
Inc.
,
Senior
Bond,
5.875%,
2/15/25
..........................
United
States
1,000,000
1,129,355
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
300,000
327,288
Walt
Disney
Co.
(The)
,
Senior
Note
,
2.2
%
,
1/13/28
............
United
States
400,000
421,228
2,834,088
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
535,403
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
247,000
255,028
Senior
Bond,
5%,
10/15/27
............................
United
States
889,000
928,538
h
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/01/28
United
States
800,000
804,000
h
SBA
Communications
Corp.
,
Senior
Note
,
144A,
3.875
%
,
2/15/27
.
United
States
800,000
813,000
h
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
...........................................
United
States
1,400,000
1,379,000
4,714,969
Food
&
Staples
Retailing
0.3%
h
Cencosud
SA
,
Senior
Note
,
144A,
4.375
%
,
7/17/27
............
Chile
1,000,000
1,090,898
Kroger
Co.
(The)
,
Senior
Bond
,
4.45
%
,
2/01/47
...............
United
States
150,000
185,262
1,276,160
Food
Products
0.9%
B&G
Foods,
Inc.
,
Senior
Note
,
5.25
%
,
9/15/27
...............
United
States
900,000
939,834
Bunge
Ltd.
Finance
Corp.
,
Senior
Note
,
3.25
%
,
8/15/26
.........
United
States
200,000
215,628
h
Kraft
Heinz
Foods
Co.
,
Senior
Note
,
144A,
3.875
%
,
5/15/27
.....
United
States
800,000
853,848
h
MHP
Lux
SA
,
Senior
Note
,
144A,
6.95
%
,
4/03/26
.............
Ukraine
800,000
806,208
h
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
4.625
%
,
4/15/30
.......
United
States
700,000
721,000
3,536,518
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
326,167
Health
Care
Equipment
&
Supplies
0.4%
Abbott
Laboratories
,
Senior
Bond
,
4.75
%
,
11/30/36
............
United
States
1,000,000
1,338,083
Stryker
Corp.
,
Senior
Note
,
3.5
%
,
3/15/26
...................
United
States
405,000
457,235
1,795,318
Health
Care
Providers
&
Services
1.2%
Anthem,
Inc.
,
Senior
Bond,
2.25%,
5/15/30
...........................
United
States
400,000
411,381
Senior
Bond,
3.7%,
9/15/49
............................
United
States
150,000
167,431
Centene
Corp.
,
Senior
Note,
4.75%,
5/15/22
...........................
United
States
400,000
405,200
h
Senior
Note,
144A,
5.375%,
6/01/26
.....................
United
States
324,000
342,377
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
314,624
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
215,991
Senior
Note,
3.375%,
2/15/30
..........................
United
States
600,000
623,439
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
81
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
3/31/23
...........................................
United
States
805,000
$
787,894
Cigna
Corp.
,
Senior
Bond
,
4.9
%
,
12/15/48
...................
United
States
150,000
195,798
HCA,
Inc.
,
Senior
Note
,
5.375
%
,
9/01/26
....................
United
States
713,000
789,202
Orlando
Health
Obligated
Group
,
UNSECURED
Bond
,
3.777
%
,
10/01/28
..........................................
United
States
330,000
372,566
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
216,133
4,842,036
Hotels,
Restaurants
&
Leisure
1.4%
h
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond,
144A,
4%,
10/15/30
......................
Canada
900,000
909,189
Secured
Note,
144A,
5%,
10/15/25
......................
Canada
970,000
996,243
h
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
400,000
417,502
h
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
200,000
206,500
h
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
1,132,000
946,635
h
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.....................................
United
States
700,000
708,999
h
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
,
Senior
Note
,
144A,
5
%
,
6/01/24
.........................
United
States
728,000
747,784
h
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
670,000
644,456
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
200,000
187,875
5,765,183
Household
Durables
0.9%
KB
Home
,
Senior
Note
,
7
%
,
12/15/21
......................
United
States
570,000
598,033
Mohawk
Industries,
Inc.
,
Senior
Note
,
3.625
%
,
5/15/30
.........
United
States
1,300,000
1,426,024
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
5.625
%
,
1/15/24
......
United
States
689,000
756,966
h
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
1,000,000
1,005,915
3,786,938
Household
Products
0.3%
h
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
....
United
States
800,000
810,000
h
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
300,000
305,894
h
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
7/15/30
.......
United
States
200,000
211,375
1,327,269
Independent
Power
and
Renewable
Electricity
Producers
1.4%
h
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
600,000
612,705
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
200,000
207,283
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
400,000
400,250
Clearway
Energy
Operating
LLC
,
Senior
Note
,
5.75
%
,
10/15/25
..
United
States
1,132,000
1,194,379
h
Colbun
SA
,
Senior
Note,
144A,
3.95%,
10/11/27
.....................
Chile
800,000
901,884
Senior
Note,
144A,
3.15%,
3/06/30
......................
Chile
300,000
324,375
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
82
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
h
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
700,000
$
673,750
h
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
5/15/27
...........................................
United
States
1,300,000
1,297,803
5,612,429
Insurance
1.0%
Aflac,
Inc.
,
Senior
Note
,
3.6
%
,
4/01/30
.....................
United
States
1,300,000
1,525,054
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
1,078,505
h
Five
Corners
Funding
Trust
II
,
Senior
Note
,
144A,
2.85
%
,
5/15/30
.
United
States
900,000
971,952
Willis
North
America,
Inc.
,
Senior
Note
,
2.95
%
,
9/15/29
.........
United
States
400,000
433,111
4,008,622
Interactive
Media
&
Services
0.5%
h
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
2,100,000
2,137,546
Internet
&
Direct
Marketing
Retail
0.3%
JD.com,
Inc.
,
Senior
Note
,
3.375
%
,
1/14/30
..................
China
1,200,000
1,301,799
IT
Services
0.5%
Fiserv,
Inc.
,
Senior
Bond
,
2.65
%
,
6/01/30
...................
United
States
600,000
646,829
h
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
...............
United
States
700,000
734,265
h
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
700,000
710,619
2,091,713
Machinery
0.7%
CNH
Industrial
NV
,
Senior
Note
,
3.85
%
,
11/15/27
.............
United
Kingdom
566,000
612,530
h
Navistar
International
Corp.
,
Senior
Note
,
144A,
6.625
%
,
11/01/25
United
States
900,000
925,313
h
Vertical
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
Germany
1,100,000
1,145,254
Westinghouse
Air
Brake
Technologies
Corp.
,
Senior
Note
,
3.2
%
,
6/15/25
...........................................
United
States
200,000
211,031
2,894,128
Marine
0.3%
h
ICTSI
Treasury
BV
,
Senior
Note
,
Reg
S,
4.625
%
,
1/16/23
.......
Philippines
1,200,000
1,255,218
Media
2.3%
h
Altice
Financing
SA
,
Senior
Secured
Bond
,
144A,
7.5
%
,
5/15/26
..
Luxembourg
600,000
635,868
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,800,000
1,872,843
h
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
States
300,000
307,785
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Note,
9.25%,
2/15/24
...........................
United
States
256,000
248,833
h
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
300,000
288,450
h
CSC
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
5/15/26
..........
United
States
1,378,000
1,434,843
h
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
300,000
156,375
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
400,000
283,966
DISH
DBS
Corp.
,
Senior
Note,
6.75%,
6/01/21
...........................
United
States
5,000
5,130
Senior
Note,
5.875%,
11/15/24
.........................
United
States
570,000
587,813
h
Senior
Note,
144A,
7.375%,
7/01/28
.....................
United
States
500,000
515,625
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
83
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
Fox
Corp.
,
Senior
Note
,
3.5
%
,
4/08/30
.....................
United
States
400,000
$
451,517
iHeartCommunications
,
Inc.
,
Senior
Note
,
8.375
%
,
5/01/27
......
United
States
87,378
86,226
h
Nexstar
Broadcasting,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
11/01/28
..
United
States
800,000
818,000
h
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
300,000
278,757
h
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
2/15/25
.....................................
United
States
1,321,000
1,254,124
9,226,155
Metals
&
Mining
1.1%
h
CSN
Islands
XI
Corp.
,
Senior
Note
,
144A,
6.75
%
,
1/28/28
.......
Brazil
800,000
769,560
h
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Note,
144A,
5.125%,
3/15/23
.....................
Australia
324,000
338,904
Senior
Note,
144A,
5.125%,
5/15/24
.....................
Australia
647,000
691,886
h
Glencore
Funding
LLC
,
Senior
Note,
144A,
4.125%,
5/30/23
.....................
Australia
485,000
520,491
Senior
Note,
144A,
4.625%,
4/29/24
.....................
Australia
250,000
275,690
h
Novelis
Corp.
,
Senior
Bond
,
144A,
5.875
%
,
9/30/26
...........
United
States
1,059,000
1,089,446
h
SunCoke
Energy
Partners
LP
/
SunCoke
Energy
Partners
Finance
Corp.
,
Senior
Note
,
144A,
7.5
%
,
6/15/25
..................
United
States
800,000
723,616
4,409,593
Multiline
Retail
0.1%
Dollar
Tree,
Inc.
,
Senior
Bond
,
4.2
%
,
5/15/28
.................
United
States
300,000
353,885
a,f,h
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
976,441
—
a,f,h
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
352,537
1,763
355,648
Multi-Utilities
0.4%
Dominion
Energy,
Inc.
,
C
,
Senior
Note
,
3.375
%
,
4/01/30
........
United
States
1,300,000
1,467,911
Oil,
Gas
&
Consumable
Fuels
3.9%
h
Aker
BP
ASA
,
Senior
Bond,
144A,
4%,
1/15/31
........................
Norway
400,000
395,261
Senior
Note,
144A,
4.75%,
6/15/24
......................
Norway
600,000
617,002
Apache
Corp.
,
Senior
Note
,
4.625
%
,
11/15/25
................
United
States
600,000
573,000
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
453,469
Cenovus
Energy,
Inc.
,
Senior
Note
,
5.375
%
,
7/15/25
...........
Canada
600,000
578,187
Cheniere
Energy
Partners
LP
,
Senior
Secured
Note
,
5.25
%
,
10/01/25
..........................................
United
States
970,000
993,280
CNX
Resources
Corp.
,
Senior
Note
,
5.875
%
,
4/15/22
..........
United
States
147,000
147,367
Comstock
Resources,
Inc.
,
Senior
Note
,
9.75
%
,
8/15/26
........
United
States
600,000
616,245
Energy
Transfer
Operating
LP
,
Senior
Note
,
4.05
%
,
3/15/25
......
United
States
200,000
210,275
EnLink
Midstream
LLC
,
Senior
Bond
,
5.375
%
,
6/01/29
.........
United
States
600,000
487,500
f,h
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
849,275
435,117
Enterprise
Products
Operating
LLC
,
Senior
Bond
,
4.8
%
,
2/01/49
..
United
States
150,000
173,469
EOG
Resources,
Inc.
,
Senior
Note
,
4.375
%
,
4/15/30
...........
United
States
100,000
118,030
Exxon
Mobil
Corp.
,
Senior
Bond
,
2.61
%
,
10/15/30
.............
United
States
500,000
540,716
h
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note,
144A,
11.5%,
2/28/25
.....................
United
States
1,394,630
1,269,113
Senior
Secured
Note,
144A,
10%,
2/29/24
.................
United
States
307,101
319,385
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
84
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
$
1,474,203
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
500,000
425,947
Senior
Note,
8.875%,
7/15/30
..........................
United
States
400,000
412,750
h
Rattler
Midstream
LP
,
Senior
Note
,
144A,
5.625
%
,
7/15/25
......
United
States
800,000
807,920
h
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/15/30
...........................................
United
States
1,600,000
1,804,864
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
4.875%,
1/15/23
..........................
United
States
485,000
489,193
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
514,687
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
3.5
%
,
11/15/30
.........
United
States
1,800,000
1,960,813
15,817,793
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Bond
,
3.75
%
,
1/15/31
...........
Brazil
400,000
401,480
Pharmaceuticals
1.0%
h
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
809,000
890,033
h
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
...
United
States
243,000
249,014
h
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
1,044,698
h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
452,000
473,188
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
659,000
485,024
h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
184,000
193,014
Perrigo
Finance
Unlimited
Co.
,
Senior
Note
,
3.15
%
,
6/15/30
.....
United
States
400,000
415,711
h
Royalty
Pharma
plc
,
Senior
Bond
,
144A,
3.3
%
,
9/02/40
.........
United
States
500,000
491,645
4,242,327
Real
Estate
Management
&
Development
0.6%
h
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Note
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
700,000
804,256
h
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
800,000
801,600
h
Howard
Hughes
Corp.
(The)
,
Senior
Note
,
144A,
5.375
%
,
8/01/28
.
United
States
700,000
699,440
2,305,296
Road
&
Rail
1.1%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
4.15
%
,
4/01/45
..
United
States
400,000
502,039
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
150,000
180,086
h
DAE
Funding
LLC
,
Senior
Note
,
144A,
5
%
,
8/01/24
............
United
Arab
Emirates
1,294,000
1,303,705
h
Kazakhstan
Temir
Zholy
Finance
BV
,
Senior
Bond
,
144A,
6.95
%
,
7/10/42
...........................................
Kazakhstan
1,700,000
2,288,472
a,f
Onsite
Rental
Group
Operations
Pty.
Ltd.
,
PIK,
6.1
%
,
10/26/23
...
Australia
262,519
228,852
4,503,154
Semiconductors
&
Semiconductor
Equipment
0.2%
Maxim
Integrated
Products,
Inc.
,
Senior
Note
,
3.375
%
,
3/15/23
...
United
States
100,000
106,540
h
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
900,000
914,355
1,020,895
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
85
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Software
0.3%
h
Blackboard,
Inc.
,
Secured
Note
,
144A,
10.375
%
,
11/15/24
.......
United
States
200,000
$
201,125
h
NortonLifeLock
,
Inc.
,
Senior
Note
,
144A,
5
%
,
4/15/25
..........
United
States
978,000
1,003,360
1,204,485
Specialty
Retail
0.4%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
237,059
L
Brands,
Inc.
,
Senior
Bond,
5.25%,
2/01/28
...........................
United
States
500,000
484,688
h
Senior
Note,
144A,
6.625%,
10/01/30
....................
United
States
200,000
204,000
h
Lithia
Motors,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
1/15/31
........
United
States
500,000
500,000
h,i
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
236,150
177,112
1,602,859
Textiles,
Apparel
&
Luxury
Goods
0.4%
h
Hanesbrands,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
5/15/26
........
United
States
1,382,000
1,477,876
Thrifts
&
Mortgage
Finance
0.6%
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
800,000
829,260
h
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
800,000
811,000
h
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer,
Inc.
,
Senior
Bond,
144A,
3.875%,
3/01/31
.....................
United
States
500,000
495,000
Senior
Note,
144A,
3.625%,
3/01/29
.....................
United
States
300,000
297,938
2,433,198
Tobacco
0.5%
Altria
Group,
Inc.
,
Senior
Note
,
3.4
%
,
5/06/30
................
United
States
1,200,000
1,309,135
BAT
Capital
Corp.
,
Senior
Bond,
4.54%,
8/15/47
...........................
United
Kingdom
50,000
53,605
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
300,000
324,523
Reynolds
American,
Inc.
,
Senior
Note
,
4.45
%
,
6/12/25
..........
United
Kingdom
200,000
225,254
1,912,517
Trading
Companies
&
Distributors
0.7%
h
Beacon
Roofing
Supply,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
11/01/25
United
States
1,094,000
1,074,106
h
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,000,000
1,036,525
h
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
7.125%,
6/15/25
.....................
United
States
300,000
327,187
Senior
Note,
144A,
7.25%,
6/15/28
......................
United
States
200,000
219,416
2,657,234
Wireless
Telecommunication
Services
1.1%
f,h
Digicel
Group
0.5
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.....
Bermuda
155,520
51,754
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
800,000
868,608
Sprint
Communications,
Inc.
,
Senior
Note
,
6
%
,
11/15/22
........
United
States
405,000
436,894
Sprint
Corp.
,
Senior
Note
,
7.875
%
,
9/15/23
..................
United
States
405,000
464,788
T-Mobile
USA,
Inc.
,
Senior
Note,
6%,
4/15/24
.............................
United
States
200,000
204,438
h
Senior
Secured
Bond,
144A,
3.3%,
2/15/51
................
United
States
500,000
494,075
h
Senior
Secured
Note,
144A,
3.875%,
4/15/30
..............
United
States
1,300,000
1,479,764
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
86
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
h
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
300,000
$
306,562
4,306,883
Total
Corporate
Bonds
(Cost
$183,604,212)
.....................................
185,795,061
i
Senior
Floating
Rate
Interests
4.9%
Aerospace
&
Defense
0.0%
†
f
Alloy
FinCo
Ltd.,
Facility
Term
Loan,
B,
14%,
PIK,
(3-month
USD
LIBOR
+
0.5%),
3/06/25
...............................
Jersey
168,205
52,879
Airlines
0.0%
†
j
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.,
Initial
Term
Loan,
4.75%,
(6-month
USD
LIBOR
+
3.75%),
10/20/27
.................
United
States
71,737
72,443
Auto
Components
0.3%
Adient
US
LLC,
Initial
Term
Loan,
4.421%,
(1-month
USD
LIBOR
+
4.25%;
3-month
USD
LIBOR
+
4.25%),
5/06/24
.............
United
States
1,155,375
1,146,709
TRICO
Group
LLC,
First
Lien,
Term
Loan,
B3,
8.5%,
(2-month
USD
LIBOR
+
7.5%),
2/02/24
...............................
United
States
119,243
116,784
1,263,493
a
a
a
a
a
a
Automobiles
0.3%
Thor
Industries,
Inc.,
Initial
USD
Term
Loan,
3.938%,
(1-month
USD
LIBOR
+
3.75%),
2/01/26
..............................
United
States
1,225,864
1,220,885
Capital
Markets
0.3%
Russell
Investments
US
Institutional
Holdco,
Inc.,
Initial
Term
Loan,
3.75%,
(6-month
USD
LIBOR
+
2.75%),
6/01/23
.............
United
States
1,036,127
1,030,838
Commercial
Services
&
Supplies
0.1%
Harsco
Corp.,
Term
Loan,
B2,
3.25%,
(1-month
USD
LIBOR
+
2.25%),
12/06/24
....................................
United
States
110,062
109,512
Prime
Security
Services
Borrower
LLC,
First
Lien,
2019
Refinancing
Term
Loan,
B1,
4.25%,
(1-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
3.25%),
9/23/26
..........................
United
States
123,750
122,789
232,301
a
a
a
a
a
a
Containers
&
Packaging
0.1%
j
BWay
Holding
Co.,
Initial
Term
Loan,
3.523%,
(3-month
USD
LIBOR
+
3.25%),
4/03/24
...................................
United
States
288,868
273,431
Diversified
Financial
Services
0.0%
†
First
Eagle
Holdings,
Inc.,
2020
Refinancing
Term
Loan,
2.72%,
(3-month
USD
LIBOR
+
2.5%),
2/01/27
...................
United
States
109,724
107,420
Jefferies
Finance
LLC,
Term
Loan,
B,
(1-month
USD
LIBOR),
9/29/27
...........................................
United
States
40,074
39,923
147,343
a
a
a
a
a
a
Diversified
Telecommunication
Services
0.2%
Global
Tel
Link,
First
Lien,
Term
Loan,
4.406%,
(1-month
USD
LIBOR
+
4.25%),
11/29/25
.............................
United
States
393,985
344,441
Zayo
Group
Holdings,
Inc.,
Initial
Dollar
Term
Loan,
3.147%,
(1-month
USD
LIBOR
+
3%),
3/09/27
.....................
United
States
339,148
329,985
674,426
a
a
a
a
a
a
Electric
Utilities
0.3%
j,k
EFS
Cogen
Holdings
I
LLC,
Term
Loan,
TBD,
9/24/27
..........
United
States
220,000
219,587
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
87
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
i
Senior
Floating
Rate
Interests
(continued)
Electric
Utilities
(continued)
EFS
Cogen
Holdings
I
LLC,
Term
Loan
Advance,
B,
4.25%,
(1-month
USD
LIBOR
+
3.25%;
3-month
USD
LIBOR
+
3.25%),
6/28/23
..
United
States
841,021
$
840,811
1,060,398
a
a
a
a
a
a
Entertainment
0.2%
j
Banijay
Entertainment
SAS,
Facility
USD
Term
Loan,
B,
3.907%,
(1-month
USD
LIBOR
+
3.75%),
3/01/25
..................
France
250,000
245,625
Diamond
Sports
Group
LLC,
Term
Loan,
3.4%,
(1-month
USD
LIBOR
+
3.25%),
8/24/26
..............................
United
States
450,562
351,439
597,064
a
a
a
a
a
a
Food
Products
0.1%
B&G
Foods,
Inc.,
Term
Loan,
B4,
2.647%,
(1-month
USD
LIBOR
+
2.5%),
10/10/26
.....................................
United
States
97,357
97,311
CSM
Bakery
Solutions
Ltd.,
Second
Lien,
Term
Loan,
11%,
(3-month
USD
LIBOR
+
10%),
7/05/21
...........................
United
States
234,460
200,463
JBS
USA
Lux
SA,
New
Term
Loan,
2.147%,
(1-month
USD
LIBOR
+
2%),
5/01/26
.......................................
Luxembourg
207,457
202,919
500,693
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.0%
†
Pathway
Vet
Alliance
LLC,
First
Lien,
Initial
Term
Loan,
4.147%,
(1-month
USD
LIBOR
+
4%),
3/31/27
.....................
United
States
184,469
182,019
Hotels,
Restaurants
&
Leisure
0.1%
Caesars
Resort
Collection
LLC,
Term
Loan
,
B,
2.897%,
(1-month
USD
LIBOR
+
2.75%),
12/23/24
.........
United
States
317,398
298,222
B1,
4.688%,
(1-month
USD
LIBOR
+
4.5%;
3-month
USD
LIBOR
+
4.5%),
7/21/25
......................................
United
States
23,499
22,811
321,033
a
a
a
a
a
a
Household
Durables
0.0%
†
Playtika
Holding
Corp.,
Term
Loan,
B,
7%,
(3-month
USD
LIBOR
+
6%),
12/10/24
......................................
United
States
77,000
77,279
Household
Products
0.5%
a
FGI
Operating
Co.
LLC,
Last
Out
Initial
Term
Loan,
13%,
(1-month
USD
LIBOR
+
11%;
3-month
USD
LIBOR
+
10%),
5/17/21
.....
United
States
1,616,351
1,616,351
a,f
FGI
Operating
Co.
LLC,
Term
Loan,
PIK,
(3-month
USD
LIBOR
+
11%),
5/16/22
......................................
United
States
851,786
554,271
2,170,622
a
a
a
a
a
a
Insurance
0.1%
Alliant
Holdings
Intermediate
LLC,
2018
Initial
Term
Loan,
2.897%,
(1-month
USD
LIBOR
+
2.75%),
5/09/25
..................
United
States
273,432
266,066
AssuredPartners
,
Inc.,
2020
February
Refinancing
Term
Loan,
3.647%,
(1-month
USD
LIBOR
+
3.5%),
2/12/27
.............
United
States
99,749
97,031
363,097
a
a
a
a
a
a
IT
Services
0.4%
Aventiv
Technologies
LLC,
First
Lien,
Initial
Term
Loan,
5.5%,
(3-month
USD
LIBOR
+
4.5%),
11/01/24
..................
United
States
246,835
204,719
Aventiv
Technologies
LLC,
Second
Lien,
Initial
Term
Loan,
9.25%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
..................
United
States
597,127
374,697
j,k
Milano
Acquisition
Corp.,
Term
Loan,
TBD,
8/17/27
............
United
States
71,895
71,311
Pitney
Bowes,
Inc.,
Incremental
Term
Loan,
B,
5.65%,
(1-month
USD
LIBOR
+
5.5%),
1/07/25
...............................
United
States
319,035
311,059
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
88
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
i
Senior
Floating
Rate
Interests
(continued)
IT
Services
(continued)
TIBCO
Software,
Inc.,
Term
Loan,
B3,
3.9%,
(1-month
USD
LIBOR
+
3.75%),
6/30/26
.....................................
United
States
99,750
$
97,505
WEX,
Inc.,
Term
Loan,
B3,
2.397%,
(1-month
USD
LIBOR
+
2.25%),
5/15/26
...........................................
United
States
635,291
615,306
1,674,597
a
a
a
a
a
a
Leisure
Products
0.1%
NASCAR
Holdings
LLC,
Initial
Term
Loan,
2.895%,
(1-month
USD
LIBOR
+
2.75%),
10/19/26
.............................
United
States
596,821
585,780
Machinery
0.1%
Altra
Industrial
Motion
Corp.,
Term
Loan,
2.147%,
(1-month
USD
LIBOR
+
2%),
10/01/25
...............................
United
States
258,662
252,734
Media
0.5%
CSC
Holdings
LLC,
March
2017
Refinancing
Term
Loan,
2.402%,
(1-month
USD
LIBOR
+
2.25%),
7/17/25
..................
United
States
444,088
430,654
Gray
Television,
Inc.,
Term
Loan
,
B2,
2.405%,
(1-month
USD
LIBOR
+
2.25%),
2/07/24
.........
United
States
843,033
826,172
C,
2.655%,
(1-month
USD
LIBOR
+
2.5%),
1/02/26
..........
United
States
336,353
331,004
j,k
Radiate
HoldCo
LLC,
Term
Loan,
B,
TBD,
9/25/26
.............
United
States
70,930
69,827
Univision
Communications,
Inc.,
First
Lien,
2020
Replacement
Term
Loan,
4.75%,
(1-month
USD
LIBOR
+
3.75%),
3/15/26
........
United
States
99,134
96,681
j,k
Virgin
Media
Bristol
LLC,
Term
Loan,
Q,
TBD,
1/31/29
..........
United
States
223,464
220,192
1,974,530
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
0.2%
j,l
Fieldwood
Energy
LLC,
Debtor-in-possession
Facility
Term
Loan,
9.75%,
(1-month
USD
LIBOR
+
8.75%),
8/04/21
.............
United
States
29,900
30,050
m
Fieldwood
Energy
LLC,
First
Lien,
Closing
Date
Term
Loan,
(3-month
USD
LIBOR
+
5.25%),
4/11/22
..........................
United
States
2,507,941
658,335
m
UTEX
Industries,
Inc.,
First
Lien,
Initial
Term
Loan,
(3-month
USD
LIBOR
+
5%),
5/21/21
................................
United
States
514,307
159,435
m
UTEX
Industries,
Inc.,
Second
Lien,
Initial
Term
Loan,
(3-month
USD
LIBOR
+
7.25%),
5/20/22
..............................
United
States
53,878
3,906
851,726
a
a
a
a
a
a
Paper
&
Forest
Products
0.1%
Appvion
Operations,
Inc.,
Term
Loan,
8.245%,
(1-month
USD
LIBOR
+
6%;
3-month
USD
LIBOR
+
5%),
6/12/26
................
United
States
272,000
270,640
Pharmaceuticals
0.1%
Catalent
Pharma
Solutions,
Inc.,
Dollar
Term
Loan,
B2,
3.25%,
(1-month
USD
LIBOR
+
2.25%),
5/18/26
..................
United
States
196,479
195,987
Real
Estate
Management
&
Development
0.0%
†
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Replacement
Term
Loan,
2.897%,
(1-month
USD
LIBOR
+
2.75%),
8/21/25
............
United
States
99,500
96,225
Road
&
Rail
0.2%
Avis
Budget
Car
Rental
LLC,
New
Term
Loan,
B,
2.4%,
(1-month
USD
LIBOR
+
2.25%),
8/06/27
..........................
United
States
718,349
639,331
a
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Term
Loan,
B,
5.5%,
(1-month
USD
LIBOR
+
4.5%),
10/26/22
..................
Australia
192,010
176,057
Ventia
Midco
Pty.
Ltd.,
2017
Refinancing
USD
Term
Loan,
B,
5%,
(3-month
USD
LIBOR
+
4%),
5/21/26
.....................
Australia
155,774
154,411
969,799
a
a
a
a
a
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
89
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
i
Senior
Floating
Rate
Interests
(continued)
Semiconductors
&
Semiconductor
Equipment
0.1%
ON
Semiconductor
Corp.,
2019
New
Replacement
Term
Loan,
B4,
2.147%,
(1-month
USD
LIBOR
+
2%),
9/19/26
..............
United
States
480,194
$
473,831
Software
0.3%
Aristocrat
Leisure
Ltd.,
Term
Loan,
B3,
2.021%,
(3-month
USD
LIBOR
+
1.75%),
10/19/24
.............................
Australia
425,372
415,181
j
Blackboard,
Inc.,
First
Lien,
Term
Loan,
B5,
7%,
(3-month
USD
LIBOR
+
6%),
6/30/24
................................
United
States
209,471
203,645
Ceridian
HCM
Holding,
Inc.,
Initial
Term
Loan,
2.6%,
(1-week
USD
LIBOR
+
2.5%),
4/30/25
...............................
United
States
199,491
193,506
Epicor
Software
Corp.,
Term
Loan,
B,
5.25%,
(1-month
USD
LIBOR
+
4.25%),
7/30/27
...................................
United
States
35,862
35,777
LogMeIn,
Inc.,
First
Lien,
Initial
Term
Loan,
4.906%,
(1-month
USD
LIBOR
+
4.75%),
8/31/27
..............................
United
States
82,166
79,564
Perforce
Software,
Inc.,
First
Lien,
New
Term
Loan,
3.897%,
(1-month
USD
LIBOR
+
3.75%),
7/01/26
..................
United
States
75,486
73,787
Quest
Software
US
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
4.511%,
(3-month
USD
LIBOR
+
4.25%),
5/16/25
............
United
States
260,000
254,800
Surf
Holdings
SARL,
First
Lien,
Dollar
Term
Loan,
3.75%,
(3-month
USD
LIBOR
+
3.5%),
3/05/27
...........................
Luxembourg
149,625
146,579
1,402,839
a
a
a
a
a
a
Specialty
Retail
0.2%
General
Nutrition
Centers,
Inc.,
Debtor-in-possession
New
Money
Term
Loan,
14%,
(1-month
USD
LIBOR
+
12%),
12/23/20
.....
United
States
155,376
156,153
General
Nutrition
Centers,
Inc.,
Debtor-in-possession
Roll-Up
Term
Loan,
B2,
13.5%,
(1-month
USD
LIBOR),
12/23/20
...........
United
States
155,376
156,154
m
General
Nutrition
Centers,
Inc.,
Term
Loan,
B2,
(1-month
USD
LIBOR
+
8.75%;
3-month
USD
LIBOR
+
7.75%),
3/04/21
......
United
States
357,473
255,236
Harbor
Freight
Tools
USA,
Inc.,
2018
Initial
Term
Loan,
3.25%,
(1-month
USD
LIBOR
+
2.5%),
8/18/23
...................
United
States
198,468
196,049
763,592
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Cardtronics
USA,
Inc.,
Initial
Term
Loan,
5%,
(1-month
USD
LIBOR
+
4%),
6/29/27
.......................................
United
States
120,621
120,735
Total
Senior
Floating
Rate
Interests
(Cost
$23,470,317)
..........................
19,873,259
Marketplace
Loans
0.3%
Diversified
Financial
Services
0.3%
a
Lending
Club
-
LCX,
6.46%
-
25.65%,
8/22/22
-
2/28/25
.........
United
States
1,155,084
1,024,940
Total
Marketplace
Loans
(Cost
$1,155,084)
.....................................
1,024,940
Loan
Participations
and
Assignments
0.4%
h
Russian
Railways
Via
RZD
Capital
plc,
Senior
Note,
Reg
S,
5.7%,
4/05/22
...........................................
Russia
1,700,000
1,807,346
Total
Loan
Participations
and
Assignments
(Cost
$1,756,117)
....................
1,807,346
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
90
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
13.6%
h
African
Export-Import
Bank
(The)
,
Senior
Note
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
n
2,000,000
$
2,067,800
h
Angola
Government
Bond
,
Senior
Note
,
144A,
8.25
%
,
5/09/28
...
Angola
2,900,000
2,321,812
h
Banque
Centrale
de
Tunisie
,
Senior
Note
,
Reg
S,
5.625
%
,
2/17/24
Tunisia
2,300,000
EUR
2,445,456
h
Banque
Ouest
Africaine
de
Developpement
,
Senior
Note
,
144A,
5
%
,
7/27/27
...........................................
Supranational
n
1,200,000
1,296,312
h
Belarus
Government
Bond
,
Senior
Note,
144A,
7.625%,
6/29/27
......................
Belarus
1,200,000
1,175,892
Senior
Bond,
144A,
6.2%,
2/28/30
.......................
Belarus
1,200,000
1,125,226
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
1,400,000
1,514,898
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
5,315,000,000
COP
1,789,531
Senior
Bond,
4.5%,
3/15/29
............................
Colombia
500,000
562,770
Senior
Bond,
5%,
6/15/45
.............................
Colombia
1,900,000
2,220,625
h
Dominican
Republic
Government
Bond
,
Senior
Note
,
144A,
8.9
%
,
2/15/23
...........................................
Dominican
Republic
81,500,000
DOP
1,401,949
Ecopetrol
SA
,
Senior
Bond
,
4.125
%
,
1/16/25
.................
Colombia
800,000
840,008
g,h
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
5.25%
to
1/29/23,
FRN
thereafter
,
Perpetual
.............................
France
2,425,000
2,511,063
Equinor
ASA
,
Senior
Note
,
2.375
%
,
5/22/30
.................
Norway
700,000
740,690
h
Export-Import
Bank
of
India
,
Senior
Note
,
144A,
3.875
%
,
2/01/28
.
India
1,655,000
1,743,554
h
Gabon
Government
Bond
,
144A,
6.375%,
12/12/24
...............................
Gabon
837,538
793,058
Senior
Bond,
144A,
6.625%,
2/06/31
.....................
Gabon
1,600,000
1,435,181
Indonesia
Government
Bond
,
FR70,
8.375%,
3/15/24
...............................
Indonesia
19,648,000,000
IDR
1,439,005
h
Senior
Bond,
144A,
4.35%,
1/08/27
......................
Indonesia
900,000
1,033,321
h
Senior
Note,
144A,
3.85%,
7/18/27
.......................
Indonesia
2,200,000
2,479,668
FR64,
6.125%,
5/15/28
...............................
Indonesia
26,500,000,000
IDR
1,718,582
h
Iraq
Government
Bond
,
Senior
Bond
,
144A,
5.8
%
,
1/15/28
......
Iraq
2,531,250
2,260,748
h
Israel
Electric
Corp.
Ltd.
,
Senior
Secured
Bond
,
144A,
Reg
S,
4.25
%
,
8/14/28
...........................................
Israel
1,000,000
1,140,500
h
Kazakhstan
Government
Bond
,
Senior
Bond
,
144A,
4.875
%
,
10/14/44
..........................................
Kazakhstan
1,800,000
2,360,169
Mexican
Bonos
Desarr
Fixed
Rate
,
M
,
6.5
%
,
6/10/21
...........
Mexico
29,300,000
MXN
1,341,763
Mexico
Government
Bond
,
Senior
Note,
4.15%,
3/28/27
...........................
Mexico
3,200,000
3,561,200
Senior
Note,
3.75%,
1/11/28
............................
Mexico
500,000
538,657
h
Panama
Notas
del
Tesoro
,
Senior
Note
,
144A,
3.75
%
,
4/17/26
...
Panama
700,000
749,886
Peru
Government
Bond
,
Senior
Bond
,
6.55
%
,
3/14/37
..........
Peru
800,000
1,212,436
h
Russia
Government
Bond
,
Senior
Note,
144A,
4.875%,
9/16/23
......................
Russia
800,000
879,895
Senior
Note,
Reg
S,
4.75%,
5/27/26
......................
Russia
1,200,000
1,377,936
South
Africa
Government
Bond
,
Senior
Bond
,
7
%
,
2/28/31
......
South
Africa
36,100,000
ZAR
1,753,758
h
Turkiye
Vakiflar
Bankasi
TAO
,
Covered
Note
,
Reg
S,
2.375
%
,
5/04/21
...........................................
Turkey
500,000
EUR
580,357
h
Ukraine
Government
Bond
,
Senior
Note,
144A,
7.75%,
9/01/22
.......................
Ukraine
200,000
205,487
Senior
Note,
144A,
7.75%,
9/01/23
.......................
Ukraine
369,000
376,316
Senior
Note,
144A,
7.75%,
9/01/24
.......................
Ukraine
369,000
371,306
Senior
Bond,
144A,
7.375%,
9/25/32
.....................
Ukraine
500,000
471,107
o
VRI,
GDP
Linked
Security,
Senior
Bond,
144A,
Reg
S,
5/31/40
..
Ukraine
978,000
894,088
p
Uruguay
Government
Bond
,
Index
Linked,
Senior
Bond,
4.375%,
12/15/28
...............
Uruguay
5,096,018
UYU
135,822
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
91
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
p
Uruguay
Government
Bond,
(continued)
Index
Linked,
Senior
Bond,
3.7%,
6/26/37
.................
Uruguay
85,049,989
UYU
$
2,243,177
Total
Foreign
Government
and
Agency
Securities
(Cost
$56,171,375)
..............
55,111,009
U.S.
Government
and
Agency
Securities
4.1%
U.S.
Treasury
Bonds
,
7.875%,
2/15/21
.....................................
United
States
728,000
748,901
1.375%,
8/15/50
.....................................
United
States
900,000
880,735
U.S.
Treasury
Notes
,
1.5%,
11/30/21
......................................
United
States
3,000,000
3,046,875
p
0.125%,
7/15/24
.....................................
United
States
3,585,800
4,140,076
0.25%,
6/30/25
.....................................
United
States
4,100,000
4,097,758
p
0.375%,
7/15/25
.....................................
United
States
3,200,000
3,796,586
Total
U.S.
Government
and
Agency
Securities
(Cost
$16,110,114)
.................
16,710,931
Asset-Backed
Securities
8.5%
Capital
Markets
0.1%
h,q
Mountain
View
CLO
XIV
Ltd.
,
2019-1A
,
C
,
144A,
FRN
,
3.175
%
,
(
3-month
USD
LIBOR
+
2.9
%
),
4/15/29
...................
United
States
500,000
489,643
Consumer
Finance
0.4%
q
Citibank
Credit
Card
Issuance
Trust
,
2017-A7
,
A7
,
FRN
,
0.524
%
,
(
1-month
USD
LIBOR
+
0.37
%
),
8/08/24
..................
United
States
1,494,000
1,501,486
Diversified
Financial
Services
8.0%
h,q
AMMC
CLO
XI
Ltd.
,
2012-11A
,
BR2
,
144A,
FRN
,
1.868
%
,
(
3-month
USD
LIBOR
+
1.6
%
),
4/30/31
...........................
United
States
350,000
342,214
h,q
Antares
CLO
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
1.922
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
4/20/31
..............................
United
States
1,455,000
1,335,923
h,q
Ares
L
CLO
Ltd.
,
2018-50A
,
B
,
144A,
FRN
,
1.975
%
,
(
3-month
USD
LIBOR
+
1.7
%
),
1/15/32
...............................
United
States
500,000
495,884
h,q
Ares
LII
CLO
Ltd.
,
2019-52A
,
A2
,
144A,
FRN
,
1.908
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
4/22/31
..........................
United
States
250,000
249,089
h,q
BCC
Middle
Market
CLO
LLC
,
2018-1A
,
A2
,
144A,
FRN
,
2.422
%
,
(
3-month
USD
LIBOR
+
2.15
%
),
10/20/30
.................
United
States
700,000
653,222
h,q
BlueMountain
CLO
Ltd.
,
2012-2A,
BR2,
144A,
FRN,
1.703%,
(3-month
USD
LIBOR
+
1.45%),
11/20/28
....................................
United
States
510,000
502,569
2012-2A,
CR2,
144A,
FRN,
2.253%,
(3-month
USD
LIBOR
+
2%),
11/20/28
..........................................
United
States
270,000
259,952
2018-1A,
D,
144A,
FRN,
3.318%,
(3-month
USD
LIBOR
+
3.05%),
7/30/30
...........................................
United
States
1,000,000
875,559
h,q
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A,
A,
144A,
FRN,
0.91%,
(3-month
EURIBOR
+
0.91%),
1/15/33
Ireland
1,900,000
EUR
2,224,649
5A,
B,
144A,
FRN,
1.55%,
(3-month
EURIBOR
+
1.55%),
1/15/33
Ireland
600,000
EUR
692,856
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
92
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
h,q
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
1.772
%
,
(
3-month
USD
LIBOR
+
1.5
%
),
10/20/29
..................
United
States
460,000
$
452,932
h,q
Buttermilk
Park
CLO
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
2.375
%
,
(
3-month
USD
LIBOR
+
2.1
%
),
10/15/31
..................
United
States
1,408,860
1,382,738
h,q
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-4RA
,
C
,
144A,
FRN
,
3.175
%
,
(
3-month
USD
LIBOR
+
2.9
%
),
7/15/30
........
United
States
300,000
258,044
h,q
Carlyle
GMS
Finance
MM
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
2.475
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
............
United
States
1,213,000
1,175,284
h,q
Catamaran
CLO
Ltd.
,
2014-2A
,
BR
,
144A,
FRN
,
3.222
%
,
(
3-month
USD
LIBOR
+
2.95
%
),
10/18/26
.........................
United
States
1,253,000
1,238,837
h
CF
Hippolyta
LLC
,
2020-1
,
A1
,
144A,
1.69
%
,
7/15/60
..........
United
States
420,000
425,864
h,q
Cole
Park
CLO
Ltd.
,
2015-1A
,
BR
,
144A,
FRN
,
1.872
%
,
(
3-month
USD
LIBOR
+
1.6
%
),
10/20/28
..........................
United
States
270,000
267,316
h,i,r
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51,
PT,
144A,
FRN,
17.67%,
1/15/45
.................
United
States
802,617
688,744
2019-52,
PT,
144A,
FRN,
17.785%,
1/15/45
................
United
States
846,418
735,051
2019-S8,
PT,
144A,
FRN,
11.144%,
1/15/45
................
United
States
596,545
515,869
2020-2,
PT,
144A,
FRN,
17.85%,
3/15/45
..................
United
States
812,810
703,731
2020-7,
PT,
144A,
FRN,
17.91%,
4/17/45
..................
United
States
496,191
433,591
r
CWABS
Asset-Backed
Certificates
Trust
,
2005-11
,
AF4
,
FRN
,
5.21
%
,
3/25/34
...........................................
United
States
273,071
274,817
h,q
Dryden
38
Senior
Loan
Fund
,
2015-38A
,
CR
,
144A,
FRN
,
2.275
%
,
(
3-month
USD
LIBOR
+
2
%
),
7/15/30
.....................
United
States
863,000
842,276
h,q
Dryden
55
CLO
Ltd.
,
2018-55A
,
D
,
144A,
FRN
,
3.125
%
,
(
3-month
USD
LIBOR
+
2.85
%
),
4/15/31
..........................
United
States
300,000
278,019
h,q
Eaton
Vance
CLO
Ltd.
,
2014-1RA
,
C
,
144A,
FRN
,
2.375
%
,
(
3-month
USD
LIBOR
+
2.1
%
),
7/15/30
...........................
United
States
315,610
309,904
h,q
Galaxy
XVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
2.225
%
,
(
3-month
USD
LIBOR
+
1.95
%
),
7/15/31
..........................
United
States
250,000
240,209
h,q
Galaxy
XXVII
CLO
Ltd.
,
2018-27A
,
C
,
144A,
FRN
,
2.08
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
5/16/31
...........................
United
States
400,000
386,680
h,q
LCM
26
Ltd.
,
26A
,
B
,
144A,
FRN
,
1.672
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/20/31
......................................
United
States
250,000
242,834
h,q
LCM
XVI
LP
,
16A
,
BR2
,
144A,
FRN
,
2.025
%
,
(
3-month
USD
LIBOR
+
1.75
%
),
10/15/31
..................................
United
States
351,320
350,019
h,q
LCM
XVII
LP
,
17A,
BRR,
144A,
FRN,
1.875%,
(3-month
USD
LIBOR
+
1.6%),
10/15/31
..........................................
United
States
350,000
342,366
17A,
CRR,
144A,
FRN,
2.375%,
(3-month
USD
LIBOR
+
2.1%),
10/15/31
..........................................
United
States
320,000
309,053
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
h,q
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
3.072
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
4/20/31
....................................
United
States
770,000
$
675,076
h,q
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
BRN
,
144A,
FRN
,
1.7
%
,
(
3-month
EURIBOR
+
1.7
%
),
4/15/32
.....................
Ireland
400,000
EUR
467,835
h,r
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
1,362,894
1,449,805
h,q
NZCG
Funding
Ltd.
,
2015-1A
,
A2R
,
144A,
FRN
,
1.784
%
,
(
3-month
USD
LIBOR
+
1.55
%
),
2/26/31
..........................
United
States
2,182,000
2,144,250
h,q
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
2.063
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
10/24/30
............
United
States
250,000
248,925
h,q
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
1.245
%
,
(
3-month
USD
LIBOR
+
0.97
%
),
4/15/31
............
United
States
500,000
493,667
h,q
Octagon
Investment
Partners
37
Ltd.
,
2018-2A
,
C
,
144A,
FRN
,
3.094
%
,
(
3-month
USD
LIBOR
+
2.85
%
),
7/25/30
............
United
States
400,000
372,509
h,q
Octagon
Investment
Partners
38
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
3.222
%
,
(
3-month
USD
LIBOR
+
2.95
%
),
7/20/30
............
United
States
1,000,000
943,040
h,q
Octagon
Investment
Partners
XVI
Ltd.
,
2013-1A
,
DR
,
144A,
FRN
,
3.273
%
,
(
3-month
USD
LIBOR
+
3
%
),
7/17/30
..............
United
States
400,000
377,320
h,q
Octagon
Investment
Partners
XXIII
Ltd.
,
2015-1A
,
BR
,
144A,
FRN
,
1.475
%
,
(
3-month
USD
LIBOR
+
1.2
%
),
7/15/27
.............
United
States
400,000
389,369
h,i,r
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
8.796%,
3/15/26
.................
United
States
531,860
521,421
2020-PT2,
A,
144A,
FRN,
9.444%,
4/15/26
.................
United
States
565,839
555,454
2020-PT3,
A,
144A,
FRN,
7.183%,
5/15/26
.................
United
States
153,505
157,421
h,q
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
2.475
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
...............................
United
States
1,300,000
1,230,407
q
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
,
2005-2XS
,
2A2
,
FRN
,
1.655
%
,
(
1-month
USD
LIBOR
+
1.5
%
),
2/25/35
....
United
States
115,069
114,996
h
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
7.727
%
,
2/15/26
...........................................
United
States
458,750
446,527
h,q
Voya
CLO
Ltd.
,
2013-2A,
BR,
144A,
FRN,
2.095%,
(3-month
USD
LIBOR
+
1.85%),
4/25/31
.....................................
United
States
780,000
742,964
2014-1A,
CR2,
144A,
FRN,
3.072%,
(3-month
USD
LIBOR
+
2.8%),
4/18/31
......................................
United
States
1,000,000
872,588
2015-2A,
BR,
144A,
FRN,
1.756%,
(3-month
USD
LIBOR
+
1.5%),
7/23/27
...........................................
United
States
820,000
812,008
32,501,677
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$35,656,621)
...............................
34,492,806
i
Commercial
Mortgage-Backed
Securities
10.2%
Capital
Markets
0.0%
†
q
Merrill
Lynch
Mortgage
Investors
Trust
,
2005-A6
,
2A3
,
FRN
,
0.528
%
,
(
1-month
USD
LIBOR
+
0.38
%
),
8/25/35
..................
United
States
27,398
27,473
Diversified
Financial
Services
1.3%
h
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
698,843
724,533
r
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
851,414
903,271
h,i,r
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
761,857
788,570
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
1,127,390
1,169,984
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
94
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
i
Commercial
Mortgage-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
r
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
5.655
%
,
7/10/38
United
States
214,127
$
188,642
q
MortgageIT
Trust
,
2004-1
,
A2
,
FRN
,
1.048
%
,
(
1-month
USD
LIBOR
+
0.9
%
),
11/25/34
....................................
United
States
99,253
101,204
q
Opteum
Mortgage
Acceptance
Corp.
,
2005-4
,
1APT
,
FRN
,
0.458
%
,
(
1-month
USD
LIBOR
+
0.31
%
),
11/25/35
..................
United
States
86,755
87,052
h,i,r
Provident
Funding
Mortgage
Trust
,
2019-1,
A2,
144A,
FRN,
3%,
12/25/49
....................
United
States
653,320
677,854
2020-1,
A3,
144A,
FRN,
3%,
2/25/50
.....................
United
States
622,008
635,079
r
Thornburg
Mortgage
Securities
Trust
,
2005-1
,
A3
,
FRN
,
3.579
%
,
4/25/45
...........................................
United
States
71,544
68,943
5,345,132
a
a
a
a
a
a
Thrifts
&
Mortgage
Finance
8.9%
q
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
,
2013-DN2,
M2,
FRN,
4.398%,
(1-month
USD
LIBOR
+
4.25%),
11/25/23
..........................................
United
States
1,420,596
1,303,641
2014-DN1,
M2,
FRN,
2.348%,
(1-month
USD
LIBOR
+
2.2%),
2/25/24
...........................................
United
States
177,105
177,325
2014-DN2,
M3,
FRN,
3.748%,
(1-month
USD
LIBOR
+
3.6%),
4/25/24
...........................................
United
States
2,075,155
1,923,258
2014-DN3,
M3,
FRN,
4.148%,
(1-month
USD
LIBOR
+
4%),
8/25/24
...........................................
United
States
116,362
119,067
2014-DN4,
M3,
FRN,
4.698%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
844,809
852,409
2014-HQ1,
M3,
FRN,
4.248%,
(1-month
USD
LIBOR
+
4.1%),
8/25/24
...........................................
United
States
184,625
186,683
2014-HQ2,
M2,
FRN,
2.348%,
(1-month
USD
LIBOR
+
2.2%),
9/25/24
...........................................
United
States
145,638
145,741
2014-HQ3,
M3,
FRN,
4.898%,
(1-month
USD
LIBOR
+
4.75%),
10/25/24
..........................................
United
States
353,131
357,015
2015-DNA1,
M3,
FRN,
3.448%,
(1-month
USD
LIBOR
+
3.3%),
10/25/27
..........................................
United
States
244,347
249,529
2015-DNA3,
M3,
FRN,
4.848%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
1,714,725
1,790,740
2015-HQ1,
M3,
FRN,
3.948%,
(1-month
USD
LIBOR
+
3.8%),
3/25/25
...........................................
United
States
208,889
210,165
2015-HQA1,
M3,
FRN,
4.848%,
(1-month
USD
LIBOR
+
4.7%),
3/25/28
...........................................
United
States
1,356,922
1,407,835
2016-DNA2,
M3,
FRN,
4.798%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
1,177,901
1,228,889
2017-DNA1,
M2,
FRN,
3.398%,
(1-month
USD
LIBOR
+
3.25%),
7/25/29
...........................................
United
States
961,055
988,408
2017-DNA2,
M2,
FRN,
3.598%,
(1-month
USD
LIBOR
+
3.45%),
10/25/29
..........................................
United
States
1,340,000
1,385,302
2017-DNA3,
M2,
FRN,
2.648%,
(1-month
USD
LIBOR
+
2.5%),
3/25/30
...........................................
United
States
2,920,000
2,959,496
2017-HQA1,
M2,
FRN,
3.698%,
(1-month
USD
LIBOR
+
3.55%),
8/25/29
...........................................
United
States
1,013,868
1,048,129
2017-HQA2,
M2,
FRN,
2.798%,
(1-month
USD
LIBOR
+
2.65%),
12/25/29
..........................................
United
States
243,361
241,427
q
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
5.398%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
239,621
234,407
2014-C01,
M2,
FRN,
4.548%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
385,708
362,125
2014-C02,
1M2,
FRN,
2.748%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
1,078,294
948,322
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
95
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
i
Commercial
Mortgage-Backed
Securities
(continued)
Thrifts
&
Mortgage
Finance
(continued)
q
FNMA
Connecticut
Avenue
Securities,
(continued)
2014-C02,
2M2,
FRN,
2.748%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
504,455
$
497,404
2014-C03,
1M2,
FRN,
3.148%,
(1-month
USD
LIBOR
+
3%),
7/25/24
...........................................
United
States
2,135,320
1,875,550
2014-C03,
2M2,
FRN,
3.048%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
95,255
93,925
2015-C01,
1M2,
FRN,
4.448%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
605,106
617,422
2015-C01,
2M2,
FRN,
4.698%,
(1-month
USD
LIBOR
+
4.55%),
2/25/25
...........................................
United
States
340,725
344,856
2015-C02,
1M2,
FRN,
4.148%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
1,354,420
1,376,067
2015-C02,
2M2,
FRN,
4.148%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
469,302
476,450
2015-C03,
1M2,
FRN,
5.148%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
1,970,659
2,023,782
2015-C03,
2M2,
FRN,
5.148%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
690,896
709,553
2016-C02,
1M2,
FRN,
6.148%,
(1-month
USD
LIBOR
+
6%),
9/25/28
...........................................
United
States
480,299
509,995
2016-C04,
1M2,
FRN,
4.398%,
(1-month
USD
LIBOR
+
4.25%),
1/25/29
...........................................
United
States
1,056,222
1,098,432
2016-C05,
2M2,
FRN,
4.598%,
(1-month
USD
LIBOR
+
4.45%),
1/25/29
...........................................
United
States
893,854
925,413
2016-C06,
1M2,
FRN,
4.398%,
(1-month
USD
LIBOR
+
4.25%),
4/25/29
...........................................
United
States
330,755
339,602
2016-C07,
2M2,
FRN,
4.498%,
(1-month
USD
LIBOR
+
4.35%),
5/25/29
...........................................
United
States
658,358
682,937
2017-C01,
1M2,
FRN,
3.698%,
(1-month
USD
LIBOR
+
3.55%),
7/25/29
...........................................
United
States
1,314,400
1,357,178
2017-C03,
1M2,
FRN,
3.148%,
(1-month
USD
LIBOR
+
3%),
10/25/29
..........................................
United
States
2,498,357
2,496,270
2017-C04,
2M2,
FRN,
2.998%,
(1-month
USD
LIBOR
+
2.85%),
11/25/29
..........................................
United
States
548,378
546,736
2017-C05,
1M2,
FRN,
2.348%,
(1-month
USD
LIBOR
+
2.2%),
1/25/30
...........................................
United
States
1,598,052
1,582,469
35,673,954
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$44,043,350)
................
41,046,559
Mortgage-Backed
Securities
7.4%
s
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
3.848%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
5,306
5,315
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.1%
FHLMC
Gold
Pools,
20
Year,
7%,
9/01/21
...................
United
States
1,416
1,440
FHLMC
Gold
Pools,
30
Year,
5%,
4/01/34
-
8/01/35
............
United
States
178,909
205,615
FHLMC
Gold
Pools,
30
Year,
5.5%,
3/01/33
-
1/01/35
..........
United
States
102,651
117,490
FHLMC
Gold
Pools,
30
Year,
6%,
4/01/33
-
2/01/36
............
United
States
78,320
90,268
FHLMC
Gold
Pools,
30
Year,
6.5%,
11/01/27
-
7/01/32
..........
United
States
13,761
15,425
FHLMC
Gold
Pools,
30
Year,
7%,
4/01/30
...................
United
States
1,557
1,764
FHLMC
Gold
Pools,
30
Year,
7.5%,
8/01/30
..................
United
States
157
189
432,191
s
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
3.257%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
57,283
58,814
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
96
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
7.2%
FNMA,
10
Year,
2.5%,
7/01/22
...........................
United
States
3,892
$
4,064
FNMA,
20
Year,
5%,
4/01/30
.............................
United
States
34,015
38,246
FNMA,
30
Year,
3%,
9/01/48
-
9/01/50
......................
United
States
3,672,006
3,870,611
FNMA,
30
Year,
4.5%,
5/01/48
...........................
United
States
3,586,916
3,964,513
FNMA,
30
Year,
6.5%,
6/01/28
-
10/01/37
...................
United
States
95,116
110,435
t
FNMA,
Single-family,
15
Year,
2%,
10/25/35
.................
United
States
2,348,000
2,439,902
t
FNMA,
Single-family,
15
Year,
2.5%,
10/25/35
................
United
States
2,393,000
2,498,629
t
FNMA,
Single-family,
30
Year,
2.5%,
10/25/50
................
United
States
5,569,000
5,841,359
t
FNMA,
Single-family,
30
Year,
3%,
10/25/50
.................
United
States
9,770,000
10,235,220
29,002,979
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.........
United
States
144,137
163,976
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
6/15/32
.........
United
States
12,372
12,480
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
................
United
States
1,067
1,263
GNMA
II,
30
Year,
6.5%,
2/20/34
..........................
United
States
3,227
3,436
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
38,422
43,886
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
55,693
64,769
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
........
United
States
22,785
26,921
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
........
United
States
7,647
8,894
325,625
Total
Mortgage-Backed
Securities
(Cost
$29,450,257)
............................
29,824,924
Municipal
Bonds
2.5%
California
0.7%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
2.934%,
6/01/32
..............................
United
States
295,000
315,591
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
2.984%,
6/01/33
..............................
United
States
250,000
265,945
State
of
California
Personal
Income
Tax,
Revenue,
Senior
Lien,
2019,
3.034%,
6/01/34
..............................
United
States
190,000
201,168
City
of
San
Francisco,
Public
Utilities
Commission
Water,
Revenue,
2019
A,
Refunding,
3.473%,
11/01/43
.....................
United
States
230,000
249,532
Foothill-Eastern
Transportation
Corridor
Agency,
Revenue,
2019A,
Refunding,
4.094%,
1/15/49
............................
United
States
150,000
159,384
Gilroy
Unified
School
District,
GO,
2019,
Refunding,
3.364%,
8/01/47
United
States
630,000
661,651
San
Bernardino
Community
College
District,
GO,
2019
A-1,
3.271%,
8/01/39
...........................................
United
States
210,000
227,795
San
Diego
County
Regional
Transportation
Commission,
Revenue,
2019
A,
Refunding,
3.248%,
4/01/48
.....................
United
States
230,000
245,440
San
Jose
Redevelopment
Agency
Successor
Agency,
Tax
Allocation,
Senior
Lien,
2017A-T,
Refunding,
3.25%,
8/01/29
............
United
States
440,000
494,468
2,820,974
Colorado
0.1%
Metro
Wastewater
Reclamation
District,
Revenue,
2019
B,
Refunding,
3.158%,
4/01/41
............................
United
States
475,000
506,483
Florida
0.1%
County
of
Broward,
Airport
System,
Revenue,
2019C,
Refunding,
3.477%,
10/01/43
....................................
United
States
310,000
316,107
Hawaii
0.0%
†
City
&
County
Honolulu,
Wastewater
System,
Revenue,
2019
B,
Refunding,
2.585%,
7/01/28
............................
United
States
115,000
123,865
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
97
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
0.1%
Massachusetts
School
Building
Authority,
Revenue,
2019
B,
Refunding,
3.395%,
10/15/40
...........................
United
States
285,000
$
306,757
Missouri
0.3%
Metropolitan
St.
Louis
Sewer
District,
Revenue,
2019
C,
Refunding,
3.259%,
5/01/45
.....................................
United
States
1,000,000
1,085,450
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority,
Revenue,
2019
B,
Refunding,
4.131%,
6/15/42
............................
United
States
345,000
329,247
New
York
0.1%
New
York
State
Dormitory
Authority,
State
University
of
New
York,
Revenue,
2019B,
Refunding,
3.142%,
7/01/43
..............
United
States
305,000
325,426
Ohio
0.2%
Greenville
City
School
District,
GO,
2019,
Refunding,
3.541%,
1/01/51
...........................................
United
States
715,000
728,120
State
of
Ohio,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019G,
Refunding,
3.276%,
1/01/42
..............
United
States
190,000
211,134
939,254
Oregon
0.1%
State
of
Oregon,
Department
of
Transportation,
Revenue,
Senior
Lien,
2019
B,
Refunding,
3.168%,
11/15/38
................
United
States
380,000
415,899
Pennsylvania
0.1%
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education,
Revenue,
2017
C,
Refunding,
3.005%,
9/15/41
.....
United
States
535,000
588,746
Texas
0.4%
City
of
Austin,
Electric
Utility,
Revenue,
2008,
Refunding,
AGMC
Insured,
6.262%,
11/15/32
.............................
United
States
580,000
752,759
State
of
Texas,
GO,
2019,
Refunding,
3.211%,
4/01/44
.........
United
States
575,000
621,397
Texas
State
University
System
,
Revenue,
2019
B,
Refunding,
2.938%,
3/15/33
..............
United
States
225,000
246,487
Revenue,
2019
B,
Refunding,
3.289%,
3/15/40
..............
United
States
190,000
207,178
1,827,821
Utah
0.2%
Salt
Lake
City
Corp.,
Revenue,
2019B,
Refunding,
3.102%,
4/01/38
United
States
270,000
292,105
Utah
Transit
Authority,
Revenue,
Senior
Lien,
2019
B,
Refunding,
3.443%,
12/15/42
....................................
United
States
380,000
400,619
692,724
Total
Municipal
Bonds
(Cost
$9,600,530)
.......................................
10,278,753
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
—
Sanchez
Energy
Corp.,
Escrow
Account
....................
United
States
243,000
2,430
a
Vistra
Energy
Corp.,
Escrow
Account
......................
United
States
3,000,000
4,500
Total
Escrows
and
Litigation
Trusts
(Cost
$82,648)
..............................
6,930
Total
Long
Term
Investments
(Cost
$416,878,296)
...............................
405,026,027
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
98
At
September
30,
2020,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.6%
e,u
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
10,563,932
$
10,563,932
Total
Money
Market
Funds
(Cost
$10,563,932)
..................................
10,563,932
Total
Short
Term
Investments
(Cost
$10,563,932
)
................................
10,563,932
a
Total
Investments
(Cost
$427,442,228)
102.8%
..................................
$415,589,959
Other
Assets,
less
Liabilities
(2.8)%
...........................................
(11,275,062)
Net
Assets
100.0%
...........................................................
$404,314,897
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
12
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
security
is
owned
by
FT
Holdings
Corp.
III,
a
wholly-owned
subsidiary
of
the
Fund.
See
Note
11.
d
See
Note
7
regarding
restricted
securities.
e
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Perpetual
security
with
no
stated
maturity
date.
h
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$172,894,919,
representing
42.8%
of
net
assets.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
k
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
l
See
Note
8
regarding
unfunded
loan
commitments.
m
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
n
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
o
The
principal
represents
the
notional
amount.
See
Note
3
regarding
value
recovery
instruments.
p
Principal
amount
of
security
is
adjusted
for
inflation.
q
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
r
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.  The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
s
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
t
Security
purchased
on
a
to-be-announced
(TBA)
basis.
u
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Australia
10
Year
Bonds
.......................
Long
53
$
5,668,763
12/15/20
$
69,632
Australia
3
Year
Bonds
........................
Long
114
9,574,346
12/15/20
26,040
Canada
10
Year
Bonds
........................
Long
54
6,155,846
12/18/20
(4,351)
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
99
At
September
30,
2020,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3
. 
At
September
30,
2020,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
3
. 
Futures
Contracts
(continued)
Description
Type
Number
of
Contracts
Notional
Amount*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
(continued)
U.S.
Treasury
10
Year
Notes
....................
Long
29
$
4,046,406
12/21/20
$
14,007
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
9
1,439,297
12/21/20
(1,559)
U.S.
Treasury
5
Year
Notes
.....................
Long
59
7,435,844
12/31/20
14,675
U.S.
Treasury
Ultra
Bonds
......................
Long
21
4,658,062
12/21/20
(24,074)
Total
Futures
Contracts
......................................................................
$94,370
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Canadian
Dollar
....
JPHQ
Sell
3,300,000
2,430,984
10/13/20
$
—
$
(47,140)
Turkish
Lira
........
JPHQ
Buy
5,800,000
815,466
10/13/20
—
(68,023)
Japanese
Yen
......
CITI
Buy
558,485,200
5,212,327
10/14/20
82,343
—
Mexican
Peso
......
JPHQ
Buy
18,000,000
792,790
10/19/20
19,004
—
Australian
Dollar
....
JPHQ
Buy
1,050,000
746,672
10/26/20
5,113
—
Australian
Dollar
....
JPHQ
Sell
8,300,000
5,815,893
10/26/20
—
(126,791)
Canadian
Dollar
....
JPHQ
Sell
2,000,000
1,478,344
10/26/20
—
(23,613)
Japanese
Yen
......
JPHQ
Buy
13,000,000
123,069
11/12/20
217
—
Singapore
Dollar
....
JPHQ
Sell
5,700,000
4,151,221
11/12/20
—
(25,235)
South
African
Rand
..
JPHQ
Buy
6,200,000
346,427
11/16/20
21,714
—
Indonesian
Rupiah
..
JPHQ
Sell
7,200,000,000
468,658
11/30/20
—
(12,690)
Canadian
Dollar
....
JPHQ
Sell
300,000
228,137
12/14/20
2,788
—
Euro
.............
JPHQ
Sell
5,300,000
6,268,257
12/14/20
44,562
—
Japanese
Yen
......
JPHQ
Buy
430,000,000
4,053,621
12/14/20
26,547
—
Total
Forward
Exchange
Contracts
...................................................
$202,288
$(303,492)
Net
unrealized
appreciation
(depreciation)
............................................
$(101,204)
*
In
U.S.
dollars
unless
otherwise
stated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
100
*Posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of
the
agreement.
The
table below
summarizes
the
cash
and/or
securities
held
as
collateral
for
each
applicable
counterparty
at
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.EM.33
.....
1.00%
Quarterly
6/20/25
$
2,150,000
$
(79,680)
$
(78,194)
$
(1,486)
Investment
Grade
CDX.NA.HY.34
.....
5.00%
Quarterly
6/20/25
2,100,000
99,166
104,169
(5,003)
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$19,486
$25,975
$(6,489)
OTC
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Single
Name
Ally
Financial,
Inc.
...
(5.00)%
Quarterly
JPHQ
12/20/24
1,810,000
(293,830)
(285,468)
(8,362)
Italy
Government
Bond
(1.00)%
Quarterly
BZWS
6/20/23
1,500,000
(15,231)
8,887
(24,118)
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Italy
Government
Bond
1.00%
Quarterly
BZWS
6/20/23
1,500,000
4,115
(38,969)
43,085
NR
Traded
Index
(e)
BNP
Paribas
Bespoke
Rodez2
Index,
Mezzanine
Tranche
5-7%
..........
3.20%
Quarterly
BNDP
12/20/20
300,000
(10,244)
—
(10,245)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Palma
Index,
Mezzanine
Tranche
5-7%
..........
2.30%
Quarterly
CITI
6/20/21
620,000
(21,332)
—
(21,332)
Non-
Investment
Grade
MCDX.NA.31
......
1.00%
Quarterly
CITI
12/20/23
2,270,000
(7,840)
14,794
(22,634)
Investment
Grade
(e)
Morgan
Stanley
Bespoke
Pecan
Index,
Mezzanine
Tranche
5-10%
...
3.98%
Quarterly
MSCO
12/20/21
850,000
(246,148)
—
(246,148)
Non-
Investment
Grade
(e)
Morgan
Stanley
Bespoke
Pecan
Index,
Mezzanine
Tranche
5-10%
...
4.10%
Quarterly
MSCO
12/20/21
850,000
(245,058)
—
(245,058)
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(835,568)
$(300,756)
$(534,812)
Total
Credit
Default
Swap
Contracts
....................................
$(816,082)
$
(274,781)
$(541,301)
Counterparty
Collateral
Pledged
(Received)
BZWS
$30,000
JPHQ
360,000
MSCO
590,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
101
At
September
30,
2020,
the
Fund
had
the
following cross-currency
swap
contracts outstanding.
See
Note
3
. 
At
September
30,
2020,
the
Fund
had
the
following inflation index
swap
contracts outstanding.
See
Note
3
. 
At
September
30,
2020,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Note
3. 
Total
collateral
$980,000
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Cross-Currency
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
Value/
Unrealized
Appreciation
(Depreciation)
aA
aaa
aaa
aaa
OTC
Swap
Contracts
Receive
Floating
3-month
USD
LIBOR
+
2.87%
.....
Quarterly
464,800
USD
Pay
Fixed
2.5%
.............................
Annual
CITI
5/04/21
400,000
EUR
$
(7,283)
Total
Cross
Currency
Swap
Contracts
...........................................................
$(7,283)
Inflation
Index
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Centrally
Cleared
Swap
Contracts
Receive
variable
change
  in
USA
CPI-U
........
At
Maturity
Pay
Fixed
1.943%
.....
At
Maturity
1/15/29
$
9,600,000
$
(183,691)
$
—
$
(183,691)
Total
Inflation
Index
Swap
Contracts
..................................
$(183,691)
$—
$(183,691)
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
3-month
USD
LIBOR
Quarterly
MSCO
12/21/20
750,000
$
(12,677)
Franklin
Templeton
Variable
Insurance
Products
Trust
Consolidated
Statement
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
102
See
Abbreviations
on
page
172
.
Total
Return
Swap
Contracts
(continued)
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
(continued)
Long
(a)
(continued)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
3-month
USD
LIBOR
Quarterly
MSCO
12/21/20
550,000
$
(9,296)
Total
Return
Swap
Contracts
....................................................................
$(21,973)
*
In
U.S.
dollars
unless
otherwise
stated.
(a)
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
U.S.
Government
Securities
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
103
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
2.6%
Diversified
Financial
Services
0.5%
DY9
Leasing
LLC
,
Senior
Bond
,
2.372
%
,
3/19/27
.............
United
States
2,050,362
$
2,163,367
Private
Export
Funding
Corp.
,
BB
,
Senior
Bond
,
4.3
%
,
12/15/21
..
United
States
1,865,000
1,956,374
4,119,741
Oil,
Gas
&
Consumable
Fuels
2.1%
Petroleos
Mexicanos
,
2.378
%
,
4/15/25
.....................
Mexico
1,645,000
1,715,171
Reliance
Industries
Ltd.
,
Senior
Bond,
2.512%,
1/15/26
..........................
India
7,218,750
7,597,685
Senior
Note,
1.87%,
1/15/26
...........................
India
4,052,632
4,193,941
Senior
Note,
2.06%,
1/15/26
...........................
India
3,437,500
3,578,608
17,085,405
Total
Corporate
Bonds
(Cost
$20,229,530)
......................................
21,205,146
Foreign
Government
and
Agency
Securities
1.7%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
9/18/23
..........
Israel
12,000,000
13,794,227
Total
Foreign
Government
and
Agency
Securities
(Cost
$13,023,799)
..............
13,794,227
U.S.
Government
and
Agency
Securities
14.5%
FHLB,
2.625%,
9/12/25
.................................
United
States
10,000,000
11,084,376
New
Valley
Generation
IV,
4.687%,
1/15/22
..................
United
States
619,287
629,696
Tennessee
Valley
Authority,
1.875%,
8/15/22
.................
United
States
6,000,000
6,184,105
U.S.
Treasury
Bonds
,
a
2%,
1/15/26
........................................
United
States
1,500,000
2,307,331
a
1.75%,
1/15/28
.....................................
United
States
8,000,000
12,054,371
a
3.625%,
4/15/28
.....................................
United
States
5,000,000
10,985,335
2.5%,
2/15/46
......................................
United
States
6,000,000
7,409,297
U.S.
Treasury
Notes
,
a
0.125%,
7/15/24
.....................................
United
States
15,500,000
17,895,917
2.375%,
8/15/24
.....................................
United
States
22,000,000
23,844,219
2.25%,
8/15/27
.....................................
United
States
6,000,000
6,730,547
a
0.25%,
7/15/29
.....................................
United
States
8,000,000
9,067,326
United
States
International
Development
Finance
Corp.
,
b
11/15/20
..........................................
United
States
2,575,000
3,356,020
2.12%,
3/20/24
.....................................
United
States
5,500,000
5,720,807
4.01%,
5/15/30
.....................................
United
States
1,642,500
1,925,447
Total
U.S.
Government
and
Agency
Securities
(Cost
$108,952,169)
................
119,194,794
Mortgage-Backed
Securities
73.7%
c
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
1.0%
FHLMC,
3.336%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
4/01/40
United
States
4,129,699
4,364,806
FHLMC,
2.66%
-
3.741%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
3/01/36
-
5/01/38
....................................
United
States
3,855,240
4,026,391
8,391,197
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
7.6%
FHLMC
Gold
Pools,
15
Year,
4.5%,
3/01/25
-
4/01/25
..........
United
States
527,900
556,734
FHLMC
Gold
Pools,
20
Year,
3.5%,
3/01/32
..................
United
States
2,318,261
2,503,844
FHLMC
Gold
Pools,
30
Year,
3%,
5/01/43
...................
United
States
322,643
343,914
FHLMC
Gold
Pools,
30
Year,
3.5%,
5/01/43
..................
United
States
53,642
58,196
FHLMC
Gold
Pools,
30
Year,
4%,
9/01/40
-
12/01/41
...........
United
States
4,825,222
5,320,226
FHLMC
Gold
Pools,
30
Year,
4.5%,
5/01/40
-
7/01/41
..........
United
States
1,424,798
1,599,019
FHLMC
Gold
Pools,
30
Year,
5%,
9/01/33
-
4/01/40
............
United
States
3,715,013
4,271,969
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Gold
Pools,
30
Year,
5.5%,
7/01/33
-
5/01/38
..........
United
States
787,417
$
923,487
FHLMC
Gold
Pools,
30
Year,
6%,
1/01/24
-
8/01/35
............
United
States
561,990
642,438
FHLMC
Gold
Pools,
30
Year,
6.5%,
12/01/23
-
5/01/35
.........
United
States
247,934
279,779
FHLMC
Gold
Pools,
30
Year,
7%,
4/01/24
-
9/01/31
............
United
States
81,320
90,205
FHLMC
Gold
Pools,
30
Year,
7.5%,
12/01/22
.................
United
States
179
180
FHLMC
Gold
Pools,
30
Year,
8%,
9/01/21
-
5/01/22
............
United
States
705
732
FHLMC
Gold
Pools,
30
Year,
8.5%,
7/01/31
..................
United
States
154,892
180,843
FHLMC
Pool,
15
Year,
2.5%,
8/01/35
.......................
United
States
4,024,347
4,211,820
FHLMC
Pool,
30
Year,
2.5%,
6/01/50
.......................
United
States
14,636,967
15,368,399
FHLMC
Pool,
30
Year,
3%,
9/01/50
........................
United
States
24,879,146
26,095,774
62,447,559
c
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
3.2%
FNMA,
3.095%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/37
.
United
States
8,580,431
9,065,165
FNMA,
1.643%
-
5.284%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
6/01/21
-
10/01/44
...................................
United
States
17,361,837
18,068,209
27,133,374
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
10.6%
FNMA,
2.64%,
7/01/25
.................................
United
States
2,405,512
2,596,158
FNMA,
2.77%,
4/01/25
.................................
United
States
3,500,000
3,793,232
FNMA,
3.14%,
10/01/25
................................
United
States
3,944,104
4,271,084
FNMA,
3.28%,
7/01/27
.................................
United
States
4,000,000
4,489,482
FNMA,
3.51%,
8/01/23
.................................
United
States
3,000,000
3,215,115
FNMA,
5.5%,
4/01/34
..................................
United
States
727,642
793,874
FNMA,
15
Year,
2%,
8/01/35
.............................
United
States
2,559,434
2,661,752
FNMA,
15
Year,
2.5%,
8/01/35
...........................
United
States
4,831,857
5,061,604
FNMA,
15
Year,
5.5%,
1/01/25
...........................
United
States
340,817
357,953
FNMA,
30
Year,
2%,
8/01/50
.............................
United
States
2,579,977
2,668,359
FNMA,
30
Year,
3%,
6/01/50
.............................
United
States
14,565,706
15,294,550
FNMA,
30
Year,
3%,
12/01/42
............................
United
States
140,779
149,794
FNMA,
30
Year,
3.5%,
7/01/45
...........................
United
States
22,147,151
23,740,646
FNMA,
30
Year,
4%,
1/01/41
-
8/01/41
......................
United
States
5,127,319
5,644,615
FNMA,
30
Year,
4.5%,
8/01/40
-
6/01/41
....................
United
States
4,632,784
5,221,728
FNMA,
30
Year,
5%,
3/01/34
-
7/01/41
......................
United
States
2,944,543
3,387,785
FNMA,
30
Year,
5.5%,
12/01/32
-
8/01/35
...................
United
States
1,380,781
1,598,708
FNMA,
30
Year,
6%,
1/01/24
-
8/01/38
......................
United
States
1,524,137
1,756,032
FNMA,
30
Year,
6.5%,
1/01/24
-
9/01/36
....................
United
States
193,214
218,691
FNMA,
30
Year,
7.5%,
4/01/23
-
8/01/25
....................
United
States
6,815
7,045
FNMA,
30
Year,
8%,
3/01/22
-
12/01/24
.....................
United
States
38,526
39,071
FNMA,
30
Year,
8.5%,
6/01/21
...........................
United
States
16
16
FNMA,
30
Year,
9%,
10/01/26
............................
United
States
39,868
40,573
87,007,867
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
51.3%
GNMA
I,
30
Year,
5%,
7/15/34
-
9/15/40
.....................
United
States
1,897,586
2,168,620
GNMA
I,
30
Year,
5.5%,
3/15/32
-
2/15/38
...................
United
States
430,505
502,301
GNMA
I,
30
Year,
6%,
7/15/29
-
11/15/38
....................
United
States
346,533
412,426
GNMA
I,
30
Year,
6.5%,
12/15/28
-
1/15/33
..................
United
States
170,725
201,967
GNMA
I,
30
Year,
7%,
12/15/28
...........................
United
States
9,661
11,200
GNMA
I,
30
Year,
7.5%,
12/15/31
-
8/15/33
..................
United
States
187,796
222,207
GNMA
I,
30
Year,
10%,
8/15/21
...........................
United
States
90
90
GNMA
I,
Single-family,
30
Year,
3%,
7/15/42
.................
United
States
303,295
321,777
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.........
United
States
6,600,432
7,150,440
GNMA
I,
Single-family,
30
Year,
4.5%,
1/15/39
-
6/15/41
........
United
States
9,451,773
10,578,026
GNMA
I,
Single-family,
30
Year,
5%,
6/15/30
-
6/15/40
..........
United
States
12,495,668
14,172,312
GNMA
I,
Single-family,
30
Year,
5.5%,
12/15/28
-
10/15/39
.......
United
States
3,237,294
3,699,870
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
I,
Single-family,
30
Year,
6%,
11/15/23
-
9/15/38
.........
United
States
1,368,616
$
1,566,541
GNMA
I,
Single-family,
30
Year,
6.5%,
7/15/23
-
9/15/38
........
United
States
759,353
852,813
GNMA
I,
Single-family,
30
Year,
7%,
9/15/22
-
1/15/32
..........
United
States
159,900
165,756
GNMA
I,
Single-family,
30
Year,
7.5%,
2/15/22
-
11/15/27
........
United
States
52,823
53,892
GNMA
I,
Single-family,
30
Year,
8%,
12/15/21
-
7/15/23
.........
United
States
35,187
35,949
GNMA
I,
Single-family,
30
Year,
8.5%,
5/15/23
-
12/15/24
........
United
States
19,694
20,024
GNMA
I,
Single-family,
30
Year,
9.5%,
10/15/20
-
12/15/20
.......
United
States
84
84
GNMA
II,
30
Year,
6.5%,
4/20/34
..........................
United
States
33,546
33,869
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/50
...............
United
States
39,584,044
41,614,297
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/50
...............
United
States
13,915,029
14,628,729
GNMA
II,
Single-family,
30
Year,
3%,
9/20/45
.................
United
States
6,178,006
6,535,851
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
.................
United
States
16,851,247
17,844,098
GNMA
II,
Single-family,
30
Year,
3%,
2/20/50
.................
United
States
12,761,244
13,365,422
GNMA
II,
Single-family,
30
Year,
3%,
5/20/50
.................
United
States
21,661,760
22,772,127
GNMA
II,
Single-family,
30
Year,
3%,
6/20/50
.................
United
States
21,578,360
22,730,997
GNMA
II,
Single-family,
30
Year,
3%,
7/20/50
.................
United
States
38,730,373
40,868,951
GNMA
II,
Single-family,
30
Year,
3%,
12/20/42
-
2/20/45
........
United
States
1,457,701
1,539,774
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/42
...............
United
States
4,420,762
4,799,577
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
...............
United
States
13,075,501
14,195,957
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/42
..............
United
States
4,028,475
4,373,685
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
..............
United
States
7,875,137
8,549,988
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/42
..............
United
States
6,022,401
6,538,485
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/43
...............
United
States
10,229,703
11,106,330
GNMA
II,
Single-family,
30
Year,
3.5%,
3/20/43
...............
United
States
3,614,212
3,923,941
GNMA
II,
Single-family,
30
Year,
3.5%,
4/20/43
...............
United
States
4,527,120
4,915,088
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
...............
United
States
8,325,076
9,026,748
GNMA
II,
Single-family,
30
Year,
3.5%,
6/20/43
...............
United
States
3,855,840
4,181,699
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
...............
United
States
51,364,272
54,851,649
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/47
..............
United
States
4,260,296
4,548,394
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
..............
United
States
13,608,467
14,527,344
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/40
-
8/20/43
.......
United
States
1,584,584
1,717,684
GNMA
II,
Single-family,
30
Year,
4%,
11/20/41
................
United
States
4,286,926
4,734,706
GNMA
II,
Single-family,
30
Year,
4%,
11/20/39
-
2/20/44
.........
United
States
9,776,568
10,770,322
GNMA
II,
Single-family,
30
Year,
4.5%,
9/20/41
...............
United
States
3,419,652
3,798,276
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/39
-
10/20/44
......
United
States
14,913,084
16,574,541
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
6/20/44
.........
United
States
7,426,348
8,482,403
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/34
-
6/20/38
........
United
States
3,011,809
3,573,550
GNMA
II,
Single-family,
30
Year,
6%,
11/20/23
-
7/20/39
.........
United
States
1,943,985
2,249,121
GNMA
II,
Single-family,
30
Year,
6.5%,
12/20/27
-
4/20/32
.......
United
States
268,082
314,191
GNMA
II,
Single-family,
30
Year,
7%,
5/20/32
.................
United
States
5,609
6,686
GNMA
II,
Single-family,
30
Year,
7.5%,
9/20/22
-
11/20/26
.......
United
States
38,427
42,246
GNMA
II,
Single-family,
30
Year,
8%,
8/20/26
.................
United
States
2,966
3,409
421,876,430
Total
Mortgage-Backed
Securities
(Cost
$593,900,647)
...........................
606,856,427
Total
Long
Term
Investments
(Cost
$736,106,145)
...............................
761,050,594
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
106
See
Abbreviations
on
page
172
.
Short
Term
Investments
7.3%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
d
Repurchase
Agreements
7.3%
e
Joint
Repurchase
Agreement,
0.058%,
10/01/20
(Maturity
Value
$60,298,716)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$23,373,591)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$13,551,534)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$23,373,591)
Collateralized
by
U.S.
Government
Agency
Securities,
3.20%
-
4.00%,
11/29/32
-
3/20/50;
U.S.
Government
Agency
Strips,
11/15/33
-
11/15/33;
U.S.
Treasury
Bills,
12/31/20
-
2/18/21;
U.S.
Treasury
Bonds,
Index
Linked,
1.75%,
1/15/28;
and
U.S.
Treasury
Notes,
0.32%
-
2.875%,
11/30/20
-
4/30/25
(valued
at
$61,515,409)
.......................................
60,298,619
$
60,298,619
Total
Repurchase
Agreements
(Cost
$60,298,619)
...............................
60,298,619
Total
Short
Term
Investments
(Cost
$60,298,619
)
................................
60,298,619
a
Total
Investments
(Cost
$796,404,764)
99.8%
...................................
$821,349,213
Other
Assets,
less
Liabilities
0.2%
.............................................
1,326,106
Net
Assets
100.0%
...........................................................
$822,675,319
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Principal
amount
of
security
is
adjusted
for
inflation.
b
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
c
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
d
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
e
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2020,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Franklin
VolSmart
Allocation
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
107
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
64.0%
Aerospace
&
Defense
1.5%
BWX
Technologies,
Inc.
................................
United
States
253
$
14,246
General
Dynamics
Corp.
................................
United
States
5,100
705,993
Huntington
Ingalls
Industries,
Inc.
.........................
United
States
441
62,071
Lockheed
Martin
Corp.
.................................
United
States
1,363
522,411
Northrop
Grumman
Corp.
...............................
United
States
735
231,885
Raytheon
Technologies
Corp.
............................
United
States
21,145
1,216,683
2,753,289
Air
Freight
&
Logistics
1.3%
CH
Robinson
Worldwide,
Inc.
............................
United
States
1,647
168,307
Expeditors
International
of
Washington,
Inc.
.................
United
States
1,910
172,893
United
Parcel
Service,
Inc.,
B
............................
United
States
12,591
2,098,039
2,439,239
Auto
Components
0.0%
†
Gentex
Corp.
........................................
United
States
3,102
79,877
Beverages
1.4%
a
Boston
Beer
Co.,
Inc.
(The),
A
............................
United
States
23
20,317
Brown-Forman
Corp.,
A
.................................
United
States
567
38,942
Brown-Forman
Corp.,
B
................................
United
States
860
64,775
Coca-Cola
Co.
(The)
...................................
United
States
11,342
559,955
a
Monster
Beverage
Corp.
................................
United
States
3,707
297,301
PepsiCo,
Inc.
........................................
United
States
11,824
1,638,806
2,620,096
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
11,352
994,322
Amgen,
Inc.
.........................................
United
States
2,305
585,839
a
Biogen,
Inc.
.........................................
United
States
1,724
489,064
a
Exelixis
,
Inc.
.........................................
United
States
2,933
71,712
Gilead
Sciences,
Inc.
..................................
United
States
6,802
429,818
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
471
263,656
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
720
195,927
3,030,338
Building
Products
0.6%
A
O
Smith
Corp.
......................................
United
States
341
18,005
Allegion
plc
..........................................
United
States
419
41,443
Johnson
Controls
International
plc
.........................
United
States
20,492
837,098
Lennox
International,
Inc.
...............................
United
States
224
61,065
Masco
Corp.
.........................................
United
States
1,286
70,897
a
Trex
Co.,
Inc.
........................................
United
States
320
22,912
1,051,420
Capital
Markets
1.2%
Evercore
,
Inc.,
A
......................................
United
States
98
6,415
FactSet
Research
Systems,
Inc.
..........................
United
States
433
145,003
Invesco
Ltd.
.........................................
United
States
3,095
35,314
Lazard
Ltd.,
A
........................................
United
States
1,246
41,180
MarketAxess
Holdings,
Inc.
..............................
United
States
432
208,047
Moody's
Corp.
........................................
United
States
1,147
332,458
Morningstar,
Inc.
......................................
United
States
208
33,407
MSCI,
Inc.
...........................................
United
States
888
316,821
Nasdaq,
Inc.
.........................................
United
States
3,270
401,262
S&P
Global,
Inc.
......................................
United
States
1,181
425,869
SEI
Investments
Co.
...................................
United
States
1,165
59,089
State
Street
Corp.
.....................................
United
States
1,450
86,028
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
108
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
T
Rowe
Price
Group,
Inc.
...............................
United
States
1,106
$
141,811
2,232,704
Chemicals
4.3%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
9,705
2,890,731
Albemarle
Corp.
......................................
United
States
13,886
1,239,742
Celanese
Corp.
.......................................
United
States
769
82,629
Eastman
Chemical
Co.
.................................
United
States
1,124
87,807
Ecolab,
Inc.
..........................................
United
States
5,360
1,071,143
Huntsman
Corp.
......................................
United
States
491
10,905
Linde
plc
............................................
United
Kingdom
9,700
2,309,861
LyondellBasell
Industries
NV,
A
...........................
United
States
3,783
266,664
NewMarket
Corp.
.....................................
United
States
85
29,097
Valvoline,
Inc.
........................................
United
States
1,182
22,505
8,011,084
Commercial
Services
&
Supplies
1.0%
Cintas
Corp.
.........................................
United
States
4,383
1,458,794
a
Copart
,
Inc.
..........................................
United
States
2,274
239,134
a
IAA,
Inc.
............................................
United
States
642
33,429
Rollins,
Inc.
..........................................
United
States
1,731
93,803
1,825,160
Communications
Equipment
0.5%
a
Arista
Networks,
Inc.
...................................
United
States
152
31,453
a
Ciena
Corp.
.........................................
United
States
398
15,797
Cisco
Systems,
Inc.
...................................
United
States
11,071
436,087
a
F5
Networks,
Inc.
.....................................
United
States
732
89,868
Motorola
Solutions,
Inc.
.................................
United
States
1,704
267,204
Ubiquiti,
Inc.
.........................................
United
States
112
18,666
859,075
Consumer
Finance
0.0%
†
Santander
Consumer
USA
Holdings,
Inc.
...................
United
States
1,059
19,263
Containers
&
Packaging
0.1%
Avery
Dennison
Corp.
..................................
United
States
210
26,846
Packaging
Corp.
of
America
.............................
United
States
891
97,164
Sonoco
Products
Co.
..................................
United
States
1,081
55,207
179,217
Distributors
0.1%
Pool
Corp.
..........................................
United
States
437
146,194
Diversified
Consumer
Services
0.0%
†
a
Grand
Canyon
Education,
Inc.
............................
United
States
118
9,433
H&R
Block,
Inc.
.......................................
United
States
2,641
43,022
52,455
Diversified
Financial
Services
0.0%
†
Equitable
Holdings,
Inc.
.................................
United
States
1,059
19,316
Jefferies
Financial
Group,
Inc.
............................
United
States
564
10,152
29,468
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
...........................................
United
States
17,157
489,146
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
109
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.
............................
United
States
9,226
$
548,855
1,038,001
Electric
Utilities
1.1%
Alliant
Energy
Corp.
...................................
United
States
2,388
123,340
American
Electric
Power
Co.,
Inc.
.........................
United
States
2,181
178,253
Evergy
,
Inc.
..........................................
United
States
1,744
88,630
Eversource
Energy
....................................
United
States
3,046
254,494
Hawaiian
Electric
Industries,
Inc.
..........................
United
States
1,121
37,262
NextEra
Energy,
Inc.
...................................
United
States
2,071
574,827
PPL
Corp.
...........................................
United
States
5,766
156,893
Southern
Co.
(The)
....................................
United
States
8,091
438,694
Xcel
Energy,
Inc.
......................................
United
States
2,409
166,245
2,018,638
Electrical
Equipment
0.5%
Emerson
Electric
Co.
..................................
United
States
6,566
430,533
a
Generac
Holdings,
Inc.
.................................
United
States
150
29,046
GrafTech
International
Ltd.
..............................
United
States
406
2,777
nVent
Electric
plc
.....................................
United
States
14,200
251,198
Rockwell
Automation,
Inc.
...............................
United
States
1,345
296,814
1,010,368
Entertainment
0.1%
Activision
Blizzard,
Inc.
.................................
United
States
1,946
157,529
a
Electronic
Arts,
Inc.
....................................
United
States
813
106,023
263,552
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
American
Tower
Corp.
..................................
United
States
2,051
495,788
CoreSite
Realty
Corp.
..................................
United
States
101
12,007
EPR
Properties
.......................................
United
States
827
22,743
Gaming
and
Leisure
Properties,
Inc.
.......................
United
States
2,015
74,414
Kimco
Realty
Corp.
....................................
United
States
3,939
44,353
National
Retail
Properties,
Inc.
...........................
United
States
1,921
66,294
Public
Storage
.......................................
United
States
1,954
435,195
Realty
Income
Corp.
...................................
United
States
3,530
214,447
Simon
Property
Group,
Inc.
..............................
United
States
2,839
183,627
Spirit
Realty
Capital,
Inc.
................................
United
States
1,130
38,137
STORE
Capital
Corp.
..................................
United
States
2,172
59,578
WP
Carey,
Inc.
.......................................
United
States
1,513
98,587
1,745,170
Food
&
Staples
Retailing
1.5%
Casey's
General
Stores,
Inc.
.............................
United
States
371
65,908
Costco
Wholesale
Corp.
................................
United
States
1,717
609,535
Kroger
Co.
(The)
......................................
United
States
6,180
209,564
a
Sprouts
Farmers
Market,
Inc.
............................
United
States
1,032
21,600
Walgreens
Boots
Alliance,
Inc.
...........................
United
States
7,092
254,744
Walmart,
Inc.
........................................
United
States
11,757
1,644,922
2,806,273
Food
Products
1.3%
Campbell
Soup
Co.
....................................
United
States
472
22,831
Flowers
Foods,
Inc.
....................................
United
States
2,078
50,558
General
Mills,
Inc.
.....................................
United
States
6,974
430,156
Hershey
Co.
(The)
....................................
United
States
1,942
278,366
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
110
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Hormel
Foods
Corp.
...................................
United
States
3,322
$
162,413
Ingredion,
Inc.
........................................
United
States
700
52,976
J
M
Smucker
Co.
(The)
.................................
United
States
931
107,549
Kellogg
Co.
..........................................
United
States
1,912
123,496
McCormick
&
Co.,
Inc.
.................................
United
States
5,450
1,057,845
Tyson
Foods,
Inc.,
A
...................................
United
States
3,092
183,912
2,470,102
Gas
Utilities
0.1%
Atmos
Energy
Corp.
...................................
United
States
1,177
112,509
Health
Care
Equipment
&
Supplies
5.2%
Abbott
Laboratories
....................................
United
States
12,160
1,323,373
a
ABIOMED,
Inc.
.......................................
United
States
111
30,754
a
Align
Technology,
Inc.
..................................
United
States
220
72,019
Becton
Dickinson
and
Co.
...............................
United
States
7,100
1,652,028
DENTSPLY
SIRONA,
Inc.
...............................
United
States
5,300
231,769
Medtronic
plc
........................................
United
States
16,400
1,704,288
ResMed
,
Inc.
........................................
United
States
1,522
260,916
Stryker
Corp.
........................................
United
States
10,800
2,250,396
West
Pharmaceutical
Services,
Inc.
........................
United
States
7,505
2,063,125
9,588,668
Health
Care
Providers
&
Services
1.1%
Chemed
Corp.
.......................................
United
States
149
71,572
CVS
Health
Corp.
.....................................
United
States
6,350
370,840
Humana,
Inc.
........................................
United
States
340
140,723
Premier,
Inc.,
A
.......................................
United
States
352
11,556
UnitedHealth
Group,
Inc.
................................
United
States
4,837
1,508,031
2,102,722
Health
Care
Technology
0.2%
Cerner
Corp.
.........................................
United
States
2,976
215,135
a
Veeva
Systems,
Inc.,
A
.................................
United
States
348
97,854
312,989
Hotels,
Restaurants
&
Leisure
1.7%
Darden
Restaurants,
Inc.
...............................
United
States
1,505
151,614
Domino's
Pizza,
Inc.
...................................
United
States
498
211,789
Las
Vegas
Sands
Corp.
.................................
United
States
3,219
150,199
McDonald's
Corp.
.....................................
United
States
8,121
1,782,478
Starbucks
Corp.
......................................
United
States
5,932
509,677
Yum!
Brands,
Inc.
.....................................
United
States
3,952
360,818
3,166,575
Household
Durables
0.3%
DR
Horton,
Inc.
.......................................
United
States
1,486
112,386
Garmin
Ltd.
..........................................
United
States
1,614
153,104
a
NVR,
Inc.
...........................................
United
States
34
138,826
PulteGroup,
Inc.
......................................
United
States
1,722
79,712
484,028
Household
Products
2.3%
Church
&
Dwight
Co.,
Inc.
...............................
United
States
2,749
257,609
Clorox
Co.
(The)
......................................
United
States
1,670
350,984
Colgate-Palmolive
Co.
.................................
United
States
17,820
1,374,813
Kimberly-Clark
Corp.
...................................
United
States
2,997
442,537
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
111
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Products
(continued)
Procter
&
Gamble
Co.
(The)
.............................
United
States
13,146
$
1,827,162
4,253,105
Industrial
Conglomerates
3.3%
3M
Co.
.............................................
United
States
3,384
542,049
Carlisle
Cos.,
Inc.
.....................................
United
States
3,160
386,689
Honeywell
International,
Inc.
.............................
United
States
12,929
2,128,243
Roper
Technologies,
Inc.
................................
United
States
7,840
3,097,662
6,154,643
Insurance
0.6%
Aflac,
Inc.
...........................................
United
States
8,240
299,524
American
National
Group,
Inc.
............................
United
States
87
5,875
Erie
Indemnity
Co.,
A
...................................
United
States
2,888
607,289
Progressive
Corp.
(The)
................................
United
States
1,505
142,478
1,055,166
Interactive
Media
&
Services
0.7%
a
Alphabet,
Inc.,
A
......................................
United
States
186
272,602
a
Alphabet,
Inc.,
C
......................................
United
States
184
270,406
a
Facebook,
Inc.,
A
.....................................
United
States
2,353
616,251
a
Match
Group,
Inc.
.....................................
United
States
594
65,726
1,224,985
Internet
&
Direct
Marketing
Retail
0.2%
a
Booking
Holdings,
Inc.
.................................
United
States
193
330,161
a
IT
Services
4.1%
Accenture
plc,
A
......................................
United
States
13,026
2,943,746
a
Akamai
Technologies,
Inc.
...............................
United
States
413
45,653
Amdocs
Ltd.
.........................................
United
States
1,556
89,330
Automatic
Data
Processing,
Inc.
..........................
United
States
3,526
491,842
Booz
Allen
Hamilton
Holding
Corp.
........................
United
States
913
75,761
Broadridge
Financial
Solutions,
Inc.
........................
United
States
1,348
177,936
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
4,687
325,371
International
Business
Machines
Corp.
.....................
United
States
4,239
515,759
Jack
Henry
&
Associates,
Inc.
............................
United
States
892
145,030
Mastercard
,
Inc.,
A
....................................
United
States
1,759
594,841
Paychex,
Inc.
........................................
United
States
3,934
313,815
Visa,
Inc.,
A
..........................................
United
States
9,511
1,901,915
7,620,999
Life
Sciences
Tools
&
Services
0.2%
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
274
264,616
a
Waters
Corp.
........................................
United
States
180
35,222
299,838
Machinery
1.7%
Allison
Transmission
Holdings,
Inc.
........................
United
States
922
32,399
Cummins,
Inc.
........................................
United
States
1,702
359,394
Donaldson
Co.,
Inc.
...................................
United
States
7,830
363,469
Dover
Corp.
.........................................
United
States
8,244
893,155
Graco
,
Inc.
..........................................
United
States
1,799
110,369
Illinois
Tool
Works,
Inc.
.................................
United
States
2,239
432,597
Lincoln
Electric
Holdings,
Inc.
............................
United
States
140
12,885
Otis
Worldwide
Corp.
..................................
United
States
1,021
63,731
PACCAR,
Inc.
........................................
United
States
2,182
186,081
Pentair
plc
..........................................
United
States
12,800
585,856
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
112
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Snap-on,
Inc.
........................................
United
States
427
$
62,824
Toro
Co.
(The)
.......................................
United
States
1,287
108,044
3,210,804
Media
0.5%
Cable
One,
Inc.
.......................................
United
States
32
60,334
Comcast
Corp.,
A
.....................................
United
States
13,370
618,496
Interpublic
Group
of
Cos.,
Inc.
(The)
.......................
United
States
3,301
55,028
Omnicom
Group,
Inc.
..................................
United
States
2,393
118,453
852,311
Metals
&
Mining
0.2%
Newmont
Corp.
.......................................
United
States
2,106
133,626
Nucor
Corp.
.........................................
United
States
1,912
85,772
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
305
31,122
Royal
Gold,
Inc.
......................................
United
States
296
35,570
Steel
Dynamics,
Inc.
...................................
United
States
1,642
47,011
333,101
Multiline
Retail
1.5%
Dollar
General
Corp.
...................................
United
States
2,636
552,558
Nordstrom,
Inc.
.......................................
United
States
1,315
15,675
Target
Corp.
.........................................
United
States
13,668
2,151,617
2,719,850
Multi-Utilities
0.7%
Ameren
Corp.
........................................
United
States
1,850
146,298
Consolidated
Edison,
Inc.
...............................
United
States
3,291
256,040
Dominion
Energy,
Inc.
..................................
United
States
5,271
416,040
Public
Service
Enterprise
Group,
Inc.
......................
United
States
5,648
310,131
WEC
Energy
Group,
Inc.
................................
United
States
781
75,679
1,204,188
Oil,
Gas
&
Consumable
Fuels
0.5%
Cabot
Oil
&
Gas
Corp.
.................................
United
States
2,896
50,275
Chevron
Corp.
.......................................
United
States
5,790
416,880
EOG
Resources,
Inc.
..................................
United
States
5,130
184,372
Exxon
Mobil
Corp.
.....................................
United
States
5,700
195,681
847,208
Personal
Products
0.3%
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
2,552
556,974
Nu
Skin
Enterprises,
Inc.,
A
..............................
United
States
546
27,349
584,323
Pharmaceuticals
2.5%
Bristol-Myers
Squibb
Co.
................................
United
States
8,865
534,471
Eli
Lilly
and
Co.
.......................................
United
States
2,483
367,534
a
Horizon
Therapeutics
plc
................................
United
States
461
35,810
Johnson
&
Johnson
...................................
United
States
11,758
1,750,531
Merck
&
Co.,
Inc.
.....................................
United
States
6,558
543,986
Perrigo
Co.
plc
.......................................
United
States
4,440
203,840
Pfizer,
Inc.
...........................................
United
States
27,998
1,027,527
Zoetis,
Inc.
..........................................
United
States
1,224
202,413
4,666,112
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
113
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Professional
Services
0.1%
a
FTI
Consulting,
Inc.
....................................
United
States
91
$
9,643
Robert
Half
International,
Inc.
............................
United
States
1,521
80,522
Verisk
Analytics,
Inc.
...................................
United
States
392
72,642
162,807
Road
&
Rail
0.9%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
996
125,875
Landstar
System,
Inc.
..................................
United
States
427
53,584
Norfolk
Southern
Corp.
.................................
United
States
4,000
855,960
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
508
91,907
Schneider
National,
Inc.,
B
..............................
United
States
152
3,759
Union
Pacific
Corp.
....................................
United
States
3,116
613,447
1,744,532
Semiconductors
&
Semiconductor
Equipment
4.7%
Analog
Devices,
Inc.
...................................
United
States
14,914
1,741,060
Applied
Materials,
Inc.
..................................
United
States
9,423
560,197
a
Cirrus
Logic,
Inc.
......................................
United
States
146
9,848
a
Enphase
Energy,
Inc.
..................................
United
States
276
22,795
Intel
Corp.
...........................................
United
States
8,413
435,625
KLA
Corp.
...........................................
United
States
1,699
329,164
Lam
Research
Corp.
...................................
United
States
1,580
524,165
Maxim
Integrated
Products,
Inc.
..........................
United
States
3,046
205,940
Monolithic
Power
Systems,
Inc.
...........................
United
States
115
32,155
NVIDIA
Corp.
........................................
United
States
1,491
806,959
QUALCOMM,
Inc.
.....................................
United
States
6,096
717,377
Skyworks
Solutions,
Inc.
................................
United
States
2,204
320,682
a
SolarEdge
Technologies,
Inc.
............................
United
States
127
30,271
Texas
Instruments,
Inc.
.................................
United
States
18,458
2,635,618
Xilinx,
Inc.
...........................................
United
States
2,844
296,459
8,668,315
Software
4.3%
a
Adobe,
Inc.
..........................................
United
States
1,301
638,049
a
Aspen
Technology,
Inc.
.................................
United
States
564
71,397
a
Cadence
Design
Systems,
Inc.
...........................
United
States
1,984
211,554
Citrix
Systems,
Inc.
....................................
United
States
918
126,418
a
Fair
Isaac
Corp.
......................................
United
States
69
29,351
a
Fortinet,
Inc.
.........................................
United
States
354
41,705
Intuit,
Inc.
...........................................
United
States
1,824
595,007
Microsoft
Corp.
.......................................
United
States
28,090
5,908,170
Oracle
Corp.
.........................................
United
States
5,026
300,052
a
Tyler
Technologies,
Inc.
.................................
United
States
101
35,205
a
VMware,
Inc.,
A
.......................................
United
States
193
27,728
7,984,636
Specialty
Retail
3.0%
a
AutoZone,
Inc.
.......................................
United
States
223
262,614
Best
Buy
Co.,
Inc.
.....................................
United
States
2,821
313,949
Foot
Locker,
Inc.
......................................
United
States
1,485
49,050
Gap,
Inc.
(The)
.......................................
United
States
2,793
47,565
Home
Depot,
Inc.
(The)
.................................
United
States
2,131
591,800
Lowe's
Cos.,
Inc.
......................................
United
States
8,400
1,393,224
a
O'Reilly
Automotive,
Inc.
................................
United
States
869
400,678
Ross
Stores,
Inc.
.....................................
United
States
15,231
1,421,357
TJX
Cos.,
Inc.
(The)
...................................
United
States
9,756
542,921
Tractor
Supply
Co.
....................................
United
States
1,410
202,109
a
Ulta
Beauty,
Inc.
......................................
United
States
654
146,483
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
114
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Williams-Sonoma,
Inc.
.................................
United
States
991
$
89,626
5,461,376
Technology
Hardware,
Storage
&
Peripherals
0.7%
Apple,
Inc.
..........................................
United
States
6,660
771,295
HP,
Inc.
.............................................
United
States
18,369
348,827
NetApp,
Inc.
.........................................
United
States
2,534
111,090
Xerox
Holdings
Corp.
..................................
United
States
445
8,353
1,239,565
Textiles,
Apparel
&
Luxury
Goods
1.5%
Carter's,
Inc.
.........................................
United
States
485
41,991
Hanesbrands,
Inc.
.....................................
United
States
2,240
35,280
a
Lululemon
Athletica,
Inc.
................................
United
States
1,299
427,852
NIKE,
Inc.,
B
.........................................
United
States
17,571
2,205,863
2,710,986
Tobacco
0.6%
Altria
Group,
Inc.
......................................
United
States
12,957
500,658
Philip
Morris
International,
Inc.
...........................
United
States
7,217
541,203
1,041,861
Trading
Companies
&
Distributors
0.7%
Fastenal
Co.
.........................................
United
States
7,001
315,675
MSC
Industrial
Direct
Co.,
Inc.,
A
..........................
United
States
470
29,742
Watsco
,
Inc.
.........................................
United
States
326
75,922
WW
Grainger,
Inc.
.....................................
United
States
2,194
782,753
1,204,092
Total
Common
Stocks
(Cost
$80,499,647)
......................................
118,023,438
Management
Investment
Companies
31.1%
b
Capital
Markets
31.1%
Franklin
Income
Fund,
Class
R6
..........................
United
States
6,741,127
13,954,134
Franklin
Liberty
U.S.
Core
Bond
ETF
.......................
United
States
1,030,425
27,038,352
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
United
States
1,061,726
10,203,187
Franklin
Strategic
Income
Fund,
Class
R6
...................
United
States
660,954
6,120,433
57,316,106
Total
Management
Investment
Companies
(Cost
$57,615,697)
....................
57,316,106
Total
Long
Term
Investments
(Cost
$138,115,344)
...............................
175,339,544
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
115
See
Abbreviations
on
page
172
.
At
September
30,
2020,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
3. 
At
September
30,
2020,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Note
3
. 
Short
Term
Investments
4.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
4.2%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
7,673,199
$
7,673,199
Total
Money
Market
Funds
(Cost
$7,673,199)
...................................
7,673,199
Total
Short
Term
Investments
(Cost
$7,673,199
)
.................................
7,673,199
a
Total
Investments
(Cost
$145,788,543)
99.3%
...................................
$183,012,743
Other
Assets,
less
Liabilities
0.7%
.............................................
1,371,080
Net
Assets
100.0%
...........................................................
$184,383,823
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
154
$
25,810,400
12/18/20
$
331,220
Total
Futures
Contracts
......................................................................
$331,220
*
As
of
period
end.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Long
Dynamic
VIX
Backwardation
(BEFSDVB1
Index)
..
0%
Monthly
BZWS
12/01/20
3,500,000
$
(460)
Total
Return
Swap
Contracts
....................................................................
$(460)
*
In
U.S.
dollars
unless
otherwise
stated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
116
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Templeton
Developing
Markets
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
117
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
94.4%
Brazil
2.1%
a
B2W
Cia
Digital
..................
Internet
&
Direct
Marketing
Retail
76,800
$
1,230,244
B3
SA
-
Brasil
Bolsa
Balcao
........
Capital
Markets
61,400
601,304
a
Lojas
Americanas
SA
.............
Multiline
Retail
170,860
742,188
a
M
Dias
Branco
SA
................
Food
Products
106,200
645,842
Vale
SA
........................
Metals
&
Mining
278,500
2,930,692
6,150,270
Cambodia
0.6%
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,525,400
1,823,084
China
30.7%
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Internet
&
Direct
Marketing
Retail
93,210
27,401,876
b
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
1,686,100
689,896
a
Baidu,
Inc.,
ADR
.................
Interactive
Media
&
Services
15,784
1,998,097
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
7,756,600
7,330,506
China
Merchants
Bank
Co.
Ltd.,
H
....
Banks
606,700
2,879,062
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
340,000
1,809,911
China
Mobile
Ltd.
................
Wireless
Telecommunication
Services
539,500
3,463,227
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,429,000
3,339,291
CNOOC
Ltd.
....................
Oil,
Gas
&
Consumable
Fuels
2,008,500
1,931,945
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
450,972
259,063
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
418,400
1,808,580
NetEase
,
Inc.,
ADR
...............
Entertainment
4,253
1,933,712
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
802,600
1,801,033
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
41,852
434,462
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
A
.......................
Insurance
202,225
2,280,564
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
32,057
2,958,317
Sunny
Optical
Technology
Group
Co.
Ltd.
.........................
Electronic
Equipment,
Instruments
&
Components
91,500
1,421,217
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
337,501
22,796,109
Uni
-President
China
Holdings
Ltd.
....
Food
Products
1,814,017
1,663,655
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
306,139
529,724
88,730,247
Czech
Republic
0.3%
b
Moneta
Money
Bank
A/S,
144A,
Reg
S
Banks
390,403
896,212
Hungary
0.9%
Richter
Gedeon
Nyrt
.
.............
Pharmaceuticals
116,965
2,468,188
India
5.3%
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
60,776
2,010,577
Coal
India
Ltd.
..................
Oil,
Gas
&
Consumable
Fuels
442,535
700,434
a
ICICI
Bank
Ltd.
..................
Banks
1,579,654
7,659,822
Infosys
Ltd.
.....................
IT
Services
306,365
4,224,589
Tata
Chemicals
Ltd.
..............
Chemicals
165,900
679,261
15,274,683
Indonesia
0.8%
Astra
International
Tbk
.
PT
.........
Automobiles
7,340,300
2,210,098
Kenya
0.1%
a
Equity
Group
Holdings
plc
..........
Banks
764,354
258,542
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
118
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Macau
0.0%
†
c
MGM
China
Holdings
Ltd.
..........
Hotels,
Restaurants
&
Leisure
63,300
$
78,890
Mexico
1.2%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
,
ADR
.................
Banks
949,761
3,039,235
b
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
1,999,500
578,334
3,617,569
Pakistan
0.3%
Habib
Bank
Ltd.
.................
Banks
1,116,900
880,986
Peru
0.3%
Intercorp
Financial
Services,
Inc.
.....
Banks
31,950
750,825
Philippines
0.2%
BDO
Unibank
,
Inc.
...............
Banks
327,469
584,449
Russia
7.2%
Gazprom
PJSC,
ADR
.............
Oil,
Gas
&
Consumable
Fuels
312,600
1,360,417
LUKOIL
PJSC,
ADR
..............
Oil,
Gas
&
Consumable
Fuels
95,250
5,503,633
a,b
Mail.Ru
Group
Ltd.,
GDR,
Reg
S
.....
Interactive
Media
&
Services
50,100
1,370,820
a
Sberbank
of
Russia
PJSC,
ADR
.....
Banks
498,847
5,823,770
a
Yandex
NV,
A
...................
Interactive
Media
&
Services
105,414
6,878,263
20,936,903
South
Africa
4.4%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
580,084
1,093,088
a
Naspers
Ltd.,
N
..................
Internet
&
Direct
Marketing
Retail
66,341
11,717,337
12,810,425
South
Korea
19.0%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
64,280
2,015,144
Hankook
Tire
&
Technology
Co.
Ltd.
..
Auto
Components
14,400
389,269
KT
Skylife
Co.
Ltd.
...............
Media
104,056
830,288
LG
Corp.
.......................
Industrial
Conglomerates
96,342
6,136,593
NAVER
Corp.
...................
Interactive
Media
&
Services
52,323
13,338,696
POSCO
.......................
Metals
&
Mining
15,429
2,591,247
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
513,903
25,593,474
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
80,106
4,193,923
55,088,634
Taiwan
14.7%
Catcher
Technology
Co.
Ltd.
........
Technology
Hardware,
Storage
&
Peripherals
114,000
721,205
CTBC
Financial
Holding
Co.
Ltd.
.....
Banks
350,500
224,214
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
1,388,000
3,736,298
Largan
Precision
Co.
Ltd.
..........
Electronic
Equipment,
Instruments
&
Components
5,300
621,453
MediaTek
,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
267,000
5,664,497
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
2,087,831
31,448,584
42,416,251
Thailand
1.2%
Kasikornbank
PCL
...............
Banks
705,000
1,726,135
Kiatnakin
Phatra
Bank
PCL
.........
Banks
859,600
1,016,761
Thai
Beverage
PCL
...............
Beverages
1,450,900
645,593
3,388,489
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
119
See
Abbreviations
on
page
172
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
United
Kingdom
3.0%
Unilever
plc
.....................
Personal
Products
142,468
$
8,783,954
United
States
2.1%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
64,484
4,476,479
a
IMAX
Corp.
.....................
Entertainment
124,255
1,486,090
5,962,569
Total
Common
Stocks
(Cost
$189,798,726)
.....................................
273,111,268
Preferred
Stocks
2.5%
Brazil
2.5%
d
Banco
Bradesco
SA,
ADR,
12.04%
...
Banks
1,026,866
3,522,150
d
Itau
Unibanco
Holding
SA,
ADR,
6.71%
Banks
897,443
3,571,823
7,093,973
Total
Preferred
Stocks
(Cost
$11,447,177)
......................................
7,093,973
Total
Long
Term
Investments
(Cost
$201,245,903)
...............................
280,205,241
Short
Term
Investments
3.0%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.0%
United
States
3.0%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
8,808,068
8,808,068
Total
Money
Market
Funds
(Cost
$8,808,068)
...................................
8,808,068
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$8,808,068
)
.................................
8,808,068
a
a
a
a
Total
Investments
(Cost
$210,053,971)
99.9%
...................................
$289,013,309
Other
Assets,
less
Liabilities
0.1%
.............................................
197,047
Net
Assets
100.0%
...........................................................
$289,210,356
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
120
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$3,535,262,
representing
1.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
d
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Templeton
Foreign
VIP
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
121
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
87.1%
Aerospace
&
Defense
2.1%
BAE
Systems
plc
.....................................
United
Kingdom
2,425,479
$
15,064,054
a
Dassault
Aviation
SA
...................................
France
10,152
8,561,910
23,625,964
Airlines
0.4%
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
3,659,305
4,469,365
Auto
Components
2.7%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
171,911
18,450,295
Toyota
Industries
Corp.
.................................
Japan
186,300
11,793,499
30,243,794
Automobiles
4.1%
Bayerische
Motoren
Werke
AG
...........................
Germany
235,253
17,070,353
Honda
Motor
Co.
Ltd.
..................................
Japan
517,600
12,288,100
Isuzu
Motors
Ltd.
.....................................
Japan
1,906,500
16,669,071
46,027,524
Banks
8.3%
a
ING
Groep
NV
.......................................
Netherlands
1,953,931
13,941,975
Kasikornbank
PCL
....................................
Thailand
1,860,000
4,554,056
b
KB
Financial
Group,
Inc.,
ADR
...........................
South
Korea
956,806
30,732,609
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
366,922
8,635,597
a
Standard
Chartered
plc
.................................
United
Kingdom
3,926,281
18,067,848
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
606,500
16,953,407
92,885,492
Beverages
1.9%
Kirin
Holdings
Co.
Ltd.
.................................
Japan
1,159,100
21,764,727
Biotechnology
0.6%
a
Galapagos
NV
.......................................
Belgium
44,734
6,340,582
a
Chemicals
1.8%
c
Covestro
AG,
144A,
Reg
S
..............................
Germany
216,793
10,748,484
b
Tosoh
Corp.
.........................................
Japan
574,100
9,318,441
20,066,925
Construction
&
Engineering
0.4%
Sinopec
Engineering
Group
Co.
Ltd.,
H
.....................
China
11,734,000
4,337,477
Diversified
Telecommunication
Services
0.5%
China
Telecom
Corp.
Ltd.,
H
.............................
China
19,921,557
5,985,425
Electric
Utilities
0.1%
a
Siemens
Energy
AG
...................................
Germany
34,829
939,011
a
Electronic
Equipment,
Instruments
&
Components
2.6%
b
Hitachi
Ltd.
..........................................
Japan
684,800
23,180,364
a
Landis+Gyr
Group
AG
..................................
Switzerland
120,834
6,577,702
29,758,066
Energy
Equipment
&
Services
1.4%
SBM
Offshore
NV
.....................................
Netherlands
960,511
15,318,465
Food
&
Staples
Retailing
3.0%
Matsumotokiyoshi
Holdings
Co.
Ltd.
.......................
Japan
388,300
14,154,126
Sundrug
Co.
Ltd.
......................................
Japan
515,000
19,407,374
33,561,500
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
122
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
0.5%
Sinopharm
Group
Co.
Ltd.,
H
............................
China
2,794,800
$
5,906,016
Household
Durables
2.6%
Panasonic
Corp.
......................................
Japan
1,239,300
10,553,451
Sony
Corp.
..........................................
Japan
248,300
19,024,806
29,578,257
Industrial
Conglomerates
2.9%
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
3,873,500
23,472,611
Siemens
AG
.........................................
Germany
69,658
8,795,171
32,267,782
Insurance
2.1%
AIA
Group
Ltd.
.......................................
Hong
Kong
2,416,800
24,023,383
Interactive
Media
&
Services
1.6%
a
Baidu,
Inc.,
ADR
......................................
China
138,230
17,498,536
a
Internet
&
Direct
Marketing
Retail
1.5%
a
Alibaba
Group
Holding
Ltd.
..............................
China
466,400
17,122,177
a
Machinery
1.3%
Komatsu
Ltd.
........................................
Japan
655,000
14,381,708
Marine
0.5%
AP
Moller
-
Maersk
A/S,
B
...............................
Denmark
3,684
5,822,729
Media
1.4%
a
Informa
plc
..........................................
United
Kingdom
961,990
4,662,632
Nippon
Television
Holdings,
Inc.
..........................
Japan
338,900
3,642,835
TBS
Holdings,
Inc.
....................................
Japan
441,700
7,629,731
15,935,198
Metals
&
Mining
6.3%
Alamos
Gold,
Inc.,
A
...................................
Canada
1,135,752
10,005,975
a
ArcelorMittal
SA
......................................
Luxembourg
1,011,540
13,453,977
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
670,600
20,792,268
Wheaton
Precious
Metals
Corp.
..........................
Brazil
544,400
26,706,955
70,959,175
Multi-Utilities
1.9%
E.ON
SE
............................................
Germany
1,972,849
21,740,927
Oil,
Gas
&
Consumable
Fuels
4.1%
BP
plc
..............................................
United
Kingdom
4,985,758
14,419,278
Equinor
ASA
.........................................
Norway
1,303,205
18,456,642
Galp
Energia
SGPS
SA,
B
..............................
Portugal
1,139,637
10,568,437
Husky
Energy,
Inc.
....................................
Canada
1,163,600
2,691,213
46,135,570
Pharmaceuticals
11.3%
Bayer
AG
...........................................
Germany
552,576
34,083,207
Novartis
AG
.........................................
Switzerland
128,920
11,190,354
Roche
Holding
AG
....................................
Switzerland
63,327
21,686,180
Sanofi
..............................................
France
228,345
22,877,994
Takeda
Pharmaceutical
Co.
Ltd.
..........................
Japan
1,053,394
37,640,688
127,478,423
Real
Estate
Management
&
Development
3.5%
CK
Asset
Holdings
Ltd.
.................................
Hong
Kong
3,560,500
17,495,467
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
123
See
abbreviations
on
page
172
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
811,000
$
14,108,754
Swire
Pacific
Ltd.,
A
...................................
Hong
Kong
1,628,500
7,884,401
39,488,622
Semiconductors
&
Semiconductor
Equipment
7.4%
Infineon
Technologies
AG
...............................
Germany
590,665
16,644,813
NXP
Semiconductors
NV
...............................
Netherlands
221,300
27,620,453
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
2,587,000
38,967,468
83,232,734
Technology
Hardware,
Storage
&
Peripherals
4.0%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
909,188
45,279,516
Thrifts
&
Mortgage
Finance
1.7%
Housing
Development
Finance
Corp.
Ltd.
...................
India
779,117
18,519,888
Tobacco
1.8%
Imperial
Brands
plc
....................................
United
Kingdom
1,122,761
19,832,666
Wireless
Telecommunication
Services
0.8%
Vodafone
Group
plc,
ADR
...............................
United
Kingdom
700,303
9,398,066
Total
Common
Stocks
(Cost
$956,828,334)
.....................................
979,925,690
Short
Term
Investments
14.2%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
12.4%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
139,440,745
139,440,745
Total
Money
Market
Funds
(Cost
$139,440,745)
.................................
139,440,745
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.8%
Money
Market
Funds
1.8%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
20,019,296
20,019,296
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$20,019,296)
...........................................................
20,019,296
Total
Short
Term
Investments
(Cost
$159,460,041
)
...............................
159,460,041
a
Total
Investments
(Cost
$1,116,288,375)
101.3%
.................................
$1,139,385,731
Other
Assets,
less
Liabilities
(1.3)%
...........................................
(14,199,703)
Net
Assets
100.0%
...........................................................
$1,125,186,028
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
value
of
this
security
was
$10,748,484,
representing
1.0%
of
net
assets.
d
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Templeton
Global
Bond
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
124
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
43.4%
Argentina
1.7%
a,b
Argentina
BONCER
,
Index
Linked,
1.1%,
4/17/21
.......
313,864,228
ARS
$
2,161,422
Index
Linked,
1.2%,
3/18/22
.......
1,688,192,709
ARS
11,411,944
Index
Linked,
1.4%,
3/25/23
.......
1,016,838,069
ARS
6,641,116
Index
Linked,
1.5%,
3/25/24
.......
1,016,838,073
ARS
6,249,308
b,c
Argentina
Bonos
del
Tesoro
Nacional
en
Pesos
Badlar
,
FRN,
31.641%,
(ARS
BADLAR
+
2%),
4/03/22
.........
24,036,000
ARS
162,162
b
Argentina
Government
Bond
,
18.2%,
10/03/21
................
820,823,000
ARS
4,635,533
16%,
10/17/23
.................
844,288,000
ARS
3,321,007
15.5%,
10/17/26
................
1,668,306,000
ARS
4,981,500
39,563,992
Brazil
0.9%
Brazil
Notas
do
Tesouro
Nacional,
10%,
1/01/21
......................
117,516,000
BRL
21,337,302
Colombia
1.6%
Colombia
Government
Bond
,
Senior
Bond,
7.75%,
4/14/21
......
2,386,000,000
COP
638,510
Senior
Bond,
4.375%,
3/21/23
.....
362,000,000
COP
96,039
Senior
Bond,
9.85%,
6/28/27
......
576,000,000
COP
193,936
Colombia
Titulos
de
Tesoreria
,
B,
7%,
5/04/22
.................
17,524,600,000
COP
4,899,845
B,
10%,
7/24/24
................
40,977,000,000
COP
13,163,016
B,
7.5%,
8/26/26
...............
35,134,200,000
COP
10,588,253
B,
6%,
4/28/28
.................
29,113,600,000
COP
8,046,630
37,626,229
Ghana
1.6%
Ghana
Government
Bond
,
24.75%,
3/01/21
................
690,000
GHS
124,100
16.5%,
3/22/21
................
1,730,000
GHS
302,032
16.25%,
5/17/21
................
7,250,000
GHS
1,263,402
24.5%,
6/21/21
................
80,000
GHS
14,665
24.75%,
7/19/21
................
1,190,000
GHS
218,866
18.75%,
1/24/22
................
26,990,000
GHS
4,758,557
17.6%,
11/28/22
................
520,000
GHS
88,923
19%,
9/18/23
..................
150,000
GHS
25,244
19.75%,
3/25/24
................
26,840,000
GHS
4,653,375
19%,
11/02/26
.................
80,510,000
GHS
13,440,566
19.75%,
3/15/32
................
80,510,000
GHS
12,992,503
37,882,233
India
2.9%
India
Government
Bond
,
8.79%,
11/08/21
................
653,000,000
INR
9,317,693
8.2%,
2/15/22
.................
500,000,000
INR
7,166,431
8.35%,
5/14/22
................
212,700,000
INR
3,067,046
8.15%,
6/11/22
.................
1,621,000,000
INR
23,394,502
6.84%,
12/19/22
................
98,000,000
INR
1,399,068
7.16%,
5/20/23
................
133,700,000
INR
1,921,941
8.83%,
11/25/23
................
1,468,100,000
INR
22,137,798
68,404,479
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
125
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
India
(continued)
India
Government
Bond,
(continued)
Indonesia
4.5%
Indonesia
Government
Bond
,
FR34,
12.8%,
6/15/21
...........
324,406,000,000
IDR
$
23,221,845
FR61,
7%,
5/15/22
..............
244,849,000,000
IDR
17,141,076
FR35,
Senior
Bond,
12.9%,
6/15/22
.
71,229,000,000
IDR
5,456,582
FR43,
10.25%,
7/15/22
..........
147,832,000,000
IDR
10,931,421
FR63,
5.625%,
5/15/23
..........
258,951,000,000
IDR
17,714,128
FR46,
9.5%,
7/15/23
............
226,780,000,000
IDR
17,010,024
FR39,
11.75%,
8/15/23
..........
5,491,000,000
IDR
434,760
FR70,
8.375%,
3/15/24
..........
32,315,000,000
IDR
2,366,726
FR44,
10%,
9/15/24
.............
4,454,000,000
IDR
347,071
FR81,
6.5%,
6/15/25
............
101,941,000,000
IDR
7,078,665
FR40,
11%,
9/15/25
.............
46,856,000,000
IDR
3,829,092
105,531,390
Mexico
14.5%
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
6.5%,
6/10/21
...............
1,856,820,000
MXN
85,031,125
M,
Senior
Note,
7.25%,
12/09/21
...
2,154,560,000
MXN
100,640,001
M,
6.5%,
6/09/22
...............
2,147,994,000
MXN
100,306,979
M,
Senior
Note,
6.75%,
3/09/23
....
229,144,000
MXN
10,900,780
M,
Senior
Bond,
8%,
12/07/23
.....
836,490,000
MXN
41,507,324
d
Mexican
Udibonos
,
S,
Index
Linked,
2.5%,
12/10/20
................
39,948,010
MXN
1,814,549
340,200,758
Norway
5.1%
e
Norway
Government
Bond
,
144A,
Reg
S,
3.75%,
5/25/21
......
335,990,000
NOK
36,899,393
144A,
Reg
S,
2%,
5/24/23
........
315,007,000
NOK
35,395,573
144A,
Reg
S,
3%,
3/14/24
........
265,052,000
NOK
31,132,908
144A,
Reg
S,
1.75%,
3/13/25
......
89,312,000
NOK
10,192,455
144A,
Reg
S,
1.5%,
2/19/26
.......
52,969,000
NOK
6,031,298
119,651,627
South
Korea
10.2%
Korea
Treasury
Bond
,
3%,
3/10/23
...................
3,919,000,000
KRW
3,536,307
2.25%,
9/10/23
................
88,312,000,000
KRW
78,738,563
1.875%,
3/10/24
................
33,811,000,000
KRW
29,914,730
1.375%,
9/10/24
................
75,881,910,000
KRW
66,034,598
3%,
9/10/24
...................
18,500,000,000
KRW
17,088,575
1.375%,
12/10/29
...............
53,382,000,000
KRW
45,574,081
240,886,854
Supranational
0.4%
f
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
200,000,000
MXN
9,704,795
Total
Foreign
Government
and
Agency
Securities
(Cost
$1,278,727,526)
...........
1,020,789,659
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
126
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
20.6%
United
States
20.6%
U.S.
Treasury
Notes
,
1.125%,
9/30/21
................
3,497,000
$
3,531,015
1.5%,
9/30/21
.................
15,768,000
15,980,237
2.125%,
12/31/21
...............
3,953,000
4,050,590
1.5%,
10/31/24
................
64,160,000
67,498,325
1.5%,
11/30/24
.................
50,420,000
53,086,745
1.75%,
12/31/24
................
22,672,000
24,130,625
2%,
2/15/25
...................
49,140,000
52,906,120
2.125%,
5/15/25
................
58,760,000
63,811,983
2.875%,
5/31/25
................
76,680,000
85,992,427
2.625%,
12/31/25
...............
44,803,000
50,214,362
1.625%,
2/15/26
................
24,220,000
25,905,939
2.125%,
5/31/26
................
11,063,000
12,167,139
1.625%,
10/31/26
...............
24,220,000
26,029,877
485,305,384
Total
U.S.
Government
and
Agency
Securities
(Cost
$464,317,489)
................
485,305,384
Total
Long
Term
Investments
(Cost
$1,743,045,015)
.............................
1,506,095,043
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.8%
Calls
-
Over-the-Counter
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
72.90
AUD,
Expires
4/29/21
.......
1
3,162,000
AUD
125,981
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
79.00
AUD,
Expires
1/22/21
..
1
26,674,000
AUD
153,125
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
October
Strike
Price
80.40
AUD,
Expires
10/22/20
..
1
31,615,000
AUD
2,577
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
81.00
AUD,
Expires
4/29/21
.......
1
19,266,000
AUD
106,239
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
81.00
AUD,
Expires
6/21/21
.......
1
29,640,000
AUD
205,441
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
October
Strike
Price
81.10
AUD,
Expires
10/30/20
..
1
29,730,000
AUD
2,875
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
82.15
AUD,
Expires
12/21/20
..
1
35,514,000
AUD
29,416
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
November
Strike
Price
84.33
AUD,
Expires
11/12/20
..
1
8,878,000
AUD
385
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.45,
Expires
1/22/21
......
1
16,911,280
203,778
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
March
Strike
Price
$1.46,
Expires
3/22/21
......
1
14,358,483
207,951
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
127
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Calls
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
February
Strike
Price
$1.47,
Expires
2/02/21
......
1
22,794,030
$
220,203
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
January
Strike
Price
$1.48,
Expires
1/21/21
......
1
19,862,726
164,590
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.50,
Expires
10/28/20
......
1
10,562,906
5,050
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
February
Strike
Price
$1.53,
Expires
2/08/21
......
1
20,676,864
110,445
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
November
Strike
Price
$1.54,
Expires
11/19/20
......
1
21,734,568
17,647
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
February
Strike
Price
$1.54,
Expires
2/10/21
......
1
24,565,503
113,559
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$104.78,
Expires
2/01/21
.....
1
4,536,000
93,193
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$110.80,
Expires
2/24/21
.....
1
49,303,000
117,566
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$115.00,
Expires
2/24/21
.....
1
98,607,000
42,781
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
August
Strike
Price
$115.95,
Expires
8/11/21
.........
1
65,721,000
104,613
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
$22.83,
Expires
6/09/21
..........
1
7,291,000
379,766
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
$23.23,
Expires
3/24/21
..........
1
18,842,000
669,170
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
February
Strike
Price
$23.36,
Expires
2/12/21
......
1
23,370,000
678,195
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
$23.75,
Expires
4/09/21
..........
1
11,742,000
370,172
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
$23.97,
Expires
12/07/20
.....
1
26,279,000
330,593
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
$24.81,
Expires
6/30/21
..........
1
35,754,000
1,065,355
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
$25.48,
Expires
4/09/21
..........
1
11,205,000
195,189
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
$26.09,
Expires
6/18/21
..........
1
23,833,000
469,358
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
128
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Calls
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
November
Strike
Price
$26.72,
Expires
11/09/20
.....
1
34,941,000
$
34,790
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
March
Strike
Price
$28.75,
Expires
3/30/21
......
1
24,669,000
152,767
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$29.19,
Expires
8/29/24
......
1
21,864,000
2,013,359
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$29.71,
Expires
8/09/24
......
1
21,864,000
1,876,822
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
$29.73,
Expires
12/07/21
.....
1
31,535,000
564,987
10,827,938
Puts
-
Over-the-Counter
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
58.95
AUD,
Expires
6/21/21
.......
1
39,520,000
AUD
105,901
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
65.85
AUD,
Expires
12/21/20
..
1
17,757,000
AUD
22,815
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
November
Strike
Price
66.78
AUD,
Expires
11/12/20
..
1
4,439,000
AUD
1,671
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
March
Strike
Price
68.50
AUD,
Expires
3/24/21
.......
1
17,783,000
AUD
115,526
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
November
Strike
Price
69.18
AUD,
Expires
11/12/20
..
1
2,664,000
AUD
2,423
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
69.20
AUD,
Expires
6/24/21
.......
1
15,808,000
AUD
176,084
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
69.20
AUD,
Expires
6/24/21
.......
1
31,616,000
AUD
352,169
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
71.00
AUD,
Expires
4/29/21
.......
1
51,376,000
AUD
625,203
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
71.44
AUD,
Expires
6/21/21
.......
1
39,520,000
AUD
605,426
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
May
Strike
Price
$1.30,
Expires
5/12/21
...........
1
16,341,872
133,473
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.33,
Expires
10/28/20
......
1
5,939,856
2,940
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
129
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
(continued)
Puts
-
Over-the-Counter
(continued)
Currency
Options
(continued)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.33,
Expires
1/22/21
......
1
5,935,904
$
40,013
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
February
Strike
Price
$1.34,
Expires
2/08/21
......
1
11,800,672
108,437
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.40,
Expires
1/22/21
......
1
5,677,954
138,654
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$102.10,
Expires
2/24/21
.....
1
49,303,000
478,489
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$102.30,
Expires
2/01/21
.....
1
34,512,000
307,901
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
August
Strike
Price
$102.65,
Expires
8/11/21
.........
1
98,606,000
1,941,486
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
October
Strike
Price
$103.60,
Expires
10/29/20
....
1
49,304,000
81,145
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$19.43,
Expires
8/30/21
......
1
16,398,000
108,759
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$19.88,
Expires
8/11/21
......
1
16,398,000
146,599
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
February
Strike
Price
$20.16,
Expires
2/12/21
......
1
37,976,000
242,615
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
$20.66,
Expires
3/24/21
..........
1
10,516,000
122,736
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
October
Strike
Price
$20.80,
Expires
10/23/20
.....
1
23,303,000
38,477
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
November
Strike
Price
$22.45,
Expires
11/09/20
.....
1
17,471,000
541,469
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
$22.83,
Expires
6/09/21
..........
1
7,291,000
397,067
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
October
Strike
Price
$22.95,
Expires
10/23/20
.....
1
23,303,000
998,074
7,835,552
Total
Options
Purchased
(Cost
$27,506,089)
....................................
18,663,490
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
130
Short
Term
Investments
34.4%
a
a
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
12.6%
Argentina
0.1%
a,b
Argentina
Letras
de
la
Nacion
Argentina
con
Ajuste
por
CER,
Index
Linked,
12/04/20
.....................
391,131,903
ARS
$
2,701,983
Brazil
3.9%
g
Brazil
Letras
do
Tesouro
Nacional
,
10/01/20
.....................
166,070,000
BRL
29,564,815
4/01/21
......................
25,610,000
BRL
4,510,040
7/01/21
......................
34,210,000
BRL
5,981,577
10/01/21
.....................
302,400,000
BRL
52,372,005
92,428,437
Japan
8.4%
g
Japan
Treasury
Bills
,
10/05/20
.....................
5,425,500,000
JPY
51,429,668
10/12/20
.....................
1,611,000,000
JPY
15,271,388
11/09/20
.....................
291,000,000
JPY
2,758,809
12/14/20
.....................
1,804,150,000
JPY
17,107,136
1/12/21
......................
1,884,800,000
JPY
17,874,551
2/10/21
......................
1,180,000,000
JPY
11,191,930
3/10/21
......................
8,017,300,000
JPY
76,050,640
3/25/21
......................
698,500,000
JPY
6,626,247
198,310,369
Mexico
0.2%
g
Mexico
Cetes
,
BI,
12/17/20
...................
33,067,400
MXN
1,481,271
BI,
2/25/21
....................
42,908,900
MXN
1,906,428
BI,
3/25/21
....................
24,448,000
MXN
1,082,604
4,470,303
Total
Foreign
Government
and
Agency
Securities
(Cost
$308,661,959)
............
297,911,092
U.S.
Government
and
Agency
Securities
10.3%
United
States
10.3%
g
U.S.
Treasury
Bills
,
10/15/20
.....................
64,460,000
64,458,183
11/24/20
.....................
113,820,000
113,805,915
12/15/20
.....................
64,460,000
64,447,242
242,711,340
Total
U.S.
Government
and
Agency
Securities
(Cost
$242,706,296)
................
242,711,340
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
131
Short
Term
Investments
(continued)
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
11.5%
United
States
11.5%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.............
270,540,056
$
270,540,056
Total
Money
Market
Funds
(Cost
$270,540,056)
.................................
270,540,056
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$821,908,311
)
...............................
811,162,488
a
a
a
a
Total
Investments
(Cost
$2,592,459,415)
99.2%
..................................
$2,335,921,021
Options
Written
(0.7)%
.......................................................
(17,134,101)
Other
Assets,
less
Liabilities
1.5%
.............................................
34,645,916
Net
Assets
100.0%
...........................................................
$2,353,432,836
a
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.7)%
a
Calls
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
71.75
AUD,
Expires
4/29/21
.......
1
38,532,000
AUD
(1,845,598)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
December
Strike
Price
75.70
AUD,
Expires
12/21/20
..
1
35,514,000
AUD
(535,811)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
76.00
AUD,
Expires
1/22/21
..
1
26,674,000
AUD
(432,322)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
January
Strike
Price
76.95
AUD,
Expires
1/22/21
..
1
31,616,000
AUD
(380,305)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
October
Strike
Price
77.45
AUD,
Expires
10/30/20
..
1
29,730,000
AUD
(66,392)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
78.00
AUD,
Expires
6/21/21
.......
1
29,640,000
AUD
(448,172)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.40,
Expires
1/22/21
......
1
5,677,954
(136,783)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.44,
Expires
10/21/20
......
1
10,176,419
(17,388)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.46,
Expires
10/26/20
......
1
8,230,024
(9,253)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.52,
Expires
1/22/21
......
1
7,817,846
(40,880)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
January
Strike
Price
$1.52,
Expires
1/27/21
......
1
6,879,660
(36,464)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
March
Strike
Price
$1.54,
Expires
3/22/21
......
1
5,515,403
(34,842)
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
132
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
a
Calls
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
January
Strike
Price
$1.57,
Expires
1/21/21
......
1
9,344,403
$
(26,668)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$107.00,
Expires
2/24/21
.....
1
98,607,000
(1,079,183)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$107.65,
Expires
2/01/21
.....
1
19,721,000
(150,996)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
August
Strike
Price
$109.90,
Expires
8/11/21
.........
1
98,606,000
(846,069)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
$23.46,
Expires
12/07/20
.....
1
8,760,000
(148,111)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
November
Strike
Price
$23.68,
Expires
11/25/20
.....
1
14,301,000
(172,678)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
$25.43,
Expires
12/07/20
.....
1
8,760,000
(49,513)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
$25.87,
Expires
3/24/21
..........
1
17,883,000
(242,324)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
March
Strike
Price
$26.08,
Expires
3/24/21
..........
1
7,537,000
(95,239)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$26.61,
Expires
8/30/21
......
1
16,398,000
(377,143)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
April
Strike
Price
$27.24,
Expires
4/09/21
..........
1
22,442,000
(231,262)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$27.38,
Expires
8/11/21
......
1
16,398,000
(297,563)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
December
Strike
Price
$27.93,
Expires
12/07/21
.....
1
10,512,000
(256,591)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
$28.24,
Expires
6/18/21
..........
1
23,833,000
(272,595)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
$28.40,
Expires
6/30/21
..........
1
23,836,000
(282,504)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
$30.36,
Expires
6/09/21
..........
1
7,291,000
(49,973)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
November
Strike
Price
$31.74,
Expires
11/09/20
.....
1
17,471,000
(1,677)
(8,564,299)
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
133
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
a
Puts
-
Over-the-Counter
a
Currency
Options
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
June
Strike
Price
64.86
AUD,
Expires
6/21/21
.......
1
59,280,000
AUD
$
(351,866)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
66.00
AUD,
Expires
4/29/21
.......
1
25,688,000
AUD
(142,076)
Foreign
Exchange
AUD/JPY,
Counterparty
CITI,
April
Strike
Price
72.90
AUD,
Expires
4/29/21
.......
1
3,162,000
AUD
(52,585)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
May
Strike
Price
$1.29,
Expires
5/05/21
...........
1
15,290,750
(94,332)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
May
Strike
Price
$1.35,
Expires
5/12/21
...........
1
31,506,748
(571,696)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.38,
Expires
10/21/20
......
1
10,632,780
(47,296)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.39,
Expires
10/28/20
......
1
5,697,994
(44,550)
Foreign
Exchange
USD/AUD,
Counterparty
MSCO,
October
Strike
Price
$1.40,
Expires
10/26/20
......
1
8,615,336
(95,301)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
November
Strike
Price
$1.40,
Expires
11/05/20
......
1
8,444,045
(127,536)
Foreign
Exchange
USD/AUD,
Counterparty
HSBK,
February
Strike
Price
$1.44,
Expires
2/08/21
......
1
10,942,298
(537,193)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
August
Strike
Price
$98.00,
Expires
8/11/21
..........
1
32,885,000
(335,987)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$98.80,
Expires
2/01/21
......
1
17,256,000
(71,259)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
February
Strike
Price
$104.78,
Expires
2/01/21
.....
1
4,536,000
(71,747)
Foreign
Exchange
USD/JPY,
Counterparty
CITI,
October
Strike
Price
$106.00,
Expires
10/29/20
....
1
49,304,000
(452,331)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
June
Strike
Price
$19.61,
Expires
6/09/21
..........
1
7,291,000
(42,936)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
June
Strike
Price
$20.24,
Expires
6/30/21
..........
1
11,918,000
(125,212)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$20.94,
Expires
8/30/21
......
1
16,398,000
(318,297)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
November
Strike
Price
$21.37,
Expires
11/25/20
.....
1
14,301,000
(182,771)
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
134
See
Abbreviations
on
page
172
.
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
a
Puts
-
Over-the-Counter
(continued)
a
Currency
Options
(continued)
Foreign
Exchange
USD/MXN,
Counterparty
MSCO,
August
Strike
Price
$21.43,
Expires
8/11/21
......
1
16,398,000
$
(428,323)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
February
Strike
Price
$21.63,
Expires
2/12/21
......
1
37,976,000
(914,647)
Foreign
Exchange
USD/MXN,
Counterparty
GSCO,
October
Strike
Price
$22.02,
Expires
10/23/20
.....
1
46,606,000
(723,646)
Foreign
Exchange
USD/MXN,
Counterparty
CITI,
November
Strike
Price
$23.88,
Expires
11/09/20
.....
1
34,941,000
(2,838,216)
(8,569,803)
Total
Options
Written
(Premiums
received
$16,887,637)
..........................
$
(17,134,102)
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Redemption
price
at
maturity
is
adjusted
for
inflation.
b
Securities
denominated
in
Argentine
Peso
have
been
designated
as
Level
3
investments.
See
Note
12
regarding
fair
value
measurements.
c
The
coupon
rate
shown
represents
the
rate
at
period
end.
d
Principal
amount
of
security
is
adjusted
for
inflation.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2020,
the
aggregate
value
of
these
securities
was
$119,651,627,
representing
5.1%
of
net
assets.
f
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
g
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
h
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
135
At
September
30,
2020,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
3
. 
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Brazilian
Real
......
HSBK
Buy
93,155,800
16,496,511
10/02/20
$
87,664
$
—
Brazilian
Real
......
HSBK
Sell
93,155,800
17,474,358
10/02/20
890,182
—
Brazilian
Real
......
JPHQ
Buy
226,355,900
40,045,272
10/02/20
252,014
—
Brazilian
Real
......
JPHQ
Sell
226,355,900
42,586,450
10/02/20
2,289,164
—
Mexican
Peso
......
GSCO
Buy
452,466,000
20,492,120
10/02/20
—
(43,527)
Mexican
Peso
......
GSCO
Sell
452,466,000
21,418,509
10/02/20
969,917
—
Euro
.............
GSCO
Buy
17,044,025
19,273,383
10/05/20
707,071
—
Euro
.............
GSCO
Sell
17,044,025
19,070,900
10/05/20
—
(909,554)
South
Korean
Won
..
HSBK
Buy
42,561,000,000
36,392,475
10/07/20
114,605
—
South
Korean
Won
..
HSBK
Sell
42,561,000,000
34,840,373
10/07/20
—
(1,666,708)
Mexican
Peso
......
CITI
Sell
318,868,000
14,003,778
10/08/20
543,750
(940,205)
Mexican
Peso
......
CITI
Sell
121,288,000
5,877,353
10/09/20
400,599
—
Australian
Dollar
....
HSBK
Sell
14,684,959
1,098,735,974
JPY
10/13/20
—
(97,587)
Australian
Dollar
....
JPHQ
Sell
22,450,754
1,678,137,731
JPY
10/13/20
—
(164,730)
Euro
.............
HSBK
Buy
33,800,018
38,282,239
10/13/20
1,348,676
—
Euro
.............
HSBK
Sell
33,800,018
37,982,433
10/13/20
—
(1,648,482)
Euro
.............
UBSW
Sell
10,093,999
10,861,193
CHF
10/13/20
—
(42,165)
Mexican
Peso
......
CITI
Sell
404,375,000
19,555,619
10/13/20
1,305,025
—
Australian
Dollar
....
JPHQ
Sell
47,994,623
3,653,845,423
JPY
10/14/20
460,518
(183,168)
Euro
.............
GSCO
Sell
7,934,962
8,527,545
CHF
10/14/20
—
(44,489)
Japanese
Yen
......
JPHQ
Sell
2,246,125,000
30,200,000
AUD
10/14/20
328,041
—
Euro
.............
DBAB
Sell
13,339,381
138,688,215
SEK
10/15/20
—
(157,609)
Mexican
Peso
......
CITI
Sell
595,223,000
28,888,991
10/15/20
2,031,466
—
Euro
.............
BOFA
Buy
5,251,819
6,017,223
10/16/20
157,075
(16,033)
Euro
.............
BOFA
Sell
5,251,819
5,944,009
10/16/20
—
(214,257)
Euro
.............
DBAB
Sell
19,967,021
208,032,400
SEK
10/16/20
—
(187,520)
Euro
.............
HSBK
Buy
8,691,999
9,971,513
10/16/20
258,920
(38,223)
Euro
.............
HSBK
Sell
8,692,000
9,833,042
10/16/20
—
(359,168)
Euro
.............
JPHQ
Sell
18,480,695
198,445,700
NOK
10/16/20
—
(402,444)
Mexican
Peso
......
CITI
Sell
545,017,000
26,695,974
10/16/20
2,106,847
—
South
Korean
Won
..
HSBK
Sell
7,007,000,000
5,737,799
10/20/20
—
(272,007)
Australian
Dollar
....
MSCO
Sell
5,730,000
4,178,230
10/23/20
75,656
—
Indian
Rupee
......
HSBK
Sell
640,300,000
8,497,677
10/26/20
—
(181,549)
Indian
Rupee
......
SCNY
Sell
2,081,097,000
27,592,522
10/26/20
—
(616,616)
Japanese
Yen
......
BNDP
Buy
8,410,370,000
77,686,199
10/26/20
2,058,440
—
Japanese
Yen
......
BNDP
Sell
8,410,370,000
79,406,159
10/26/20
—
(338,480)
Mexican
Peso
......
CITI
Sell
250,042,000
11,359,607
10/27/20
93,853
—
South
Korean
Won
..
HSBK
Sell
39,774,174,559
33,094,125
10/28/20
—
(1,017,837)
South
Korean
Won
..
HSBK
Sell
24,029,880,977
20,127,214
10/29/20
—
(481,653)
Euro
.............
BOFA
Buy
27,385,662
30,919,909
10/30/20
1,203,289
—
Euro
.............
BOFA
Sell
27,385,662
29,817,509
10/30/20
—
(2,305,690)
Euro
.............
CITI
Sell
20,106,927
2,484,834,181
JPY
10/30/20
—
(23,760)
Euro
.............
HSBK
Buy
25,974,891
29,458,291
10/30/20
1,010,083
—
Euro
.............
HSBK
Sell
25,974,891
28,262,500
10/30/20
—
(2,205,874)
Japanese
Yen
......
CITI
Buy
1,511,588,790
14,131,356
10/30/20
201,731
—
Japanese
Yen
......
CITI
Sell
1,511,588,790
14,249,249
10/30/20
—
(83,839)
Japanese
Yen
......
JPHQ
Buy
4,187,000,000
39,263,309
10/30/20
438,386
—
Japanese
Yen
......
JPHQ
Sell
4,187,000,000
39,423,385
10/30/20
—
(278,310)
Brazilian
Real
......
CITI
Sell
177,213,700
32,316,503
11/04/20
794,416
—
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
136
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Brazilian
Real
......
HSBK
Sell
93,155,800
16,484,251
11/04/20
$
—
$
(85,942)
Brazilian
Real
......
JPHQ
Sell
226,355,900
40,014,124
11/04/20
—
(249,187)
Euro
.............
UBSW
Sell
24,119,571
26,067,318
CHF
11/09/20
284,866
(255,289)
South
Korean
Won
..
HSBK
Sell
75,818,000,000
63,504,481
11/10/20
—
(1,519,614)
Euro
.............
GSCO
Sell
26,114,838
28,425,037
CHF
11/12/20
273,984
(22,501)
Euro
.............
DBAB
Sell
13,471,477
138,688,185
SEK
11/13/20
—
(319,326)
Japanese
Yen
......
CITI
Buy
727,486,679
6,790,754
11/16/20
108,677
—
Euro
.............
DBAB
Sell
13,488,054
138,688,215
SEK
11/17/20
—
(339,427)
Euro
.............
BOFA
Buy
10,878,191
12,905,157
11/20/20
—
(139,500)
Euro
.............
BOFA
Sell
10,878,191
11,840,584
11/20/20
—
(925,072)
Euro
.............
GSCO
Buy
1,898,500
2,250,602
11/20/20
—
(22,694)
Euro
.............
GSCO
Sell
1,898,500
2,069,593
11/20/20
—
(158,314)
Euro
.............
BOFA
Sell
7,066,000
7,766,311
11/23/20
—
(526,217)
Euro
.............
GSCO
Sell
1,230,811
1,350,975
11/23/20
—
(93,482)
Euro
.............
JPHQ
Buy
21,540,000
24,445,296
11/23/20
857,706
(24,054)
Euro
.............
JPHQ
Sell
48,239,690
53,079,523
11/23/20
—
(3,533,693)
Australian
Dollar
....
CITI
Sell
35,607,467
2,694,648,504
JPY
11/24/20
61,712
—
Australian
Dollar
....
JPHQ
Sell
67,462,999
5,064,942,916
JPY
11/24/20
51,460
(317,919)
Euro
.............
HSBK
Sell
50,507,930
6,152,121,340
JPY
11/24/20
420,897
(1,345,847)
Australian
Dollar
....
JPHQ
Sell
52,305,500
3,959,264,822
JPY
11/25/20
100,145
—
Euro
.............
MSCO
Sell
30,744,500
33,641,247
11/27/20
—
(2,442,906)
Brazilian
Real
......
CITI
Sell
72,644,928
13,216,820
12/02/20
301,324
—
Brazilian
Real
......
HSBK
Sell
67,353,775
12,242,357
12/02/20
267,572
—
Indian
Rupee
......
SCNY
Sell
2,362,358,000
32,012,440
12/02/20
125,235
—
Mexican
Peso
......
JPHQ
Sell
581,314,000
26,387,860
12/08/20
321,178
—
Australian
Dollar
....
HSBK
Sell
19,340,000
1,495,890,980
JPY
12/14/20
344,938
—
Australian
Dollar
....
JPHQ
Sell
22,664,623
1,759,239,370
JPY
12/14/20
463,052
—
Euro
.............
DBAB
Sell
26,825,359
277,376,415
SEK
12/14/20
—
(510,512)
Euro
.............
DBAB
Sell
13,332,714
138,688,221
SEK
12/15/20
—
(161,504)
Euro
.............
JPHQ
Sell
18,535,500
198,445,700
NOK
12/16/20
—
(495,297)
Japanese
Yen
......
MSCO
Buy
12,189,000,000
115,214,473
12/18/20
456,260
—
Japanese
Yen
......
MSCO
Sell
1,550,123,530
14,612,062
12/18/20
—
(98,244)
Euro
.............
JPHQ
Sell
18,880,224
202,667,400
NOK
12/21/20
—
(450,346)
Japanese
Yen
......
JPHQ
Buy
1,180,260,000
11,082,774
12/22/20
118,798
—
Japanese
Yen
......
BNDP
Buy
2,244,657,680
21,061,272
12/24/20
243,374
—
Japanese
Yen
......
CITI
Buy
4,212,680,000
39,535,263
12/24/20
448,407
—
Mexican
Peso
......
JPHQ
Sell
441,687,000
20,005,662
12/28/20
245,790
—
Euro
.............
CITI
Sell
22,619,073
2,785,516,197
JPY
12/30/20
—
(133,019)
Euro
.............
CITI
Sell
33,700,000
37,987,988
1/04/21
—
(1,611,087)
South
Korean
Won
..
HSBK
Sell
42,561,000,000
36,389,364
1/08/21
—
(121,547)
South
Korean
Won
..
DBAB
Sell
13,919,000,000
11,609,809
1/13/21
—
(330,744)
Euro
.............
GSCO
Sell
7,941,195
8,527,493
CHF
1/14/21
—
(44,565)
South
Korean
Won
..
HSBK
Sell
13,984,825,441
11,602,776
1/19/21
—
(394,415)
Mexican
Peso
......
CITI
Sell
299,321,000
14,091,331
1/21/21
738,534
—
Mexican
Peso
......
CITI
Sell
223,105,000
10,493,775
1/22/21
542,180
—
Mexican
Peso
......
JPHQ
Sell
57,736,000
2,607,533
1/22/21
32,220
—
South
Korean
Won
..
DBAB
Sell
13,920,000,000
11,622,276
2/04/21
—
(319,775)
Euro
.............
UBSW
Sell
20,210,865
21,723,143
CHF
2/10/21
—
(86,384)
Australian
Dollar
....
HSBK
Sell
6,937,000
5,037,649
2/12/21
69,306
—
Euro
.............
GSCO
Sell
10,558,941
11,370,079
CHF
2/12/21
—
(21,966)
Mexican
Peso
......
CITI
Sell
546,651,200
24,633,360
2/16/21
322,507
—
Australian
Dollar
....
JPHQ
Sell
45,472,501
3,464,199,714
JPY
2/22/21
339,640
—
Euro
.............
HSBK
Sell
25,252,747
3,170,191,934
JPY
2/24/21
410,120
—
Euro
.............
HSBK
Sell
25,253,559
3,149,421,812
JPY
2/25/21
211,598
—
Australian
Dollar
....
CITI
Sell
3,372,533
255,563,103
JPY
2/26/21
12,334
—
Euro
.............
CITI
Sell
20,106,846
2,529,075,228
JPY
2/26/21
372,616
—
Japanese
Yen
......
CITI
Buy
2,796,566,000
26,458,830
2/26/21
108,547
—
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
137
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Japanese
Yen
......
JPHQ
Buy
4,594,279,100
43,404,543
2/26/21
$
241,108
$
—
Mexican
Peso
......
CITI
Sell
861,862,000
38,568,616
3/02/21
303,629
—
South
Korean
Won
..
GSCO
Sell
44,346,000,000
37,383,351
3/09/21
—
(664,453)
Australian
Dollar
....
CITI
Sell
23,089,500
1,766,224,375
JPY
3/10/21
243,845
—
Euro
.............
UBSW
Sell
10,068,687
10,861,194
CHF
3/10/21
2,296
—
Australian
Dollar
....
HSBK
Sell
14,685,041
1,131,174,023
JPY
3/11/21
229,753
—
Mexican
Peso
......
CITI
Sell
539,656,000
23,963,623
3/11/21
29,724
—
Euro
.............
DBAB
Sell
20,006,766
208,032,350
SEK
3/15/21
—
(274,827)
Euro
.............
GSCO
Sell
10,558,082
11,369,999
CHF
3/15/21
—
(17,943)
Australian
Dollar
....
HSBK
Sell
81,620,000
6,273,721,300
JPY
3/16/21
1,152,971
—
Australian
Dollar
....
HSBK
Sell
9,830,000
754,855,530
JPY
3/17/21
132,024
—
Mexican
Peso
......
MSCO
Sell
313,625,800
14,546,651
3/17/21
647,241
—
South
Korean
Won
..
CITI
Sell
4,215,000,000
3,570,521
3/22/21
—
(45,966)
Mexican
Peso
......
MSCO
Sell
103,277,000
4,655,682
3/24/21
82,442
—
Euro
.............
HSBK
Sell
25,254,215
3,106,369,487
JPY
3/25/21
—
(205,510)
Euro
.............
CITI
Sell
22,619,073
2,787,144,769
JPY
3/31/21
—
(138,825)
Euro
.............
JPHQ
Sell
20,737,524
230,077,650
NOK
3/31/21
254,898
—
Mexican
Peso
......
GSCO
Sell
452,466,000
20,057,895
4/05/21
50,366
—
Mexican
Peso
......
CITI
Sell
211,419,600
9,442,127
4/13/21
101,955
—
Mexican
Peso
......
CITI
Sell
660,655,100
29,513,293
4/30/21
383,486
—
Euro
.............
CITI
Sell
22,619,082
2,788,932,752
JPY
6/30/21
—
(138,588)
Total
Forward
Exchange
Contracts
...................................................
$32,638,103
$(33,507,985)
Net
unrealized
appreciation
(depreciation)
............................................
$(869,882)
*
In
U.S.
dollars
unless
otherwise
stated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited),
September
30,
2020
Templeton
Growth
VIP
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
138
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
89.1%
Aerospace
&
Defense
1.0%
BAE
Systems
plc
.....................................
United
Kingdom
1,076,963
$
6,688,753
Air
Freight
&
Logistics
1.4%
United
Parcel
Service,
Inc.,
B
............................
United
States
55,819
9,301,120
Airlines
1.8%
a
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
1,907,921
2,330,278
b
Japan
Airlines
Co.
Ltd.
.................................
Japan
302,900
5,648,008
Southwest
Airlines
Co.
.................................
United
States
91,424
3,428,400
11,406,686
Auto
Components
1.2%
BorgWarner,
Inc.
......................................
United
States
110,350
4,274,959
Lear
Corp.
..........................................
United
States
33,796
3,685,454
7,960,413
Automobiles
1.6%
Honda
Motor
Co.
Ltd.
..................................
Japan
316,000
7,502,008
a
Isuzu
Motors
Ltd.
.....................................
Japan
304,100
2,658,833
10,160,841
Banks
2.4%
Bangkok
Bank
PCL
....................................
Thailand
1,552,060
4,740,713
KB
Financial
Group,
Inc.
................................
South
Korea
159,595
5,155,312
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
203,248
5,681,362
15,577,387
Beverages
5.4%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
235,533
12,678,499
Kirin
Holdings
Co.
Ltd.
.................................
Japan
497,400
9,339,811
Pernod
Ricard
SA
.....................................
France
35,070
5,590,227
Suntory
Beverage
&
Food
Ltd.
...........................
Japan
185,560
6,966,433
34,574,970
Biotechnology
1.9%
AbbVie,
Inc.
.........................................
United
States
45,763
4,008,381
Gilead
Sciences,
Inc.
..................................
United
States
125,136
7,907,344
11,915,725
Chemicals
1.0%
DuPont
de
Nemours,
Inc.
...............................
United
States
116,393
6,457,484
Consumer
Finance
0.6%
American
Express
Co.
.................................
United
States
38,980
3,907,745
Diversified
Telecommunication
Services
2.5%
Verizon
Communications,
Inc.
............................
United
States
272,877
16,233,453
Electric
Utilities
0.2%
b
Siemens
Energy
AG
...................................
Germany
50,279
1,355,539
b
Electrical
Equipment
1.2%
Mitsubishi
Electric
Corp.
................................
Japan
565,700
7,673,918
Electronic
Equipment,
Instruments
&
Components
1.7%
Kyocera
Corp.
........................................
Japan
192,100
10,995,859
Entertainment
1.6%
Walt
Disney
Co.
(The)
..................................
United
States
84,649
10,503,248
Food
&
Staples
Retailing
3.9%
Kroger
Co.
(The)
......................................
United
States
241,878
8,202,083
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
139
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
&
Staples
Retailing
(continued)
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
197,102
$
6,122,239
Sysco
Corp.
.........................................
United
States
172,673
10,743,714
25,068,036
Food
Products
1.5%
Kellogg
Co.
..........................................
United
States
144,817
9,353,730
Health
Care
Equipment
&
Supplies
1.8%
Medtronic
plc
........................................
United
States
53,025
5,510,358
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
45,960
6,256,994
11,767,352
Health
Care
Providers
&
Services
1.0%
b
Laboratory
Corp.
of
America
Holdings
......................
United
States
32,468
6,112,750
b
Hotels,
Restaurants
&
Leisure
5.6%
Compass
Group
plc
...................................
United
Kingdom
454,150
6,822,403
Galaxy
Entertainment
Group
Ltd.
.........................
Macau
1,031,300
6,972,354
b
InterContinental
Hotels
Group
plc
.........................
United
Kingdom
96,760
5,079,174
Starbucks
Corp.
......................................
United
States
56,480
4,852,762
Whitbread
plc
........................................
United
Kingdom
70,840
1,935,616
Yum
China
Holdings,
Inc.
...............................
China
187,311
9,918,117
35,580,426
Household
Durables
3.2%
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...................
China
379,820
2,999,273
Panasonic
Corp.
......................................
Japan
1,014,460
8,638,792
Sony
Corp.
..........................................
Japan
112,320
8,605,985
20,244,050
Industrial
Conglomerates
2.4%
Honeywell
International,
Inc.
.............................
United
States
29,691
4,887,436
Siemens
AG
.........................................
Germany
83,281
10,515,240
15,402,676
Insurance
1.7%
AIA
Group
Ltd.
.......................................
Hong
Kong
1,101,645
10,950,529
Internet
&
Direct
Marketing
Retail
3.6%
b
Alibaba
Group
Holding
Ltd.
..............................
China
347,140
12,743,980
b
Booking
Holdings,
Inc.
.................................
United
States
5,950
10,178,546
22,922,526
IT
Services
1.9%
b
EPAM
Systems,
Inc.
...................................
United
States
37,826
12,228,389
b
Machinery
3.1%
a
Komatsu
Ltd.
........................................
Japan
440,500
9,671,973
Makita
Corp.
.........................................
Japan
141,800
6,784,519
Stanley
Black
&
Decker,
Inc.
.............................
United
States
22,400
3,633,280
20,089,772
Marine
1.3%
AP
Moller
-
Maersk
A/S,
B
...............................
Denmark
5,311
8,394,277
Media
3.4%
Comcast
Corp.,
A
.....................................
United
States
333,281
15,417,579
SES
SA,
FDR
........................................
Luxembourg
881,520
6,239,290
21,656,869
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
140
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
5.0%
b
ArcelorMittal
SA
......................................
Luxembourg
485,836
$
6,461,856
Freeport-McMoRan,
Inc.
................................
United
States
555,628
8,690,022
Wheaton
Precious
Metals
Corp.
..........................
Brazil
338,999
16,630,476
31,782,354
Multiline
Retail
2.1%
b
Dollar
Tree,
Inc.
......................................
United
States
144,230
13,173,968
b
Multi-Utilities
2.1%
E.ON
SE
............................................
Germany
1,196,199
13,182,193
Oil,
Gas
&
Consumable
Fuels
1.7%
BP
plc
..............................................
United
Kingdom
1,941,401
5,614,713
a
Husky
Energy,
Inc.
....................................
Canada
686,221
1,587,115
Royal
Dutch
Shell
plc,
B
................................
Netherlands
317,577
3,851,422
11,053,250
Pharmaceuticals
8.3%
Bayer
AG
...........................................
Germany
150,406
9,277,129
Roche
Holding
AG
....................................
Switzerland
46,662
15,979,290
Sanofi
..............................................
France
189,625
18,998,619
Takeda
Pharmaceutical
Co.
Ltd.
..........................
Japan
242,624
8,669,628
52,924,666
Road
&
Rail
0.7%
East
Japan
Railway
Co.
................................
Japan
31,800
1,955,103
Keisei
Electric
Railway
Co.
Ltd.
...........................
Japan
80,000
2,258,879
4,213,982
Semiconductors
&
Semiconductor
Equipment
1.1%
NXP
Semiconductors
NV
...............................
Netherlands
55,236
6,894,005
Software
0.9%
Oracle
Corp.
.........................................
United
States
97,534
5,822,780
Specialty
Retail
2.6%
Ross
Stores,
Inc.
.....................................
United
States
91,046
8,496,413
TJX
Cos.,
Inc.
(The)
...................................
United
States
151,643
8,438,933
16,935,346
Technology
Hardware,
Storage
&
Peripherals
2.9%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
373,630
18,607,577
Textiles,
Apparel
&
Luxury
Goods
1.8%
b
adidas
AG
...........................................
Germany
14,503
4,682,632
Burberry
Group
plc
....................................
United
Kingdom
355,780
7,131,608
11,814,240
Total
Common
Stocks
(Cost
$509,919,508)
.....................................
570,888,884
Short
Term
Investments
5.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
4.8%
BNP
Paribas
SA,
0.08%,
10/01/20
.........................
France
20,000,000
20,000,000
Royal
Bank
of
Canada,
0.06%,
10/01/20
....................
Canada
11,000,000
11,000,000
Total
Time
Deposits
(Cost
$31,000,000)
........................................
31,000,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Statement
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
141
See
Abbreviations
on
page
172
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
2,304,383
$
2,304,383
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,304,383)
............................................................
2,304,383
Total
Short
Term
Investments
(Cost
$33,304,383
)
................................
33,304,383
a
Total
Investments
(Cost
$543,223,891)
94.3%
...................................
$604,193,267
Other
Assets,
less
Liabilities
5.7%
.............................................
36,465,331
Net
Assets
100.0%
...........................................................
$640,658,598
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2020.
b
Non-income
producing.
c
See
Note
10
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
142
Quarterly
Statement
of
Investments
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
Shares
of
the
Funds
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts.
Certain
or
all
Funds
invest
primarily
in
other
funds
of
the
Trust
(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
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
143
Quarterly
Statement
of
Investments
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
September
30,
2020,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy.
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Derivative
Financial
Instruments
Certain
or
all
Funds
invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
Certain
or
all
Funds
attempt
to
reduce
their
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Funds include
failure
of
the
Funds
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
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
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
144
Quarterly
Statement
of
Investments
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.
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
September
30,
2020,
the
Funds
received
U.S.
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives,
as
follows:
Franklin
Mutual
Global
Discovery
VIP
Fund-
$412,608 
Franklin
Mutual
Shares
VIP
Fund-
$654,049
Templeton
Global
Bond
VIP
Fund-
$2,746,726
Certain
or
all
Funds entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable. 
Certain
or
all
Funds
entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain
exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
currency
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
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
145
Quarterly
Statement
of
Investments
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
depreciation
and
appreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
represent
compensating
factors
between
stated
terms
of
the
cross
currency
swap
contract
and
prevailing
market
conditions
(interest
rate
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss.
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
did
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. 
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
146
Quarterly
Statement
of
Investments
Franklin
Allocation
VIP
Fund –
Futures,
forwards,
options
and
swaps
Franklin
Income
VIP
Fund –
Options
Franklin
Mutual
Global
Discovery
VIP
Fund
-
Futures
and
forwards
Franklin
Mutual
Shares
VIP
Fund
-
Futures
and
forwards
Franklin
Strategic
Income
VIP
Fund
-
Futures,
forwards,
options,
swaps
and
VRI.
Franklin
VolSmart
Allocation
VIP
Fund
-
Futures
and
swaps
Templeton
Global
Bond
VIP
Fund
–
Options,
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.
Certain
or
all
Funds 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
3.
Derivative
Financial
Instruments
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
147
Quarterly
Statement
of
Investments
currently
do
not
affect
the
Funds’ ability
to
sell
these
securities.
At
September
30,
2020,
Templeton
Developing
Markets
VIP
Fund
had
7.3%
of
its
net
assets
invested
in
Russia.
The
remaining
Funds
in
the
Trust
did
not
have
a
significant
investment
in
Russia.
Investments
in
issuers
domiciled
or
with
significant
operations
in
developing
or
emerging
market
countries
may
be
subject
to
higher
risks
than
investments
in
developed
countries.
These
risks
include
fluctuating
currency
values,
underdeveloped
legal
or
business
systems,
and
changing
local
and
regional
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Currencies
of
developing
or
emerging
market
countries
may
be
subject
to
significantly
greater
risks
than
currencies
of
developed
countries,
including
the
potential
inability
to
repatriate
those
currencies
into
U.S.
dollars.
 At
September
30,
2020,
Templeton
Global
Bond
VIP
Fund
had
1.9%
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.
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
September
30,
2020,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
VIP
Fund
424,073
International
Automotive
Components
Group
BVBA
..
4/13/06-12/26/08
$
281,629
$
6,358
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
1,730,515
International
Automotive
Components
Group
BVBA
..
4/13/06-12/26/08
$
1,149,241
$
25,944
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
251,933
a
DraftKings
,
Inc.,
A
...........................
8/07/15
$
2,684,262
$
14,086,334
Principal
Amount
*
/
Shares
/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
18,684
Appvion
Operations,
Inc.
......................
4/12/19
$
252,711
$
279,033
5.
Concentration
of
Risk 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
148
Quarterly
Statement
of
Investments
8.
Unfunded
Loan
Commitments  
Certain
or
all
Funds
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the
Statement
of
Investments.
At
September
30,
2020,
unfunded
commitments
were
as
follows:
9.
Investments
in
FT
Underlying
Funds  
Certain
or
all
Funds
invest
in
FT
Underlying
Funds
which
are
managed
by
affiliates
of
the
Fund’s
administrative
manager,
Franklin
Templeton
Services,
LLC.
The
Fund
does
not
invest
in
FT
Underlying
Funds
for
the
purpose
of
exercising
a
controlling
influence
over
the
management
or
policies.
Investments
in
FT
Underlying
Funds
for
the
nine
months
ended
September
30,
2020,
were
as
follows:
Principal
Amount*/
Shares/
Units
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
(continued)
14,792,309
ZAR
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13-2/01/17
$
114,768
$
—
1,472,041
ZAR
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
—
7,021
b
Remington
Outdoor
Co.,
Inc.,
Litigation
Units
.......
4/12/19
—
—
Total
Restricted
Securities
(Value
is
0.07%
of
Net
Assets)
.............
$368,572
$279,033
*In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,347,436
as
of
September
30,
2020.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$2,051
as
of
September
30,
2020.
Borrower
Unfunded
Commitment
Franklin
Strategic
Income
VIP
Fund
Fieldwood
Energy
LLC
$270,448
Pathway
Vet
Alliance
LLC
32,381
$302,829
a
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
a
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
DynaTech
Fund,
Class
R6
$9,701,447
$1,700,000
$(11,942,385)
$5,149,340
$(4,608,402)
$—
$—
Franklin
Income
Fund,
Class
R6
.
$15,600,923
$1,619,945
$(1,552,000)
$(211,629)
$(1,503,105)
$13,954,134
6,741,127
$551,539
Franklin
Liberty
U.S.
Core
Bond
ETF
....................
$—
$27,703,683
$(1,032,131)
$5,340
$361,460
$27,038,352
1,030,425
$343,446
Franklin
Low
Duration
Total
Return
Fund,
Class
R6
............
$32,117,065
$428,199
$(20,948,000)
$(1,792,981)
$398,904
$10,203,187
1,061,726
$428,927
Franklin
Strategic
Income
Fund,
Class
R6
................
$22,028,255
$430,376
$(14,669,000)
$(1,610,718)
$(58,480)
$6,120,433
660,954
$430,377
7. Restricted
Securities 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
149
Quarterly
Statement
of
Investments
a
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
a
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$4,131,506
$117,394,728
$(113,853,035)
$—
$—
$7,673,199
7,673,199
$15,377
Total
Affiliated
Securities
....
$83,579,196
$149,276,931
$(163,996,551)
$1,539,352
$(5,409,623)
$64,989,305
$1,769,666
9.
Investments
in
FT
Underlying
Funds  
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
150
Quarterly
Statement
of
Investments
10.
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
September
30,
2020,
investments
in
affiliated
management
investment
companies
were
as
follows: 
a
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
a
Franklin
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
LibertyQ
U.S.
Equity
ETF
$—
$4,446,394
$(4,056,817)
$(389,577)
$—
$—
$10,093
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$21,473,752
$228,799,603
$(230,116,832)
$—
$—
$20,156,523
20,156,523
$72,099
Templeton
Global
Bond
VIP
Fund,
Class
1
.................
$33,013,162
$4,449,481
$(25,400,000)
$(6,081,323)
$1,793,660
$7,774,980
539,390
$2,449,481
Total
Affiliated
Securities
....
$54,486,914
$237,695,478
$(259,573,649)
$(6,470,900)
$1,793,660
$27,931,503
$2,531,673
Franklin
Flex
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$2,694,405
$28,727,096
$(27,423,094)
$—
$—
$3,998,407
3,998,407
$3,121
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$23,100
$2,254,330
$(2,050,105)
$
—
$
—
$227,325
227,325
$10
Total
Affiliated
Securities
....
$2,717,505
$30,981,426
$(29,473,199)
$—
$—
$4,225,732
$3,131
Franklin
Global
Real
Estate
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$4,330,000
$(4,155,000)
—
—
$175,000
175,000
$53
Total
Affiliated
Securities
....
$—
$4,330,000
$(4,155,000)
$—
$—
$175,000
$53
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$3,580,000
$(3,525,000)
—
—
$55,000
55,000
$182
Total
Affiliated
Securities
....
$—
$3,580,000
$(3,525,000)
$—
$—
$55,000
$182
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
151
Quarterly
Statement
of
Investments
a
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%
.........
$83,971,136
$1,269,666,095
$(1,140,683,502)
$—
$—
$212,953,729
212,953,729
$359,949
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$747,000
$148,161,000
$(143,681,000)
$
—
$
—
$5,227,000
5,227,000
$11,050
Total
Affiliated
Securities
....
$84,718,136
$1,417,827,095
$(1,284,364,502)
$—
$—
$218,180,729
$370,999
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$411,000
$7,285,000
$(7,046,000)
—
—
$650,000
650,000
$1,039
Total
Affiliated
Securities
....
$411,000
$7,285,000
$(7,046,000)
$—
$—
$650,000
$1,039
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$17,735,928
$199,685,422
$(194,526,786)
$—
$—
$22,894,564
22,894,564
$38,591
Total
Affiliated
Securities
....
$17,735,928
$199,685,422
$(194,526,786)
$—
$—
$22,894,564
$38,591
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$24,977,897
$185,858,852
$(192,571,788)
$—
$—
$18,264,961
18,264,961
$—
Total
Affiliated
Securities
....
$24,977,897
$185,858,852
$(192,571,788)
$—
$—
$18,264,961
$—
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$10,406,987
$98,110,708
$(94,354,053)
$—
$—
$14,163,642
14,163,642
$—
10.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
152
Quarterly
Statement
of
Investments
a
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
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$4,879,541
$42,720,993
$(42,864,479)
$
—
$
—
$4,736,055
4,736,055
$11,432
Total
Affiliated
Securities
....
$15,286,528
$140,831,701
$(137,218,532)
$—
$—
$18,899,697
$11,432
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
$9,264,918
$—
$—
$—
$(1,018,246)
$8,246,672
1,118,951
$323,102
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$11,463,714
$145,463,683
$(146,363,465)
$—
$—
$10,563,932
10,563,932
$29,388
Total
Affiliated
Securities
....
$20,728,632
$145,463,683
$(146,363,465)
$—
$(1,018,246)
$18,810,604
$352,490
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$3,522,232
$34,641,565
$(29,355,729)
$—
$—
$8,808,068
8,808,068
$9,563
Total
Affiliated
Securities
....
$3,522,232
$34,641,565
$(29,355,729)
$—
$—
$8,808,068
$9,563
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$70,825,763
$247,355,708
$(178,740,726)
$—
$—
$139,440,745
139,440,745
$185,345
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$205,042,271
$(185,022,975)
—
—
$20,019,296
20,019,296
$15,612
Total
Affiliated
Securities
....
$70,825,763
$452,397,979
$(363,763,701)
$—
$—
$159,460,041
$200,957
10.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
153
Quarterly
Statement
of
Investments
11.
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
September
30,
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
September
30,
2020,
the
net
assets
of
FT
Subsidiary
were
$6,345,178,
representing
1.6%
of
the
Fund’s
consolidated
net
assets.
The
Fund’s
investment
in
FT
Subsidiary
is
limited
to
25%
of
consolidated
assets.
12. 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. 
A
summary
of
inputs
used
as
of
September
30,
2020,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
a
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%
.........
$691,092,548
$664,633,660
$(1,085,186,152)
$—
$—
$270,540,056
270,540,056
$1,688,582
Total
Affiliated
Securities
....
$691,092,548
$664,633,660
$(1,085,186,152)
$—
$—
$270,540,056
$1,688,582
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$50,856,999
$(48,552,616)
$
—
$
—
$2,304,383
2,304,383
$1,765
Total
Affiliated
Securities
....
$—
$50,856,999
$(48,552,616)
$—
$—
$2,304,383
$1,765
10.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
154
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
9,454,243
$
2,287,988
$
—
$
11,742,231
Air
Freight
&
Logistics
...................
3,080,017
1,946,025
—
5,026,042
Airlines
..............................
—
309,195
—
309,195
Auto
Components
......................
186,842
1,302,004
—
1,488,846
Automobiles
..........................
311,032
1,806,353
—
2,117,385
Banks
...............................
2,187,012
7,463,851
—
9,650,863
Beverages
...........................
6,232,347
909,648
—
7,141,995
Biotechnology
.........................
9,012,959
3,736,913
—
12,749,872
Building
Products
......................
2,612,631
923,360
—
3,535,991
Capital
Markets
........................
13,093,845
7,280,764
—
20,374,609
Chemicals
...........................
12,588,832
6,644,034
—
19,232,866
Commercial
Services
&
Supplies
...........
2,768,725
170,089
—
2,938,814
Communications
Equipment
..............
1,370,741
—
—
1,370,741
Construction
&
Engineering
...............
—
479,207
—
479,207
Construction
Materials
..................
532,620
58,710
—
591,330
Consumer
Finance
.....................
16,644
—
—
16,644
Containers
&
Packaging
.................
476,543
—
—
476,543
Distributors
...........................
520,879
—
—
520,879
Diversified
Consumer
Services
............
1,760,765
—
—
1,760,765
Diversified
Financial
Services
.............
1,080,112
1,309,840
—
2,389,952
Diversified
Telecommunication
Services
.....
3,382,867
3,180,371
—
6,563,238
Electric
Utilities
........................
3,266,150
534,995
—
3,801,145
Electrical
Equipment
....................
1,746,403
1,761,582
—
3,507,985
Electronic
Equipment,
Instruments
&
Components
........................
3,223,526
917,326
—
4,140,852
Energy
Equipment
&
Services
.............
—
883,450
—
883,450
Entertainment
.........................
3,502,734
1,216,157
—
4,718,891
Equity
Real
Estate
Investment
Trusts
(REITs)
.
6,447,982
809,295
—
7,257,277
Food
&
Staples
Retailing
.................
4,470,731
2,894,448
—
7,365,179
Food
Products
........................
3,013,753
897,191
—
3,910,944
Gas
Utilities
..........................
106,392
476,538
—
582,930
Health
Care
Equipment
&
Supplies
.........
19,347,401
5,855,008
—
25,202,409
Health
Care
Providers
&
Services
..........
4,160,235
330,982
—
4,491,217
Health
Care
Technology
.................
1,668,629
—
—
1,668,629
Hotels,
Restaurants
&
Leisure
.............
4,082,143
—
—
4,082,143
Household
Durables
....................
1,002,974
2,119,988
—
3,122,962
Household
Products
....................
6,459,731
53,331
—
6,513,062
Industrial
Conglomerates
................
6,406,928
969,567
—
7,376,495
Insurance
............................
2,031,851
2,274,436
—
4,306,287
Interactive
Media
&
Services
..............
13,574,005
134,418
—
13,708,423
Internet
&
Direct
Marketing
Retail
..........
13,646,319
3,070,675
—
16,716,994
IT
Services
...........................
18,972,945
5,184,658
—
24,157,603
Leisure
Products
.......................
170,567
73,249
—
243,816
Life
Sciences
Tools
&
Services
............
5,245,031
795,724
—
6,040,755
Machinery
............................
8,516,191
3,193,680
—
11,709,871
Marine
..............................
—
410,177
—
410,177
Media
...............................
1,950,313
3,604,107
—
5,554,420
Metals
&
Mining
.......................
1,605,248
3,372,788
—
4,978,036
Multiline
Retail
........................
3,184,756
772,544
—
3,957,300
Multi-Utilities
..........................
1,788,663
1,332,583
—
3,121,246
Oil,
Gas
&
Consumable
Fuels
.............
3,875,179
3,760,725
—
7,635,904
Personal
Products
.....................
624,477
784,558
—
1,409,035
Pharmaceuticals
.......................
13,943,744
8,837,942
—
22,781,686
Professional
Services
...................
4,440,279
4,871,622
—
9,311,901
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
155
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Real
Estate
Management
&
Development
....
$
216,115
$
2,578,809
$
—
$
2,794,924
Road
&
Rail
..........................
7,823,949
69,948
—
7,893,897
Semiconductors
&
Semiconductor
Equipment
.
19,298,927
3,568,514
—
22,867,441
Software
.............................
36,052,303
6,081,171
—
42,133,474
Specialty
Retail
........................
7,980,580
801,946
—
8,782,526
Technology
Hardware,
Storage
&
Peripherals
.
11,838,187
1,505,370
—
13,343,557
Textiles,
Apparel
&
Luxury
Goods
..........
4,004,484
1,695,827
—
5,700,311
Thrifts
&
Mortgage
Finance
...............
—
681,520
—
681,520
Tobacco
.............................
1,159,497
898,260
—
2,057,757
Trading
Companies
&
Distributors
..........
2,742,764
1,559,833
—
4,302,597
Transportation
Infrastructure
..............
—
76,829
—
76,829
Water
Utilities
.........................
1,080,225
—
—
1,080,225
Wireless
Telecommunication
Services
.......
—
2,130,815
—
2,130,815
Management
Investment
Companies
.........
23,105,443
—
—
23,105,443
Preferred
Stocks
........................
—
136,949
—
136,949
Rights
................................
5,062
—
—
5,062
Corporate
Bonds
........................
—
87,085,099
—
87,085,099
Foreign
Government
and
Agency
Securities
....
—
4,992,770
—
4,992,770
U.S.
Government
and
Agency
Securities
.......
—
87,914,438
—
87,914,438
Asset-Backed
Securities
..................
—
2,438,956
—
2,438,956
Mortgage-Backed
Securities
................
—
80,918,940
—
80,918,940
Municipal
Bonds
.........................
—
3,376,706
—
3,376,706
Short
Term
Investments
...................
20,156,523
—
—
20,156,523
Total
Investments
in
Securities
...........
$368,608,995
$390,514,796
$—
$759,123,791
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
70,063
—
—
70,063
$—
$—
$—
$—
Franklin
Flex
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
148,087,846
—
—
148,087,846
Short
Term
Investments
...................
4,225,732
—
—
4,225,732
Total
Investments
in
Securities
...........
$152,313,578
$—
$—
$152,313,578
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
1,269,204
—
1,269,204
Equity
Real
Estate
Investment
Trusts
(REITs)
.
70,350,385
25,892,990
—
96,243,375
Hotels,
Restaurants
&
Leisure
.............
798,643
—
—
798,643
Real
Estate
Management
&
Development
....
—
25,888,159
—
25,888,159
Short
Term
Investments
...................
175,000
829,881
—
1,004,881
Total
Investments
in
Securities
...........
$71,324,028
$53,880,234
$—
$125,204,262
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
2,254,896
—
—
2,254,896
Air
Freight
&
Logistics
...................
783,161
—
—
783,161
Banks
...............................
5,632,282
—
—
5,632,282
Beverages
...........................
2,970,484
—
—
2,970,484
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
156
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
and
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Capital
Markets
........................
$
3,577,810
$
—
$
—
$
3,577,810
Chemicals
...........................
—
322,680
—
322,680
Commercial
Services
&
Supplies
...........
1,148,205
—
—
1,148,205
Communications
Equipment
..............
437,229
—
—
437,229
Diversified
Telecommunication
Services
.....
1,838,130
—
—
1,838,130
Electric
Utilities
........................
5,428,861
—
—
5,428,861
Electrical
Equipment
....................
486,857
—
—
486,857
Equity
Real
Estate
Investment
Trusts
(REITs)
.
1,237,506
—
—
1,237,506
Food
&
Staples
Retailing
.................
1,364,123
—
—
1,364,123
Food
Products
........................
—
565,154
—
565,154
Health
Care
Equipment
&
Supplies
.........
2,056,778
—
—
2,056,778
Health
Care
Providers
&
Services
..........
1,186,258
—
—
1,186,258
Hotels,
Restaurants
&
Leisure
.............
1,163,297
—
—
1,163,297
Household
Products
....................
1,973,658
—
—
1,973,658
Insurance
............................
485,668
—
—
485,668
Machinery
............................
429,772
—
—
429,772
Media
...............................
1,207,386
—
—
1,207,386
Multiline
Retail
........................
1,566,329
—
—
1,566,329
Oil,
Gas
&
Consumable
Fuels
.............
2,208,899
—
—
2,208,899
Personal
Products
.....................
537,560
—
—
537,560
Pharmaceuticals
.......................
3,943,040
—
—
3,943,040
Road
&
Rail
..........................
1,380,235
—
—
1,380,235
Semiconductors
&
Semiconductor
Equipment
.
2,064,820
—
—
2,064,820
Software
.............................
1,870,833
—
—
1,870,833
Specialty
Retail
........................
1,016,055
—
—
1,016,055
Technology
Hardware,
Storage
&
Peripherals
.
1,001,757
—
—
1,001,757
Trading
Companies
&
Distributors
..........
252,504
—
—
252,504
Wireless
Telecommunication
Services
.......
95,160
—
—
95,160
Equity-Linked
Securities
...................
—
6,158,656
—
6,158,656
Convertible
Preferred
Stocks
...............
4,347,619
—
—
4,347,619
Short
Term
Investments
...................
55,000
13,900
—
68,900
Total
Investments
in
Securities
...........
$56,002,172
$7,060,390
$—
$63,062,562
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
36,275,351
—
—
36,275,351
Automobiles
..........................
17,754,000
—
—
17,754,000
Banks
...............................
197,819,780
15,770,107
—
213,589,887
Beverages
...........................
95,819,200
—
—
95,819,200
Capital
Markets
........................
40,130,500
—
—
40,130,500
Chemicals
...........................
—
28,919,467
—
28,919,467
Diversified
Telecommunication
Services
.....
90,711,061
—
—
90,711,061
Electric
Utilities
........................
164,720,100
—
—
164,720,100
Energy
Equipment
&
Services
.............
1,560,000
—
—
1,560,000
Equity
Real
Estate
Investment
Trusts
(REITs)
.
10,790,000
—
—
10,790,000
Health
Care
Providers
&
Services
..........
57,948,000
—
—
57,948,000
Household
Products
....................
69,495,000
—
—
69,495,000
Industrial
Conglomerates
................
49,383,000
—
—
49,383,000
Insurance
............................
19,889,964
—
—
19,889,964
Machinery
............................
21,116,000
—
—
21,116,000
Media
...............................
23,130,000
—
—
23,130,000
Metals
&
Mining
.......................
48,312,000
—
—
48,312,000
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
157
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Multi-Utilities
..........................
$
115,613,937
$
—
$
—
$
115,613,937
Oil,
Gas
&
Consumable
Fuels
.............
161,079,500
—
—
161,079,500
Personal
Products
.....................
—
15,413,907
—
15,413,907
Pharmaceuticals
.......................
181,862,250
49,717,259
—
231,579,509
Road
&
Rail
..........................
35,436,600
—
—
35,436,600
Semiconductors
&
Semiconductor
Equipment
.
90,242,817
—
—
90,242,817
Software
.............................
2,292,480
—
—
2,292,480
Tobacco
.............................
26,246,500
—
—
26,246,500
Equity-Linked
Securities
...................
—
390,791,365
—
390,791,365
Convertible
Preferred
Stocks
:
Banks
...............................
6,696,000
—
—
6,696,000
Capital
Markets
........................
4,420,000
—
—
4,420,000
Electric
Utilities
........................
59,185,854
—
—
59,185,854
Multi-Utilities
..........................
29,763,000
—
—
29,763,000
Semiconductors
&
Semiconductor
Equipment
.
62,337,500
—
—
62,337,500
Thrifts
&
Mortgage
Finance
...............
—
12,896,250
—
12,896,250
Preferred
Stocks
........................
10,701,600
—
—
10,701,600
Convertible
Bonds
.......................
—
11,135,000
—
11,135,000
Corporate
Bonds
........................
—
1,243,802,958
—
1,243,802,958
Senior
Floating
Rate
Interests
...............
—
962,032
—
962,032
U.S.
Government
and
Agency
Securities
.......
—
183,924,352
—
183,924,352
Mortgage-Backed
Securities
................
—
176,543,466
—
176,543,466
Escrows
and
Litigation
Trusts
...............
—
—
—
b
—
Short
Term
Investments
...................
218,180,729
1,307,880
—
219,488,609
Total
Investments
in
Securities
...........
$1,948,912,723
$2,131,184,043
$—
$4,080,096,766
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
125,198,846
—
—
125,198,846
Short
Term
Investments
...................
650,000
2,765,237
—
3,415,237
Total
Investments
in
Securities
...........
$125,848,846
$2,765,237
$—
$128,614,083
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
6,123,239
—
6,123,239
Auto
Components
......................
—
—
6,358
6,358
Automobiles
..........................
3,527,128
—
—
3,527,128
Banks
...............................
18,288,143
10,352,899
—
28,641,042
Beverages
...........................
—
4,901,304
—
4,901,304
Biotechnology
.........................
2,763,475
—
—
2,763,475
Building
Products
......................
7,514,031
—
—
7,514,031
Capital
Markets
........................
—
12,641,699
—
12,641,699
Chemicals
...........................
—
14,705,808
—
14,705,808
Communications
Equipment
..............
3,556,129
—
—
3,556,129
Construction
Materials
..................
—
4,988,910
—
4,988,910
Consumer
Finance
.....................
5,151,500
—
—
5,151,500
Containers
&
Packaging
.................
7,005,312
—
—
7,005,312
Diversified
Financial
Services
.............
13,351,605
—
—
13,351,605
Diversified
Telecommunication
Services
.....
—
3,721,973
—
3,721,973
Entertainment
.........................
8,907,827
—
—
8,907,827
Food
Products
........................
8,754,385
—
—
8,754,385
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
158
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Health
Care
Equipment
&
Supplies
.........
$
13,718,791
$
—
$
—
$
13,718,791
Health
Care
Providers
&
Services
..........
17,113,437
—
—
17,113,437
Hotels,
Restaurants
&
Leisure
.............
—
5,042,730
—
5,042,730
Industrial
Conglomerates
................
3,390,678
—
—
3,390,678
Insurance
............................
15,430,360
18,071,335
—
33,501,695
IT
Services
...........................
10,167,253
—
—
10,167,253
Media
...............................
14,437,321
—
12,128
14,449,449
Oil,
Gas
&
Consumable
Fuels
.............
21,190,197
12,307,175
—
33,497,372
Pharmaceuticals
.......................
37,670,714
14,822,896
—
52,493,610
Semiconductors
&
Semiconductor
Equipment
.
—
8,367,548
—
8,367,548
Software
.............................
18,367,230
—
—
18,367,230
Technology
Hardware,
Storage
&
Peripherals
.
6,083,601
13,912,828
—
19,996,429
Textiles,
Apparel
&
Luxury
Goods
..........
—
4,499,567
—
4,499,567
Tobacco
.............................
7,834,528
9,769,286
—
17,603,814
Wireless
Telecommunication
Services
.......
—
3,586,024
—
3,586,024
Preferred
Stocks
........................
—
11,061,576
—
11,061,576
Warrants
..............................
7,199
—
—
7,199
Corporate
Bonds
........................
—
10,971,169
—
10,971,169
Senior
Floating
Rate
Interests
...............
—
542,869
—
542,869
Companies
in
Liquidation
..................
—
—
1,626
b
1,626
Short
Term
Investments
...................
10,997,792
5,700,000
—
16,697,792
Total
Investments
in
Securities
...........
$255,228,636
$176,090,835
$20,112
$431,339,583
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
554,861
$
—
$
554,861
Futures
contracts
........................
369,747
—
—
369,747
Total
Other
Financial
Instruments
.........
$369,747
$554,861
$—
$924,608
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
—
273,364
—
273,364
$—
$—
$—
$—
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
25,625,227
27,821,397
—
53,446,624
Auto
Components
......................
—
—
25,944
25,944
Automobiles
..........................
15,876,307
—
—
15,876,307
Banks
...............................
159,718,872
—
—
159,718,872
Beverages
...........................
—
12,896,165
—
12,896,165
Biotechnology
.........................
12,558,931
—
—
12,558,931
Building
Products
......................
38,788,301
—
—
38,788,301
Capital
Markets
........................
—
23,684,141
—
23,684,141
Commercial
Services
&
Supplies
...........
—
—
—
b
—
Communications
Equipment
..............
22,693,327
—
—
22,693,327
Consumer
Finance
.....................
35,760,195
—
—
35,760,195
Containers
&
Packaging
.................
51,391,626
—
—
51,391,626
Diversified
Financial
Services
.............
77,241,030
—
—
77,241,030
Electric
Utilities
........................
24,603,438
—
—
24,603,438
Electrical
Equipment
....................
47,979,359
—
—
47,979,359
Electronic
Equipment,
Instruments
&
Components
........................
37,861,427
—
—
37,861,427
Energy
Equipment
&
Services
.............
14,909,110
—
—
14,909,110
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
159
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Entertainment
.........................
$
54,329,297
$
—
$
—
$
54,329,297
Equity
Real
Estate
Investment
Trusts
(REITs)
.
24,379,931
—
—
24,379,931
Food
&
Staples
Retailing
.................
68,971,087
—
—
68,971,087
Food
Products
........................
105,077,409
—
—
105,077,409
Health
Care
Equipment
&
Supplies
.........
77,347,032
—
—
77,347,032
Health
Care
Providers
&
Services
..........
74,833,207
—
—
74,833,207
Household
Durables
....................
77,081,919
—
—
77,081,919
Household
Products
....................
17,775,314
—
—
17,775,314
Industrial
Conglomerates
................
20,808,206
—
—
20,808,206
Insurance
............................
133,540,912
—
—
133,540,912
IT
Services
...........................
56,404,652
—
—
56,404,652
Leisure
Products
.......................
—
—
4,575,528
4,575,528
Machinery
............................
—
8,486,978
—
8,486,978
Media
...............................
137,546,770
—
96,532
137,643,302
Oil,
Gas
&
Consumable
Fuels
.............
86,805,960
34,267,686
—
121,073,646
Pharmaceuticals
.......................
193,626,970
53,526,407
—
247,153,377
Software
.............................
82,153,483
—
—
82,153,483
Specialty
Retail
........................
21,905,845
—
—
21,905,845
Technology
Hardware,
Storage
&
Peripherals
.
25,653,860
67,629,626
—
93,283,486
Textiles,
Apparel
&
Luxury
Goods
..........
21,674,428
—
—
21,674,428
Tobacco
.............................
36,715,760
39,289,870
—
76,005,630
Wireless
Telecommunication
Services
.......
—
11,161,793
—
11,161,793
Warrants
..............................
127,256
—
—
127,256
Corporate
Bonds
........................
—
126,486,174
—
126,486,174
Senior
Floating
Rate
Interests
...............
—
13,202,483
22,708,366
35,910,849
Companies
in
Liquidation
..................
—
—
24,920
b
24,920
Short
Term
Investments
...................
23,995,344
42,600,000
—
66,595,344
Total
Investments
in
Securities
...........
$1,905,761,792
$461,052,720
$27,431,290
$2,394,245,802
Other
Financial
Instruments:
Forward
exchange
contracts
...............
—
775,389
—
775,389
Futures
contracts
........................
934,195
—
—
934,195
Total
Other
Financial
Instruments
.........
$934,195
$775,389
$—
$1,709,584
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
—
1,170,672
—
1,170,672
$—
$—
$—
$—
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
1,437,683,463
—
—
1,437,683,463
Short
Term
Investments
...................
22,894,564
—
—
22,894,564
Total
Investments
in
Securities
...........
$1,460,578,027
$—
$—
$1,460,578,027
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
1,903,441
—
—
1,903,441
Automobiles
..........................
12,559,174
—
—
12,559,174
Banks
...............................
125,780,153
—
—
125,780,153
Building
Products
......................
44,452,612
—
—
44,452,612
Capital
Markets
........................
14,349,681
—
—
14,349,681
Chemicals
...........................
53,254,704
—
—
53,254,704
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
160
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Commercial
Services
&
Supplies
...........
$
16,546,176
$
—
$
—
$
16,546,176
Communications
Equipment
..............
12,347,048
—
—
12,347,048
Construction
&
Engineering
...............
4,403,803
—
—
4,403,803
Construction
Materials
..................
15,351,753
—
—
15,351,753
Electric
Utilities
........................
12,477,504
—
—
12,477,504
Electrical
Equipment
....................
17,233,679
—
—
17,233,679
Electronic
Equipment,
Instruments
&
Components
........................
18,040,305
—
—
18,040,305
Energy
Equipment
&
Services
.............
1,470,190
2,319,267
—
3,789,457
Equity
Real
Estate
Investment
Trusts
(REITs)
.
27,998,497
—
—
27,998,497
Food
&
Staples
Retailing
.................
3,293,004
—
—
3,293,004
Food
Products
........................
4,839,110
16,583,559
—
21,422,669
Gas
Utilities
..........................
1,169,496
—
—
1,169,496
Health
Care
Equipment
&
Supplies
.........
33,143,025
—
—
33,143,025
Hotels,
Restaurants
&
Leisure
.............
52,815,548
2,434,213
—
55,249,761
Household
Durables
....................
8,008,095
—
—
8,008,095
Insurance
............................
115,901,091
—
—
115,901,091
Leisure
Products
.......................
21,488,198
—
—
21,488,198
Machinery
............................
166,060,006
—
—
166,060,006
Metals
&
Mining
.......................
12,699,868
—
—
12,699,868
Multi-Utilities
..........................
10,295,167
—
—
10,295,167
Oil,
Gas
&
Consumable
Fuels
.............
8,653,862
—
—
8,653,862
Paper
&
Forest
Products
.................
11,300,749
—
—
11,300,749
Professional
Services
...................
6,415,416
—
—
6,415,416
Road
&
Rail
..........................
2,658,963
—
—
2,658,963
Semiconductors
&
Semiconductor
Equipment
.
10,095,554
—
—
10,095,554
Software
.............................
5,390,776
—
—
5,390,776
Specialty
Retail
........................
24,907,900
—
—
24,907,900
Textiles,
Apparel
&
Luxury
Goods
..........
25,941,323
—
—
25,941,323
Thrifts
&
Mortgage
Finance
...............
4,085,694
—
—
4,085,694
Corporate
Bonds
........................
—
2,386,466
—
2,386,466
Short
Term
Investments
...................
18,264,961
—
—
18,264,961
Total
Investments
in
Securities
...........
$925,596,526
$23,723,505
$—
$949,320,031
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
6,484,274
—
—
6,484,274
Airlines
..............................
1,893,750
—
—
1,893,750
Banks
...............................
1,798,720
—
—
1,798,720
Biotechnology
.........................
19,003,639
—
—
19,003,639
Capital
Markets
........................
22,447,585
—
—
22,447,585
Chemicals
...........................
2,167,499
—
—
2,167,499
Commercial
Services
&
Supplies
...........
5,890,385
—
—
5,890,385
Construction
Materials
..................
4,001,120
—
—
4,001,120
Containers
&
Packaging
.................
5,793,464
—
—
5,793,464
Diversified
Financial
Services
.............
333,538
—
—
333,538
Electronic
Equipment,
Instruments
&
Components
........................
11,468,866
—
—
11,468,866
Entertainment
.........................
14,961,643
—
—
14,961,643
Equity
Real
Estate
Investment
Trusts
(REITs)
.
10,662,700
—
—
10,662,700
Food
&
Staples
Retailing
.................
1,993,524
—
—
1,993,524
Health
Care
Equipment
&
Supplies
.........
28,825,507
—
—
28,825,507
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
161
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Health
Care
Providers
&
Services
..........
$
11,420,628
$
—
$
—
$
11,420,628
Health
Care
Technology
.................
13,600,254
—
—
13,600,254
Hotels,
Restaurants
&
Leisure
.............
20,005,907
—
14,086,334
34,092,241
Household
Durables
....................
5,234,560
—
—
5,234,560
Household
Products
....................
4,779,210
—
—
4,779,210
Interactive
Media
&
Services
..............
10,347,891
—
—
10,347,891
Internet
&
Direct
Marketing
Retail
..........
4,040,708
—
2,677,008
6,717,716
IT
Services
...........................
61,441,057
—
—
61,441,057
Leisure
Products
.......................
3,786,006
—
—
3,786,006
Life
Sciences
Tools
&
Services
............
17,896,216
—
—
17,896,216
Machinery
............................
12,639,686
—
—
12,639,686
Personal
Products
.....................
2,474,282
—
—
2,474,282
Pharmaceuticals
.......................
11,093,631
—
—
11,093,631
Professional
Services
...................
26,418,854
—
—
26,418,854
Road
&
Rail
..........................
5,742,959
—
—
5,742,959
Semiconductors
&
Semiconductor
Equipment
.
34,715,097
—
—
34,715,097
Software
.............................
78,659,728
—
768,400
79,428,128
Specialty
Retail
........................
14,284,462
—
—
14,284,462
Textiles,
Apparel
&
Luxury
Goods
..........
4,536,800
—
1,068,276
5,605,076
Trading
Companies
&
Distributors
..........
3,814,614
—
—
3,814,614
Short
Term
Investments
...................
18,899,697
—
—
18,899,697
Total
Investments
in
Securities
...........
$503,558,461
$—
$18,600,018
$522,158,479
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
—
2,051
2,051
Energy
Equipment
&
Services
.............
26,898
—
—
26,898
Entertainment
.........................
—
8,125
—
8,125
Hotels,
Restaurants
&
Leisure
.............
—
—
41,832
41,832
Machinery
............................
—
—
231,947
231,947
Media
...............................
88,882
—
1,072
89,954
Multiline
Retail
........................
—
—
—
b
—
Oil,
Gas
&
Consumable
Fuels
.............
11,952
—
—
11,952
Paper
&
Forest
Products
.................
44,342
—
279,033
323,375
Road
&
Rail
..........................
—
—
—
b
—
Specialty
Retail
........................
62,480
—
—
62,480
Management
Investment
Companies
.........
8,246,672
—
—
8,246,672
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
—
—
4,999
4,999
Paper
&
Forest
Products
.................
—
376
—
376
Convertible
Bonds
.......................
—
2,848
—
2,848
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
1,049,805
—
1,049,805
Air
Freight
&
Logistics
...................
—
1,060,922
—
1,060,922
Airlines
..............................
—
1,129,827
—
1,129,827
Auto
Components
......................
—
2,442,937
—
2,442,937
Banks
...............................
—
16,889,548
—
16,889,548
Beverages
...........................
—
1,937,569
—
1,937,569
Biotechnology
.........................
—
3,264,507
—
3,264,507
Building
Products
......................
—
842,000
—
842,000
Capital
Markets
........................
—
5,746,881
—
5,746,881
Chemicals
...........................
—
10,838,093
—
10,838,093
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
162
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Corporate
Bonds:
Commercial
Services
&
Supplies
...........
$
—
$
783,675
$
—
$
783,675
Communications
Equipment
..............
—
1,321,616
—
1,321,616
Construction
&
Engineering
...............
—
142,500
—
142,500
Construction
Materials
..................
—
1,342,241
—
1,342,241
Consumer
Finance
.....................
—
3,168,166
—
3,168,166
Containers
&
Packaging
.................
—
7,136,164
—
7,136,164
Distributors
...........................
—
395,000
—
395,000
Diversified
Financial
Services
.............
—
925,875
—
925,875
Diversified
Telecommunication
Services
.....
—
4,339,883
—
4,339,883
Electric
Utilities
........................
—
8,523,452
—
8,523,452
Electrical
Equipment
....................
—
203,967
—
203,967
Electronic
Equipment,
Instruments
&
Components
........................
—
2,322,650
—
2,322,650
Energy
Equipment
&
Services
.............
—
1,136,378
—
1,136,378
Entertainment
.........................
—
2,834,088
—
2,834,088
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
4,714,969
—
4,714,969
Food
&
Staples
Retailing
.................
—
1,276,160
—
1,276,160
Food
Products
........................
—
3,536,518
—
3,536,518
Gas
Utilities
..........................
—
326,167
—
326,167
Health
Care
Equipment
&
Supplies
.........
—
1,795,318
—
1,795,318
Health
Care
Providers
&
Services
..........
—
4,842,036
—
4,842,036
Hotels,
Restaurants
&
Leisure
.............
—
5,765,183
—
5,765,183
Household
Durables
....................
—
3,786,938
—
3,786,938
Household
Products
....................
—
1,327,269
—
1,327,269
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
5,612,429
—
5,612,429
Insurance
............................
—
4,008,622
—
4,008,622
Interactive
Media
&
Services
..............
—
2,137,546
—
2,137,546
Internet
&
Direct
Marketing
Retail
..........
—
1,301,799
—
1,301,799
IT
Services
...........................
—
2,091,713
—
2,091,713
Machinery
............................
—
2,894,128
—
2,894,128
Marine
..............................
—
1,255,218
—
1,255,218
Media
...............................
—
9,226,155
—
9,226,155
Metals
&
Mining
.......................
—
4,409,593
—
4,409,593
Multiline
Retail
........................
—
353,885
1,763
b
355,648
Multi-Utilities
..........................
—
1,467,911
—
1,467,911
Oil,
Gas
&
Consumable
Fuels
.............
—
15,817,793
—
15,817,793
Paper
&
Forest
Products
.................
—
401,480
—
401,480
Pharmaceuticals
.......................
—
4,242,327
—
4,242,327
Real
Estate
Management
&
Development
....
—
2,305,296
—
2,305,296
Road
&
Rail
..........................
—
4,274,302
228,852
4,503,154
Semiconductors
&
Semiconductor
Equipment
.
—
1,020,895
—
1,020,895
Software
.............................
—
1,204,485
—
1,204,485
Specialty
Retail
........................
—
1,602,859
—
1,602,859
Textiles,
Apparel
&
Luxury
Goods
..........
—
1,477,876
—
1,477,876
Thrifts
&
Mortgage
Finance
...............
—
2,433,198
—
2,433,198
Tobacco
.............................
—
1,912,517
—
1,912,517
Trading
Companies
&
Distributors
..........
—
2,657,234
—
2,657,234
Wireless
Telecommunication
Services
.......
—
4,306,883
—
4,306,883
Senior
Floating
Rate
Interests
...............
—
17,526,580
2,346,679
19,873,259
Marketplace
Loans
......................
—
—
1,024,940
1,024,940
Loan
Participations
and
Assignments
.........
—
1,807,346
—
1,807,346
Foreign
Government
and
Agency
Securities
....
—
55,111,009
—
55,111,009
U.S.
Government
and
Agency
Securities
.......
—
16,710,931
—
16,710,931
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
163
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Asset-Backed
Securities
..................
$
—
$
34,492,806
$
—
$
34,492,806
Commercial
Mortgage-Backed
Securities
......
—
41,046,559
—
41,046,559
Mortgage-Backed
Securities
................
—
29,824,924
—
29,824,924
Municipal
Bonds
.........................
—
10,278,753
—
10,278,753
Escrows
and
Litigation
Trusts
...............
—
2,430
4,500
b
6,930
Short
Term
Investments
...................
10,563,932
—
—
10,563,932
Total
Investments
in
Securities
...........
$19,045,158
$392,377,133
$4,167,668
$415,589,959
Other
Financial
Instruments:
Forward
exchange
contracts
...............
—
202,288
—
202,288
Futures
contracts
........................
124,354
—
—
124,354
Swap
contracts
.........................
—
43,085
—
43,085
Total
Other
Financial
Instruments
.........
$124,354
$245,373
$—
$369,727
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
—
303,492
—
303,492
Futures
contracts
........................
29,984
—
—
29,984
Swap
contracts
..........................
—
797,333
—
797,333
Total
Other
Financial
Instruments
.........
$29,984
$1,100,825
$—
$1,130,809
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
21,205,146
—
21,205,146
Foreign
Government
and
Agency
Securities
....
—
13,794,227
—
13,794,227
U.S.
Government
and
Agency
Securities
.......
—
119,194,794
—
119,194,794
Mortgage-Backed
Securities
................
—
606,856,427
—
606,856,427
Short
Term
Investments
...................
—
60,298,619
—
60,298,619
Total
Investments
in
Securities
...........
$—
$821,349,213
$—
$821,349,213
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
118,023,438
—
—
118,023,438
Management
Investment
Companies
.........
57,316,106
—
—
57,316,106
Short
Term
Investments
...................
7,673,199
—
—
7,673,199
Total
Investments
in
Securities
...........
$183,012,743
$—
$—
$183,012,743
Other
Financial
Instruments:
Futures
contracts
........................
331,220
—
—
331,220
Total
Other
Financial
Instruments
.........
$331,220
$—
$—
$331,220
Liabilities:
Other
Financial
Instruments:
Swap
contracts
..........................
—
460
—
460
$—
$—
$—
$—
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
...............................
$
6,150,270
$
—
$
—
$
6,150,270
Cambodia
............................
—
1,823,084
—
1,823,084
China
...............................
31,333,685
57,396,562
—
88,730,247
Czech
Republic
.......................
—
896,212
—
896,212
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
164
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Hungary
.............................
$
—
$
2,468,188
$
—
$
2,468,188
India
................................
—
15,274,683
—
15,274,683
Indonesia
............................
—
2,210,098
—
2,210,098
Kenya
...............................
258,542
—
—
258,542
Macau
..............................
—
78,890
—
78,890
Mexico
..............................
3,617,569
—
—
3,617,569
Pakistan
.............................
880,986
—
—
880,986
Peru
................................
750,825
—
—
750,825
Philippines
...........................
—
584,449
—
584,449
Russia
..............................
6,878,263
14,058,640
—
20,936,903
South
Africa
..........................
—
12,810,425
—
12,810,425
South
Korea
..........................
—
55,088,634
—
55,088,634
Taiwan
..............................
—
42,416,251
—
42,416,251
Thailand
.............................
—
3,388,489
—
3,388,489
United
Kingdom
.......................
—
8,783,954
—
8,783,954
United
States
.........................
5,962,569
—
—
5,962,569
Preferred
Stocks
........................
7,093,973
—
—
7,093,973
Short
Term
Investments
...................
8,808,068
—
—
8,808,068
Total
Investments
in
Securities
...........
$71,734,750
$217,278,559
$—
$289,013,309
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
23,625,964
$
—
$
23,625,964
Airlines
..............................
—
4,469,365
—
4,469,365
Auto
Components
......................
—
30,243,794
—
30,243,794
Automobiles
..........................
—
46,027,524
—
46,027,524
Banks
...............................
30,732,609
62,152,883
—
92,885,492
Beverages
...........................
—
21,764,727
—
21,764,727
Biotechnology
.........................
—
6,340,582
—
6,340,582
Chemicals
...........................
—
20,066,925
—
20,066,925
Construction
&
Engineering
...............
—
4,337,477
—
4,337,477
Diversified
Telecommunication
Services
.....
—
5,985,425
—
5,985,425
Electric
Utilities
........................
939,011
—
—
939,011
Electronic
Equipment,
Instruments
&
Components
........................
—
29,758,066
—
29,758,066
Energy
Equipment
&
Services
.............
—
15,318,465
—
15,318,465
Food
&
Staples
Retailing
.................
—
33,561,500
—
33,561,500
Health
Care
Providers
&
Services
..........
—
5,906,016
—
5,906,016
Household
Durables
....................
—
29,578,257
—
29,578,257
Industrial
Conglomerates
................
—
32,267,782
—
32,267,782
Insurance
............................
—
24,023,383
—
24,023,383
Interactive
Media
&
Services
..............
17,498,536
—
—
17,498,536
Internet
&
Direct
Marketing
Retail
..........
—
17,122,177
—
17,122,177
Machinery
............................
—
14,381,708
—
14,381,708
Marine
..............................
—
5,822,729
—
5,822,729
Media
...............................
—
15,935,198
—
15,935,198
Metals
&
Mining
.......................
36,712,930
34,246,245
—
70,959,175
Multi-Utilities
..........................
—
21,740,927
—
21,740,927
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
165
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
2,691,213
$
43,444,357
$
—
$
46,135,570
Pharmaceuticals
.......................
—
127,478,423
—
127,478,423
Real
Estate
Management
&
Development
....
—
39,488,622
—
39,488,622
Semiconductors
&
Semiconductor
Equipment
.
27,620,453
55,612,281
—
83,232,734
Technology
Hardware,
Storage
&
Peripherals
.
—
45,279,516
—
45,279,516
Thrifts
&
Mortgage
Finance
...............
—
18,519,888
—
18,519,888
Tobacco
.............................
—
19,832,666
—
19,832,666
Wireless
Telecommunication
Services
.......
9,398,066
—
—
9,398,066
Short
Term
Investments
...................
159,460,041
—
—
159,460,041
Total
Investments
in
Securities
...........
$285,052,859
$854,332,872
$—
$1,139,385,731
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
:
Argentina
............................
$
—
$
—
$
39,563,992
$
39,563,992
Brazil
...............................
—
21,337,302
—
21,337,302
Colombia
............................
—
37,626,229
—
37,626,229
Ghana
..............................
—
37,882,233
—
37,882,233
India
................................
—
68,404,479
—
68,404,479
Indonesia
............................
—
105,531,390
—
105,531,390
Mexico
..............................
—
340,200,758
—
340,200,758
Norway
..............................
—
119,651,627
—
119,651,627
South
Korea
..........................
—
240,886,854
—
240,886,854
Supranational
.........................
—
9,704,795
—
9,704,795
U.S.
Government
and
Agency
Securities
.......
—
485,305,384
—
485,305,384
Options
purchased
.......................
—
18,663,490
—
18,663,490
Short
Term
Investments
...................
513,251,396
295,209,109
2,701,983
811,162,488
Total
Investments
in
Securities
...........
$513,251,396
$1,780,403,650
$42,265,975
$2,335,921,021
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
32,638,103
$
—
$
32,638,103
Restricted
Currency
(ARS)
.................
—
—
253,988
253,988
Total
Other
Financial
Instruments
.........
$—
$32,638,103
$253,988
$32,892,091
Receivables:
Interest
(ARS)
...........................
$—
$—
$1,774,357
$1,774,357
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
—
$
17,134,102
$
—
$
17,134,102
Forward
exchange
contracts
................
—
33,507,985
—
33,507,985
Total
Other
Financial
Instruments
.........
$—
$50,642,087
$—
$50,642,087
Payables:
Deferred
Tax
(ARS)
.......................
$—
$—
$2,102
$2,102
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
166
Quarterly
Statement
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At September
30,
2020,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
6,688,753
$
—
$
6,688,753
Air
Freight
&
Logistics
...................
9,301,120
—
—
9,301,120
Airlines
..............................
3,428,400
7,978,286
—
11,406,686
Auto
Components
......................
7,960,413
—
—
7,960,413
Automobiles
..........................
—
10,160,841
—
10,160,841
Banks
...............................
—
15,577,387
—
15,577,387
Beverages
...........................
—
34,574,970
—
34,574,970
Biotechnology
.........................
11,915,725
—
—
11,915,725
Chemicals
...........................
6,457,484
—
—
6,457,484
Consumer
Finance
.....................
3,907,745
—
—
3,907,745
Diversified
Telecommunication
Services
.....
16,233,453
—
—
16,233,453
Electric
Utilities
........................
1,355,539
—
—
1,355,539
Electrical
Equipment
....................
—
7,673,918
—
7,673,918
Electronic
Equipment,
Instruments
&
Components
........................
—
10,995,859
—
10,995,859
Entertainment
.........................
10,503,248
—
—
10,503,248
Food
&
Staples
Retailing
.................
18,945,797
6,122,239
—
25,068,036
Food
Products
........................
9,353,730
—
—
9,353,730
Health
Care
Equipment
&
Supplies
.........
11,767,352
—
—
11,767,352
Health
Care
Providers
&
Services
..........
6,112,750
—
—
6,112,750
Hotels,
Restaurants
&
Leisure
.............
14,770,879
20,809,547
—
35,580,426
Household
Durables
....................
—
20,244,050
—
20,244,050
Industrial
Conglomerates
................
4,887,436
10,515,240
—
15,402,676
Insurance
............................
—
10,950,529
—
10,950,529
Internet
&
Direct
Marketing
Retail
..........
10,178,546
12,743,980
—
22,922,526
IT
Services
...........................
12,228,389
—
—
12,228,389
Machinery
............................
3,633,280
16,456,492
—
20,089,772
Marine
..............................
—
8,394,277
—
8,394,277
Media
...............................
15,417,579
6,239,290
—
21,656,869
Metals
&
Mining
.......................
25,320,498
6,461,856
—
31,782,354
Multiline
Retail
........................
13,173,968
—
—
13,173,968
Multi-Utilities
..........................
—
13,182,193
—
13,182,193
Oil,
Gas
&
Consumable
Fuels
.............
1,587,115
9,466,135
—
11,053,250
Pharmaceuticals
.......................
—
52,924,666
—
52,924,666
Road
&
Rail
..........................
—
4,213,982
—
4,213,982
Semiconductors
&
Semiconductor
Equipment
.
6,894,005
—
—
6,894,005
Software
.............................
5,822,780
—
—
5,822,780
Specialty
Retail
........................
16,935,346
—
—
16,935,346
Technology
Hardware,
Storage
&
Peripherals
.
—
18,607,577
—
18,607,577
Textiles,
Apparel
&
Luxury
Goods
..........
—
11,814,240
—
11,814,240
Short
Term
Investments
...................
33,304,383
—
—
33,304,383
Total
Investments
in
Securities
...........
$281,396,960
$322,796,307
$—
$604,193,267
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
b
Includes
securities
determined
to
have
no
value
at
September
30,
2020.
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
167
Quarterly
Statement
of
Investments
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
a
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
b
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
...
$
62,818
$
—
$
—
$
—
$
—
$
—
$
—
$
(36,874)
$
25,944
$
(36,874)
Commercial
Services
&
Supplies
........
—
c
—
—
—
—
—
—
—
—
c
—
Leisure
Products
....
7,609,922
—
—
—
—
—
—
(3,034,394)
4,575,528
(3,034,394)
Media
...........
183,628
—
—
—
—
—
—
(87,096)
96,532
(87,096)
Senior
Floating
Rate
Interests
:
Diversified
Telecommunication
Services
........
—
—
—
22,327,680
—
—
—
380,686
22,708,366
380,686
Companies
in
Liquidation
49,840
c
—
—
—
—
—
—
(24,920)
24,920
c
(24,920)
Total
Investments
in
Securities
$7,906,208
$—
$—
$22,327,680
$—
—
—
(2,802,598)
$27,431,290
(2,802,598)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Hotels,
Restaurants
&
Leisure
.........
2,241,958
—
(381,076)
—
—
(7,937)
—
12,233,389
14,086,334
11,675,345
Internet
&
Direct
Marketing
Retail
...
—
2,677,008
—
—
—
—
—
—
2,677,008
—
Software
.........
1,763,456
768,400
—
—
799,998
—
1,936,582
768,400
1,936,582
Textiles,
Apparel
&
Luxury
Goods
....
—
1,068,276
—
—
—
—
—
—
1,068,276
—
Total
Investments
in
Securities
$4,005,414
$4,513,684
$(381,076)
$—
792,061
—
14,169,971
$18,600,018
13,611,927
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Aerospace
&
Defense
.
46,610
—
—
—
—
—
—
(44,559)
2,051
(44,559)
Hotels,
Restaurants
&
Leisure
.........
41,832
—
—
—
—
—
—
—
41,832
—
Machinery
........
—
—
—
182,716
—
—
—
49,231
231,947
49,231
Media
...........
2,040
—
—
—
—
—
—
(968)
1,072
(968)
Multiline
Retail
.....
11,614
—
—
—
—
—
—
(11,614)
—
c
(11,614)
Paper
&
Forest
Products
254,512
—
—
—
—
—
—
24,521
279,033
24,521
Road
&
Rail
.......
—
—
—
—
—
—
—
—
—
c
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
2,073
—
—
—
—
—
—
2,926
4,999
2,926
Corporate
Bonds
:
Multiline
Retail
.....
2,769
196
—
—
—
(69,796)
—
68,594
1,763
c
68,594
Road
&
Rail
.......
—
—
—
219,039
—
—
—
9,813
228,852
9,813
Senior
Floating
Rate
Interests
:
Household
Products
..
2,416,190
—
—
—
—
8,318
—
(253,886)
2,170,622
(253,886)
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
168
Quarterly
Statement
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2020,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
a
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
b
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests:
Road
&
Rail
.......
$
—
$
—
$
—
$
161,048
$
—
$
—
$
—
$
15,009
$
176,057
$
15,009
Marketplace
Loans
:
Diversified
Financial
Services
........
—
1,149,952
—
—
—
—
—
(125,012)
1,024,940
(125,012)
Escrows
and
Litigation
Trusts
...........
—
c
—
—
6,000
—
—
—
(1,500)
4,500
c
(1,500)
Total
Investments
in
Securities
$2,777,640
$1,150,148
$—
$568,803
$—
(61,478)
—
(267,445)
$4,167,668
(267,445)
Balance
at
Beginning
of
Period
Purchases
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Cost
Basis
Adjust-
ments
a
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
....
$
35,675,197
$
23,422,259
$
(10,217,792)
$
—
$
—
$
6,200,773
$
(18,641,512)
$
3,125,067
$
39,563,992
$
(4,348,063)
Short
Term
Investments
..
3,394,233
4,240,621
(2,160,508)
—
—
640,459
(817,458)
(2,595,363)
2,701,983
(1,586,548)
Total
Investments
in
Securities
.........
$39,069,430
$27,662,880
$(12,378,300)
$—
$—
6,841,232
(19,458,970)
529,704
$42,265,975
(5,934,611)
Other
Financial
Instruments:
Restricted
Currency
(ARS)
$8,460,563
$8,928,264
$(15,804,994)
$—
$—
$—
$(1,714,126)
$384,281
$253,988
$(6,552)
Receivables:
Interest
(ARS)
.
$1,601,869
$5,371,849
$(4,903,014)
$—
$—
$—
$(824,053)
$527,706
$1,774,357
$(48,788)
Liabilities:
Payables:
Deferred
Tax
(ARS)
$4,066
$—
$—
$—
$—
$—
$—
$(1,964)
$2,102
$(1,964)
a
Transferred
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.
May
include
amounts
related
to
a
corporate
action.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
other
cost
basis
adjustments.
c
Includes
securities
determined
to
have
no
value.
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
169
Quarterly
Statement
of
Investments
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount/
Range
(Weight
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities:
Argentina
...........
$39,563,992
Market
comparables
Implied
foreign
exchange
rate
145.3
ARS/USD
Decrease
b
Short
Term
Investments:
Argentina
...........
2,701,983
Market
comparables
Implied
foreign
exchange
rate
145.3
ARS/USD
Decrease
c
All
Other
............
2,028,345
d
Liabilities:
All
Other
............
2,102
d
Total
...............
$44,292,218
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stock:
Leisure
Products
......
$4,575,528
Market
comparables
Discount
for
lack
of
marketability
19.0%
Decrease
b
EV/EBITDA
multiple
14.7x
Increase
b
EV/Revenue
multiple
0.6x
Increase
Market
Transactions
Transaction
weighting
10.0%
Decrease
Senior
Floating
Rate
Interests:
Diversified
Telecommunication
Services
...........
22,708,366
Market
Approach
Recovery
Value
$22.3
mil
Increase
c
All
Other
Investments
..
147,396
e,f
Total
...............
$27,431,290
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Equity
Investments:
Consumer
Discretionary
$14,086,334
Market
comparables
Discount
for
lack
of
marketability
5.0%
Decrease
b
All
Other
Investments
..
4,513,684
d
Total
................
$18,600,018
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
170
Quarterly
Statement
of
Investments
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated
b
Represents
a
significant
impact
to
fair
value
and
net
assets.
c
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
d
Includes
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.
e
Includes
securities
determined
to
have
no
value
at
September
30,
2020.
f
Includes
financial
instruments
with
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
financial
instruments
and
developed
using
various
valuation
techniques
and
unobservable
inputs.
13.
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
Description
Fair
Value
at
End
of
Year
Valuation
Technique
Unobservable
Inputs
Amount/
Range
(Weight
Average)
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
...........
$1,024,940
Discounted
cash
flow
Discount
rate
8.0%
Decrease
c
Projected
loss
rate
22.6%
Decrease
c
Senior
Floating
Rate
Interests:
Household
Products
...
2,170,622
Recovery
value
Asset
value
estimate
$220
mil
Increase
c
All
Other
Investments
..
972,106
e,f
Total
$4,167,668
Counterparty
BNDP
BNP
Paribas
SA
BNY
Bank
of
New
York
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
PLC
CITI
Citigroup,
Inc
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SCNY
Standard
Chartered
Bank
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Currency
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
12. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
171
Quarterly
Statement
of
Investments
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
UYU
Uruguayan
Peso
ZAR
South
African
Rand
Selected
Portfolio
ADR
American
Depositary
Receipts
AGMC
Assured
Guaranty
Municipal
Corp.
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
COFI
Cost
of
Funds
Index
CVR
Contingent
Voting
Rights
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GDR
Global
Depositary
Receipt
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
VRI
Value
Recovery
Instruments
Abbreviations
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Statement
of
Investments
(unaudited)
172
Quarterly
Statement
of
Investments
Index
CDX.NA.EM.Series
number
CDX
North
America
Emerging
Markets
Index
CDX.NA.HY.Series
number
CDX
North
America
High
Yield
Index
MCDX.NA.Series
number
MCDX
North
America
Index
Abbreviations
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.