NPORT-EX 2 FTVIP.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
VIP-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
2
Franklin
DynaTech
VIP
Fund
41
Franklin
Global
Real
Estate
VIP
Fund
45
Franklin
Growth
and
Income
VIP
Fund
48
Franklin
Income
VIP
Fund
53
Franklin
Large
Cap
Growth
VIP
Fund
64
Franklin
Mutual
Global
Discovery
VIP
Fund
68
Franklin
Mutual
Shares
VIP
Fund
73
Franklin
Rising
Dividends
VIP
Fund
78
Franklin
Small
Cap
Value
VIP
Fund
81
Franklin
Small-Mid
Cap
Growth
VIP
Fund
85
Franklin
Strategic
Income
VIP
Fund
90
Franklin
U.S.
Government
Securities
VIP
Fund
122
Franklin
VolSmart
Allocation
VIP
Fund
126
Templeton
Developing
Markets
VIP
Fund
135
Templeton
Foreign
VIP
Fund
139
Templeton
Global
Bond
VIP
Fund
142
Templeton
Growth
VIP
Fund
148
Notes
to
Schedules
of
Investments
152
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Allocation
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
55.5%
Aerospace
&
Defense
2.1%
BAE
Systems
plc
.....................................
United
Kingdom
94,519
$
830,447
BWX
Technologies,
Inc.
................................
United
States
3,401
171,308
Dassault
Aviation
SA
...................................
France
4,649
528,948
General
Dynamics
Corp.
................................
United
States
1,475
312,951
Lockheed
Martin
Corp.
.................................
United
States
3,847
1,486,058
MTU
Aero
Engines
AG
.................................
Germany
6,500
971,504
Northrop
Grumman
Corp.
...............................
United
States
5,680
2,671,417
Raytheon
Technologies
Corp.
............................
United
States
42,748
3,499,351
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
487,186
373,096
10,845,080
Air
Freight
&
Logistics
0.7%
DSV
A/S
............................................
Denmark
6,900
808,265
Nippon
Express
Holdings,
Inc.
............................
Japan
2,500
127,059
United
Parcel
Service,
Inc.,
B
............................
United
States
15,843
2,559,278
3,494,602
Airlines
0.1%
a
Delta
Air
Lines,
Inc.
....................................
United
States
3,861
108,340
a
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
207,081
214,014
322,354
Auto
Components
0.4%
a
Aptiv
plc
............................................
United
States
6,580
514,622
Bridgestone
Corp.
.....................................
Japan
3,900
126,116
Continental
AG
.......................................
Germany
11,537
511,961
a
Faurecia
SE
.........................................
France
44,657
483,429
Lear
Corp.
..........................................
United
States
558
66,787
Valeo
..............................................
France
28,914
436,909
2,139,824
Automobiles
0.9%
Bayerische
Motoren
Werke
AG
...........................
Germany
17,754
1,203,384
Honda
Motor
Co.
Ltd.
..................................
Japan
27,700
601,188
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
2,200
72,402
Stellantis
NV
.........................................
United
States
71,944
849,878
a
Tesla,
Inc.
...........................................
United
States
6,017
1,596,010
Thor
Industries,
Inc.
...................................
United
States
1,652
115,607
Toyota
Motor
Corp.
....................................
Japan
4,500
58,811
4,497,280
Banks
2.9%
Bank
of
America
Corp.
.................................
United
States
110,936
3,350,267
Comerica,
Inc.
.......................................
United
States
3,222
229,084
Commonwealth
Bank
of
Australia
.........................
Australia
7,764
451,670
DBS
Group
Holdings
Ltd.
...............................
Singapore
30,600
707,881
FinecoBank
Banca
Fineco
SpA
...........................
Italy
78,660
971,540
First
Horizon
Corp.
....................................
United
States
16,531
378,560
FNB
Corp.
..........................................
United
States
10,183
118,123
ING
Groep
NV
.......................................
Netherlands
100,981
865,292
JPMorgan
Chase
&
Co.
.................................
United
States
20,071
2,097,420
Kasikornbank
PCL
....................................
Thailand
127,592
483,230
b
KB
Financial
Group,
Inc.
................................
South
Korea
20,398
611,182
Lloyds
Banking
Group
plc
...............................
United
Kingdom
1,401,068
633,237
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
37,300
168,956
NatWest
Group
plc
....................................
United
Kingdom
166,112
413,720
Popular,
Inc.
.........................................
United
States
2,253
162,351
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Banks
(continued)
Prosperity
Bancshares,
Inc.
..............................
United
States
1,126
$
75,082
b
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
24,904
573,983
Standard
Chartered
plc
.................................
United
Kingdom
207,931
1,300,458
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
22,300
618,125
Sumitomo
Mitsui
Financial
Group,
Inc.,
ADR
.................
Japan
105,700
581,350
US
Bancorp
.........................................
United
States
15,108
609,155
15,400,666
Beverages
1.0%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
1,570
71,119
Brown-Forman
Corp.,
B
................................
United
States
4,091
272,338
c
Budweiser
Brewing
Co.
APAC
Ltd.,
144A,
Reg
S
..............
China
50,500
131,505
Constellation
Brands,
Inc.,
A
.............................
United
States
1,404
322,471
Kirin
Holdings
Co.
Ltd.
.................................
Japan
4,900
75,480
a
Monster
Beverage
Corp.
................................
United
States
16,317
1,418,926
PepsiCo,
Inc.
........................................
United
States
15,201
2,481,715
Pernod
Ricard
SA
.....................................
France
3,056
560,665
Suntory
Beverage
&
Food
Ltd.
...........................
Japan
2,300
81,847
5,416,066
Biotechnology
1.3%
AbbVie,
Inc.
.........................................
United
States
6,295
844,852
Amgen,
Inc.
.........................................
United
States
5,299
1,194,394
CSL
Ltd.
............................................
Australia
7,698
1,400,013
a
Exelixis,
Inc.
.........................................
United
States
4,272
66,985
a
Genmab
A/S
.........................................
Denmark
3,200
1,029,384
Gilead
Sciences,
Inc.
..................................
United
States
1,201
74,090
a
Mirati
Therapeutics,
Inc.
................................
United
States
600
41,904
a
Moderna,
Inc.
........................................
United
States
5,519
652,622
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
909
96,545
a
PTC
Therapeutics,
Inc.
.................................
United
States
800
40,160
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
1,702
1,172,457
a
Swedish
Orphan
Biovitrum
AB
............................
Sweden
5,363
103,652
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
475
137,531
6,854,589
Building
Products
0.3%
Allegion
plc
..........................................
United
States
1,357
121,696
a
Builders
FirstSource,
Inc.
...............................
United
States
5,360
315,811
Carlisle
Cos.,
Inc.
.....................................
United
States
258
72,346
Cie
de
Saint-Gobain
...................................
France
13,327
476,539
Owens
Corning
.......................................
United
States
3,021
237,481
Trane
Technologies
plc
.................................
United
States
2,656
384,615
1,608,488
Capital
Markets
1.9%
3i
Group
plc
.........................................
United
Kingdom
20,891
250,836
Affiliated
Managers
Group,
Inc.
...........................
United
States
940
105,139
Bank
of
New
York
Mellon
Corp.
(The)
......................
United
States
18,860
726,487
BlackRock,
Inc.
.......................................
United
States
365
200,852
Blackstone,
Inc.
......................................
United
States
1,000
83,700
Carlyle
Group,
Inc.
(The)
................................
United
States
4,549
117,546
Cboe
Global
Markets,
Inc.
...............................
United
States
686
80,516
Charles
Schwab
Corp.
(The)
.............................
United
States
25,379
1,823,989
CME
Group,
Inc.
......................................
United
States
1,224
216,807
Deutsche
Boerse
AG
...................................
Germany
8,387
1,374,924
Evercore,
Inc.,
A
......................................
United
States
1,090
89,653
FactSet
Research
Systems,
Inc.
..........................
United
States
1,187
474,931
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Capital
Markets
(continued)
Intercontinental
Exchange,
Inc.
...........................
United
States
3,555
$
321,194
Intermediate
Capital
Group
plc
...........................
United
Kingdom
55,000
593,286
Lazard
Ltd.,
A
........................................
United
States
2,137
68,021
LPL
Financial
Holdings,
Inc.
.............................
United
States
2,478
541,393
Macquarie
Group
Ltd.
..................................
Australia
4,800
468,289
MarketAxess
Holdings,
Inc.
..............................
United
States
300
66,747
MSCI,
Inc.
...........................................
United
States
251
105,869
S&P
Global,
Inc.
......................................
United
States
3,833
1,170,407
SBI
Holdings,
Inc.
.....................................
Japan
4,300
77,156
SEI
Investments
Co.
...................................
United
States
3,252
159,511
Singapore
Exchange
Ltd.
...............................
Singapore
11,100
72,820
Tradeweb
Markets,
Inc.,
A
...............................
United
States
3,100
174,902
UBS
Group
AG
.......................................
Switzerland
31,046
450,414
9,815,389
Chemicals
1.7%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
6,974
1,623,059
BASF
SE
...........................................
Germany
2,024
77,682
CF
Industries
Holdings,
Inc.
.............................
United
States
6,517
627,261
c
Covestro
AG,
144A,
Reg
S
..............................
Germany
13,983
399,818
Ecolab,
Inc.
..........................................
United
States
1,621
234,105
ICL
Group
Ltd.
.......................................
Israel
20,041
160,480
Koninklijke
DSM
NV
...................................
Netherlands
6,900
785,195
Linde
plc
............................................
United
Kingdom
1,885
508,177
LyondellBasell
Industries
NV,
A
...........................
United
States
8,021
603,821
Mosaic
Co.
(The)
.....................................
United
States
3,719
179,739
Nissan
Chemical
Corp.
.................................
Japan
3,200
142,941
Nitto
Denko
Corp.
.....................................
Japan
4,500
243,631
Novozymes
A/S,
B
....................................
Denmark
746
37,486
OCI
NV
.............................................
Netherlands
3,235
118,444
PPG
Industries,
Inc.
...................................
United
States
8,493
940,090
Sherwin-Williams
Co.
(The)
..............................
United
States
2,080
425,880
Shin-Etsu
Chemical
Co.
Ltd.
.............................
Japan
1,100
108,841
Sika
AG
............................................
Switzerland
3,400
683,372
Symrise
AG
.........................................
Germany
9,705
946,406
Tosoh
Corp.
.........................................
Japan
5,600
62,408
Westlake
Corp.
.......................................
United
States
821
71,328
8,980,164
Commercial
Services
&
Supplies
0.1%
Cintas
Corp.
.........................................
United
States
274
106,364
Dai
Nippon
Printing
Co.
Ltd.
.............................
Japan
5,600
112,180
Republic
Services,
Inc.
.................................
United
States
3,972
540,351
758,895
Communications
Equipment
0.7%
a
Arista
Networks,
Inc.
...................................
United
States
779
87,941
Cisco
Systems,
Inc.
...................................
United
States
41,218
1,648,720
a
F5,
Inc.
.............................................
United
States
569
82,351
Motorola
Solutions,
Inc.
.................................
United
States
7,274
1,629,158
3,448,170
Construction
Materials
0.3%
CRH
plc
............................................
Ireland
18,049
580,339
Martin
Marietta
Materials,
Inc.
............................
United
States
3,378
1,088,020
1,668,359
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
13,630
$
1,838,823
a
Credit
Acceptance
Corp.
................................
United
States
213
93,294
Synchrony
Financial
...................................
United
States
6,716
189,324
2,121,441
Containers
&
Packaging
0.0%
†
Packaging
Corp.
of
America
.............................
United
States
1,318
147,998
Distributors
0.0%
†
Genuine
Parts
Co.
....................................
United
States
811
121,099
Diversified
Consumer
Services
0.1%
a
Grand
Canyon
Education,
Inc.
............................
United
States
944
77,644
H&R
Block,
Inc.
.......................................
United
States
5,137
218,528
296,172
Diversified
Financial
Services
0.6%
a
Berkshire
Hathaway,
Inc.,
B
..............................
United
States
7,506
2,004,252
Eurazeo
SE
.........................................
France
1,364
71,179
a
EXOR
NV
...........................................
Netherlands
6,635
425,814
Housing
Development
Finance
Corp.
Ltd.
...................
India
25,695
715,381
ORIX
Corp.
..........................................
Japan
4,700
65,836
Sofina
SA
...........................................
Belgium
489
84,400
3,366,862
Diversified
Telecommunication
Services
0.4%
AT&T,
Inc.
...........................................
United
States
33,238
509,871
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
..............
Israel
24,256
39,617
c
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
17,000
524,419
Deutsche
Telekom
AG
..................................
Germany
4,400
74,899
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
33,300
898,085
2,046,891
Electric
Utilities
0.7%
Acciona
SA
..........................................
Spain
771
135,515
American
Electric
Power
Co.,
Inc.
.........................
United
States
6,062
524,060
Edison
International
...................................
United
States
19,358
1,095,276
Elia
Group
SA/NV
.....................................
Belgium
1,018
119,795
Endesa
SA
..........................................
Spain
3,852
57,858
Exelon
Corp.
.........................................
United
States
19,325
723,914
NextEra
Energy,
Inc.
...................................
United
States
5,392
422,787
NRG
Energy,
Inc.
.....................................
United
States
7,377
282,318
Power
Assets
Holdings
Ltd.
..............................
Hong
Kong
42,000
210,537
Red
Electrica
Corp.
SA
.................................
Spain
12,665
194,362
a
Tokyo
Electric
Power
Co.
Holdings,
Inc.
.....................
Japan
18,000
57,533
3,823,955
Electrical
Equipment
0.5%
Acuity
Brands,
Inc.
....................................
United
States
1,077
169,595
AMETEK,
Inc.
........................................
United
States
1,618
183,497
Eaton
Corp.
plc
.......................................
United
States
6,215
828,833
Emerson
Electric
Co.
..................................
United
States
3,531
258,540
Fuji
Electric
Co.
Ltd.
...................................
Japan
4,000
146,588
Prysmian
SpA
........................................
Italy
3,254
93,212
Schneider
Electric
SE
..................................
United
States
2,551
288,152
Vertiv
Holdings
Co.
....................................
United
States
70,852
688,682
2,657,099
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
A
....................................
United
States
7,466
$
499,923
Avnet,
Inc.
..........................................
United
States
3,027
109,335
Hirose
Electric
Co.
Ltd.
.................................
Japan
900
118,018
Jabil,
Inc.
...........................................
United
States
4,191
241,863
Keyence
Corp.
.......................................
Japan
500
165,263
a
Keysight
Technologies,
Inc.
..............................
United
States
2,202
346,507
TDK
Corp.
..........................................
Japan
3,400
104,948
TE
Connectivity
Ltd.
...................................
Switzerland
23,248
2,565,649
Yokogawa
Electric
Corp.
................................
Japan
7,000
110,268
4,261,774
Energy
Equipment
&
Services
0.2%
SBM
Offshore
NV
.....................................
Netherlands
56,893
713,982
a
Tecnicas
Reunidas
SA
.................................
Spain
21,074
123,823
837,805
Entertainment
0.6%
a
CTS
Eventim
AG
&
Co.
KGaA
............................
Germany
18,000
740,592
Electronic
Arts,
Inc.
....................................
United
States
2,534
293,209
a
Netflix,
Inc.
..........................................
United
States
2,942
692,664
Nintendo
Co.
Ltd.
.....................................
Japan
8,000
322,641
a
ROBLOX
Corp.,
A
.....................................
United
States
3,300
118,272
a
Sea
Ltd.,
ADR
........................................
Singapore
4,192
234,961
Square
Enix
Holdings
Co.
Ltd.
............................
Japan
1,000
43,097
a
Walt
Disney
Co.
(The)
..................................
United
States
4,354
410,713
World
Wrestling
Entertainment,
Inc.,
A
......................
United
States
1,345
94,379
2,950,528
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
American
Tower
Corp.
..................................
United
States
5,476
1,175,697
Apartment
Income
REIT
Corp.
............................
United
States
4,906
189,470
Crown
Castle,
Inc.
.....................................
United
States
2,885
417,027
Equinix,
Inc.
.........................................
United
States
932
530,159
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
4,094
183,452
Goodman
Group
......................................
Australia
11,425
115,470
a
Klepierre
SA
.........................................
France
6,620
115,096
National
Retail
Properties,
Inc.
...........................
United
States
4,297
171,279
Omega
Healthcare
Investors,
Inc.
.........................
United
States
6,637
195,725
Public
Storage
.......................................
United
States
3,424
1,002,582
Segro
plc
...........................................
United
Kingdom
28,246
235,670
Vicinity
Centres
.......................................
Australia
66,097
73,697
Weyerhaeuser
Co.
....................................
United
States
14,440
412,406
4,817,730
Food
&
Staples
Retailing
0.5%
Albertsons
Cos.,
Inc.,
A
.................................
United
States
5,024
124,897
Coles
Group
Ltd.
......................................
Australia
10,758
113,415
Costco
Wholesale
Corp.
................................
United
States
372
175,684
Jeronimo
Martins
SGPS
SA
.............................
Portugal
5,206
96,959
Koninklijke
Ahold
Delhaize
NV
............................
Netherlands
16,684
424,987
Kroger
Co.
(The)
......................................
United
States
20,547
898,931
Sundrug
Co.
Ltd.
......................................
Japan
22,743
553,351
2,388,224
Food
Products
0.5%
Archer-Daniels-Midland
Co.
.............................
United
States
1,016
81,737
Danone
SA
..........................................
France
3,562
168,439
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Hershey
Co.
(The)
....................................
United
States
1,857
$
409,413
Lamb
Weston
Holdings,
Inc.
.............................
United
States
1,232
95,332
Nestle
SA
...........................................
United
States
9,604
1,038,743
Tyson
Foods,
Inc.,
A
...................................
United
States
6,598
435,006
c
WH
Group
Ltd.,
144A,
Reg
S
............................
Hong
Kong
254,500
160,065
Yakult
Honsha
Co.
Ltd.
.................................
Japan
4,000
232,235
2,620,970
Gas
Utilities
0.1%
National
Fuel
Gas
Co.
..................................
United
States
2,742
168,770
Osaka
Gas
Co.
Ltd.
...................................
Japan
11,700
176,371
345,141
Health
Care
Equipment
&
Supplies
1.7%
Abbott
Laboratories
....................................
United
States
3,360
325,114
Alcon,
Inc.,
(CHF
Traded)
...............................
Switzerland
15,119
878,194
Alcon,
Inc.,
(USD
Traded)
...............................
Switzerland
11,142
648,241
Becton
Dickinson
and
Co.
...............................
United
States
4,055
903,576
BioMerieux
..........................................
France
1,287
101,807
Cochlear
Ltd.
........................................
Australia
6,400
794,993
a
Dexcom,
Inc.
.........................................
United
States
6,536
526,409
a
Edwards
Lifesciences
Corp.
.............................
United
States
4,809
397,368
a
Haemonetics
Corp.
....................................
United
States
2,524
186,852
a
Hologic,
Inc.
.........................................
United
States
7,697
496,610
Hoya
Corp.
..........................................
Japan
1,800
173,427
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,712
557,770
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,753
1,078,342
Olympus
Corp.
.......................................
Japan
6,900
132,727
a
QuidelOrtho
Corp.
.....................................
United
States
1,544
110,365
ResMed,
Inc.
........................................
United
States
354
77,278
Sonova
Holding
AG
....................................
Switzerland
1,315
289,380
Stryker
Corp.
........................................
United
States
3,862
782,209
Teleflex,
Inc.
.........................................
United
States
1,384
278,821
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
725
75,799
8,815,282
Health
Care
Providers
&
Services
1.9%
a
Centene
Corp.
.......................................
United
States
1,457
113,369
Cigna
Corp.
.........................................
United
States
340
94,340
CVS
Health
Corp.
.....................................
United
States
8,061
768,778
Elevance
Health,
Inc.
..................................
United
States
5,416
2,460,164
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
12,516
352,632
a
Guardant
Health,
Inc.
..................................
United
States
800
43,064
Humana,
Inc.
........................................
United
States
158
76,660
Laboratory
Corp.
of
America
Holdings
......................
United
States
1,010
206,858
McKesson
Corp.
......................................
United
States
3,290
1,118,172
a
Molina
Healthcare,
Inc.
.................................
United
States
272
89,716
Sonic
Healthcare
Ltd.
..................................
Australia
7,046
137,434
UnitedHealth
Group,
Inc.
................................
United
States
8,809
4,448,897
9,910,084
Health
Care
Technology
0.0%
†
M3,
Inc.
............................................
Japan
1,400
39,086
a
Veeva
Systems,
Inc.,
A
.................................
United
States
700
115,416
154,502
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
0.4%
a
Airbnb,
Inc.,
A
........................................
United
States
1,000
$
105,040
a
Booking
Holdings,
Inc.
.................................
United
States
348
571,837
Choice
Hotels
International,
Inc.
..........................
United
States
1,001
109,629
Compass
Group
plc
...................................
United
Kingdom
17,230
343,076
Domino's
Pizza,
Inc.
...................................
United
States
728
225,826
c
La
Francaise
des
Jeux
SAEM,
144A,
Reg
S
.................
France
3,245
96,264
a
Las
Vegas
Sands
Corp.
.................................
United
States
6,338
237,802
McDonald's
Corp.
.....................................
United
States
2,144
494,706
Yum!
Brands,
Inc.
.....................................
United
States
1,420
151,003
2,335,183
Household
Durables
0.2%
Barratt
Developments
plc
...............................
United
Kingdom
27,715
104,742
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
A
...................
China
50,300
228,782
a
NVR,
Inc.
...........................................
United
States
30
119,612
Persimmon
plc
.......................................
United
Kingdom
2,465
33,710
Sekisui
House
Ltd.
....................................
Japan
9,600
158,982
Sony
Group
Corp.
.....................................
Japan
4,448
286,486
Taylor
Wimpey
plc
.....................................
United
Kingdom
50,568
49,238
981,552
Household
Products
0.2%
Colgate-Palmolive
Co.
.................................
United
States
9,852
692,103
Kimberly-Clark
Corp.
...................................
United
States
606
68,199
Procter
&
Gamble
Co.
(The)
.............................
United
States
3,467
437,709
1,198,011
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
RWE
AG
............................................
Germany
3,480
127,917
Vistra
Corp.
..........................................
United
States
3,069
64,449
192,366
Industrial
Conglomerates
0.6%
3M
Co.
.............................................
United
States
3,768
416,364
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
165,500
911,284
Hitachi
Ltd.
..........................................
Japan
17,606
749,165
Honeywell
International,
Inc.
.............................
United
States
4,554
760,382
Siemens
AG
.........................................
Germany
645
63,047
2,900,242
Insurance
1.4%
AIA
Group
Ltd.
.......................................
Hong
Kong
79,146
658,962
American
Financial
Group,
Inc.
...........................
United
States
2,051
252,129
Assured
Guaranty
Ltd.
.................................
United
States
1,817
88,034
Chubb
Ltd.
..........................................
United
States
2,739
498,169
Japan
Post
Insurance
Co.
Ltd.
...........................
Japan
6,100
85,428
Legal
&
General
Group
plc
..............................
United
Kingdom
111,330
265,731
Marsh
&
McLennan
Cos.,
Inc.
............................
United
States
8,017
1,196,858
Medibank
Pvt
Ltd.
.....................................
Australia
86,392
193,100
MetLife,
Inc.
.........................................
United
States
3,313
201,364
Progressive
Corp.
(The)
................................
United
States
9,374
1,089,353
Prudential
plc,
(GBP
Traded)
.............................
Hong
Kong
35,742
349,814
Prudential
plc,
(HKD
Traded)
.............................
Hong
Kong
7,650
74,450
Sampo
OYJ,
A
.......................................
Finland
2,629
112,242
Tokio
Marine
Holdings,
Inc.
..............................
Japan
21,000
373,197
Travelers
Cos.,
Inc.
(The)
...............................
United
States
6,012
921,038
Unum
Group
.........................................
United
States
6,242
242,190
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
(continued)
W
R
Berkley
Corp.
....................................
United
States
3,372
$
217,764
Zurich
Insurance
Group
AG
..............................
Switzerland
1,950
777,369
7,597,192
Interactive
Media
&
Services
1.6%
a
Alphabet,
Inc.,
A
......................................
United
States
51,222
4,899,384
a
Alphabet,
Inc.,
C
......................................
United
States
11,857
1,140,051
c
Auto
Trader
Group
plc,
144A,
Reg
S
.......................
United
Kingdom
16,899
95,831
a
Baidu,
Inc.,
ADR
......................................
China
1,985
233,218
a
Match
Group,
Inc.
.....................................
United
States
683
32,613
a
Meta
Platforms,
Inc.,
A
.................................
United
States
15,466
2,098,427
8,499,524
Internet
&
Direct
Marketing
Retail
1.8%
a
Alibaba
Group
Holding
Ltd.
..............................
China
67,093
669,544
a
Amazon.com,
Inc.
.....................................
United
States
54,968
6,211,384
a,c
Delivery
Hero
SE,
144A,
Reg
S
...........................
South
Korea
2,306
84,236
eBay,
Inc.
...........................................
United
States
6,472
238,234
a
Etsy,
Inc.
............................................
United
States
721
72,194
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
14,651
227,274
a
MercadoLibre,
Inc.
....................................
Brazil
1,150
951,947
a
Prosus
NV
..........................................
China
11,795
613,685
a
Vipshop
Holdings
Ltd.,
ADR
.............................
China
47,595
400,274
ZOZO,
Inc.
..........................................
Japan
3,900
78,061
9,546,833
IT
Services
2.4%
a,c
Adyen
NV,
144A,
Reg
S
................................
Netherlands
797
994,039
a
Amadeus
IT
Group
SA
.................................
Spain
21,950
1,017,712
Amdocs
Ltd.
.........................................
United
States
3,830
304,294
Automatic
Data
Processing,
Inc.
..........................
United
States
541
122,369
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
2,314
132,916
a
DXC
Technology
Co.
...................................
United
States
25,263
618,438
Fujitsu
Ltd.
..........................................
Japan
3,200
350,850
a
Gartner,
Inc.
.........................................
United
States
923
255,385
Genpact
Ltd.
.........................................
United
States
5,615
245,769
Jack
Henry
&
Associates,
Inc.
............................
United
States
2,256
411,201
Keywords
Studios
plc
..................................
Ireland
38,000
969,326
Mastercard,
Inc.,
A
....................................
United
States
3,751
1,066,559
Paychex,
Inc.
........................................
United
States
6,447
723,418
a
Paymentus
Holdings,
Inc.,
A
.............................
United
States
2,600
25,272
a
PayPal
Holdings,
Inc.
..................................
United
States
9,634
829,198
a
Shopify,
Inc.,
A
.......................................
Canada
19,200
517,248
a
Snowflake,
Inc.,
A
.....................................
United
States
1,500
254,940
a
VeriSign,
Inc.
........................................
United
States
422
73,301
Visa,
Inc.,
A
..........................................
United
States
20,494
3,640,759
Western
Union
Co.
(The)
................................
United
States
11,953
161,366
12,714,360
Leisure
Products
0.0%
†
Bandai
Namco
Holdings,
Inc.
............................
Japan
1,700
110,775
Life
Sciences
Tools
&
Services
1.2%
Agilent
Technologies,
Inc.
...............................
United
States
3,185
387,137
Danaher
Corp.
.......................................
United
States
2,987
771,512
Eurofins
Scientific
SE
..................................
Luxembourg
861
51,115
a
Evotec
SE
...........................................
Germany
38,000
660,695
a
Illumina,
Inc.
.........................................
United
States
1,446
275,883
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Mettler-Toledo
International,
Inc.
..........................
United
States
1,452
$
1,574,142
a
QIAGEN
NV,
(EUR
Traded)
..............................
United
States
914
38,065
a
QIAGEN
NV,
(USD
Traded)
..............................
United
States
1,687
69,640
Sartorius
Stedim
Biotech
................................
France
334
102,455
Thermo
Fisher
Scientific,
Inc.
............................
United
States
3,233
1,639,745
a
Waters
Corp.
........................................
United
States
1,851
498,900
6,069,289
Machinery
1.5%
AGCO
Corp.
.........................................
United
States
895
86,072
Allison
Transmission
Holdings,
Inc.
........................
United
States
3,019
101,921
Atlas
Copco
AB,
B
.....................................
Sweden
48,854
404,957
Deere
&
Co.
.........................................
United
States
8,285
2,766,279
Dover
Corp.
.........................................
United
States
1,100
128,238
Illinois
Tool
Works,
Inc.
.................................
United
States
8,021
1,448,994
Ingersoll
Rand,
Inc.
....................................
United
States
4,826
208,773
Komatsu
Ltd.
........................................
Japan
18,000
327,716
Lincoln
Electric
Holdings,
Inc.
............................
United
States
1,674
210,455
Mitsubishi
Heavy
Industries
Ltd.
..........................
Japan
9,900
329,233
NGK
Insulators
Ltd.
....................................
Japan
7,500
93,341
Otis
Worldwide
Corp.
..................................
United
States
10,319
658,352
PACCAR,
Inc.
........................................
United
States
2,425
202,948
a
Proterra,
Inc.
.........................................
United
States
11,400
56,772
Rational
AG
.........................................
Germany
84
40,685
Snap-on,
Inc.
........................................
United
States
1,643
330,818
Stanley
Black
&
Decker,
Inc.
.............................
United
States
1,952
146,810
Xylem,
Inc.
..........................................
United
States
2,400
209,664
7,752,028
Marine
0.0%
†
AP
Moller
-
Maersk
A/S,
A
...............................
Denmark
96
169,598
ZIM
Integrated
Shipping
Services
Ltd.
......................
Israel
2,492
58,562
228,160
Media
1.1%
a,c
Ascential
plc,
Reg
S
...................................
United
Kingdom
255,000
580,390
Cable
One,
Inc.
.......................................
United
States
261
222,646
a
Charter
Communications,
Inc.,
A
..........................
United
States
2,957
897,006
Comcast
Corp.,
A
.....................................
United
States
42,760
1,254,151
CyberAgent,
Inc.
......................................
Japan
66,400
559,037
a
DISH
Network
Corp.,
A
.................................
United
States
49,765
688,250
Informa
plc
..........................................
United
Kingdom
76,025
434,532
Nexstar
Media
Group,
Inc.,
A
.............................
United
States
556
92,768
a
S4
Capital
plc
........................................
United
Kingdom
118,822
191,438
a
Viaplay
Group
AB,
B
...................................
Sweden
34,000
660,512
5,580,730
Metals
&
Mining
0.5%
ArcelorMittal
SA
......................................
Luxembourg
11,951
237,817
BHP
Group
Ltd.
......................................
Australia
33,099
822,779
Fortescue
Metals
Group
Ltd.
.............................
Australia
7,182
77,101
Freeport-McMoRan,
Inc.
................................
United
States
9,098
248,649
Glencore
plc
.........................................
Australia
9,770
51,339
Nucor
Corp.
.........................................
United
States
3,886
415,763
Rio
Tinto
Ltd.
........................................
Australia
5,674
343,234
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
17,265
494,704
2,691,386
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Multiline
Retail
0.1%
a
Dollar
Tree,
Inc.
......................................
United
States
561
$
76,352
Macy's,
Inc.
..........................................
United
States
8,703
136,376
Next
plc
............................................
United
Kingdom
1,604
85,130
Seria
Co.
Ltd.
........................................
Japan
14,748
257,516
555,374
Multi-Utilities
0.8%
DTE
Energy
Co.
......................................
United
States
5,782
665,219
E.ON
SE
............................................
Germany
76,864
590,559
Engie
SA
...........................................
France
6,865
79,020
National
Grid
plc
......................................
United
Kingdom
5,351
55,081
Sempra
Energy
.......................................
United
States
20,113
3,015,743
4,405,622
Oil,
Gas
&
Consumable
Fuels
2.5%
APA
Corp.
...........................................
United
States
5,605
191,635
BP
plc
..............................................
United
Kingdom
413,854
1,977,468
Chesapeake
Energy
Corp.
..............................
United
States
3,986
375,521
Chevron
Corp.
.......................................
United
States
15,941
2,290,244
ConocoPhillips
.......................................
United
States
29,553
3,024,454
Devon
Energy
Corp.
...................................
United
States
1,295
77,868
Diamondback
Energy,
Inc.
...............................
United
States
570
68,662
Equinor
ASA
.........................................
Norway
12,708
419,190
Exxon
Mobil
Corp.
.....................................
United
States
8,077
705,203
Galp
Energia
SGPS
SA,
B
..............................
Portugal
40,064
385,491
OMV
AG
............................................
Austria
1,520
55,016
Repsol
SA
...........................................
Spain
29,944
344,082
Shell
plc
............................................
Netherlands
67,072
1,663,843
TotalEnergies
SE
.....................................
France
10,727
503,278
Valero
Energy
Corp.
...................................
United
States
10,018
1,070,423
13,152,378
Personal
Products
0.3%
Beiersdorf
AG
........................................
Germany
978
96,106
Estee
Lauder
Cos.,
Inc.
(The),
A
..........................
United
States
500
107,950
a
Haleon
plc,
ADR
......................................
United
Kingdom
99,650
606,868
L'Oreal
SA
..........................................
France
2,600
831,372
1,642,296
Pharmaceuticals
2.5%
Astellas
Pharma,
Inc.
..................................
Japan
8,800
116,564
AstraZeneca
plc
......................................
United
Kingdom
6,398
703,297
AstraZeneca
plc,
ADR
..................................
United
Kingdom
5,614
307,872
Bayer
AG
...........................................
Germany
21,448
988,257
a
Catalent,
Inc.
........................................
United
States
6,689
484,016
Eli
Lilly
&
Co.
........................................
United
States
3,062
990,098
GSK
plc
............................................
United
States
53,867
777,951
Hikma
Pharmaceuticals
plc
..............................
Jordan
39,000
587,821
Ipsen
SA
............................................
France
1,173
108,567
Johnson
&
Johnson
...................................
United
States
10,879
1,777,193
Merck
&
Co.,
Inc.
.....................................
United
States
23,328
2,009,007
Novo
Nordisk
A/S,
B
...................................
Denmark
8,799
876,479
Orion
OYJ,
B
........................................
Finland
3,319
139,762
Pfizer,
Inc.
...........................................
United
States
25,893
1,133,078
Roche
Holding
AG
....................................
United
States
3,192
1,039,101
Roche
Holding
AG,
BR
.................................
United
States
356
139,064
Sanofi
SA
...........................................
France
2,678
203,931
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Zoetis,
Inc.
..........................................
United
States
6,521
$
966,999
13,349,057
Professional
Services
0.7%
Adecco
Group
AG
.....................................
Switzerland
20,956
578,377
a
Clarivate
plc
.........................................
United
States
69,000
647,910
a
CoStar
Group,
Inc.
....................................
United
States
4,000
278,600
Equifax,
Inc.
.........................................
United
States
1,090
186,859
Experian
plc
.........................................
United
Kingdom
27,000
790,325
Persol
Holdings
Co.
Ltd.
................................
Japan
2,400
44,392
Randstad
NV
........................................
Netherlands
3,788
163,502
RELX
plc
...........................................
United
Kingdom
4,398
107,463
Robert
Half
International,
Inc.
............................
United
States
3,332
254,898
Verisk
Analytics,
Inc.
...................................
United
States
661
112,720
Wolters
Kluwer
NV
....................................
Netherlands
4,671
454,855
3,619,901
Real
Estate
Management
&
Development
0.1%
a
Fastighets
AB
Balder,
B
.................................
Sweden
19,826
79,140
a
Jones
Lang
LaSalle,
Inc.
................................
United
States
1,005
151,825
LEG
Immobilien
SE
....................................
Germany
2,273
135,682
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
8,600
163,813
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
3,700
83,553
Sino
Land
Co.
Ltd.
....................................
Hong
Kong
58,000
76,289
690,302
Road
&
Rail
0.5%
a
Avis
Budget
Group,
Inc.
................................
United
States
924
137,177
Canadian
Pacific
Railway
Ltd.
............................
Canada
5,360
357,619
a
Hertz
Global
Holdings,
Inc.
..............................
United
States
7,280
118,518
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
1,150
179,883
Kintetsu
Group
Holdings
Co.
Ltd.
.........................
Japan
5,500
183,097
Ryder
System,
Inc.
....................................
United
States
1,542
116,406
a
Uber
Technologies,
Inc.
.................................
United
States
20,982
556,023
Union
Pacific
Corp.
....................................
United
States
5,136
1,000,595
2,649,318
Semiconductors
&
Semiconductor
Equipment
2.2%
ASML
Holding
NV
.....................................
Netherlands
2,180
903,175
ASML
Holding
NV,
NYRS
...............................
Netherlands
1,912
794,149
Broadcom,
Inc.
.......................................
United
States
358
158,956
Disco
Corp.
..........................................
Japan
200
44,086
Infineon
Technologies
AG
...............................
Germany
26,515
580,285
Intel
Corp.
...........................................
United
States
35,112
904,836
KLA
Corp.
...........................................
United
States
236
71,421
Micron
Technology,
Inc.
.................................
United
States
11,568
579,557
Monolithic
Power
Systems,
Inc.
...........................
United
States
1,200
436,080
NVIDIA
Corp.
........................................
United
States
12,934
1,570,058
NXP
Semiconductors
NV
...............................
China
5,064
746,991
QUALCOMM,
Inc.
.....................................
United
States
11,486
1,297,688
STMicroelectronics
NV
.................................
Singapore
18,749
582,697
SUMCO
Corp.
.......................................
Japan
10,900
126,983
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
53,586
708,718
Texas
Instruments,
Inc.
.................................
United
States
13,631
2,109,806
Tokyo
Electron
Ltd.
....................................
Japan
1,000
246,369
11,861,855
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
4.9%
a
Adobe,
Inc.
..........................................
United
States
2,156
$
593,331
a
Atlassian
Corp.
plc,
A
..................................
United
States
3,547
746,963
a
Autodesk,
Inc.
........................................
United
States
1,942
362,766
AVEVA
Group
plc
.....................................
United
Kingdom
22,000
759,016
a
Bill.com
Holdings,
Inc.
..................................
United
States
2,700
357,399
a
Cadence
Design
Systems,
Inc.
...........................
United
States
8,504
1,389,809
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,942
217,543
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
300
49,443
a
CyberArk
Software
Ltd.
.................................
United
States
7,900
1,184,526
a
Fair
Isaac
Corp.
......................................
United
States
784
323,016
a
Fortinet,
Inc.
.........................................
United
States
20,151
990,019
a
Gitlab,
Inc.,
A
........................................
United
States
300
15,366
Intuit,
Inc.
...........................................
United
States
2,185
846,294
a
Manhattan
Associates,
Inc.
..............................
United
States
1,950
259,408
Microsoft
Corp.
.......................................
United
States
39,614
9,226,101
Nemetschek
SE
......................................
Germany
1,691
80,270
a
Nice
Ltd.,
ADR
.......................................
Israel
4,600
865,904
Oracle
Corp.
.........................................
United
States
10,876
664,197
a
Palo
Alto
Networks,
Inc.
................................
United
States
7,197
1,178,797
a
Paycom
Software,
Inc.
.................................
United
States
400
131,996
a
Procore
Technologies,
Inc.
..............................
United
States
200
9,896
a
PTC,
Inc.
...........................................
United
States
3,021
315,996
Sage
Group
plc
(The)
..................................
United
Kingdom
29,374
226,363
a
Salesforce,
Inc.
.......................................
United
States
7,356
1,058,087
a
ServiceNow,
Inc.
......................................
United
States
2,155
813,749
SimCorp
A/S
.........................................
Denmark
12,500
703,477
a
Splunk,
Inc.
..........................................
United
States
5,427
408,110
a
Synopsys,
Inc.
.......................................
United
States
2,201
672,427
a
Teradata
Corp.
.......................................
United
States
3,237
100,541
Trend
Micro,
Inc.
......................................
Japan
800
43,086
a
Tyler
Technologies,
Inc.
.................................
United
States
496
172,360
a
Unity
Software,
Inc.
....................................
United
States
3,894
124,063
WiseTech
Global
Ltd.
..................................
Australia
2,358
77,042
a
Workday,
Inc.,
A
......................................
United
States
5,259
800,525
25,767,886
Specialty
Retail
0.8%
Advance
Auto
Parts,
Inc.
................................
United
States
3,208
501,539
a
AutoNation,
Inc.
......................................
United
States
1,238
126,115
a
AutoZone,
Inc.
.......................................
United
States
372
796,798
Home
Depot,
Inc.
(The)
.................................
United
States
5,243
1,446,753
Industria
de
Diseno
Textil
SA
.............................
Spain
7,632
157,507
JD
Sports
Fashion
plc
..................................
United
Kingdom
29,142
32,104
Lithia
Motors,
Inc.,
A
...................................
United
States
300
64,365
Penske
Automotive
Group,
Inc.
...........................
United
States
856
84,256
Tractor
Supply
Co.
....................................
United
States
2,469
458,938
a
Ulta
Beauty,
Inc.
......................................
United
States
1,321
529,972
USS
Co.
Ltd.
.........................................
Japan
3,300
50,960
Williams-Sonoma,
Inc.
.................................
United
States
1,648
194,217
4,443,524
Technology
Hardware,
Storage
&
Peripherals
1.7%
Apple,
Inc.
..........................................
United
States
55,097
7,614,405
Canon,
Inc.
..........................................
Japan
6,800
148,514
Elecom
Co.
Ltd.
......................................
Japan
14,800
147,482
HP,
Inc.
.............................................
United
States
12,707
316,659
b
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
25,095
914,277
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
Seiko
Epson
Corp.
....................................
Japan
5,800
$
79,188
9,220,525
Textiles,
Apparel
&
Luxury
Goods
0.4%
Burberry
Group
plc
....................................
United
Kingdom
12,336
246,407
Hermes
International
...................................
France
70
82,333
a
Lululemon
Athletica,
Inc.
................................
United
States
481
134,468
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
935
551,281
NIKE,
Inc.,
B
.........................................
United
States
11,151
926,871
Pandora
A/S
.........................................
Denmark
2,891
135,192
2,076,552
Thrifts
&
Mortgage
Finance
0.0%
†
MGIC
Investment
Corp.
.................................
United
States
9,601
123,085
New
York
Community
Bancorp,
Inc.
........................
United
States
7,845
66,918
190,003
Tobacco
0.3%
Altria
Group,
Inc.
......................................
United
States
9,982
403,073
Imperial
Brands
plc
....................................
United
Kingdom
49,991
1,027,913
Swedish
Match
AB
....................................
Sweden
4,084
40,398
1,471,384
Trading
Companies
&
Distributors
0.4%
Fastenal
Co.
.........................................
United
States
7,200
331,488
Marubeni
Corp.
.......................................
Japan
4,600
40,133
Mitsubishi
Corp.
......................................
Japan
26,000
711,032
WW
Grainger,
Inc.
.....................................
United
States
2,040
997,948
2,080,601
Water
Utilities
0.0%
†
American
Water
Works
Co.,
Inc.
..........................
United
States
1,619
210,729
Wireless
Telecommunication
Services
0.1%
KDDI
Corp.
..........................................
Japan
20,900
610,975
a
T-Mobile
US,
Inc.
.....................................
United
States
1,073
143,964
754,939
Total
Common
Stocks
(Cost
$302,665,505)
.....................................
293,473,360
Management
Investment
Companies
2.1%
Capital
Markets
2.1%
Schwab
U.S.
TIPS
ETF
.................................
United
States
219,598
11,375,176
Total
Management
Investment
Companies
(Cost
$13,506,924)
....................
11,375,176
Units
Private
Limited
Partnership
Funds
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Enterprise
Products
Partners
LP
..........................
United
States
67,434
1,603,580
Total
Private
Limited
Partnership
Funds
(Cost
$1,742,860)
.......................
1,603,580
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
10.3%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
Senior
Bond,
3.2%,
3/01/29
............................
United
States
20,000
$
16,724
Senior
Bond,
3.25%,
2/01/35
...........................
United
States
30,000
21,236
Senior
Bond,
3.5%,
3/01/39
............................
United
States
200,000
133,890
Senior
Bond,
5.705%,
5/01/40
..........................
United
States
30,000
26,279
Senior
Bond,
5.805%,
5/01/50
..........................
United
States
60,000
52,274
Senior
Bond,
5.93%,
5/01/60
...........................
United
States
20,000
17,176
Senior
Note,
4.875%,
5/01/25
..........................
United
States
70,000
68,370
Senior
Note,
2.196%,
2/04/26
..........................
United
States
350,000
310,916
Senior
Note,
5.15%,
5/01/30
...........................
United
States
50,000
46,311
General
Dynamics
Corp.
,
Senior
Bond
,
4.25
%
,
4/01/50
.........
United
States
10,000
8,703
Lockheed
Martin
Corp.
,
Senior
Bond,
3.9%,
6/15/32
............................
United
States
10,000
9,284
Senior
Bond,
4.15%,
6/15/53
...........................
United
States
50,000
41,971
Northrop
Grumman
Corp.
,
Senior
Bond,
3.25%,
1/15/28
...........................
United
States
10,000
9,111
Senior
Bond,
5.25%,
5/01/50
...........................
United
States
190,000
182,008
Senior
Note,
2.93%,
1/15/25
...........................
United
States
20,000
19,088
Raytheon
Technologies
Corp.
,
Senior
Bond,
4.125%,
11/16/28
.........................
United
States
20,000
18,703
Senior
Bond,
4.5%,
6/01/42
............................
United
States
300,000
257,508
Senior
Bond,
4.15%,
5/15/45
...........................
United
States
20,000
16,087
Senior
Bond,
3.125%,
7/01/50
..........................
United
States
30,000
20,256
1,275,895
Air
Freight
&
Logistics
0.1%
FedEx
Corp.
,
Senior
Bond
,
5.1
%
,
1/15/44
...................
United
States
400,000
338,784
United
Parcel
Service,
Inc.
,
Senior
Bond
,
3.75
%
,
11/15/47
.......
United
States
100,000
80,196
418,980
Airlines
0.1%
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note,
144A,
4.5%,
10/20/25
...............
United
States
255,000
247,670
Senior
Secured
Note,
144A,
4.75%,
10/20/28
..............
United
States
30,000
27,982
275,652
Automobiles
0.0%
†
General
Motors
Co.
,
Senior
Bond
,
6.6
%
,
4/01/36
..............
United
States
20,000
18,743
Banks
2.3%
c
Banco
de
Chile
,
Senior
Bond
,
144A,
2.99
%
,
12/09/31
..........
Chile
200,000
155,573
Bancolombia
SA
,
Senior
Note
,
3
%
,
1/29/25
..................
Colombia
450,000
410,842
Bank
of
America
Corp.
,
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
80,000
71,137
Senior
Bond,
2.572%
to
10/19/31,
FRN
thereafter,
10/20/32
...
United
States
90,000
68,933
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
70,000
62,792
Senior
Bond,
5%,
1/21/44
.............................
United
States
20,000
17,340
Senior
Bond,
4.083%
to
3/19/50,
FRN
thereafter,
3/20/51
.....
United
States
100,000
75,632
Senior
Note,
3.004%
to
12/19/22,
FRN
thereafter,
12/20/23
....
United
States
40,000
39,793
Senior
Note,
3.55%
to
3/04/23,
FRN
thereafter,
3/05/24
.......
United
States
30,000
29,771
Senior
Note,
3.864%
to
7/22/23,
FRN
thereafter,
7/23/24
......
United
States
200,000
197,345
Senior
Note,
1.319%
to
6/18/25,
FRN
thereafter,
6/19/26
......
United
States
150,000
133,274
Sub.
Bond,
4%,
1/22/25
..............................
United
States
20,000
19,375
Sub.
Bond,
4.25%,
10/22/26
...........................
United
States
100,000
95,116
Sub.
Bond,
2.482%
to
9/20/31,
FRN
thereafter,
9/21/36
.......
United
States
10,000
7,238
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
L,
Sub.
Bond,
4.183%,
11/25/27
........................
United
States
960,000
$
890,687
Bank
of
Montreal
,
Senior
Note
,
1.85
%
,
5/01/25
...............
Canada
30,000
27,634
Bank
of
Nova
Scotia
(The)
,
Senior
Note,
3.45%,
4/11/25
...........................
Canada
50,000
47,946
Sub.
Bond,
4.588%
to
5/03/32,
FRN
thereafter,
5/04/37
.......
Canada
10,000
8,401
c
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
200,000
186,500
Senior
Note,
144A,
1.675%
to
6/29/26,
FRN
thereafter,
6/30/27
.
France
200,000
169,410
Canadian
Imperial
Bank
of
Commerce
,
Senior
Note
,
0.95
%
,
6/23/23
Canada
20,000
19,459
Citigroup,
Inc.
,
Senior
Bond,
2.572%
to
6/02/30,
FRN
thereafter,
6/03/31
.....
United
States
540,000
425,500
Senior
Bond,
4.91%
to
5/23/32,
FRN
thereafter,
5/24/33
......
United
States
80,000
73,714
Senior
Bond,
2.904%
to
11/02/41,
FRN
thereafter,
11/03/42
....
United
States
30,000
19,207
Senior
Note,
4.044%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
400,000
396,954
Senior
Note,
3.352%
to
4/23/24,
FRN
thereafter,
4/24/25
......
United
States
750,000
723,757
Senior
Note,
3.29%
to
3/16/25,
FRN
thereafter,
3/17/26
.......
United
States
40,000
37,784
Senior
Note,
4.658%
to
5/23/27,
FRN
thereafter,
5/24/28
......
United
States
120,000
114,137
Sub.
Bond,
5.5%,
9/13/25
.............................
United
States
20,000
19,990
Sub.
Bond,
4.45%,
9/29/27
............................
United
States
60,000
55,634
Sub.
Bond,
5.3%,
5/06/44
.............................
United
States
20,000
17,491
c
Cooperatieve
Rabobank
UA
,
Senior
Note
,
144A,
3.649%
to
4/05/27,
FRN
thereafter
,
4/06/28
...............................
Netherlands
250,000
226,987
HSBC
Holdings
plc
,
Senior
Note,
0.976%
to
5/23/24,
FRN
thereafter,
5/24/25
......
United
Kingdom
200,000
183,893
Senior
Note,
1.645%
to
8/17/25,
FRN
thereafter,
4/18/26
......
United
Kingdom
525,000
467,305
Senior
Note,
1.589%
to
5/23/26,
FRN
thereafter,
5/24/27
......
United
Kingdom
200,000
167,373
Senior
Note,
4.755%
to
6/08/27,
FRN
thereafter,
6/09/28
......
United
Kingdom
200,000
184,014
JPMorgan
Chase
&
Co.
,
Senior
Bond,
3.54%
to
4/30/27,
FRN
thereafter,
5/01/28
......
United
States
1,200,000
1,087,508
Senior
Bond,
4.452%
to
12/04/28,
FRN
thereafter,
12/05/29
...
United
States
60,000
55,002
Senior
Bond,
2.545%
to
11/07/31,
FRN
thereafter,
11/08/32
....
United
States
30,000
22,799
Senior
Bond,
3.109%
to
4/21/50,
FRN
thereafter,
4/22/51
.....
United
States
20,000
12,681
Senior
Note,
1.514%
to
5/31/23,
FRN
thereafter,
6/01/24
......
United
States
50,000
48,828
Senior
Note,
2.083%
to
4/21/25,
FRN
thereafter,
4/22/26
......
United
States
80,000
72,936
Senior
Note,
4.565%
to
6/13/29,
FRN
thereafter,
6/14/30
......
United
States
60,000
55,368
Sub.
Bond,
3.625%,
12/01/27
..........................
United
States
60,000
54,432
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.......
United
States
200,000
158,686
Sub.
Bond,
4.95%,
6/01/45
............................
United
States
20,000
16,755
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
250,000
242,524
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
200,000
197,977
c
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
200,000
196,887
d
PNC
Financial
Services
Group,
Inc.
(The)
,
T
,
Junior
Sub.
Bond
,
3.4%
to
9/14/26,
FRN
thereafter
,
Perpetual
.....................
United
States
400,000
299,511
Royal
Bank
of
Canada
,
Senior
Bond,
3.875%,
5/04/32
..........................
Canada
50,000
44,091
Senior
Note,
1.6%,
4/17/23
............................
Canada
30,000
29,586
Senior
Note,
1.15%,
6/10/25
...........................
Canada
20,000
18,070
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
200,000
166,499
c
Societe
Generale
SA
,
Senior
Note
,
144A,
1.792%
to
6/08/26,
FRN
thereafter
,
6/09/27
...................................
France
200,000
166,707
c
Standard
Chartered
plc
,
Senior
Bond
,
144A,
4.05
%
,
4/12/26
.....
United
Kingdom
470,000
443,915
SVB
Financial
Group
,
Senior
Bond
,
3.125
%
,
6/05/30
...........
United
States
100,000
80,683
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Toronto-Dominion
Bank
(The)
,
Senior
Bond,
4.456%,
6/08/32
..........................
Canada
10,000
$
9,145
Senior
Note,
0.75%,
6/12/23
...........................
Canada
30,000
29,191
Senior
Note,
1.15%,
6/12/25
...........................
Canada
20,000
17,995
Senior
Note,
4.693%,
9/15/27
..........................
Canada
200,000
193,555
Truist
Financial
Corp.
,
Sub.
Bond
,
3.875
%
,
3/19/29
............
United
States
760,000
688,447
c
UniCredit
SpA
,
Senior
Note
,
144A,
1.982%
to
6/02/26,
FRN
thereafter
,
6/03/27
...................................
Italy
300,000
245,162
US
Bancorp
,
Senior
Note
,
1.45
%
,
5/12/25
...................
United
States
40,000
36,763
Wells
Fargo
&
Co.
,
Senior
Bond,
2.879%
to
10/29/29,
FRN
thereafter,
10/30/30
...
United
States
150,000
123,439
Senior
Bond,
3.35%
to
3/01/32,
FRN
thereafter,
3/02/33
......
United
States
30,000
24,368
Senior
Bond,
5.013%
to
4/03/50,
FRN
thereafter,
4/04/51
.....
United
States
220,000
190,487
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
40,000
39,072
Senior
Note,
2.188%
to
4/29/25,
FRN
thereafter,
4/30/26
......
United
States
60,000
54,849
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
100,000
96,797
Senior
Note,
4.808%
to
7/24/27,
FRN
thereafter,
7/25/28
......
United
States
850,000
811,545
Sub.
Bond,
4.3%,
7/22/27
.............................
United
States
60,000
56,160
Sub.
Bond,
4.9%,
11/17/45
............................
United
States
90,000
73,864
12,010,222
Beverages
0.2%
Anheuser-Busch
Cos.
LLC
/
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.9%,
2/01/46
............................
Belgium
100,000
87,144
Senior
Note,
3.65%,
2/01/26
...........................
Belgium
30,000
28,847
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond,
4.75%,
1/23/29
...........................
Belgium
60,000
58,511
Senior
Bond,
3.5%,
6/01/30
............................
Belgium
420,000
375,579
Senior
Bond,
4.35%,
6/01/40
...........................
Belgium
30,000
25,494
Senior
Bond,
4.5%,
6/01/50
............................
Belgium
70,000
57,812
Senior
Bond,
5.8%,
1/23/59
............................
Belgium
150,000
143,788
Coca-Cola
Co.
(The)
,
Senior
Bond,
2.5%,
6/01/40
............................
United
States
10,000
7,010
Senior
Note,
1.45%,
6/01/27
...........................
United
States
20,000
17,309
Constellation
Brands,
Inc.
,
Senior
Note,
3.6%,
5/09/24
............................
United
States
10,000
9,790
Senior
Note,
4.35%,
5/09/27
...........................
United
States
10,000
9,607
PepsiCo,
Inc.
,
Senior
Bond
,
1.625
%
,
5/01/30
.................
United
States
10,000
8,030
828,921
Biotechnology
0.2%
AbbVie,
Inc.
,
Senior
Bond,
4.85%,
6/15/44
...........................
United
States
400,000
348,438
Senior
Bond,
4.75%,
3/15/45
...........................
United
States
100,000
86,150
Senior
Bond,
4.25%,
11/21/49
..........................
United
States
40,000
32,162
Senior
Note,
2.6%,
11/21/24
...........................
United
States
100,000
95,237
Senior
Note,
2.95%,
11/21/26
..........................
United
States
40,000
36,686
Senior
Note,
3.2%,
11/21/29
...........................
United
States
90,000
78,863
Amgen,
Inc.
,
Senior
Bond
,
2.45
%
,
2/21/30
...................
United
States
680,000
561,789
Gilead
Sciences,
Inc.
,
Senior
Bond,
3.65%,
3/01/26
...........................
United
States
10,000
9,515
Senior
Bond,
4.75%,
3/01/46
...........................
United
States
10,000
8,735
1,257,575
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
0.1%
Carrier
Global
Corp.
,
Senior
Bond
,
3.577
%
,
4/05/50
...........
United
States
230,000
$
159,648
Fortune
Brands
Home
&
Security,
Inc.
,
Senior
Bond
,
4
%
,
3/25/32
.
United
States
400,000
332,522
492,170
Capital
Markets
0.5%
Credit
Suisse
AG
,
Senior
Note
,
1.25
%
,
8/07/26
...............
Switzerland
250,000
206,749
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
150,000
144,966
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.5%,
1/23/25
............................
United
States
425,000
408,836
Senior
Bond,
3.691%
to
6/04/27,
FRN
thereafter,
6/05/28
.....
United
States
140,000
126,763
Senior
Bond,
2.65%
to
10/20/31,
FRN
thereafter,
10/21/32
....
United
States
70,000
53,736
Senior
Bond,
2.908%
to
7/20/41,
FRN
thereafter,
7/21/42
.....
United
States
40,000
25,808
Senior
Note,
3.625%,
2/20/24
..........................
United
States
40,000
39,333
Senior
Note,
3.5%,
4/01/25
............................
United
States
40,000
38,252
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
200,000
171,285
Sub.
Bond,
4.25%,
10/21/25
...........................
United
States
200,000
193,252
Sub.
Bond,
5.15%,
5/22/45
............................
United
States
50,000
41,876
Intercontinental
Exchange,
Inc.
,
Senior
Bond
,
4.6
%
,
3/15/33
.....
United
States
20,000
18,663
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/21/27,
FRN
thereafter,
7/22/28
.....
United
States
860,000
774,511
Senior
Bond,
3.772%
to
1/23/28,
FRN
thereafter,
1/24/29
.....
United
States
40,000
36,028
Senior
Bond,
3.622%
to
3/31/30,
FRN
thereafter,
4/01/31
.....
United
States
300,000
259,576
Senior
Bond,
2.511%
to
10/19/31,
FRN
thereafter,
10/20/32
....
United
States
100,000
76,530
Senior
Note,
2.188%
to
4/27/25,
FRN
thereafter,
4/28/26
......
United
States
50,000
45,896
c
UBS
Group
AG
,
Senior
Note
,
144A,
4.488%
to
5/11/25,
FRN
thereafter
,
5/12/26
...................................
Switzerland
200,000
192,862
2,854,922
Commercial
Services
&
Supplies
0.0%
†
Cintas
Corp.
No.
2
,
Senior
Bond,
3.7%,
4/01/27
............................
United
States
10,000
9,492
Senior
Bond,
4%,
5/01/32
.............................
United
States
10,000
9,195
Republic
Services,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/24
............
United
States
10,000
9,556
28,243
Consumer
Finance
0.2%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
2.45
%
,
10/29/26
................................
Ireland
150,000
126,727
American
Express
Co.
,
Senior
Note,
2.5%,
7/30/24
............................
United
States
70,000
67,101
Senior
Note,
4.05%,
5/03/29
...........................
United
States
30,000
27,642
Capital
One
Financial
Corp.
,
Senior
Bond
,
3.75
%
,
3/09/27
.......
United
States
435,000
401,084
John
Deere
Capital
Corp.
,
Senior
Bond,
3.9%,
6/07/32
............................
United
States
75,000
68,935
Senior
Bond,
4.35%,
9/15/32
...........................
United
States
200,000
190,212
881,701
Containers
&
Packaging
0.0%
†
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
135,000
104,599
Diversified
Financial
Services
0.2%
c
EDP
Finance
BV
,
Senior
Note
,
144A,
1.71
%
,
1/24/28
..........
Portugal
400,000
324,764
c
NTT
Finance
Corp.
,
Senior
Bond
,
144A,
2.065
%
,
4/03/31
.......
Japan
500,000
394,602
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Financial
Services
(continued)
Shell
International
Finance
BV
,
Senior
Bond,
2.875%,
5/10/26
..........................
Netherlands
20,000
$
18,650
Senior
Bond,
2.75%,
4/06/30
...........................
Netherlands
50,000
42,737
Senior
Bond,
4%,
5/10/46
.............................
Netherlands
20,000
15,970
Senior
Bond,
3.25%,
4/06/50
...........................
Netherlands
40,000
28,219
824,942
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
40,000
29,652
Senior
Bond,
3.5%,
9/15/53
............................
United
States
40,000
26,719
Senior
Bond,
3.55%,
9/15/55
...........................
United
States
30,000
19,768
Senior
Bond,
3.65%,
9/15/59
...........................
United
States
10,000
6,500
Senior
Note,
1.65%,
2/01/28
...........................
United
States
100,000
82,315
Orange
SA
,
Senior
Bond
,
8.75
%
,
3/01/31
...................
France
100,000
120,067
Verizon
Communications,
Inc.
,
Senior
Bond,
2.625%,
8/15/26
..........................
United
States
40,000
36,382
Senior
Bond,
2.55%,
3/21/31
...........................
United
States
200,000
159,890
Senior
Bond,
4.5%,
8/10/33
............................
United
States
100,000
90,277
Senior
Bond,
2.85%,
9/03/41
...........................
United
States
200,000
133,912
Senior
Bond,
3.85%,
11/01/42
..........................
United
States
100,000
76,892
Senior
Bond,
2.875%,
11/20/50
.........................
United
States
70,000
42,995
Senior
Note,
2.1%,
3/22/28
............................
United
States
40,000
33,786
Senior
Note,
2.355%,
3/15/32
..........................
United
States
850,000
652,643
1,511,798
Electric
Utilities
0.4%
c
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...........................................
United
States
20,000
15,731
c
Cleveland
Electric
Illuminating
Co.
(The)
,
Senior
Bond
,
144A,
3.5
%
,
4/01/28
...........................................
United
States
10,000
9,021
Commonwealth
Edison
Co.
,
Senior
Bond
,
4
%
,
3/01/48
.........
United
States
200,000
160,835
Duke
Energy
Corp.
,
Senior
Bond
,
3.15
%
,
8/15/27
.............
United
States
10,000
9,063
Duke
Energy
Florida
LLC
,
Senior
Bond
,
6.4
%
,
6/15/38
.........
United
States
200,000
214,956
c
Enel
Finance
International
NV
,
Senior
Bond
,
144A,
2.25
%
,
7/12/31
Italy
200,000
139,115
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
650,000
589,867
Senior
Bond,
5.625%,
6/15/35
..........................
United
States
10,000
9,779
Georgia
Power
Co.
,
Senior
Bond
,
4.3
%
,
3/15/42
..............
United
States
700,000
560,394
MidAmerican
Energy
Co.
,
Senior
Bond
,
3.65
%
,
4/15/29
.........
United
States
20,000
18,469
c
Mid-Atlantic
Interstate
Transmission
LLC
,
Senior
Bond
,
144A,
4.1
%
,
5/15/28
...........................................
United
States
10,000
9,277
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
2.5%,
2/01/31
............................
United
States
10,000
7,289
Senior
Bond,
3.3%,
8/01/40
............................
United
States
10,000
6,422
Senior
Bond,
3.5%,
8/01/50
............................
United
States
10,000
6,110
Senior
Note,
2.1%,
8/01/27
............................
United
States
10,000
8,098
Southern
Co.
(The)
,
A
,
Senior
Bond
,
3.7
%
,
4/30/30
............
United
States
300,000
264,360
c
Vistra
Operations
Co.
LLC
,
Senior
Secured
Note
,
144A,
3.55
%
,
7/15/24
...........................................
United
States
235,000
224,100
2,252,886
Electrical
Equipment
0.0%
†
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
11/02/42
..................
United
States
10,000
8,247
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electrical
Equipment
(continued)
Emerson
Electric
Co.
,
Senior
Bond
,
2.8
%
,
12/21/51
............
United
States
60,000
$
38,641
46,888
Energy
Equipment
&
Services
0.1%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor,
Inc.
,
Senior
Bond
,
4.08
%
,
12/15/47
................................
United
States
485,000
360,363
c
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.75
%
,
5/01/24
.
United
States
410,000
402,164
762,527
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond
,
5.75
%
,
3/01/24
...................
United
States
400,000
406,540
Walt
Disney
Co.
(The)
,
Senior
Bond
,
2.65
%
,
1/13/31
...........
United
States
200,000
165,843
c
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
70,000
57,678
Senior
Bond,
144A,
5.05%,
3/15/42
......................
United
States
210,000
157,499
Senior
Bond,
144A,
5.141%,
3/15/52
.....................
United
States
50,000
36,436
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
10,000
8,959
Senior
Note,
144A,
4.054%,
3/15/29
.....................
United
States
10,000
8,649
841,604
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Essex
Portfolio
LP
,
Senior
Bond
,
2.65
%
,
3/15/32
..............
United
States
360,000
279,755
Simon
Property
Group
LP
,
Senior
Note
,
3.375
%
,
12/01/27
.......
United
States
595,000
537,788
817,543
Food
&
Staples
Retailing
0.1%
Costco
Wholesale
Corp.
,
Senior
Bond
,
1.75
%
,
4/20/32
.........
United
States
20,000
15,456
Kroger
Co.
(The)
,
Senior
Bond
,
5.4
%
,
1/15/49
................
United
States
400,000
373,717
Walmart,
Inc.
,
Senior
Note
,
1.5
%
,
9/22/28
...................
United
States
10,000
8,374
397,547
Food
Products
0.1%
c
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
146,996
c
Cargill,
Inc.
,
Senior
Note
,
144A,
1.375
%
,
7/23/23
..............
United
States
20,000
19,489
c
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
1/15/32
......................
United
States
200,000
156,655
Kraft
Heinz
Foods
Co.
,
Senior
Note,
3%,
6/01/26
.............................
United
States
10,000
9,229
Senior
Note,
3.75%,
4/01/30
...........................
United
States
100,000
88,262
c
Mars,
Inc.
,
Senior
Bond,
144A,
3.2%,
4/01/30
.......................
United
States
30,000
26,532
Senior
Bond,
144A,
2.375%,
7/16/40
.....................
United
States
10,000
6,613
Mondelez
International,
Inc.
,
Senior
Note
,
1.5
%
,
5/04/25
........
United
States
20,000
18,302
472,078
Health
Care
Equipment
&
Supplies
0.0%
†
Abbott
Laboratories
,
Senior
Bond,
3.75%,
11/30/26
..........................
United
States
30,000
29,132
Senior
Bond,
4.9%,
11/30/46
...........................
United
States
10,000
9,612
STERIS
Irish
FinCo.
UnLtd.
Co.
,
Senior
Bond
,
3.75
%
,
3/15/51
....
United
States
250,000
173,076
211,820
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
0.5%
Centene
Corp.
,
Senior
Bond
,
3
%
,
10/15/30
..................
United
States
250,000
$
198,517
Cigna
Corp.
,
Senior
Bond,
2.375%,
3/15/31
..........................
United
States
100,000
79,668
Senior
Bond,
4.8%,
8/15/38
............................
United
States
20,000
17,775
Senior
Bond,
4.9%,
12/15/48
...........................
United
States
10,000
8,660
Senior
Note,
3.75%,
7/15/23
...........................
United
States
10,000
9,931
Senior
Note,
4.125%,
11/15/25
.........................
United
States
10,000
9,723
Senior
Note,
3.05%,
10/15/27
..........................
United
States
550,000
493,748
Senior
Note,
4.375%,
10/15/28
.........................
United
States
60,000
56,715
CVS
Health
Corp.
,
Senior
Bond,
3.875%,
7/20/25
..........................
United
States
10,000
9,706
Senior
Bond,
4.3%,
3/25/28
............................
United
States
30,000
28,348
Senior
Bond,
2.125%,
9/15/31
..........................
United
States
50,000
38,608
Senior
Bond,
4.78%,
3/25/38
...........................
United
States
40,000
35,146
Senior
Bond,
5.3%,
12/05/43
...........................
United
States
500,000
452,199
Senior
Bond,
5.125%,
7/20/45
..........................
United
States
100,000
87,790
Senior
Bond,
5.05%,
3/25/48
...........................
United
States
40,000
35,320
Senior
Bond,
4.25%,
4/01/50
...........................
United
States
20,000
15,708
Elevance
Health,
Inc.
,
Senior
Bond,
3.65%,
12/01/27
..........................
United
States
20,000
18,654
Senior
Bond,
4.1%,
5/15/32
............................
United
States
10,000
9,049
Senior
Bond,
5.1%,
1/15/44
............................
United
States
400,000
364,266
Senior
Bond,
4.55%,
5/15/52
...........................
United
States
10,000
8,467
HCA,
Inc.
,
Senior
Bond
,
4.5
%
,
2/15/27
.....................
United
States
408,000
381,448
Humana,
Inc.
,
Senior
Bond
,
3.125
%
,
8/15/29
.................
United
States
90,000
77,991
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
300,000
242,287
UnitedHealth
Group,
Inc.
,
Senior
Bond,
2.75%,
5/15/40
...........................
United
States
30,000
21,079
Senior
Bond,
3.25%,
5/15/51
...........................
United
States
10,000
6,969
Senior
Bond,
3.875%,
8/15/59
..........................
United
States
30,000
22,433
Senior
Note,
3.75%,
7/15/25
...........................
United
States
10,000
9,729
Senior
Note,
4%,
5/15/29
.............................
United
States
20,000
18,656
Senior
Note,
4.2%,
5/15/32
............................
United
States
30,000
27,892
2,786,482
Hotels,
Restaurants
&
Leisure
0.1%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
250,000
206,994
McDonald's
Corp.
,
Senior
Bond,
4.875%,
12/09/45
.........................
United
States
10,000
8,873
Senior
Bond,
4.2%,
4/01/50
............................
United
States
30,000
24,119
Senior
Note,
1.45%,
9/01/25
...........................
United
States
40,000
36,511
Senior
Note,
2.125%,
3/01/30
..........................
United
States
30,000
24,471
300,968
Household
Durables
0.1%
MDC
Holdings,
Inc.
,
Senior
Bond
,
2.5
%
,
1/15/31
..............
United
States
156,000
104,429
Mohawk
Industries,
Inc.
,
Senior
Bond
,
3.625
%
,
5/15/30
.........
United
States
210,000
175,016
279,445
Household
Products
0.1%
c
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
500,000
400,598
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Household
Products
(continued)
Procter
&
Gamble
Co.
(The)
,
Senior
Bond
,
3
%
,
3/25/30
.........
United
States
10,000
$
8,969
409,567
Industrial
Conglomerates
0.0%
†
3M
Co.
,
Senior
Bond,
3.05%,
4/15/30
...........................
United
States
40,000
34,059
Senior
Bond,
3.7%,
4/15/50
............................
United
States
10,000
7,299
Honeywell
International,
Inc.
,
Senior
Note
,
1.35
%
,
6/01/25
.......
United
States
10,000
9,215
50,573
Insurance
0.6%
Aflac,
Inc.
,
Senior
Bond
,
4.75
%
,
1/15/49
....................
United
States
500,000
441,037
Allstate
Corp.
(The)
,
Senior
Bond
,
4.2
%
,
12/15/46
.............
United
States
500,000
413,044
American
International
Group,
Inc.
,
Senior
Note
,
2.5
%
,
6/30/25
...
United
States
10,000
9,339
Aon
Corp.
,
Senior
Bond
,
2.8
%
,
5/15/30
.....................
United
States
500,000
415,297
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
300,000
205,056
Berkshire
Hathaway
Finance
Corp.
,
Senior
Bond,
4.25%,
1/15/49
...........................
United
States
20,000
16,691
Senior
Bond,
3.85%,
3/15/52
...........................
United
States
200,000
153,538
c
Guardian
Life
Global
Funding
,
Secured
Note
,
144A,
1.1
%
,
6/23/25
United
States
10,000
8,993
Marsh
&
McLennan
Cos.,
Inc.
,
Senior
Bond
,
4.9
%
,
3/15/49
......
United
States
250,000
222,688
MetLife,
Inc.
,
Junior
Sub.
Bond
,
6.4
%
,
12/15/36
...............
United
States
270,000
260,779
c
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
0.9%,
6/08/23
......................
United
States
150,000
146,291
Secured
Note,
144A,
3.6%,
1/11/24
......................
United
States
940,000
926,626
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
150,000
139,886
c
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
0.95
%
,
6/24/25
...........................................
United
States
10,000
8,971
c
Teachers
Insurance
&
Annuity
Association
of
America
,
Sub.
Bond
,
144A,
4.9
%
,
9/15/44
.................................
United
States
10,000
8,794
3,377,030
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Bond,
1.1%,
8/15/30
............................
United
States
10,000
7,747
Senior
Bond,
1.9%,
8/15/40
............................
United
States
10,000
6,436
Senior
Bond,
2.05%,
8/15/50
...........................
United
States
10,000
5,906
c
Meta
Platforms,
Inc.
,
Senior
Bond
,
144A,
4.45
%
,
8/15/52
.......
United
States
250,000
204,444
c
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
3.595
%
,
1/19/28
.....
China
500,000
447,850
672,383
Internet
&
Direct
Marketing
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
4.2
%
,
12/06/47
.......
China
600,000
434,795
Amazon.com,
Inc.
,
Senior
Bond,
3.6%,
4/13/32
............................
United
States
70,000
63,719
Senior
Bond,
3.875%,
8/22/37
..........................
United
States
30,000
26,129
Senior
Bond,
4.05%,
8/22/47
...........................
United
States
300,000
253,926
Senior
Bond,
2.5%,
6/03/50
............................
United
States
110,000
69,016
Senior
Bond,
4.25%,
8/22/57
...........................
United
States
10,000
8,356
Senior
Note,
1.2%,
6/03/27
............................
United
States
60,000
51,315
c
Prosus
NV
,
Senior
Bond
,
144A,
3.68
%
,
1/21/30
...............
China
200,000
150,095
1,057,351
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
0.2%
Fidelity
National
Information
Services,
Inc.
,
Senior
Bond
,
2.25
%
,
3/01/31
...........................................
United
States
650,000
$
501,354
Fiserv,
Inc.
,
Senior
Bond,
3.5%,
7/01/29
............................
United
States
470,000
409,397
Senior
Bond,
2.65%,
6/01/30
...........................
United
States
200,000
162,349
Mastercard,
Inc.
,
Senior
Bond,
3.35%,
3/26/30
...........................
United
States
10,000
9,033
Senior
Bond,
3.85%,
3/26/50
...........................
United
States
40,000
32,314
PayPal
Holdings,
Inc.
,
Senior
Bond,
2.3%,
6/01/30
............................
United
States
10,000
8,145
Senior
Bond,
4.4%,
6/01/32
............................
United
States
10,000
9,330
Senior
Note,
1.65%,
6/01/25
...........................
United
States
10,000
9,217
Visa,
Inc.
,
Senior
Bond,
3.15%,
12/14/25
..........................
United
States
20,000
19,112
Senior
Bond,
4.3%,
12/14/45
...........................
United
States
10,000
8,732
1,168,983
Life
Sciences
Tools
&
Services
0.0%
†
Thermo
Fisher
Scientific,
Inc.
,
Senior
Note
,
0.797
%
,
10/18/23
....
United
States
200,000
192,513
Machinery
0.0%
†
Deere
&
Co.
,
Senior
Bond,
3.1%,
4/15/30
............................
United
States
10,000
8,913
Senior
Bond,
3.75%,
4/15/50
...........................
United
States
30,000
24,579
Otis
Worldwide
Corp.
,
Senior
Note
,
2.056
%
,
4/05/25
...........
United
States
10,000
9,261
42,753
Media
0.3%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond,
5.05%,
3/30/29
....................
United
States
80,000
73,736
Senior
Secured
Bond,
2.8%,
4/01/31
.....................
United
States
350,000
265,165
Senior
Secured
Bond,
4.4%,
4/01/33
.....................
United
States
30,000
24,893
Senior
Secured
Bond,
5.375%,
4/01/38
...................
United
States
10,000
8,125
Senior
Secured
Bond,
3.5%,
3/01/42
.....................
United
States
130,000
82,782
Senior
Secured
Bond,
3.9%,
6/01/52
.....................
United
States
70,000
43,504
Senior
Secured
Bond,
5.5%,
4/01/63
.....................
United
States
40,000
30,330
Senior
Secured
Note,
4.908%,
7/23/25
...................
United
States
60,000
58,562
Comcast
Corp.
,
Senior
Bond,
4.15%,
10/15/28
..........................
United
States
70,000
66,161
Senior
Bond,
3.4%,
4/01/30
............................
United
States
10,000
8,807
Senior
Bond,
4.25%,
10/15/30
..........................
United
States
60,000
55,676
Senior
Bond,
4.25%,
1/15/33
...........................
United
States
300,000
272,313
Senior
Bond,
3.75%,
4/01/40
...........................
United
States
30,000
23,661
Senior
Bond,
3.969%,
11/01/47
.........................
United
States
30,000
23,027
Senior
Bond,
2.887%,
11/01/51
.........................
United
States
40,000
25,116
Senior
Bond,
4.049%,
11/01/52
.........................
United
States
500,000
384,396
Senior
Bond,
2.937%,
11/01/56
.........................
United
States
20,000
11,973
Senior
Note,
3.95%,
10/15/25
..........................
United
States
30,000
29,170
Fox
Corp.
,
Senior
Bond,
5.476%,
1/25/39
..........................
United
States
40,000
34,765
Senior
Note,
4.709%,
1/25/29
..........................
United
States
300,000
282,247
Time
Warner
Cable
LLC
,
Senior
Secured
Bond
,
6.55
%
,
5/01/37
..
United
States
10,000
9,045
1,813,454
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
0.1%
c
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
3.625
%
,
9/11/24
..
South
Africa
200,000
$
193,578
Barrick
North
America
Finance
LLC
,
Senior
Bond
,
5.7
%
,
5/30/41
..
Canada
20,000
19,042
BHP
Billiton
Finance
USA
Ltd.
,
Senior
Bond
,
5
%
,
9/30/43
.......
Australia
20,000
18,999
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
5.45
%
,
3/15/43
.........
United
States
20,000
16,721
c
Glencore
Funding
LLC
,
Senior
Bond,
144A,
4%,
3/27/27
........................
Australia
20,000
18,659
Senior
Note,
144A,
4.125%,
3/12/24
.....................
Australia
30,000
29,502
Southern
Copper
Corp.
,
Senior
Bond
,
5.25
%
,
11/08/42
.........
Peru
100,000
87,832
Vale
Overseas
Ltd.
,
Senior
Bond
,
6.25
%
,
8/10/26
.............
Brazil
130,000
131,282
515,615
Multiline
Retail
0.1%
Dollar
Tree,
Inc.
,
Senior
Note
,
4
%
,
5/15/25
..................
United
States
350,000
339,504
Target
Corp.
,
Senior
Note
,
2.25
%
,
4/15/25
...................
United
States
20,000
18,884
358,388
Multi-Utilities
0.4%
c
Berkshire
Hathaway
Energy
Co.
,
Senior
Bond
,
144A,
4.6
%
,
5/01/53
United
States
500,000
422,744
Consolidated
Edison
Co.
of
New
York,
Inc.
,
20A,
Senior
Bond,
3.35%,
4/01/30
.......................
United
States
10,000
8,800
20B,
Senior
Bond,
3.95%,
4/01/50
.......................
United
States
10,000
7,724
Dominion
Energy,
Inc.
,
Senior
Note
,
4.25
%
,
6/01/28
...........
United
States
750,000
703,828
Public
Service
Enterprise
Group,
Inc.
,
Senior
Note
,
2.875
%
,
6/15/24
United
States
1,000,000
962,432
2,105,528
Oil,
Gas
&
Consumable
Fuels
0.8%
c
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.75
%
,
1/15/30
.............
Norway
500,000
425,738
BP
Capital
Markets
America,
Inc.
,
Senior
Bond,
1.749%,
8/10/30
..........................
United
States
40,000
31,149
Senior
Bond,
2.939%,
6/04/51
..........................
United
States
40,000
25,486
Senior
Note,
3.119%,
5/04/26
..........................
United
States
40,000
37,444
c
Cameron
LNG
LLC
,
Senior
Secured
Bond,
144A,
2.902%,
7/15/31
..............
United
States
20,000
16,506
Senior
Secured
Bond,
144A,
3.302%,
1/15/35
..............
United
States
40,000
31,557
Chevron
Corp.
,
Senior
Bond,
3.078%,
5/11/50
..........................
United
States
20,000
14,214
Senior
Note,
1.554%,
5/11/25
..........................
United
States
20,000
18,501
Senior
Note,
1.995%,
5/11/27
..........................
United
States
30,000
26,624
Continental
Resources,
Inc.
,
Senior
Bond,
4.9%,
6/01/44
............................
United
States
110,000
78,705
Senior
Note,
4.5%,
4/15/23
............................
United
States
10,000
9,962
Senior
Note,
3.8%,
6/01/24
............................
United
States
10,000
9,719
Senior
Note,
4.375%,
1/15/28
..........................
United
States
40,000
35,982
c
Senior
Note,
144A,
2.268%,
11/15/26
....................
United
States
40,000
34,183
c
Coterra
Energy,
Inc.
,
Senior
Note,
144A,
3.9%,
5/15/27
.......................
United
States
30,000
27,844
Senior
Note,
144A,
4.375%,
3/15/29
.....................
United
States
60,000
55,540
Devon
Energy
Corp.
,
Senior
Bond,
5.85%,
12/15/25
..........................
United
States
10,000
10,097
Senior
Bond,
4.75%,
5/15/42
...........................
United
States
30,000
24,500
Senior
Bond,
5%,
6/15/45
.............................
United
States
120,000
100,160
Diamondback
Energy,
Inc.
,
Senior
Bond,
3.125%,
3/24/31
..........................
United
States
10,000
8,126
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Diamondback
Energy,
Inc.,
(continued)
Senior
Bond,
4.4%,
3/24/51
............................
United
States
60,000
$
45,351
Senior
Note,
3.5%,
12/01/29
...........................
United
States
60,000
51,869
Energy
Transfer
LP
,
Senior
Bond,
4.95%,
6/15/28
...........................
United
States
40,000
37,327
Senior
Bond,
3.75%,
5/15/30
...........................
United
States
50,000
42,397
Senior
Bond,
6.05%,
6/01/41
...........................
United
States
350,000
313,275
Senior
Bond,
6.25%,
4/15/49
...........................
United
States
50,000
44,505
Senior
Note,
2.9%,
5/15/25
............................
United
States
20,000
18,664
Enterprise
Products
Operating
LLC
,
Senior
Bond,
4.15%,
10/16/28
..........................
United
States
30,000
27,920
Senior
Bond,
3.125%,
7/31/29
..........................
United
States
400,000
344,964
Senior
Bond,
2.8%,
1/31/30
............................
United
States
60,000
50,193
Senior
Bond,
6.125%,
10/15/39
.........................
United
States
500,000
490,261
Senior
Bond,
4.45%,
2/15/43
...........................
United
States
20,000
16,126
Senior
Bond,
3.7%,
1/31/51
............................
United
States
50,000
35,254
Senior
Bond,
5.375%
to
2/14/28,
FRN
thereafter,
2/15/78
.....
United
States
10,000
7,523
EOG
Resources,
Inc.
,
Senior
Bond,
4.375%,
4/15/30
..........................
United
States
30,000
28,611
Senior
Bond,
3.9%,
4/01/35
............................
United
States
20,000
17,134
Senior
Bond,
4.95%,
4/15/50
...........................
United
States
40,000
37,295
EQT
Corp.
,
Senior
Bond
,
7.5
%
,
2/01/30
....................
United
States
10,000
10,343
Exxon
Mobil
Corp.
,
Senior
Bond,
3.482%,
3/19/30
..........................
United
States
50,000
45,487
Senior
Bond,
4.227%,
3/19/40
..........................
United
States
10,000
8,711
Senior
Bond,
3.452%,
4/15/51
..........................
United
States
20,000
14,938
Senior
Note,
2.992%,
3/19/25
..........................
United
States
40,000
38,401
Kinder
Morgan,
Inc.
,
Senior
Bond,
4.3%,
3/01/28
............................
United
States
40,000
37,503
Senior
Bond,
5.55%,
6/01/45
...........................
United
States
340,000
297,179
MPLX
LP
,
Senior
Bond,
4%,
3/15/28
.............................
United
States
20,000
18,253
Senior
Bond,
4.5%,
4/15/38
............................
United
States
10,000
8,072
Senior
Bond,
5.5%,
2/15/49
............................
United
States
385,000
327,819
Senior
Note,
2.65%,
8/15/30
...........................
United
States
300,000
235,468
Phillips
66
,
Senior
Bond
,
3.3
%
,
3/15/52
.....................
United
States
200,000
131,311
Pioneer
Natural
Resources
Co.
,
Senior
Note
,
2.15
%
,
1/15/31
....
United
States
60,000
46,310
Targa
Resources
Corp.
,
Senior
Bond
,
4.95
%
,
4/15/52
..........
United
States
10,000
7,719
c
Tennessee
Gas
Pipeline
Co.
LLC
,
Senior
Bond
,
144A,
2.9
%
,
3/01/30
United
States
30,000
24,600
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note,
7.85%,
2/01/26
...........................
United
States
300,000
318,846
Senior
Note,
3.25%,
5/15/30
...........................
United
States
50,000
42,338
Western
Midstream
Operating
LP
,
Senior
Note
,
3.6
%
,
2/01/25
....
United
States
10,000
9,335
Williams
Cos.,
Inc.
(The)
,
Senior
Bond,
3.75%,
6/15/27
...........................
United
States
60,000
55,413
Senior
Bond,
5.1%,
9/15/45
............................
United
States
30,000
25,489
4,334,241
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
225,000
176,621
Senior
Note,
6%,
1/15/29
.............................
Brazil
200,000
186,803
363,424
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
0.2%
AstraZeneca
plc
,
Senior
Bond,
4%,
9/18/42
.............................
United
Kingdom
200,000
$
167,889
Senior
Bond,
4.375%,
11/16/45
.........................
United
Kingdom
450,000
392,304
Bristol-Myers
Squibb
Co.
,
Senior
Bond,
4.55%,
2/20/48
...........................
United
States
10,000
8,837
Senior
Note,
2.9%,
7/26/24
............................
United
States
30,000
29,120
Senior
Note,
3.2%,
6/15/26
............................
United
States
10,000
9,474
Senior
Note,
3.4%,
7/26/29
............................
United
States
10,000
9,079
Johnson
&
Johnson
,
Senior
Bond,
2.1%,
9/01/40
............................
United
States
30,000
20,044
Senior
Bond,
3.7%,
3/01/46
............................
United
States
10,000
8,201
Merck
&
Co.,
Inc.
,
Senior
Bond,
1.45%,
6/24/30
...........................
United
States
10,000
7,835
Senior
Bond,
2.75%,
12/10/51
..........................
United
States
30,000
19,632
Senior
Note,
0.75%,
2/24/26
...........................
United
States
20,000
17,550
Pfizer,
Inc.
,
Senior
Bond,
1.7%,
5/28/30
............................
United
States
30,000
24,003
Senior
Bond,
2.55%,
5/28/40
...........................
United
States
30,000
21,198
Senior
Bond,
2.7%,
5/28/50
............................
United
States
30,000
20,336
Takeda
Pharmaceutical
Co.
Ltd.
,
Senior
Bond
,
3.175
%
,
7/09/50
..
Japan
400,000
266,516
1,022,018
Road
&
Rail
0.2%
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond,
4.9%,
4/01/44
............................
United
States
200,000
183,326
Senior
Bond,
2.875%,
6/15/52
..........................
United
States
10,000
6,557
Canadian
Pacific
Railway
Co.
,
Senior
Bond,
2.45%,
12/02/31
..........................
Canada
70,000
56,114
Senior
Bond,
3%,
12/02/41
............................
Canada
20,000
14,215
CSX
Corp.
,
Senior
Bond,
3.8%,
11/01/46
...........................
United
States
100,000
76,585
Senior
Bond,
4.75%,
11/15/48
..........................
United
States
525,000
465,129
Union
Pacific
Corp.
,
Senior
Bond,
2.4%,
2/05/30
............................
United
States
10,000
8,373
Senior
Bond,
2.891%,
4/06/36
..........................
United
States
10,000
7,639
Senior
Bond,
3.839%,
3/20/60
..........................
United
States
10,000
7,460
Senior
Bond,
3.75%,
2/05/70
...........................
United
States
10,000
7,020
Senior
Note,
3.75%,
7/15/25
...........................
United
States
10,000
9,761
Senior
Note,
2.15%,
2/05/27
...........................
United
States
10,000
8,939
851,118
Semiconductors
&
Semiconductor
Equipment
0.1%
Applied
Materials,
Inc.
,
Senior
Bond
,
1.75
%
,
6/01/30
...........
United
States
20,000
15,811
c
Broadcom,
Inc.
,
Senior
Bond
,
144A,
3.137
%
,
11/15/35
.........
United
States
80,000
56,224
Intel
Corp.
,
Senior
Bond,
3.05%,
8/12/51
...........................
United
States
30,000
19,343
Senior
Note,
1.6%,
8/12/28
............................
United
States
10,000
8,265
KLA
Corp.
,
Senior
Bond
,
4.65
%
,
7/15/32
....................
United
States
10,000
9,615
NVIDIA
Corp.
,
Senior
Bond,
2.85%,
4/01/30
...........................
United
States
10,000
8,586
Senior
Bond,
3.5%,
4/01/40
............................
United
States
20,000
15,588
Senior
Bond,
3.5%,
4/01/50
............................
United
States
30,000
22,056
Senior
Bond,
3.7%,
4/01/60
............................
United
States
20,000
14,373
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
,
Senior
Note
,
2.7
%
,
5/01/25
...........................................
China
10,000
$
9,283
Texas
Instruments,
Inc.
,
Senior
Bond,
1.75%,
5/04/30
...........................
United
States
10,000
8,027
Senior
Bond,
3.875%,
3/15/39
..........................
United
States
10,000
8,655
Senior
Bond,
4.15%,
5/15/48
...........................
United
States
20,000
17,121
TSMC
Arizona
Corp.
,
Senior
Bond
,
2.5
%
,
10/25/31
............
Taiwan
200,000
159,367
372,314
Software
0.1%
Adobe,
Inc.
,
Senior
Bond
,
2.3
%
,
2/01/30
....................
United
States
20,000
16,645
Microsoft
Corp.
,
Senior
Bond,
3.3%,
2/06/27
............................
United
States
80,000
76,320
Senior
Bond,
2.921%,
3/17/52
..........................
United
States
270,000
191,035
Oracle
Corp.
,
Senior
Bond,
2.875%,
3/25/31
..........................
United
States
50,000
39,492
Senior
Note,
1.65%,
3/25/26
...........................
United
States
50,000
43,854
Salesforce,
Inc.
,
Senior
Bond,
3.7%,
4/11/28
............................
United
States
20,000
18,981
Senior
Bond,
1.95%,
7/15/31
...........................
United
States
250,000
197,220
ServiceNow,
Inc.
,
Senior
Bond
,
1.4
%
,
9/01/30
................
United
States
150,000
110,659
Workday,
Inc.
,
Senior
Bond,
3.8%,
4/01/32
............................
United
States
20,000
17,383
Senior
Note,
3.5%,
4/01/27
............................
United
States
10,000
9,265
Senior
Note,
3.7%,
4/01/29
............................
United
States
20,000
17,961
738,815
Specialty
Retail
0.1%
AutoZone,
Inc.
,
Senior
Bond
,
1.65
%
,
1/15/31
.................
United
States
265,000
197,209
Home
Depot,
Inc.
(The)
,
Senior
Bond,
2.7%,
4/15/30
............................
United
States
10,000
8,556
Senior
Bond,
3.3%,
4/15/40
............................
United
States
10,000
7,673
Senior
Bond,
3.35%,
4/15/50
...........................
United
States
20,000
14,377
Senior
Note,
2.5%,
4/15/27
............................
United
States
10,000
9,095
Senior
Note,
4.5%,
9/15/32
............................
United
States
400,000
382,728
Lowe's
Cos.,
Inc.
,
Senior
Bond,
4.5%,
4/15/30
............................
United
States
10,000
9,364
Senior
Note,
1.7%,
9/15/28
............................
United
States
20,000
16,353
645,355
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
Senior
Bond,
2.45%,
8/04/26
...........................
United
States
40,000
36,919
Senior
Bond,
3.85%,
8/04/46
...........................
United
States
10,000
8,293
Senior
Bond,
2.65%,
5/11/50
...........................
United
States
100,000
66,144
Senior
Bond,
2.8%,
2/08/61
............................
United
States
500,000
312,889
424,245
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
NIKE,
Inc.
,
Senior
Bond,
2.85%,
3/27/30
...........................
United
States
10,000
8,698
Senior
Bond,
3.25%,
3/27/40
...........................
United
States
10,000
7,717
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
NIKE,
Inc.,
(continued)
Senior
Note,
2.75%,
3/27/27
...........................
United
States
10,000
$
9,197
25,612
Thrifts
&
Mortgage
Finance
0.1%
c
BPCE
SA
,
Senior
Note,
144A,
2.045%
to
10/18/26,
FRN
thereafter,
10/19/27
France
250,000
210,797
Sub.
Bond,
144A,
5.15%,
7/21/24
.......................
France
600,000
585,472
796,269
Tobacco
0.1%
Altria
Group,
Inc.
,
Senior
Bond,
4.8%,
2/14/29
............................
United
States
30,000
27,725
Senior
Bond,
5.8%,
2/14/39
............................
United
States
20,000
17,512
Senior
Bond,
5.95%,
2/14/49
...........................
United
States
50,000
41,537
BAT
Capital
Corp.
,
Senior
Bond,
4.54%,
8/15/47
...........................
United
Kingdom
20,000
13,296
Senior
Note,
3.557%,
8/15/27
..........................
United
Kingdom
50,000
43,975
c
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
285,000
273,557
Philip
Morris
International,
Inc.
,
Senior
Bond,
2.1%,
5/01/30
............................
United
States
20,000
15,217
Senior
Bond,
4.5%,
3/20/42
............................
United
States
10,000
7,346
440,165
Trading
Companies
&
Distributors
0.0%
†
Air
Lease
Corp.
,
Senior
Note
,
3.375
%
,
7/01/25
...............
United
States
20,000
18,653
Transportation
Infrastructure
0.0%
†
c
DP
World
Ltd.
,
Senior
Bond
,
144A,
5.625
%
,
9/25/48
...........
United
Arab
Emirates
200,000
175,623
Wireless
Telecommunication
Services
0.1%
c
Rogers
Communications,
Inc.
,
Senior
Bond
,
144A,
4.55
%
,
3/15/52
Canada
180,000
143,928
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.25%,
11/15/31
..........................
United
States
50,000
37,770
Senior
Bond,
3%,
2/15/41
.............................
United
States
20,000
13,404
Senior
Bond,
3.3%,
2/15/51
............................
United
States
100,000
65,333
Senior
Note,
3.5%,
4/15/25
............................
United
States
20,000
19,133
Senior
Note,
3.75%,
4/15/27
...........................
United
States
325,000
300,352
Senior
Note,
3.875%,
4/15/30
..........................
United
States
80,000
71,010
Vodafone
Group
plc
,
Senior
Bond
,
6.15
%
,
2/27/37
.............
United
Kingdom
100,000
94,667
745,597
Total
Corporate
Bonds
(Cost
$63,262,648)
......................................
54,671,738
Foreign
Government
and
Agency
Securities
1.8%
c
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
e
500,000
420,150
Brazil
Notas
do
Tesouro
Nacional
,
10%,
1/01/27
.......................................
Brazil
1,680,000
BRL
294,896
10%,
1/01/29
.......................................
Brazil
480,000
BRL
82,352
10%,
1/01/31
.......................................
Brazil
510,000
BRL
85,767
10%,
1/01/33
.......................................
Brazil
1,030,000
BRL
169,984
Colombia
Government
Bond
,
Senior
Bond
,
3.25
%
,
4/22/32
......
Colombia
200,000
135,673
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Colombia
Titulos
de
Tesoreria
,
B,
6.25%,
11/26/25
...................................
Colombia
740,000,000
COP
$
136,774
B,
6%,
4/28/28
......................................
Colombia
1,220,000,000
COP
197,657
B,
7%,
3/26/31
......................................
Colombia
850,000,000
COP
131,221
B,
7.25%,
10/26/50
..................................
Colombia
390,000,000
COP
49,061
c
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
300,000
215,397
c
Corp.
Nacional
del
Cobre
de
Chile
,
Senior
Bond
,
144A,
3.7
%
,
1/30/50
...........................................
Chile
200,000
132,674
Ecopetrol
SA
,
Senior
Bond
,
5.875
%
,
5/28/45
.................
Colombia
150,000
91,062
c
Electricite
de
France
SA
,
Senior
Bond
,
144A,
4.5
%
,
9/21/28
.....
France
655,000
612,453
c
France
Government
Bond
,
Reg
S,
Zero
Cpn.,
5/25/32
.............................
France
680,000
EUR
516,956
Reg
S,
0.75%,
5/25/52
................................
France
300,000
EUR
166,848
Israel
Government
Bond
,
Senior
Bond
,
2.75
%
,
7/03/30
.........
Israel
200,000
177,490
c
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
200,000
200,115
Korea
Treasury
Bonds
,
Senior
Bond,
2%,
6/10/31
.............................
South
Korea
900,000,000
KRW
531,575
Senior
Bond,
1.875%,
3/10/51
..........................
South
Korea
360,000,000
KRW
162,108
Malaysia
Government
Bond
,
3.48%,
3/15/23
.....................................
Malaysia
690,000
MYR
149,255
3.955%,
9/15/25
.....................................
Malaysia
260,000
MYR
56,186
3.899%,
11/16/27
....................................
Malaysia
500,000
MYR
106,857
Mexican
Bonos
Desarr
Fixed
Rate
,
M,
8%,
11/07/47
.....................................
Mexico
4,700,000
f
MXN
196,965
M,
8%,
7/31/53
.....................................
Mexico
5,100,000
f
MXN
213,758
M,
Senior
Bond,
7.75%,
11/13/42
........................
Mexico
6,700,000
f
MXN
276,213
M
20,
Senior
Bond,
8.5%,
5/31/29
.......................
Mexico
6,400,000
f
MXN
299,634
M
30,
Senior
Bond,
8.5%,
11/18/38
......................
Mexico
6,800,000
f
MXN
304,832
Mexico
Government
Bond
,
Senior
Bond
,
4.75
%
,
3/08/44
........
Mexico
300,000
231,172
New
South
Wales
Treasury
Corp.
,
Senior
Note
,
4
%
,
4/20/23
.....
Australia
80,000
AUD
51,390
Panama
Government
Bond
,
Senior
Bond
,
2.252
%
,
9/29/32
......
Panama
200,000
141,317
Panama
Notas
del
Tesoro
,
Senior
Note
,
3.75
%
,
4/17/26
........
Panama
450,000
428,287
c
Pertamina
Persero
PT
,
Senior
Bond
,
144A,
4.7
%
,
7/30/49
.......
Indonesia
200,000
149,797
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.........
Peru
200,000
158,858
c
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.25
%
,
10/24/42
....................
Indonesia
200,000
152,851
c
Petroleos
del
Peru
SA
,
Senior
Bond
,
144A,
4.75
%
,
6/19/32
......
Peru
200,000
141,632
Petroleos
Mexicanos
,
Senior
Bond
,
6.625
%
,
6/15/35
...........
Mexico
100,000
63,973
Poland
Government
Bond
,
4%,
10/25/23
.......................................
Poland
260,000
PLN
50,743
1.75%,
4/25/32
.....................................
Poland
3,140,000
PLN
402,976
c
Queensland
Treasury
Corp.
,
Senior
Bond
,
144A,
Reg
S,
4.25
%
,
7/21/23
...........................................
Australia
170,000
AUD
109,564
c
Romania
Government
Bond
,
Senior
Bond
,
144A,
5.125
%
,
6/15/48
.
Romania
100,000
69,898
South
Africa
Government
Bond
,
Senior
Bond,
6.5%,
2/28/41
............................
South
Africa
6,300,000
ZAR
210,672
Senior
Bond,
8.75%,
2/28/48
...........................
South
Africa
5,200,000
ZAR
217,227
c
United
Kingdom
Gilt
,
Reg
S,
0.25
%
,
7/31/31
.................
United
Kingdom
570,000
GBP
454,189
Uruguay
Government
Bond
,
Senior
Bond
,
4.375
%
,
1/23/31
......
Uruguay
200,000
191,810
Western
Australian
Treasury
Corp.
,
Senior
Bond
,
6
%
,
10/16/23
...
Australia
180,000
AUD
118,099
Total
Foreign
Government
and
Agency
Securities
(Cost
$10,797,780)
..............
9,458,368
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
18.5%
U.S.
Treasury
Bonds
,
6%,
2/15/26
........................................
United
States
2,805,000
$
2,958,398
1.125%,
8/15/40
.....................................
United
States
802,000
497,271
1.375%,
11/15/40
....................................
United
States
2,091,000
1,352,983
1.875%,
2/15/41
.....................................
United
States
310,000
219,743
2%,
11/15/41
.......................................
United
States
1,320,000
945,579
2.75%,
8/15/42
.....................................
United
States
1,185,000
963,692
2.875%,
5/15/43
.....................................
United
States
3,370,000
2,780,513
3.125%,
8/15/44
.....................................
United
States
725,000
620,243
2.5%,
5/15/46
......................................
United
States
945,000
717,166
2.25%,
8/15/46
.....................................
United
States
3,305,000
2,382,828
3.375%,
11/15/48
....................................
United
States
3,300,000
3,006,609
3%,
2/15/49
........................................
United
States
1,713,000
1,462,775
2.25%,
8/15/49
.....................................
United
States
150,000
109,781
1.25%,
5/15/50
.....................................
United
States
1,710,000
957,901
1.375%,
8/15/50
.....................................
United
States
930,000
539,037
2%,
8/15/51
........................................
United
States
1,780,000
1,216,658
1.875%,
11/15/51
....................................
United
States
1,275,000
843,741
2.25%,
2/15/52
.....................................
United
States
1,200,000
872,250
2.875%,
5/15/52
.....................................
United
States
4,080,000
3,422,738
3%,
8/15/52
........................................
United
States
950,000
820,117
U.S.
Treasury
Notes
,
1.5%,
3/31/23
......................................
United
States
465,000
459,544
2.125%,
3/31/24
.....................................
United
States
4,500,000
4,358,145
2%,
4/30/24
........................................
United
States
1,345,000
1,297,557
2.5%,
5/15/24
......................................
United
States
5,710,000
5,547,622
2%,
5/31/24
........................................
United
States
1,705,000
1,642,328
2.5%,
5/31/24
......................................
United
States
2,090,000
2,029,790
2%,
6/30/24
........................................
United
States
2,255,000
2,168,852
1.75%,
7/31/24
.....................................
United
States
10,725,000
10,252,011
2.375%,
8/15/24
.....................................
United
States
1,640,000
1,584,073
1.25%,
8/31/24
.....................................
United
States
700,000
661,746
1.5%,
10/31/24
.....................................
United
States
590,000
558,034
1.5%,
11/30/24
......................................
United
States
510,000
481,213
0.25%,
6/30/25
.....................................
United
States
600,000
538,629
0.25%,
9/30/25
.....................................
United
States
310,000
275,561
0.375%,
11/30/25
....................................
United
States
5,143,000
4,560,696
0.875%,
6/30/26
.....................................
United
States
975,000
863,408
1.875%,
7/31/26
.....................................
United
States
389,000
357,652
1.25%,
12/31/26
.....................................
United
States
3,520,000
3,127,300
2.375%,
5/15/27
.....................................
United
States
3,140,000
2,911,123
0.5%,
6/30/27
......................................
United
States
6,985,000
5,915,149
2.25%,
11/15/27
.....................................
United
States
5,000,000
4,576,562
g
Index
Linked,
0.5%,
1/15/28
............................
United
States
1,300,000
1,449,869
1.25%,
4/30/28
.....................................
United
States
1,700,000
1,462,996
3.125%,
11/15/28
....................................
United
States
320,000
304,138
1.625%,
8/15/29
.....................................
United
States
2,565,000
2,212,613
0.625%,
8/15/30
.....................................
United
States
1,550,000
1,214,873
1.125%,
2/15/31
.....................................
United
States
800,000
648,031
1.25%,
8/15/31
.....................................
United
States
765,000
618,425
1.375%,
11/15/31
....................................
United
States
5,700,000
4,632,697
1.875%,
2/15/32
.....................................
United
States
320,000
271,225
2.75%,
8/15/32
.....................................
United
States
1,025,000
937,395
h
FRN,
3.332%,
(3-month
U.S.
Treasury
Bill
Rate
+
0.035%),
10/31/23
..........................................
United
States
620,000
620,656
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
h
FRN,
3.222%,
(3-month
U.S.
Treasury
Bill
Rate
+
(0.075)%),
4/30/24
...........................................
United
States
2,750,000
$
2,746,396
Total
U.S.
Government
and
Agency
Securities
(Cost
$111,586,611)
................
97,976,332
Asset-Backed
Securities
0.6%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2016-3
,
A
,
3.25
%
,
10/15/28
.
United
States
410,758
320,212
United
Airlines
Pass-Through
Trust
,
2016-1,
A,
3.45%,
7/07/28
.............................
United
States
73,617
59,638
2019-2,
A,
2.9%,
5/01/28
..............................
United
States
90,448
73,003
2020-1,
B,
4.875%,
7/15/27
............................
United
States
238,800
223,350
676,203
a
a
a
a
a
a
Diversified
Financial
Services
0.5%
i
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust
,
2006-HE3
,
A5
,
FRN
,
2.897
%
,
(
1-month
USD
LIBOR
+
0.54
%
),
3/25/36
.
....
United
States
93,313
90,097
c,i
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-4A
,
A1RR
,
144A,
FRN
,
3.512
%
,
(
3-month
USD
LIBOR
+
1
%
),
1/15/31
.
.........
United
States
246,369
241,237
i
First
Frankin
Mortgage
Loan
Trust
,
2006-FF4
,
A3
,
FRN
,
3.644
%
,
(
1-month
USD
LIBOR
+
0.56
%
),
3/25/36
.
..................
United
States
78,199
77,329
c
MVW
LLC
,
2021-1WA
,
A
,
144A,
1.14
%
,
1/22/41
.
..............
United
States
94,964
85,696
c,i
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.
,
2021-40A
,
A
,
144A,
FRN
,
3.8
%
,
(
3-month
USD
LIBOR
+
1.06
%
),
4/16/33
.
.........
United
States
500,000
488,724
c
New
Economy
Assets
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
....................................
United
States
490,000
415,463
c,i
Octagon
Investment
Partners
XXI
Ltd.
,
2014-1A
,
AAR3
,
144A,
FRN
,
3.905
%
,
(
3-month
USD
LIBOR
+
1
%
),
2/14/31
.
..............
United
States
250,000
244,300
c,i
Palmer
Square
CLO
Ltd.
,
2014-1A
,
A1R2
,
144A,
FRN
,
3.87
%
,
(
3-month
USD
LIBOR
+
1.13
%
),
1/17/31
.
..................
United
States
250,000
245,830
c,i
Reese
Park
CLO
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
3.642
%
,
(
3-month
USD
LIBOR
+
1.13
%
),
10/15/34
.
........................
United
States
180,000
174,841
c,i
Symphony
CLO
XV
Ltd.
,
2014-15A
,
AR3
,
144A,
FRN
,
3.82
%
,
(
3-month
USD
LIBOR
+
1.08
%
),
1/17/32
.
..................
United
States
250,000
243,577
2,307,094
a
a
a
a
a
a
Road
&
Rail
0.0%
†
c
Avis
Budget
Rental
Car
Funding
AESOP
LLC
,
2022-3A
,
A
,
144A,
4.62
%
,
2/20/27
.
.....................................
United
States
110,000
106,627
Total
Asset-Backed
Securities
(Cost
$3,254,018)
................................
3,089,924
Commercial
Mortgage-Backed
Securities
0.5%
Diversified
Financial
Services
0.4%
BANK
,
2021-BN33
,
A5
,
2.556
%
,
5/15/64
....................
United
States
210,000
171,804
c,i
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
B,
144A,
FRN,
3.768%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
250,000
234,900
2022-LP2,
A,
144A,
FRN,
3.935%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
214,780
206,609
c,i
BX
Mortgage
Trust
,
2021-PAC,
A,
144A,
FRN,
3.507%,
(1-month
USD
LIBOR
+
0.689%),
10/15/36
...................................
United
States
230,000
219,663
2022-MVRK,
A,
144A,
FRN,
4.389%,
(1-month
SOFR
+
1.467%),
3/15/39
...........................................
United
States
120,000
116,722
c,i
BX
Trust
,
2022-IND
,
A
,
144A,
FRN
,
4.413
%
,
(
1-month
SOFR
+
1.491
%
),
4/15/37
....................................
United
States
400,000
389,214
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
GNMA
,
2021-21
,
AH
,
1.4
%
,
6/16/63
.......................
United
States
92,500
$
72,168
c,i
ILPT
Commercial
Mortgage
Trust
,
2022-LPF2
,
A
,
144A,
FRN
,
4.495
%
,
(
1-month
SOFR
+
2.245
%
),
10/15/39
..............
United
States
100,000
99,941
c,i
INTOWN
Mortgage
Trust
,
2022-STAY
,
A
,
144A,
FRN
,
5.334
%
,
(
1-month
SOFR
+
2.489
%
),
8/15/37
......................
United
States
130,000
128,902
c,i
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2022-
ACB
,
A
,
144A,
FRN
,
3.685
%
,
(
30-day
SOFR
Average
+
1.4
%
),
3/15/39
...........................................
United
States
150,000
146,634
c,i
LAQ
Mortgage
Trust
,
2022-LAQ
,
A
,
144A,
FRN
,
4.646
%
,
(
1-month
SOFR
+
1.724
%
),
3/15/39
.............................
United
States
81,515
79,258
c,i
MTN
Commercial
Mortgage
Trust
,
2022-LPFL
,
A
,
144A,
FRN
,
4.242
%
,
(
1-month
SOFR
+
1.397
%
),
3/15/39
...............
United
States
100,000
97,454
c,i
SREIT
Trust
,
2021-MFP,
A,
144A,
FRN,
3.549%,
(1-month
USD
LIBOR
+
0.731%),
11/15/38
...................................
United
States
140,000
133,801
2021-MFP2,
A,
144A,
FRN,
3.64%,
(1-month
USD
LIBOR
+
0.822%),
11/15/36
...................................
United
States
100,000
95,915
2,192,985
a
a
a
a
a
a
Thrifts
&
Mortgage
Finance
0.1%
Citigroup
Commercial
Mortgage
Trust
,
2016-P6
,
A4
,
3.458
%
,
12/10/49
..........................................
United
States
266,043
248,961
b,j
FNMA
,
FRN
,
3.66
%
,
10/01/32
............................
United
States
200,000
183,844
432,805
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$2,718,892)
.................
2,625,790
Mortgage-Backed
Securities
4.4%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
1.2%
FHLMC
Gold
Pool,
30
Year,
4.5%,
1/01/49
..................
United
States
375,264
366,654
FHLMC
Pool,
15
Year,
3%,
8/01/34
........................
United
States
46,031
42,914
FHLMC
Pool,
20
Year,
3%,
5/01/42
........................
United
States
389,855
346,122
FHLMC
Pool,
30
Year,
2%,
2/01/52
-
8/01/52
.................
United
States
740,136
601,244
FHLMC
Pool,
30
Year,
2.5%,
12/01/50
-
1/01/52
..............
United
States
1,108,153
938,361
FHLMC
Pool,
30
Year,
3%,
3/01/50
-
7/01/52
.................
United
States
966,869
847,227
FHLMC
Pool,
30
Year,
3.5%,
4/01/50
-
8/01/52
...............
United
States
2,082,718
1,897,304
FHLMC
Pool,
30
Year,
4%,
5/01/47
-
6/01/52
.................
United
States
825,995
777,715
FHLMC
Pool,
30
Year,
4.5%,
10/01/48
-
9/01/50
..............
United
States
582,762
567,414
FHLMC
Pool,
30
Year,
5%,
7/01/52
-
9/01/52
.................
United
States
298,717
292,912
6,677,867
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
2.6%
FNMA,
2.5%,
9/01/61
..................................
United
States
194,585
163,686
FNMA,
3.75%,
9/01/32
.................................
United
States
100,000
93,723
FNMA,
15
Year,
2%,
8/01/36
-
12/01/36
.....................
United
States
1,041,877
920,354
FNMA,
15
Year,
2.5%,
7/01/36
...........................
United
States
866,667
788,515
FNMA,
20
Year,
2%,
3/01/42
.............................
United
States
192,493
161,110
FNMA,
20
Year,
2.5%,
5/01/42
...........................
United
States
192,656
164,960
FNMA,
30
Year,
1.5%,
3/01/51
...........................
United
States
88,835
68,430
FNMA,
30
Year,
2%,
5/01/51
-
3/01/52
......................
United
States
4,429,522
3,607,413
FNMA,
30
Year,
2.5%,
12/01/50
-
3/01/52
...................
United
States
4,034,828
3,406,669
FNMA,
30
Year,
3%,
8/01/50
-
11/01/51
.....................
United
States
2,827,794
2,487,169
FNMA,
30
Year,
3.5%,
6/01/49
-
9/01/52
....................
United
States
548,042
497,129
FNMA,
30
Year,
4%,
2/01/49
-
6/01/52
......................
United
States
631,275
590,290
FNMA,
30
Year,
4.5%,
2/01/50
-
8/01/52
....................
United
States
381,951
367,025
k
FNMA,
Single-family,
30
Year,
5%,
10/25/52
.................
United
States
165,000
160,773
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
k,l
FNMA,
Single-family,
30
Year,
5.5%,
12/25/52
................
United
States
100,000
$
99,047
13,576,293
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.6%
GNMA
II,
3%,
8/20/50
-
5/20/51
...........................
United
States
190,437
167,013
GNMA
II,
3.5%,
1/20/48
-
6/20/50
.........................
United
States
197,326
178,768
GNMA
II,
Single-family,
30
Year,
2%,
5/20/52
.................
United
States
815,247
681,381
b
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/50
-
6/20/52
........
United
States
891,391
769,874
GNMA
II,
Single-family,
30
Year,
3%,
2/20/51
-
10/15/52
........
United
States
537,604
478,718
GNMA
II,
Single-family,
30
Year,
3.5%,
2/20/52
...............
United
States
194,313
177,667
GNMA
II,
Single-family,
30
Year,
4%,
8/20/46
-
8/20/48
.........
United
States
390,901
370,992
GNMA
II,
Single-family,
30
Year,
4.5%,
6/20/48
...............
United
States
209,937
204,212
k
GNMA
II,
Single-family,
30
Year,
5%,
10/15/52
................
United
States
100,000
97,899
k
GNMA
II,
Single-family,
30
Year,
5.5%,
11/15/52
..............
United
States
100,000
99,656
3,226,180
Total
Mortgage-Backed
Securities
(Cost
$26,235,001)
............................
23,480,340
Municipal
Bonds
0.4%
Arizona
0.1%
Maricopa
County
Union
High
School
District
No.
210-Phoenix
,
GO
,
2020
C
,
5
%
,
7/01/31
.................................
United
States
200,000
219,366
California
0.2%
California
Health
Facilities
Financing
Authority
,
State
of
California
Personal
Income
Tax
,
Revenue,
Senior
Lien
,
2019
,
2.934
%
,
6/01/32
...........................................
United
States
65,000
53,888
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.............................
United
States
540,000
469,355
San
Bernardino
Community
College
District
,
GO,
2021,
Refunding,
2.686%,
8/01/41
...................
United
States
485,000
338,915
GO,
2021,
Refunding,
2.856%,
8/01/49
...................
United
States
285,000
184,650
1,046,808
Ohio
0.0%
†
Greenville
City
School
District
,
GO
,
2019
,
Refunding
,
3.541
%
,
1/01/51
...........................................
United
States
160,000
118,636
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
182,579
Texas
0.1%
City
of
Austin
,
Electric
Utility
,
Revenue
,
2008
,
Refunding
,
AGMC
Insured
,
6.262
%
,
11/15/32
.............................
United
States
335,000
355,563
Total
Municipal
Bonds
(Cost
$2,411,270)
.......................................
1,922,952
Residential
Mortgage-Backed
Securities
0.2%
Diversified
Financial
Services
0.2%
c,j
BRAVO
Residential
Funding
Trust
,
2022-NQM3
,
A1
,
144A,
FRN
,
5.108
%
,
7/25/62
.....................................
United
States
98,651
96,317
c,i
FHLMC
STACR
REMIC
Trust
,
2022-DNA3
,
M1A
,
144A,
FRN
,
4.281
%
,
(
30-day
SOFR
Average
+
2
%
),
4/25/42
.............
United
States
97,421
96,498
c,j
New
Residential
Mortgage
Loan
Trust
,
2016-4A,
A1,
144A,
FRN,
3.75%,
11/25/56
.................
United
States
113,248
105,529
2017-1A,
A1,
144A,
FRN,
4%,
2/25/57
....................
United
States
108,188
103,517
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
c,j
New
Residential
Mortgage
Loan
Trust,
(continued)
2018-3A,
A1,
144A,
FRN,
4.5%,
5/25/58
...................
United
States
97,692
$
94,448
c,j
PRKCM
Trust
,
2021-AFC2
,
A1
,
144A,
FRN
,
2.071
%
,
11/25/56
....
United
States
91,268
75,777
c
SG
Residential
Mortgage
Trust
,
2022-2
,
A1
,
144A,
5.353
%
,
9/25/67
United
States
129,816
126,232
c
Verus
Securitization
Trust
,
2022-6
,
A3
,
144A,
4.91
%
,
6/25/67
....
United
States
97,651
92,721
791,039
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$809,162)
....................
791,039
Total
Long
Term
Investments
(Cost
$538,990,671)
...............................
500,468,599
a
Number
of
Contracts
Notional
Amount
#
a
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$130.00,
Expires
10/21/22
....................................
1
100,000
703
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$111.50,
Expires
10/21/22
....................................
2
200,000
63
766
Total
Options
Purchased
(Cost
$1,958)
.........................................
766
Short
Term
Investments
3.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
m
U.S.
Treasury
Bills
,
10/25/22
..........................................
United
States
30,000
29,954
3/02/23
...........................................
United
States
150,000
147,698
177,652
Total
U.S.
Government
and
Agency
Securities
(Cost
$177,899)
....................
177,652
Shares
a
a
a
Money
Market
Funds
3.7%
n,o
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
15,747,661
15,747,661
o
JPMorgan
100%
U.S.
Treasury
Securities
Money
Market
Fund,
2.11%
............................................
United
States
3,000,041
3,000,041
n,o
Western
Asset
Premier
Institutional
Government
Reserves,
Class
Premium,
2.07
%
....................................
United
States
73,103
73,103
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
(continued)
n,o
Western
Asset
Premier
Institutional
U.S.
Treasury
Reserves,
Class
Premium,
1.97%
....................................
United
States
750,010
$
750,010
Total
Money
Market
Funds
(Cost
$19,570,815)
..................................
19,570,815
Total
Short
Term
Investments
(Cost
$19,748,714
)
................................
19,748,467
a
Total
Investments
(Cost
$558,741,343)
98.3%
...................................
$520,217,832
Options
Written
(0.0)%
†
......................................................
(29,953)
Other
Assets,
less
Liabilities
1.7%
.............................................
8,731,080
Net
Assets
100.0%
...........................................................
$528,918,959
Number
of
Contracts
Notional
Amount
#
a
a
a
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Options
on
Interest
Rate
Futures
90-day
Eurodollar
Futures,
December
Strike
Price
$96.50,
Expires
12/19/22
..........................................
8
2,000,000
(500)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$111.00,
Expires
10/21/22
....................................
1
100,000
(1,734)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$111.50,
Expires
10/21/22
....................................
1
100,000
(1,422)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$112.00,
Expires
10/07/22
....................................
2
2
00
,000
(1,500)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$113.00,
Expires
10/21/22
....................................
4
400,000
(2,750)
U.S.
Treasury
10
Year
Notes
Futures,
November
Strike
Price
$113.00,
Expires
11/25/22
.............................
1
100,000
(1,234)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$114.00,
Expires
10/21/22
....................................
2
200,000
(813)
U.S.
Treasury
10
Year
Notes
Futures,
November
Strike
Price
$114.00,
Expires
11/25/22
.............................
1
100,000
(859)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$114.50,
Expires
10/21/22
....................................
1
100,000
(297)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$115.00,
Expires
10/21/22
....................................
2
200,000
(469)
U.S.
Treasury
10
Year
Notes
Futures,
November
Strike
Price
$115.00,
Expires
11/25/22
.............................
1
100,000
(594)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$115.50,
Expires
10/21/22
....................................
1
100,000
(172)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$116.00,
Expires
10/21/22
....................................
7
700,000
(984)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$116.50,
Expires
10/21/22
....................................
3
300,000
(328)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$117.50,
Expires
10/21/22
....................................
1
100,000
(62)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$118.00,
Expires
10/21/22
....................................
1
100,000
(47)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$119.00,
Expires
10/21/22
....................................
2
200,000
(94)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$120.00,
Expires
10/21/22
....................................
1
100,000
(31)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$121.00,
Expires
10/21/22
....................................
1
100,000
(31)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
a
a
Options
Written
(continued)
Calls
-
Exchange-Traded
(continued)
Options
on
Interest
Rate
Futures
(continued)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$128.00,
Expires
10/21/22
....................................
1
100,000
$
(1,313)
U.S.
Treasury
30
Year
Bonds
Futures,
October
Strike
Price
$132.00,
Expires
10/21/22
....................................
3
300,000
(1,125)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$107.75,
Expires
10/07/22
....................................
1
1
00
,000
(359)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$108.00,
Expires
10/07/22
....................................
1
1
00
,000
(266)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$108.50,
Expires
10/21/22
....................................
1
100,000
(320)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$109.00,
Expires
10/21/22
....................................
2
200,000
(406)
U.S.
Treasury
5
Year
Notes
Futures,
November
Strike
Price
$109.00,
Expires
11/25/22
....................................
2
200,000
(953)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$109.25,
Expires
10/21/22
....................................
6
600,000
(938)
U.S.
Treasury
5
Year
Notes
Futures,
November
Strike
Price
$109.25,
Expires
11/25/22
....................................
6
600,000
(2,438)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$109.50,
Expires
10/21/22
....................................
1
100,000
(125)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$110.00,
Expires
10/21/22
....................................
1
100,000
(78)
U.S.
Treasury
5
Year
Notes
Futures,
November
Strike
Price
$110.00,
Expires
11/25/22
....................................
4
400,000
(1,031)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$110.25,
Expires
10/21/22
....................................
4
400,000
(250)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$110.50,
Expires
10/21/22
....................................
2
200,000
(109)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$111.00,
Expires
10/21/22
....................................
2
200,000
(78)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$112.00,
Expires
10/21/22
....................................
1
100,000
(24)
(23,734)
Puts
-
Exchange-Traded
Options
on
Interest
Rate
Futures
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$111.00,
Expires
10/21/22
....................................
1
100,000
(672)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$111.50,
Expires
10/21/22
....................................
2
200,000
(1,719)
U.S.
Treasury
10
Year
Notes
Futures,
October
Strike
Price
$114.00,
Expires
10/21/22
....................................
1
100,000
(2,344)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$107.00,
Expires
10/21/22
....................................
1
100,000
(500)
U.S.
Treasury
5
Year
Notes
Futures,
October
Strike
Price
$108.00,
Expires
10/21/22
....................................
1
100,000
(984)
(6,219)
Total
Options
Written
(Premiums
received
$47,018)
.............................
$
(29,953)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
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,
2022,
the
aggregate
value
of
these
securities
was
$21,195,247,
representing
4.0%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
e
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
f
Principal
amount
is
stated
in
100
Mexican
Peso
Units.
g
Principal
amount
of
security
is
adjusted
for
inflation.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
j
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.
k
Security
purchased
on
a
to-be-announced
(TBA)
basis.
l
Security
purchased
on
a
when-issued
basis.
m
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
n
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
58
$
10,444,350
12/16/22
$
1,532,402
S&P
500
E-Mini
Index
.........................
Long
25
4,501,875
12/16/22
(436,460)
Interest
rate
contracts
30-day
Federal
Funds
.........................
Short
13
5,249,982
10/31/22
(2,462)
3-month
SOFR
..............................
Short
51
12,241,706
3/19/24
41,688
3-month
SOFR
..............................
Long
14
3,371,025
3/18/25
(21,629)
90-day
Eurodollar
............................
Long
37
8,820,049
3/13/23
(91,660)
U.S.
Treasury
10
Year
Notes
....................
Short
17
1,905,062
12/20/22
24,846
U.S.
Treasury
10
Year
Notes
....................
Long
142
15,912,875
12/20/22
(733,742)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
14
1,658,781
12/20/22
95,348
U.S.
Treasury
2
Year
Notes
.....................
Long
19
3,902,422
12/30/22
(7,832)
U.S.
Treasury
5
Year
Notes
.....................
Long
80
8,600,625
12/30/22
(273,477)
U.S.
Treasury
Long
Bonds
.....................
Long
15
1,896,094
12/20/22
(124,672)
U.S.
Treasury
Ultra
Bonds
......................
Short
8
1,096,000
12/20/22
107,863
U.S.
Treasury
Ultra
Bonds
......................
Long
13
1,781,000
12/20/22
(107,081)
Total
Futures
Contracts
......................................................................
$3,132
*
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
New
Zealand
Dollar
.
HSBC
Buy
560,000
349,821
10/05/22
$
—
$
(36,416)
New
Zealand
Dollar
.
HSBC
Sell
560,000
332,668
10/05/22
19,263
—
Swedish
Krona
.....
HSBC
Buy
6,200,000
609,570
10/07/22
—
(50,809)
Swedish
Krona
.....
HSBC
Sell
6,200,000
557,642
10/07/22
—
(1,119)
Brazilian
Real
......
HSBC
Buy
1,270,000
243,564
10/19/22
—
(8,975)
Brazilian
Real
......
HSBC
Sell
3,180,000
572,633
10/19/22
—
(14,764)
Polish
Zloty
........
GSCO
Sell
220,000
46,913
10/20/22
2,650
—
Polish
Zloty
........
JPHQ
Buy
160,000
31,976
10/20/22
215
—
Columbian
Peso
....
JPHQ
Sell
1,620,000,000
358,465
10/27/22
8,684
—
Mexican
Peso
......
CITI
Sell
26,100,000
1,279,857
10/31/22
—
(9,421)
Euro
.............
BZWS
Buy
1,510,000
1,547,111
11/02/22
—
(64,110)
Euro
.............
CITI
Sell
180,000
172,894
11/02/22
—
(3,888)
Euro
.............
GSCO
Buy
590,000
608,974
11/02/22
—
(29,523)
Euro
.............
JPHQ
Buy
260,000
266,779
11/02/22
—
(11,428)
Euro
.............
MSCO
Sell
110,000
109,256
11/02/22
1,223
—
Euro
.............
UBSW
Sell
110,000
110,525
11/02/22
2,492
—
Thai
Baht
.........
HSBC
Buy
4,500,000
126,458
11/10/22
—
(7,308)
South
African
Rand
..
HSBC
Buy
600,000
34,984
11/17/22
—
(1,968)
South
African
Rand
..
HSBC
Sell
8,400,000
511,459
11/17/22
49,232
—
South
African
Rand
..
JPHQ
Buy
300,000
16,565
11/17/22
—
(57)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
At
September
30,
2022,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
Hungarian
Forint
....
HSBC
Buy
155,000,000
396,622
11/23/22
$
—
$
(42,984)
British
Pound
......
GSCO
Buy
30,000
32,677
12/05/22
849
—
British
Pound
......
JPHQ
Buy
20,000
21,640
12/05/22
711
—
British
Pound
......
JPHQ
Sell
450,000
532,983
12/05/22
30,094
—
British
Pound
......
MSCO
Buy
30,000
34,547
12/05/22
—
(1,021)
Australian
Dollar
....
JPHQ
Sell
420,000
284,918
12/07/22
15,971
—
South
Korean
Won
..
JPHQ
Buy
100,700,000
71,870
12/08/22
—
(1,895)
South
Korean
Won
..
JPHQ
Sell
1,040,000,000
755,962
12/08/22
33,285
—
Japanese
Yen
......
HSBC
Buy
11,000,000
77,342
12/14/22
—
(734)
Japanese
Yen
......
JPHQ
Buy
390,000,000
2,738,870
12/14/22
—
(22,758)
Malaysian
Ringgit
...
GSCO
Sell
1,380,000
303,764
12/21/22
8,305
—
Chilean
Peso
......
JPHQ
Buy
600,000,000
633,915
12/22/22
—
(23,354)
Swedish
Krona
.....
HSBC
Buy
6,200,000
561,508
1/13/23
1,061
—
Total
Forward
Exchange
Contracts
...................................................
$174,035
$(332,532)
Net
unrealized
appreciation
(depreciation)
............................................
$(158,497)
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.IG.39
..
1.00%
Quarterly
12/20/27
10,218,000
$
(31,950)
$
(33,477)
$
1,527
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$(31,950)
$(33,477)
$1,527
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Mexico
Government
Bond
......
1.00%
Quarterly
GSCO
6/20/26
200,000
(3,752)
432
(4,184)
BBB
Total
OTC
Swap
Contracts
..............................................
$(3,752)
$432
$(4,184)
Total
Credit
Default
Swap
Contracts
....................................
$(35,702)
$
(33,045)
$(2,657)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
At
September
30,
2022,
the
Fund
had
the
following inflation index
swap
contracts outstanding.
At
September
30,
2022,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
A
bbreviations
on
page
177
.
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
3.97%
......
At
Maturity
11/18/23
640,000
$
17,739
$
21,190
$
(3,451)
Receive
Fixed
3.37
%
...
At
Maturity
Pay
variable
change
in  USA
CPI-U
........
At
Maturity
11/18/26
640,000
(8,162)
(21,260)
13,098
Total
Inflation
Index
Swap
Contracts
..................................
$9,577
$(70)
$9,647
*
In
U.S.
dollars
unless
otherwise
indicated.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
*
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
3.27%
....
Annual
4/30/29
2,617,000
$
66,671
$
(75,398)
$
142,069
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.6%
.....
Annual
2/15/48
275,000
27,030
18,818
8,212
Receive
Floating
1-day
SOFR
............
Annual
Pay
Fixed
2.62%
....
Annual
2/15/48
1,530,000
148,841
29,691
119,150
Total
Interest
Rate
Swap
Contracts
...............................
$242,542
$
(26,889)
$269,431
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
DynaTech
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.1%
Aerospace
&
Defense
0.8%
a
Axon
Enterprise,
Inc.
...................................
United
States
2,807
$
324,910
HEICO
Corp.
........................................
United
States
2,807
404,152
TransDigm
Group,
Inc.
.................................
United
States
87
45,659
774,721
Automobiles
4.2%
a
Tesla,
Inc.
...........................................
United
States
14,877
3,946,124
Biotechnology
0.9%
a
Argenx
SE
..........................................
Netherlands
1,684
599,327
a
Halozyme
Therapeutics,
Inc.
.............................
United
States
5,614
221,977
a
Moderna,
Inc.
........................................
United
States
280
33,110
854,414
Capital
Markets
2.2%
FactSet
Research
Systems,
Inc.
..........................
United
States
561
224,462
Moody's
Corp.
........................................
United
States
561
136,385
MSCI,
Inc.
...........................................
United
States
2,245
946,918
Tradeweb
Markets,
Inc.,
A
...............................
United
States
14,035
791,855
2,099,620
Chemicals
1.6%
Corteva,
Inc.
.........................................
United
States
14,035
802,100
FMC
Corp.
..........................................
United
States
1,403
148,297
Linde
plc
............................................
United
Kingdom
1,964
529,475
1,479,872
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
..................................
United
States
5,614
715,168
Electric
Utilities
1.7%
NextEra
Energy,
Inc.
...................................
United
States
20,771
1,628,654
Electrical
Equipment
0.0%
†
a
NuScale
Power
Corp.
..................................
United
States
561
6,553
a
Shoals
Technologies
Group,
Inc.,
A
........................
United
States
1,122
24,179
30,732
Electronic
Equipment,
Instruments
&
Components
1.2%
Amphenol
Corp.,
A
....................................
United
States
2,807
187,957
Keyence
Corp.
.......................................
Japan
1,122
370,850
a
Keysight
Technologies,
Inc.
..............................
United
States
2,807
441,710
Samsung
SDI
Co.
Ltd.
.................................
South
Korea
280
104,498
1,105,015
Energy
Equipment
&
Services
0.3%
Schlumberger
NV
.....................................
United
States
8,701
312,366
Entertainment
0.1%
a
Sea
Ltd.,
ADR
........................................
Singapore
2,263
126,841
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Crown
Castle,
Inc.
.....................................
United
States
1,122
162,185
SBA
Communications
Corp.
.............................
United
States
2,807
799,013
961,198
Health
Care
Equipment
&
Supplies
6.5%
Abbott
Laboratories
....................................
United
States
9,263
896,288
a
Edwards
Lifesciences
Corp.
.............................
United
States
5,614
463,885
a
IDEXX
Laboratories,
Inc.
................................
United
States
4,070
1,326,006
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Inspire
Medical
Systems,
Inc.
............................
United
States
4,491
$
796,569
a
Insulet
Corp.
.........................................
United
States
1,964
450,541
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,333
999,617
STERIS
plc
..........................................
United
States
5,614
933,496
Stryker
Corp.
........................................
United
States
1,403
284,164
6,150,566
Health
Care
Providers
&
Services
1.7%
a
Guardant
Health,
Inc.
..................................
United
States
1,684
90,650
a
Privia
Health
Group,
Inc.
................................
United
States
1,122
38,215
UnitedHealth
Group,
Inc.
................................
United
States
2,807
1,417,647
1,546,512
Health
Care
Technology
0.6%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
3,649
601,647
Hotels,
Restaurants
&
Leisure
0.9%
a
Airbnb,
Inc.,
A
........................................
United
States
5,614
589,695
a
Booking
Holdings,
Inc.
.................................
United
States
140
230,049
819,744
Interactive
Media
&
Services
5.3%
a
Alphabet,
Inc.,
A
......................................
United
States
33,684
3,221,875
a
Alphabet,
Inc.,
C
......................................
United
States
11,228
1,079,572
a
ZoomInfo
Technologies,
Inc.,
A
...........................
United
States
15,464
644,230
4,945,677
Internet
&
Direct
Marketing
Retail
7.7%
a
Amazon.com,
Inc.
.....................................
United
States
56,140
6,343,820
a
MercadoLibre,
Inc.
....................................
Brazil
1,122
928,769
7,272,589
IT
Services
7.9%
Accenture
plc,
A
......................................
United
States
561
144,345
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,122
1,399,387
a
Cloudflare,
Inc.,
A
.....................................
United
States
4,210
232,855
a
Globant
SA
..........................................
United
States
1,403
262,473
Mastercard,
Inc.,
A
....................................
United
States
9,543
2,713,457
a
MongoDB,
Inc.
.......................................
United
States
4,491
891,733
a
Shopify,
Inc.,
A
.......................................
Canada
14,484
389,966
a
Snowflake,
Inc.,
A
.....................................
United
States
2,526
429,319
Visa,
Inc.,
A
..........................................
United
States
5,614
997,327
7,460,862
Life
Sciences
Tools
&
Services
8.4%
a
Bio-Rad
Laboratories,
Inc.,
A
.............................
United
States
1,122
468,031
Danaher
Corp.
.......................................
United
States
11,228
2,900,080
a
Evotec
SE
...........................................
Germany
3,649
63,444
Lonza
Group
AG
......................................
Switzerland
1,122
546,292
a
Repligen
Corp.
.......................................
United
States
5,614
1,050,436
Thermo
Fisher
Scientific,
Inc.
............................
United
States
5,614
2,847,365
7,875,648
Machinery
0.6%
a
Chart
Industries,
Inc.
...................................
United
States
3,087
569,088
Pharmaceuticals
1.8%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
12,350
677,274
a
Catalent,
Inc.
........................................
United
States
11,228
812,458
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Eli
Lilly
&
Co.
........................................
United
States
280
$
90,538
a
Jazz
Pharmaceuticals
plc
...............................
United
States
1,122
149,552
1,729,822
Professional
Services
0.2%
a
CoStar
Group,
Inc.
....................................
United
States
2,807
195,508
Semiconductors
&
Semiconductor
Equipment
11.5%
Analog
Devices,
Inc.
...................................
United
States
10,681
1,488,290
ASM
International
NV
..................................
Netherlands
1,122
251,237
ASML
Holding
NV,
NYRS
...............................
Netherlands
4,210
1,748,623
a
Enphase
Energy,
Inc.
..................................
United
States
2,697
748,337
Entegris,
Inc.
.........................................
United
States
5,614
466,074
Intel
Corp.
...........................................
United
States
4,210
108,492
KLA
Corp.
...........................................
United
States
2,807
849,482
Lam
Research
Corp.
...................................
United
States
2,807
1,027,362
a
Lattice
Semiconductor
Corp.
.............................
United
States
561
27,607
Monolithic
Power
Systems,
Inc.
...........................
United
States
2,807
1,020,064
NVIDIA
Corp.
........................................
United
States
22,456
2,725,934
a
SiTime
Corp.
.........................................
United
States
2,256
177,615
a
SolarEdge
Technologies,
Inc.
............................
United
States
701
162,253
10,801,370
Software
28.1%
a
Adobe,
Inc.
..........................................
United
States
1,685
463,712
a
ANSYS,
Inc.
.........................................
United
States
3,368
746,686
a
Aspen
Technology,
Inc.
.................................
United
States
2,361
562,390
a
Atlassian
Corp.
plc,
A
..................................
United
States
5,614
1,182,252
a
Bill.com
Holdings,
Inc.
..................................
United
States
140
18,532
a
Cadence
Design
Systems,
Inc.
...........................
United
States
12,350
2,018,361
Constellation
Software,
Inc.
..............................
Canada
140
194,811
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
4,491
740,162
a
Datadog,
Inc.,
A
......................................
United
States
8,421
747,616
a
Descartes
Systems
Group,
Inc.
(The)
......................
Canada
2,245
142,625
a
Gitlab,
Inc.,
A
........................................
United
States
5,333
273,156
a
HubSpot,
Inc.
........................................
United
States
4,485
1,211,488
Intuit,
Inc.
...........................................
United
States
5,894
2,282,864
Microsoft
Corp.
.......................................
United
States
23,038
5,365,550
a
Monday.com
Ltd.
......................................
United
States
2,703
306,358
a
Palo
Alto
Networks,
Inc.
................................
United
States
5,894
965,378
a
Paycom
Software,
Inc.
.................................
United
States
1,416
467,266
a
Paylocity
Holding
Corp.
.................................
United
States
421
101,705
a
Procore
Technologies,
Inc.
..............................
United
States
5,614
277,781
Roper
Technologies,
Inc.
................................
United
States
2,807
1,009,510
a
Salesforce,
Inc.
.......................................
United
States
8,421
1,211,277
a
ServiceNow,
Inc.
......................................
United
States
6,456
2,437,850
a
Synopsys,
Inc.
.......................................
United
States
7,017
2,143,764
a
Tyler
Technologies,
Inc.
.................................
United
States
1,964
682,490
a
Workday,
Inc.,
A
......................................
United
States
5,614
854,563
a
Xero
Ltd.
............................................
New
Zealand
280
12,957
26,421,104
Technology
Hardware,
Storage
&
Peripherals
1.9%
Apple,
Inc.
..........................................
United
States
12,912
1,784,438
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
.........................................
United
States
3,929
180,891
Total
Common
Stocks
(Cost
$79,793,015)
......................................
92,390,191
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
DynaTech
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
See
Abbreviations
on
page
177
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
0.1%
Life
Sciences
Tools
&
Services
0.1%
c
Sartorius
AG,
0.36%
...................................
Germany
280
$
96,858
Total
Preferred
Stocks
(Cost
$112,750)
.........................................
96,858
Total
Long
Term
Investments
(Cost
$79,905,765)
................................
92,487,049
a
Short
Term
Investments
2.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.0%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
1,867,773
1,867,773
Total
Money
Market
Funds
(Cost
$1,867,773)
...................................
1,867,773
Total
Short
Term
Investments
(Cost
$1,867,773
)
.................................
1,867,773
a
Total
Investments
(Cost
$81,773,538)
100.2%
...................................
$94,354,822
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(141,724)
Net
Assets
100.0%
...........................................................
$94,213,098
†
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,
2022,
the
value
of
this
security
was
$1,399,387,
representing
1.5%
of
net
assets.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Global
Real
Estate
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.8%
Diversified
Telecommunication
Services
0.7%
a
Cellnex
Telecom
SA,
144A,
Reg
S
.........................
Spain
22,622
$
697,847
Equity
Real
Estate
Investment
Trusts
(REITs)
83.8%
Aedifica
SA
..........................................
Belgium
14,206
1,095,047
Alexandria
Real
Estate
Equities,
Inc.
.......................
United
States
18,430
2,583,702
Allied
Properties
Real
Estate
Investment
Trust
................
Canada
33,751
668,521
American
Homes
4
Rent,
A
..............................
United
States
84,880
2,784,913
Americold
Realty
Trust,
Inc.
..............................
United
States
37,133
913,472
AvalonBay
Communities,
Inc.
............................
United
States
20,860
3,842,203
Camden
Property
Trust
.................................
United
States
23,933
2,858,797
Canadian
Apartment
Properties
REIT
......................
Canada
46,779
1,425,755
Capital
&
Counties
Properties
plc
.........................
United
Kingdom
504,562
598,834
CapitaLand
Integrated
Commercial
Trust
....................
Singapore
946,551
1,259,087
Cousins
Properties,
Inc.
................................
United
States
53,430
1,247,591
Derwent
London
plc
...................................
United
Kingdom
39,375
888,268
Equinix,
Inc.
.........................................
United
States
7,845
4,462,550
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
33,693
2,117,268
First
Industrial
Realty
Trust,
Inc.
..........................
United
States
26,121
1,170,482
Gecina
SA
..........................................
France
10,031
785,665
GLP
J-Reit
..........................................
Japan
1,082
1,199,870
Goodman
Group
......................................
Australia
125,696
1,270,386
H&R
Real
Estate
Investment
Trust
........................
Canada
84,000
632,448
Healthcare
Realty
Trust,
Inc.
.............................
United
States
39,500
823,575
Healthpeak
Properties,
Inc.
..............................
United
States
62,596
1,434,700
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
98,524
1,564,561
Japan
Hotel
REIT
Investment
Corp.
........................
Japan
2,416
1,207,356
Kenedix
Office
Investment
Corp.
..........................
Japan
256
1,207,162
Kilroy
Realty
Corp.
....................................
United
States
14,890
627,018
Life
Storage,
Inc.
......................................
United
States
9,681
1,072,268
Link
REIT
...........................................
Hong
Kong
179,002
1,249,525
Mapletree
Logistics
Trust
...............................
Singapore
1,138,650
1,230,309
Merlin
Properties
Socimi
SA
.............................
Spain
92,143
711,027
National
Storage
REIT
.................................
Australia
576,964
830,800
b
NETSTREIT
Corp.
....................................
United
States
56,215
1,001,189
Nippon
Building
Fund,
Inc.
..............................
Japan
169
743,604
NTT
UD
REIT
Investment
Corp.
..........................
Japan
971
992,349
Orix
JREIT,
Inc.
.......................................
Japan
851
1,088,287
Prologis,
Inc.
.........................................
United
States
65,704
6,675,525
Public
Storage
.......................................
United
States
15,918
4,660,950
Realty
Income
Corp.
...................................
United
States
57,521
3,347,722
Regency
Centers
Corp.
.................................
United
States
46,136
2,484,424
Rexford
Industrial
Realty,
Inc.
............................
United
States
43,031
2,237,612
RPT
Realty
..........................................
United
States
49,786
376,382
Ryman
Hospitality
Properties,
Inc.
.........................
United
States
15,578
1,146,385
Sabra
Health
Care
REIT,
Inc.
............................
United
States
43,400
569,408
SBA
Communications
Corp.
.............................
United
States
3,234
920,558
Scentre
Group
.......................................
Australia
844,656
1,380,066
Segro
plc
...........................................
United
Kingdom
199,707
1,666,254
Shopping
Centres
Australasia
Property
Group
................
Australia
398,386
600,709
Simon
Property
Group,
Inc.
..............................
United
States
15,798
1,417,870
Spirit
Realty
Capital,
Inc.
................................
United
States
45,574
1,647,956
UDR,
Inc.
...........................................
United
States
69,704
2,907,354
UNITE
Group
plc
(The)
.................................
United
Kingdom
83,064
788,595
VICI
Properties,
Inc.
...................................
United
States
91,449
2,729,753
Welltower,
Inc.
.......................................
United
States
46,390
2,983,805
86,129,917
Real
Estate
Management
&
Development
14.3%
Capitaland
Investment
Ltd.
..............................
Singapore
667,222
1,605,246
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
See
Abbreviations
on
page
177
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
Castellum
AB
........................................
Sweden
52,265
$
585,620
a
CTP
NV,
144A,
Reg
S
..................................
Netherlands
52,752
543,092
c
Fastighets
AB
Balder,
B
.................................
Sweden
189,549
756,630
Grainger
plc
.........................................
United
Kingdom
428,154
1,096,610
Hang
Lung
Properties
Ltd.
...............................
Hong
Kong
441,161
724,447
Mitsui
Fudosan
Co.
Ltd.
................................
Japan
152,383
2,902,593
New
World
Development
Co.
Ltd.
.........................
Hong
Kong
180,713
513,241
Nomura
Real
Estate
Holdings,
Inc.
........................
Japan
57,577
1,300,198
Shurgard
Self
Storage
SA
...............................
Belgium
18,340
745,644
Sun
Hung
Kai
Properties
Ltd.
............................
Hong
Kong
166,991
1,842,958
Vonovia
SE
..........................................
Germany
94,534
2,040,316
14,656,595
Total
Common
Stocks
(Cost
$91,485,151)
......................................
101,484,359
Short
Term
Investments
1.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
1.0%
d
Joint
Repurchase
Agreement,
2.933%,
10/03/22
(Maturity
Value
$981,713)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$163,946)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$325,899)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$491,868)
Collateralized
by
U.S.
Government
Agency
Securities,
1.63%
-
4%,
5/20/36
-
7/15/57;
and
U.S.
Treasury
Notes,
1.5%
-
3.35%,
10/31/22
-
8/15/25
(valued
at
$1,001,368)
.................
981,473
981,473
Total
Repurchase
Agreements
(Cost
$981,473)
..................................
981,473
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Repurchase
Agreements
0.0%
†
d
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$83)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$85)
.................
83
83
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$83)
..................................................................
83
Total
Short
Term
Investments
(Cost
$981,556
)
..................................
981,556
a
Total
Investments
(Cost
$92,466,707)
99.8%
....................................
$102,465,915
Other
Assets,
less
Liabilities
0.2%
.............................................
293,570
Net
Assets
100.0%
...........................................................
$102,759,485
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Global
Real
Estate
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
*
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,
2022,
the
aggregate
value
of
these
securities
was
$1,240,939,
representing
1.2%
of
net
assets.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
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,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Growth
and
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
80.8%
Aerospace
&
Defense
3.5%
L3Harris
Technologies,
Inc.
..............................
United
States
960
$
199,517
Lockheed
Martin
Corp.
.................................
United
States
285
110,093
Raytheon
Technologies
Corp.
............................
United
States
12,100
990,506
1,300,116
Air
Freight
&
Logistics
2.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
5,665
915,124
Banks
6.1%
Bank
of
America
Corp.
.................................
United
States
25,430
767,986
JPMorgan
Chase
&
Co.
.................................
United
States
11,480
1,199,660
Truist
Financial
Corp.
..................................
United
States
6,470
281,704
2,249,350
Beverages
4.1%
Coca-Cola
Co.
(The)
...................................
United
States
11,065
619,861
PepsiCo,
Inc.
........................................
United
States
5,465
892,216
1,512,077
Capital
Markets
6.2%
Ares
Management
Corp.
................................
United
States
8,960
555,072
BlackRock,
Inc.
.......................................
United
States
860
473,241
Morgan
Stanley
.......................................
United
States
15,845
1,251,913
2,280,226
Chemicals
1.7%
BASF
SE
...........................................
Germany
4,735
181,731
Huntsman
Corp.
......................................
United
States
10,033
246,210
Linde
plc
............................................
United
Kingdom
340
91,660
Sherwin-Williams
Co.
(The)
..............................
United
States
480
98,280
617,881
Commercial
Services
&
Supplies
1.5%
Republic
Services,
Inc.
.................................
United
States
4,105
558,444
Communications
Equipment
1.8%
Cisco
Systems,
Inc.
...................................
United
States
16,140
645,600
Consumer
Finance
0.4%
American
Express
Co.
.................................
United
States
1,090
147,052
Diversified
Financial
Services
1.5%
Apollo
Global
Management,
Inc.
..........................
United
States
11,945
555,443
Diversified
Telecommunication
Services
0.4%
TELUS
Corp.
........................................
Canada
7,250
143,971
Electric
Utilities
6.9%
Duke
Energy
Corp.
....................................
United
States
10,535
979,966
Entergy
Corp.
........................................
United
States
2,815
283,273
Evergy
,
Inc.
..........................................
United
States
4,885
290,169
NextEra
Energy,
Inc.
...................................
United
States
11,285
884,857
Xcel
Energy,
Inc.
......................................
United
States
1,600
102,400
2,540,665
Electrical
Equipment
2.1%
Eaton
Corp.
plc
.......................................
United
States
4,490
598,787
Emerson
Electric
Co.
..................................
United
States
2,310
169,138
767,925
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
2.0%
Healthpeak
Properties,
Inc.
..............................
United
States
13,675
$
313,431
Prologis,
Inc.
.........................................
United
States
2,780
282,448
Public
Storage
.......................................
United
States
450
131,765
727,644
Food
&
Staples
Retailing
1.2%
Walmart,
Inc.
........................................
United
States
3,380
438,386
Food
Products
0.8%
Mondelez
International,
Inc.,
A
............................
United
States
5,640
309,241
Health
Care
Equipment
&
Supplies
2.5%
Medtronic
plc
........................................
United
States
11,200
904,400
Health
Care
Providers
&
Services
3.5%
HCA
Healthcare,
Inc.
...................................
United
States
2,871
527,661
UnitedHealth
Group,
Inc.
................................
United
States
1,480
747,459
1,275,120
Hotels,
Restaurants
&
Leisure
1.6%
McDonald's
Corp.
.....................................
United
States
2,615
603,385
Household
Products
2.7%
Procter
&
Gamble
Co.
(The)
.............................
United
States
7,965
1,005,581
Insurance
0.6%
Arthur
J
Gallagher
&
Co.
................................
United
States
1,295
221,730
Life
Sciences
Tools
&
Services
1.5%
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,086
550,808
Machinery
0.5%
Illinois
Tool
Works,
Inc.
.................................
United
States
940
169,811
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
6,005
176,127
Multiline
Retail
2.2%
Target
Corp.
.........................................
United
States
5,390
799,822
Oil,
Gas
&
Consumable
Fuels
8.5%
Canadian
Natural
Resources
Ltd.
.........................
Canada
4,490
209,099
Chevron
Corp.
.......................................
United
States
7,860
1,129,246
EOG
Resources,
Inc.
..................................
United
States
4,700
525,131
Shell
plc,
ADR
........................................
Netherlands
12,880
640,909
Suncor
Energy,
Inc.
....................................
Canada
21,680
610,292
3,114,677
Pharmaceuticals
5.9%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
7,940
435,430
Johnson
&
Johnson
...................................
United
States
8,890
1,452,270
Pfizer,
Inc.
...........................................
United
States
6,320
276,563
2,164,263
Road
&
Rail
0.7%
Norfolk
Southern
Corp.
.................................
United
States
1,246
261,224
Semiconductors
&
Semiconductor
Equipment
2.9%
a
Broadcom,
Inc.
.......................................
United
States
1,617
717,937
Texas
Instruments,
Inc.
.................................
United
States
2,375
367,602
1,085,539
Software
2.0%
Microsoft
Corp.
.......................................
United
States
155
36,100
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
Oracle
Corp.
.........................................
United
States
11,715
$
715,435
751,535
Specialty
Retail
1.7%
Lowe's
Cos.,
Inc.
......................................
United
States
2,050
385,011
Tractor
Supply
Co.
....................................
United
States
1,330
247,220
632,231
Water
Utilities
0.8%
Essential
Utilities,
Inc.
..................................
United
States
7,229
299,136
Total
Common
Stocks
(Cost
$21,935,773)
......................................
29,724,534
Equity-Linked
Securities
8.4%
Banks
0.6%
b
BNP
Paribas
Issuance
BV
into
Bank
of
America
Corp.,
144A,
6%,
11/08/22
..........................................
United
States
7,200
219,373
Chemicals
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Huntsman
Corp.,
144A,
8.75%,
4/21/23
.....................................
United
States
7,200
184,927
Consumer
Finance
0.6%
b
BNP
Paribas
Issuance
BV
into
American
Express
Co.,
144A,
6.25%,
1/27/23
...........................................
United
States
1,700
232,784
Electrical
Equipment
0.7%
b
Royal
Bank
of
Canada
into
Eaton
Corp.
plc,
144A,
6.25%,
9/15/23
United
States
1,900
255,155
Health
Care
Providers
&
Services
0.7%
b
Royal
Bank
of
Canada
into
HCA
Healthcare,
Inc.,
144A,
7.25%,
8/09/23
...........................................
United
States
1,300
240,924
Interactive
Media
&
Services
0.7%
b
Credit
Suisse
AG
into
Alphabet,
Inc.,
144A,
6.25%,
9/01/23
......
United
States
2,400
243,159
Internet
&
Direct
Marketing
Retail
0.9%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Amazon.com,
Inc.,
144A,
6.25%,
5/12/23
.....................................
United
States
140
327,006
Life
Sciences
Tools
&
Services
0.5%
b
Credit
Suisse
AG
into
Thermo
Fisher
Scientific,
Inc.,
144A,
6%,
8/25/23
...........................................
United
States
340
179,120
Multiline
Retail
0.7%
b
Credit
Suisse
AG
into
Dollar
Tree,
Inc.,
144A,
8.25%,
7/31/23
....
United
States
1,700
246,914
Oil,
Gas
&
Consumable
Fuels
0.7%
b
Goldman
Sachs
International
Bank
into
Canadian
Natural
Resources
Ltd.,
144A,
9.5%,
12/30/22
.............................
Canada
6,200
275,692
Road
&
Rail
0.7%
b
Credit
Suisse
AG
into
Norfolk
Southern
Corp.,
144A,
6%,
11/18/22
United
States
1,200
251,992
Software
0.6%
b
Royal
Bank
of
Canada
into
Microsoft
Corp.,
144A,
6%,
12/16/22
..
United
States
900
212,556
Specialty
Retail
0.5%
b
Citigroup
Global
Markets
Holdings,
Inc.
into
Tractor
Supply
Co.,
144A,
7.25%,
6/09/23
.................................
United
States
1,100
199,759
Total
Equity-Linked
Securities
(Cost
$3,713,278)
................................
3,069,361
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Convertible
Preferred
Stocks
5.8%
Capital
Markets
1.4%
KKR
Group
Co.,
Inc.,
6%,
C
.............................
United
States
9,555
$
519,983
Health
Care
Equipment
&
Supplies
2.6%
Becton
Dickinson
and
Co.,
6%,
B
.........................
United
States
6,820
321,495
Boston
Scientific
Corp.,
5.5%,
A
..........................
United
States
6,185
626,046
947,541
Life
Sciences
Tools
&
Services
1.8%
Danaher
Corp.,
5%,
B
..................................
United
States
490
660,270
Total
Convertible
Preferred
Stocks
(Cost
$2,533,217)
............................
2,127,794
Total
Long
Term
Investments
(Cost
$28,182,268)
................................
34,921,689
a
Short
Term
Investments
6.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
5.1%
c
Joint
Repurchase
Agreement,
2.933%,
10/03/22
(Maturity
Value
$1,867,245)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$311,830)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$619,869)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$935,546)
Collateralized
by
U.S.
Government
Agency
Securities,
1.63%
-
4%,
5/20/36
-
7/15/57;
and
U.S.
Treasury
Notes,
1.5%
-
3.35%,
10/31/22
-
8/15/25
(valued
at
$1,904,630)
.................
1,866,789
1,866,789
Total
Repurchase
Agreements
(Cost
$1,866,789)
................................
1,866,789
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.3%
Money
Market
Funds
1.0%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
376,000
376,000
Principal
Amount
*
Repurchase
Agreements
0.3%
c
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$94,896)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$96,770)
..............
94,873
94,873
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$470,873)
.............................................................
470,873
Total
Short
Term
Investments
(Cost
$2,337,662
)
.................................
2,337,662
a
Total
Investments
(Cost
$30,519,930)
101.4%
...................................
$37,259,351
Other
Assets,
less
Liabilities
(1.4)%
...........................................
(490,017)
Net
Assets
100.0%
...........................................................
$36,769,334
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Growth
and
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
s
See
Abbreviations
on
page
177
.
*
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,
2022.
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,
2022,
the
aggregate
value
of
these
securities
was
$3,069,361,
representing
8.3%
of
net
assets.
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,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
30.2%
Aerospace
&
Defense
1.9%
Lockheed
Martin
Corp.
.................................
United
States
100,000
$
38,629,000
Raytheon
Technologies
Corp.
............................
United
States
225,000
18,418,500
57,047,500
Air
Freight
&
Logistics
0.9%
United
Parcel
Service,
Inc.,
B
............................
United
States
157,700
25,474,858
Banks
3.9%
Bank
of
America
Corp.
.................................
United
States
1,100,000
33,220,000
Citigroup,
Inc.
........................................
United
States
250,000
10,417,500
JPMorgan
Chase
&
Co.
.................................
United
States
360,000
37,620,000
Truist
Financial
Corp.
..................................
United
States
495,000
21,552,300
US
Bancorp
.........................................
United
States
325,000
13,104,000
115,913,800
Biotechnology
1.1%
AbbVie,
Inc.
.........................................
United
States
115,000
15,434,150
Amgen,
Inc.
.........................................
United
States
70,000
15,778,000
31,212,150
Capital
Markets
0.8%
Morgan
Stanley
.......................................
United
States
310,000
24,493,100
Chemicals
1.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
111,053
25,845,365
BASF
SE
...........................................
Germany
225,000
8,635,581
34,480,946
Diversified
Telecommunication
Services
0.9%
BCE,
Inc.
...........................................
Canada
300,000
12,579,454
Verizon
Communications,
Inc.
............................
United
States
400,000
15,188,000
27,767,454
Electric
Utilities
2.5%
American
Electric
Power
Co.,
Inc.
.........................
United
States
200,000
17,290,000
Duke
Energy
Corp.
....................................
United
States
150,000
13,953,000
Edison
International
...................................
United
States
250,000
14,145,000
Southern
Co.
(The)
....................................
United
States
400,000
27,200,000
72,588,000
Energy
Equipment
&
Services
0.2%
a
Weatherford
International
plc
.............................
United
States
150,000
4,843,500
Health
Care
Equipment
&
Supplies
0.5%
Medtronic
plc
........................................
United
States
180,000
14,535,000
Health
Care
Providers
&
Services
0.0%
†
a
CHS/Community
Health
Systems,
Inc.
......................
United
States
79,854
171,686
Household
Products
0.5%
Procter
&
Gamble
Co.
(The)
.............................
United
States
120,000
15,150,000
Insurance
1.0%
MetLife,
Inc.
.........................................
United
States
500,000
30,390,000
IT
Services
0.8%
International
Business
Machines
Corp.
.....................
United
States
199,679
23,723,862
Media
0.5%
Comcast
Corp.,
A
.....................................
United
States
512,769
15,039,515
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
0.8%
Rio
Tinto
plc,
ADR
.....................................
Australia
415,529
$
22,879,027
Multiline
Retail
0.2%
Target
Corp.
.........................................
United
States
50,000
7,419,500
Multi-Utilities
1.4%
Dominion
Energy,
Inc.
..................................
United
States
400,000
27,644,000
Sempra
Energy
.......................................
United
States
90,000
13,494,600
41,138,600
Oil,
Gas
&
Consumable
Fuels
4.0%
BP
plc,
ADR
.........................................
United
Kingdom
400,000
11,420,000
Chevron
Corp.
.......................................
United
States
250,000
35,917,500
Exxon
Mobil
Corp.
.....................................
United
States
500,000
43,655,000
Shell
plc,
ADR
........................................
Netherlands
225,000
11,196,000
TotalEnergies
SE,
ADR
.................................
France
325,000
15,119,000
117,307,500
Pharmaceuticals
3.1%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
300,000
16,452,000
a
Bausch
Health
Cos.,
Inc.
................................
United
States
750,000
5,167,500
Bristol-Myers
Squibb
Co.
................................
United
States
450,000
31,990,500
Johnson
&
Johnson
...................................
United
States
100,000
16,336,000
Merck
&
Co.,
Inc.
.....................................
United
States
100,000
8,612,000
Pfizer,
Inc.
...........................................
United
States
275,000
12,034,000
90,592,000
Road
&
Rail
0.1%
Union
Pacific
Corp.
....................................
United
States
20,000
3,896,400
Semiconductors
&
Semiconductor
Equipment
2.5%
b
Broadcom,
Inc.
.......................................
United
States
72,953
32,391,994
QUALCOMM,
Inc.
.....................................
United
States
45,000
5,084,100
Texas
Instruments,
Inc.
.................................
United
States
234,000
36,218,520
73,694,614
Software
0.5%
a
Workday,
Inc.,
A
......................................
United
States
90,600
13,791,132
Specialty
Retail
0.3%
Home
Depot,
Inc.
(The)
.................................
United
States
32,000
8,830,080
Tobacco
0.6%
Philip
Morris
International,
Inc.
...........................
United
States
200,000
16,602,000
Total
Common
Stocks
(Cost
$756,367,250)
.....................................
888,982,224
Equity-Linked
Securities
13.4%
Automobiles
0.4%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Ford
Motor
Co.,
144A,
12.5%,
1/12/23
.....................................
United
States
877,000
10,328,479
Banks
1.4%
c
Barclays
Bank
plc
into
JPMorgan
Chase
&
Co.,
144A,
8%,
9/08/23
United
States
187,500
20,056,184
c
J.P.
Morgan
Structured
Products
BV
into
Bank
of
America
Corp.,
144A,
9.5%,
5/12/23
.................................
United
States
250,000
7,871,434
c
Royal
Bank
of
Canada
into
Bank
of
America
Corp.,
144A,
8.5%,
8/14/23
...........................................
United
States
450,000
13,869,774
41,797,392
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Biotechnology
0.6%
c
BNP
Paribas
Issuance
BV
into
AbbVie,
Inc.,
144A,
8%,
2/23/23
...
United
States
125,000
$
16,670,404
Capital
Markets
0.6%
c
BNP
Paribas
Issuance
BV
into
Morgan
Stanley,
144A,
8%,
5/22/23
United
States
125,000
9,955,346
c
J.P.
Morgan
Structured
Products
BV
into
Goldman
Sachs
Group,
Inc.
(The),
144A,
8.5%,
3/09/23
............................
United
States
26,000
7,807,078
17,762,424
Chemicals
0.4%
c
Credit
Suisse
AG
into
Air
Products
and
Chemicals,
Inc.,
144A,
8.5%,
5/15/23
...........................................
United
States
49,560
11,554,750
Communications
Equipment
0.5%
c
Barclays
Bank
plc
into
Cisco
Systems,
Inc.,
144A,
7.5%,
3/10/23
..
United
States
350,000
14,303,827
Electric
Utilities
0.3%
c
National
Bank
of
Canada
into
NextEra
Energy,
Inc.,
144A,
8.5%,
12/05/23
..........................................
United
States
102,000
7,733,967
Entertainment
0.5%
c
Royal
Bank
of
Canada
into
Walt
Disney
Co.
(The),
144A,
10%,
5/26/23
...........................................
United
States
139,700
13,577,542
Health
Care
Providers
&
Services
0.8%
c
Royal
Bank
of
Canada
into
CVS
Health
Corp.,
144A,
8%,
12/16/22
United
States
250,000
23,164,485
Independent
Power
and
Renewable
Electricity
Producers
0.2%
c
Goldman
Sachs
International
Bank
into
NextEra
Energy
Partners
LP,
144A,
10%,
7/05/23
..................................
United
States
100,000
4,487,739
Industrial
Conglomerates
0.3%
c
Goldman
Sachs
International
Bank
into
Honeywell
International,
Inc.,
144A,
8.5%,
4/04/23
.................................
United
States
45,400
7,754,021
Insurance
0.9%
c
Royal
Bank
of
Canada
into
MetLife,
Inc.,
144A,
9%,
9/22/23
.....
United
States
420,000
25,932,047
Interactive
Media
&
Services
0.3%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Alphabet,
Inc.,
144A,
9%,
6/22/23
........................................
United
States
4,800
9,424,213
Internet
&
Direct
Marketing
Retail
0.9%
c
Merrill
Lynch
International
&
Co.
CV
into
Amazon.com,
Inc.,
144A,
8.5%,
1/11/23
.......................................
United
States
11,700
27,265,391
IT
Services
0.3%
c,d
UBS
AG
into
Fidelity
National
Information
Services,
Inc.,
144A,
10%,
10/19/23
..........................................
United
States
100,000
7,629,063
Machinery
0.4%
c
Goldman
Sachs
International
Bank
into
Cummins,
Inc.,
144A,
8%,
1/10/23
...........................................
United
States
60,000
12,269,327
Media
0.7%
c
BNP
Paribas
Issuance
BV
into
Comcast
Corp.,
144A,
8.5%,
8/10/23
United
States
700,000
21,633,159
Metals
&
Mining
0.5%
c
Citigroup
Global
Markets
Holdings,
Inc.
into
Barrick
Gold
Corp.,
144A,
9%,
10/13/22
..................................
Canada
1,000,000
15,570,383
Oil,
Gas
&
Consumable
Fuels
0.2%
c
Merrill
Lynch
International
&
Co.
CV
into
Chevron
Corp.,
144A,
10%,
12/04/23
..........................................
United
States
47,600
6,946,503
Pharmaceuticals
0.4%
c
Societe
Generale
SA
into
Pfizer,
Inc.,
144A,
8.5%,
6/09/23
......
United
States
260,000
11,717,844
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Equity-Linked
Securities
(continued)
Road
&
Rail
0.3%
c
Merrill
Lynch
International
&
Co.
CV
into
Union
Pacific
Corp.,
144A,
Reg
S,
9%,
11/01/23
.................................
United
States
50,750
$
9,923,789
Semiconductors
&
Semiconductor
Equipment
2.5%
c
Goldman
Sachs
International
Bank
into
Intel
Corp.,
144A,
10%,
8/09/23
...........................................
United
States
650,000
17,861,503
c
Goldman
Sachs
International
Bank
into
Texas
Instruments,
Inc.,
144A,
8.5%,
12/14/22
.................................
United
States
130,000
20,311,455
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
9%,
10/11/22
.......................................
United
States
40,000
4,904,296
c
Mizuho
Markets
Cayman
LP
into
Microchip
Technology,
Inc.,
144A,
10%,
6/26/23
.......................................
United
States
100,000
6,280,093
c
Royal
Bank
of
Canada
into
Analog
Devices,
Inc.,
144A,
10%,
5/19/23
United
States
178,000
25,521,962
74,879,309
Total
Equity-Linked
Securities
(Cost
$467,268,734)
..............................
392,326,058
Convertible
Preferred
Stocks
2.0%
Capital
Markets
0.1%
KKR
Group
Co.,
Inc.,
6%,
C
.............................
United
States
50,000
2,721,000
Electric
Utilities
1.0%
NextEra
Energy,
Inc.,
5.279%
............................
United
States
400,000
19,912,000
NextEra
Energy,
Inc.,
6.219%
............................
United
States
230,200
11,178,512
31,090,512
Multi-Utilities
0.7%
DTE
Energy
Co.,
6.25%
................................
United
States
400,000
20,056,000
Thrifts
&
Mortgage
Finance
0.2%
FNMA,
5.375%
.......................................
United
States
475
4,868,750
a
Total
Convertible
Preferred
Stocks
(Cost
$86,690,101)
...........................
58,736,262
Principal
Amount
*
Convertible
Bonds
0.3%
Airlines
0.1%
JetBlue
Airways
Corp.
,
Senior
Note
,
0.5
%
,
4/01/26
............
United
States
5,000,000
3,575,000
Hotels,
Restaurants
&
Leisure
0.1%
DraftKings
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
3/15/28
......
United
States
2,500,000
1,638,594
Media
0.1%
DISH
Network
Corp.
,
Senior
Note
,
2.375
%
,
3/15/24
............
United
States
4,555,000
4,080,141
Total
Convertible
Bonds
(Cost
$10,801,183)
....................................
9,293,735
Corporate
Bonds
42.3%
Aerospace
&
Defense
1.3%
Boeing
Co.
(The)
,
Senior
Note,
5.04%,
5/01/27
...........................
United
States
8,000,000
7,717,698
Senior
Note,
5.15%,
5/01/30
...........................
United
States
15,000,000
13,893,334
Raytheon
Technologies
Corp.
,
Senior
Note
,
3.95
%
,
8/16/25
......
United
States
7,500,000
7,326,580
TransDigm
,
Inc.
,
Senior
Note
,
6.375
%
,
6/15/26
...............
United
States
10,000,000
9,459,575
38,397,187
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Airlines
0.7%
c
American
Airlines
Inc
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
.............................
United
States
15,000,000
$
14,112,525
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
8,000,000
7,461,787
21,574,312
Auto
Components
0.7%
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
11,945,000
8,627,910
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
15,000,000
12,271,875
20,899,785
Automobiles
0.5%
Ford
Motor
Co.
,
Senior
Bond,
3.25%,
2/12/32
...........................
United
States
3,000,000
2,166,165
b
Senior
Note,
4.346%,
12/08/26
.........................
United
States
7,000,000
6,433,000
General
Motors
Co.
,
Senior
Bond
,
5.15
%
,
4/01/38
.............
United
States
7,500,000
6,049,914
14,649,079
Banks
1.9%
Bank
of
America
Corp.
,
e
AA,
Junior
Sub.
Bond,
6.1%
to
3/16/25,
FRN
thereafter,
Perpetual
United
States
8,000,000
7,674,440
e
X,
Junior
Sub.
Bond,
6.25%
to
9/04/24,
FRN
thereafter,
Perpetual
United
States
6,000,000
5,812,500
Senior
Bond,
3.419%
to
12/19/27,
FRN
thereafter,
12/20/28
...
United
States
5,000,000
4,446,076
Barclays
plc
,
Senior
Bond,
5.746%
to
8/08/32,
FRN
thereafter,
8/09/33
.....
United
Kingdom
5,000,000
4,548,930
Senior
Note,
5.501%
to
8/08/27,
FRN
thereafter,
8/09/28
......
United
Kingdom
2,300,000
2,158,498
Citigroup,
Inc.
,
Sub.
Bond
,
4.125
%
,
7/25/28
..................
United
States
12,500,000
11,298,373
e
JPMorgan
Chase
&
Co.
,
f
I,
Junior
Sub.
Bond,
FRN,
6.276%,
(3-month
USD
LIBOR
+
3.47%),
Perpetual
...................................
United
States
10,559,000
10,558,923
b
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
3,200,000
3,128,000
Wells
Fargo
&
Co.
,
Senior
Note
,
3.196%
to
6/16/26,
FRN
thereafter
,
6/17/27
...........................................
United
States
8,000,000
7,292,554
56,918,294
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
3.8
%
,
3/15/25
....................
United
States
10,500,000
10,178,792
Building
Products
0.3%
c
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
8,000,000
6,604,495
Carrier
Global
Corp.
,
Senior
Note
,
2.722
%
,
2/15/30
............
United
States
2,500,000
2,066,058
8,670,553
Capital
Markets
0.4%
c
Coinbase
Global,
Inc.
,
Senior
Bond
,
144A,
3.625
%
,
10/01/31
....
United
States
5,000,000
2,782,455
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
3.272%
to
9/28/24,
FRN
thereafter
,
9/29/25
...............................
United
States
9,000,000
8,577,764
11,360,219
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
1.5%
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
12,000,000
$
11,372,119
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
6.5
%
,
5/15/26
Switzerland
10,000,000
9,275,987
c
International
Flavors
&
Fragrances,
Inc.
,
Senior
Bond
,
144A,
2.3
%
,
11/01/30
..........................................
United
States
10,000,000
7,688,282
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
5/01/29
.....................
United
States
10,000,000
7,701,142
Senior
Secured
Note,
144A,
4.875%,
5/01/28
..............
United
States
7,900,000
6,538,791
42,576,321
Commercial
Services
&
Supplies
0.4%
c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,000,000
11,891,100
Communications
Equipment
1.0%
c
CommScope
Technologies
LLC
,
Senior
Note,
144A,
6%,
6/15/25
........................
United
States
14,602,868
12,995,530
Senior
Note,
144A,
5%,
3/15/27
........................
United
States
2,500,000
1,890,838
c
CommScope
,
Inc.
,
Senior
Note,
144A,
8.25%,
3/01/27
......................
United
States
10,000,000
8,277,300
b
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
7,141,000
5,527,850
28,691,518
Consumer
Finance
2.1%
Capital
One
Financial
Corp.
,
Senior
Note,
4.927%
to
5/09/27,
FRN
thereafter,
5/10/28
......
United
States
10,398,356
9,917,067
Senior
Note,
5.247%
to
7/25/29,
FRN
thereafter,
7/26/30
......
United
States
3,000,000
2,796,770
Sub.
Note,
4.2%,
10/29/25
............................
United
States
8,000,000
7,700,667
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.125%,
6/16/25
..........................
United
States
20,000,000
18,904,500
Senior
Note,
4.95%,
5/28/27
...........................
United
States
15,000,000
13,423,950
General
Motors
Financial
Co.,
Inc.
,
Senior
Note,
2.4%,
4/10/28
............................
United
States
6,000,000
4,807,110
Senior
Note,
4.3%,
4/06/29
............................
United
States
5,000,000
4,350,976
61,901,040
Containers
&
Packaging
1.4%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
8/15/26
....................
United
States
5,000,000
4,169,075
c
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
20,432,000
18,002,329
Senior
Secured
Note,
144A,
5.5%,
4/15/24
................
United
States
16,500,000
15,700,410
c
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
5,000,000
4,201,987
42,073,801
Diversified
Financial
Services
0.8%
c
MPH
Acquisition
Holdings
LLC
,
b
Senior
Note,
144A,
5.75%,
11/01/28
.....................
United
States
20,000,000
15,060,200
Senior
Secured
Note,
144A,
5.5%,
9/01/28
................
United
States
8,890,000
7,350,963
22,411,163
Diversified
Telecommunication
Services
0.6%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
10/15/29
...
France
11,500,000
8,681,395
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
5,002,000
4,746,673
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
5,153,000
4,452,011
17,880,079
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
0.2%
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
4.375
%
,
5/01/29
..
United
States
8,255,000
$
6,884,587
Energy
Equipment
&
Services
0.5%
c
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
2,511,000
2,558,634
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
14,500,000
12,660,657
15,219,291
Entertainment
1.3%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
..................
United
States
22,000,000
20,638,750
c
ROBLOX
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/01/30
..........
United
States
9,100,000
7,423,826
c
Warnermedia
Holdings,
Inc.
,
Senior
Bond,
144A,
4.279%,
3/15/32
.....................
United
States
6,500,000
5,355,794
Senior
Note,
144A,
3.755%,
3/15/27
.....................
United
States
6,500,000
5,823,664
39,242,034
Equity
Real
Estate
Investment
Trusts
(REITs)
0.9%
American
Tower
Corp.
,
Senior
Bond
,
2.9
%
,
1/15/30
............
United
States
8,000,000
6,586,102
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
8,750,000
7,576,100
Senior
Bond,
3.5%,
3/15/31
............................
United
States
5,000,000
3,491,775
VICI
Properties
LP
,
Senior
Bond
,
5.125
%
,
5/15/32
.............
United
States
10,000,000
8,886,147
26,540,124
Food
Products
0.3%
b,c
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
4/01/33
......................
United
States
8,000,000
7,245,120
Health
Care
Equipment
&
Supplies
1.0%
c
Avantor
Funding,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
11/01/29
.....
United
States
2,000,000
1,628,330
c
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
18,000,000
13,624,740
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
16,800,000
13,496,196
28,749,266
Health
Care
Providers
&
Services
6.2%
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
70,000,000
33,966,958
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
43,500,000
20,608,125
Senior
Note,
144A,
6.875%,
4/01/28
.....................
United
States
20,000,000
9,190,700
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
22,500,000
19,517,790
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
10,000,000
7,934,650
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
10,000,000
6,985,250
CVS
Health
Corp.
,
Senior
Bond,
4.3%,
3/25/28
............................
United
States
8,000,000
7,559,349
Senior
Note,
4.1%,
3/25/25
............................
United
States
1,225,000
1,199,893
c
DaVita,
Inc.
,
Senior
Bond,
144A,
3.75%,
2/15/31
......................
United
States
2,500,000
1,787,112
Senior
Note,
144A,
4.625%,
6/01/30
.....................
United
States
20,000,000
15,524,100
HCA,
Inc.
,
Senior
Note
,
5
%
,
3/15/24
.......................
United
States
10,400,000
10,338,342
c
Tenet
Healthcare
Corp.
,
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
29,000,000
27,129,065
Senior
Note,
144A,
6.125%,
10/01/28
....................
United
States
9,000,000
7,899,334
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
12,500,000
11,482,813
181,123,481
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
2.3%
c
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
3,130,000
$
2,539,306
c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
20,000,000
19,308,400
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note,
144A,
6.75%,
1/15/30
......................
United
States
4,100,000
3,123,708
Senior
Secured
Note,
144A,
4.625%,
1/15/29
..............
United
States
7,000,000
5,803,700
McDonald's
Corp.
,
Senior
Bond
,
4.6
%
,
9/09/32
...............
United
States
8,000,000
7,649,211
c
Penn
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
7/01/29
...
United
States
8,000,000
6,134,081
c
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
3/01/25
.......................
United
States
17,820,000
16,709,458
b
Senior
Note,
144A,
5.25%,
5/15/27
......................
United
States
6,000,000
5,294,280
66,562,144
Independent
Power
and
Renewable
Electricity
Producers
0.5%
c
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
............
United
States
5,000,000
4,304,708
c,e
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.................................
United
States
12,500,000
10,940,687
15,245,395
Media
3.0%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
2,800,000
2,118,774
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
10,500,000
7,629,142
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
5,000,000
4,231,886
c
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
5.5
%
,
4/15/27
.........
United
States
15,000,000
13,226,325
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
9,500,000
8,211,563
DISH
DBS
Corp.
,
Senior
Note,
5%,
3/15/23
.............................
United
States
11,000,000
10,800,900
Senior
Note,
5.875%,
11/15/24
.........................
United
States
20,859,000
18,646,173
c
Senior
Secured
Note,
144A,
5.25%,
12/01/26
..............
United
States
6,500,000
5,337,292
c
Stagwell
Global
LLC
,
Senior
Note
,
144A,
5.625
%
,
8/15/29
.......
United
States
5,000,000
4,121,875
c
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
7,140,000
6,789,390
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
8,500,000
8,040,554
89,153,874
Metals
&
Mining
1.2%
c
Alcoa
Nederland
Holding
BV
,
Senior
Note
,
144A,
4.125
%
,
3/31/29
.
United
States
8,500,000
7,145,948
c
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/26
.
United
States
5,000,000
4,924,375
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond,
144A,
4.375%,
4/01/31
.....................
Australia
6,000,000
4,620,048
Senior
Note,
144A,
5.875%,
4/15/30
.....................
Australia
5,000,000
4,356,424
Freeport-McMoRan,
Inc.
,
Senior
Bond
,
4.625
%
,
8/01/30
........
United
States
8,000,000
7,026,391
c
Glencore
Funding
LLC
,
Senior
Bond
,
144A,
2.5
%
,
9/01/30
......
Australia
10,000,000
7,661,711
35,734,897
Oil,
Gas
&
Consumable
Fuels
1.4%
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
144A,
11%,
4/15/25
........................
United
States
15,000,000
15,380,700
Senior
Note,
144A,
8.125%,
1/15/27
.....................
United
States
8,820,000
8,144,741
Senior
Secured
Note,
144A,
9.25%,
7/15/24
...............
United
States
5,185,000
5,319,788
Occidental
Petroleum
Corp.
,
Senior
Note,
8%,
7/15/25
.............................
United
States
5,000,000
5,307,000
Senior
Note,
6.625%,
9/01/30
..........................
United
States
6,000,000
6,104,370
40,256,599
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Personal
Products
0.2%
c
GSK
Consumer
Healthcare
Capital
US
LLC
,
Senior
Bond
,
144A,
3.625
%
,
3/24/32
.....................................
United
States
8,500,000
$
7,220,044
Pharmaceuticals
3.6%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
11,374,000
11,345,565
c
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
3,997,000
2,198,350
Senior
Secured
Note,
144A,
5.5%,
11/01/25
...............
United
States
18,750,000
14,924,759
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
23,909,673
16,612,441
Senior
Secured
Note,
144A,
5.75%,
8/15/27
...............
United
States
10,000,000
6,827,021
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
7,900,000
5,106,402
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
20,185,000
16,349,850
c
Bayer
US
Finance
II
LLC
,
Senior
Note
,
144A,
4.25
%
,
12/15/25
...
Germany
11,000,000
10,536,574
Bristol-Myers
Squibb
Co.
,
Senior
Note
,
3.4
%
,
7/26/29
..........
United
States
2,473,000
2,245,087
c,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
10/15/24
..........................
United
States
4,500,000
3,702,605
c,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
8,429,000
6,678,962
Utah
Acquisition
Sub,
Inc.
,
Senior
Note
,
3.95
%
,
6/15/26
.........
United
States
10,000,000
9,128,666
105,656,282
Road
&
Rail
0.4%
b,c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
11/01/29
......
United
Kingdom
4,500,000
3,932,222
Union
Pacific
Corp.
,
Senior
Bond
,
4.5
%
,
1/20/33
..............
United
States
8,000,000
7,603,160
11,535,382
Semiconductors
&
Semiconductor
Equipment
0.6%
c
Broadcom,
Inc.
,
Senior
Bond,
144A,
2.45%,
2/15/31
......................
United
States
5,000,000
3,775,188
Senior
Bond,
144A,
4.15%,
4/15/32
......................
United
States
10,000,000
8,384,523
Senior
Note,
144A,
4%,
4/15/29
........................
United
States
5,000,000
4,411,299
16,571,010
Software
1.0%
Oracle
Corp.
,
Senior
Bond
,
2.875
%
,
3/25/31
.................
United
States
15,000,000
11,847,555
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
11,000,000
8,162,440
Workday,
Inc.
,
Senior
Bond
,
3.8
%
,
4/01/32
..................
United
States
10,000,000
8,691,440
28,701,435
Specialty
Retail
0.5%
c
Carvana
Co.
,
Senior
Note
,
144A,
10.25
%
,
5/01/30
.............
United
States
5,000,000
3,346,625
Lowe's
Cos.,
Inc.
,
Senior
Bond
,
5
%
,
4/15/33
.................
United
States
8,000,000
7,564,398
c
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,000,000
2,816,460
13,727,483
Technology
Hardware,
Storage
&
Peripherals
0.5%
HP,
Inc.
,
Senior
Bond,
5.5%,
1/15/33
............................
United
States
10,000,000
8,887,428
Senior
Note,
4%,
4/15/29
.............................
United
States
5,000,000
4,387,029
13,274,457
Tobacco
0.6%
BAT
Capital
Corp.
,
Senior
Note
,
3.557
%
,
8/15/27
.............
United
Kingdom
20,000,000
17,590,104
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
0.8%
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4.875
%
,
1/15/28
United
States
11,300,000
$
10,385,209
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
...
United
States
14,000,000
14,030,100
24,415,309
Wireless
Telecommunication
Services
1.4%
Sprint
Communications
LLC
,
Senior
Note
,
6
%
,
11/15/22
........
United
States
6,300,000
6,306,300
Sprint
Corp.
,
Senior
Note,
7.875%,
9/15/23
..........................
United
States
12,500,000
12,648,375
Senior
Note,
7.125%,
6/15/24
..........................
United
States
8,200,000
8,336,202
Senior
Note,
7.625%,
3/01/26
..........................
United
States
7,500,000
7,769,939
T-Mobile
USA,
Inc.
,
Senior
Bond
,
5.2
%
,
1/15/33
..............
United
States
7,500,000
7,180,073
42,240,889
Total
Corporate
Bonds
(Cost
$1,421,466,382)
...................................
1,242,962,450
U.S.
Government
and
Agency
Securities
9.7%
U.S.
Treasury
Bonds
,
3.375%,
8/15/42
.....................................
United
States
15,000,000
13,591,406
3%,
8/15/52
........................................
United
States
40,000,000
34,531,250
U.S.
Treasury
Notes
,
2.75%,
5/31/23
.....................................
United
States
50,000,000
49,566,050
2.875%,
5/15/32
.....................................
United
States
130,000,000
120,219,532
2.75%,
8/15/32
.....................................
United
States
75,000,000
68,589,844
Total
U.S.
Government
and
Agency
Securities
(Cost
$294,398,056)
................
286,498,082
Asset-Backed
Securities
0.3%
Airlines
0.3%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
.
.
United
States
8,186,125
7,908,759
Total
Asset-Backed
Securities
(Cost
$8,186,125)
................................
7,908,759
Mortgage-Backed
Securities
0.0%
†
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.0%
†
FNMA,
30
Year,
4%,
8/01/49
.............................
United
States
1,639,603
1,547,299
Total
Mortgage-Backed
Securities
(Cost
$1,736,955)
.............................
1,547,299
Shares
a
Escrows
and
Litigation
Trusts
0.3%
a,c
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
9,500,000
8,823,062
Total
Escrows
and
Litigation
Trusts
(Cost
$9,500,000)
...........................
8,823,062
Total
Long
Term
Investments
(Cost
$3,056,414,786)
.............................
2,897,077,931
a
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.6%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
17,270,349
17,270,349
Total
Money
Market
Funds
(Cost
$17,270,349)
..................................
17,270,349
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
See
Abbreviations
on
page
177
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.0%
Money
Market
Funds
0.8%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
24,086,000
$
24,086,000
Principal
Amount
*
Repurchase
Agreements
0.2%
j
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$6,024,056)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$6,143,033)
............
6,022,580
6,022,580
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$30,108,580)
...........................................................
30,108,580
Total
Short
Term
Investments
(Cost
$47,378,929
)
................................
47,378,929
a
Total
Investments
(Cost
$3,103,793,715)
100.1%
................................
$2,944,456,860
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(3,393,230)
Net
Assets
100.0%
...........................................................
$2,941,063,630
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$1,175,397,894,
representing
40.0%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Perpetual
security
with
no
stated
maturity
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
j
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,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Large
Cap
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.2%
Automobiles
1.9%
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
16,545
$
544,496
a
Tesla,
Inc.
...........................................
United
States
3,498
927,844
1,472,340
Beverages
2.2%
Constellation
Brands,
Inc.,
A
.............................
United
States
2,753
632,309
a
Monster
Beverage
Corp.
................................
United
States
12,510
1,087,870
1,720,179
Biotechnology
0.2%
a
Heron
Therapeutics,
Inc.
................................
United
States
45,652
192,651
Capital
Markets
5.3%
Intercontinental
Exchange,
Inc.
...........................
United
States
7,687
694,520
MSCI,
Inc.
...........................................
United
States
4,748
2,002,659
S&P
Global,
Inc.
......................................
United
States
4,789
1,462,321
4,159,500
Chemicals
1.4%
Linde
plc
............................................
United
Kingdom
4,186
1,128,504
Commercial
Services
&
Supplies
0.9%
Republic
Services,
Inc.
.................................
United
States
5,120
696,525
Electric
Utilities
1.2%
NextEra
Energy,
Inc.
...................................
United
States
12,495
979,733
Entertainment
0.6%
a
Walt
Disney
Co.
(The)
..................................
United
States
5,049
476,272
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
SBA
Communications
Corp.
.............................
United
States
8,480
2,413,832
Food
Products
0.2%
a
Freshpet,
Inc.
........................................
United
States
3,595
180,074
Health
Care
Equipment
&
Supplies
3.7%
a
Edwards
Lifesciences
Corp.
.............................
United
States
13,113
1,083,527
a
Figs,
Inc.,
A
..........................................
United
States
28,790
237,518
a
IDEXX
Laboratories,
Inc.
................................
United
States
1,821
593,282
a
Intuitive
Surgical,
Inc.
..................................
United
States
5,607
1,050,976
2,965,303
Health
Care
Providers
&
Services
4.1%
a
Guardant
Health,
Inc.
..................................
United
States
9,904
533,132
UnitedHealth
Group,
Inc.
................................
United
States
5,400
2,727,216
3,260,348
Health
Care
Technology
1.2%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
5,771
951,522
Hotels,
Restaurants
&
Leisure
2.3%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
1,023
1,537,324
a
Dutch
Bros,
Inc.,
A
....................................
United
States
10,162
316,546
1,853,870
Industrial
Conglomerates
1.0%
Honeywell
International,
Inc.
.............................
United
States
4,780
798,117
Interactive
Media
&
Services
5.0%
a
Alphabet,
Inc.,
A
......................................
United
States
31,600
3,022,540
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Interactive
Media
&
Services
(continued)
a
Meta
Platforms,
Inc.,
A
.................................
United
States
6,839
$
927,916
3,950,456
Internet
&
Direct
Marketing
Retail
7.5%
a
Amazon.com,
Inc.
.....................................
United
States
52,608
5,944,703
IT
Services
7.5%
Mastercard,
Inc.,
A
....................................
United
States
14,122
4,015,450
a
Snowflake,
Inc.,
A
.....................................
United
States
2,376
403,825
Visa,
Inc.,
A
..........................................
United
States
8,454
1,501,853
5,921,128
Life
Sciences
Tools
&
Services
7.0%
Danaher
Corp.
.......................................
United
States
9,543
2,464,861
a
Illumina,
Inc.
.........................................
United
States
2,254
430,041
Thermo
Fisher
Scientific,
Inc.
............................
United
States
1,938
982,934
West
Pharmaceutical
Services,
Inc.
........................
United
States
6,796
1,672,360
5,550,196
Machinery
0.3%
a,b
Proterra,
Inc.
.........................................
United
States
47,147
234,792
Pharmaceuticals
2.7%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
22,344
1,225,345
a
Catalent,
Inc.
........................................
United
States
8,698
629,387
Eli
Lilly
&
Co.
........................................
United
States
753
243,483
2,098,215
Professional
Services
2.2%
a
CoStar
Group,
Inc.
....................................
United
States
25,058
1,745,290
Road
&
Rail
2.4%
a
Uber
Technologies,
Inc.
.................................
United
States
28,402
752,653
Union
Pacific
Corp.
....................................
United
States
5,937
1,156,646
1,909,299
Semiconductors
&
Semiconductor
Equipment
5.9%
Analog
Devices,
Inc.
...................................
United
States
6,231
868,228
ASML
Holding
NV,
NYRS
...............................
Netherlands
1,369
568,614
a
GLOBALFOUNDRIES,
Inc.
..............................
United
States
5,921
286,280
Monolithic
Power
Systems,
Inc.
...........................
United
States
3,610
1,311,874
NVIDIA
Corp.
........................................
United
States
13,785
1,673,361
4,708,357
Software
20.5%
a
Adobe,
Inc.
..........................................
United
States
2,130
586,176
a
Atlassian
Corp.
plc,
A
..................................
United
States
1,898
399,700
a
Bill.com
Holdings,
Inc.
..................................
United
States
8,801
1,164,988
a
Confluent,
Inc.,
A
......................................
United
States
9,664
229,713
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
3,824
630,233
a
HashiCorp,
Inc.,
A
.....................................
United
States
9,880
318,037
Intuit,
Inc.
...........................................
United
States
4,584
1,775,475
Microsoft
Corp.
.......................................
United
States
19,597
4,564,141
a
Monday.com
Ltd.
......................................
United
States
811
91,919
a
Paycom
Software,
Inc.
.................................
United
States
1,453
479,476
Roper
Technologies,
Inc.
................................
United
States
2,774
997,641
a
Salesforce,
Inc.
.......................................
United
States
5,202
748,256
a
ServiceNow,
Inc.
......................................
United
States
6,882
2,598,712
a
Synopsys,
Inc.
.......................................
United
States
3,864
1,180,491
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
See
Abbreviations
on
page
177
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Workday,
Inc.,
A
......................................
United
States
2,946
$
448,440
16,213,398
Technology
Hardware,
Storage
&
Peripherals
6.0%
Apple,
Inc.
..........................................
United
States
34,440
4,759,608
Textiles,
Apparel
&
Luxury
Goods
0.9%
NIKE,
Inc.,
B
.........................................
United
States
8,953
744,173
Total
Common
Stocks
(Cost
$38,581,273)
......................................
77,028,385
Short
Term
Investments
3.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
3.0%
c
Joint
Repurchase
Agreement,
2.933%,
10/03/22
(Maturity
Value
$2,384,669)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$398,239)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$791,639)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$1,194,791)
Collateralized
by
U.S.
Government
Agency
Securities,
1.63%
-
4%,
5/20/36
-
7/15/57;
and
U.S.
Treasury
Notes,
1.5%
-
3.35%,
10/31/22
-
8/15/25
(valued
at
$2,432,414)
.................
2,384,087
2,384,087
Total
Repurchase
Agreements
(Cost
$2,384,087)
................................
2,384,087
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Repurchase
Agreements
0.0%
†
c
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$115)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$117)
.................
115
115
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$115)
.................................................................
115
Total
Short
Term
Investments
(Cost
$2,384,202
)
.................................
2,384,202
a
Total
Investments
(Cost
$40,965,475)
100.2%
...................................
$79,412,587
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(126,928)
Net
Assets
100.0%
...........................................................
$79,285,659
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Large
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Global
Discovery
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.8%
Aerospace
&
Defense
1.5%
Airbus
SE
...........................................
France
68,537
$
5,908,216
Auto
Components
0.9%
Denso
Corp.
.........................................
Japan
78,660
3,596,212
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
424,073
13,988
3,610,200
Automobiles
1.7%
General
Motors
Co.
....................................
United
States
199,775
6,410,780
Banks
8.3%
BNP
Paribas
SA
......................................
France
186,364
7,872,279
CaixaBank
SA
........................................
Spain
1,932,625
6,225,062
First
Horizon
Corp.
....................................
United
States
125,693
2,878,370
ING
Groep
NV
.......................................
Netherlands
889,714
7,623,838
Wells
Fargo
&
Co.
.....................................
United
States
179,033
7,200,707
31,800,256
Building
Products
2.1%
Johnson
Controls
International
plc
.........................
United
States
163,437
8,044,369
Capital
Markets
1.8%
BlackRock,
Inc.
.......................................
United
States
12,407
6,827,324
Chemicals
1.6%
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
207,326
5,928,098
Diversified
Financial
Services
2.3%
e
Voya
Financial,
Inc.
....................................
United
States
146,195
8,844,798
Diversified
Telecommunication
Services
2.5%
Deutsche
Telekom
AG
..................................
Germany
571,691
9,731,634
Electrical
Equipment
1.5%
Mitsubishi
Electric
Corp.
................................
Japan
627,151
5,673,905
Energy
Equipment
&
Services
2.1%
Baker
Hughes
Co.
.....................................
United
States
235,227
4,930,358
Schlumberger
NV
.....................................
United
States
83,247
2,988,567
7,918,925
Entertainment
3.5%
Activision
Blizzard,
Inc.
.................................
United
States
104,758
7,787,709
b
Walt
Disney
Co.
(The)
..................................
United
States
60,381
5,695,740
13,483,449
Food
Products
3.9%
Danone
SA
..........................................
France
143,437
6,782,812
Kraft
Heinz
Co.
(The)
..................................
United
States
237,959
7,935,933
14,718,745
Health
Care
Equipment
&
Supplies
1.9%
Medtronic
plc
........................................
United
States
92,140
7,440,305
Health
Care
Providers
&
Services
7.4%
CVS
Health
Corp.
.....................................
United
States
88,977
8,485,736
Elevance
Health,
Inc.
..................................
United
States
14,607
6,635,084
Fresenius
SE
&
Co.
KGaA
...............................
Germany
238,482
5,083,552
Humana,
Inc.
........................................
United
States
16,485
7,998,357
28,202,729
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
2.0%
DR
Horton,
Inc.
.......................................
United
States
111,937
$
7,538,957
Household
Products
1.5%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
84,171
5,578,730
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
60,976
5,960,273
Insurance
7.7%
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
2,444,544
4,489,089
Everest
Re
Group
Ltd.
.................................
United
States
32,717
8,586,249
NN
Group
NV
........................................
Netherlands
211,643
8,232,051
Willis
Towers
Watson
plc
................................
United
States
40,401
8,118,177
29,425,566
Interactive
Media
&
Services
2.5%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
51,613
7,002,852
b
Twitter,
Inc.
..........................................
United
States
57,878
2,537,371
9,540,223
Internet
&
Direct
Marketing
Retail
1.1%
eBay,
Inc.
...........................................
United
States
110,854
4,080,536
IT
Services
5.3%
Capgemini
SE
........................................
France
40,896
6,547,806
b
Fiserv,
Inc.
..........................................
United
States
66,605
6,232,230
Global
Payments,
Inc.
..................................
United
States
68,123
7,360,690
20,140,726
Machinery
3.2%
Alstom
SA
...........................................
France
279,664
4,524,009
Parker-Hannifin
Corp.
..................................
United
States
31,396
7,607,565
12,131,574
Media
1.8%
b
Charter
Communications,
Inc.,
A
..........................
United
States
22,271
6,755,908
Metals
&
Mining
1.6%
Rio
Tinto
plc
.........................................
Australia
112,003
6,059,750
Oil,
Gas
&
Consumable
Fuels
4.8%
BP
plc
..............................................
United
Kingdom
2,177,383
10,403,921
Suncor
Energy,
Inc.
....................................
Canada
71,923
2,025,487
Williams
Cos.,
Inc.
(The)
................................
United
States
202,478
5,796,945
18,226,353
Personal
Products
1.8%
b
Haleon
plc
..........................................
United
Kingdom
2,267,494
7,069,652
Pharmaceuticals
5.8%
GSK
plc
............................................
United
States
485,148
7,006,537
Merck
&
Co.,
Inc.
.....................................
United
States
76,651
6,601,184
Novartis
AG,
ADR
.....................................
Switzerland
114,908
8,734,157
22,341,878
Real
Estate
Management
&
Development
1.5%
b
CBRE
Group,
Inc.,
A
...................................
United
States
85,550
5,775,481
Semiconductors
&
Semiconductor
Equipment
2.6%
b
Renesas
Electronics
Corp.
..............................
Japan
751,901
6,302,713
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
b
Tower
Semiconductor
Ltd.
...............................
Israel
86,874
$
3,817,244
10,119,957
Software
1.4%
b,e
Avaya
Holdings
Corp.
..................................
United
States
4
6
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
47,254
5,293,393
5,293,399
Technology
Hardware,
Storage
&
Peripherals
2.7%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
143,641
5,233,221
b
Western
Digital
Corp.
..................................
United
States
157,314
5,120,571
10,353,792
Tobacco
1.8%
British
American
Tobacco
plc
.............................
United
Kingdom
193,273
6,929,983
Trading
Companies
&
Distributors
2.1%
b
AerCap
Holdings
NV
...................................
Ireland
191,625
8,111,486
Total
Common
Stocks
(Cost
$375,209,180)
.....................................
365,977,957
Preferred
Stocks
1.4%
Automobiles
1.4%
f
Volkswagen
AG,
6.06%
.................................
Germany
42,449
5,187,192
Total
Preferred
Stocks
(Cost
$7,182,357)
.......................................
5,187,192
Warrants
Warrants
0.0%
†
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
3,613
109
Total
Warrants
(Cost
$–)
......................................................
109
Principal
Amount
*
Corporate
Bonds
0.5%
Airlines
0.1%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
484,000
506,225
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
1,707,000
1,015,085
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
784,000
334,948
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
65,000
41,362
1,391,395
Software
0.0%
†
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
268,000
205,636
Total
Corporate
Bonds
(Cost
$3,306,323)
.......................................
2,103,256
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Companies
in
Liquidation
0.0%
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
966,000
$
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$385,697,860)
...............................
373,268,514
a
Short
Term
Investments
1.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.7%
h
FHLB,
10/03/22
.......................................
United
States
1,600,000
1,600,000
h
U.S.
Treasury
Bills,
1/05/23
..............................
United
States
1,000,000
991,552
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,593,157)
..................
2,591,552
i
Repurchase
Agreements
0.5%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$2,100,516)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
11/15/39
-
2/15/51
(valued
at
$2,142,000)
................................
2,100,000
2,100,000
Total
Repurchase
Agreements
(Cost
$2,100,000)
................................
2,100,000
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Repurchase
Agreements
0.0%
†
j
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$6)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$6)
..................
6
6
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$6)
...................................................................
6
Total
Short
Term
Investments
(Cost
$4,693,163
)
.................................
4,691,558
a
Total
Investments
(Cost
$390,391,023)
98.9%
...................................
$377,960,072
Other
Assets,
less
Liabilities
1.1%
.............................................
4,051,542
Net
Assets
100.0%
...........................................................
$382,011,614
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$8,031,354,
representing
2.1%
of
net
assets.
e
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
177
.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
j
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,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
83
$
10,231,306
12/19/22
$
259,757
Foreign
Exchange
GBP/USD
...................
Short
7
489,169
12/19/22
18,795
Total
Futures
Contracts
......................................................................
$278,552
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
2,730,223
2,664,694
10/12/22
$
24,549
$
(11,830)
Euro
.............
HSBK
Buy
4,265,955
4,181,371
10/12/22
40,794
(38,724)
Euro
.............
SSBT
Buy
135,923
138,731
10/12/22
—
(5,437)
Euro
.............
UBSW
Buy
3,494,795
3,458,124
10/12/22
9,612
(40,541)
Euro
.............
UBSW
Sell
32,319,656
33,093,065
10/12/22
1,398,559
—
South
Korean
Won
..
HSBK
Buy
943,428,316
698,997
11/14/22
—
(44,128)
South
Korean
Won
..
HSBK
Sell
6,194,995,383
4,827,880
11/14/22
527,704
—
South
Korean
Won
..
UBSW
Sell
447,389,608
350,523
11/14/22
39,974
—
Japanese
Yen
......
UBSW
Buy
68,157,292
501,478
11/18/22
—
(28,446)
Japanese
Yen
......
UBSW
Sell
886,275,771
6,941,057
11/18/22
790,021
—
British
Pound
......
BOFA
Sell
2,076,514
2,553,001
1/17/23
231,426
—
British
Pound
......
HSBK
Buy
475,000
512,477
1/17/23
18,581
—
Total
Forward
Exchange
Contracts
...................................................
$3,081,220
$(169,106)
Net
unrealized
appreciation
(depreciation)
............................................
$2,912,114
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Shares
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
92.7%
Auto
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
1,730,515
$
57,083
Automobiles
2.1%
General
Motors
Co.
....................................
United
States
1,177,470
37,785,012
Banks
8.0%
Bank
of
America
Corp.
.................................
United
States
1,678,264
50,683,573
First
Horizon
Corp.
....................................
United
States
703,508
16,110,333
ING
Groep
NV
.......................................
Netherlands
3,319,043
28,440,428
Wells
Fargo
&
Co.
.....................................
United
States
1,230,373
49,485,602
144,719,936
Building
Products
2.3%
Johnson
Controls
International
plc
.........................
United
States
835,173
41,107,215
Capital
Markets
2.1%
BlackRock,
Inc.
.......................................
United
States
67,703
37,255,607
Chemicals
1.9%
Ashland,
Inc.
.........................................
United
States
366,378
34,794,919
Commercial
Services
&
Supplies
1.2%
b
Stericycle,
Inc.
.......................................
United
States
496,719
20,916,837
Consumer
Finance
0.9%
Bread
Financial
Holdings,
Inc.
............................
United
States
522,325
16,427,121
Containers
&
Packaging
1.4%
International
Paper
Co.
.................................
United
States
815,966
25,866,122
Diversified
Financial
Services
2.0%
Voya
Financial,
Inc.
....................................
United
States
585,413
35,417,487
Diversified
Telecommunication
Services
0.3%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
609,467
5,662,112
Electrical
Equipment
1.2%
Sensata
Technologies
Holding
plc
.........................
United
States
582,331
21,709,300
Electronic
Equipment,
Instruments
&
Components
2.0%
b
Flex
Ltd.
............................................
United
States
2,144,914
35,734,267
Energy
Equipment
&
Services
2.2%
Schlumberger
NV
.....................................
United
States
1,113,536
39,975,942
Entertainment
3.3%
Activision
Blizzard,
Inc.
.................................
United
States
480,716
35,736,427
b
Walt
Disney
Co.
(The)
..................................
United
States
260,199
24,544,572
60,280,999
Equity
Real
Estate
Investment
Trusts
(REITs)
1.5%
Vornado
Realty
Trust
...................................
United
States
1,179,358
27,313,931
Food
Products
2.6%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,381,873
46,085,465
Health
Care
Equipment
&
Supplies
2.0%
Medtronic
plc
........................................
United
States
456,223
36,840,007
Health
Care
Providers
&
Services
7.3%
CVS
Health
Corp.
.....................................
United
States
530,038
50,549,724
Elevance
Health,
Inc.
..................................
United
States
78,809
35,798,200
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
........................................
United
States
92,013
$
44,643,788
130,991,712
Household
Durables
2.2%
DR
Horton,
Inc.
.......................................
United
States
595,402
40,100,325
Insurance
4.2%
Everest
Re
Group
Ltd.
.................................
United
States
136,636
35,858,752
Willis
Towers
Watson
plc
................................
United
States
195,286
39,240,769
75,099,521
Interactive
Media
&
Services
1.8%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
159,365
21,622,643
b
Twitter,
Inc.
..........................................
United
States
249,512
10,938,606
32,561,249
Internet
&
Direct
Marketing
Retail
1.2%
eBay,
Inc.
...........................................
United
States
576,466
21,219,714
IT
Services
6.0%
b
Fiserv,
Inc.
..........................................
United
States
510,669
47,783,298
Global
Payments,
Inc.
..................................
United
States
423,406
45,749,018
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
314,437
15,014,367
108,546,683
Machinery
2.1%
Parker-Hannifin
Corp.
..................................
United
States
156,462
37,912,307
Media
3.4%
b
Charter
Communications,
Inc.,
A
..........................
United
States
134,755
40,877,929
Comcast
Corp.,
A
.....................................
United
States
714,374
20,952,589
b
Loyalty
Ventures,
Inc.
..................................
United
States
134,708
162,997
61,993,515
Oil,
Gas
&
Consumable
Fuels
4.7%
BP
plc
..............................................
United
Kingdom
11,340,817
54,188,428
Williams
Cos.,
Inc.
(The)
................................
United
States
1,085,722
31,084,221
85,272,649
Pharmaceuticals
8.6%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
1,575,742
19,554,958
Eli
Lilly
&
Co.
........................................
United
States
104,603
33,823,380
GSK
plc
............................................
United
States
1,561,366
22,549,344
Merck
&
Co.,
Inc.
.....................................
United
States
455,046
39,188,562
Novartis
AG,
ADR
.....................................
Switzerland
531,443
40,394,982
155,511,226
Professional
Services
1.7%
KBR,
Inc.
...........................................
United
States
700,797
30,288,446
Real
Estate
Management
&
Development
1.6%
b
CBRE
Group,
Inc.,
A
...................................
United
States
414,639
27,992,279
Software
3.5%
b
Avaya
Holdings
Corp.
..................................
United
States
116
185
NortonLifeLock
,
Inc.
...................................
United
States
1,421,750
28,634,045
Oracle
Corp.
.........................................
United
States
557,815
34,065,762
62,699,992
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.0%
a,b,c
Wayne
Services
Legacy,
Inc.
.............................
United
States
2,039
$
—
Technology
Hardware,
Storage
&
Peripherals
1.3%
b
Western
Digital
Corp.
..................................
United
States
739,659
24,075,900
Textiles,
Apparel
&
Luxury
Goods
2.2%
Tapestry,
Inc.
........................................
United
States
1,397,101
39,719,581
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
858,532
30,783,462
Wireless
Telecommunication
Services
2.2%
b
T-Mobile
US,
Inc.
.....................................
United
States
294,122
39,462,349
Total
Common
Stocks
(Cost
$1,633,193,023)
....................................
1,672,180,272
Warrants
Warrants
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
34,368
319,288
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
63,871
1,916
Total
Warrants
(Cost
$436,130)
................................................
321,204
Principal
Amount
*
Corporate
Bonds
3.4%
Airlines
0.2%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
2,592,000
2,711,025
Diversified
Telecommunication
Services
0.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
2,949,278
2,347,684
Oil,
Gas
&
Consumable
Fuels
0.8%
d
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
13,861,000
13,772,705
Pharmaceuticals
0.3%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
5,309,000
3,157,050
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
3,434,000
1,467,108
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
340,000
216,354
4,840,512
Software
0.8%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
19,670,000
15,092,791
Specialty
Retail
1.2%
d
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
21,435,000
15,916,452
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
6,845,000
5,757,021
21,673,473
Total
Corporate
Bonds
(Cost
$72,856,142)
......................................
60,438,190
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
1.4%
e
Software
1.4%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
8.615
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...................
United
States
6,640,700
$
6,204,904
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
10.227
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
13,032,127
7,860,002
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
8.674
%
,
(
3-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
14,817,938
11,841,977
25,906,883
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$34,209,188)
..........................
25,906,883
Asset-Backed
Securities
0.1%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2013-2
,
A
,
4.95
%
,
1/15/23
.
.
United
States
1,808,416
1,786,615
Total
Asset-Backed
Securities
(Cost
$1,781,290)
................................
1,786,615
Shares
a
Companies
in
Liquidation
0.0%
a,b,f
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
347,093
—
a,b,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
6,301,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$1,742,475,773)
.............................
1,760,633,164
a
Short
Term
Investments
2.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.9%
g
FHLB,
10/03/22
.......................................
United
States
15,400,000
15,400,000
g
U.S.
Treasury
Bills,
12/15/22
.............................
United
States
2,000,000
1,988,607
Total
U.S.
Government
and
Agency
Securities
(Cost
$17,388,225)
.................
17,388,607
h
Repurchase
Agreements
1.1%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$19,004,671)
Collateralized
by
U.S.
Treasury
Bond,
Strip,
5/15/38;
U.S.
Treasury
Note,
Index
Linked,
0.25%,
1/15/25
(valued
at
$19,380,000)
....
19,000,000
19,000,000
Total
Repurchase
Agreements
(Cost
$19,000,000)
...............................
19,000,000
Total
Short
Term
Investments
(Cost
$36,388,225
)
................................
36,388,607
a
Total
Investments
(Cost
$1,778,863,998)
99.6%
..................................
$1,797,021,771
Other
Assets,
less
Liabilities
0.4%
.............................................
6,266,229
Net
Assets
100.0%
...........................................................
$1,803,288,000
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
177
.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$58,090,506,
representing
3.2%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
h
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
39
$
4,807,481
12/19/22
$
122,088
Foreign
Exchange
GBP/USD
...................
Short
143
9,993,019
12/19/22
383,959
Total
Futures
Contracts
......................................................................
$506,047
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BNY
Sell
152,669
153,013
10/12/22
$
3,296
$
—
Euro
.............
BOFA
Buy
23,718
23,714
10/12/22
—
(455)
Euro
.............
SSBT
Sell
124,218
124,292
10/12/22
2,477
—
Euro
.............
UBSW
Buy
149,945
149,660
10/12/22
—
(2,616)
Euro
.............
UBSW
Sell
14,448,173
14,793,918
10/12/22
625,212
—
British
Pound
......
BOFA
Sell
2,277,359
2,799,932
1/17/23
253,810
—
Total
Forward
Exchange
Contracts
...................................................
$884,795
$(3,071)
Net
unrealized
appreciation
(depreciation)
............................................
$881,724
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Rising
Dividends
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.0%
Aerospace
&
Defense
4.1%
General
Dynamics
Corp.
................................
United
States
82,752
$
17,557,492
Raytheon
Technologies
Corp.
............................
United
States
376,646
30,832,241
48,389,733
Air
Freight
&
Logistics
2.1%
United
Parcel
Service,
Inc.,
B
............................
United
States
153,317
24,766,828
Banks
1.2%
JPMorgan
Chase
&
Co.
.................................
United
States
133,925
13,995,163
Beverages
2.0%
PepsiCo,
Inc.
........................................
United
States
143,630
23,449,034
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
137,436
18,445,286
Building
Products
2.8%
Carlisle
Cos.,
Inc.
.....................................
United
States
58,202
16,320,423
Johnson
Controls
International
plc
.........................
United
States
347,210
17,089,676
33,410,099
Capital
Markets
1.4%
Nasdaq,
Inc.
.........................................
United
States
279,500
15,842,060
Chemicals
9.6%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
121,667
28,315,561
Albemarle
Corp.
......................................
United
States
93,410
24,701,340
Ecolab,
Inc.
..........................................
United
States
94,209
13,605,664
Linde
plc
............................................
United
Kingdom
142,132
38,317,366
Sherwin-Williams
Co.
(The)
..............................
United
States
34,000
6,961,500
111,901,431
Commercial
Services
&
Supplies
1.8%
Cintas
Corp.
.........................................
United
States
54,672
21,223,124
Electrical
Equipment
0.7%
nVent
Electric
plc
.....................................
United
States
263,326
8,323,735
Food
&
Staples
Retailing
1.5%
Walmart,
Inc.
........................................
United
States
132,508
17,186,288
Food
Products
2.1%
McCormick
&
Co.,
Inc.
.................................
United
States
220,794
15,735,988
Mondelez
International,
Inc.,
A
............................
United
States
170,100
9,326,583
25,062,571
Health
Care
Equipment
&
Supplies
9.2%
Abbott
Laboratories
....................................
United
States
237,395
22,970,340
Becton
Dickinson
and
Co.
...............................
United
States
126,215
28,124,488
Medtronic
plc
........................................
United
States
269,054
21,726,111
Stryker
Corp.
........................................
United
States
173,145
35,068,788
107,889,727
Health
Care
Providers
&
Services
3.6%
CVS
Health
Corp.
.....................................
United
States
68,293
6,513,103
UnitedHealth
Group,
Inc.
................................
United
States
71,800
36,261,872
42,774,975
Hotels,
Restaurants
&
Leisure
2.5%
McDonald's
Corp.
.....................................
United
States
97,999
22,612,289
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Starbucks
Corp.
......................................
United
States
73,400
$
6,184,684
28,796,973
Household
Products
2.8%
Colgate-Palmolive
Co.
.................................
United
States
188,340
13,230,885
Procter
&
Gamble
Co.
(The)
.............................
United
States
153,294
19,353,368
32,584,253
Industrial
Conglomerates
2.2%
Honeywell
International,
Inc.
.............................
United
States
155,875
26,026,449
Insurance
0.9%
Erie
Indemnity
Co.,
A
...................................
United
States
47,870
10,641,980
IT
Services
5.5%
Accenture
plc,
A
......................................
United
States
145,878
37,534,410
Visa,
Inc.,
A
..........................................
United
States
151,262
26,871,694
64,406,104
Life
Sciences
Tools
&
Services
2.0%
Danaher
Corp.
.......................................
United
States
12,900
3,331,941
West
Pharmaceutical
Services,
Inc.
........................
United
States
82,301
20,252,630
23,584,571
Machinery
2.6%
Donaldson
Co.,
Inc.
...................................
United
States
127,497
6,248,628
Dover
Corp.
.........................................
United
States
134,388
15,666,953
Pentair
plc
..........................................
United
States
216,294
8,788,025
30,703,606
Multiline
Retail
2.0%
Target
Corp.
.........................................
United
States
160,737
23,851,763
Oil,
Gas
&
Consumable
Fuels
3.3%
Chevron
Corp.
.......................................
United
States
115,794
16,636,124
EOG
Resources,
Inc.
..................................
United
States
108,961
12,174,212
Exxon
Mobil
Corp.
.....................................
United
States
114,261
9,976,128
38,786,464
Pharmaceuticals
3.1%
Johnson
&
Johnson
...................................
United
States
149,729
24,459,730
Pfizer,
Inc.
...........................................
United
States
260,915
11,417,640
35,877,370
Road
&
Rail
2.2%
JB
Hunt
Transport
Services,
Inc.
..........................
United
States
66,830
10,453,549
Norfolk
Southern
Corp.
.................................
United
States
71,947
15,083,688
25,537,237
Semiconductors
&
Semiconductor
Equipment
6.0%
Analog
Devices,
Inc.
...................................
United
States
245,719
34,238,486
Texas
Instruments,
Inc.
.................................
United
States
231,468
35,826,617
70,065,103
Software
11.7%
Microsoft
Corp.
.......................................
United
States
414,828
96,613,441
Roper
Technologies,
Inc.
................................
United
States
111,483
40,093,746
136,707,187
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Rising
Dividends
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
3.5%
Lowe's
Cos.,
Inc.
......................................
United
States
127,700
$
23,983,337
Ross
Stores,
Inc.
.....................................
United
States
202,030
17,025,068
41,008,405
Technology
Hardware,
Storage
&
Peripherals
0.3%
Apple,
Inc.
..........................................
United
States
23,400
3,233,880
Textiles,
Apparel
&
Luxury
Goods
1.5%
NIKE,
Inc.,
B
.........................................
United
States
213,484
17,744,790
Trading
Companies
&
Distributors
1.2%
WW
Grainger,
Inc.
.....................................
United
States
29,593
14,476,600
Total
Common
Stocks
(Cost
$492,664,362)
.....................................
1,136,692,789
Short
Term
Investments
3.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.0%
a,b
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
35,063,053
35,063,053
Total
Money
Market
Funds
(Cost
$35,063,053)
..................................
35,063,053
Total
Short
Term
Investments
(Cost
$35,063,053
)
................................
35,063,053
a
Total
Investments
(Cost
$527,727,415)
100.0%
..................................
$1,171,755,842
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(509,539)
Net
Assets
100.0%
...........................................................
$1,171,246,303
a
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
b
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Small
Cap
Value
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.9%
Aerospace
&
Defense
2.0%
a
Aerojet
Rocketdyne
Holdings,
Inc.
.........................
United
States
368,999
$
14,756,270
QinetiQ
Group
plc
.....................................
United
Kingdom
1,037,812
3,787,030
18,543,300
Auto
Components
0.8%
a
Adient
plc
...........................................
United
States
221,085
6,135,109
LCI
Industries
........................................
United
States
10,514
1,066,750
7,201,859
Banks
14.4%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
549,972
16,708,149
Camden
National
Corp.
.................................
United
States
215,383
9,175,316
Columbia
Banking
System,
Inc.
...........................
United
States
778,174
22,481,447
First
Bancorp
........................................
United
States
57,801
2,114,361
First
Interstate
BancSystem
,
Inc.,
A
........................
United
States
545,695
22,018,793
First
of
Long
Island
Corp.
(The)
...........................
United
States
245,367
4,230,127
German
American
Bancorp,
Inc.
..........................
United
States
189,677
6,773,366
Peoples
Bancorp,
Inc.
..................................
United
States
266,198
7,701,108
SouthState
Corp.
.....................................
United
States
317,527
25,122,736
TriCo
Bancshares
.....................................
United
States
239,110
10,676,261
Washington
Trust
Bancorp,
Inc.
...........................
United
States
197,439
9,176,965
136,178,629
Biotechnology
0.4%
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
178,073
3,741,314
Building
Products
3.8%
Apogee
Enterprises,
Inc.
................................
United
States
233,333
8,917,987
Insteel
Industries,
Inc.
..................................
United
States
24,093
639,187
a
Masonite
International
Corp.
.............................
United
States
30,663
2,185,965
UFP
Industries,
Inc.
....................................
United
States
336,122
24,254,564
35,997,703
Chemicals
3.5%
Ashland,
Inc.
.........................................
United
States
102,274
9,712,962
Avient
Corp.
.........................................
United
States
125,671
3,807,831
a
Elementis
plc
........................................
United
Kingdom
7,948,875
7,946,421
Minerals
Technologies,
Inc.
..............................
United
States
219,526
10,846,780
Tronox
Holdings
plc
...................................
United
States
38,357
469,873
32,783,867
Commercial
Services
&
Supplies
0.3%
a
IAA,
Inc.
............................................
United
States
76,694
2,442,704
Communications
Equipment
3.0%
a
NetScout
Systems,
Inc.
.................................
United
States
900,612
28,207,168
Construction
&
Engineering
4.4%
a
Great
Lakes
Dredge
&
Dock
Corp.
........................
United
States
930,517
7,053,319
Primoris
Services
Corp.
.................................
United
States
231,391
3,760,104
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
751,052
30,289,927
41,103,350
Construction
Materials
2.2%
a
Summit
Materials,
Inc.,
A
................................
United
States
865,360
20,734,026
Consumer
Finance
0.7%
Bread
Financial
Holdings,
Inc.
............................
United
States
215,763
6,785,746
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
0.1%
a
IDACORP,
Inc.
.......................................
United
States
10,257
$
1,015,546
Electrical
Equipment
0.8%
Regal
Rexnord
Corp.
..................................
United
States
55,550
7,796,998
Electronic
Equipment,
Instruments
&
Components
4.5%
Benchmark
Electronics,
Inc.
.............................
United
States
635,574
15,749,523
a
Coherent
Corp.
.......................................
United
States
20,092
700,206
CTS
Corp.
..........................................
United
States
157,675
6,567,164
a
Knowles
Corp.
.......................................
United
States
1,565,705
19,054,630
42,071,523
Energy
Equipment
&
Services
4.0%
Hunting
plc
..........................................
United
Kingdom
2,577,025
6,718,375
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
153,048
1,536,602
a
TechnipFMC
plc
......................................
United
Kingdom
3,479,716
29,438,397
37,693,374
Equity
Real
Estate
Investment
Trusts
(REITs)
2.8%
Alexander
&
Baldwin,
Inc.
...............................
United
States
486,616
8,068,093
Highwoods
Properties,
Inc.
..............................
United
States
33,855
912,731
STAG
Industrial,
Inc.
...................................
United
States
150,164
4,269,163
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,446,246
13,623,637
26,873,624
Food
Products
3.2%
Glanbia
plc
..........................................
Ireland
1,834,419
21,193,679
Maple
Leaf
Foods,
Inc.
.................................
Canada
584,000
8,726,388
29,920,067
Health
Care
Equipment
&
Supplies
4.3%
a
Envista
Holdings
Corp.
.................................
United
States
450,753
14,789,206
a
Integer
Holdings
Corp.
.................................
United
States
380,616
23,685,734
a
Integra
LifeSciences
Holdings
Corp.
.......................
United
States
54,373
2,303,240
40,778,180
Hotels,
Restaurants
&
Leisure
5.5%
a
Brinker
International,
Inc.
...............................
United
States
562,660
14,055,247
a
Dalata
Hotel
Group
plc
.................................
Ireland
1,508,000
4,168,388
a
Denny's
Corp.
........................................
United
States
1,007,878
9,484,132
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
132,144
4,346,216
Jack
in
the
Box,
Inc.
...................................
United
States
261,919
19,400,340
51,454,323
Household
Durables
1.0%
Century
Communities,
Inc.
..............................
United
States
39,881
1,706,109
a
M/I
Homes,
Inc.
.......................................
United
States
81,331
2,946,622
a
Meritage
Homes
Corp.
.................................
United
States
41,077
2,886,481
a
Taylor
Morrison
Home
Corp.
.............................
United
States
77,544
1,808,326
9,347,538
Insurance
6.3%
CNO
Financial
Group,
Inc.
..............................
United
States
480,662
8,637,496
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
208,348
26,697,713
Horace
Mann
Educators
Corp.
...........................
United
States
472,170
16,662,879
Selective
Insurance
Group,
Inc.
...........................
United
States
94,760
7,713,464
59,711,552
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
0.1%
Brunswick
Corp.
......................................
United
States
13,816
$
904,257
Machinery
3.9%
Astec
Industries,
Inc.
...................................
United
States
119,417
3,724,616
Columbus
McKinnon
Corp.
..............................
United
States
52,427
1,371,490
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
347,642
8,437,272
REV
Group,
Inc.
......................................
United
States
472,869
5,215,745
Timken
Co.
(The)
.....................................
United
States
298,451
17,620,547
36,369,670
Metals
&
Mining
0.6%
Commercial
Metals
Co.
.................................
United
States
165,546
5,873,572
Multi-Utilities
0.3%
Black
Hills
Corp.
......................................
United
States
36,340
2,461,308
Oil,
Gas
&
Consumable
Fuels
5.0%
Crescent
Point
Energy
Corp.
.............................
Canada
4,413,916
27,161,577
a
Green
Plains,
Inc.
.....................................
United
States
704,468
20,478,885
47,640,462
Professional
Services
3.0%
ICF
International,
Inc.
..................................
United
States
117,238
12,781,287
Stantec
,
Inc.
.........................................
Canada
358,251
15,711,898
28,493,185
Real
Estate
Management
&
Development
0.5%
a
Cushman
&
Wakefield
plc
...............................
United
States
428,959
4,911,581
Road
&
Rail
1.2%
a
Saia,
Inc.
...........................................
United
States
57,261
10,879,590
Semiconductors
&
Semiconductor
Equipment
1.0%
a
Cohu
,
Inc.
...........................................
United
States
254,429
6,559,179
a
Onto
Innovation,
Inc.
...................................
United
States
50,236
3,217,616
9,776,795
Software
3.8%
a
ACI
Worldwide,
Inc.
....................................
United
States
1,117,158
23,348,602
Software
AG
.........................................
Germany
564,544
12,872,218
36,220,820
Specialty
Retail
0.8%
a
Children's
Place,
Inc.
(The)
..............................
United
States
226,368
6,992,508
Group
1
Automotive,
Inc.
................................
United
States
6,189
884,222
7,876,730
Textiles,
Apparel
&
Luxury
Goods
0.6%
Carter's,
Inc.
.........................................
United
States
83,485
5,470,772
Thrifts
&
Mortgage
Finance
2.1%
WSFS
Financial
Corp.
..................................
United
States
425,146
19,752,283
Trading
Companies
&
Distributors
7.0%
Herc
Holdings,
Inc.
....................................
United
States
208,659
21,675,497
McGrath
RentCorp
....................................
United
States
399,759
33,523,790
a
Univar
Solutions,
Inc.
..................................
United
States
493,508
11,222,372
66,421,659
Total
Common
Stocks
(Cost
$941,345,506)
.....................................
923,435,075
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
See
Abbreviations
on
page
177
.
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.8%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
26,836,996
$
26,836,996
Total
Money
Market
Funds
(Cost
$26,836,996)
..................................
26,836,996
Total
Short
Term
Investments
(Cost
$26,836,996
)
................................
26,836,996
a
Total
Investments
(Cost
$968,182,502)
100.7%
..................................
$950,272,071
Other
Assets,
less
Liabilities
(0.7)%
...........................................
(7,198,691)
Net
Assets
100.0%
...........................................................
$943,073,380
a
Non-income
producing.
b
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Small-Mid
Cap
Growth
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.1%
Aerospace
&
Defense
1.6%
TransDigm
Group,
Inc.
.................................
United
States
10,900
$
5,720,538
Airlines
1.1%
a
Delta
Air
Lines,
Inc.
....................................
United
States
144,400
4,051,864
Banks
0.9%
a
SVB
Financial
Group
...................................
United
States
9,800
3,290,644
Beverages
0.3%
Brown-Forman
Corp.,
B
................................
United
States
15,000
998,550
Biotechnology
3.2%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
14,100
2,822,256
a
Horizon
Therapeutics
plc
................................
United
States
43,800
2,710,782
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
11,800
1,253,278
a
PTC
Therapeutics,
Inc.
.................................
United
States
51,100
2,565,220
a
Seagen
,
Inc.
.........................................
United
States
15,900
2,175,597
11,527,133
Building
Products
1.3%
Trane
Technologies
plc
.................................
United
States
32,300
4,677,363
Capital
Markets
4.3%
Ares
Management
Corp.
................................
United
States
66,100
4,094,895
MarketAxess
Holdings,
Inc.
..............................
United
States
12,500
2,781,125
MSCI,
Inc.
...........................................
United
States
16,000
6,748,640
Tradeweb
Markets,
Inc.,
A
...............................
United
States
36,400
2,053,688
15,678,348
Commercial
Services
&
Supplies
1.4%
Republic
Services,
Inc.
.................................
United
States
36,200
4,924,648
Communications
Equipment
1.6%
a
Arista
Networks,
Inc.
...................................
United
States
51,800
5,847,702
Containers
&
Packaging
1.9%
Avery
Dennison
Corp.
..................................
United
States
28,000
4,555,600
Ball
Corp.
...........................................
United
States
49,200
2,377,344
6,932,944
Electrical
Equipment
2.3%
a
Generac
Holdings,
Inc.
.................................
United
States
17,400
3,099,636
Rockwell
Automation,
Inc.
...............................
United
States
23,500
5,055,085
8,154,721
Electronic
Equipment,
Instruments
&
Components
3.0%
Cognex
Corp.
........................................
United
States
67,800
2,810,310
a
Keysight
Technologies,
Inc.
..............................
United
States
29,350
4,618,516
a
Zebra
Technologies
Corp.,
A
.............................
United
States
13,600
3,563,336
10,992,162
Entertainment
0.3%
a
ROBLOX
Corp.,
A
.....................................
United
States
27,000
967,680
Equity
Real
Estate
Investment
Trusts
(REITs)
2.7%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
48,700
3,060,308
SBA
Communications
Corp.
.............................
United
States
14,157
4,029,790
Terreno
Realty
Corp.
...................................
United
States
47,050
2,493,180
9,583,278
Food
Products
0.3%
a
Freshpet
,
Inc.
........................................
United
States
19,000
951,710
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
5.2%
a
Dexcom
,
Inc.
.........................................
United
States
69,452
$
5,593,664
a
IDEXX
Laboratories,
Inc.
................................
United
States
19,050
6,206,490
a
Inari
Medical,
Inc.
.....................................
United
States
32,000
2,324,480
a
Insulet
Corp.
.........................................
United
States
19,800
4,542,120
18,666,754
Health
Care
Providers
&
Services
1.7%
a
Guardant
Health,
Inc.
..................................
United
States
62,600
3,369,758
a
HealthEquity
,
Inc.
.....................................
United
States
38,300
2,572,611
5,942,369
Health
Care
Technology
1.7%
a
Certara
,
Inc.
.........................................
United
States
79,200
1,051,776
a
Veeva
Systems,
Inc.,
A
.................................
United
States
31,800
5,243,184
6,294,960
Hotels,
Restaurants
&
Leisure
6.2%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
5,730
8,610,815
Darden
Restaurants,
Inc.
...............................
United
States
37,400
4,724,368
a
Expedia
Group,
Inc.
...................................
United
States
41,600
3,897,504
Vail
Resorts,
Inc.
......................................
United
States
13,100
2,824,884
a
Wynn
Resorts
Ltd.
....................................
United
States
39,500
2,489,685
22,547,256
Household
Durables
1.3%
a
NVR,
Inc.
...........................................
United
States
1,182
4,712,729
Interactive
Media
&
Services
1.7%
a
Match
Group,
Inc.
.....................................
United
States
65,624
3,133,546
a
Pinterest,
Inc.,
A
......................................
United
States
123,800
2,884,540
6,018,086
IT
Services
4.8%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
1,700
2,120,284
a
Cloudflare
,
Inc.,
A
.....................................
United
States
53,700
2,970,147
a
MongoDB,
Inc.
.......................................
United
States
16,800
3,335,808
Paychex,
Inc.
........................................
United
States
36,900
4,140,549
a
Shopify,
Inc.,
A
.......................................
Canada
54,900
1,479,006
a
Snowflake,
Inc.,
A
.....................................
United
States
19,200
3,263,232
17,309,026
Leisure
Products
1.6%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
94,539
5,776,299
Life
Sciences
Tools
&
Services
4.7%
a
10X
Genomics,
Inc.,
A
..................................
United
States
47,900
1,364,192
a
Avantor
,
Inc.
.........................................
United
States
73,528
1,441,149
Bio-
Techne
Corp.
.....................................
United
States
15,725
4,465,900
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
5,280
5,724,153
West
Pharmaceutical
Services,
Inc.
........................
United
States
16,000
3,937,280
16,932,674
Machinery
1.3%
IDEX
Corp.
..........................................
United
States
18,150
3,627,277
a
Proterra
,
Inc.
.........................................
United
States
244,900
1,219,602
4,846,879
Oil,
Gas
&
Consumable
Fuels
1.2%
Coterra
Energy,
Inc.
...................................
United
States
82,300
2,149,676
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Hess
Corp.
..........................................
United
States
12,700
$
1,384,173
Targa
Resources
Corp.
.................................
United
States
15,900
959,406
4,493,255
Personal
Products
1.1%
a
BellRing
Brands,
Inc.
...................................
United
States
129,300
2,664,873
a
Olaplex
Holdings,
Inc.
..................................
United
States
153,374
1,464,722
4,129,595
Pharmaceuticals
1.3%
a
Catalent
,
Inc.
........................................
United
States
31,800
2,301,048
a
Jazz
Pharmaceuticals
plc
...............................
United
States
17,900
2,385,891
4,686,939
Professional
Services
3.2%
a
CoStar
Group,
Inc.
....................................
United
States
120,050
8,361,482
TransUnion
..........................................
United
States
54,800
3,260,052
11,621,534
Road
&
Rail
2.5%
a
Lyft,
Inc.,
A
..........................................
United
States
181,400
2,389,038
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
26,650
6,629,720
9,018,758
Semiconductors
&
Semiconductor
Equipment
4.5%
a
Enphase
Energy,
Inc.
..................................
United
States
6,400
1,775,808
Entegris
,
Inc.
.........................................
United
States
46,800
3,885,336
a
Lattice
Semiconductor
Corp.
.............................
United
States
77,355
3,806,640
Monolithic
Power
Systems,
Inc.
...........................
United
States
12,250
4,451,650
a
SiTime
Corp.
.........................................
United
States
29,600
2,330,408
16,249,842
Software
13.7%
a
Alkami
Technology,
Inc.
.................................
United
States
104,125
1,567,081
a
ANSYS,
Inc.
.........................................
United
States
21,600
4,788,720
a,e
Arteris
,
Inc.
..........................................
United
States
108,200
720,612
a
Atlassian
Corp.
plc,
A
..................................
United
States
12,800
2,695,552
a
Bill.com
Holdings,
Inc.
..................................
United
States
28,148
3,725,951
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
41,100
6,773,691
a
Duck
Creek
Technologies,
Inc.
...........................
United
States
20,518
243,138
a
Monday.com
Ltd.
......................................
United
States
22,800
2,584,152
a
Palo
Alto
Networks,
Inc.
................................
United
States
33,300
5,454,207
a
Paylocity
Holding
Corp.
.................................
United
States
24,650
5,954,947
a
Synopsys,
Inc.
.......................................
United
States
35,950
10,983,085
a
Zscaler
,
Inc.
.........................................
United
States
25,500
4,191,435
49,682,571
Specialty
Retail
5.1%
a
AutoZone,
Inc.
.......................................
United
States
2,000
4,283,860
a
Burlington
Stores,
Inc.
..................................
United
States
23,900
2,674,171
a
Five
Below,
Inc.
.......................................
United
States
27,250
3,751,507
a
Petco
Health
&
Wellness
Co.,
Inc.
.........................
United
States
131,800
1,470,888
Tractor
Supply
Co.
....................................
United
States
33,437
6,215,270
18,395,696
Textiles,
Apparel
&
Luxury
Goods
2.3%
Levi
Strauss
&
Co.,
A
..................................
United
States
115,200
1,666,944
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
a
Lululemon
Athletica
,
Inc.
................................
United
States
23,800
$
6,653,528
8,320,472
Trading
Companies
&
Distributors
1.8%
Fastenal
Co.
.........................................
United
States
144,500
6,652,780
Total
Common
Stocks
(Cost
$310,956,944)
.....................................
336,597,759
Convertible
Preferred
Stocks
1.3%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela
,
Inc.,
D
......................................
United
States
48,915
778,947
a
Software
1.1%
a,c,d
Benchling
,
Inc.,
F
.....................................
United
States
35,200
510,406
a,c,d
Blaize
,
Inc.
..........................................
United
States
11,970
88,761
a,c,d
Blaize
,
Inc.,
D
........................................
United
States
194,302
1,346,942
a,c,d
Blaize
,
Inc.,
D-2
......................................
United
States
82,758
369,892
a,c,d
Databricks
,
Inc.,
G
....................................
United
States
25,878
760,591
a,c,d
OneTrust
LLC,
C
......................................
United
States
82,367
892,591
3,969,183
Total
Convertible
Preferred
Stocks
(Cost
$7,884,932)
............................
4,748,130
Warrants
Warrants
0.0%
†
Software
0.0%
†
a,c,d
Blaize
,
Inc.,
9/19/25
...................................
United
States
8,275
9,289
a,c,d
Blaize
,
Inc.,
D,
2/28/24
.................................
United
States
26,474
10,198
19,487
Total
Warrants
(Cost
$–)
......................................................
19,487
Total
Long
Term
Investments
(Cost
$318,841,876)
...............................
341,365,376
a
Short
Term
Investments
6.2%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
6.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
22,353,816
22,353,816
Total
Money
Market
Funds
(Cost
$22,353,816)
..................................
22,353,816
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
s
See
Abbreviations
on
page
177
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
94,500
$
94,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$94,500)
...............................................................
94,500
Total
Short
Term
Investments
(Cost
$22,448,316
)
................................
22,448,316
a
Total
Investments
(Cost
$341,290,192)
100.6%
..................................
$363,813,692
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(2,048,507)
Net
Assets
100.0%
...........................................................
$361,765,185
†
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,
2022,
the
value
of
this
security
was
$2,120,284,
representing
0.6%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
f
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Strategic
Income
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.4%
Energy
Equipment
&
Services
0.2%
a
Weatherford
International
plc
.............................
United
States
13,794
$
445,408
Media
0.0%
†
a
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
20,804
28,501
a
iHeartMedia,
Inc.,
A
....................................
United
States
8,384
61,455
a,b
iHeartMedia,
Inc.,
B
...................................
United
States
142
968
90,924
Multiline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
14,792,309
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
1,472,041
—
—
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
..................................
United
States
431
2,832
Birch
Permian
Holdings,
Inc.
.............................
United
States
39,385
588,806
a,b,c
Riviera
Resources,
Inc.
.................................
United
States
6,620
—
591,638
Total
Common
Stocks
(Cost
$2,063,658)
.......................................
1,127,970
Management
Investment
Companies
6.7%
Capital
Markets
6.7%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
2,693,451
20,470,228
a
Total
Management
Investment
Companies
(Cost
$23,548,426)
....................
20,470,228
Warrants
Warrants
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
a,b
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
879
—
a,b
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
1,098
—
a,b
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
1,412
—
—
Total
Warrants
(Cost
$–)
......................................................
—
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
e,f,g
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
29,100
4,057
Total
Convertible
Bonds
(Cost
$8,080)
.........................................
4,057
Corporate
Bonds
42.5%
Aerospace
&
Defense
0.7%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
700,000
582,064
Senior
Note,
5.15%,
5/01/30
...........................
United
States
700,000
648,356
g
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
900,000
874,521
2,104,941
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Air
Freight
&
Logistics
0.3%
g
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
300,000
$
274,323
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
650,000
478,131
752,454
Airlines
0.6%
g
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
600,000
524,565
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
1,100,000
1,068,381
g
International
Consolidated
Airlines
Group
SA
,
Senior
Note
,
Reg
S,
3.75
%
,
3/25/29
.....................................
United
Kingdom
300,000
EUR
198,470
g
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
100,000
89,424
1,880,840
Auto
Components
1.2%
g
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
800,000
725,248
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
300,000
230,562
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
1,000,000
827,196
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
600,000
433,382
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
800,000
654,500
g
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
1,000,000
723,450
3,594,338
Automobiles
0.3%
g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
1,200,000
837,612
Banks
5.0%
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
300,000
212,529
g
BNP
Paribas
SA
,
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
400,000
372,999
Senior
Note,
144A,
2.219%
to
6/08/25,
FRN
thereafter,
6/09/26
.
France
500,000
449,969
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
1,600,000
1,592,284
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
800,000
613,476
Senior
Bond,
2.357%
to
8/17/30,
FRN
thereafter,
8/18/31
.....
United
Kingdom
300,000
220,905
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
900,000
861,470
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
550,000
514,766
JPMorgan
Chase
&
Co.
,
f
R,
Junior
Sub.
Bond,
6%
to
7/31/23,
FRN
thereafter,
Perpetual
.
United
States
213,000
208,207
Senior
Bond,
3.2%,
6/15/26
............................
United
States
1,213,000
1,127,333
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
1,000,000
791,798
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
700,000
681,343
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
500,000
$
485,047
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
900,000
890,898
National
Bank
of
Canada
,
Senior
Note
,
3.75%
to
6/08/24,
FRN
thereafter
,
6/09/25
...................................
Canada
900,000
874,337
g
Nordea
Bank
Abp
,
Senior
Note
,
144A,
4.75
%
,
9/22/25
..........
Finland
500,000
492,218
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
800,000
665,997
g
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
800,000
585,547
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
700,000
583,474
SVB
Financial
Group
,
Senior
Bond
,
3.125
%
,
6/05/30
...........
United
States
300,000
242,049
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
1,000,000
967,775
g
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
500,000
356,719
Wells
Fargo
&
Co.
,
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
900,000
879,111
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
500,000
483,983
15,154,234
Beverages
0.5%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
800,000
715,389
g
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
1,000,000
814,891
1,530,280
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
700,000
613,379
Amgen,
Inc.
,
Senior
Bond
,
4.2
%
,
3/01/33
...................
United
States
400,000
362,535
975,914
Building
Products
0.5%
g
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
500,000
412,781
g
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
500,000
443,722
g
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
500,000
423,627
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
200,000
153,482
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
200,000
141,080
1,574,692
Capital
Markets
2.1%
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
800,000
773,152
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.21%
to
4/21/41,
FRN
thereafter,
4/22/42
......
United
States
400,000
272,163
Senior
Note,
0.673%
to
3/07/23,
FRN
thereafter,
3/08/24
......
United
States
900,000
880,036
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
300,000
285,993
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
1,000,000
856,426
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/21/27,
FRN
thereafter,
7/22/28
.....
United
States
809,000
728,581
Senior
Note,
3.737%
to
4/23/23,
FRN
thereafter,
4/24/24
......
United
States
900,000
890,796
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
g
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
1,200,000
$
928,572
g
UBS
Group
AG
,
Senior
Note
,
144A,
4.49%
to
8/04/24,
FRN
thereafter
,
8/05/25
...................................
Switzerland
700,000
683,159
6,298,878
Chemicals
2.1%
g
Alpek
SAB
de
CV
,
Senior
Bond
,
144A,
4.25
%
,
9/18/29
.........
Mexico
800,000
662,820
e,g
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
148,158
144,514
g
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
9/30/29
....
United
States
200,000
132,393
g
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
900,000
603,000
g
Braskem
Netherlands
Finance
BV
,
Senior
Bond
,
144A,
4.5
%
,
1/31/30
...........................................
Brazil
700,000
566,965
g
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
700,000
563,101
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
300,000
261,645
g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
800,000
645,828
g
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
400,000
368,486
g
INEOS
Quattro
Finance
1
plc
,
Senior
Note
,
144A,
3.75
%
,
7/15/26
.
United
Kingdom
800,000
EUR
605,254
e,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
300,000
238,500
g
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
800,000
774,316
g
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
800,000
522,302
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
200,000
169,829
g
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
100,000
79,679
6,338,632
Commercial
Services
&
Supplies
0.7%
g
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
400,000
317,096
g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
1,000,000
842,290
g
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
1,000,000
829,200
1,988,586
Construction
&
Engineering
0.2%
g
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
300,000
255,466
g
Great
Lakes
Dredge
&
Dock
Corp.
,
Senior
Note
,
144A,
5.25
%
,
6/01/29
...........................................
United
States
500,000
385,938
641,404
Consumer
Finance
0.4%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
500,000
363,496
g
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
300,000
293,891
g
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
500,000
406,108
1,063,495
Containers
&
Packaging
0.8%
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
............................
United
States
300,000
188,359
g
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
169,000
167,057
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
75,000
68,108
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
g
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
500,000
$
414,410
g
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
600,000
504,239
g
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.125%,
12/01/24
....................
United
States
709,000
685,642
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
124,000
118,576
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
400,000
309,923
2,456,314
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
800,000
725,784
Diversified
Financial
Services
0.4%
g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
700,000
586,848
g
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
1,000,000
753,010
1,339,858
Diversified
Telecommunication
Services
1.1%
g
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
900,000
572,785
g
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
200,000
158,689
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
800,000
519,990
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
1,000,000
764,460
g
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
300,000
262,816
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
600,000
515,016
Telefonica
Emisiones
SA
,
Senior
Bond
,
4.895
%
,
3/06/48
........
Spain
150,000
109,605
g
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
400,000
312,888
3,216,249
Electric
Utilities
1.1%
Duke
Energy
Corp.
,
Senior
Bond
,
2.45
%
,
6/01/30
.............
United
States
400,000
320,205
Exelon
Corp.
,
Senior
Bond
,
4.05
%
,
4/15/30
..................
United
States
1,300,000
1,179,733
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..............
United
States
400,000
313,452
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
85,000
87,646
g
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
1,100,000
917,389
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
500,000
426,699
3,245,124
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
200,000
180,987
g
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
900,000
725,864
906,851
Electronic
Equipment,
Instruments
&
Components
0.5%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
900,000
732,065
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
800,000
722,312
1,454,377
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
0.1%
g
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
400,000
$
361,209
g
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
43,000
43,816
405,025
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
300,000
283,694
Senior
Bond,
5.875%,
11/15/28
.........................
United
States
1,000,000
978,280
g
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
144A,
4.054
%
,
3/15/29
.
United
States
300,000
259,465
1,521,439
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
AvalonBay
Communities,
Inc.
,
Senior
Bond
,
2.45
%
,
1/15/31
.....
United
States
500,000
408,583
g
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
400,000
312,554
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
300,000
209,506
g
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
500,000
373,725
Simon
Property
Group
LP
,
Senior
Bond
,
4.25
%
,
11/30/46
.......
United
States
800,000
627,630
g
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
......................
United
States
1,400,000
1,229,102
Senior
Note,
144A,
3.875%,
2/15/29
.....................
United
States
300,000
252,301
g
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
400,000
330,608
3,744,009
Food
Products
0.4%
g
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
200,000
146,996
g
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
700,000
599,494
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
400,000
313,310
1,059,800
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
300,000
199,955
Health
Care
Equipment
&
Supplies
0.2%
g
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
200,000
207,063
g
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
500,000
378,465
585,528
Health
Care
Providers
&
Services
1.5%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
300,000
275,047
Senior
Note,
2.45%,
7/15/28
...........................
United
States
100,000
81,586
Senior
Note,
4.625%,
12/15/29
.........................
United
States
200,000
180,189
Senior
Note,
3.375%,
2/15/30
..........................
United
States
600,000
491,805
Senior
Note,
2.625%,
8/01/31
..........................
United
States
200,000
151,146
g
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
800,000
388,194
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
700,000
539,854
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
..............
United
States
400,000
$
306,583
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
800,000
620,964
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
150,000
110,175
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
100,000
82,790
Orlando
Health
Obligated
Group
,
3.777
%
,
10/01/28
............
United
States
330,000
298,846
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
200,000
161,524
g
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/30
...........................................
United
States
800,000
734,900
4,423,603
Hotels,
Restaurants
&
Leisure
1.3%
g
Everi
Holdings,
Inc.
,
Senior
Note
,
144A,
5
%
,
7/15/29
...........
United
States
500,000
410,907
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
800,000
662,381
g
Melco
Resorts
Finance
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
7/21/28
..
Hong
Kong
600,000
387,000
g
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
200,000
169,639
g
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
600,000
457,380
g
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
300,000
240,123
g
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
400,000
270,526
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
400,000
277,448
g
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
200,000
164,456
g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
1,200,000
534,952
g
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
700,000
467,642
4,042,454
Household
Durables
0.2%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
400,000
293,050
Mohawk
Industries,
Inc.
,
Senior
Bond
,
3.625
%
,
5/15/30
.........
United
States
430,000
358,367
651,417
Household
Products
0.3%
g
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
500,000
394,163
g
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
300,000
240,358
g
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
400,000
273,474
907,995
Independent
Power
and
Renewable
Electricity
Producers
1.8%
g
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
400,000
337,926
g
Calpine
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/31
...............
United
States
600,000
477,604
g
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
700,000
556,834
g
Colbun
SA
,
Senior
Bond,
144A,
3.95%,
10/11/27
.....................
Chile
800,000
719,096
Senior
Bond,
144A,
3.15%,
3/06/30
......................
Chile
300,000
237,267
g
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
1,100,000
1,070,850
g
Leeward
Renewable
Energy
Operations
LLC
,
Senior
Note
,
144A,
4.25
%
,
7/01/29
.....................................
United
States
1,000,000
807,200
g,h
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
5/15/27
...........................................
United
States
1,300,000
1,332,201
5,538,978
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
0.3%
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
1,000,000
$
683,520
g
Metropolitan
Life
Global
Funding
I
,
Secured
Note
,
144A,
4.3
%
,
8/25/29
...........................................
United
States
300,000
279,773
963,293
Interactive
Media
&
Services
0.5%
g
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
1,700,000
1,335,371
g
ZipRecruiter,
Inc.
,
Senior
Note
,
144A,
5
%
,
1/15/30
.............
United
States
400,000
323,780
1,659,151
Internet
&
Direct
Marketing
Retail
0.3%
Alibaba
Group
Holding
Ltd.
,
Senior
Bond
,
4
%
,
12/06/37
.........
China
400,000
306,190
g
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
3.625
%
,
10/01/31
United
States
600,000
453,855
760,045
IT
Services
1.1%
g
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
900,000
753,860
g
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
700,000
626,923
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
200,000
166,931
g
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
1,100,000
854,813
g
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
1,200,000
1,062,636
3,465,163
Machinery
0.2%
g
ATS
Automation
Tooling
Systems,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
12/15/28
..........................................
Canada
400,000
332,632
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
400,000
381,621
714,253
Marine
0.4%
g
ICTSI
Treasury
BV
,
Senior
Bond
,
Reg
S,
4.625
%
,
1/16/23
.......
Philippines
1,200,000
1,197,438
Media
1.6%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
1,300,000
984,896
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
400,000
302,682
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
300,000
217,976
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
300,000
253,913
g
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
600,000
518,625
g
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
600,000
454,569
g
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
12/01/30
..........................................
United
States
800,000
603,280
g
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
600,000
511,614
g
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
900,000
855,805
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
100,000
81,774
4,785,134
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
0.3%
g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
700,000
$
511,967
g
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
600,000
463,983
975,950
Multiline
Retail
0.1%
b,e,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
1,036,360
—
b,e,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
564,697
—
g
Macy's
Retail
Holdings
LLC
,
Senior
Note
,
144A,
5.875
%
,
3/15/30
.
United
States
500,000
396,488
396,488
Multi-Utilities
0.3%
Dominion
Energy,
Inc.
,
A
,
Senior
Note
,
4.35
%
,
8/15/32
.........
United
States
1,150,000
1,041,789
Oil,
Gas
&
Consumable
Fuels
4.3%
g
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
900,000
705,970
g
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
98,000
98,032
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
450,000
370,859
g
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
700,000
627,452
g
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
300,000
265,455
g
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
500,000
413,133
g
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
900,000
858,020
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
200,000
169,587
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
1,100,000
1,008,865
g
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
100,000
93,656
g
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
100,000
95,477
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
700,000
609,095
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
200,000
177,454
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
200,000
175,261
g
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
800,000
734,211
g
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
1,394,630
1,363,397
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
1,500,000
1,177,338
Occidental
Petroleum
Corp.
,
Senior
Note
,
8.875
%
,
7/15/30
......
United
States
700,000
780,899
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
1,600,000
1,459,911
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
500,000
477,507
Senior
Note,
4.5%,
5/15/29
............................
United
States
1,200,000
997,608
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
300,000
249,486
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
300,000
257,946
13,166,619
Paper
&
Forest
Products
0.4%
g
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
400,000
230,792
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
700,000
549,489
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Paper
&
Forest
Products
(continued)
Suzano
Austria
GmbH,
(continued)
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
400,000
$
288,468
1,068,749
Personal
Products
0.3%
g
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
800,000
466,000
g
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
400,000
311,182
777,182
Pharmaceuticals
1.1%
g
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
5.25%,
2/15/31
......................
United
States
300,000
113,394
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
100,000
69,480
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
1,000,000
646,380
g
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
889,000
814,307
g
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Bond,
144A,
5.125%,
4/30/31
.....................
United
States
300,000
246,249
Senior
Secured
Note,
144A,
4.125%,
4/30/28
..............
United
States
500,000
428,618
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
500,000
336,543
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
900,000
744,628
3,399,599
Real
Estate
Management
&
Development
0.5%
g
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
400,000
400,808
g
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
1,000,000
372,500
g
Howard
Hughes
Corp.
(The)
,
Senior
Note
,
144A,
5.375
%
,
8/01/28
.
United
States
800,000
665,084
g
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
200,000
EUR
178,236
1,616,628
Road
&
Rail
0.6%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
550,000
443,533
g
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
300,000
243,684
g
Kazakhstan
Temir
Zholy
Finance
BV
,
Senior
Bond
,
144A,
6.95
%
,
7/10/42
...........................................
Kazakhstan
800,000
793,484
g
NESCO
Holdings
II,
Inc.
,
Secured
Note
,
144A,
5.5
%
,
4/15/29
....
United
States
500,000
417,385
1,898,086
Software
0.4%
g
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
500,000
409,735
g
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
1,100,000
816,244
1,225,979
Specialty
Retail
0.7%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
200,000
176,140
g
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
500,000
410,088
Senior
Note,
144A,
3.875%,
6/01/29
.....................
United
States
700,000
562,915
g
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
...
United
States
600,000
347,313
g
Park
River
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
8/01/29
....
United
States
800,000
535,051
2,031,507
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
200,000
$
156,570
Thrifts
&
Mortgage
Finance
0.5%
g
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
800,000
674,549
g
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
1,100,000
825,330
1,499,879
Tobacco
0.4%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
1,200,000
973,204
g
Imperial
Brands
Finance
plc
,
Senior
Bond
,
144A,
4.25
%
,
7/21/25
.
United
Kingdom
300,000
287,954
1,261,158
Trading
Companies
&
Distributors
0.6%
g
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
1,100,000
865,816
g
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,000,000
902,015
1,767,831
Transportation
Infrastructure
0.0%
†
g
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
186,667
113,126
Wireless
Telecommunication
Services
0.6%
g
America
Movil
SAB
de
CV
,
Senior
Bond
,
144A,
5.375
%
,
4/04/32
..
Mexico
500,000
431,058
e,g
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
20,686
7,876
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
500,000
326,666
Senior
Note,
3.875%,
4/15/30
..........................
United
States
1,300,000
1,153,915
1,919,515
Total
Corporate
Bonds
(Cost
$158,122,563)
.....................................
129,022,192
i
Marketplace
Loans
2.7%
b
Diversified
Financial
Services
2.7%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$8,719,258)
.....................................
8,135,509
Foreign
Government
and
Agency
Securities
5.6%
g
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
j
1,400,000
1,176,420
g
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
j
1,200,000
1,101,060
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
1,400,000
1,190,545
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
5,315,000,000
COP
1,028,457
g
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
1,000,000
717,990
g
Dominican
Republic
Government
Bond
,
Senior
Note
,
144A,
8.9
%
,
2/15/23
...........................................
Dominican
Republic
81,500,000
DOP
1,524,970
Ecopetrol
SA
,
Senior
Bond,
4.125%,
1/16/25
..........................
Colombia
400,000
367,574
Senior
Bond,
4.625%,
11/02/31
.........................
Colombia
400,000
280,590
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
f,g
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
5.25%
to
1/28/23,
FRN
thereafter
,
Perpetual
.............................
France
2,425,000
$
2,250,037
g
Export-Import
Bank
of
India
,
Senior
Bond
,
144A,
3.875
%
,
2/01/28
.
India
1,655,000
1,509,315
g
Gabon
Government
Bond
,
Senior
Bond
,
144A,
6.625
%
,
2/06/31
..
Gabon
400,000
264,188
g
Indonesia
Asahan
Aluminium
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
.....................................
Indonesia
1,400,000
1,254,939
g
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
3.85
%
,
7/18/27
.
Indonesia
1,200,000
1,125,699
g
Iraq
Government
Bond
,
Senior
Bond
,
144A,
5.8
%
,
1/15/28
......
Iraq
446,875
368,378
g
Israel
Electric
Corp.
Ltd.
,
Senior
Secured
Bond
,
144A,
Reg
S,
4.25
%
,
8/14/28
...........................................
Israel
800,000
743,780
g
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
300,000
300,172
Peru
Government
Bond
,
Senior
Bond
,
6.55
%
,
3/14/37
..........
Peru
800,000
822,644
g
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
500,000
400,390
Turkey
Government
Bond
,
Senior
Bond
,
4.875
%
,
10/09/26
......
Turkey
600,000
493,802
Total
Foreign
Government
and
Agency
Securities
(Cost
$20,746,762)
..............
16,920,950
U.S.
Government
and
Agency
Securities
19.6%
U.S.
Treasury
Bonds
,
3.25%,
5/15/42
.....................................
United
States
300,000
266,344
3.75%,
11/15/43
.....................................
United
States
540,000
513,380
3%,
11/15/44
.......................................
United
States
2,000,000
1,672,500
3%,
2/15/47
........................................
United
States
1,800,000
1,506,515
3%,
2/15/48
........................................
United
States
1,800,000
1,516,219
3.125%,
5/15/48
.....................................
United
States
1,600,000
1,384,781
3.375%,
11/15/48
....................................
United
States
1,200,000
1,093,312
U.S.
Treasury
Notes
,
1.625%,
11/15/22
....................................
United
States
2,700,000
2,695,205
1.75%,
1/31/23
.....................................
United
States
2,700,000
2,682,826
2.75%,
5/31/23
.....................................
United
States
1,000,000
991,321
2.75%,
2/15/24
.....................................
United
States
3,700,000
3,621,664
3%,
6/30/24
........................................
United
States
6,500,000
6,359,209
2.625%,
3/31/25
.....................................
United
States
7,000,000
6,732,031
2.875%,
4/30/25
.....................................
United
States
9,100,000
8,793,942
k
Index
Linked,
0.625%,
1/15/26
..........................
United
States
2,800,000
3,333,485
2.125%,
5/31/26
.....................................
United
States
3,900,000
3,626,619
2.25%,
2/15/27
.....................................
United
States
1,400,000
1,294,453
2.375%,
5/15/27
.....................................
United
States
4,400,000
4,079,281
3.125%,
11/15/28
....................................
United
States
5,100,000
4,847,191
3.25%,
6/30/29
.....................................
United
States
2,100,000
2,007,592
2.75%,
8/15/32
.....................................
United
States
300,000
274,359
Total
U.S.
Government
and
Agency
Securities
(Cost
$63,532,004)
.................
59,292,229
Asset-Backed
Securities
6.5%
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
79,600
74,450
Commercial
Services
&
Supplies
0.1%
g,l
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
4.462
%
,
(
3-month
USD
LIBOR
+
1.95
%
),
7/15/31
.
..................
United
States
250,000
234,576
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
6.4%
g,l
Antares
CLO
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
4.36
%
,
(
3-month
USD
LIBOR
+
1.65
%
),
4/20/31
.
.............................
United
States
1,455,000
$
1,361,283
g,l
BCC
Middle
Market
CLO
LLC
,
2018-1A
,
A2
,
144A,
FRN
,
4.86
%
,
(
3-month
USD
LIBOR
+
2.15
%
),
10/20/30
.
.................
United
States
700,000
681,444
g,l
BlueMountain
CLO
Ltd.
,
2018-1A
,
D
,
144A,
FRN
,
5.832
%
,
(
3-month
USD
LIBOR
+
3.05
%
),
7/30/30
.
.........................
United
States
1,000,000
859,382
g,l
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
1.55
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
600,000
EUR
545,549
g,l
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
4.21
%
,
(
3-month
USD
LIBOR
+
1.5
%
),
10/20/29
.
.........................
United
States
460,000
449,048
g,l
Buttermilk
Park
CLO
Ltd.
,
2018-1A
,
C
,
144A,
FRN
,
4.612
%
,
(
3-month
USD
LIBOR
+
2.1
%
),
10/15/31
.
..................
United
States
1,408,860
1,319,528
g,l
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2014-4RA
,
C
,
144A,
FRN
,
5.412
%
,
(
3-month
USD
LIBOR
+
2.9
%
),
7/15/30
.
........
United
States
300,000
255,719
g,l
Carlyle
GMS
Finance
MM
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
4.712
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
...........
United
States
1,213,000
1,140,358
g,l
Carlyle
US
CLO
Ltd.
,
2021-1A
,
A2
,
144A,
FRN
,
3.962
%
,
(
3-month
USD
LIBOR
+
1.45
%
),
4/15/34
.
.........................
United
States
1,500,000
1,416,970
g,m
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2019-51,
PT,
144A,
FRN,
16.302%,
1/15/45
................
United
States
148,744
141,655
2019-52,
PT,
144A,
FRN,
16.361%,
1/15/45
................
United
States
170,774
163,777
2019-S8,
PT,
144A,
FRN,
10.539%,
1/15/45
................
United
States
92,926
87,550
2020-2,
PT,
144A,
FRN,
16.55%,
3/15/45
..................
United
States
161,015
153,691
2020-7,
PT,
144A,
FRN,
16.207%,
4/17/45
.................
United
States
92,376
86,953
g,l
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
3.552
%
,
(
3-month
USD
LIBOR
+
1.04
%
),
4/15/34
.
.........................
United
States
2,400,000
2,331,615
g
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
1,238,669
1,073,264
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
452,178
390,371
g,l
LCM
26
Ltd.
,
26A
,
B
,
144A,
FRN
,
4.11
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/20/31
.
.....................................
United
States
250,000
237,611
g,l
LCM
XVII
LP
,
17A,
BRR,
144A,
FRN,
4.112%,
(3-month
USD
LIBOR
+
1.6%),
10/15/31
..........................................
United
States
350,000
327,503
17A,
CRR,
144A,
FRN,
4.612%,
(3-month
USD
LIBOR
+
2.1%),
10/15/31
..........................................
United
States
320,000
297,952
g,l
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
5.51
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
4/20/31
.
.....................................
United
States
770,000
665,805
g,l
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
BRN
,
144A,
FRN
,
1.7
%
,
(
3-month
EURIBOR
+
1.7
%
),
4/15/32
.
....................
Ireland
400,000
EUR
369,635
g,l
Magnetite
XXIX
Ltd.
,
2021-29A
,
B
,
144A,
FRN
,
3.912
%
,
(
3-month
USD
LIBOR
+
1.4
%
),
1/15/34
.
..........................
United
States
1,500,000
1,432,599
g,l
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
3.838
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
4/19/31
.
...................
United
States
591,108
579,921
g,l
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
4.583
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
10/24/30
.
...........
United
States
250,000
241,437
g,l
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
3.482
%
,
(
3-month
USD
LIBOR
+
0.97
%
),
4/15/31
.
...........
United
States
500,000
491,455
g,m
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
18.702%,
3/15/26
................
United
States
93,985
93,539
2020-PT2,
A,
144A,
FRN,
13.552%,
4/15/26
................
United
States
107,435
104,038
2020-PT3,
A,
144A,
FRN,
14.386%,
5/15/26
................
United
States
29,833
28,615
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
g,l
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
4.712
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
.
..............................
United
States
1,300,000
$
1,279,330
g,m
Upgrade
Master
Pass-Thru
Trust
,
2019-PT2
,
A
,
144A,
FRN
,
21.646
%
,
2/15/26
.
...................................
United
States
83,020
82,372
g,l
Voya
CLO
Ltd.
,
2013-2A
,
BR
,
144A,
FRN
,
4.653
%
,
(
3-month
SOFR
+
2.112
%
),
4/25/31
.
..................................
United
States
780,000
726,938
19,416,907
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$21,135,058)
...............................
19,725,933
Commercial
Mortgage-Backed
Securities
0.5%
Diversified
Financial
Services
0.5%
g,l
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
3.518%,
(1-month
USD
LIBOR
+
0.7%),
9/15/36
......................................
United
States
250,000
239,069
2021-VOLT,
B,
144A,
FRN,
3.768%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
400,000
375,840
2022-LP2,
A,
144A,
FRN,
3.935%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
887,134
853,387
m
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.214
%
,
7/10/38
United
States
186,216
130,351
1,598,647
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$1,712,949)
.................
1,598,647
Mortgage-Backed
Securities
6.3%
n
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
2.348%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
4,586
4,480
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
2.9%
FHLMC
Gold
Pool,
30
Year,
5%,
4/01/34
-
8/01/35
.............
United
States
79,658
78,927
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
1/01/35
...........
United
States
61,719
62,368
FHLMC
Gold
Pool,
30
Year,
6%,
4/01/33
-
2/01/36
.............
United
States
58,934
60,853
FHLMC
Gold
Pool,
30
Year,
6.5%,
11/01/27
-
7/01/32
..........
United
States
7,391
7,643
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/30
....................
United
States
980
1,015
FHLMC
Gold
Pool,
30
Year,
7.5%,
8/01/30
..................
United
States
124
131
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
2,752,454
2,559,853
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
6,379,556
6,100,634
8,871,424
n
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
3.391%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
28,244
28,154
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
3.3%
FNMA,
20
Year,
5%,
4/01/30
.............................
United
States
17,939
17,690
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
1,997,821
1,761,857
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
640,112
606,697
FNMA,
30
Year,
4.5%,
5/01/48
...........................
United
States
1,335,572
1,293,409
FNMA,
30
Year,
6.5%,
5/01/31
-
10/01/37
...................
United
States
42,708
44,534
o
FNMA,
Single-family,
30
Year,
2%,
10/25/52
.................
United
States
3,951,000
3,200,001
o
FNMA,
Single-family,
30
Year,
5.5%,
10/25/52
................
United
States
3,185,000
3,166,587
10,090,775
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.1%
GNMA
I,
Single-family,
30
Year,
5%,
11/15/33
-
7/15/34
.........
United
States
85,517
86,080
GNMA
I,
Single-family,
30
Year,
7%,
10/15/28
-
2/15/29
.........
United
States
9,678
9,698
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/30
................
United
States
792
825
GNMA
II,
30
Year,
6.5%,
2/20/34
..........................
United
States
1,717
1,675
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
23,649
$
24,072
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
35,644
37,800
GNMA
II,
Single-family,
30
Year,
6.5%,
4/20/31
-
1/20/33
........
United
States
14,847
15,432
GNMA
II,
Single-family,
30
Year,
7.5%,
1/20/28
-
4/20/32
........
United
States
4,307
4,444
180,026
Total
Mortgage-Backed
Securities
(Cost
$19,917,827)
............................
19,174,859
Municipal
Bonds
0.5%
California
0.1%
San
Bernardino
Community
College
District
,
GO
,
2019
A-1
,
3.271
%
,
8/01/39
...........................................
United
States
210,000
166,937
Illinois
0.2%
State
of
Illinois
,
GO
,
2003
,
5.1
%
,
6/01/33
...................
United
States
695,000
662,791
Ohio
0.0%
†
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
G
,
Refunding
,
3.276
%
,
1/01/42
.............
United
States
190,000
147,309
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
390,719
Texas
0.1%
Texas
State
University
System
,
Revenue
,
2019
B
,
Refunding
,
3.289
%
,
3/15/40
.....................................
United
States
190,000
150,919
Total
Municipal
Bonds
(Cost
$1,815,914)
.......................................
1,518,675
Residential
Mortgage-Backed
Securities
5.1%
Diversified
Financial
Services
2.2%
g
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
140,413
137,902
m
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
400,655
377,358
g,m
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
99,032
96,210
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
212,330
201,415
g,m
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
407,498
391,637
g,m
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
1,394,573
1,202,710
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
437,485
377,296
2021-6,
A4,
144A,
FRN,
2.5%,
10/25/51
...................
United
States
785,958
677,827
g,m
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.485
%
,
4/25/66
...........................................
United
States
694,813
664,022
g,m
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
285,171
245,228
g,m
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
912,179
784,021
g,m
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
162,143
137,997
g,m
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
1,677,430
1,450,829
6,744,452
a
a
a
a
a
a
Thrifts
&
Mortgage
Finance
2.9%
l
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
,
2013-DN2,
M2,
FRN,
7.334%,
(1-month
USD
LIBOR
+
4.25%),
11/25/23
..........................................
United
States
784,540
793,916
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Thrifts
&
Mortgage
Finance
(continued)
l
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes,
(continued)
2014-DN2,
M3,
FRN,
6.684%,
(1-month
USD
LIBOR
+
3.6%),
4/25/24
...........................................
United
States
1,042,152
$
1,045,224
2014-DN3,
M3,
FRN,
7.084%,
(1-month
USD
LIBOR
+
4%),
8/25/24
...........................................
United
States
35,893
36,226
2014-DN4,
M3,
FRN,
7.634%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
213,523
216,292
2015-DNA1,
M3,
FRN,
6.384%,
(1-month
USD
LIBOR
+
3.3%),
10/25/27
..........................................
United
States
46,743
47,184
2015-DNA3,
M3,
FRN,
7.784%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
748,137
767,752
2016-DNA2,
M3,
FRN,
7.734%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
644,408
663,649
l
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
8.334%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
90,668
92,665
2014-C01,
M2,
FRN,
7.484%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
161,694
163,991
2014-C02,
1M2,
FRN,
5.684%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
507,824
507,058
2014-C02,
2M2,
FRN,
5.684%,
(1-month
USD
LIBOR
+
2.6%),
5/25/24
...........................................
United
States
159,738
159,380
2014-C03,
1M2,
FRN,
6.084%,
(1-month
USD
LIBOR
+
3%),
7/25/24
...........................................
United
States
1,008,345
1,013,175
2014-C03,
2M2,
FRN,
5.984%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
25,366
25,453
2015-C01,
1M2,
FRN,
7.384%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
180,538
184,335
2015-C02,
1M2,
FRN,
7.084%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
482,852
490,515
2015-C03,
1M2,
FRN,
8.084%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
684,028
698,298
2016-C01,
1M2,
FRN,
9.834%,
(1-month
USD
LIBOR
+
6.75%),
8/25/28
...........................................
United
States
114,109
120,544
2016-C02,
1M2,
FRN,
9.084%,
(1-month
USD
LIBOR
+
6%),
9/25/28
...........................................
United
States
683,824
708,436
2016-C03,
1M2,
FRN,
8.384%,
(1-month
USD
LIBOR
+
5.3%),
10/25/28
..........................................
United
States
601,261
618,510
2017-C04,
2M2,
FRN,
5.934%,
(1-month
USD
LIBOR
+
2.85%),
11/25/29
..........................................
United
States
429,005
432,085
8,784,688
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$17,211,737)
.................
15,529,140
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
72,822
—
a
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
243,000
2,430
a,b
Millennium
Corporate
Claim
Trust,
Escrow
Account
............
United
States
950,432
—
a,b
Millennium
Lender
Claim
Trust,
Escrow
Account
..............
United
States
950,432
—
Total
Escrows
and
Litigation
Trusts
(Cost
$243,000)
.............................
2,430
Total
Long
Term
Investments
(Cost
$338,777,236)
...............................
292,522,819
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
Short
Term
Investments
4.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.4%
d,p
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
13,271,708
$
13,271,708
Total
Money
Market
Funds
(Cost
$13,271,708)
..................................
13,271,708
Total
Short
Term
Investments
(Cost
$13,271,708
)
................................
13,271,708
a
Total
Investments
(Cost
$352,048,944)
100.8%
..................................
$305,794,527
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(2,231,396)
Net
Assets
100.0%
...........................................................
$303,563,131
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$120,095,443,
representing
39.6%
of
net
assets.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
j
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
k
Principal
amount
of
security
is
adjusted
for
inflation.
l
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
m
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.
n
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).
o
Security
purchased
on
a
to-be-announced
(TBA)
basis.
p
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-107
At
September
30,
2022,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
2.7%
Freedom
Financial
Asset
Management
LLC
APP-10147734.FP.FTS.B,
19.99%,
8/12/23
$
16,000
$
–
APP-11693689.FP.FTS.B,
5.99%,
12/15/23
5,914
5,978
APP-11442537.FP.FTS.B,
5.99%,
12/17/23
4,928
4,983
APP-11814690.FP.FTS.B,
5.99%,
2/03/24
.
6,804
6,878
APP-12232118.FP.FTS.B,
5.99%,
3/05/24
.
5,914
5,981
APP-11925836.FP.FTS.B,
5.99%,
3/12/24
.
5,418
5,487
APP-12933568.FP.FTS.B,
5.99%,
4/01/24
.
6,218
6,292
APP-14154619.FP.FTS.B,
5.99%,
6/07/24
.
9,263
9,394
APP-14139528.FP.FTS.B,
5.99%,
6/10/24
.
8,506
8,658
APP-14479194.FP.FTS.B,
16.99%,
7/11/24
15,644
15,874
APP-10114471.FP.FTS.B,
13.99%,
8/12/24
7,598
7,668
APP-10844146.FP.FTS.B,
23.99%,
10/18/24
..........................
7,204
7,115
APP-11822354.FP.FTS.B,
9.49%,
12/18/24
16,899
17,072
APP-11766036.FP.FTS.B,
23.74%,
12/18/24
20,182
19,961
APP-11746986.FP.FTS.B,
18.99%,
12/19/24
9,558
9,516
APP-11733551.FP.FTS.B,
9.74%,
12/20/24
11,257
11,370
APP-11765697.FP.FTS.B,
16.99%,
12/24/24
8,376
8,394
APP-12220276.FP.FTS.B,
17.49%,
1/17/25
12,060
11,980
APP-11798383.FP.FTS.B,
19.99%,
2/01/25
8,550
8,493
APP-11693771.FP.FTS.B,
9.74%,
2/06/25
.
14,911
15,091
APP-11765858.FP.FTS.B,
19.49%,
2/06/25
13,735
13,599
APP-11695285.FP.FTS.B,
9.74%,
2/07/25
.
13,783
13,953
APP-11818700.FP.FTS.B,
17.74%,
2/08/25
17,338
17,114
APP-11817363.FP.FTS.B,
25.49%,
2/11/25
8,894
3,154
APP-11948847.FP.FTS.B,
11.74%,
3/08/25
26,023
26,305
APP-12139795.FP.FTS.B,
9.74%,
3/10/25
.
11,001
11,197
APP-14135500.FP.FTS.B,
14.49%,
4/25/25
21,628
21,866
APP-13668983.FP.FTS.B,
7.84%,
5/13/25
.
33,246
33,700
APP-13660633.FP.FTS.B,
25.49%,
5/13/25
9,026
8,969
APP-13704982.FP.FTS.B,
21.99%,
5/25/25
8,147
8,200
APP-14969419.FP.FTS.B,
9.74%,
6/01/25
.
28,072
28,416
APP-14148125.FP.FTS.B,
9.34%,
6/16/25
.
28,791
29,257
APP-13916851.FP.FTS.B,
9.34%,
6/18/25
.
27,177
27,630
APP-14959147.FP.FTS.B,
17.99%,
7/21/25
14,697
14,827
APP-11657858.FP.FTS.B,
17.49%,
12/16/25
13,774
13,829
APP-11765263.FP.FTS.B,
19.49%,
12/24/25
10,396
10,464
APP-11752447.FP.FTS.B,
9.99%,
2/05/26
.
34,522
35,032
APP-11823715.FP.FTS.B,
14.99%,
2/05/26
18,039
9,369
APP-11795510.FP.FTS.B,
12.49%,
2/11/26
16,539
16,796
APP-11804417.FP.FTS.B,
18.49%,
2/12/26
8,271
8,360
APP-11819292.FP.FTS.B,
18.99%,
2/12/26
11,879
11,957
APP-12232816.FP.FTS.B,
15.99%,
3/09/26
22,139
22,340
APP-12271080.FP.FTS.B,
12.49%,
3/10/26
15,212
15,434
APP-13646258.FP.FTS.B,
22.99%,
5/14/26
14,014
14,029
APP-13608417.FP.FTS.B,
10.34%,
5/20/26
20,395
20,740
APP-13700836.FP.FTS.B,
18.99%,
5/28/26
18,868
18,897
APP-14159522.FP.FTS.B,
10.34%,
6/15/26
21,032
21,400
APP-14167786.FP.FTS.B,
10.34%,
6/16/26
33,842
34,444
APP-14974854.FP.FTS.B,
16.49%,
7/10/26
19,112
19,323
APP-14865971.FP.FTS.B,
8.74%,
7/24/26
.
27,579
28,113
APP-14985540.FP.FTS.B,
16.74%,
7/24/26
47,608
48,404
APP-10854367.FP.FTS.B,
20.49%,
10/17/26
..........................
19,615
–
APP-10571729.FP.FTS.B,
19.99%,
11/03/26
14,500
–
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11124654.FP.FTS.B,
19.49%,
12/18/26
$
37,157
$
37,305
APP-11605924.FP.FTS.B,
11.74%,
12/20/26
41,012
41,538
APP-11720742.FP.FTS.B,
18.99%,
12/21/26
21,787
21,810
APP-11764235.FP.FTS.B,
11.74%,
12/29/26
44,214
44,860
APP-11813151.FP.FTS.B,
20.99%,
12/30/26
4,943
4,879
APP-11822469.FP.FTS.B,
22.49%,
12/30/26
10,410
6,521
APP-12248562.FP.FTS.B,
16.74%,
1/18/27
45,240
45,293
APP-12016647.FP.FTS.B,
16.99%,
1/25/27
17,997
18,062
APP-11764848.FP.FTS.B,
16.49%,
2/05/27
13,043
13,187
APP-11749109.FP.FTS.B,
17.49%,
2/06/27
18,358
18,268
APP-11756687.FP.FTS.B,
19.49%,
2/06/27
17,482
3,723
APP-11803939.FP.FTS.B,
10.99%,
2/10/27
31,481
31,935
APP-11801122.FP.FTS.B,
16.49%,
2/10/27
19,203
1,932
APP-11806622.FP.FTS.B,
18.99%,
2/11/27
9,212
9,242
APP-11798689.FP.FTS.B,
16.99%,
2/12/27
18,056
18,291
APP-12238134.FP.FTS.B,
20.24%,
3/03/27
24,691
24,388
APP-12140585.FP.FTS.B,
11.24%,
3/12/27
27,447
27,841
APP-12106231.FP.FTS.B,
11.74%,
3/13/27
39,411
40,059
APP-12249339.FP.FTS.B,
19.49%,
3/13/27
18,722
18,720
APP-11878312.FP.FTS.B,
10.99%,
3/14/27
19,194
19,484
APP-12139734.FP.FTS.B,
13.49%,
3/14/27
14,645
14,883
APP-13678387.FP.FTS.B,
13.84%,
4/03/27
14,050
14,176
APP-13561151.FP.FTS.B,
16.74%,
4/12/27
34,894
35,360
APP-13705025.FP.FTS.B,
10.84%,
5/14/27
28,088
28,493
APP-13695562.FP.FTS.B,
20.49%,
5/14/27
19,019
18,988
APP-13696381.FP.FTS.B,
26.49%,
5/14/27
8,629
8,602
APP-13684451.FP.FTS.B,
17.24%,
5/15/27
47,339
47,922
APP-13199139.FP.FTS.B,
11.74%,
5/20/27
41,126
41,797
APP-13685540.FP.FTS.B,
13.59%,
5/20/27
34,751
35,293
APP-13701830.FP.FTS.B,
20.24%,
5/21/27
28,643
28,716
APP-13668745.FP.FTS.B,
23.99%,
5/23/27
14,912
14,946
APP-13628442.FP.FTS.B,
17.99%,
5/24/27
16,480
16,650
APP-13699606.FP.FTS.B,
20.49%,
5/26/27
4,455
4,429
APP-13694837.FP.FTS.B,
14.34%,
5/27/27
43,573
44,377
APP-14967059.FP.FTS.B,
11.99%,
6/01/27
15,847
16,038
APP-14831064.FP.FTS.B,
11.74%,
6/04/27
38,450
38,952
APP-14058204.FP.FTS.B,
11.59%,
6/05/27
12,765
12,943
APP-14861817.FP.FTS.B,
11.99%,
6/05/27
19,236
19,473
APP-14057383.FP.FTS.B,
11.34%,
6/15/27
34,417
35,002
APP-14167090.FP.FTS.B,
11.34%,
6/15/27
38,165
38,815
APP-14120872.FP.FTS.B,
13.59%,
6/15/27
19,135
19,449
APP-14165501.FP.FTS.B,
13.34%,
6/16/27
12,813
13,027
APP-13060373.FP.FTS.B,
11.34%,
6/19/27
21,759
22,156
APP-14163864.FP.FTS.B,
11.34%,
6/19/27
38,173
38,868
APP-14162827.FP.FTS.B,
15.49%,
6/19/27
16,823
17,109
APP-14867762.FP.FTS.B,
14.24%,
7/10/27
16,127
16,363
APP-14981611.FP.FTS.B,
16.49%,
7/10/27
10,646
10,802
APP-14837945.FP.FTS.B,
18.49%,
7/10/27
23,756
23,880
APP-14926519.FP.FTS.B,
9.74%,
7/11/27
.
33,649
34,179
APP-14970727.FP.FTS.B,
9.74%,
7/13/27
.
28,090
28,546
APP-14975701.FP.FTS.B,
11.74%,
7/15/27
19,297
19,626
APP-14892088.FP.FTS.B,
14.49%,
7/15/27
10,164
10,341
APP-14975198.FP.FTS.B,
9.24%,
7/16/27
.
29,110
29,604
APP-14939586.FP.FTS.B,
14.24%,
7/22/27
15,060
15,330
APP-14791332.FP.FTS.B,
17.74%,
7/22/27
29,250
29,659
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-108
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-14959631.FP.FTS.B,
17.74%,
7/22/27
$
48,750
$
49,688
APP-14178116.FP.FTS.B,
17.74%,
7/23/27
48,596
49,235
2,184,358
LendingClub
Corp.
-
LCX
165475303.LC.FTS.B,
8.19%,
1/24/23
...
655
653
165393871.LC.FTS.B,
11.02%,
1/24/23
...
2,048
2,043
165581669.LC.FTS.B,
7.56%,
1/27/23
...
1,807
1,778
165690410.LC.FTS.B,
15.24%,
1/28/23
...
674
676
166043155.LC.FTS.B,
14.3%,
2/03/23
...
812
806
165696133.LC.FTS.B,
17.74%,
2/05/23
...
1,777
1,756
166275848.LC.FTS.B,
14.3%,
2/07/23
...
4,969
4,942
166662631.LC.FTS.B,
20.55%,
2/21/23
...
1,068
1,075
167087907.LC.FTS.B,
18.62%,
2/28/23
...
3,992
3,995
167225770.LC.FTS.B,
25.65%,
2/28/23
...
941
949
167701933.LC.FTS.B,
10.33%,
3/03/23
...
2,454
2,425
168221172.LC.FTS.B,
8.81%,
3/15/23
....
1,582
1,545
167497337.LC.FTS.B,
10.33%,
3/15/23
...
3,287
3,243
166308005.LC.FTS.B,
20.55%,
4/10/23
...
1,622
1,606
166957411.LC.FTS.B,
15.24%,
4/19/23
...
320
306
163168705.LC.FTS.B,
Zero
Cpn,
7/20/23
.
15,022
1,449
166918483.LC.FTS.B,
15.24%,
9/18/23
...
2,704
2,597
158759739.LC.FTS.B,
16.12%,
11/25/24
..
12,099
11,657
165633933.LC.FTS.B,
11.02%,
1/28/25
...
10,698
10,215
165313131.LC.FTS.B,
11.02%,
2/03/25
...
17,596
16,762
166049294.LC.FTS.B,
14.3%,
2/03/25
...
6,604
6,311
165199936.LC.FTS.B,
18.62%,
2/13/25
...
20,928
2,574
166979816.LC.FTS.B,
15.24%,
2/24/25
...
8,830
8,411
167106425.LC.FTS.B,
18.62%,
2/28/25
...
5,435
5,231
165954765.LC.FTS.B,
20.55%,
3/20/25
...
7,955
7,562
100,567
LendingClub
Corp.
-
LCX
PM
171026131.LC.FTS.B,
14.02%,
10/08/23
..
9,022
8,807
171023265.LC.FTS.B,
17.3%,
10/08/23
...
2,410
2,330
171077226.LC.FTS.B,
10.19%,
10/13/23
..
983
942
172927033.LC.FTS.B,
10.81%,
12/24/23
..
3,633
3,539
173276655.LC.FTS.B,
18.24%,
12/24/23
..
2,416
2,365
174324177.LC.FTS.B,
14.99%,
2/03/24
...
2,639
2,593
173602157.LC.FTS.B,
16.99%,
2/03/24
...
4,282
4,208
170715926.LC.FTS.B,
16.08%,
10/13/25
..
10,605
10,274
170676409.LC.FTS.B,
17.3%,
10/13/25
...
8,561
8,205
171176757.LC.FTS.B,
18.24%,
10/27/25
..
7,275
6,992
174285582.LC.FTS.B,
15.99%,
2/03/26
...
15,284
14,508
174329530.LC.FTS.B,
20.49%,
2/03/26
...
7,846
7,652
174350163.LC.FTS.B,
18.44%,
2/15/26
...
10,186
9,955
82,370
Prosper
Funding
LLC
1611508.PS.FTS.B,
15.4%,
8/20/24
.....
3,454
3,326
1612567.PS.FTS.B,
24.6%,
8/23/24
.....
1,456
1,425
1623671.PS.FTS.B,
25.71%,
9/21/24
....
7,469
7,304
1628458.PS.FTS.B,
18.5%,
9/22/24
.....
3,628
3,524
1620408.PS.FTS.B,
12.5%,
9/23/24
.....
25,477
20,872
1627820.PS.FTS.B,
12.15%,
9/28/24
....
3,659
3,546
1627811.PS.FTS.B,
13.05%,
9/28/24
....
14,688
14,234
1638201.PS.FTS.B,
13.3%,
9/28/24
.....
7,069
6,851
1631458.PS.FTS.B,
14.19%,
9/28/24
....
1,654
1,629
1638657.PS.FTS.B,
16.1%,
9/28/24
.....
1,487
1,436
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1628909.PS.FTS.B,
17.96%,
9/29/24
....
$
5,615
$
5,516
1639785.PS.FTS.B,
13.1%,
9/30/24
.....
7,345
7,067
1629401.PS.FTS.B,
13.5%,
9/30/24
.....
4,466
4,299
1657122.PS.FTS.B,
10.8%,
10/29/24
....
5,276
5,168
1656696.PS.FTS.B,
11.7%,
10/29/24
....
9,831
9,637
1645598.PS.FTS.B,
16.2%,
10/31/24
....
5,731
5,656
1651234.PS.FTS.B,
13.7%,
11/01/24
....
2,941
2,807
1660959.PS.FTS.B,
14%,
11/05/24
......
671
651
1660953.PS.FTS.B,
14.09%,
11/05/24
....
11,442
10,932
1650965.PS.FTS.B,
18.41%,
11/05/24
....
7,631
7,289
1653314.PS.FTS.B,
13.2%,
11/09/24
....
2,281
2,200
1654279.PS.FTS.B,
12.4%,
11/11/24
.....
6,839
6,597
1650962.PS.FTS.B,
13.81%,
11/29/24
....
7,954
7,774
1686771.PS.FTS.B,
12%,
12/16/24
......
5,087
4,919
1679839.PS.FTS.B,
12.76%,
12/16/24
...
3,244
3,149
1680232.PS.FTS.B,
15.5%,
12/16/24
....
15,831
15,186
1674092.PS.FTS.B,
16.2%,
12/16/24
....
5,152
4,957
1679833.PS.FTS.B,
17.54%,
12/16/24
...
6,374
6,132
1686723.PS.FTS.B,
18.4%,
12/16/24
....
1,597
1,536
1673696.PS.FTS.B,
24.3%,
12/16/24
....
5,692
5,495
1688400.PS.FTS.B,
15.4%,
12/20/24
....
1,583
1,521
1681375.PS.FTS.B,
16.02%,
12/20/24
...
1,586
1,529
1690251.PS.FTS.B,
13.66%,
12/22/24
...
7,082
6,859
1677551.PS.FTS.B,
18.09%,
12/22/24
...
1,690
1,414
1701345.PS.FTS.B,
11.4%,
1/13/25
.....
8,524
1,938
1695034.PS.FTS.B,
14.89%,
1/13/25
....
4,071
3,902
1701777.PS.FTS.B,
15.1%,
1/13/25
.....
5,724
5,494
1701351.PS.FTS.B,
16.1%,
1/13/25
.....
1,634
1,566
1694578.PS.FTS.B,
19.83%,
1/13/25
....
3,714
3,560
1702155.PS.FTS.B,
15.21%,
1/14/25
....
4,075
3,908
1688540.PS.FTS.B,
12.3%,
1/20/25
.....
8,086
7,839
1705446.PS.FTS.B,
21.69%,
1/20/25
....
1,659
1,602
1688531.PS.FTS.B,
16.02%,
1/26/25
....
11,520
11,048
1689941.PS.FTS.B,
19.2%,
1/28/25
.....
12,822
12,301
1692122.PS.FTS.B,
13%,
2/01/25
.......
25,740
24,978
1714693.PS.FTS.B,
12.4%,
2/15/25
.....
9,579
9,287
1721022.PS.FTS.B,
14.39%,
2/15/25
....
3,371
450
1721001.PS.FTS.B,
18.6%,
2/15/25
.....
7,611
7,307
1714705.PS.FTS.B,
18.8%,
2/15/25
.....
6,769
6,499
1721616.PS.FTS.B,
19.83%,
2/15/25
....
6,785
6,514
1708034.PS.FTS.B,
20.01%,
2/15/25
....
4,242
4,072
1721031.PS.FTS.B,
20.4%,
2/15/25
.....
1,698
1,630
1722672.PS.FTS.B,
10.5%,
2/16/25
.....
4,974
4,824
1722483.PS.FTS.B,
15.4%,
2/16/25
.....
16,784
16,125
1722186.PS.FTS.B,
24.4%,
2/16/25
.....
7,641
6,443
1724151.PS.FTS.B,
14.41%,
2/22/25
....
3,349
3,252
1721323.PS.FTS.B,
16.4%,
2/24/25
.....
5,889
5,675
1710260.PS.FTS.B,
22.6%,
2/28/25
.....
1,785
1,715
1718530.PS.FTS.B,
24.4%,
2/28/25
.....
3,513
3,385
1720980.PS.FTS.B,
19.56%,
3/08/25
....
5,733
5,509
1749430.PS.FTS.B,
23.59%,
4/05/25
....
7,199
6,874
1743116.PS.FTS.B,
12.4%,
4/06/25
.....
4,413
4,305
1750207.PS.FTS.B,
24.4%,
4/06/25
.....
2,702
2,582
1744403.PS.FTS.B,
13.9%,
4/07/25
.....
7,522
7,266
1754061.PS.FTS.B,
16%,
4/07/25
.......
6,201
5,965
1752367.PS.FTS.B,
18.09%,
4/11/25
....
2,805
692
1752829.PS.FTS.B,
18.09%,
4/11/25
....
1,783
1,714
1754218.PS.FTS.B,
22.6%,
4/12/25
.....
1,797
1,724
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1750364.PS.FTS.B,
18.5%,
4/15/25
.....
$
8,922
$
8,645
1759842.PS.FTS.B,
22.9%,
4/15/25
.....
4,045
3,888
1754544.PS.FTS.B,
16.1%,
4/18/25
.....
8,928
8,627
1606280.PS.FTS.B,
14.7%,
7/17/25
.....
1,612
977
1605968.PS.FTS.B,
14.29%,
8/17/26
....
6,296
6,004
1605953.PS.FTS.B,
14.7%,
8/17/26
.....
21,991
2,888
1605959.PS.FTS.B,
18.73%,
8/17/26
....
17,095
16,299
1618044.PS.FTS.B,
15.1%,
8/19/26
.....
8,608
8,260
1611667.PS.FTS.B,
12.6%,
8/20/26
.....
5,416
5,224
1620345.PS.FTS.B,
13.2%,
8/24/26
.....
9,608
9,275
1620426.PS.FTS.B,
20%,
8/24/26
.......
18,038
17,293
1610432.PS.FTS.B,
14.03%,
8/25/26
....
5,450
5,263
1622637.PS.FTS.B,
12.7%,
8/27/26
.....
5,836
5,637
1622940.PS.FTS.B,
13.7%,
8/30/26
.....
10,206
9,798
1624202.PS.FTS.B,
11.79%,
9/21/26
....
16,035
15,467
1632445.PS.FTS.B,
15.18%,
9/29/26
....
12,934
12,671
1644830.PS.FTS.B,
10.5%,
10/26/26
....
3,128
3,094
1648285.PS.FTS.B,
12.62%,
10/26/26
...
6,884
6,660
1644821.PS.FTS.B,
16.18%,
10/26/26
...
12,201
11,675
1644836.PS.FTS.B,
18.5%,
10/26/26
....
5,709
5,457
1648942.PS.FTS.B,
11.89%,
10/27/26
....
5,578
5,398
1645184.PS.FTS.B,
16.9%,
10/27/26
....
1,088
1,060
1645643.PS.FTS.B,
18.5%,
10/27/26
....
9,662
9,239
1645601.PS.FTS.B,
26.13%,
10/27/26
...
4,495
4,350
1646399.PS.FTS.B,
10.5%,
10/28/26
....
9,541
9,235
1657248.PS.FTS.B,
10.5%,
10/29/26
....
21,684
21,199
1646459.PS.FTS.B,
11.89%,
10/29/26
....
8,715
8,530
1646507.PS.FTS.B,
16%,
11/02/26
......
14,157
13,569
1654273.PS.FTS.B,
11.4%,
11/05/26
.....
13,050
12,564
1661067.PS.FTS.B,
12.3%,
11/05/26
....
8,727
8,402
1660821.PS.FTS.B,
12.5%,
11/05/26
....
13,099
12,611
1661382.PS.FTS.B,
16.7%,
11/05/26
....
4,425
4,186
1660956.PS.FTS.B,
18.25%,
11/05/26
....
6,225
5,886
1654507.PS.FTS.B,
18.6%,
11/05/26
....
6,225
5,899
1651610.PS.FTS.B,
10.8%,
11/08/26
....
9,117
8,783
1664763.PS.FTS.B,
13.8%,
11/08/26
....
3,431
3,290
1666497.PS.FTS.B,
13.8%,
11/09/26
....
13,155
12,513
1666914.PS.FTS.B,
11.89%,
11/10/26
....
9,111
1,112
1647191.PS.FTS.B,
16.32%,
11/12/26
....
10,771
10,324
1660294.PS.FTS.B,
15.2%,
11/15/26
....
10,504
9,994
1664083.PS.FTS.B,
11.6%,
11/17/26
.....
6,965
6,724
1679851.PS.FTS.B,
10.9%,
12/16/26
....
15,882
15,352
1673693.PS.FTS.B,
12.5%,
12/16/26
....
14,037
13,577
1686732.PS.FTS.B,
12.62%,
12/16/26
...
4,435
4,287
1686756.PS.FTS.B,
20.08%,
12/16/26
...
6,793
6,449
1673687.PS.FTS.B,
25.6%,
12/16/26
....
9,180
8,782
1674302.PS.FTS.B,
18.33%,
12/17/26
...
16,953
16,088
1674281.PS.FTS.B,
21%,
12/17/26
......
2,675
2,566
1675325.PS.FTS.B,
14%,
12/20/26
......
17,750
16,966
1695804.PS.FTS.B,
10.8%,
1/04/27
.....
4,477
4,323
1694569.PS.FTS.B,
10.5%,
1/13/27
.....
6,263
6,060
1701348.PS.FTS.B,
11.1%,
1/13/27
.....
4,481
4,336
1688537.PS.FTS.B,
13.7%,
1/13/27
.....
9,475
9,048
1702140.PS.FTS.B,
11.55%,
1/14/27
....
13,460
13,026
1701774.PS.FTS.B,
19.3%,
1/16/27
.....
7,333
6,957
1703079.PS.FTS.B,
10.5%,
1/18/27
.....
12,437
12,047
1689971.PS.FTS.B,
11.6%,
1/18/27
.....
7,179
6,954
1691666.PS.FTS.B,
11.88%,
1/19/27
....
7,185
6,961
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1705047.PS.FTS.B,
17.54%,
1/19/27
....
$
13,666
$
13,005
1704972.PS.FTS.B,
24.18%,
1/19/27
....
6,473
6,210
1692578.PS.FTS.B,
13.1%,
1/20/27
.....
3,593
3,482
1699192.PS.FTS.B,
14.6%,
1/20/27
.....
31,187
29,855
1694423.PS.FTS.B,
15%,
1/24/27
.......
13,581
13,019
1700734.PS.FTS.B,
16.2%,
1/24/27
.....
22,703
21,762
1702129.PS.FTS.B,
12.7%,
1/25/27
.....
6,300
6,113
1709019.PS.FTS.B,
19%,
1/25/27
.......
10,971
10,471
1702634.PS.FTS.B,
21.95%,
2/04/27
....
13,027
12,370
1721025.PS.FTS.B,
10.53%,
2/15/27
....
1,816
1,762
1714696.PS.FTS.B,
12.6%,
2/15/27
.....
9,126
8,852
1708016.PS.FTS.B,
12.62%,
2/15/27
....
18,252
17,704
1720968.PS.FTS.B,
12.62%,
2/15/27
....
18,252
17,704
1714699.PS.FTS.B,
16.1%,
2/15/27
.....
9,197
8,806
1715326.PS.FTS.B,
16.83%,
2/15/27
....
15,198
14,444
1709231.PS.FTS.B,
13.7%,
2/16/27
.....
13,265
12,708
1716949.PS.FTS.B,
11.77%,
2/17/27
....
13,662
13,258
1711397.PS.FTS.B,
18.15%,
2/22/27
....
16,625
15,957
1709558.PS.FTS.B,
13.4%,
2/28/27
.....
16,853
16,258
1752507.PS.FTS.B,
25.9%,
4/05/27
.....
7,180
6,849
1743635.PS.FTS.B,
13.1%,
4/06/27
.....
11,867
11,566
1753401.PS.FTS.B,
16.9%,
4/06/27
.....
14,369
13,720
1750201.PS.FTS.B,
19.9%,
4/06/27
.....
9,495
9,066
1750603.PS.FTS.B,
14.29%,
4/07/27
....
4,707
4,545
1751788.PS.FTS.B,
15.7%,
4/08/27
.....
9,435
9,114
1759809.PS.FTS.B,
12.5%,
4/15/27
.....
29,566
28,942
1753794.PS.FTS.B,
15.1%,
4/20/27
.....
7,582
7,321
1,210,994
Upgrade,
Inc.
-
Card
992398221.UG.FTS.B,
19.3%,
4/03/24
...
117
118
992447830.UG.FTS.B,
22.45%,
4/03/24
..
208
207
992438577.UG.FTS.B,
25.45%,
4/03/24
..
217
216
992259659.UG.FTS.B,
28.48%,
4/03/24
..
23
22
992341725.UG.FTS.B,
28.48%,
4/03/24
..
47
47
992357631.UG.FTS.B,
28.48%,
4/03/24
..
16
16
992275723.UG.FTS.B,
29.49%,
4/03/24
..
50
49
992458720.UG.FTS.B,
29.49%,
4/03/24
..
40
40
992264301.UG.FTS.B,
29.49%,
4/04/24
..
282
283
992282840.UG.FTS.B,
29.49%,
4/04/24
..
687
694
992378488.UG.FTS.B,
29.49%,
4/04/24
..
158
122
992459954.UG.FTS.B,
29.49%,
4/04/24
..
142
105
992285365.UG.FTS.B,
17.49%,
4/05/24
..
329
334
992240347.UG.FTS.B,
18.71%,
4/05/24
..
111
112
992241984.UG.FTS.B,
18.71%,
4/05/24
..
255
257
992330988.UG.FTS.B,
18.71%,
4/05/24
..
220
223
992239693.UG.FTS.B,
19.3%,
4/05/24
...
561
562
992324126.UG.FTS.B,
19.3%,
4/05/24
...
157
35
992378711.UG.FTS.B,
19.3%,
4/05/24
...
659
667
992384003.UG.FTS.B,
19.3%,
4/05/24
...
162
163
992356255.UG.FTS.B,
19.96%,
4/05/24
..
8
8
992333048.UG.FTS.B,
19.99%,
4/05/24
..
130
130
992246266.UG.FTS.B,
20.47%,
4/05/24
..
204
204
992286774.UG.FTS.B,
20.47%,
4/05/24
..
268
270
992418214.UG.FTS.B,
20.47%,
4/05/24
..
775
778
992419308.UG.FTS.B,
20.47%,
4/05/24
..
41
41
992239776.UG.FTS.B,
20.96%,
4/05/24
..
277
279
992350092.UG.FTS.B,
20.96%,
4/05/24
..
90
11
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992244483.UG.FTS.B,
21.48%,
4/05/24
..
$
236
$
238
992266844.UG.FTS.B,
21.48%,
4/05/24
..
103
104
992416498.UG.FTS.B,
21.48%,
4/05/24
..
825
825
992448678.UG.FTS.B,
22.47%,
4/05/24
..
16
16
992248889.UG.FTS.B,
23.45%,
4/05/24
..
13
13
992363381.UG.FTS.B,
24.45%,
4/05/24
..
283
284
992256931.UG.FTS.B,
25.44%,
4/05/24
..
240
245
992273417.UG.FTS.B,
25.44%,
4/05/24
..
66
66
992458005.UG.FTS.B,
25.44%,
4/05/24
..
94
(1)
992300539.UG.FTS.B,
25.45%,
4/05/24
..
47
47
992274561.UG.FTS.B,
28.48%,
4/05/24
..
87
87
992284254.UG.FTS.B,
28.48%,
4/05/24
..
168
170
992296532.UG.FTS.B,
28.48%,
4/05/24
..
47
46
992315245.UG.FTS.B,
28.48%,
4/05/24
..
77
76
992334224.UG.FTS.B,
28.48%,
4/05/24
..
77
78
992347446.UG.FTS.B,
28.48%,
4/05/24
..
907
114
992379401.UG.FTS.B,
28.48%,
4/05/24
..
143
144
992383240.UG.FTS.B,
28.48%,
4/05/24
..
35
35
992395391.UG.FTS.B,
28.48%,
4/05/24
..
117
117
992401140.UG.FTS.B,
28.48%,
4/05/24
..
193
195
992443753.UG.FTS.B,
28.48%,
4/05/24
..
131
131
992255341.UG.FTS.B,
28.98%,
4/05/24
..
320
105
992349368.UG.FTS.B,
29.46%,
4/05/24
..
42
42
992273722.UG.FTS.B,
29.47%,
4/05/24
..
235
237
992248833.UG.FTS.B,
29.48%,
4/05/24
..
85
86
992256649.UG.FTS.B,
29.48%,
4/05/24
..
153
155
992267090.UG.FTS.B,
29.48%,
4/05/24
..
108
109
992275640.UG.FTS.B,
29.48%,
4/05/24
..
175
176
992279719.UG.FTS.B,
29.48%,
4/05/24
..
132
131
992308582.UG.FTS.B,
29.48%,
4/05/24
..
26
26
992308882.UG.FTS.B,
29.48%,
4/05/24
..
23
23
992324240.UG.FTS.B,
29.48%,
4/05/24
..
159
161
992347467.UG.FTS.B,
29.48%,
4/05/24
..
252
255
992437350.UG.FTS.B,
29.48%,
4/05/24
..
14
14
992239914.UG.FTS.B,
29.49%,
4/05/24
..
56
55
992243934.UG.FTS.B,
29.49%,
4/05/24
..
40
39
992244373.UG.FTS.B,
29.49%,
4/05/24
..
104
104
992246075.UG.FTS.B,
29.49%,
4/05/24
..
136
137
992247689.UG.FTS.B,
29.49%,
4/05/24
..
1,392
1,392
992250596.UG.FTS.B,
29.49%,
4/05/24
..
65
9
992262726.UG.FTS.B,
29.49%,
4/05/24
..
277
279
992262764.UG.FTS.B,
29.49%,
4/05/24
..
29
29
992267548.UG.FTS.B,
29.49%,
4/05/24
..
42
42
992267982.UG.FTS.B,
29.49%,
4/05/24
..
329
331
992271382.UG.FTS.B,
29.49%,
4/05/24
..
149
150
992273344.UG.FTS.B,
29.49%,
4/05/24
..
51
51
992273433.UG.FTS.B,
29.49%,
4/05/24
..
57
57
992277911.UG.FTS.B,
29.49%,
4/05/24
..
108
109
992281654.UG.FTS.B,
29.49%,
4/05/24
..
27
2
992283053.UG.FTS.B,
29.49%,
4/05/24
..
110
111
992283646.UG.FTS.B,
29.49%,
4/05/24
..
211
156
992284455.UG.FTS.B,
29.49%,
4/05/24
..
1,601
1,616
992284613.UG.FTS.B,
29.49%,
4/05/24
..
105
102
992287261.UG.FTS.B,
29.49%,
4/05/24
..
35
35
992287722.UG.FTS.B,
29.49%,
4/05/24
..
145
147
992289386.UG.FTS.B,
29.49%,
4/05/24
..
8
8
992289546.UG.FTS.B,
29.49%,
4/05/24
..
31
31
992289947.UG.FTS.B,
29.49%,
4/05/24
..
144
140
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992296652.UG.FTS.B,
29.49%,
4/05/24
..
$
25
$
24
992296969.UG.FTS.B,
29.49%,
4/05/24
..
66
66
992297108.UG.FTS.B,
29.49%,
4/05/24
..
83
84
992298055.UG.FTS.B,
29.49%,
4/05/24
..
159
10
992302092.UG.FTS.B,
29.49%,
4/05/24
..
136
136
992307882.UG.FTS.B,
29.49%,
4/05/24
..
134
135
992309362.UG.FTS.B,
29.49%,
4/05/24
..
167
169
992309531.UG.FTS.B,
29.49%,
4/05/24
..
86
87
992310025.UG.FTS.B,
29.49%,
4/05/24
..
273
273
992318715.UG.FTS.B,
29.49%,
4/05/24
..
63
63
992323342.UG.FTS.B,
29.49%,
4/05/24
..
60
60
992323446.UG.FTS.B,
29.49%,
4/05/24
..
116
115
992324210.UG.FTS.B,
29.49%,
4/05/24
..
77
78
992328175.UG.FTS.B,
29.49%,
4/05/24
..
54
54
992328853.UG.FTS.B,
29.49%,
4/05/24
..
128
129
992329601.UG.FTS.B,
29.49%,
4/05/24
..
106
105
992333933.UG.FTS.B,
29.49%,
4/05/24
..
202
201
992336975.UG.FTS.B,
29.49%,
4/05/24
..
163
163
992344980.UG.FTS.B,
29.49%,
4/05/24
..
81
82
992345689.UG.FTS.B,
29.49%,
4/05/24
..
110
108
992345838.UG.FTS.B,
29.49%,
4/05/24
..
171
41
992348729.UG.FTS.B,
29.49%,
4/05/24
..
65
65
992350277.UG.FTS.B,
29.49%,
4/05/24
..
168
170
992356231.UG.FTS.B,
29.49%,
4/05/24
..
136
137
992364426.UG.FTS.B,
29.49%,
4/05/24
..
54
54
992365430.UG.FTS.B,
29.49%,
4/05/24
..
67
67
992366150.UG.FTS.B,
29.49%,
4/05/24
..
238
57
992379815.UG.FTS.B,
29.49%,
4/05/24
..
105
7
992380190.UG.FTS.B,
29.49%,
4/05/24
..
21
20
992382545.UG.FTS.B,
29.49%,
4/05/24
..
25
25
992395507.UG.FTS.B,
29.49%,
4/05/24
..
30
29
992402117.UG.FTS.B,
29.49%,
4/05/24
..
190
191
992405301.UG.FTS.B,
29.49%,
4/05/24
..
51
51
992412416.UG.FTS.B,
29.49%,
4/05/24
..
446
439
992414707.UG.FTS.B,
29.49%,
4/05/24
..
248
32
992419454.UG.FTS.B,
29.49%,
4/05/24
..
45
44
992428512.UG.FTS.B,
29.49%,
4/05/24
..
145
144
992435585.UG.FTS.B,
29.49%,
4/05/24
..
418
413
992436739.UG.FTS.B,
29.49%,
4/05/24
..
51
7
992439811.UG.FTS.B,
29.49%,
4/05/24
..
99
97
992444368.UG.FTS.B,
29.49%,
4/05/24
..
901
682
992449697.UG.FTS.B,
29.49%,
4/05/24
..
17
17
992455893.UG.FTS.B,
29.49%,
4/05/24
..
125
124
992461968.UG.FTS.B,
29.49%,
4/05/24
..
124
122
992271010.UG.FTS.B,
17.97%,
4/03/25
..
421
421
992355930.UG.FTS.B,
19.8%,
4/03/25
...
232
234
992244955.UG.FTS.B,
19.99%,
4/03/25
..
134
133
992318841.UG.FTS.B,
19.99%,
4/03/25
..
1,142
1,128
992460958.UG.FTS.B,
20.46%,
4/03/25
..
330
332
992241042.UG.FTS.B,
20.97%,
4/03/25
..
539
1
992460846.UG.FTS.B,
20.97%,
4/03/25
..
494
312
992341430.UG.FTS.B,
23.95%,
4/03/25
..
157
157
992249317.UG.FTS.B,
28.98%,
4/03/25
..
769
777
992287702.UG.FTS.B,
28.98%,
4/03/25
..
323
321
992307437.UG.FTS.B,
28.98%,
4/03/25
..
664
649
992401201.UG.FTS.B,
28.98%,
4/03/25
..
40
40
992458860.UG.FTS.B,
28.98%,
4/03/25
..
239
240
992464185.UG.FTS.B,
28.98%,
4/03/25
..
57
58
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992236828.UG.FTS.B,
29.49%,
4/03/25
..
$
92
$
94
992247758.UG.FTS.B,
29.49%,
4/03/25
..
267
(14)
992254734.UG.FTS.B,
29.49%,
4/03/25
..
83
–
992261673.UG.FTS.B,
29.49%,
4/03/25
..
219
74
992264392.UG.FTS.B,
29.49%,
4/03/25
..
522
109
992296038.UG.FTS.B,
29.49%,
4/03/25
..
416
419
992334340.UG.FTS.B,
29.49%,
4/03/25
..
90
89
992345330.UG.FTS.B,
29.49%,
4/03/25
..
431
420
992367110.UG.FTS.B,
29.49%,
4/03/25
..
1,188
1,185
992457538.UG.FTS.B,
29.49%,
4/03/25
..
36
35
992458383.UG.FTS.B,
29.49%,
4/03/25
..
8
8
992458735.UG.FTS.B,
29.49%,
4/03/25
..
30
30
992458807.UG.FTS.B,
29.49%,
4/03/25
..
57
47
992462894.UG.FTS.B,
29.49%,
4/03/25
..
117
117
992457494.UG.FTS.B,
17.99%,
4/04/25
..
608
615
992461071.UG.FTS.B,
19.8%,
4/04/25
...
155
17
992299146.UG.FTS.B,
28.98%,
4/04/25
..
791
787
992362408.UG.FTS.B,
28.98%,
4/04/25
..
429
423
992408749.UG.FTS.B,
28.98%,
4/04/25
..
376
379
992461489.UG.FTS.B,
28.98%,
4/04/25
..
31
31
992245821.UG.FTS.B,
29.49%,
4/04/25
..
296
301
992250417.UG.FTS.B,
29.49%,
4/04/25
..
270
266
992264434.UG.FTS.B,
29.49%,
4/04/25
..
422
410
992297978.UG.FTS.B,
29.49%,
4/04/25
..
48
48
992396391.UG.FTS.B,
29.49%,
4/04/25
..
367
369
992459117.UG.FTS.B,
29.49%,
4/04/25
..
24
24
992346543.UG.FTS.B,
Zero
Cpn,
4/05/25
.
517
36
992245824.UG.FTS.B,
16.99%,
4/05/25
..
234
235
992282393.UG.FTS.B,
16.99%,
4/05/25
..
1,790
1,824
992335587.UG.FTS.B,
17.97%,
4/05/25
..
363
374
992294096.UG.FTS.B,
17.99%,
4/05/25
..
459
461
992300496.UG.FTS.B,
17.99%,
4/05/25
..
108
110
992239267.UG.FTS.B,
19.21%,
4/05/25
..
1,803
1,834
992346705.UG.FTS.B,
19.21%,
4/05/25
..
896
910
992442455.UG.FTS.B,
19.21%,
4/05/25
..
2,181
2,202
992300281.UG.FTS.B,
19.8%,
4/05/25
...
31
32
992307969.UG.FTS.B,
19.8%,
4/05/25
...
107
108
992349565.UG.FTS.B,
19.8%,
4/05/25
...
1,075
1,090
992350427.UG.FTS.B,
19.8%,
4/05/25
...
897
910
992383581.UG.FTS.B,
19.8%,
4/05/25
...
236
240
992254243.UG.FTS.B,
19.99%,
4/05/25
..
382
382
992268585.UG.FTS.B,
19.99%,
4/05/25
..
104
106
992270154.UG.FTS.B,
19.99%,
4/05/25
..
548
559
992290118.UG.FTS.B,
19.99%,
4/05/25
..
132
135
992336548.UG.FTS.B,
19.99%,
4/05/25
..
1,694
1,698
992357555.UG.FTS.B,
19.99%,
4/05/25
..
174
177
992379889.UG.FTS.B,
19.99%,
4/05/25
..
1,153
1,173
992341688.UG.FTS.B,
20.46%,
4/05/25
..
137
139
992453559.UG.FTS.B,
20.46%,
4/05/25
..
2,232
2,247
992241765.UG.FTS.B,
20.97%,
4/05/25
..
468
474
992386629.UG.FTS.B,
20.97%,
4/05/25
..
3,588
3,633
992251309.UG.FTS.B,
21.46%,
4/05/25
..
447
451
992297939.UG.FTS.B,
21.46%,
4/05/25
..
21
21
992309805.UG.FTS.B,
21.46%,
4/05/25
..
846
55
992347533.UG.FTS.B,
21.46%,
4/05/25
..
225
227
992413295.UG.FTS.B,
21.46%,
4/05/25
..
143
145
992238211.UG.FTS.B,
21.98%,
4/05/25
..
710
717
992263295.UG.FTS.B,
21.98%,
4/05/25
..
363
363
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992285455.UG.FTS.B,
21.98%,
4/05/25
..
$
10
$
10
992395369.UG.FTS.B,
21.98%,
4/05/25
..
297
300
992263400.UG.FTS.B,
22.95%,
4/05/25
..
378
381
992378649.UG.FTS.B,
22.95%,
4/05/25
..
490
(12)
992262511.UG.FTS.B,
22.97%,
4/05/25
..
786
793
992330039.UG.FTS.B,
22.97%,
4/05/25
..
587
67
992378853.UG.FTS.B,
22.97%,
4/05/25
..
899
908
992415093.UG.FTS.B,
22.97%,
4/05/25
..
256
258
992268373.UG.FTS.B,
23.95%,
4/05/25
..
589
586
992309324.UG.FTS.B,
23.95%,
4/05/25
..
782
785
992350011.UG.FTS.B,
23.95%,
4/05/25
..
92
92
992402436.UG.FTS.B,
23.95%,
4/05/25
..
261
263
992350254.UG.FTS.B,
24.96%,
4/05/25
..
136
134
992252550.UG.FTS.B,
27.99%,
4/05/25
..
52
52
992299445.UG.FTS.B,
27.99%,
4/05/25
..
2
2
992438360.UG.FTS.B,
27.99%,
4/05/25
..
208
208
992240832.UG.FTS.B,
28.98%,
4/05/25
..
88
89
992246882.UG.FTS.B,
28.98%,
4/05/25
..
778
520
992248396.UG.FTS.B,
28.98%,
4/05/25
..
919
940
992252552.UG.FTS.B,
28.98%,
4/05/25
..
23
23
992253878.UG.FTS.B,
28.98%,
4/05/25
..
1,499
1,492
992255354.UG.FTS.B,
28.98%,
4/05/25
..
61
61
992259876.UG.FTS.B,
28.98%,
4/05/25
..
114
116
992260350.UG.FTS.B,
28.98%,
4/05/25
..
119
118
992260733.UG.FTS.B,
28.98%,
4/05/25
..
319
326
992262040.UG.FTS.B,
28.98%,
4/05/25
..
190
194
992263660.UG.FTS.B,
28.98%,
4/05/25
..
550
545
992266396.UG.FTS.B,
28.98%,
4/05/25
..
2,851
2,837
992266496.UG.FTS.B,
28.98%,
4/05/25
..
144
142
992267371.UG.FTS.B,
28.98%,
4/05/25
..
1,132
1,157
992269403.UG.FTS.B,
28.98%,
4/05/25
..
56
55
992269419.UG.FTS.B,
28.98%,
4/05/25
..
362
370
992270480.UG.FTS.B,
28.98%,
4/05/25
..
249
255
992273307.UG.FTS.B,
28.98%,
4/05/25
..
2,366
2,418
992283631.UG.FTS.B,
28.98%,
4/05/25
..
835
569
992283659.UG.FTS.B,
28.98%,
4/05/25
..
231
233
992284082.UG.FTS.B,
28.98%,
4/05/25
..
229
234
992284271.UG.FTS.B,
28.98%,
4/05/25
..
1,833
1,852
992284330.UG.FTS.B,
28.98%,
4/05/25
..
129
127
992285475.UG.FTS.B,
28.98%,
4/05/25
..
37
36
992286835.UG.FTS.B,
28.98%,
4/05/25
..
123
125
992289248.UG.FTS.B,
28.98%,
4/05/25
..
30
30
992293208.UG.FTS.B,
28.98%,
4/05/25
..
335
337
992293228.UG.FTS.B,
28.98%,
4/05/25
..
113
74
992300125.UG.FTS.B,
28.98%,
4/05/25
..
1,828
1,868
992300368.UG.FTS.B,
28.98%,
4/05/25
..
106
108
992300466.UG.FTS.B,
28.98%,
4/05/25
..
417
426
992300547.UG.FTS.B,
28.98%,
4/05/25
..
128
131
992300944.UG.FTS.B,
28.98%,
4/05/25
..
159
161
992308269.UG.FTS.B,
28.98%,
4/05/25
..
125
127
992308546.UG.FTS.B,
28.98%,
4/05/25
..
99
101
992310426.UG.FTS.B,
28.98%,
4/05/25
..
207
202
992313981.UG.FTS.B,
28.98%,
4/05/25
..
–
–
992314709.UG.FTS.B,
28.98%,
4/05/25
..
911
931
992316890.UG.FTS.B,
28.98%,
4/05/25
..
946
964
992317837.UG.FTS.B,
28.98%,
4/05/25
..
25
25
992322709.UG.FTS.B,
28.98%,
4/05/25
..
183
186
992323257.UG.FTS.B,
28.98%,
4/05/25
..
27
27
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-112
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992324031.UG.FTS.B,
28.98%,
4/05/25
..
$
714
$
730
992333704.UG.FTS.B,
28.98%,
4/05/25
..
42
42
992336076.UG.FTS.B,
28.98%,
4/05/25
..
44
15
992336115.UG.FTS.B,
28.98%,
4/05/25
..
318
325
992345324.UG.FTS.B,
28.98%,
4/05/25
..
40
40
992348005.UG.FTS.B,
28.98%,
4/05/25
..
456
466
992349767.UG.FTS.B,
28.98%,
4/05/25
..
279
58
992350279.UG.FTS.B,
28.98%,
4/05/25
..
456
460
992353271.UG.FTS.B,
28.98%,
4/05/25
..
648
662
992360655.UG.FTS.B,
28.98%,
4/05/25
..
407
414
992360785.UG.FTS.B,
28.98%,
4/05/25
..
186
39
992378373.UG.FTS.B,
28.98%,
4/05/25
..
740
745
992379087.UG.FTS.B,
28.98%,
4/05/25
..
992
119
992385229.UG.FTS.B,
28.98%,
4/05/25
..
270
276
992398111.UG.FTS.B,
28.98%,
4/05/25
..
145
146
992406035.UG.FTS.B,
28.98%,
4/05/25
..
810
828
992409294.UG.FTS.B,
28.98%,
4/05/25
..
70
71
992413133.UG.FTS.B,
28.98%,
4/05/25
..
437
445
992415454.UG.FTS.B,
28.98%,
4/05/25
..
986
992
992435220.UG.FTS.B,
28.98%,
4/05/25
..
224
223
992435245.UG.FTS.B,
28.98%,
4/05/25
..
173
170
992437799.UG.FTS.B,
28.98%,
4/05/25
..
20
20
992442881.UG.FTS.B,
28.98%,
4/05/25
..
80
79
992443445.UG.FTS.B,
28.98%,
4/05/25
..
32
32
992446631.UG.FTS.B,
28.98%,
4/05/25
..
94
96
992446902.UG.FTS.B,
28.98%,
4/05/25
..
17
17
992451365.UG.FTS.B,
28.98%,
4/05/25
..
28
28
992452469.UG.FTS.B,
28.98%,
4/05/25
..
271
270
992453910.UG.FTS.B,
28.98%,
4/05/25
..
42
42
992459352.UG.FTS.B,
28.98%,
4/05/25
..
14
14
992276659.UG.FTS.B,
29.46%,
4/05/25
..
54
53
992286809.UG.FTS.B,
29.46%,
4/05/25
..
631
(35)
992290075.UG.FTS.B,
29.46%,
4/05/25
..
17
17
992293126.UG.FTS.B,
29.46%,
4/05/25
..
65
66
992304458.UG.FTS.B,
29.46%,
4/05/25
..
104
106
992451626.UG.FTS.B,
29.46%,
4/05/25
..
16
16
992237772.UG.FTS.B,
29.49%,
4/05/25
..
121
120
992238384.UG.FTS.B,
29.49%,
4/05/25
..
59
50
992239318.UG.FTS.B,
29.49%,
4/05/25
..
111
113
992239897.UG.FTS.B,
29.49%,
4/05/25
..
46
46
992241701.UG.FTS.B,
29.49%,
4/05/25
..
558
569
992243923.UG.FTS.B,
29.49%,
4/05/25
..
3,101
3,123
992244487.UG.FTS.B,
29.49%,
4/05/25
..
15
15
992249401.UG.FTS.B,
29.49%,
4/05/25
..
27
27
992250643.UG.FTS.B,
29.49%,
4/05/25
..
256
173
992254667.UG.FTS.B,
29.49%,
4/05/25
..
419
416
992256558.UG.FTS.B,
29.49%,
4/05/25
..
124
127
992256966.UG.FTS.B,
29.49%,
4/05/25
..
712
726
992259460.UG.FTS.B,
29.49%,
4/05/25
..
95
97
992262634.UG.FTS.B,
29.49%,
4/05/25
..
31
30
992263028.UG.FTS.B,
29.49%,
4/05/25
..
34
34
992266945.UG.FTS.B,
29.49%,
4/05/25
..
36
36
992267222.UG.FTS.B,
29.49%,
4/05/25
..
295
300
992268106.UG.FTS.B,
29.49%,
4/05/25
..
120
122
992270160.UG.FTS.B,
29.49%,
4/05/25
..
68
68
992271134.UG.FTS.B,
29.49%,
4/05/25
..
127
128
992275086.UG.FTS.B,
29.49%,
4/05/25
..
491
501
992278455.UG.FTS.B,
29.49%,
4/05/25
..
233
237
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
992279419.UG.FTS.B,
29.49%,
4/05/25
..
$
32
$
32
992280377.UG.FTS.B,
29.49%,
4/05/25
..
249
254
992280455.UG.FTS.B,
29.49%,
4/05/25
..
208
12
992280735.UG.FTS.B,
29.49%,
4/05/25
..
170
165
992281425.UG.FTS.B,
29.49%,
4/05/25
..
459
468
992281701.UG.FTS.B,
29.49%,
4/05/25
..
104
103
992283304.UG.FTS.B,
29.49%,
4/05/25
..
321
327
992284321.UG.FTS.B,
29.49%,
4/05/25
..
519
527
992284964.UG.FTS.B,
29.49%,
4/05/25
..
87
88
992285081.UG.FTS.B,
29.49%,
4/05/25
..
68
68
992287347.UG.FTS.B,
29.49%,
4/05/25
..
26
26
992288356.UG.FTS.B,
29.49%,
4/05/25
..
491
492
992288429.UG.FTS.B,
29.49%,
4/05/25
..
143
146
992288886.UG.FTS.B,
29.49%,
4/05/25
..
77
76
992289258.UG.FTS.B,
29.49%,
4/05/25
..
538
549
992297505.UG.FTS.B,
29.49%,
4/05/25
..
94
95
992298611.UG.FTS.B,
29.49%,
4/05/25
..
332
334
992298879.UG.FTS.B,
29.49%,
4/05/25
..
148
150
992302260.UG.FTS.B,
29.49%,
4/05/25
..
211
214
992302310.UG.FTS.B,
29.49%,
4/05/25
..
225
229
992302422.UG.FTS.B,
29.49%,
4/05/25
..
183
187
992303216.UG.FTS.B,
29.49%,
4/05/25
..
825
838
992304263.UG.FTS.B,
29.49%,
4/05/25
..
167
169
992305574.UG.FTS.B,
29.49%,
4/05/25
..
482
478
992306296.UG.FTS.B,
29.49%,
4/05/25
..
81
82
992307508.UG.FTS.B,
29.49%,
4/05/25
..
619
610
992309593.UG.FTS.B,
29.49%,
4/05/25
..
96
68
992317627.UG.FTS.B,
29.49%,
4/05/25
..
22
22
992318568.UG.FTS.B,
29.49%,
4/05/25
..
113
115
992321945.UG.FTS.B,
29.49%,
4/05/25
..
3,475
3,550
992321979.UG.FTS.B,
29.49%,
4/05/25
..
65
65
992323198.UG.FTS.B,
29.49%,
4/05/25
..
136
137
992323515.UG.FTS.B,
29.49%,
4/05/25
..
93
94
992328907.UG.FTS.B,
29.49%,
4/05/25
..
185
187
992330144.UG.FTS.B,
29.49%,
4/05/25
..
64
64
992330550.UG.FTS.B,
29.49%,
4/05/25
..
23
9
992332355.UG.FTS.B,
29.49%,
4/05/25
..
196
200
992333762.UG.FTS.B,
29.49%,
4/05/25
..
698
705
992336856.UG.FTS.B,
29.49%,
4/05/25
..
76
77
992340207.UG.FTS.B,
29.49%,
4/05/25
..
2,086
130
992340414.UG.FTS.B,
29.49%,
4/05/25
..
189
192
992341808.UG.FTS.B,
29.49%,
4/05/25
..
182
11
992344969.UG.FTS.B,
29.49%,
4/05/25
..
2,151
2,118
992349479.UG.FTS.B,
29.49%,
4/05/25
..
–
–
992356210.UG.FTS.B,
29.49%,
4/05/25
..
10
10
992356806.UG.FTS.B,
29.49%,
4/05/25
..
76
1
992356877.UG.FTS.B,
29.49%,
4/05/25
..
125
27
992359163.UG.FTS.B,
29.49%,
4/05/25
..
182
185
992360320.UG.FTS.B,
29.49%,
4/05/25
..
1,411
1,435
992364246.UG.FTS.B,
29.49%,
4/05/25
..
67
67
992378552.UG.FTS.B,
29.49%,
4/05/25
..
116
116
992379207.UG.FTS.B,
29.49%,
4/05/25
..
273
278
992379334.UG.FTS.B,
29.49%,
4/05/25
..
230
227
992379445.UG.FTS.B,
29.49%,
4/05/25
..
227
226
992380197.UG.FTS.B,
29.49%,
4/05/25
..
74
18
992384442.UG.FTS.B,
29.49%,
4/05/25
..
30
29
992385119.UG.FTS.B,
29.49%,
4/05/25
..
167
36
992397317.UG.FTS.B,
29.49%,
4/05/25
..
32
29
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
992398519.UG.FTS.B,
29.49%,
4/05/25
..
$
68
$
69
992410434.UG.FTS.B,
29.49%,
4/05/25
..
1,101
1,102
992410964.UG.FTS.B,
29.49%,
4/05/25
..
34
34
992413134.UG.FTS.B,
29.49%,
4/05/25
..
465
98
992415144.UG.FTS.B,
29.49%,
4/05/25
..
143
30
992416332.UG.FTS.B,
29.49%,
4/05/25
..
1,031
1,033
992423485.UG.FTS.B,
29.49%,
4/05/25
..
400
393
992428186.UG.FTS.B,
29.49%,
4/05/25
..
2,876
2,863
992438905.UG.FTS.B,
29.49%,
4/05/25
..
28
12
992439303.UG.FTS.B,
29.49%,
4/05/25
..
106
(5)
992439563.UG.FTS.B,
29.49%,
4/05/25
..
168
36
992443418.UG.FTS.B,
29.49%,
4/05/25
..
145
145
992443427.UG.FTS.B,
29.49%,
4/05/25
..
7
7
992444794.UG.FTS.B,
29.49%,
4/05/25
..
5,432
5,395
992444865.UG.FTS.B,
29.49%,
4/05/25
..
78
79
992445820.UG.FTS.B,
29.49%,
4/05/25
..
145
145
992446758.UG.FTS.B,
29.49%,
4/05/25
..
30
30
992448030.UG.FTS.B,
29.49%,
4/05/25
..
110
110
992455533.UG.FTS.B,
29.49%,
4/05/25
..
1,460
1,449
992288223.UG.FTS.B,
29.49%,
6/03/27
..
–
–
992277200.UG.FTS.B,
29.49%,
7/03/27
..
10
–
992255624.UG.FTS.B,
29.49%,
8/03/27
..
–
–
992383071.UG.FTS.B,
28.98%,
9/03/27
..
3
1
992252659.UG.FTS.B,
29.49%,
9/03/27
..
–
–
992439029.UG.FTS.B,
29.49%,
9/03/27
..
–
–
992453694.UG.FTS.B,
27.95%,
10/01/27
.
1
1
992463567.UG.FTS.B,
21.48%,
10/02/27
.
–
–
992289411.UG.FTS.B,
29.49%,
10/03/27
.
14
1
992411027.UG.FTS.B,
29.49%,
10/03/27
.
1
1
125,686
Upstart
Network,
Inc.
L1738924.UP.FTS.B,
15.39%,
9/20/24
....
716
712
FW1739398.UP.FTS.B,
20.17%,
9/20/24
..
2,922
2,891
FW1738604.UP.FTS.B,
22.34%,
9/20/24
..
2,590
2,447
L1915199.UP.FTS.B,
6.41%,
10/25/24
....
12,233
12,128
FW1915250.UP.FTS.B,
12.04%,
10/25/24
.
36,612
36,331
L1914801.UP.FTS.B,
12.09%,
10/25/24
...
3,656
3,632
FW1915226.UP.FTS.B,
13.65%,
10/25/24
.
1,105
1,096
L1914567.UP.FTS.B,
16.17%,
10/25/24
...
2,436
2,421
L1914732.UP.FTS.B,
17.66%,
10/25/24
...
7,482
7,419
L1915220.UP.FTS.B,
18.87%,
10/25/24
...
3,525
3,496
FW1914760.UP.FTS.B,
27.19%,
10/25/24
.
1,550
1,531
L2056491.UP.FTS.B,
7.95%,
11/16/24
....
1,116
1,106
L2055423.UP.FTS.B,
8.44%,
11/16/24
....
4,034
3,998
L2052631.UP.FTS.B,
8.92%,
11/16/24
....
3,742
3,709
FW2056962.UP.FTS.B,
9.24%,
11/16/24
..
7,492
7,426
L2052610.UP.FTS.B,
11.6%,
11/16/24
....
2,268
2,248
L2057377.UP.FTS.B,
13.89%,
11/16/24
...
1,524
1,511
L2057046.UP.FTS.B,
15.77%,
11/16/24
...
2,302
2,279
L2052838.UP.FTS.B,
16.45%,
11/16/24
...
1,154
1,142
L2053269.UP.FTS.B,
18.64%,
11/16/24
...
1,555
1,537
L2055155.UP.FTS.B,
20.16%,
11/16/24
...
3,896
3,840
FW2054947.UP.FTS.B,
21.35%,
11/16/24
.
1,408
1,388
L2057159.UP.FTS.B,
22.2%,
11/16/24
....
8,124
7,650
L2057081.UP.FTS.B,
23.41%,
11/16/24
...
1,811
1,785
FW2053330.UP.FTS.B,
28.78%,
11/16/24
.
1,042
1,025
FW2056543.UP.FTS.B,
29.23%,
11/16/24
.
1,123
1,107
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2055081.UP.FTS.B,
29.29%,
11/16/24
.
$
4,829
$
4,751
L2242043.UP.FTS.B,
6.01%,
12/13/24
....
767
760
L2242235.UP.FTS.B,
6.04%,
12/13/24
....
2,683
2,659
FW2242510.UP.FTS.B,
7.1%,
12/13/24
...
6,934
6,871
L2233888.UP.FTS.B,
7.98%,
12/13/24
....
4,632
4,586
L2241803.UP.FTS.B,
9.3%,
12/13/24
....
15,509
15,357
L2242451.UP.FTS.B,
10.48%,
12/13/24
...
779
771
L2241531.UP.FTS.B,
11.26%,
12/13/24
...
5,482
5,426
L2242595.UP.FTS.B,
11.8%,
12/13/24
....
1,955
1,937
L2241741.UP.FTS.B,
14.61%,
12/13/24
...
3,395
3,348
L2242471.UP.FTS.B,
15.28%,
12/13/24
...
753
743
L2242159.UP.FTS.B,
16.13%,
12/13/24
...
1,185
1,171
L2242679.UP.FTS.B,
16.66%,
12/13/24
...
3,181
3,138
FW2242424.UP.FTS.B,
20.03%,
12/13/24
.
782
772
L2241965.UP.FTS.B,
20.43%,
12/13/24
...
1,800
57
FW2242278.UP.FTS.B,
21.84%,
12/13/24
.
807
794
L2242250.UP.FTS.B,
22.23%,
12/13/24
...
2,748
2,699
L2241739.UP.FTS.B,
23.45%,
12/13/24
...
1,217
1,197
FW2242239.UP.FTS.B,
24.53%,
12/13/24
.
814
799
L2242692.UP.FTS.B,
25.15%,
12/13/24
...
13,513
149
FW2242714.UP.FTS.B,
26.37%,
12/13/24
.
4,964
33
FW2241887.UP.FTS.B,
28.39%,
12/13/24
.
2,483
2,439
FW2242021.UP.FTS.B,
29.12%,
12/13/24
.
1,239
1,214
FW2465310.UP.FTS.B,
5.02%,
1/19/25
...
2,285
2,266
L2465354.UP.FTS.B,
5.14%,
1/19/25
....
1,134
1,124
L2465718.UP.FTS.B,
5.3%,
1/19/25
.....
6,251
6,200
L2465958.UP.FTS.B,
5.34%,
1/19/25
....
3,560
3,531
L2464613.UP.FTS.B,
5.52%,
1/19/25
....
1,979
1,963
L2465653.UP.FTS.B,
5.58%,
1/19/25
....
23,734
23,542
L2460890.UP.FTS.B,
5.68%,
1/19/25
....
7,921
7,857
L2465894.UP.FTS.B,
5.74%,
1/19/25
....
4,756
4,718
L2465895.UP.FTS.B,
5.84%,
1/19/25
....
2,774
2,751
FW2465707.UP.FTS.B,
6.24%,
1/19/25
...
1,190
1,181
L2465121.UP.FTS.B,
6.53%,
1/19/25
....
12,199
12,098
L2464359.UP.FTS.B,
6.66%,
1/19/25
....
4,768
4,729
L2465247.UP.FTS.B,
6.82%,
1/19/25
....
992
984
L2466095.UP.FTS.B,
7.07%,
1/19/25
....
2,387
2,368
FW2465710.UP.FTS.B,
7.96%,
1/19/25
...
878
871
L2465847.UP.FTS.B,
8.05%,
1/19/25
....
23,939
23,743
L2464679.UP.FTS.B,
9.11%,
1/19/25
.....
5,969
5,915
L2464979.UP.FTS.B,
10.54%,
1/19/25
....
6,432
6,380
L2465916.UP.FTS.B,
11.44%,
1/19/25
....
3,229
3,196
L2465662.UP.FTS.B,
11.74%,
1/19/25
....
4,115
4,082
FW2465131.UP.FTS.B,
12.69%,
1/19/25
..
9,625
9,546
L2465754.UP.FTS.B,
16.74%,
1/19/25
....
819
810
L2465570.UP.FTS.B,
17.93%,
1/19/25
....
16,424
16,257
FW2465119.UP.FTS.B,
19.64%,
1/19/25
..
4,278
4,227
L2462700.UP.FTS.B,
20.56%,
1/19/25
....
12,406
12,235
L2464723.UP.FTS.B,
20.66%,
1/19/25
....
4,124
4,067
L2466210.UP.FTS.B,
20.93%,
1/19/25
....
12,915
12,785
L2465879.UP.FTS.B,
21.67%,
1/19/25
....
829
818
FW2676316.UP.FTS.B,
6.01%,
2/22/25
...
4,908
4,870
FW2675522.UP.FTS.B,
6.74%,
2/22/25
...
1,264
1,253
L2675489.UP.FTS.B,
9.63%,
2/22/25
....
12,406
12,308
L2675909.UP.FTS.B,
9.72%,
2/22/25
....
2,068
2,052
L2675302.UP.FTS.B,
10.61%,
2/22/25
....
7,131
7,074
L2676030.UP.FTS.B,
13.7%,
2/22/25
....
9,927
9,847
L2675455.UP.FTS.B,
14.81%,
2/22/25
....
2,095
2,073
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-114
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2675462.UP.FTS.B,
19.44%,
2/22/25
....
$
2,118
$
2,096
FW2676387.UP.FTS.B,
19.6%,
2/22/25
...
1,611
1,594
L2676045.UP.FTS.B,
19.66%,
2/22/25
....
930
920
FW2675588.UP.FTS.B,
20.36%,
2/22/25
..
6,963
6,890
L2675655.UP.FTS.B,
20.76%,
2/22/25
....
850
841
L2675586.UP.FTS.B,
20.97%,
2/22/25
....
7,483
7,381
L2675247.UP.FTS.B,
21.23%,
2/22/25
....
3,357
3,309
FW2675117.UP.FTS.B,
22.39%,
2/22/25
..
938
929
FW2675719.UP.FTS.B,
24.19%,
2/22/25
..
2,529
2,492
FW2675613.UP.FTS.B,
24.49%,
2/22/25
..
6,000
5,917
FW2674989.UP.FTS.B,
25.83%,
2/22/25
..
1,710
1,686
FW2675763.UP.FTS.B,
28.74%,
2/22/25
..
4,469
4,406
FW2676140.UP.FTS.B,
29.13%,
2/22/25
..
2,424
2,390
L2057137.UP.FTS.B,
15.78%,
4/16/25
....
3,173
3,131
L2981596.UP.FTS.B,
7.13%,
4/20/25
....
4,368
4,343
L2982581.UP.FTS.B,
11.78%,
4/20/25
....
16,977
16,864
L2982336.UP.FTS.B,
12.28%,
4/20/25
....
3,069
3,048
L2981009.UP.FTS.B,
14.77%,
4/20/25
....
2,393
2,369
FW2982315.UP.FTS.B,
15.15%,
4/20/25
..
1,242
1,234
FW2981993.UP.FTS.B,
15.69%,
4/20/25
..
977
971
FW2676277.UP.FTS.B,
22.93%,
7/22/25
..
3,795
3,740
FW1914469.UP.FTS.B,
17.25%,
8/25/25
..
3,544
3,504
FW2676006.UP.FTS.B,
24.14%,
12/22/25
.
2,475
2,440
L1739715.UP.FTS.B,
9.65%,
9/20/26
....
20,912
20,760
L1739019.UP.FTS.B,
13.76%,
9/20/26
....
4,934
4,890
L1736636.UP.FTS.B,
14.78%,
9/20/26
....
11,956
11,850
L1739680.UP.FTS.B,
16.6%,
9/20/26
....
12,923
12,763
FW1739526.UP.FTS.B,
17.22%,
9/20/26
..
6,895
6,814
L1739131.UP.FTS.B,
17.22%,
9/20/26
....
12,929
12,747
L1723172.UP.FTS.B,
18.88%,
9/20/26
....
2,196
158
L1738899.UP.FTS.B,
19.15%,
9/20/26
....
13,020
12,825
L1739140.UP.FTS.B,
21.45%,
9/20/26
....
2,638
2,620
L1739562.UP.FTS.B,
22.68%,
9/20/26
....
6,150
6,115
L1739694.UP.FTS.B,
22.68%,
9/20/26
....
9,664
9,608
L1738904.UP.FTS.B,
24.36%,
9/20/26
....
6,183
6,096
L1739499.UP.FTS.B,
25.07%,
9/20/26
....
4,603
4,577
FW1739404.UP.FTS.B,
26.55%,
9/20/26
..
2,770
2,678
FW1739462.UP.FTS.B,
27.3%,
9/20/26
...
4,554
1,335
FW1738971.UP.FTS.B,
27.63%,
9/20/26
..
4,104
4,080
L1738918.UP.FTS.B,
27.72%,
9/20/26
....
3,581
3,513
FW1739399.UP.FTS.B,
28.19%,
9/20/26
..
5,362
5,331
FW1738592.UP.FTS.B,
28.44%,
9/20/26
..
5,356
5,324
FW1739144.UP.FTS.B,
30.91%,
9/20/26
..
3,518
3,493
FW1739500.UP.FTS.B,
30.99%,
9/20/26
..
12,693
12,048
FW1739495.UP.FTS.B,
32.86%,
9/20/26
..
4,860
4,800
L1910370.UP.FTS.B,
14.66%,
10/25/26
...
3,684
3,653
L1901600.UP.FTS.B,
16.72%,
10/25/26
...
1,228
1,213
L1915014.UP.FTS.B,
19.01%,
10/25/26
...
4,341
4,284
FW1915567.UP.FTS.B,
19.17%,
10/25/26
.
854
845
FW1915211.UP.FTS.B,
19.28%,
10/25/26
.
5,565
5,490
FW1915262.UP.FTS.B,
19.99%,
10/25/26
.
7,460
7,382
L1915447.UP.FTS.B,
20.32%,
10/25/26
...
5,106
5,035
L1915560.UP.FTS.B,
20.46%,
10/25/26
...
4,420
4,394
L1915064.UP.FTS.B,
20.48%,
10/25/26
...
4,212
4,184
L1914682.UP.FTS.B,
21.49%,
10/25/26
...
17,073
16,834
L1915468.UP.FTS.B,
23.09%,
10/25/26
...
4,977
4,944
L1912265.UP.FTS.B,
23.3%,
10/25/26
....
3,567
3,546
L1914761.UP.FTS.B,
23.31%,
10/25/26
...
892
887
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1915175.UP.FTS.B,
23.46%,
10/25/26
.
$
2,676
$
2,661
L1897015.UP.FTS.B,
23.49%,
10/25/26
...
10,706
10,644
L1914923.UP.FTS.B,
23.8%,
10/25/26
....
1,786
1,776
L1915604.UP.FTS.B,
24.04%,
10/25/26
...
983
977
L1914714.UP.FTS.B,
24.73%,
10/25/26
...
3,582
3,561
L1898888.UP.FTS.B,
25.15%,
10/25/26
...
1,069
1,053
L1915081.UP.FTS.B,
25.35%,
10/25/26
...
2,512
2,497
FW1915043.UP.FTS.B,
27.43%,
10/25/26
.
4,655
721
FW1908593.UP.FTS.B,
28.41%,
10/25/26
.
18,518
18,390
FW1914238.UP.FTS.B,
29.34%,
10/25/26
.
5,885
5,846
FW1914247.UP.FTS.B,
29.67%,
10/25/26
.
4,323
4,291
FW1914310.UP.FTS.B,
30.01%,
10/25/26
.
37,353
37,140
FW1915272.UP.FTS.B,
30.7%,
10/25/26
..
1,711
1,702
FW1915225.UP.FTS.B,
30.8%,
10/25/26
..
3,276
3,261
FW1915025.UP.FTS.B,
31.16%,
10/25/26
.
4,019
3,992
FW1907740.UP.FTS.B,
31.19%,
10/25/26
.
893
888
FW1915312.UP.FTS.B,
31.22%,
10/25/26
.
3,737
3,715
L2024110.UP.FTS.B,
7.78%,
11/16/26
....
15,446
15,333
L2052804.UP.FTS.B,
9.15%,
11/16/26
....
34,368
34,117
L2043903.UP.FTS.B,
9.82%,
11/16/26
....
15,820
15,705
L2053787.UP.FTS.B,
10.61%,
11/16/26
...
4,338
4,296
FW2055257.UP.FTS.B,
11.51%,
11/16/26
.
8,704
8,621
L2052126.UP.FTS.B,
12.52%,
11/16/26
...
13,973
13,840
L2055857.UP.FTS.B,
12.9%,
11/16/26
....
10,493
10,393
L2054559.UP.FTS.B,
14.24%,
11/16/26
...
7,904
7,829
L2055412.UP.FTS.B,
14.29%,
11/16/26
...
2,642
2,617
FW2056157.UP.FTS.B,
15.18%,
11/16/26
.
7,928
7,824
FW2055789.UP.FTS.B,
15.22%,
11/16/26
.
13,214
13,089
L2052051.UP.FTS.B,
15.75%,
11/16/26
...
3,971
3,919
FW2053732.UP.FTS.B,
16.83%,
11/16/26
.
885
874
L2056184.UP.FTS.B,
17.11%,
11/16/26
...
10,292
10,190
L2056373.UP.FTS.B,
17.2%,
11/16/26
....
7,978
7,874
L2057058.UP.FTS.B,
17.23%,
11/16/26
...
6,650
6,563
FW2055936.UP.FTS.B,
17.39%,
11/16/26
.
1,418
102
FW2054200.UP.FTS.B,
17.46%,
11/16/26
.
12,243
12,050
L2056403.UP.FTS.B,
18.49%,
11/16/26
...
2,134
2,114
L2055275.UP.FTS.B,
19%,
11/16/26
.....
13,541
12,717
FW2055175.UP.FTS.B,
19.05%,
11/16/26
.
16,039
15,786
L2057218.UP.FTS.B,
19.51%,
11/16/26
...
20,707
20,513
L2055269.UP.FTS.B,
19.56%,
11/16/26
...
20,346
20,025
L2052101.UP.FTS.B,
20.05%,
11/16/26
...
22,349
21,996
L2051843.UP.FTS.B,
20.82%,
11/16/26
...
12,543
12,379
L2052461.UP.FTS.B,
22.33%,
11/16/26
...
45,483
43,064
FW2057201.UP.FTS.B,
22.39%,
11/16/26
.
3,562
3,514
L2057382.UP.FTS.B,
22.46%,
11/16/26
...
2,373
2,331
L2056569.UP.FTS.B,
22.59%,
11/16/26
...
12,480
11,715
L2047823.UP.FTS.B,
23.05%,
11/16/26
...
4,453
4,399
FW2052456.UP.FTS.B,
23.32%,
11/16/26
.
17,936
17,777
L2057372.UP.FTS.B,
23.63%,
11/16/26
...
6,422
6,079
FW2053649.UP.FTS.B,
23.67%,
11/16/26
.
19,956
19,695
L2019975.UP.FTS.B,
23.69%,
11/16/26
...
1,806
1,791
L2053900.UP.FTS.B,
23.81%,
11/16/26
...
903
896
L2053478.UP.FTS.B,
24.22%,
11/16/26
...
2,351
2,331
L2052105.UP.FTS.B,
24.58%,
11/16/26
...
4,928
351
FW2056667.UP.FTS.B,
24.73%,
11/16/26
.
4,725
68
FW2055944.UP.FTS.B,
24.96%,
11/16/26
.
1,429
1,401
L2055803.UP.FTS.B,
24.96%,
11/16/26
...
1,361
1,348
L2055855.UP.FTS.B,
25.11%,
11/16/26
...
1,759
1,742
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2056364.UP.FTS.B,
25.24%,
11/16/26
...
$
1,269
$
1,259
L2055652.UP.FTS.B,
25.25%,
11/16/26
...
1,124
168
L2049616.UP.FTS.B,
25.29%,
11/16/26
...
1,089
1,079
L2046165.UP.FTS.B,
25.35%,
11/16/26
...
2,484
176
L2054937.UP.FTS.B,
25.38%,
11/16/26
...
2,837
34
L2052082.UP.FTS.B,
25.42%,
11/16/26
...
1,361
1,349
L2055669.UP.FTS.B,
25.48%,
11/16/26
...
2,249
2,229
L2056440.UP.FTS.B,
25.49%,
11/16/26
...
27,970
27,478
L2052376.UP.FTS.B,
25.81%,
11/16/26
...
4,731
49
FW2056110.UP.FTS.B,
26.13%,
11/16/26
.
14,565
14,427
FW2054089.UP.FTS.B,
26.17%,
11/16/26
.
1,818
1,802
FW2056482.UP.FTS.B,
26.96%,
11/16/26
.
4,578
4,536
FW2057264.UP.FTS.B,
27.1%,
11/16/26
..
5,466
5,419
FW2053471.UP.FTS.B,
27.97%,
11/16/26
.
1,782
1,763
FW2055613.UP.FTS.B,
28.42%,
11/16/26
.
2,272
2,235
FW2055282.UP.FTS.B,
29.32%,
11/16/26
.
4,597
4,352
FW2046105.UP.FTS.B,
29.67%,
11/16/26
.
4,125
4,089
FW2056001.UP.FTS.B,
30.17%,
11/16/26
.
1,193
1,183
FW2057500.UP.FTS.B,
30.64%,
11/16/26
.
9,155
9,075
FW2055364.UP.FTS.B,
30.66%,
11/16/26
.
7,349
7,286
FW2056081.UP.FTS.B,
30.81%,
11/16/26
.
1,562
1,549
FW2055828.UP.FTS.B,
30.82%,
11/16/26
.
3,003
212
FW2056764.UP.FTS.B,
31.04%,
11/16/26
.
969
67
FW2055692.UP.FTS.B,
31.07%,
11/16/26
.
1,621
241
FW2056040.UP.FTS.B,
31.11%,
11/16/26
.
5,484
387
FW2056960.UP.FTS.B,
31.19%,
11/16/26
.
1,648
116
FW2054534.UP.FTS.B,
31.22%,
11/16/26
.
1,104
1,094
FW2056560.UP.FTS.B,
31.71%,
11/16/26
.
1,581
458
FW2056229.UP.FTS.B,
31.92%,
11/16/26
.
6,363
6,296
FW2057162.UP.FTS.B,
32.15%,
11/16/26
.
8,573
8,499
L2242254.UP.FTS.B,
7.13%,
12/13/26
....
8,717
8,654
L2242685.UP.FTS.B,
9%,
12/13/26
......
13,156
13,062
L2242361.UP.FTS.B,
9.11%,
12/13/26
....
21,870
21,711
L2242651.UP.FTS.B,
11.78%,
12/13/26
...
13,271
13,140
L2239830.UP.FTS.B,
11.79%,
12/13/26
...
9,270
9,179
L2241857.UP.FTS.B,
11.98%,
12/13/26
...
10,583
10,478
L2242098.UP.FTS.B,
12.31%,
12/13/26
...
6,203
6,142
L2242668.UP.FTS.B,
12.46%,
12/13/26
...
19,504
19,312
L2241756.UP.FTS.B,
12.69%,
12/13/26
...
4,977
2,618
L2241856.UP.FTS.B,
13.04%,
12/13/26
...
13,194
13,064
L2242486.UP.FTS.B,
13.76%,
12/13/26
...
3,525
481
L2241825.UP.FTS.B,
13.8%,
12/13/26
....
26,704
26,442
L2242202.UP.FTS.B,
14.09%,
12/13/26
...
14,788
14,645
L2239758.UP.FTS.B,
14.15%,
12/13/26
...
10,247
10,147
L2241610.UP.FTS.B,
15.37%,
12/13/26
...
6,706
6,612
L2239771.UP.FTS.B,
15.55%,
12/13/26
...
24,156
23,818
FW2241807.UP.FTS.B,
16.84%,
12/13/26
.
8,864
8,738
L2242447.UP.FTS.B,
16.94%,
12/13/26
...
4,940
4,856
L2242066.UP.FTS.B,
17.12%,
12/13/26
...
8,986
8,834
L2241045.UP.FTS.B,
17.22%,
12/13/26
...
7,640
7,533
L2242791.UP.FTS.B,
17.38%,
12/13/26
...
13,566
13,341
L2241989.UP.FTS.B,
17.5%,
12/13/26
....
2,339
2,306
L2241897.UP.FTS.B,
17.92%,
12/13/26
...
4,052
3,997
L2242430.UP.FTS.B,
18.29%,
12/13/26
...
16,226
15,952
L2242547.UP.FTS.B,
18.45%,
12/13/26
...
3,781
3,718
L2242119.UP.FTS.B,
18.59%,
12/13/26
...
4,066
4,010
L2242212.UP.FTS.B,
19.99%,
12/13/26
...
3,128
3,095
L2241971.UP.FTS.B,
20.32%,
12/13/26
...
2,719
2,681
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2242450.UP.FTS.B,
20.97%,
12/13/26
...
$
5,594
$
5,536
FW2241711.UP.FTS.B,
21.36%,
12/13/26
.
11,813
11,684
L2234521.UP.FTS.B,
21.55%,
12/13/26
...
8,205
8,117
L2238725.UP.FTS.B,
21.75%,
12/13/26
...
4,806
343
FW2242024.UP.FTS.B,
21.89%,
12/13/26
.
1,640
1,618
L2230478.UP.FTS.B,
21.97%,
12/13/26
...
6,851
6,737
L2242489.UP.FTS.B,
22.19%,
12/13/26
...
19,758
19,544
L2233875.UP.FTS.B,
22.25%,
12/13/26
...
24,586
24,319
L2241640.UP.FTS.B,
22.44%,
12/13/26
...
2,733
2,706
L2241096.UP.FTS.B,
22.49%,
12/13/26
...
5,298
5,198
L2242587.UP.FTS.B,
22.84%,
12/13/26
...
6,155
6,091
L2241949.UP.FTS.B,
22.97%,
12/13/26
...
4,494
4,446
FW2241860.UP.FTS.B,
23.21%,
12/13/26
.
5,477
5,418
L2242742.UP.FTS.B,
23.45%,
12/13/26
...
1,035
612
L2232043.UP.FTS.B,
23.76%,
12/13/26
...
5,027
4,973
L2242200.UP.FTS.B,
24.08%,
12/13/26
...
5,306
5,248
FW2239073.UP.FTS.B,
24.34%,
12/13/26
.
7,406
4,401
L2241600.UP.FTS.B,
24.51%,
12/13/26
...
3,146
3,091
L2241958.UP.FTS.B,
24.65%,
12/13/26
...
299
294
L2241657.UP.FTS.B,
24.98%,
12/13/26
...
3,689
3,650
L2242478.UP.FTS.B,
25.01%,
12/13/26
...
2,017
1,995
L2241647.UP.FTS.B,
25.19%,
12/13/26
...
1,559
1,542
L2242322.UP.FTS.B,
25.22%,
12/13/26
...
886
876
L2242383.UP.FTS.B,
25.22%,
12/13/26
...
8,255
8,116
L2241809.UP.FTS.B,
25.24%,
12/13/26
...
6,826
485
FW2241952.UP.FTS.B,
25.3%,
12/13/26
..
11,008
10,889
L2242418.UP.FTS.B,
25.33%,
12/13/26
...
9,176
9,077
L2241994.UP.FTS.B,
25.4%,
12/13/26
....
1,637
1,609
L2242162.UP.FTS.B,
25.7%,
12/13/26
....
1,561
1,544
L2241420.UP.FTS.B,
25.73%,
12/13/26
...
4,959
4,909
FW2242493.UP.FTS.B,
26.46%,
12/13/26
.
1,835
1,816
FW2241855.UP.FTS.B,
26.58%,
12/13/26
.
2,534
1,511
L2240058.UP.FTS.B,
26.7%,
12/13/26
....
7,546
7,465
FW2241764.UP.FTS.B,
27.11%,
12/13/26
.
4,329
4,283
FW2242232.UP.FTS.B,
27.33%,
12/13/26
.
3,264
3,229
FW2242379.UP.FTS.B,
28.85%,
12/13/26
.
4,513
4,460
FW2241999.UP.FTS.B,
29.1%,
12/13/26
..
2,313
2,288
FW2242624.UP.FTS.B,
29.36%,
12/13/26
.
8,524
8,432
FW2211495.UP.FTS.B,
29.38%,
12/13/26
.
18,792
11,230
FW2241683.UP.FTS.B,
29.38%,
12/13/26
.
1,322
1,297
FW2241828.UP.FTS.B,
29.64%,
12/13/26
.
9,262
9,162
FW2242691.UP.FTS.B,
30.2%,
12/13/26
..
23,410
23,157
FW2242593.UP.FTS.B,
30.22%,
12/13/26
.
4,458
311
FW2231506.UP.FTS.B,
30.63%,
12/13/26
.
41,394
40,948
FW2241145.UP.FTS.B,
30.66%,
12/13/26
.
2,980
(28)
FW2242390.UP.FTS.B,
30.76%,
12/13/26
.
10,257
1,530
FW2240660.UP.FTS.B,
30.84%,
12/13/26
.
4,272
4,226
FW2240706.UP.FTS.B,
30.86%,
12/13/26
.
12,035
11,912
FW2242045.UP.FTS.B,
30.98%,
12/13/26
.
2,249
2,226
FW2242580.UP.FTS.B,
31.01%,
12/13/26
.
1,022
1,012
FW2242256.UP.FTS.B,
31.07%,
12/13/26
.
1,022
1,011
FW2241302.UP.FTS.B,
31.08%,
12/13/26
.
3,127
221
FW2242085.UP.FTS.B,
31.21%,
12/13/26
.
4,889
4,838
FW2241988.UP.FTS.B,
31.24%,
12/13/26
.
2,047
2,025
FW2241624.UP.FTS.B,
31.84%,
12/13/26
.
4,250
4,206
L2465688.UP.FTS.B,
5.13%,
1/19/27
....
2,643
2,632
FW2465936.UP.FTS.B,
5.53%,
1/19/27
...
39,689
39,522
L2465861.UP.FTS.B,
5.83%,
1/19/27
....
22,952
22,856
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2464930.UP.FTS.B,
5.87%,
1/19/27
....
$
4,730
$
4,705
L2465582.UP.FTS.B,
5.92%,
1/19/27
....
3,342
3,328
FW2451492.UP.FTS.B,
6.07%,
1/19/27
...
44,171
43,988
FW2466147.UP.FTS.B,
6.13%,
1/19/27
...
6,695
6,667
L2465889.UP.FTS.B,
6.5%,
1/19/27
.....
5,307
5,285
L2464484.UP.FTS.B,
6.65%,
1/19/27
....
3,915
3,896
FW2466269.UP.FTS.B,
6.87%,
1/19/27
...
4,428
4,410
L2465776.UP.FTS.B,
7.08%,
1/19/27
....
13,291
13,237
L2466395.UP.FTS.B,
7.13%,
1/19/27
....
9,663
9,090
L2444934.UP.FTS.B,
7.15%,
1/19/27
....
4,114
996
FW2465536.UP.FTS.B,
7.64%,
1/19/27
...
17,750
17,641
L2465750.UP.FTS.B,
7.8%,
1/19/27
.....
5,726
5,686
L2465633.UP.FTS.B,
8.28%,
1/19/27
....
1,778
1,767
L2465717.UP.FTS.B,
8.6%,
1/19/27
.....
3,560
3,538
L2464080.UP.FTS.B,
8.9%,
1/19/27
.....
5,344
5,312
FW2464781.UP.FTS.B,
9.13%,
1/19/27
...
8,467
8,416
FW2465681.UP.FTS.B,
9.16%,
1/19/27
...
9,437
9,380
L2464902.UP.FTS.B,
9.21%,
1/19/27
....
7,834
7,785
L2465458.UP.FTS.B,
9.24%,
1/19/27
....
3,231
3,208
L2465589.UP.FTS.B,
9.29%,
1/19/27
....
5,796
5,762
L2464368.UP.FTS.B,
9.62%,
1/19/27
....
3,562
217
L2466129.UP.FTS.B,
9.84%,
1/19/27
....
17,862
17,713
L2465666.UP.FTS.B,
10.14%,
1/19/27
....
2,235
2,221
FW2464664.UP.FTS.B,
10.42%,
1/19/27
..
7,156
7,097
FW2465040.UP.FTS.B,
10.63%,
1/19/27
..
14,142
14,025
L2463372.UP.FTS.B,
11.09%,
1/19/27
....
4,481
4,444
L2465414.UP.FTS.B,
11.1%,
1/19/27
.....
5,377
5,333
L2464668.UP.FTS.B,
11.62%,
1/19/27
....
7,309
534
L2466291.UP.FTS.B,
11.97%,
1/19/27
....
45,688
42,985
FW2466175.UP.FTS.B,
12.09%,
1/19/27
..
5,392
5,347
L2460937.UP.FTS.B,
12.4%,
1/19/27
....
1,839
1,820
FW2465871.UP.FTS.B,
12.64%,
1/19/27
..
8,284
7,796
L2465877.UP.FTS.B,
12.74%,
1/19/27
....
2,408
174
FW2465212.UP.FTS.B,
14.46%,
1/19/27
..
19,521
19,295
L2466145.UP.FTS.B,
14.56%,
1/19/27
....
13,566
13,458
L2465634.UP.FTS.B,
14.68%,
1/19/27
....
9,590
9,513
FW2465337.UP.FTS.B,
15.21%,
1/19/27
..
4,530
4,493
FW2462910.UP.FTS.B,
15.73%,
1/19/27
..
22,631
22,451
L2465986.UP.FTS.B,
15.77%,
1/19/27
....
1,361
1,345
L2464766.UP.FTS.B,
16.43%,
1/19/27
....
4,536
4,484
FW2466368.UP.FTS.B,
16.6%,
1/19/27
...
3,182
3,157
FW2464890.UP.FTS.B,
16.94%,
1/19/27
..
4,957
4,890
L2464884.UP.FTS.B,
17.8%,
1/19/27
....
3,230
3,040
L2465805.UP.FTS.B,
18.87%,
1/19/27
....
19,925
19,699
L2466099.UP.FTS.B,
19.62%,
1/19/27
....
8,240
8,126
L2465928.UP.FTS.B,
20.32%,
1/19/27
....
2,751
2,713
L2465048.UP.FTS.B,
20.41%,
1/19/27
....
22,930
22,612
L2466185.UP.FTS.B,
20.91%,
1/19/27
....
3,214
3,178
L2464801.UP.FTS.B,
21.24%,
1/19/27
....
4,595
4,531
L2456627.UP.FTS.B,
21.31%,
1/19/27
....
8,786
8,626
L2464534.UP.FTS.B,
21.46%,
1/19/27
....
1,996
1,980
L2466007.UP.FTS.B,
21.7%,
1/19/27
....
4,231
4,173
L2465669.UP.FTS.B,
21.93%,
1/19/27
....
14,631
14,518
L2465393.UP.FTS.B,
22.66%,
1/19/27
....
18,435
18,302
L2465191.UP.FTS.B,
22.76%,
1/19/27
....
3,688
3,661
L2465105.UP.FTS.B,
22.96%,
1/19/27
....
43,354
41,124
FW2466202.UP.FTS.B,
23.59%,
1/19/27
..
2,775
2,753
L2464129.UP.FTS.B,
23.98%,
1/19/27
....
15,059
14,951
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2458881.UP.FTS.B,
24.14%,
1/19/27
....
$
4,239
$
4,021
L2464954.UP.FTS.B,
24.32%,
1/19/27
....
1,850
1,837
L2465923.UP.FTS.B,
24.48%,
1/19/27
....
36,677
36,179
L2465587.UP.FTS.B,
24.59%,
1/19/27
....
12,402
12,313
L2466086.UP.FTS.B,
25.1%,
1/19/27
....
3,063
3,039
FW2465954.UP.FTS.B,
25.21%,
1/19/27
..
2,780
2,760
L2465421.UP.FTS.B,
25.22%,
1/19/27
....
8,564
8,129
L2465179.UP.FTS.B,
25.25%,
1/19/27
....
1,205
1,188
L2465018.UP.FTS.B,
25.32%,
1/19/27
....
1,946
1,933
L2464786.UP.FTS.B,
25.33%,
1/19/27
....
1,291
1,273
L2464921.UP.FTS.B,
25.36%,
1/19/27
....
1,386
1,371
FW2465199.UP.FTS.B,
25.54%,
1/19/27
..
3,895
3,867
L2459695.UP.FTS.B,
25.62%,
1/19/27
....
9,257
122
FW2465642.UP.FTS.B,
25.73%,
1/19/27
..
4,610
4,575
FW2465696.UP.FTS.B,
25.74%,
1/19/27
..
2,838
2,815
L2459145.UP.FTS.B,
26.05%,
1/19/27
....
2,112
2,082
FW2466211.UP.FTS.B,
26.21%,
1/19/27
..
46,427
46,099
FW2464742.UP.FTS.B,
26.31%,
1/19/27
..
1,352
1,340
FW2465134.UP.FTS.B,
27.03%,
1/19/27
..
3,439
245
FW2464891.UP.FTS.B,
27.37%,
1/19/27
..
9,149
9,073
FW2464901.UP.FTS.B,
27.8%,
1/19/27
...
5,589
5,549
FW2464391.UP.FTS.B,
27.86%,
1/19/27
..
1,397
1,388
FW2466130.UP.FTS.B,
28.33%,
1/19/27
..
2,331
2,315
FW2465915.UP.FTS.B,
28.39%,
1/19/27
..
8,646
606
FW2465826.UP.FTS.B,
28.67%,
1/19/27
..
4,835
12
FW2465882.UP.FTS.B,
28.77%,
1/19/27
..
1,400
1,381
FW2466218.UP.FTS.B,
29.09%,
1/19/27
..
28,028
27,813
FW2465555.UP.FTS.B,
30.12%,
1/19/27
..
1,322
1,254
FW2464452.UP.FTS.B,
30.15%,
1/19/27
..
1,406
1,395
FW2465759.UP.FTS.B,
30.48%,
1/19/27
..
5,148
5,113
FW2465374.UP.FTS.B,
30.53%,
1/19/27
..
2,434
2,417
FW2465848.UP.FTS.B,
30.66%,
1/19/27
..
1,873
1,860
FW2465597.UP.FTS.B,
30.68%,
1/19/27
..
2,112
2,095
FW2464665.UP.FTS.B,
30.79%,
1/19/27
..
1,312
1,302
FW2465921.UP.FTS.B,
30.89%,
1/19/27
..
1,227
1,165
FW2465741.UP.FTS.B,
30.94%,
1/19/27
..
1,623
1,541
FW2466073.UP.FTS.B,
30.97%,
1/19/27
..
937
930
FW2464672.UP.FTS.B,
30.98%,
1/19/27
..
1,687
1,675
FW2465572.UP.FTS.B,
30.98%,
1/19/27
..
3,356
3,186
FW2465907.UP.FTS.B,
30.98%,
1/19/27
..
953
905
FW2465118.UP.FTS.B,
31.07%,
1/19/27
..
8,403
8,342
FW2466031.UP.FTS.B,
31.12%,
1/19/27
..
13,060
12,963
FW2465216.UP.FTS.B,
31.14%,
1/19/27
..
1,077
1,068
FW2464833.UP.FTS.B,
31.17%,
1/19/27
..
1,163
(7)
FW2466113.UP.FTS.B,
31.17%,
1/19/27
..
3,655
3,630
FW2465110.UP.FTS.B,
31.18%,
1/19/27
..
10,296
3,046
FW2464670.UP.FTS.B,
31.19%,
1/19/27
..
2,134
2,118
FW2464667.UP.FTS.B,
31.59%,
1/19/27
..
7,251
7,198
FW2466172.UP.FTS.B,
31.96%,
1/19/27
..
31,254
31,040
FW2466141.UP.FTS.B,
32%,
1/19/27
....
5,819
5,779
L2675293.UP.FTS.B,
5.43%,
2/22/27
....
8,956
8,920
L2675715.UP.FTS.B,
6.52%,
2/22/27
....
8,992
8,956
FW2676020.UP.FTS.B,
6.82%,
2/22/27
...
6,839
6,812
FW2676337.UP.FTS.B,
8.57%,
2/22/27
...
10,846
10,782
L2675123.UP.FTS.B,
8.62%,
2/22/27
....
5,876
5,853
FW2675837.UP.FTS.B,
9.42%,
2/22/27
...
6,333
6,295
FW2675651.UP.FTS.B,
9.54%,
2/22/27
...
6,161
6,124
FW2675906.UP.FTS.B,
9.67%,
2/22/27
...
45,314
45,045
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2675315.UP.FTS.B,
9.86%,
2/22/27
...
$
26,543
$
26,318
L2676110.UP.FTS.B,
9.95%,
2/22/27
.....
17,944
17,834
FW2676315.UP.FTS.B,
10.29%,
2/22/27
..
4,992
4,952
FW2675769.UP.FTS.B,
11.04%,
2/22/27
..
30,915
30,665
FW2675566.UP.FTS.B,
11.18%,
2/22/27
..
13,643
13,533
FW2675417.UP.FTS.B,
12.04%,
2/22/27
..
7,984
2,041
L2675868.UP.FTS.B,
12.42%,
2/22/27
....
13,568
13,455
FW2675303.UP.FTS.B,
12.76%,
2/22/27
..
13,888
13,066
L2675722.UP.FTS.B,
13.92%,
2/22/27
....
2,746
2,724
L2676179.UP.FTS.B,
13.92%,
2/22/27
....
13,730
13,619
L2675483.UP.FTS.B,
14.22%,
2/22/27
....
4,213
4,179
FW2676429.UP.FTS.B,
14.76%,
2/22/27
..
19,165
19,010
L2676222.UP.FTS.B,
14.9%,
2/22/27
....
1,559
1,547
L2675701.UP.FTS.B,
15.05%,
2/22/27
....
6,389
6,336
FW2676278.UP.FTS.B,
15.49%,
2/22/27
..
4,960
4,903
FW2675787.UP.FTS.B,
15.6%,
2/22/27
...
8,871
8,770
FW2676119.UP.FTS.B,
15.87%,
2/22/27
..
4,136
4,090
FW2674729.UP.FTS.B,
15.98%,
2/22/27
..
4,413
4,378
FW2675367.UP.FTS.B,
16.08%,
2/22/27
..
9,196
9,092
FW2675671.UP.FTS.B,
16.46%,
2/22/27
..
21,453
21,198
L2675286.UP.FTS.B,
16.53%,
2/22/27
....
14,513
14,347
FW2676101.UP.FTS.B,
16.63%,
2/22/27
..
10,035
9,921
FW2676275.UP.FTS.B,
16.64%,
2/22/27
..
19,887
19,662
FW2673151.UP.FTS.B,
16.69%,
2/22/27
..
4,604
4,552
FW2675878.UP.FTS.B,
16.87%,
2/22/27
..
4,098
4,064
L2675388.UP.FTS.B,
17.29%,
2/22/27
....
44,836
42,216
L2676056.UP.FTS.B,
17.4%,
2/22/27
....
3,689
3,647
L2675381.UP.FTS.B,
18.91%,
2/22/27
....
13,833
13,674
L2675889.UP.FTS.B,
18.95%,
2/22/27
....
46,894
44,154
FW2675506.UP.FTS.B,
19.13%,
2/22/27
..
10,207
9,607
FW2675598.UP.FTS.B,
19.23%,
2/22/27
..
5,554
5,478
L2676048.UP.FTS.B,
19.28%,
2/22/27
....
33,325
32,868
FW2675562.UP.FTS.B,
19.58%,
2/22/27
..
5,002
4,933
FW2676135.UP.FTS.B,
19.68%,
2/22/27
..
40,212
39,757
FW2675827.UP.FTS.B,
19.75%,
2/22/27
..
3,984
3,939
FW2675725.UP.FTS.B,
19.97%,
2/22/27
..
5,573
5,510
L2675775.UP.FTS.B,
20.06%,
2/22/27
....
9,271
9,144
FW2676391.UP.FTS.B,
20.15%,
2/22/27
..
5,075
4,778
L2675553.UP.FTS.B,
20.26%,
2/22/27
....
954
899
L2676153.UP.FTS.B,
20.37%,
2/22/27
....
4,639
4,575
L2635721.UP.FTS.B,
20.47%,
2/22/27
....
9,176
9,047
FW2675953.UP.FTS.B,
20.7%,
2/22/27
...
19,379
19,228
FW2675768.UP.FTS.B,
20.93%,
2/22/27
..
18,096
17,819
FW2674747.UP.FTS.B,
21.11%,
2/22/27
..
6,502
6,413
FW2676447.UP.FTS.B,
21.12%,
2/22/27
..
7,432
7,348
L2675752.UP.FTS.B,
21.22%,
2/22/27
....
2,987
2,944
L2676182.UP.FTS.B,
21.37%,
2/22/27
....
4,954
4,868
FW2675431.UP.FTS.B,
21.46%,
2/22/27
..
2,967
2,925
L2675263.UP.FTS.B,
21.9%,
2/22/27
....
14,793
14,681
L2675531.UP.FTS.B,
21.9%,
2/22/27
....
14,887
14,682
L2675653.UP.FTS.B,
22.41%,
2/22/27
....
4,172
4,136
L2675496.UP.FTS.B,
22.58%,
2/22/27
....
5,590
5,547
FW2674944.UP.FTS.B,
22.84%,
2/22/27
..
8,390
8,326
FW2675593.UP.FTS.B,
22.9%,
2/22/27
...
5,368
381
FW2676120.UP.FTS.B,
22.93%,
2/22/27
..
6,856
6,775
FW2675190.UP.FTS.B,
23.05%,
2/22/27
..
5,594
5,552
FW2675530.UP.FTS.B,
23.25%,
2/22/27
..
2,798
2,777
L2675554.UP.FTS.B,
23.55%,
2/22/27
....
9,332
9,261
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2676113.UP.FTS.B,
24.05%,
2/22/27
....
$
18,682
$
18,539
FW2675485.UP.FTS.B,
24.08%,
2/22/27
..
4,110
4,079
FW2675214.UP.FTS.B,
24.18%,
2/22/27
..
4,111
4,080
L2674902.UP.FTS.B,
24.23%,
2/22/27
....
1,872
1,762
FW2676351.UP.FTS.B,
24.32%,
2/22/27
..
5,140
5,101
FW2676247.UP.FTS.B,
24.33%,
2/22/27
..
1,178
84
FW2675997.UP.FTS.B,
24.49%,
2/22/27
..
3,086
3,062
FW2675911.UP.FTS.B,
24.61%,
2/22/27
..
2,805
2,784
L2674079.UP.FTS.B,
24.8%,
2/22/27
....
4,119
4,077
L2675434.UP.FTS.B,
25.07%,
2/22/27
....
2,246
2,229
FW2676151.UP.FTS.B,
25.12%,
2/22/27
..
1,036
983
L2676160.UP.FTS.B,
25.17%,
2/22/27
....
11,044
10,960
FW2676004.UP.FTS.B,
25.24%,
2/22/27
..
8,807
2,592
FW2675924.UP.FTS.B,
25.27%,
2/22/27
..
1,968
1,949
FW2676248.UP.FTS.B,
25.38%,
2/22/27
..
3,090
3,066
L2676213.UP.FTS.B,
25.44%,
2/22/27
....
2,464
2,440
L2675249.UP.FTS.B,
25.47%,
2/22/27
....
2,120
625
FW2676003.UP.FTS.B,
25.6%,
2/22/27
...
2,061
2,045
L2676206.UP.FTS.B,
25.75%,
2/22/27
....
4,209
4,156
L2652870.UP.FTS.B,
25.83%,
2/22/27
....
3,742
11
FW2675099.UP.FTS.B,
26.05%,
2/22/27
..
3,554
3,526
FW2675282.UP.FTS.B,
26.25%,
2/22/27
..
46,871
46,510
FW2676394.UP.FTS.B,
26.4%,
2/22/27
...
5,505
5,458
FW2675377.UP.FTS.B,
26.49%,
2/22/27
..
1,689
1,676
FW2676130.UP.FTS.B,
26.88%,
2/22/27
..
5,538
5,496
FW2675610.UP.FTS.B,
26.91%,
2/22/27
..
6,102
6,055
L2676015.UP.FTS.B,
26.95%,
2/22/27
....
929
916
FW2675720.UP.FTS.B,
27.06%,
2/22/27
..
3,099
3,075
FW2675330.UP.FTS.B,
27.13%,
2/22/27
..
3,099
3,075
FW2676331.UP.FTS.B,
27.38%,
2/22/27
..
7,234
7,178
L2675639.UP.FTS.B,
27.5%,
2/22/27
....
1,383
1,368
FW2675561.UP.FTS.B,
27.52%,
2/22/27
..
6,766
6,713
FW2675681.UP.FTS.B,
27.55%,
2/22/27
..
9,231
9,150
FW2675991.UP.FTS.B,
27.58%,
2/22/27
..
2,349
2,331
FW2675109.UP.FTS.B,
27.79%,
2/22/27
..
5,836
896
FW2676194.UP.FTS.B,
28.21%,
2/22/27
..
2,352
2,334
FW2676090.UP.FTS.B,
28.38%,
2/22/27
..
18,820
18,675
FW2675967.UP.FTS.B,
29.34%,
2/22/27
..
1,602
1,580
FW2676071.UP.FTS.B,
30.36%,
2/22/27
..
2,077
2,061
FW2675198.UP.FTS.B,
30.64%,
2/22/27
..
6,583
6,530
FW2676076.UP.FTS.B,
30.66%,
2/22/27
..
1,511
1,499
FW2675592.UP.FTS.B,
30.67%,
2/22/27
..
3,967
3,936
FW2675098.UP.FTS.B,
30.74%,
2/22/27
..
2,558
396
FW2675344.UP.FTS.B,
30.75%,
2/22/27
..
3,169
3,007
FW2675958.UP.FTS.B,
30.93%,
2/22/27
..
1,323
1,304
FW2676378.UP.FTS.B,
30.97%,
2/22/27
..
1,135
1,126
FW2676124.UP.FTS.B,
31.02%,
2/22/27
..
21,371
8
FW2674790.UP.FTS.B,
31.08%,
2/22/27
..
1,051
996
FW2675297.UP.FTS.B,
31.1%,
2/22/27
...
969
289
FW2676100.UP.FTS.B,
31.11%,
2/22/27
..
1,691
1,667
FW2675440.UP.FTS.B,
31.15%,
2/22/27
..
3,308
3,282
FW2676365.UP.FTS.B,
31.2%,
2/22/27
...
17,117
(122)
FW2676390.UP.FTS.B,
31.24%,
2/22/27
..
1,985
1,970
FW2670166.UP.FTS.B,
31.29%,
2/22/27
..
2,357
2,338
FW2675516.UP.FTS.B,
31.31%,
2/22/27
..
3,120
3,096
FW2676168.UP.FTS.B,
31.41%,
2/22/27
..
3,309
3,283
FW2675064.UP.FTS.B,
31.47%,
2/22/27
..
2,837
2,815
FW2675477.UP.FTS.B,
31.5%,
2/22/27
...
27,645
26,233
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-118
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2676065.UP.FTS.B,
31.64%,
2/22/27
..
$
9,082
$
9,011
FW2675468.UP.FTS.B,
31.91%,
2/22/27
..
7,286
7,229
FW2675325.UP.FTS.B,
31.93%,
2/22/27
..
8,082
2,415
FW2676216.UP.FTS.B,
31.95%,
2/22/27
..
5,677
5,633
FW2676191.UP.FTS.B,
31.98%,
2/22/27
..
6,889
6,827
FW2675534.UP.FTS.B,
32.24%,
2/22/27
..
8,425
8,359
FW1914675.UP.FTS.B,
26.25%,
3/25/27
..
9,609
2,834
FW2056098.UP.FTS.B,
23.67%,
4/16/27
..
6,585
6,511
L2980992.UP.FTS.B,
5.74%,
4/20/27
....
7,418
7,400
L2982343.UP.FTS.B,
6.55%,
4/20/27
....
13,880
13,842
L2981618.UP.FTS.B,
6.67%,
4/20/27
....
12,076
12,047
L2982277.UP.FTS.B,
7.61%,
4/20/27
....
8,375
8,356
L2981547.UP.FTS.B,
8.03%,
4/20/27
....
11,175
11,127
L2982631.UP.FTS.B,
11.15%,
4/20/27
....
5,995
5,957
L2981847.UP.FTS.B,
12.88%,
4/20/27
....
9,110
9,055
FW2982593.UP.FTS.B,
14.46%,
4/20/27
..
7,534
7,489
FW2981800.UP.FTS.B,
15.54%,
4/20/27
..
18,883
18,774
FW2982570.UP.FTS.B,
15.54%,
4/20/27
..
9,150
9,067
L2981792.UP.FTS.B,
16.02%,
4/20/27
....
12,083
12,014
FW2980031.UP.FTS.B,
17.09%,
4/20/27
..
40,655
38,358
L2981666.UP.FTS.B,
17.74%,
4/20/27
....
47,325
46,905
L2982362.UP.FTS.B,
19.25%,
4/20/27
....
2,087
2,069
L2981534.UP.FTS.B,
19.74%,
4/20/27
....
10,970
10,878
FW2982412.UP.FTS.B,
19.87%,
4/20/27
..
11,394
11,270
FW2980149.UP.FTS.B,
20.02%,
4/20/27
..
5,298
5,004
FW2982427.UP.FTS.B,
20.52%,
4/20/27
..
23,113
22,973
L2982556.UP.FTS.B,
21.77%,
4/20/27
....
5,141
5,106
L2982345.UP.FTS.B,
23.66%,
4/20/27
....
12,528
11,905
FW2981941.UP.FTS.B,
25.22%,
4/20/27
..
2,398
2,373
FW2980976.UP.FTS.B,
25.24%,
4/20/27
..
13,937
13,840
L2982002.UP.FTS.B,
25.37%,
4/20/27
....
6,229
6,182
L2982533.UP.FTS.B,
25.49%,
4/20/27
....
2,028
1,927
FW2981812.UP.FTS.B,
25.87%,
4/20/27
..
3,063
3,044
L2981818.UP.FTS.B,
25.89%,
4/20/27
....
9,286
9,212
L2981438.UP.FTS.B,
25.94%,
4/20/27
....
2,872
2,854
FW2981809.UP.FTS.B,
26.39%,
4/20/27
..
4,298
4,270
FW2981690.UP.FTS.B,
26.56%,
4/20/27
..
14,563
14,471
L2982272.UP.FTS.B,
26.68%,
4/20/27
....
5,313
5,276
FW2982505.UP.FTS.B,
26.8%,
4/20/27
...
4,970
4,930
FW2982630.UP.FTS.B,
27.01%,
4/20/27
..
3,163
3,144
FW2973701.UP.FTS.B,
27.5%,
4/20/27
...
12,989
12,911
FW2982117.UP.FTS.B,
27.79%,
4/20/27
..
2,147
2,045
FW2982476.UP.FTS.B,
28.13%,
4/20/27
..
28,799
28,622
L2982235.UP.FTS.B,
28.2%,
4/20/27
....
3,500
536
FW2982596.UP.FTS.B,
28.27%,
4/20/27
..
1,452
1,381
FW2981790.UP.FTS.B,
29.08%,
4/20/27
..
2,403
2,388
FW2982246.UP.FTS.B,
30.31%,
4/20/27
..
2,580
(6)
FW2982248.UP.FTS.B,
30.44%,
4/20/27
..
4,790
4,760
FW2980005.UP.FTS.B,
30.65%,
4/20/27
..
1,435
1,426
FW2982470.UP.FTS.B,
30.66%,
4/20/27
..
2,214
2,201
FW2981984.UP.FTS.B,
30.99%,
4/20/27
..
8,605
2,556
FW2982057.UP.FTS.B,
31.09%,
4/20/27
..
1,098
–
FW2982099.UP.FTS.B,
31.11%,
4/20/27
..
3,355
3,334
FW2981979.UP.FTS.B,
31.12%,
4/20/27
..
2,039
2,029
FW2982709.UP.FTS.B,
31.22%,
4/20/27
..
2,779
829
FW2981459.UP.FTS.B,
31.69%,
4/20/27
..
9,063
9,011
FW2981291.UP.FTS.B,
31.84%,
4/20/27
..
5,439
5,175
L2241910.UP.FTS.B,
20.19%,
5/13/27
....
19,227
18,962
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2241503.UP.FTS.B,
24.24%,
5/13/27
....
$
2,834
$
2,804
L2242784.UP.FTS.B,
25.23%,
5/13/27
....
5,430
5,366
FW2242705.UP.FTS.B,
27.05%,
5/13/27
..
1,429
1,415
FW2241542.UP.FTS.B,
28.48%,
5/13/27
..
2,877
2,846
FW2241443.UP.FTS.B,
29.46%,
5/13/27
..
2,879
(83)
FW2242189.UP.FTS.B,
31.76%,
5/13/27
..
4,713
4,665
L2464545.UP.FTS.B,
18.49%,
6/19/27
....
19,566
18,411
L2464262.UP.FTS.B,
25.31%,
6/19/27
....
2,141
2,125
FW2465743.UP.FTS.B,
28.47%,
6/19/27
..
9,450
9,373
FW2466138.UP.FTS.B,
29.57%,
6/19/27
..
2,903
2,801
FW2464615.UP.FTS.B,
30.21%,
6/19/27
..
7,812
7,757
FW2675527.UP.FTS.B,
21.31%,
7/22/27
..
9,697
9,586
FW2675348.UP.FTS.B,
23.48%,
7/22/27
..
14,960
14,198
FW2676274.UP.FTS.B,
25.4%,
7/22/27
...
24,568
23,323
FW2675392.UP.FTS.B,
28.93%,
7/22/27
..
1,950
1,936
FW2674184.UP.FTS.B,
30.72%,
7/22/27
..
5,900
5,584
FW2676178.UP.FTS.B,
31.16%,
7/22/27
..
4,901
4,831
FW2675191.UP.FTS.B,
31.52%,
7/22/27
..
4,589
4,544
L2056878.UP.FTS.B,
9.83%,
9/16/27
....
4,578
4,558
FW2675427.UP.FTS.B,
17.47%,
12/22/27
.
21,778
21,237
FW2675884.UP.FTS.B,
26.71%,
12/22/27
.
5,177
5,101
4,431,534
Total
Marketplace
Loans
(Cost
$8,719,258)
.....
$8,135,509
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Strategic
Income
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-119
At
September
30,
2022,
the
Fund
had
the
following
futures
contracts
outsta
ndi
ng.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding. 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
10
Year
Notes
....................
Long
21
$
2,353,312
12/20/22
$
(114,052)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
11
1,303,328
12/20/22
(7,806)
U.S.
Treasury
5
Year
Notes
.....................
Long
16
1,720,125
12/30/22
(58,615)
U.S.
Treasury
Ultra
Bonds
......................
Long
13
1,781,000
12/20/22
(160,589)
Total
Futures
Contracts
......................................................................
$(341,062)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Buy
290,000
301,017
10/17/22
$
—
$
(16,525)
Euro
.............
JPHQ
Sell
3,000,000
3,077,430
10/17/22
134,413
—
Columbian
Peso
....
JPHQ
Sell
5,500,000,000
1,240,667
11/30/22
60,713
—
Total
Forward
Exchange
Contracts
...................................................
$195,126
$(16,525)
Net
unrealized
appreciation
(depreciation)
............................................
$178,601
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
FSI-120
At
September
30,
2022,
the
Fund
had
the
following credit
default
swap
contracts outstanding. 
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CDX.NA.EM.37
.
(1.00)%
Quarterly
6/20/27
1,150,000
$
119,400
$
101,984
$
17,416
CDX.NA.HY.38
.
(5.00)%
Quarterly
6/20/27
800,000
16,718
(33,683)
50,401
CDX.NA.IG.39
..
(1.00)%
Quarterly
12/20/27
3,225,000
10,084
17,242
(7,158)
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
iTraxx
Europe
Main
38
....
1.00%
Quarterly
12/20/27
3,225,000
EUR
(48,871)
(53,002)
4,131
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$97,331
$32,541
$64,790
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
1,800,000
(666,617)
(307,872)
(358,745)
B-
Mexico
Government
Bond
......
1.00%
Quarterly
GSCO
6/20/26
925,000
(17,352)
2,000
(19,352)
BBB
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
350,000
EUR
(26,793)
—
(26,793)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
2,300,000
(1,161,660)
(430,487)
(731,173)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kona
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/22
1,000,000
(114,724)
(30,295)
(84,429)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kona
Index,
Mezzanine
Tranche
5-10%
2.42%
Quarterly
CITI
12/20/22
800,000
(6,495)
—
(6,495)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Palm
Beach
Index,
Mezzanine
Tranche
5-10%
1.97%
Quarterly
CITI
12/20/22
1,100,000
(6,253)
—
(6,253)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
500,000
(37,783)
—
(37,783)
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
2,270,000
11,720
5,603
6,117
Investment
Grade
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
FSI-121
See
Abbreviations
on
page
177
.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Unamortized
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
(continued)
Traded
Index
(continued)
Total
OTC
Swap
Contracts
..............................................
$(2,025,957)
$(761,051)
$(1,264,906)
Total
Credit
Default
Swap
Contracts
....................................
$(1,928,626)
$
(728,510)
$(1,200,116)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
U.S.
Government
Securities
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
1.5%
Oil,
Gas
&
Consumable
Fuels
1.5%
Reliance
Industries
Ltd.
,
Senior
Bond,
2.512%,
1/15/26
..........................
India
4,593,750
$
4,411,519
Senior
Note,
1.87%,
1/15/26
...........................
India
2,578,947
2,448,899
Senior
Note,
2.06%,
1/15/26
...........................
India
2,187,500
2,084,288
8,944,706
Total
Corporate
Bonds
(Cost
$9,311,248)
.......................................
8,944,706
Foreign
Government
and
Agency
Securities
2.2%
Israel
Government
Bond
,
Senior
Bond
,
5.5
%
,
9/18/23
..........
Israel
12,000,000
12,116,199
Petroleos
Mexicanos
,
Senior
Bond
,
2.378
%
,
4/15/25
...........
Mexico
987,000
958,398
Total
Foreign
Government
and
Agency
Securities
(Cost
$13,317,753)
..............
13,074,597
U.S.
Government
and
Agency
Securities
14.0%
FHLB
,
2.625
%,
9/12/25
.................................
United
States
10,000,000
9,521,054
U.S.
International
Development
Finance
Corp.
(The)
,
4.01%,
5/15/30
.....................................
United
States
1,367,500
1,339,225
2.12%,
3/20/24
.....................................
United
States
2,750,000
2,687,880
U.S.
Treasury
Notes
,
3%,
6/30/24
........................................
United
States
3,000,000
2,935,019
a
Index
Linked,
0.125%,
7/15/24
..........................
United
States
6,350,000
7,653,500
2.375%,
8/15/24
.....................................
United
States
22,000,000
21,249,766
2.25%,
8/15/27
.....................................
United
States
34,040,000
31,300,179
0.625%,
8/15/30
.....................................
United
States
8,500,000
6,662,207
Total
U.S.
Government
and
Agency
Securities
(Cost
$90,848,814)
.................
83,348,830
Mortgage-Backed
Securities
78.8%
b
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.9%
FHLMC,
2.633%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
5/01/37
..
United
States
143,567
140,233
FHLMC,
2.498%
-
3.535%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
3/01/36
-
4/01/40
....................................
United
States
4,942,948
5,000,642
5,140,875
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
9.5%
FHLMC
Gold
Pool,
15
Year,
4.5%,
3/01/25
-
4/01/25
...........
United
States
222,613
219,436
FHLMC
Gold
Pool,
20
Year,
3.5%,
3/01/32
..................
United
States
1,110,395
1,049,925
FHLMC
Gold
Pool,
30
Year,
3%,
5/01/43
....................
United
States
154,779
139,097
FHLMC
Gold
Pool,
30
Year,
3.5%,
5/01/43
..................
United
States
24,978
22,990
FHLMC
Gold
Pool,
30
Year,
4%,
9/01/40
-
12/01/41
............
United
States
2,501,627
2,389,547
FHLMC
Gold
Pool,
30
Year,
4.5%,
5/01/40
-
7/01/41
...........
United
States
720,878
706,928
FHLMC
Gold
Pool,
30
Year,
5%,
9/01/33
-
4/01/40
.............
United
States
2,088,432
2,102,538
FHLMC
Gold
Pool,
30
Year,
5.5%,
7/01/33
-
5/01/38
...........
United
States
455,662
470,693
FHLMC
Gold
Pool,
30
Year,
6%,
1/01/24
-
8/01/35
.............
United
States
412,291
425,061
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/23
-
5/01/35
..........
United
States
124,730
129,099
FHLMC
Gold
Pool,
30
Year,
7%,
4/01/24
-
9/01/31
.............
United
States
40,777
41,637
FHLMC
Gold
Pool,
30
Year,
8.5%,
7/01/31
..................
United
States
84,635
88,935
FHLMC
Pool,
15
Year,
1.5%,
1/01/37
.......................
United
States
10,883,578
9,356,866
FHLMC
Pool,
15
Year,
2%,
10/01/35
.......................
United
States
7,208,618
6,421,927
FHLMC
Pool,
15
Year,
2%,
9/01/36
........................
United
States
3,488,379
3,081,537
FHLMC
Pool,
30
Year,
2%,
11/01/50
.......................
United
States
2,226,430
1,816,069
FHLMC
Pool,
30
Year,
2%,
1/01/51
........................
United
States
4,998,281
4,077,021
FHLMC
Pool,
30
Year,
2.5%,
2/01/52
.......................
United
States
11,527,962
9,713,283
FHLMC
Pool,
30
Year,
3%,
2/01/52
........................
United
States
4,562,456
3,991,205
FHLMC
Pool,
30
Year,
4%,
11/01/45
.......................
United
States
8,619,227
8,197,060
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Pool,
30
Year,
4.5%,
1/01/49
.......................
United
States
2,658,678
$
2,594,824
57,035,678
b
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
2.5%
FNMA,
2.24%
-
3.479%,
(12-month
average
of
1-year
CMT
+/-
MBS
Margin),
9/01/35
-
10/01/44
............................
United
States
159,384
161,251
FNMA,
3.516%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
9/01/37
.
United
States
4,938,557
5,060,951
FNMA,
1.795%
-
4.165%,
(12-month
USD
LIBOR
+/-
MBS
Margin),
1/01/32
-
4/01/41
....................................
United
States
6,579,272
6,670,146
FNMA,
1.845%
-
4.407%,
(6-month
USD
LIBOR
+/-
MBS
Margin),
6/01/23
-
3/01/37
....................................
United
States
274,947
275,162
FNMA,
1.726%
-
5.109%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/22
-
12/01/40
..................................
United
States
3,056,351
3,085,088
FNMA,
1.912%
-
5.634%,
(COFI
11th
District
+/-
MBS
Margin),
6/01/25
-
11/01/36
...................................
United
States
41,484
41,261
15,293,859
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
20.9%
FNMA,
2.64%,
7/01/25
.................................
United
States
2,310,106
2,197,030
FNMA,
2.77%,
4/01/25
.................................
United
States
3,500,000
3,348,766
FNMA,
3.28%,
7/01/27
.................................
United
States
4,000,000
3,759,862
FNMA,
5.5%,
4/01/34
..................................
United
States
415,277
410,821
FNMA,
15
Year,
2%,
9/01/35
.............................
United
States
5,285,378
4,674,401
FNMA,
15
Year,
5.5%,
1/01/25
...........................
United
States
48,571
48,619
FNMA,
30
Year,
2%,
8/01/51
.............................
United
States
7,690,096
6,264,498
FNMA,
30
Year,
2.5%,
8/01/51
...........................
United
States
9,738,201
8,223,100
FNMA,
30
Year,
2.5%,
9/01/51
...........................
United
States
21,488,303
18,139,315
FNMA,
30
Year,
2.5%,
11/01/51
...........................
United
States
4,968,734
4,190,996
FNMA,
30
Year,
2.5%,
12/01/51
...........................
United
States
6,774,162
5,712,151
FNMA,
30
Year,
2.5%,
2/01/52
...........................
United
States
14,560,915
12,271,826
FNMA,
30
Year,
3%,
12/01/42
............................
United
States
57,140
50,986
FNMA,
30
Year,
3%,
7/01/50
.............................
United
States
8,113,643
7,127,262
FNMA,
30
Year,
3%,
8/01/50
.............................
United
States
11,637,583
10,220,550
FNMA,
30
Year,
3%,
7/01/51
.............................
United
States
4,435,285
3,888,519
FNMA,
30
Year,
3%,
9/01/51
.............................
United
States
19,687,374
17,255,235
FNMA,
30
Year,
3.5%,
7/01/45
...........................
United
States
9,779,781
9,026,761
FNMA,
30
Year,
4%,
1/01/41
-
8/01/41
......................
United
States
2,520,203
2,392,466
FNMA,
30
Year,
4.5%,
8/01/40
-
6/01/41
....................
United
States
2,166,559
2,125,683
FNMA,
30
Year,
5%,
3/01/34
-
7/01/41
......................
United
States
1,507,334
1,510,865
FNMA,
30
Year,
5.5%,
12/01/32
-
8/01/35
...................
United
States
947,246
969,167
FNMA,
30
Year,
6%,
1/01/24
-
8/01/38
......................
United
States
898,278
927,408
FNMA,
30
Year,
6.5%,
1/01/24
-
9/01/36
....................
United
States
105,512
109,591
FNMA,
30
Year,
7.5%,
8/01/25
...........................
United
States
1,042
1,058
FNMA,
30
Year,
8%,
7/01/23
-
12/01/24
.....................
United
States
5,575
5,589
FNMA,
30
Year,
9%,
10/01/26
............................
United
States
28,498
28,499
124,881,024
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
45.0%
GNMA
I,
30
Year,
5%,
9/15/40
............................
United
States
8,229,024
8,253,962
GNMA
I,
30
Year,
5.5%,
3/15/32
-
2/15/38
...................
United
States
258,685
269,762
GNMA
I,
30
Year,
6%,
7/15/29
-
11/15/38
....................
United
States
204,027
216,897
GNMA
I,
30
Year,
6.5%,
12/15/28
-
1/15/33
..................
United
States
103,980
108,050
GNMA
I,
30
Year,
7%,
12/15/28
...........................
United
States
5,805
6,011
GNMA
I,
30
Year,
7.5%,
12/15/31
-
8/15/33
..................
United
States
102,769
108,149
GNMA
I,
Single-family,
30
Year,
3%,
7/15/42
.................
United
States
224,147
199,916
GNMA
I,
Single-family,
30
Year,
4%,
10/15/40
-
8/15/46
.........
United
States
3,542,212
3,392,066
GNMA
I,
Single-family,
30
Year,
4.5%,
1/15/39
-
6/15/41
........
United
States
5,309,144
5,231,223
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(continued)
GNMA
I,
Single-family,
30
Year,
5.5%,
12/15/28
-
10/15/39
.......
United
States
1,953,547
$
2,011,104
GNMA
I,
Single-family,
30
Year,
6%,
11/15/23
-
9/15/38
.........
United
States
769,506
796,867
GNMA
I,
Single-family,
30
Year,
6.5%,
9/15/23
-
5/15/37
........
United
States
430,555
445,361
GNMA
I,
Single-family,
30
Year,
7%,
11/15/22
-
9/15/31
.........
United
States
55,342
55,949
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/23
-
11/15/27
........
United
States
11,245
11,290
GNMA
I,
Single-family,
30
Year,
8%,
3/15/23
-
7/15/23
..........
United
States
2,574
2,580
GNMA
I,
Single-family,
30
Year,
8.5%,
5/15/23
-
12/15/24
........
United
States
9,491
9,504
GNMA
II,
Single-family,
30
Year,
2%,
8/20/51
.................
United
States
5,385,189
4,516,649
GNMA
II,
Single-family,
30
Year,
2%,
12/20/51
................
United
States
11,898,811
9,966,203
GNMA
II,
Single-family,
30
Year,
2%,
3/20/52
.................
United
States
13,146,643
10,988,093
GNMA
II,
Single-family,
30
Year,
2.5%,
6/20/51
...............
United
States
11,989,366
10,358,351
GNMA
II,
Single-family,
30
Year,
2.5%,
7/20/51
...............
United
States
5,056,389
4,367,541
GNMA
II,
Single-family,
30
Year,
2.5%,
8/20/51
...............
United
States
33,838,531
29,242,140
GNMA
II,
Single-family,
30
Year,
2.5%,
10/20/51
..............
United
States
11,073,306
9,561,585
GNMA
II,
Single-family,
30
Year,
3%,
12/20/42
-
9/20/45
........
United
States
3,332,554
2,999,301
GNMA
II,
Single-family,
30
Year,
3%,
4/20/46
.................
United
States
6,374,883
5,744,912
GNMA
II,
Single-family,
30
Year,
3%,
7/20/51
.................
United
States
17,032,786
15,188,748
GNMA
II,
Single-family,
30
Year,
3%,
8/20/51
.................
United
States
6,563,525
5,838,699
GNMA
II,
Single-family,
30
Year,
3%,
9/20/51
.................
United
States
16,418,817
14,605,627
GNMA
II,
Single-family,
30
Year,
3%,
10/20/51
................
United
States
17,868,954
15,845,763
GNMA
II,
Single-family,
30
Year,
3%,
11/20/51
................
United
States
20,730,085
18,394,668
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/42
...............
United
States
6,963,992
6,474,038
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/42
..............
United
States
4,227,873
3,928,687
GNMA
II,
Single-family,
30
Year,
3.5%,
1/20/43
...............
United
States
5,655,093
5,237,911
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/43
...............
United
States
4,540,915
4,230,585
GNMA
II,
Single-family,
30
Year,
3.5%,
5/20/47
...............
United
States
10,306,136
9,532,366
GNMA
II,
Single-family,
30
Year,
3.5%,
9/20/47
...............
United
States
17,299,965
16,043,982
GNMA
II,
Single-family,
30
Year,
3.5%,
12/20/40
-
10/20/47
......
United
States
16,487,334
15,290,010
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
..............
United
States
4,653,649
4,289,229
GNMA
II,
Single-family,
30
Year,
4%,
11/20/39
-
2/20/44
.........
United
States
7,555,787
7,217,764
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/39
-
10/20/44
......
United
States
10,190,148
10,087,154
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
6/20/44
.........
United
States
4,258,608
4,315,938
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/34
-
6/20/38
........
United
States
1,822,401
1,895,400
GNMA
II,
Single-family,
30
Year,
6%,
11/20/23
-
7/20/39
.........
United
States
1,213,097
1,293,792
GNMA
II,
Single-family,
30
Year,
6.5%,
12/20/27
-
4/20/32
.......
United
States
169,473
175,284
GNMA
II,
Single-family,
30
Year,
7%,
5/20/32
.................
United
States
3,950
4,151
GNMA
II,
Single-family,
30
Year,
7.5%,
12/20/22
-
11/20/26
......
United
States
12,001
12,238
GNMA
II,
Single-family,
30
Year,
8%,
8/20/26
.................
United
States
1,751
1,806
268,767,306
Total
Mortgage-Backed
Securities
(Cost
$544,492,526)
...........................
471,118,742
Total
Long
Term
Investments
(Cost
$657,970,341)
...............................
576,486,875
a
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
U.S.
Government
Securities
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
See
Abbreviations
on
page
177
.
Short
Term
Investments
3.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
3.4%
c
Joint
Repurchase
Agreement,
2.933%,
10/03/22
(Maturity
Value
$20,078,861)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$3,353,170)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$6,665,579)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$10,060,112)
Collateralized
by
U.S.
Government
Agency
Securities,
1.63%
-
4%,
5/20/36
-
7/15/57;
and
U.S.
Treasury
Notes,
1.5%
-
3.35%,
10/31/22
-
8/15/25
(valued
at
$20,480,869)
.................
20,073,954
$
20,073,954
Total
Repurchase
Agreements
(Cost
$20,073,954)
...............................
20,073,954
Total
Short
Term
Investments
(Cost
$20,073,954
)
................................
20,073,954
a
Total
Investments
(Cost
$678,044,295)
99.9%
...................................
$596,560,829
Other
Assets,
less
Liabilities
0.1%
.............................................
1,123,047
Net
Assets
100.0%
...........................................................
$597,683,876
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Principal
amount
of
security
is
adjusted
for
inflation.
b
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
c
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
VolSmart
Allocation
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Shares
a
Value
a
Common
Stocks
59.6%
Aerospace
&
Defense
2.2%
Curtiss-Wright
Corp.
.................................................
353
$
49,123
General
Dynamics
Corp.
..............................................
4,949
1,050,029
Huntington
Ingalls
Industries,
Inc.
.......................................
264
58,476
Lockheed
Martin
Corp.
...............................................
1,520
587,161
Northrop
Grumman
Corp.
.............................................
924
434,576
Raytheon
Technologies
Corp.
..........................................
15,995
1,309,351
3,488,716
Air
Freight
&
Logistics
1.0%
CH
Robinson
Worldwide,
Inc.
..........................................
669
64,431
United
Parcel
Service,
Inc.,
B
..........................................
10,013
1,617,500
1,681,931
Automobiles
0.6%
a
Tesla,
Inc.
.........................................................
3,390
899,197
a
Banks
0.4%
First
Horizon
Corp.
..................................................
2,831
64,830
JPMorgan
Chase
&
Co.
...............................................
5,590
584,155
648,985
Beverages
0.6%
PepsiCo,
Inc.
......................................................
6,225
1,016,293
Biotechnology
2.0%
AbbVie,
Inc.
.......................................................
12,104
1,624,478
Amgen,
Inc.
.......................................................
2,871
647,123
a
Regeneron
Pharmaceuticals,
Inc.
.......................................
577
397,478
a
United
Therapeutics
Corp.
.............................................
274
57,370
a
Vertex
Pharmaceuticals,
Inc.
...........................................
1,618
468,476
3,194,925
Building
Products
1.0%
a
Builders
FirstSource
,
Inc.
.............................................
1,005
59,215
Carlisle
Cos.,
Inc.
...................................................
2,783
780,381
Johnson
Controls
International
plc
.......................................
14,547
716,003
Owens
Corning
.....................................................
636
49,996
1,605,595
Capital
Markets
0.5%
FactSet
Research
Systems,
Inc.
........................................
121
48,413
Lazard
Ltd.,
A
......................................................
1,402
44,626
LPL
Financial
Holdings,
Inc.
...........................................
235
51,343
Nasdaq,
Inc.
.......................................................
11,775
667,407
811,789
Chemicals
3.2%
Air
Products
and
Chemicals,
Inc.
........................................
5,190
1,207,869
Albemarle
Corp.
....................................................
3,955
1,045,860
CF
Industries
Holdings,
Inc.
...........................................
1,139
109,629
Ecolab,
Inc.
........................................................
4,085
589,956
Linde
plc
..........................................................
5,995
1,616,192
LyondellBasell
Industries
NV,
A
.........................................
1,377
103,660
Mosaic
Co.
(The)
...................................................
1,942
93,857
Sherwin-Williams
Co.
(The)
............................................
1,600
327,600
5,094,623
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Commercial
Services
&
Supplies
0.8%
Cintas
Corp.
.......................................................
2,390
$
927,774
Republic
Services,
Inc.
...............................................
574
78,087
Rollins,
Inc.
........................................................
1,524
52,852
Waste
Management,
Inc.
..............................................
1,199
192,092
1,250,805
Communications
Equipment
0.6%
a
Arista
Networks,
Inc.
.................................................
1,445
163,126
Cisco
Systems,
Inc.
.................................................
17,185
687,400
Motorola
Solutions,
Inc.
...............................................
454
101,682
952,208
Construction
&
Engineering
0.0%
†
Quanta
Services,
Inc.
................................................
382
48,663
Consumer
Finance
0.2%
Capital
One
Financial
Corp.
...........................................
1,953
180,008
a
Credit
Acceptance
Corp.
..............................................
97
42,486
Synchrony
Financial
.................................................
2,719
76,649
299,143
Containers
&
Packaging
0.1%
Graphic
Packaging
Holding
Co.
.........................................
2,287
45,145
Packaging
Corp.
of
America
...........................................
488
54,798
Sonoco
Products
Co.
................................................
808
45,838
145,781
Distributors
0.1%
Genuine
Parts
Co.
..................................................
787
117,515
LKQ
Corp.
........................................................
950
44,792
162,307
Diversified
Consumer
Services
0.1%
a
Grand
Canyon
Education,
Inc.
..........................................
657
54,038
H&R
Block,
Inc.
.....................................................
1,515
64,448
Service
Corp.
International
............................................
913
52,717
171,203
Diversified
Financial
Services
0.3%
a
Berkshire
Hathaway,
Inc.,
B
............................................
1,869
499,060
a
Diversified
Telecommunication
Services
0.8%
AT&T,
Inc.
.........................................................
31,809
487,950
Lumen
Technologies,
Inc.
.............................................
6,275
45,682
Verizon
Communications,
Inc.
..........................................
18,048
685,283
1,218,915
Electric
Utilities
0.2%
NRG
Energy,
Inc.
...................................................
1,608
61,538
OGE
Energy
Corp.
..................................................
1,276
46,523
Southern
Co.
(The)
..................................................
2,938
199,784
307,845
Electrical
Equipment
0.3%
Hubbell,
Inc.
.......................................................
245
54,635
nVent
Electric
plc
...................................................
11,020
348,342
402,977
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
0.3%
Amphenol
Corp.,
A
..................................................
2,885
$
193,179
a
Arrow
Electronics,
Inc.
...............................................
493
45,450
Avnet,
Inc.
........................................................
1,180
42,622
Corning,
Inc.
.......................................................
3,917
113,671
Jabil,
Inc.
.........................................................
892
51,477
National
Instruments
Corp.
............................................
1,301
49,100
495,499
Entertainment
0.0%
†
World
Wrestling
Entertainment,
Inc.,
A
....................................
758
53,189
Equity
Real
Estate
Investment
Trusts
(REITs)
0.8%
Duke
Realty
Corp.
...................................................
1,153
55,575
EPR
Properties
.....................................................
1,190
42,673
Extra
Space
Storage,
Inc.
.............................................
708
122,279
Gaming
and
Leisure
Properties,
Inc.
.....................................
1,418
62,732
Kimco
Realty
Corp.
..................................................
3,281
60,403
Life
Storage,
Inc.
....................................................
509
56,377
Medical
Properties
Trust,
Inc.
..........................................
3,662
43,431
National
Retail
Properties,
Inc.
.........................................
1,259
50,184
Omega
Healthcare
Investors,
Inc.
.......................................
1,808
53,318
Public
Storage
.....................................................
905
264,993
Realty
Income
Corp.
.................................................
2,677
155,801
SL
Green
Realty
Corp.
...............................................
1,182
47,469
STORE
Capital
Corp.
................................................
1,940
60,780
VICI
Properties,
Inc.
.................................................
5,262
157,071
WP
Carey,
Inc.
.....................................................
1,151
80,340
1,313,426
Food
&
Staples
Retailing
1.0%
a
BJ's
Wholesale
Club
Holdings,
Inc.
......................................
718
52,277
Costco
Wholesale
Corp.
..............................................
1,584
748,076
Walgreens
Boots
Alliance,
Inc.
.........................................
3,538
111,093
Walmart,
Inc.
......................................................
5,610
727,617
1,639,063
Food
Products
1.2%
Archer-Daniels-Midland
Co.
...........................................
3,298
265,324
Bunge
Ltd.
........................................................
694
57,304
General
Mills,
Inc.
...................................................
3,161
242,164
Hershey
Co.
(The)
..................................................
780
171,967
McCormick
&
Co.,
Inc.
...............................................
9,420
671,363
Mondelez
International,
Inc.,
A
..........................................
7,170
393,131
Tyson
Foods,
Inc.,
A
.................................................
1,457
96,060
1,897,313
Gas
Utilities
0.0%
†
National
Fuel
Gas
Co.
................................................
743
45,732
Health
Care
Equipment
&
Supplies
3.0%
Abbott
Laboratories
..................................................
9,810
949,216
Becton
Dickinson
and
Co.
.............................................
6,764
1,507,222
a
Hologic
,
Inc.
.......................................................
1,028
66,326
Medtronic
plc
......................................................
11,200
904,400
Stryker
Corp.
......................................................
7,365
1,491,707
4,918,871
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
2.9%
Cardinal
Health,
Inc.
.................................................
1,483
$
98,886
a
Centene
Corp.
.....................................................
3,099
241,133
Chemed
Corp.
.....................................................
109
47,585
Cigna
Corp.
.......................................................
1,820
504,995
CVS
Health
Corp.
...................................................
2,735
260,837
Elevance
Health,
Inc.
................................................
1,423
646,384
HCA
Healthcare,
Inc.
.................................................
1,108
203,639
Humana,
Inc.
......................................................
345
167,391
a
Molina
Healthcare,
Inc.
...............................................
294
96,973
Premier,
Inc.,
A
.....................................................
1,482
50,299
Quest
Diagnostics,
Inc.
...............................................
614
75,332
UnitedHealth
Group,
Inc.
..............................................
4,696
2,371,668
4,765,122
Hotels,
Restaurants
&
Leisure
1.3%
Choice
Hotels
International,
Inc.
........................................
451
49,393
McDonald's
Corp.
...................................................
7,194
1,659,944
Starbucks
Corp.
....................................................
3,000
252,780
Yum!
Brands,
Inc.
...................................................
1,503
159,829
2,121,946
Household
Durables
0.3%
DR
Horton,
Inc.
.....................................................
1,556
104,797
Lennar
Corp.,
A
.....................................................
1,245
92,815
a
NVR,
Inc.
.........................................................
15
59,806
PulteGroup,
Inc.
....................................................
1,308
49,050
Tempur
Sealy
International,
Inc.
........................................
2,043
49,318
Toll
Brothers,
Inc.
...................................................
1,172
49,224
405,010
Household
Products
0.9%
Colgate-Palmolive
Co.
...............................................
7,970
559,893
Procter
&
Gamble
Co.
(The)
...........................................
6,565
828,831
1,388,724
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
...........................................
6,580
1,098,663
Insurance
0.8%
American
International
Group,
Inc.
......................................
3,055
145,051
Arthur
J
Gallagher
&
Co.
..............................................
580
99,308
Assured
Guaranty
Ltd.
...............................................
1,016
49,225
Axis
Capital
Holdings
Ltd.
.............................................
966
47,479
a
Brighthouse
Financial,
Inc.
............................................
1,072
46,546
Erie
Indemnity
Co.,
A
.................................................
2,329
517,760
Principal
Financial
Group,
Inc.
..........................................
697
50,289
Progressive
Corp.
(The)
..............................................
2,416
280,763
Unum
Group
.......................................................
1,670
64,796
W
R
Berkley
Corp.
..................................................
1,019
65,807
1,367,024
Interactive
Media
&
Services
1.1%
a
Alphabet,
Inc.,
A
....................................................
7,823
748,270
a
Alphabet,
Inc.,
C
....................................................
7,050
677,857
a
Meta
Platforms,
Inc.,
A
...............................................
2,639
358,060
1,784,187
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
0.6%
a
Amazon.com,
Inc.
...................................................
8,394
$
948,522
a
IT
Services
3.0%
Accenture
plc,
A
....................................................
6,265
1,611,985
Amdocs
Ltd.
.......................................................
851
67,612
Automatic
Data
Processing,
Inc.
........................................
1,200
271,428
a
Gartner,
Inc.
.......................................................
221
61,148
International
Business
Machines
Corp.
...................................
5,173
614,604
Jack
Henry
&
Associates,
Inc.
..........................................
372
67,804
Mastercard
,
Inc.,
A
..................................................
2,777
789,612
Paychex,
Inc.
......................................................
1,775
199,173
Switch,
Inc.,
A
......................................................
1,543
51,984
Visa,
Inc.,
A
........................................................
6,425
1,141,401
Western
Union
Co.
(The)
..............................................
3,524
47,574
4,924,325
Leisure
Products
0.0%
†
a
Mattel,
Inc.
........................................................
2,274
43,070
a
Life
Sciences
Tools
&
Services
0.6%
Danaher
Corp.
.....................................................
600
154,974
West
Pharmaceutical
Services,
Inc.
......................................
3,610
888,349
1,043,323
Machinery
1.0%
Allison
Transmission
Holdings,
Inc.
......................................
1,408
47,534
Crane
Holdings
Co.
..................................................
551
48,235
Cummins,
Inc.
......................................................
374
76,113
Donaldson
Co.,
Inc.
.................................................
5,405
264,899
Dover
Corp.
.......................................................
5,694
663,806
PACCAR,
Inc.
......................................................
1,756
146,960
Pentair
plc
........................................................
9,350
379,890
Snap-on,
Inc.
......................................................
235
47,317
1,674,754
Media
0.1%
Nexstar
Media
Group,
Inc.,
A
...........................................
292
48,720
Omnicom
Group,
Inc.
................................................
1,059
66,813
115,533
Metals
&
Mining
0.2%
a
Cleveland-Cliffs,
Inc.
.................................................
3,031
40,828
Nucor
Corp.
.......................................................
1,483
158,666
Reliance
Steel
&
Aluminum
Co.
.........................................
327
57,032
Steel
Dynamics,
Inc.
.................................................
1,064
75,491
United
States
Steel
Corp.
.............................................
2,253
40,824
372,841
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Rithm
Capital
Corp.
..................................................
5,546
40,597
Starwood
Property
Trust,
Inc.
..........................................
2,244
40,885
81,482
Multiline
Retail
0.9%
Dollar
General
Corp.
.................................................
694
166,463
a
Dollar
Tree,
Inc.
....................................................
1,156
157,332
Kohl's
Corp.
.......................................................
1,807
45,446
Macy's,
Inc.
........................................................
2,978
46,665
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Multiline
Retail
(continued)
Target
Corp.
.......................................................
6,770
$
1,004,600
1,420,506
Multi-Utilities
0.1%
Consolidated
Edison,
Inc.
.............................................
1,918
164,488
Oil,
Gas
&
Consumable
Fuels
3.3%
a
Antero
Resources
Corp.
..............................................
1,309
39,964
Chevron
Corp.
.....................................................
10,696
1,536,694
ConocoPhillips
.....................................................
6,448
659,888
Coterra
Energy,
Inc.
.................................................
4,468
116,704
Devon
Energy
Corp.
.................................................
3,765
226,389
EOG
Resources,
Inc.
................................................
7,639
853,506
Exxon
Mobil
Corp.
...................................................
13,117
1,145,245
HF
Sinclair
Corp.
...................................................
976
52,548
Marathon
Oil
Corp.
..................................................
2,071
46,763
Marathon
Petroleum
Corp.
............................................
1,352
134,294
Ovintiv
,
Inc.
........................................................
983
45,218
PDC
Energy,
Inc.
...................................................
769
44,441
Pioneer
Natural
Resources
Co.
.........................................
1,324
286,686
Valero
Energy
Corp.
.................................................
1,679
179,401
5,367,741
Paper
&
Forest
Products
0.0%
†
Louisiana-Pacific
Corp.
...............................................
929
47,556
Pharmaceuticals
3.5%
Bristol-Myers
Squibb
Co.
..............................................
10,730
762,796
Eli
Lilly
&
Co.
......................................................
2,899
937,392
Johnson
&
Johnson
.................................................
10,376
1,695,023
Merck
&
Co.,
Inc.
...................................................
9,608
827,441
Organon
&
Co.
.....................................................
1,857
43,454
Pfizer,
Inc.
.........................................................
30,157
1,319,670
5,585,776
Professional
Services
0.2%
Booz
Allen
Hamilton
Holding
Corp.
......................................
544
50,238
a
CACI
International,
Inc.,
A
.............................................
186
48,557
a
FTI
Consulting,
Inc.
..................................................
322
53,359
Leidos
Holdings,
Inc.
.................................................
736
64,378
Nielsen
Holdings
plc
.................................................
1,883
52,197
Science
Applications
International
Corp.
..................................
569
50,317
319,046
Road
&
Rail
0.8%
a
Avis
Budget
Group,
Inc.
..............................................
299
44,390
JB
Hunt
Transport
Services,
Inc.
........................................
2,745
429,373
Knight-Swift
Transportation
Holdings,
Inc.
.................................
1,024
50,104
Norfolk
Southern
Corp.
...............................................
3,160
662,494
Ryder
System,
Inc.
..................................................
672
50,729
Schneider
National,
Inc.,
B
............................................
2,234
45,350
1,282,440
Semiconductors
&
Semiconductor
Equipment
4.1%
Analog
Devices,
Inc.
.................................................
10,424
1,452,480
Applied
Materials,
Inc.
................................................
4,345
355,986
Broadcom,
Inc.
.....................................................
1,573
698,428
a
Cirrus
Logic,
Inc.
....................................................
674
46,371
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
Intel
Corp.
.........................................................
20,390
$
525,451
KLA
Corp.
.........................................................
835
252,696
Lam
Research
Corp.
.................................................
704
257,664
a
ON
Semiconductor
Corp.
.............................................
2,549
158,879
QUALCOMM,
Inc.
...................................................
5,343
603,652
Texas
Instruments,
Inc.
...............................................
14,199
2,197,721
6,549,328
Software
5.7%
a
Cadence
Design
Systems,
Inc.
.........................................
1,210
197,750
a
Fortinet,
Inc.
.......................................................
3,375
165,814
a
Manhattan
Associates,
Inc.
............................................
372
49,487
Microsoft
Corp.
.....................................................
28,654
6,673,518
a
Palo
Alto
Networks,
Inc.
..............................................
1,457
238,642
Roper
Technologies,
Inc.
..............................................
4,865
1,749,649
a
Synopsys,
Inc.
.....................................................
642
196,137
9,270,997
Specialty
Retail
2.0%
a
AutoNation,
Inc.
....................................................
416
42,378
a
AutoZone,
Inc.
.....................................................
133
284,877
Dick's
Sporting
Goods,
Inc.
............................................
544
56,924
Lithia
Motors,
Inc.,
A
.................................................
196
42,052
Lowe's
Cos.,
Inc.
....................................................
8,837
1,659,677
a
O'Reilly
Automotive,
Inc.
..............................................
385
270,790
Penske
Automotive
Group,
Inc.
.........................................
435
42,817
Ross
Stores,
Inc.
...................................................
8,500
716,295
a
Ulta
Beauty,
Inc.
....................................................
226
90,669
Williams-Sonoma,
Inc.
...............................................
458
53,975
3,260,454
Technology
Hardware,
Storage
&
Peripherals
2.4%
Apple,
Inc.
........................................................
25,290
3,495,078
Dell
Technologies,
Inc.,
C
.............................................
1,646
56,244
Hewlett
Packard
Enterprise
Co.
.........................................
8,083
96,834
HP,
Inc.
...........................................................
6,982
173,992
NetApp,
Inc.
.......................................................
1,214
75,086
a
Pure
Storage,
Inc.,
A
.................................................
1,847
50,552
3,947,786
Textiles,
Apparel
&
Luxury
Goods
0.5%
NIKE,
Inc.,
B
.......................................................
8,915
741,015
Tapestry,
Inc.
......................................................
1,587
45,118
786,133
Thrifts
&
Mortgage
Finance
0.0%
†
MGIC
Investment
Corp.
...............................................
3,655
46,857
Tobacco
0.7%
Altria
Group,
Inc.
....................................................
11,093
447,935
Philip
Morris
International,
Inc.
.........................................
7,470
620,085
1,068,020
Trading
Companies
&
Distributors
0.5%
MSC
Industrial
Direct
Co.,
Inc.,
A
........................................
655
47,691
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
...................................................
1,686
$
824,774
872,465
Total
Common
Stocks
(Cost
$72,468,831)
......................................
96,388,173
a
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
33.8%
Domestic
Fixed
Income
24.6%
b
Franklin
U.S.
Core
Bond
ETF
..........................................
1,286,975
26,991,469
b
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
.............................
1,388,108
12,742,835
39,734,304
Domestic
Hybrid
8.0%
b
Franklin
Income
VIP
Fund,
Class
1
......................................
902,748
12,900,272
Foreign
Equity
1.2%
iShares
Core
MSCI
EAFE
ETF
.........................................
36,862
1,941,522
Total
Investments
In
Underlying
Funds
and
Exchange
Traded
Funds
(Cost
$66,431,511)
................................................................
54,576,098
Total
Long
Term
Investments
(Cost
$138,900,342)
...............................
150,964,271
a
a
a
a
a
Short
Term
Investments
5.4%
a
Money
Market
Funds
5.4%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
...................
8,743,465
8,743,465
Total
Money
Market
Funds
(Cost
$8,743,465)
...................................
8,743,465
Total
Short
Term
Investments
(Cost
$8,743,465
)
.................................
8,743,465
a
Total
Investments
(Cost
$147,643,807)
98.8%
...................................
$159,707,736
Other
Assets,
less
Liabilities
1.2%
.............................................
1,874,398
Net
Assets
100.0%
...........................................................
$161,582,134
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
5
regarding
investments
in
FT
Underlying
Funds.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following total
return swap
contracts
outstanding.
See
Abbreviations
on
page
177
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Short
172
$
30,972,900
12/16/22
$
4,307,464
Total
Futures
Contracts
......................................................................
$4,307,464
*
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)
..
—
Monthly
BZWS
11/28/22
4,000,000
$
(583)
Total
Return
Swap
Contracts
....................................................................
$(583)
*
In
U.S.
dollars
unless
otherwise
indicated.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Templeton
Developing
Markets
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
I
a
a
Industry
Shares
a
Value
a
Common
Stocks
87.5%
Brazil
2.6%
a
Americanas
SA
..................
Internet
&
Direct
Marketing
Retail
310,691
$
978,128
a
TOTVS
SA
.....................
Software
17,462
95,024
Vale
SA
........................
Metals
&
Mining
296,076
3,954,633
a,b
XP,
Inc.,
A
......................
Capital
Markets
21,386
406,548
5,434,333
Cambodia
0.3%
a
NagaCorp
Ltd.
..................
Hotels,
Restaurants
&
Leisure
1,128,541
739,104
Chile
0.6%
Banco
Santander
Chile,
ADR
.......
Banks
84,515
1,184,055
China
26.5%
a
Alibaba
Group
Holding
Ltd.
.........
Internet
&
Direct
Marketing
Retail
1,052,654
10,504,791
a
Alibaba
Group
Holding
Ltd.,
ADR
....
Internet
&
Direct
Marketing
Retail
8,158
652,558
c
BAIC
Motor
Corp.
Ltd.,
H,
144A,
Reg
S
Automobiles
1,500,600
326,341
a
Baidu,
Inc.,
A
....................
Interactive
Media
&
Services
119,514
1,759,390
a,d
Brilliance
China
Automotive
Holdings
Ltd.
.........................
Automobiles
7,756,600
1,913,866
Chervon
Holdings
Ltd.
.............
Household
Durables
7,600
28,808
China
Merchants
Bank
Co.
Ltd.,
A
....
Banks
1,130,087
5,324,616
China
Resources
Cement
Holdings
Ltd.
Construction
Materials
2,844,315
1,313,746
China
Resources
Land
Ltd.
.........
Real
Estate
Management
&
Development
132,733
519,900
COSCO
SHIPPING
Ports
Ltd.
.......
Transportation
Infrastructure
696,259
438,229
a
Daqo
New
Energy
Corp.,
ADR
......
Semiconductors
&
Semiconductor
Equipment
59,883
3,178,590
c
Greentown
Service
Group
Co.
Ltd.,
Reg
S
...........................
Real
Estate
Management
&
Development
529,539
350,014
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
A
....................
Chemicals
749,845
4,619,316
Health
&
Happiness
H&H
International
Holdings
Ltd.
..................
Food
Products
750,415
703,253
JD.com,
Inc.,
A
..................
Internet
&
Direct
Marketing
Retail
11,027
278,191
a
Keshun
Waterproof
Technologies
Co.
Ltd.,
A
.......................
Construction
Materials
720,742
962,160
Longshine
Technology
Group
Co.
Ltd.,
A
Software
162,576
488,527
NetEase,
Inc.
...................
Entertainment
102,423
1,545,505
Ping
An
Bank
Co.
Ltd.,
A
...........
Banks
802,600
1,332,644
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
H
.......................
Insurance
384,906
1,920,217
a
Prosus
NV
.....................
Internet
&
Direct
Marketing
Retail
83,440
4,341,322
Tencent
Holdings
Ltd.
.............
Interactive
Media
&
Services
240,762
8,132,054
a
Tencent
Music
Entertainment
Group,
ADR
........................
Entertainment
373,974
1,518,334
Uni-President
China
Holdings
Ltd.
....
Food
Products
2,518,251
2,110,073
Weifu
High-Technology
Group
Co.
Ltd.,
B
...........................
Auto
Components
306,139
523,682
a,c
Wuxi
Biologics
Cayman,
Inc.,
144A,
Reg
S
...........................
Life
Sciences
Tools
&
Services
85,792
510,707
55,296,834
Hong
Kong
1.4%
Techtronic
Industries
Co.
Ltd.
.......
Machinery
304,000
2,900,806
Hungary
0.8%
Richter
Gedeon
Nyrt.
.............
Pharmaceuticals
92,414
1,582,399
India
11.9%
Bajaj
Holdings
&
Investment
Ltd.
.....
Diversified
Financial
Services
31,950
2,493,951
HDFC
Bank
Ltd.
.................
Banks
170,212
2,942,849
ICICI
Bank
Ltd.
..................
Banks
1,341,612
14,056,514
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
India
(continued)
Infosys
Ltd.
.....................
IT
Services
95,284
$
1,629,975
Tata
Consultancy
Services
Ltd.
......
IT
Services
52,888
1,934,239
a
Zomato
Ltd.
....................
Internet
&
Direct
Marketing
Retail
2,501,741
1,889,158
24,946,686
Indonesia
0.9%
Astra
International
Tbk.
PT
.........
Automobiles
4,410,370
1,908,585
Mexico
2.3%
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand,
ADR
.................
Banks
840,830
4,288,233
a,b,c
Nemak
SAB
de
CV,
144A,
Reg
S
....
Auto
Components
1,928,900
424,281
4,712,514
Pakistan
0.1%
Habib
Bank
Ltd.
.................
Banks
997,000
304,695
Peru
0.4%
Intercorp
Financial
Services,
Inc.
.....
Banks
44,913
900,955
Philippines
0.3%
BDO
Unibank,
Inc.
...............
Banks
327,469
618,997
Russia
0.0%
d
LUKOIL
PJSC
...................
Oil,
Gas
&
Consumable
Fuels
85,254
—
a,d
Sberbank
of
Russia
PJSC
..........
Banks
1,061,956
—
a,c,d
VK
Co.
Ltd.,
GDR,
Reg
S
..........
Interactive
Media
&
Services
27,833
—
a,d
Yandex
NV,
A
...................
Interactive
Media
&
Services
88,921
—
—
South
Africa
0.7%
a
Massmart
Holdings
Ltd.
............
Food
&
Staples
Retailing
264,750
880,263
Netcare
Ltd.
....................
Health
Care
Providers
&
Services
820,937
622,041
1,502,304
South
Korea
16.6%
Fila
Holdings
Corp.
...............
Textiles,
Apparel
&
Luxury
Goods
80,307
1,723,813
KT
Skylife
Co.
Ltd.
...............
Media
92,351
511,538
a
LegoChem
Biosciences,
Inc.
........
Life
Sciences
Tools
&
Services
31,827
779,332
LG
Chem
Ltd.
...................
Chemicals
1,893
693,507
LG
Corp.
.......................
Industrial
Conglomerates
103,327
5,258,758
NAVER
Corp.
...................
Interactive
Media
&
Services
40,771
5,388,965
POSCO
Holdings,
Inc.
............
Metals
&
Mining
14,692
2,126,361
Samsung
Electronics
Co.
Ltd.
.......
Technology
Hardware,
Storage
&
Peripherals
324,982
11,839,954
Samsung
Life
Insurance
Co.
Ltd.
.....
Insurance
93,184
4,004,715
Soulbrain
Co.
Ltd.
................
Chemicals
18,367
2,239,437
34,566,380
Taiwan
14.3%
Hon
Hai
Precision
Industry
Co.
Ltd.
...
Electronic
Equipment,
Instruments
&
Components
552,759
1,766,050
MediaTek,
Inc.
..................
Semiconductors
&
Semiconductor
Equipment
400,247
6,891,416
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
......................
Semiconductors
&
Semiconductor
Equipment
1,599,563
21,155,524
29,812,990
Thailand
2.4%
Kasikornbank
PCL
...............
Banks
705,593
2,672,296
Kiatnakin
Phatra
Bank
PCL
.........
Banks
549,194
992,753
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
See
Abbreviations
on
page
177
.
a
a
Industry
Shares
a
Value
a
Common
Stocks
(continued)
Thailand
(continued)
Star
Petroleum
Refining
PCL
........
Oil,
Gas
&
Consumable
Fuels
2,403,473
$
671,231
Thai
Beverage
PCL
...............
Beverages
1,450,900
604,031
4,940,311
United
Kingdom
1.7%
Unilever
plc
.....................
Personal
Products
80,606
3,541,657
United
States
3.7%
Cognizant
Technology
Solutions
Corp.,
A
...........................
IT
Services
54,941
3,155,811
Genpact
Ltd.
....................
IT
Services
106,450
4,659,316
7,815,127
Total
Common
Stocks
(Cost
$192,481,288)
.....................................
182,708,732
a
Preferred
Stocks
7.9%
Brazil
7.9%
b,e
Banco
Bradesco
SA,
ADR,
3.21%
....
Banks
1,520,462
5,595,300
b,e
Itau
Unibanco
Holding
SA,
ADR,
3.02%
Banks
1,008,546
5,214,183
e
Petroleo
Brasileiro
SA,
38.6%
.......
Oil,
Gas
&
Consumable
Fuels
1,010,716
5,584,377
16,393,860
Total
Preferred
Stocks
(Cost
$18,269,662)
......................................
16,393,860
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Hemisphere
Properties
India
Ltd.,
Escrow
Account
................
82,304
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$210,750,950)
...............................
199,102,592
Short
Term
Investments
5.1%
a
a
Industry
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.1%
United
States
5.1%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
..........
10,551,810
10,551,810
Total
Money
Market
Funds
(Cost
$10,551,810)
..................................
10,551,810
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$10,551,810
)
................................
10,551,810
a
a
a
Total
Investments
(Cost
$221,302,760)
100.5%
..................................
$209,654,402
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(952,145)
Net
Assets
100.0%
...........................................................
$208,702,257
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Developing
Markets
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
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,
2022,
the
aggregate
value
of
these
securities
was
$1,611,343,
representing
0.8%
of
net
assets.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
f
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Templeton
Foreign
VIP
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
92.5%
Aerospace
&
Defense
3.7%
BAE
Systems
plc
.....................................
United
Kingdom
1,562,785
$
13,730,676
Dassault
Aviation
SA
...................................
France
93,730
10,664,289
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
4,150,888
3,178,825
27,573,790
Airlines
0.7%
a,b
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
4,707,244
4,864,841
Auto
Components
3.3%
Continental
AG
.......................................
Germany
174,272
7,733,425
a
Faurecia
SE
.........................................
France
587,205
6,356,713
Valeo
..............................................
France
662,624
10,012,663
24,102,801
Automobiles
4.1%
Bayerische
Motoren
Werke
AG
...........................
Germany
226,774
15,370,973
b
Honda
Motor
Co.
Ltd.
..................................
Japan
693,600
15,053,576
30,424,549
Banks
14.0%
b
ING
Groep
NV
.......................................
Netherlands
1,412,693
12,105,174
Kasikornbank
PCL
....................................
Thailand
3,030,200
11,476,290
b
KB
Financial
Group,
Inc.,
ADR
...........................
South
Korea
475,106
14,319,695
Lloyds
Banking
Group
plc
...............................
United
Kingdom
32,585,097
14,727,411
Shinhan
Financial
Group
Co.
Ltd.
.........................
South
Korea
586,529
13,518,224
Standard
Chartered
plc
.................................
United
Kingdom
3,717,595
23,250,863
Sumitomo
Mitsui
Financial
Group,
Inc.
......................
Japan
510,700
14,155,892
103,553,549
Chemicals
1.0%
c
Covestro
AG,
144A,
Reg
S
..............................
Germany
267,544
7,649,919
Construction
Materials
1.3%
CRH
plc
............................................
Ireland
295,458
9,500,011
Diversified
Financial
Services
4.0%
a
EXOR
NV
...........................................
Netherlands
156,810
10,063,587
Housing
Development
Finance
Corp.
Ltd.
...................
India
692,774
19,287,704
29,351,291
Electronic
Equipment,
Instruments
&
Components
0.7%
a
Landis+Gyr
Group
AG
..................................
Switzerland
101,763
5,535,662
Energy
Equipment
&
Services
2.3%
SBM
Offshore
NV
.....................................
Netherlands
1,373,635
17,238,517
Food
&
Staples
Retailing
1.9%
b
Sundrug
Co.
Ltd.
......................................
Japan
581,900
14,157,974
Health
Care
Providers
&
Services
1.1%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
280,000
7,888,848
Household
Durables
1.2%
Sony
Group
Corp.
.....................................
Japan
134,100
8,637,085
Industrial
Conglomerates
4.3%
b
CK
Hutchison
Holdings
Ltd.
..............................
United
Kingdom
2,446,500
13,471,038
Hitachi
Ltd.
..........................................
Japan
435,200
18,518,496
31,989,534
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
3.6%
AIA
Group
Ltd.
.......................................
Hong
Kong
2,012,600
$
16,756,721
Prudential
plc
........................................
Hong
Kong
1,013,664
9,920,929
26,677,650
Interactive
Media
&
Services
0.4%
a,b
Baidu,
Inc.,
ADR
......................................
China
23,330
2,741,042
Internet
&
Direct
Marketing
Retail
3.8%
a
Alibaba
Group
Holding
Ltd.
..............................
China
1,165,300
11,628,923
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
343,051
5,321,593
a
Prosus
NV
..........................................
China
220,894
11,492,954
28,443,470
Machinery
1.3%
Komatsu
Ltd.
........................................
Japan
352,800
6,423,226
b
Toyota
Industries
Corp.
.................................
Japan
62,400
2,980,584
9,403,810
Media
1.5%
Informa
plc
..........................................
United
Kingdom
1,265,181
7,231,325
TBS
Holdings,
Inc.
....................................
Japan
371,900
4,074,808
11,306,133
Metals
&
Mining
3.2%
b
Sumitomo
Metal
Mining
Co.
Ltd.
..........................
Japan
429,200
12,298,111
Wheaton
Precious
Metals
Corp.
..........................
Brazil
341,800
11,068,351
23,366,462
Multiline
Retail
0.8%
b
Seria
Co.
Ltd.
........................................
Japan
348,800
6,090,431
Multi-Utilities
1.2%
E.ON
SE
............................................
Germany
1,204,124
9,251,484
Oil,
Gas
&
Consumable
Fuels
11.6%
BP
plc
..............................................
United
Kingdom
8,271,167
39,521,098
Galp
Energia
SGPS
SA,
B
..............................
Portugal
953,415
9,173,644
Shell
plc
............................................
Netherlands
1,499,276
37,192,269
85,887,011
Pharmaceuticals
6.4%
AstraZeneca
plc
......................................
United
Kingdom
163,789
18,004,433
Bayer
AG
...........................................
Germany
447,746
20,630,744
Roche
Holding
AG
....................................
United
States
28,274
9,204,114
47,839,291
Professional
Services
1.8%
Adecco
Group
AG
.....................................
Switzerland
487,862
13,464,783
Semiconductors
&
Semiconductor
Equipment
7.1%
Infineon
Technologies
AG
...............................
Germany
520,371
11,388,397
NXP
Semiconductors
NV
...............................
China
115,000
16,963,650
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
...............
Taiwan
1,864,000
24,652,920
53,004,967
Technology
Hardware,
Storage
&
Peripherals
3.6%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
741,212
27,004,314
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Foreign
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
See
Abbreviations
on
page
177
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Tobacco
2.6%
Imperial
Brands
plc
....................................
United
Kingdom
945,557
$
19,442,496
Total
Common
Stocks
(Cost
$778,895,294)
.....................................
686,391,715
Short
Term
Investments
8.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
7.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
52,845,539
52,845,539
Total
Money
Market
Funds
(Cost
$52,845,539)
..................................
52,845,539
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.3%
Money
Market
Funds
1.3%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
9,256,043
9,256,043
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$9,256,043)
............................................................
9,256,043
Total
Short
Term
Investments
(Cost
$62,101,582
)
................................
62,101,582
a
Total
Investments
(Cost
$840,996,876)
100.9%
..................................
$748,493,297
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(6,359,867)
Net
Assets
100.0%
...........................................................
$742,133,430
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$12,971,512,
representing
1.7%
of
net
assets.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Templeton
Global
Bond
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
0
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
44.2%
Argentina
1.5%
a
Argentina
Bonar
Dual,
7/31/23
......
7,142,274
$
3,733,695
b
Argentina
BONCER
,
Index
Linked,
1.4%,
3/25/23
.......
3,247,501,133
ARS
10,458,294
Index
Linked,
1.45%,
8/13/23
......
200,606,390
ARS
643,113
Index
Linked,
1.5%,
3/25/24
.......
2,879,823,184
ARS
8,336,764
Argentina
Government
Bond,
16%,
10/17/23
.....................
884,455,900
ARS
1,631,473
24,803,339
Brazil
1.9%
Brazil
Notas
do
Tesouro
Nacional,
10%,
1/01/27
......................
179,710,000
BRL
31,545,077
Colombia
4.8%
Colombia
Government
Bond
,
Senior
Bond,
4.375%,
3/21/23
.....
362,000,000
COP
75,423
Senior
Bond,
9.85%,
6/28/27
......
576,000,000
COP
111,456
Colombia
Titulos
de
Tesoreria
,
B,
10%,
7/24/24
................
69,543,000,000
COP
14,681,110
B,
6.25%,
11/26/25
..............
82,468,000,000
COP
15,242,582
B,
7.5%,
8/26/26
...............
134,196,600,000
COP
24,922,785
B,
5.75%,
11/03/27
..............
55,276,000,000
COP
9,062,388
B,
6%,
4/28/28
.................
46,343,600,000
COP
7,508,298
B,
7.75%,
9/18/30
..............
33,189,000,000
COP
5,466,050
B,
7%,
6/30/32
.................
20,672,000,000
COP
3,084,284
80,154,376
Ghana
0.8%
Ghana
Government
Bond
,
17.6%,
11/28/22
................
520,000
GHS
48,953
16.5%,
2/06/23
................
7,930,000
GHS
718,586
19%,
9/18/23
..................
150,000
GHS
12,385
18.85%,
9/28/23
................
21,190,000
GHS
1,740,261
19.25%,
11/27/23
...............
1,350,000
GHS
108,177
19.25%,
12/18/23
...............
110,000
GHS
8,731
19.75%,
3/25/24
................
26,840,000
GHS
2,060,180
19%,
11/02/26
.................
80,510,000
GHS
4,425,298
19.75%,
3/15/32
................
80,510,000
GHS
3,706,848
Senior
Note,
18.5%,
1/02/23
......
70,000
GHS
6,486
Senior
Note,
20.75%,
1/16/23
......
120,000
GHS
11,108
Senior
Note,
17.6%,
2/20/23
......
3,310,000
GHS
298,941
Senior
Note,
17.25%,
7/31/23
......
210,000
GHS
17,472
Senior
Note,
17.7%,
3/18/24
......
1,080,000
GHS
80,913
Senior
Note,
18.3%,
3/02/26
......
690,000
GHS
39,545
13,283,884
India
4.6%
India
Government
Bond
,
8.83%,
11/25/23
................
858,100,000
INR
10,722,075
8.2%,
9/24/25
.................
297,100,000
INR
3,735,434
7.59%,
1/11/26
.................
1,629,000,000
INR
20,224,476
7.27%,
4/08/26
................
214,000,000
INR
2,635,158
Senior
Bond,
5.77%,
8/03/30
......
526,000,000
INR
5,885,353
Senior
Note,
5.22%,
6/15/25
......
313,000,000
INR
3,661,986
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
India
(continued)
India
Government
Bond,
(continued)
Senior
Note,
5.15%,
11/09/25
......
2,459,900,000
INR
$
28,576,885
75,441,367
Indonesia
8.5%
Indonesia
Government
Bond
,
FR40,
11%,
9/15/25
.............
46,856,000,000
IDR
3,471,698
FR46,
9.5%,
7/15/23
............
113,970,000,000
IDR
7,718,347
FR81,
6.5%,
6/15/25
............
599,166,000,000
IDR
39,051,733
FR86,
5.5%,
4/15/26
............
1,421,313,000,000
IDR
89,769,298
140,011,076
Norway
4.0%
c
Norway
Government
Bond
,
Senior
Bond,
144A,
Reg
S,
2%,
5/24/23
......................
315,007,000
NOK
28,785,002
Senior
Bond,
144A,
Reg
S,
3%,
3/14/24
......................
265,052,000
NOK
24,343,174
Senior
Bond,
144A,
Reg
S,
1.75%,
3/13/25
......................
89,312,000
NOK
7,941,433
Senior
Bond,
144A,
Reg
S,
1.5%,
2/19/26
......................
52,969,000
NOK
4,607,622
65,677,231
South
Korea
13.5%
Korea
Monetary
Stabilization
Bond,
Senior
Note,
0.905%,
4/02/23
......
59,690,000,000
KRW
40,930,445
Korea
Treasury
Bonds
,
2.25%,
9/10/23
................
88,312,000,000
KRW
60,674,892
0.875%,
12/10/23
...............
22,287,000,000
KRW
14,948,575
1.875%,
3/10/24
................
33,811,000,000
KRW
22,822,336
1.375%,
9/10/24
................
75,881,910,000
KRW
50,062,209
3%,
9/10/24
...................
18,500,000,000
KRW
12,589,365
Senior
Note,
1.75%,
9/10/26
......
34,133,000,000
KRW
21,549,261
223,577,083
Supranational
0.1%
d
Inter-American
Development
Bank,
Senior
Bond,
7.5%,
12/05/24
......
48,782,000
MXN
2,251,384
Thailand
2.8%
Thailand
Government
Bond
,
0.75%,
9/17/24
................
745,020,000
THB
19,280,974
1%,
6/17/27
...................
570,140,000
THB
14,004,279
Senior
Note,
0.66%,
11/22/23
......
481,230,000
THB
12,587,268
45,872,521
United
Kingdom
1.7%
c
United
Kingdom
Gilt,
Reg
S,
0.125%,
1/31/23
......................
26,079,000
GBP
28,844,957
Total
Foreign
Government
and
Agency
Securities
(Cost
$980,950,863)
............
731,462,295
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
23.5%
United
States
23.5%
U.S.
Treasury
Notes
,
1.5%,
10/31/24
................
49,660,000
$
46,969,437
1.5%,
11/30/24
.................
50,420,000
47,574,027
1.75%,
12/31/24
................
22,672,000
21,486,148
2%,
2/15/25
...................
49,140,000
46,644,609
2.125%,
5/15/25
................
58,760,000
55,677,395
2.875%,
5/31/25
................
76,680,000
73,999,195
2.625%,
12/31/25
...............
44,803,000
42,638,105
1.625%,
2/15/26
................
24,220,000
22,249,287
2.125%,
5/31/26
................
11,063,000
10,287,510
1.625%,
10/31/26
...............
24,220,000
21,944,645
389,470,358
Total
U.S.
Government
and
Agency
Securities
(Cost
$420,551,536)
................
389,470,358
Total
Long
Term
Investments
(Cost
$1,401,502,399)
.............................
1,120,932,653
Short
Term
Investments
31.4%
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
25.3%
Brazil
8.1%
e
Brazil
Letras
do
Tesouro
Nacional
,
1/01/24
......................
58,010,000
BRL
9,260,199
7/01/24
......................
308,450,000
BRL
46,917,203
1/01/25
......................
539,800,000
BRL
78,514,899
134,692,301
Japan
10.6%
e
Japan
Treasury
Bills
,
10/03/22
.....................
3,960,000,000
JPY
27,358,458
10/17/22
.....................
3,922,000,000
JPY
27,097,161
11/14/22
.....................
7,181,000,000
JPY
49,619,779
11/21/22
.....................
7,161,000,000
JPY
49,483,100
1/25/23
......................
3,079,000,000
JPY
21,282,481
174,840,979
Singapore
4.1%
e
Singapore
Treasury
Bills
,
11/18/22
.....................
51,510,000
SGD
35,727,754
1/24/23
......................
45,410,000
SGD
31,307,204
67,034,958
United
Kingdom
2.5%
e
United
Kingdom
Treasury
Bills
,
10/24/22
.....................
15,249,000
GBP
16,998,794
10/31/22
.....................
1,948,000
GBP
2,170,536
11/28/22
.....................
4,550,000
GBP
5,059,187
12/05/22
.....................
4,698,000
GBP
5,219,870
1/03/23
......................
8,160,000
GBP
9,033,390
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding. 
Short
Term
Investments
(continued)
a
a
Industry
Principal
Amount
*
a
Value
a
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
United
Kingdom
(continued)
e
United
Kingdom
Treasury
Bills,
(continued)
3/20/23
......................
3,084,000
GBP
$
3,384,900
41,866,677
Total
Foreign
Government
and
Agency
Securities
(Cost
$446,820,648)
............
418,434,915
Shares
Money
Market
Funds
6.1%
United
States
6.1%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
..........
101,268,779
101,268,779
Total
Money
Market
Funds
(Cost
$101,268,779)
.................................
101,268,779
a
a
a
a
a
Total
Short
Term
Investments
(Cost
$548,089,427
)
...............................
519,703,694
a
a
a
Total
Investments
(Cost
$1,949,591,826)
99.1%
..................................
$1,640,636,347
Other
Assets,
less
Liabilities
0.9%
.............................................
14,385,676
Net
Assets
100.0%
...........................................................
$1,655,022,023
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
b
Redemption
price
at
maturity
is
adjusted
for
inflation.
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,
2022,
the
aggregate
value
of
these
securities
was
$94,522,188,
representing
5.7%
of
net
assets.
d
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
f
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
GSCO
Buy
1,230,811
1,199,081
10/03/22
$
7,237
$
—
Euro
.............
GSCO
Sell
1,230,811
1,386,078
10/03/22
179,760
—
Indian
Rupee
......
JPHQ
Buy
205,911,800
2,672,617
10/07/22
—
(147,698)
Indian
Rupee
......
JPHQ
Sell
205,911,800
2,522,811
10/07/22
—
(2,109)
Chilean
Peso
......
GSCO
Buy
1,363,170,000
1,642,888
10/11/22
—
(236,206)
Indian
Rupee
......
CITI
Buy
200,059,600
2,588,763
10/11/22
—
(136,821)
Indian
Rupee
......
JPHQ
Buy
266,347,200
3,461,977
10/11/22
—
(197,610)
Euro
.............
DBAB
Sell
28,725,356
297,167,015
SEK
10/12/22
—
(1,382,131)
Euro
.............
HSBK
Sell
10,540,000
10,516,612
10/12/22
180,484
—
Indian
Rupee
......
CITI
Buy
241,153,200
3,132,673
10/12/22
—
(177,452)
Swedish
Krona
.....
DBAB
Sell
297,167,015
28,248,333
EUR
10/12/22
914,334
—
Chinese
Yuan
......
HSBK
Buy
135,702,480
20,195,023
10/18/22
—
(1,183,046)
Chinese
Yuan
......
HSBK
Sell
135,702,480
19,963,733
10/18/22
951,756
—
Euro
.............
JPHQ
Sell
66,790,755
677,628,900
NOK
10/19/22
—
(3,277,524)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
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)
Singapore
Dollar
....
MSCO
Buy
10,540,000
7,736,821
10/21/22
$
—
$
(396,802)
Euro
.............
BZWS
Sell
18,568,000
20,340,316
10/25/22
2,114,655
—
Euro
.............
DBAB
Sell
24,278,000
26,560,090
10/25/22
2,729,705
—
Chilean
Peso
......
GSCO
Buy
3,418,234,540
3,684,751
10/26/22
—
(165,658)
Chilean
Peso
......
JPHQ
Buy
3,325,445,264
4,012,362
10/26/22
—
(588,796)
Chilean
Peso
......
JPHQ
Buy
5,487,100,000
5,851,346
10/28/22
—
(204,105)
Euro
.............
HSBK
Sell
19,066,768
26,135,009
CAD
11/03/22
192,853
—
Indian
Rupee
......
CITI
Buy
149,657,200
1,916,471
11/10/22
—
(88,644)
Chilean
Peso
......
GSCO
Buy
2,147,030,000
2,353,279
11/14/22
—
(150,584)
Indian
Rupee
......
HSBK
Buy
242,055,750
3,072,397
11/14/22
—
(117,129)
Chilean
Peso
......
JPHQ
Buy
6,390,810,000
6,815,410
11/22/22
—
(269,565)
Japanese
Yen
......
BOFA
Buy
4,218,690,870
31,549,162
11/22/22
—
(2,256,682)
Chilean
Peso
......
GSCO
Buy
5,415,968,396
5,822,057
11/29/22
—
(282,599)
Chinese
Yuan
......
BOFA
Buy
220,626,460
33,030,880
12/08/22
—
(2,088,631)
Chinese
Yuan
......
BOFA
Sell
11,900,000
1,753,946
12/08/22
85,004
—
Chinese
Yuan
......
CITI
Buy
284,452,570
42,633,139
12/08/22
—
(2,739,456)
Chinese
Yuan
......
JPHQ
Buy
109,163,880
16,329,431
12/09/22
—
(1,019,021)
South
Korean
Won
..
JPHQ
Buy
8,539,200,000
6,776,605
12/14/22
—
(839,769)
Chilean
Peso
......
GSCO
Buy
11,671,960,973
12,562,005
12/21/22
—
(681,921)
Euro
.............
CITI
Sell
30,510,000
30,747,368
12/21/22
654,655
—
Indian
Rupee
......
JPHQ
Buy
1,225,430,400
15,307,165
12/21/22
—
(399,211)
Japanese
Yen
......
DBAB
Buy
9,711,052,240
68,577,778
12/21/22
—
(871,234)
New
Zealand
Dollar
.
CITI
Buy
12,470,000
7,502,382
12/21/22
—
(520,292)
Singapore
Dollar
....
CITI
Buy
4,670,000
3,327,574
12/21/22
—
(72,260)
South
Korean
Won
..
MSCO
Buy
69,910,000,000
50,518,299
12/21/22
—
(1,884,149)
Chilean
Peso
......
JPHQ
Buy
3,325,454,736
3,624,474
12/27/22
—
(244,305)
Chinese
Yuan
......
CITI
Buy
125,329,450
18,699,469
1/11/23
—
(1,102,833)
Indian
Rupee
......
HSBK
Buy
241,380,400
2,996,132
1/11/23
—
(65,739)
South
Korean
Won
..
JPHQ
Buy
8,365,800,000
6,421,893
1/18/23
—
(591,006)
Euro
.............
DBAB
Sell
9,770,816
104,016,200
SEK
1/19/23
—
(220,628)
Swedish
Krona
.....
DBAB
Sell
104,016,200
9,841,893
EUR
1/19/23
290,908
—
Euro
.............
DBAB
Sell
24,397,000
26,885,584
1/25/23
2,752,583
—
South
Korean
Won
..
CITI
Buy
8,470,100,000
6,497,469
1/25/23
—
(591,674)
Euro
.............
HSBK
Sell
69,094,565
91,488,460
CAD
2/03/23
—
(2,084,411)
Euro
.............
MSCO
Sell
28,424,500
29,364,271
2/06/23
1,224,896
—
Euro
.............
JPHQ
Sell
2,406,810
25,140,000
SEK
2/13/23
—
(99,533)
Swedish
Krona
.....
JPHQ
Sell
25,140,000
2,391,598
EUR
2/13/23
84,466
—
Chilean
Peso
......
GSCO
Buy
2,307,250,000
2,731,766
3/07/23
—
(417,244)
Euro
.............
BOFA
Sell
6,642,716
8,949,000
CAD
3/15/23
—
(103,671)
Euro
.............
CITI
Sell
5,235,472
7,054,790
CAD
3/15/23
—
(80,537)
Euro
.............
DBAB
Sell
4,642,414
46,872,600
NOK
3/15/23
—
(281,690)
Euro
.............
GSCO
Sell
1,230,811
1,213,887
3/15/23
—
(7,575)
Indian
Rupee
......
JPHQ
Buy
205,911,800
2,484,457
3/15/23
688
—
Japanese
Yen
......
BNDP
Buy
2,097,874,660
14,973,044
3/15/23
—
(176,610)
Japanese
Yen
......
BOFA
Buy
7,460,672,540
53,268,640
3/15/23
—
(648,076)
Japanese
Yen
......
JPHQ
Buy
2,202,609,690
15,721,023
3/15/23
—
(185,887)
New
Zealand
Dollar
.
BOFA
Buy
10,600,000
6,371,130
3/15/23
—
(431,261)
New
Zealand
Dollar
.
JPHQ
Buy
47,380,000
28,504,992
3/15/23
—
(1,954,900)
South
Korean
Won
..
BNDP
Buy
71,267,400,000
51,452,891
3/15/23
—
(1,631,064)
Indian
Rupee
......
HSBK
Buy
875,000,000
10,831,219
3/23/23
—
(278,771)
South
Korean
Won
..
HSBK
Buy
1,788,000,000
1,293,122
3/23/23
—
(42,627)
Euro
.............
BZWS
Sell
8,713,000
9,677,485
4/25/23
1,008,659
—
Chilean
Peso
......
GSCO
Buy
4,513,615,115
4,518,185
7/26/23
—
(100,769)
Mexican
Peso
......
MSCO
Buy
35,649,000
1,686,329
8/04/23
—
(13,452)
Mexican
Peso
......
MSCO
Sell
35,649,000
1,613,442
8/04/23
—
(59,435)
Mexican
Peso
......
CITI
Buy
48,400,000
2,253,836
10/23/23
—
(13,737)
Mexican
Peso
......
CITI
Sell
106,418,000
4,633,013
10/23/23
—
(292,334)
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Global
Bond
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
See
Abbreviations
on
page
177
.
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)
Mexican
Peso
......
MSCO
Buy
107,315,000
4,723,862
9/03/24
$
44,235
$
(39,987)
Mexican
Peso
......
MSCO
Sell
107,315,000
4,562,422
9/03/24
—
(165,689)
Total
Forward
Exchange
Contracts
...................................................
$13,416,878
$(34,302,550)
Net
unrealized
appreciation
(depreciation)
............................................
$(20,885,672)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited),
September
30,
2022
Templeton
Growth
VIP
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
I
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
92.2%
Aerospace
&
Defense
3.1%
BAE
Systems
plc
.....................................
United
Kingdom
691,283
$
6,073,633
a
Rolls-Royce
Holdings
plc
...............................
United
Kingdom
5,568,419
4,264,396
10,338,029
Airlines
0.7%
a,b
International
Consolidated
Airlines
Group
SA
.................
United
Kingdom
2,292,113
2,368,852
Auto
Components
2.3%
Continental
AG
.......................................
Germany
86,442
3,835,916
Lear
Corp.
..........................................
United
States
32,198
3,853,778
7,689,694
Automobiles
1.1%
b
Honda
Motor
Co.
Ltd.
..................................
Japan
166,396
3,611,382
Banks
0.8%
Lloyds
Banking
Group
plc
...............................
United
Kingdom
5,923,819
2,677,375
Beverages
3.6%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
167,217
7,574,754
Pernod
Ricard
SA
.....................................
France
24,491
4,493,204
12,067,958
Biotechnology
2.9%
AbbVie,
Inc.
.........................................
United
States
73,517
9,866,717
Chemicals
3.3%
Albemarle
Corp.
......................................
United
States
19,720
5,214,757
DuPont
de
Nemours,
Inc.
...............................
United
States
118,411
5,967,914
11,182,671
Consumer
Finance
1.2%
American
Express
Co.
.................................
United
States
29,112
3,927,500
Containers
&
Packaging
1.0%
Crown
Holdings,
Inc.
...................................
United
States
40,743
3,301,405
Electrical
Equipment
1.0%
Schneider
Electric
SE
..................................
United
States
31,153
3,518,935
Entertainment
2.3%
a
Walt
Disney
Co.
(The)
..................................
United
States
80,346
7,579,038
Food
Products
1.8%
Danone
SA
..........................................
France
130,453
6,168,828
Health
Care
Equipment
&
Supplies
4.4%
Medtronic
plc
........................................
United
States
93,420
7,543,665
Zimmer
Biomet
Holdings,
Inc.
............................
United
States
67,580
7,065,489
14,609,154
Health
Care
Providers
&
Services
5.7%
Fresenius
Medical
Care
AG
&
Co.
KGaA
....................
Germany
138,126
3,891,625
HCA
Healthcare,
Inc.
...................................
United
States
41,555
7,637,394
UnitedHealth
Group,
Inc.
................................
United
States
14,833
7,491,258
19,020,277
Hotels,
Restaurants
&
Leisure
5.7%
a
Booking
Holdings,
Inc.
.................................
United
States
3,843
6,314,856
Compass
Group
plc
...................................
United
Kingdom
212,094
4,223,116
a
Hyatt
Hotels
Corp.,
A
...................................
United
States
46,059
3,728,937
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Starbucks
Corp.
......................................
United
States
57,926
$
4,880,845
19,147,754
Household
Durables
1.6%
Sony
Group
Corp.
.....................................
Japan
81,299
5,236,289
Industrial
Conglomerates
2.5%
Hitachi
Ltd.
..........................................
Japan
99,293
4,225,085
Honeywell
International,
Inc.
.............................
United
States
25,386
4,238,700
8,463,785
Insurance
1.8%
AIA
Group
Ltd.
.......................................
Hong
Kong
726,931
6,052,360
Interactive
Media
&
Services
1.0%
a
Alphabet,
Inc.,
A
......................................
United
States
35,100
3,357,315
Internet
&
Direct
Marketing
Retail
1.9%
a
Amazon.com,
Inc.
.....................................
United
States
29,263
3,306,719
a
Farfetch
Ltd.,
A
.......................................
United
Kingdom
128,395
956,543
a,c
Just
Eat
Takeaway.com
NV,
144A,
Reg
S
...................
United
Kingdom
132,537
2,055,985
6,319,247
IT
Services
2.9%
a
DXC
Technology
Co.
...................................
United
States
253,813
6,213,342
b
Visa,
Inc.,
A
..........................................
United
States
19,005
3,376,238
9,589,580
Life
Sciences
Tools
&
Services
0.9%
a
ICON
plc
............................................
United
States
17,206
3,162,119
Machinery
3.0%
Komatsu
Ltd.
........................................
Japan
222,271
4,046,760
Westinghouse
Air
Brake
Technologies
Corp.
.................
United
States
72,607
5,906,579
9,953,339
Media
2.4%
Comcast
Corp.,
A
.....................................
United
States
130,285
3,821,259
b
Paramount
Global,
B
...................................
United
States
216,576
4,123,607
7,944,866
Multiline
Retail
2.1%
a
Dollar
Tree,
Inc.
......................................
United
States
51,787
7,048,211
Oil,
Gas
&
Consumable
Fuels
5.4%
BP
plc
..............................................
United
Kingdom
1,815,465
8,674,613
Marathon
Petroleum
Corp.
..............................
United
States
54,814
5,444,675
Shell
plc
............................................
Netherlands
168,214
4,172,854
18,292,142
Personal
Products
3.6%
a
Haleon
plc
..........................................
United
Kingdom
1,215,709
3,790,369
Unilever
plc
..........................................
United
Kingdom
190,090
8,367,491
12,157,860
Pharmaceuticals
7.7%
AstraZeneca
plc
......................................
United
Kingdom
31,883
3,504,725
Bayer
AG
...........................................
Germany
85,959
3,960,724
GSK
plc
............................................
United
States
358,385
5,175,818
Johnson
&
Johnson
...................................
United
States
50,662
8,276,144
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Pharmaceuticals
(continued)
Roche
Holding
AG
....................................
United
States
15,568
$
5,067,894
25,985,305
Professional
Services
0.9%
Adecco
Group
AG
.....................................
Switzerland
107,445
2,965,436
Semiconductors
&
Semiconductor
Equipment
4.2%
Infineon
Technologies
AG
...............................
Germany
215,609
4,718,635
Micron
Technology,
Inc.
.................................
United
States
49,244
2,467,125
NXP
Semiconductors
NV
...............................
China
28,177
4,156,389
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
...........
Taiwan
42,718
2,928,746
14,270,895
Software
1.0%
Microsoft
Corp.
.......................................
United
States
14,000
3,260,600
Specialty
Retail
3.9%
Nitori
Holdings
Co.
Ltd.
.................................
Japan
52,578
4,411,896
TJX
Cos.,
Inc.
(The)
...................................
United
States
137,454
8,538,642
12,950,538
Technology
Hardware,
Storage
&
Peripherals
2.1%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
195,785
7,132,966
Textiles,
Apparel
&
Luxury
Goods
0.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....................
France
1,000
589,605
Wireless
Telecommunication
Services
2.2%
a
T-Mobile
US,
Inc.
.....................................
United
States
55,946
7,506,275
Total
Common
Stocks
(Cost
$345,569,747)
.....................................
309,314,302
Short
Term
Investments
8.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Time
Deposits
7.8%
National
Australia
Bank
Ltd.,
3.02%,
10/03/22
................
Australia
12,000,000
12,000,000
Royal
Bank
of
Canada,
3.06%,
10/03/22
....................
Canada
14,100,000
14,100,000
Total
Time
Deposits
(Cost
$26,100,000)
........................................
26,100,000
Franklin
Templeton
Variable
Insurance
Products
Trust
Schedule
of
Investments
(unaudited)
Templeton
Growth
VIP
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
See
Abbreviations
on
page
177
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.7%
Money
Market
Funds
0.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
2,376,802
$
2,376,802
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,376,802)
............................................................
2,376,802
Total
Short
Term
Investments
(Cost
$28,476,802
)
................................
28,476,802
a
Total
Investments
(Cost
$374,046,549)
100.7%
..................................
$337,791,104
Other
Assets,
less
Liabilities
(0.7)%
...........................................
(2,246,246)
Net
Assets
100.0%
...........................................................
$335,544,858
*
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,
2022.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
value
of
this
security
was
$2,055,985,
representing
0.6%
of
net
assets.
d
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
152
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Templeton
Variable
Insurance
Products
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eighteen separate
funds (Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). Shares
of
the
Funds
are
generally
sold
only
to
insurance
company
separate
accounts
to
fund
the
benefits
of
variable
life
insurance
policies
or
variable
annuity
contracts.
The
accounting
policies
of
the
Underlying
Funds
are
outlined
in
their
respective
shareholder
reports.
A
copy
of
the
Underlying
Funds’
shareholder
reports
is
available
on
the
U.S.
Securities
and
Exchange
Commission
(SEC)
website
at
sec.gov.
The
Underlying
Funds’
shareholder
reports
are
not
covered
by
this
report.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds’
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
and
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
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,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
September
30,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
VIP
Fund
424,073
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
281,629
$
13,988
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$281,629
$13,988
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
VIP
Fund
1,730,515
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,149,241
$
57,083
2,039
Wayne
Services
Legacy,
Inc.
...................
1/22/20
—
—
609,467
Windstream
Holdings,
Inc.
.....................
9/21/20
4,827,676
5,662,112
34,368
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
436,130
319,288
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
..............
$6,413,047
$6,038,483
2. Financial
Instrument
Valuation
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
September
30,
2022,
investments
in
“affiliated
companies”
were
as
follows:
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
VIP
Fund
35,200
Benchling,
Inc.,
F
............................
10/20/21
$
1,150,910
$
510,406
11,970
Blaize
Inc.
.................................
3/02/21
-
11/09/21
124,999
88,761
82,758
Blaize
Inc.,
D-2
.............................
4/01/22
-
9/20/22
399,999
369,892
8,275
Blaize,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
—
9,289
194,302
Blaize,
Inc.,
D
..............................
3/02/21
-
11/09/21
2,029,001
1,346,942
26,474
Blaize,
Inc.,
D,
2/28/24
........................
3/01/21
-
11/09/21
—
10,198
25,878
Databricks,
Inc.,
G
...........................
2/01/21
1,529,975
760,591
94,539
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
1,669,739
5,776,299
48,915
Newsela,
Inc.,
D
.............................
1/21/21
1,034,807
778,947
82,367
OneTrust
LLC,
C
............................
4/01/21
1,615,241
892,591
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$9,554,671
$10,543,916
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
VIP
Fund
14,792,309
a
K2016470219
South
Africa
Ltd.,
A
...............
2/01/17
$
114,768
$
—
1,472,041
a
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
1,093
—
6,620
Riviera
Resources,
Inc.
.......................
8/08/18
98,638
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$214,499
$—
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$
—
as
of
September
30,
2022.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Blaize,
Inc.,
2/28/24
...
$
31,313
$
—
$
—
$
—
$
—
a
$
—
a
—
a
$
—
Blaize,
Inc.,
D
.......
2,050,037
—
—
—
—
a
—
a
—
a
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
...........
$2,081,350
$—
$—
$—
$—
$—
$—
3.
Restricted
Securities
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
155
Quarterly
Schedules
of
Investments
5.
Investments
in
FT
Underlying
Funds  
The
Funds
invest
in
Underlying
Funds
which
are
managed
by
Franklin
Advisers,
Inc.
(Advisers),
an
affiliate
of
FT
Services
or
an
affiliate
of
Advisers.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
Underlying
Fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
Underlying
Fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies. 
Investments
in
FT
Underlying
Funds
for
the
nine
months
ended
September
30,
2022,
were
as
follows:
a
Includes
capital
gain
distributions
received,
if
any.
6.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
September
30,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows: 
a
As
of
September
30,
2022,
no
longer
an
affiliate.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
VolSmart
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Income
VIP
Fund,
Class
1
.....................
$
16,987,187
$
961,316
$
(2,310,999)
$
115,320
$
(2,852,552)
$
12,900,272
902,748
$
961,317
a
Franklin
U.S.
Core
Bond
ETF
..
25,689,597
5,938,279
—
—
(4,636,407)
26,991,469
1,286,975
465,225
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
4,067,757
45,442,425
(40,766,717)
—
—
8,743,465
8,743,465
23,256
Western
Asset
Core
Plus
Bond
Fund,
Class
IS
...........
17,152,572
1,240,816
(1,700,000)
(365,758)
(3,584,795)
12,742,835
1,388,108
325,503
Total
Non-Controlled
Affiliates
$63,897,113
$53,582,836
$(44,777,716)
$
(250,438)
$
(11,073,754)
$61,378,041
$
1,775,301
Total
Affiliated
Securities
...
$63,897,113
$53,582,836
$(44,777,716)
$(250,438)
$(11,073,754)
$61,378,041
$1,775,301
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Allocation
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$
18,002,980
$
172,194,561
$
(174,449,880)
$
—
$
—
$
15,747,661
15,747,661
$
97,711
Templeton
Global
Bond
VIP
Fund,
Class
1
............
7,062,310
—
(6,817,020)
(1,396,313)
1,151,023
—
 —
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Allocation
VIP
Fund
(continued)
Western
Asset
Premier
Institutional
Government
Reserves,
Class
Premium,
2.07%
.................
$
—
$
43,705,488
$
(43,632,385)
$
—
$
—
$
73,103
73,103
$
21,024
Western
Asset
Premier
Institutional
U.S.
Treasury
Reserves,
Class
Premium,
1.97%
.................
—
20,437,641
(19,687,631)
—
—
750,01
0
750,010
3,506
Total
Affiliated
Securities
...
$25,065,290
$236,337,690
$(244,586,916)
$(1,396,313)
$1,151,023
$16,570,774
$122,241
Franklin
DynaTech
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$1,413,440
$22,532,728
$(22,078,395)
$—
$—
$1,867,773
1,867,773
$17,686
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$1,337,150
$5,125,640
$(6,462,790)
$—
$—
$—
—
$93
Total
Affiliated
Securities
...
$2,750,590
$27,658,368
$(28,541,185)
$—
$—
$1,867,773
$17,779
Franklin
Global
Real
Estate
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$5,633,000
$(5,633,000)
$—
$—
$—
—
$804
Total
Affiliated
Securities
...
$—
$5,633,000
$(5,633,000)
$—
$—
$—
$804
Franklin
Growth
and
Income
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$430,000
$5,448,000
$(5,502,000)
$—
$—
$376,000
376,000
$695
Total
Affiliated
Securities
...
$430,000
$5,448,000
$(5,502,000)
$—
$—
$376,000
$695
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$56,779,626
$1,102,487,505
$(1,141,996,782)
$—
$—
$17,270,349
17,270,349
$191,741
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$20,527,000
$184,165,000
$(180,606,000)
$—
$—
$24,086,000
24,086,000
$65,953
Total
Affiliated
Securities
...
$77,306,626
$1,286,652,505
$(1,322,602,782)
$—
$—
$41,356,349
$257,694
Franklin
Large
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$1,948,000
$17,765,000
$(19,713,000)
$—
$—
$—
—
$2,485
Total
Affiliated
Securities
...
$1,948,000
$17,765,000
$(19,713,000)
$—
$—
$—
$2,485
Franklin
Mutual
Global
Discovery
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$31,041,000
$(31,041,000)
$—
$—
$—
—
$2,552
Total
Affiliated
Securities
...
$—
$31,041,000
$(31,041,000)
$—
$—
$—
$2,552
Franklin
Mutual
Shares
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$47,640,000
$(47,640,000)
$—
$—
$—
—
$2,205
Total
Affiliated
Securities
...
$—
$47,640,000
$(47,640,000)
$—
$—
$—
$2,205
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
158
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Rising
Dividends
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$19,398,008
$323,485,473
$(307,820,428)
$—
$—
$35,063,053
35,063,053
$150,675
Total
Affiliated
Securities
...
$19,398,008
$323,485,473
$(307,820,428)
$—
$—
$35,063,053
$150,675
Franklin
Small
Cap
Value
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$24,112,773
$191,181,373
$(188,457,150)
$—
$—
$26,836,996
26,836,996
$158,881
Total
Affiliated
Securities
...
$24,112,773
$191,181,373
$(188,457,150)
$—
$—
$26,836,996
$158,881
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$8,439,570
$85,019,369
$(71,105,123)
$—
$—
$22,353,816
22,353,816
$116,225
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$8,496,850
$27,142,561
$(35,544,911)
$—
$—
$94,500
94,500
$2,133
Total
Affiliated
Securities
...
$16,936,420
$112,161,930
$(106,650,034)
$—
$—
$22,448,316
$118,358
Franklin
Strategic
Income
VIP
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$27,739,219
$5,100,000
$(10,458,750)
$(2,721,841)
$811,600
$20,470,228
2,693,451
$1,122,297
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
9,106,742
104,697,739
(100,532,773)
—
—
13,271,708
13,271,708
63,295
Total
Non-Controlled
Affiliates
$36,845,961
$109,797,739
$(110,991,523)
$
(2,721,841)
$
811,600
$33,741,936
$
1,185,592
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
159
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Strategic
Income
VIP
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$12,912,000
$(12,912,000)
$—
$—
$—
—
$229
Total
Affiliated
Securities
...
$36,845,961
$122,709,739
$(123,903,523)
$(2,721,841)
$811,600
$33,741,936
$1,185,821
Templeton
Developing
Markets
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$5,805,544
$43,626,387
$(38,880,121)
$
—
$
—
$10,551,810
10,551,810
$41,669
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$170,471
$3,970,863
$(4,141,334)
$—
$—
$—
—
$8
Total
Affiliated
Securities
...
$5,976,015
$47,597,250
$(43,021,455)
$—
$—
$10,551,810
$41,677
Templeton
Foreign
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$50,936,475
$156,204,490
$(154,295,426)
$—
$—
$52,845,539
52,845,539
$206,959
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$192,332
$185,492,287
$(176,428,576)
$—
$—
$9,256,043
9,256,043
$52,072
Total
Affiliated
Securities
...
$51,128,807
$341,696,777
$(330,724,002)
$—
$—
$62,101,582
$259,031
Templeton
Global
Bond
VIP
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$94,380,135
$769,445,537
$(762,556,893)
$—
$—
$101,268,779
101,268,779
$456,103
Total
Affiliated
Securities
...
$94,380,135
$769,445,537
$(762,556,893)
$—
$—
$101,268,779
$456,103
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
160
Quarterly
Schedules
of
Investments
7. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
September
30,
2022,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Templeton
Growth
VIP
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$26,654,112
$(24,277,310)
$—
$—
$2,376,802
2,376,802
$15,362
Total
Affiliated
Securities
...
$—
$26,654,112
$(24,277,310)
$—
$—
$2,376,802
$15,362
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
8,141,085
$
2,703,995
$
—
$
10,845,080
Air
Freight
&
Logistics
...................
2,559,278
935,324
—
3,494,602
Airlines
..............................
108,340
214,014
—
322,354
Auto
Components
......................
581,409
1,558,415
—
2,139,824
Automobiles
..........................
1,784,019
2,713,261
—
4,497,280
Banks
...............................
7,601,392
7,799,274
—
15,400,666
Beverages
...........................
4,495,450
920,616
—
5,416,066
Biotechnology
.........................
4,321,540
2,533,049
—
6,854,589
Building
Products
......................
1,131,949
476,539
—
1,608,488
Capital
Markets
........................
6,527,664
3,287,725
—
9,815,389
Chemicals
...........................
5,213,460
3,766,704
—
8,980,164
Commercial
Services
&
Supplies
...........
646,715
112,180
—
758,895
Communications
Equipment
..............
3,448,170
—
—
3,448,170
Construction
Materials
..................
1,088,020
580,339
—
1,668,359
Consumer
Finance
.....................
2,121,441
—
—
2,121,441
6.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
161
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Containers
&
Packaging
.................
$
147,998
$
—
$
—
$
147,998
Distributors
...........................
121,099
—
—
121,099
Diversified
Consumer
Services
............
296,172
—
—
296,172
Diversified
Financial
Services
.............
2,430,066
936,796
—
3,366,862
Diversified
Telecommunication
Services
.....
509,871
1,537,020
—
2,046,891
Electric
Utilities
........................
3,048,355
775,600
—
3,823,955
Electrical
Equipment
....................
2,129,147
527,952
—
2,657,099
Electronic
Equipment,
Instruments
&
Components
..........................
3,763,277
498,497
—
4,261,774
Energy
Equipment
&
Services
.............
—
837,805
—
837,805
Entertainment
.........................
1,844,198
1,106,330
—
2,950,528
Equity
Real
Estate
Investment
Trusts
(REITs)
.
4,277,797
539,933
—
4,817,730
Food
&
Staples
Retailing
.................
1,199,512
1,188,712
—
2,388,224
Food
Products
........................
1,021,488
1,599,482
—
2,620,970
Gas
Utilities
..........................
168,770
176,371
—
345,141
Health
Care
Equipment
&
Supplies
.........
6,444,754
2,370,528
—
8,815,282
Health
Care
Providers
&
Services
..........
9,420,018
490,066
—
9,910,084
Health
Care
Technology
.................
115,416
39,086
—
154,502
Hotels,
Restaurants
&
Leisure
.............
1,895,843
439,340
—
2,335,183
Household
Durables
....................
119,612
861,940
—
981,552
Household
Products
....................
1,198,011
—
—
1,198,011
Independent
Power
and
Renewable
Electricity
Producers
............................
64,449
127,917
—
192,366
Industrial
Conglomerates
................
1,176,746
1,723,496
—
2,900,242
Insurance
............................
4,706,899
2,890,293
—
7,597,192
Interactive
Media
&
Services
..............
8,403,693
95,831
—
8,499,524
Internet
&
Direct
Marketing
Retail
..........
7,874,033
1,672,800
—
9,546,833
IT
Services
...........................
9,382,433
3,331,927
—
12,714,360
Leisure
Products
.......................
—
110,775
—
110,775
Life
Sciences
Tools
&
Services
............
5,216,959
852,330
—
6,069,289
Machinery
............................
6,556,096
1,195,932
—
7,752,028
Marine
..............................
58,562
169,598
—
228,160
Media
...............................
3,154,821
2,425,909
—
5,580,730
Metals
&
Mining
.......................
664,412
2,026,974
—
2,691,386
Multiline
Retail
........................
212,728
342,646
—
555,374
Multi-Utilities
..........................
3,680,962
724,660
—
4,405,622
Oil,
Gas
&
Consumable
Fuels
.............
7,804,010
5,348,368
—
13,152,378
Personal
Products
.....................
714,818
927,478
—
1,642,296
Pharmaceuticals
.......................
7,668,263
5,680,794
—
13,349,057
Professional
Services
...................
1,480,987
2,138,914
—
3,619,901
Real
Estate
Management
&
Development
....
151,825
538,477
—
690,302
Road
&
Rail
..........................
2,466,221
183,097
—
2,649,318
Semiconductors
&
Semiconductor
Equipment
.
8,669,542
3,192,313
—
11,861,855
Software
.............................
23,878,632
1,889,254
—
25,767,886
Specialty
Retail
........................
4,202,953
240,571
—
4,443,524
Technology
Hardware,
Storage
&
Peripherals
.
7,931,064
1,289,461
—
9,220,525
Textiles,
Apparel
&
Luxury
Goods
..........
1,061,339
1,015,213
—
2,076,552
Thrifts
&
Mortgage
Finance
...............
190,003
—
—
190,003
Tobacco
.............................
403,073
1,068,311
—
1,471,384
Trading
Companies
&
Distributors
..........
1,329,436
751,165
—
2,080,601
Water
Utilities
.........................
210,729
—
—
210,729
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
162
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Wireless
Telecommunication
Services
.......
$
143,964
$
610,975
$
—
$
754,939
Management
Investment
Companies
.........
11,375,176
—
—
11,375,176
Private
Limited
Partnership
Funds
............
1,603,580
—
—
1,603,580
Corporate
Bonds
........................
—
54,671,738
—
54,671,738
Foreign
Government
and
Agency
Securities
....
—
9,458,368
—
9,458,368
U.S.
Government
and
Agency
Securities
.......
—
97,976,332
—
97,976,332
Asset-Backed
Securities
..................
—
3,089,924
—
3,089,924
Commercial
Mortgage-Backed
Securities
......
—
2,625,790
—
2,625,790
Mortgage-Backed
Securities
................
—
23,480,340
—
23,480,340
Municipal
Bonds
.........................
—
1,922,952
—
1,922,952
Residential
Mortgage-Backed
Securities
......
—
791,039
—
791,039
Options
purchased
.......................
766
—
—
766
Short
Term
Investments
...................
19,570,815
177,65
2
—
19,748,467
Total
Investments
in
Securities
...........
$241,931,325
$278,286,507
a
$—
$520,217,832
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
174,035
$
—
$
174,035
Futures
contracts
........................
1,803,833
—
—
1,803,833
Swap
contracts
.........................
—
284,056
—
284,056
Total
Other
Financial
Instruments
.........
$1,803,833
$458,091
$—
$2,261,924
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
29,328
$
625
$
—
$
29,953
Forward
exchange
contracts
................
—
332,532
—
332,532
Futures
contracts
........................
1,800,701
—
—
1,800,701
Swap
contracts
..........................
—
7,635
—
7,635
Total
Other
Financial
Instruments
.........
$1,830,029
$340,792
$—
$2,170,821
Franklin
DynaTech
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
774,721
—
—
774,721
Automobiles
..........................
3,946,124
—
—
3,946,124
Biotechnology
.........................
255,087
599,327
—
854,414
Capital
Markets
........................
2,099,620
—
—
2,099,620
Chemicals
...........................
1,479,872
—
—
1,479,872
Construction
&
Engineering
...............
715,168
—
—
715,168
Electric
Utilities
........................
1,628,654
—
—
1,628,654
Electrical
Equipment
....................
30,732
—
—
30,732
Electronic
Equipment,
Instruments
&
Components
..........................
629,667
475,348
—
1,105,015
Energy
Equipment
&
Services
.............
312,366
—
—
312,366
Entertainment
.........................
126,841
—
—
126,841
Equity
Real
Estate
Investment
Trusts
(REITs)
.
961,198
—
—
961,198
Health
Care
Equipment
&
Supplies
.........
6,150,566
—
—
6,150,566
Health
Care
Providers
&
Services
..........
1,546,512
—
—
1,546,512
Health
Care
Technology
.................
601,647
—
—
601,647
Hotels,
Restaurants
&
Leisure
.............
819,744
—
—
819,744
Interactive
Media
&
Services
..............
4,945,677
—
—
4,945,677
Internet
&
Direct
Marketing
Retail
..........
7,272,589
—
—
7,272,589
IT
Services
...........................
6,061,475
1,399,387
—
7,460,862
Life
Sciences
Tools
&
Services
............
7,265,912
609,736
—
7,875,648
Machinery
............................
569,088
—
—
569,088
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
163
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
DynaTech
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Pharmaceuticals
.......................
$
1,729,822
$
—
$
—
$
1,729,822
Professional
Services
...................
195,508
—
—
195,508
Semiconductors
&
Semiconductor
Equipment
.
10,550,133
251,237
—
10,801,370
Software
.............................
26,408,147
12,957
—
26,421,104
Technology
Hardware,
Storage
&
Peripherals
.
1,784,438
—
—
1,784,438
Trading
Companies
&
Distributors
..........
180,891
—
—
180,891
Preferred
Stocks
........................
—
96,858
—
96,858
Short
Term
Investments
...................
1,867,773
—
—
1,867,773
Total
Investments
in
Securities
...........
$90,909,972
$3,444,850
b
$—
$94,354,822
Franklin
Global
Real
Estate
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Diversified
Telecommunication
Services
.....
—
697,847
—
697,847
Equity
Real
Estate
Investment
Trusts
(REITs)
.
65,935,551
20,194,366
—
86,129,917
Real
Estate
Management
&
Development
....
1,096,610
13,559,985
—
14,656,595
Short
Term
Investments
...................
—
981,556
—
981,556
Total
Investments
in
Securities
...........
$67,032,161
$35,433,754
c
$—
$102,465,915
Franklin
Growth
and
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
1,300,116
—
—
1,300,116
Air
Freight
&
Logistics
...................
915,124
—
—
915,124
Banks
...............................
2,249,350
—
—
2,249,350
Beverages
...........................
1,512,077
—
—
1,512,077
Capital
Markets
........................
2,280,226
—
—
2,280,226
Chemicals
...........................
436,150
181,731
—
617,881
Commercial
Services
&
Supplies
...........
558,444
—
—
558,444
Communications
Equipment
..............
645,600
—
—
645,600
Consumer
Finance
.....................
147,052
—
—
147,052
Diversified
Financial
Services
.............
555,443
—
—
555,443
Diversified
Telecommunication
Services
.....
143,971
—
—
143,971
Electric
Utilities
........................
2,540,665
—
—
2,540,665
Electrical
Equipment
....................
767,925
—
—
767,925
Equity
Real
Estate
Investment
Trusts
(REITs)
.
727,644
—
—
727,644
Food
&
Staples
Retailing
.................
438,386
—
—
438,386
Food
Products
........................
309,241
—
—
309,241
Health
Care
Equipment
&
Supplies
.........
904,400
—
—
904,400
Health
Care
Providers
&
Services
..........
1,275,120
—
—
1,275,120
Hotels,
Restaurants
&
Leisure
.............
603,385
—
—
603,385
Household
Products
....................
1,005,581
—
—
1,005,581
Insurance
............................
221,730
—
—
221,730
Life
Sciences
Tools
&
Services
............
550,808
—
—
550,808
Machinery
............................
169,811
—
—
169,811
Media
...............................
176,127
—
—
176,127
Multiline
Retail
........................
799,822
—
—
799,822
Oil,
Gas
&
Consumable
Fuels
.............
3,114,677
—
—
3,114,677
Pharmaceuticals
.......................
2,164,263
—
—
2,164,263
Road
&
Rail
..........................
261,224
—
—
261,224
Semiconductors
&
Semiconductor
Equipment
.
1,085,539
—
—
1,085,539
Software
.............................
751,535
—
—
751,535
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
164
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
and
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Specialty
Retail
........................
$
632,231
$
—
$
—
$
632,231
Water
Utilities
.........................
299,136
—
—
299,136
Equity-Linked
Securities
...................
—
3,069,361
—
3,069,361
Convertible
Preferred
Stocks
...............
2,127,794
—
—
2,127,794
Short
Term
Investments
...................
376,000
1,961,662
—
2,337,662
Total
Investments
in
Securities
...........
$32,046,597
$5,212,754
d
$—
$37,259,351
Franklin
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
57,047,500
—
—
57,047,500
Air
Freight
&
Logistics
...................
25,474,858
—
—
25,474,858
Banks
...............................
115,913,800
—
—
115,913,800
Biotechnology
.........................
31,212,150
—
—
31,212,150
Capital
Markets
........................
24,493,100
—
—
24,493,100
Chemicals
...........................
25,845,365
8,635,581
—
34,480,946
Diversified
Telecommunication
Services
.....
27,767,454
—
—
27,767,454
Electric
Utilities
........................
72,588,000
—
—
72,588,000
Energy
Equipment
&
Services
.............
4,843,500
—
—
4,843,500
Health
Care
Equipment
&
Supplies
.........
14,535,000
—
—
14,535,000
Health
Care
Providers
&
Services
..........
171,686
—
—
171,686
Household
Products
....................
15,150,000
—
—
15,150,000
Insurance
............................
30,390,000
—
—
30,390,000
IT
Services
...........................
23,723,862
—
—
23,723,862
Media
...............................
15,039,515
—
—
15,039,515
Metals
&
Mining
.......................
22,879,027
—
—
22,879,027
Multiline
Retail
........................
7,419,500
—
—
7,419,500
Multi-Utilities
..........................
41,138,600
—
—
41,138,600
Oil,
Gas
&
Consumable
Fuels
.............
117,307,500
—
—
117,307,500
Pharmaceuticals
.......................
90,592,000
—
—
90,592,000
Road
&
Rail
..........................
3,896,400
—
—
3,896,400
Semiconductors
&
Semiconductor
Equipment
.
73,694,614
—
—
73,694,614
Software
.............................
13,791,132
—
—
13,791,132
Specialty
Retail
........................
8,830,080
—
—
8,830,080
Tobacco
.............................
16,602,000
—
—
16,602,000
Equity-Linked
Securities
...................
—
392,326,058
—
392,326,058
Convertible
Preferred
Stocks
:
Capital
Markets
........................
2,721,000
—
—
2,721,000
Electric
Utilities
........................
31,090,512
—
—
31,090,512
Multi-Utilities
..........................
20,056,000
—
—
20,056,000
Thrifts
&
Mortgage
Finance
...............
—
4,868,750
—
4,868,750
Convertible
Bonds
.......................
—
9,293,735
—
9,293,735
Corporate
Bonds
........................
—
1,242,962,450
—
1,242,962,450
U.S.
Government
and
Agency
Securities
.......
—
286,498,082
—
286,498,082
Asset-Backed
Securities
..................
—
7,908,759
—
7,908,759
Mortgage-Backed
Securities
................
—
1,547,299
—
1,547,299
Escrows
and
Litigation
Trusts
...............
—
8,823,062
—
8,823,062
Short
Term
Investments
...................
41,356,349
6,022,580
—
47,378,929
Total
Investments
in
Securities
...........
$975,570,504
$1,968,886,356
e
$—
$2,944,456,860
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
165
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Large
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
........................
$
77,028,385
$
—
$
—
$
77,028,385
Short
Term
Investments
...................
—
2,384,202
—
2,384,202
Total
Investments
in
Securities
...........
$77,028,385
$2,384,202
$—
$79,412,587
Franklin
Mutual
Global
Discovery
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
5,908,216
—
5,908,216
Auto
Components
......................
—
3,596,212
13,988
3,610,200
Automobiles
..........................
6,410,780
—
—
6,410,780
Banks
...............................
10,079,077
21,721,179
—
31,800,256
Building
Products
......................
8,044,369
—
—
8,044,369
Capital
Markets
........................
6,827,324
—
—
6,827,324
Chemicals
...........................
—
5,928,098
—
5,928,098
Diversified
Financial
Services
.............
8,844,798
—
—
8,844,798
Diversified
Telecommunication
Services
.....
—
9,731,634
—
9,731,634
Electrical
Equipment
....................
—
5,673,905
—
5,673,905
Energy
Equipment
&
Services
.............
7,918,925
—
—
7,918,925
Entertainment
.........................
13,483,449
—
—
13,483,449
Food
Products
........................
7,935,933
6,782,812
—
14,718,745
Health
Care
Equipment
&
Supplies
.........
7,440,305
—
—
7,440,305
Health
Care
Providers
&
Services
..........
23,119,177
5,083,552
—
28,202,729
Household
Durables
....................
7,538,957
—
—
7,538,957
Household
Products
....................
—
5,578,730
—
5,578,730
Industrial
Conglomerates
................
—
5,960,273
—
5,960,273
Insurance
............................
16,704,426
12,721,140
—
29,425,566
Interactive
Media
&
Services
..............
9,540,223
—
—
9,540,223
Internet
&
Direct
Marketing
Retail
..........
4,080,536
—
—
4,080,536
IT
Services
...........................
13,592,920
6,547,806
—
20,140,726
Machinery
............................
7,607,565
4,524,009
—
12,131,574
Media
...............................
6,755,908
—
—
6,755,908
Metals
&
Mining
.......................
—
6,059,750
—
6,059,750
Oil,
Gas
&
Consumable
Fuels
.............
7,822,432
10,403,921
—
18,226,353
Personal
Products
.....................
7,069,652
—
—
7,069,652
Pharmaceuticals
.......................
15,335,341
7,006,537
—
22,341,878
Real
Estate
Management
&
Development
....
5,775,481
—
—
5,775,481
Semiconductors
&
Semiconductor
Equipment
.
3,817,244
6,302,713
—
10,119,957
Software
.............................
5,293,399
—
—
5,293,399
Technology
Hardware,
Storage
&
Peripherals
.
5,120,571
5,233,221
—
10,353,792
Tobacco
.............................
—
6,929,983
—
6,929,983
Trading
Companies
&
Distributors
..........
8,111,486
—
—
8,111,486
Preferred
Stocks
........................
—
5,187,192
—
5,187,192
Warrants
..............................
—
109
—
109
Corporate
Bonds
........................
—
2,103,256
—
2,103,256
Companies
in
Liquidation
..................
—
—
—
g
—
Short
Term
Investments
...................
—
4,691,558
—
4,691,558
Total
Investments
in
Securities
...........
$224,270,278
$153,675,806
h
$13,988
$377,960,072
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$3,081,220
$—
$3,081,220
Futures
contracts
........................
278,552
—
—
278,552
Total
Other
Financial
Instruments
.........
$278,552
$3,081,220
$—
$3,359,772
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
166
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$169,106
$—
$169,106
Total
Other
Financial
Instruments
.........
$—
$169,106
$—
$169,106
Franklin
Mutual
Shares
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
—
—
57,083
57,083
Automobiles
..........................
37,785,012
—
—
37,785,012
Banks
...............................
116,279,508
28,440,428
—
144,719,936
Building
Products
......................
41,107,215
—
—
41,107,215
Capital
Markets
........................
37,255,607
—
—
37,255,607
Chemicals
...........................
34,794,919
—
—
34,794,919
Commercial
Services
&
Supplies
...........
20,916,837
—
—
20,916,837
Consumer
Finance
.....................
16,427,121
—
—
16,427,121
Containers
&
Packaging
.................
25,866,122
—
—
25,866,122
Diversified
Financial
Services
.............
35,417,487
—
—
35,417,487
Diversified
Telecommunication
Services
.....
—
—
5,662,112
5,662,112
Electrical
Equipment
....................
21,709,300
—
—
21,709,300
Electronic
Equipment,
Instruments
&
Components
..........................
35,734,267
—
—
35,734,267
Energy
Equipment
&
Services
.............
39,975,942
—
—
39,975,942
Entertainment
.........................
60,280,999
—
—
60,280,999
Equity
Real
Estate
Investment
Trusts
(REITs)
.
27,313,931
—
—
27,313,931
Food
Products
........................
46,085,465
—
—
46,085,465
Health
Care
Equipment
&
Supplies
.........
36,840,007
—
—
36,840,007
Health
Care
Providers
&
Services
..........
130,991,712
—
—
130,991,712
Household
Durables
....................
40,100,325
—
—
40,100,325
Insurance
............................
75,099,521
—
—
75,099,521
Interactive
Media
&
Services
..............
32,561,249
—
—
32,561,249
Internet
&
Direct
Marketing
Retail
..........
21,219,714
—
—
21,219,714
IT
Services
...........................
108,546,683
—
—
108,546,683
Machinery
............................
37,912,307
—
—
37,912,307
Media
...............................
61,993,515
—
—
61,993,515
Oil,
Gas
&
Consumable
Fuels
.............
31,084,221
54,188,428
—
85,272,649
Pharmaceuticals
.......................
132,961,882
22,549,344
—
155,511,226
Professional
Services
...................
30,288,446
—
—
30,288,446
Real
Estate
Management
&
Development
....
27,992,279
—
—
27,992,279
Software
.............................
62,699,992
—
—
62,699,992
Specialty
Retail
........................
—
—
—
g
—
Technology
Hardware,
Storage
&
Peripherals
.
24,075,900
—
—
24,075,900
Textiles,
Apparel
&
Luxury
Goods
..........
39,719,581
—
—
39,719,581
Tobacco
.............................
—
30,783,462
—
30,783,462
Wireless
Telecommunication
Services
.......
39,462,349
—
—
39,462,349
Warrants
:
Diversified
Telecommunication
Services
.....
—
—
319,288
319,288
Software
.............................
—
1,916
—
1,916
Corporate
Bonds
........................
—
60,438,190
—
60,438,190
Senior
Floating
Rate
Interests
...............
—
25,906,883
—
25,906,883
Asset-Backed
Securities
..................
—
1,786,615
—
1,786,615
Companies
in
Liquidation
..................
—
—
—
g
—
Short
Term
Investments
...................
—
36,388,607
—
36,388,607
Total
Investments
in
Securities
...........
$1,530,499,415
$260,483,873
i
$6,038,483
$1,797,021,771
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
167
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
VIP
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$884,795
$—
$884,795
Futures
contracts
........................
506,047
—
—
506,047
Total
Other
Financial
Instruments
.........
$506,047
$884,795
$—
$1,390,842
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$3,071
$—
$3,071
Total
Other
Financial
Instruments
.........
$—
$3,071
$—
$3,071
Franklin
Rising
Dividends
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
........................
1,136,692,789
—
—
1,136,692,789
Short
Term
Investments
...................
35,063,053
—
—
35,063,053
Total
Investments
in
Securities
...........
$1,171,755,842
$—
$—
$1,171,755,842
Franklin
Small
Cap
Value
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
14,756,270
3,787,030
—
18,543,300
Auto
Components
......................
7,201,859
—
—
7,201,859
Banks
...............................
136,178,629
—
—
136,178,629
Biotechnology
.........................
3,741,314
—
—
3,741,314
Building
Products
......................
35,997,703
—
—
35,997,703
Chemicals
...........................
24,837,446
7,946,421
—
32,783,867
Commercial
Services
&
Supplies
...........
2,442,704
—
—
2,442,704
Communications
Equipment
..............
28,207,168
—
—
28,207,168
Construction
&
Engineering
...............
41,103,350
—
—
41,103,350
Construction
Materials
..................
20,734,026
—
—
20,734,026
Consumer
Finance
.....................
6,785,746
—
—
6,785,746
Electric
Utilities
........................
1,015,546
—
—
1,015,546
Electrical
Equipment
....................
7,796,998
—
—
7,796,998
Electronic
Equipment,
Instruments
&
Components
..........................
42,071,523
—
—
42,071,523
Energy
Equipment
&
Services
.............
37,693,374
—
—
37,693,374
Equity
Real
Estate
Investment
Trusts
(REITs)
.
26,873,624
—
—
26,873,624
Food
Products
........................
8,726,388
21,193,679
—
29,920,067
Health
Care
Equipment
&
Supplies
.........
40,778,180
—
—
40,778,180
Hotels,
Restaurants
&
Leisure
.............
47,285,935
4,168,388
—
51,454,323
Household
Durables
....................
9,347,538
—
—
9,347,538
Insurance
............................
59,711,552
—
—
59,711,552
Leisure
Products
.......................
904,257
—
—
904,257
Machinery
............................
36,369,670
—
—
36,369,670
Metals
&
Mining
.......................
5,873,572
—
—
5,873,572
Multi-Utilities
..........................
2,461,308
—
—
2,461,308
Oil,
Gas
&
Consumable
Fuels
.............
47,640,462
—
—
47,640,462
Professional
Services
...................
28,493,185
—
—
28,493,185
Real
Estate
Management
&
Development
....
4,911,581
—
—
4,911,581
Road
&
Rail
..........................
10,879,590
—
—
10,879,590
Semiconductors
&
Semiconductor
Equipment
.
9,776,795
—
—
9,776,795
Software
.............................
23,348,602
12,872,218
—
36,220,820
Specialty
Retail
........................
7,876,730
—
—
7,876,730
Textiles,
Apparel
&
Luxury
Goods
..........
5,470,772
—
—
5,470,772
Thrifts
&
Mortgage
Finance
...............
19,752,283
—
—
19,752,283
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
168
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Trading
Companies
&
Distributors
..........
$66,421,659
$—
$—
$
66,421,659
Short
Term
Investments
...................
26,836,996
—
—
26,836,996
Total
Investments
in
Securities
...........
$900,304,335
$49,967,736
j
$—
$950,272,071
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
5,720,538
—
—
5,720,538
Airlines
..............................
4,051,864
—
—
4,051,864
Banks
...............................
3,290,644
—
—
3,290,644
Beverages
...........................
998,550
—
—
998,550
Biotechnology
.........................
11,527,133
—
—
11,527,133
Building
Products
......................
4,677,363
—
—
4,677,363
Capital
Markets
........................
15,678,348
—
—
15,678,348
Commercial
Services
&
Supplies
...........
4,924,648
—
—
4,924,648
Communications
Equipment
..............
5,847,702
—
—
5,847,702
Containers
&
Packaging
.................
6,932,944
—
—
6,932,944
Electrical
Equipment
....................
8,154,721
—
—
8,154,721
Electronic
Equipment,
Instruments
&
Components
..........................
10,992,162
—
—
10,992,162
Entertainment
.........................
967,680
—
—
967,680
Equity
Real
Estate
Investment
Trusts
(REITs)
.
9,583,278
—
—
9,583,278
Food
Products
........................
951,710
—
—
951,710
Health
Care
Equipment
&
Supplies
.........
18,666,754
—
—
18,666,754
Health
Care
Providers
&
Services
..........
5,942,369
—
—
5,942,369
Health
Care
Technology
.................
6,294,960
—
—
6,294,960
Hotels,
Restaurants
&
Leisure
.............
22,547,256
—
—
22,547,256
Household
Durables
....................
4,712,729
—
—
4,712,729
Interactive
Media
&
Services
..............
6,018,086
—
—
6,018,086
IT
Services
...........................
15,188,742
2,120,284
—
17,309,026
Leisure
Products
.......................
—
—
5,776,299
5,776,299
Life
Sciences
Tools
&
Services
............
16,932,674
—
—
16,932,674
Machinery
............................
4,846,879
—
—
4,846,879
Oil,
Gas
&
Consumable
Fuels
.............
4,493,255
—
—
4,493,255
Personal
Products
.....................
4,129,595
—
—
4,129,595
Pharmaceuticals
.......................
4,686,939
—
—
4,686,939
Professional
Services
...................
11,621,534
—
—
11,621,534
Road
&
Rail
..........................
9,018,758
—
—
9,018,758
Semiconductors
&
Semiconductor
Equipment
.
16,249,842
—
—
16,249,842
Software
.............................
49,682,571
—
—
49,682,571
Specialty
Retail
........................
18,395,696
—
—
18,395,696
Textiles,
Apparel
&
Luxury
Goods
..........
8,320,472
—
—
8,320,472
Trading
Companies
&
Distributors
..........
6,652,780
—
—
6,652,780
Convertible
Preferred
Stocks
...............
—
—
4,748,130
4,748,130
Warrants
..............................
—
—
19,487
19,487
Short
Term
Investments
...................
22,448,316
—
—
22,448,316
Total
Investments
in
Securities
...........
$351,149,492
$2,120,284
k
$10,543,916
$363,813,692
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
169
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Energy
Equipment
&
Services
.............
$
445,408
$
—
$
—
$
445,408
Media
...............................
89,956
—
968
90,924
Multiline
Retail
........................
—
—
—
g
—
Oil,
Gas
&
Consumable
Fuels
.............
2,832
588,806
—
g
591
,
638
Management
Investment
Companies
.........
—
20,470,228
—
20,470,228
Warrants
..............................
—
—
—
g
—
Convertible
Bonds
.......................
—
4,057
—
4,057
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
2,104,941
—
2,104,941
Air
Freight
&
Logistics
...................
—
752,454
—
752,454
Airlines
..............................
—
1,880,840
—
1,880,840
Auto
Components
......................
—
3,594,338
—
3,594,338
Automobiles
..........................
—
837,612
—
837,612
Banks
...............................
—
15,154,234
—
15,154,234
Beverages
...........................
—
1,530,280
—
1,530,280
Biotechnology
.........................
—
975,914
—
975,914
Building
Products
......................
—
1,574,692
—
1,574,692
Capital
Markets
........................
—
6,298,878
—
6,298,878
Chemicals
...........................
—
6,338,632
—
6,338,632
Commercial
Services
&
Supplies
...........
—
1,988,586
—
1,988,586
Construction
&
Engineering
...............
—
641,404
—
641,404
Consumer
Finance
.....................
—
1,063,495
—
1,063,495
Containers
&
Packaging
.................
—
2,456,314
—
2,456,314
Diversified
Consumer
Services
............
—
725,784
—
725,784
Diversified
Financial
Services
.............
—
1,339,858
—
1,339,858
Diversified
Telecommunication
Services
.....
—
3,216,249
—
3,216,249
Electric
Utilities
........................
—
3,245,124
—
3,245,124
Electrical
Equipment
....................
—
906,851
—
906,851
Electronic
Equipment,
Instruments
&
Components
..........................
—
1,454,377
—
1,454,377
Energy
Equipment
&
Services
.............
—
405,025
—
405,025
Entertainment
.........................
—
1,521,439
—
1,521,439
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
3,744,009
—
3,744,009
Food
Products
........................
—
1,059,800
—
1,059,800
Gas
Utilities
..........................
—
199,955
—
199,955
Health
Care
Equipment
&
Supplies
.........
—
585,528
—
585,528
Health
Care
Providers
&
Services
..........
—
4,423,603
—
4,423,603
Hotels,
Restaurants
&
Leisure
.............
—
4,042,454
—
4,042,454
Household
Durables
....................
—
651,417
—
651,417
Household
Products
....................
—
907,995
—
907,995
Independent
Power
and
Renewable
Electricity
Producers
............................
—
5,538,978
—
5,538,978
Insurance
............................
—
963,293
—
963,293
Interactive
Media
&
Services
..............
—
1,659,151
—
1,659,151
Internet
&
Direct
Marketing
Retail
..........
—
760,045
—
760,045
IT
Services
...........................
—
3,465,163
—
3,465,163
Machinery
............................
—
714,253
—
714,253
Marine
..............................
—
1,197,438
—
1,197,438
Media
...............................
—
4,785,134
—
4,785,134
Metals
&
Mining
.......................
—
975,950
—
975,950
Multiline
Retail
........................
—
396,488
—
g
396,488
Multi-Utilities
..........................
—
1,041,789
—
1,041,789
Oil,
Gas
&
Consumable
Fuels
.............
—
13,166,619
—
13,166,619
Paper
&
Forest
Products
.................
—
1,068,749
—
1,068,749
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
170
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Personal
Products
.....................
$
—
$
777,182
$
—
$
777,182
Pharmaceuticals
.......................
—
3,399,599
—
3,399,599
Real
Estate
Management
&
Development
....
—
1,616,628
—
1,616,628
Road
&
Rail
..........................
—
1,898,086
—
1,898,086
Software
.............................
—
1,225,979
—
1,225,979
Specialty
Retail
........................
—
2,031,507
—
2,031,507
Technology
Hardware,
Storage
&
Peripherals
.
—
156,570
—
156,570
Thrifts
&
Mortgage
Finance
...............
—
1,499,879
—
1,499,879
Tobacco
.............................
—
1,261,158
—
1,261,158
Trading
Companies
&
Distributors
..........
—
1,767,831
—
1,767,831
Transportation
Infrastructure
..............
—
113,126
—
113,126
Wireless
Telecommunication
Services
.......
—
1,919,515
—
1,919,515
Marketplace
Loans
......................
—
—
8,135,509
8,135,509
Foreign
Government
and
Agency
Securities
....
—
16,920,950
—
16,920,950
U.S.
Government
and
Agency
Securities
.......
—
59,292,229
—
59,292,229
Asset-Backed
Securities
..................
—
19,725,933
—
19,725,933
Commercial
Mortgage-Backed
Securities
......
—
1,598,647
—
1,598,647
Mortgage-Backed
Securities
................
—
19,174,859
—
19,174,859
Municipal
Bonds
.........................
—
1,518,675
—
1,518,675
Residential
Mortgage-Backed
Securities
......
—
15,529,140
—
15,529,140
Escrows
and
Litigation
Trusts
...............
—
2,430
—
g
2,430
Short
Term
Investments
...................
13,271,708
—
—
13,271,708
Total
Investments
in
Securities
...........
$13,809,904
$283,848,146
$8,136,477
$305,794,527
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$195,126
$—
$195,126
Swap
contracts
.........................
—
78,065
—
78,065
Total
Other
Financial
Instruments
.........
$—
$273,191
$—
$273,191
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$16,525
$—
$16,525
Futures
contracts
........................
341,062
—
—
341,062
Swap
contracts
..........................
—
1,278,181
—
1,278,181
Total
Other
Financial
Instruments
.........
$341,062
$1,294,706
$—
$1,635,768
Franklin
U.S.
Government
Securities
VIP
Fund
Assets:
Investments
in
Securities:
f
Corporate
Bonds
........................
—
8,944,706
—
8,944,706
Foreign
Government
and
Agency
Securities
....
—
13,074,597
—
13,074,597
U.S.
Government
and
Agency
Securities
.......
—
83,348,830
—
83,348,830
Mortgage-Backed
Securities
................
—
471,118,742
—
471,118,742
Short
Term
Investments
...................
—
20,073,954
—
20,073,954
Total
Investments
in
Securities
...........
$—
$596,560,829
$—
$596,560,829
Franklin
VolSmart
Allocation
VIP
Fund
Assets:
Investments
in
Securities:
f
Common
Stocks
........................
96,388,173
—
—
96,388,173
Management
Investment
Companies
.........
54,576,098
—
—
54,576,098
Short
Term
Investments
...................
8,743,465
—
—
8,743,465
Total
Investments
in
Securities
...........
$159,707,736
$—
$—
$159,707,736
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
171
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
VolSmart
Allocation
VIP
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Futures
contracts
........................
$4,307,464
$—
$—
$4,307,464
Total
Other
Financial
Instruments
.........
$4,307,464
$—
$—
$4,307,464
Liabilities:
Other
Financial
Instruments:
Swap
contracts
..........................
$—
$583
$—
$583
Total
Other
Financial
Instruments
.........
$—
$583
$—
$583
Level
1
Level
2
Level
3
Total
Templeton
Developing
Markets
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Brazil
................................
$
5,434,333
$
—
$
—
$
5,434,333
Cambodia
............................
—
739,104
—
739,104
Chile
................................
1,184,055
—
—
1,184,055
China
...............................
5,349,482
48,033,486
1,913,866
55,296,834
Hong
Kong
...........................
—
2,900,806
—
2,900,806
Hungary
.............................
—
1,582,399
—
1,582,399
India
................................
—
24,946,686
—
24,946,686
Indonesia
............................
—
1,908,585
—
1,908,585
Mexico
..............................
4,712,514
—
—
4,712,514
Pakistan
.............................
304,695
—
—
304,695
Peru
................................
900,955
—
—
900,955
Philippines
............................
—
618,997
—
618,997
Russia
...............................
—
—
—
l
—
South
Africa
...........................
—
1,502,304
—
1,502,304
South
Korea
..........................
—
34,566,380
—
34,566,380
Taiwan
...............................
—
29,812,990
—
29,812,990
Thailand
.............................
—
4,940,311
—
4,940,311
United
Kingdom
........................
—
3,541,657
—
3,541,657
United
States
..........................
7,815,127
—
—
7,815,127
Preferred
Stocks
........................
16,393,860
—
—
16,393,860
Escrows
and
Litigation
Trusts
...............
—
—
—
g
—
Short
Term
Investments
...................
10,551,810
—
—
10,551,810
Total
Investments
in
Securities
...........
$52,646,831
$155,093,705
m
$1,913,866
$209,654,402
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
27,573,790
$
—
$
27,573,790
Airlines
..............................
—
4,864,841
—
4,864,841
Auto
Components
......................
—
24,102,801
—
24,102,801
Automobiles
..........................
—
30,424,549
—
30,424,549
Banks
...............................
14,319,695
89,233,854
—
103,553,549
Chemicals
...........................
—
7,649,919
—
7,649,919
Construction
Materials
..................
—
9,500,011
—
9,500,011
Diversified
Financial
Services
.............
10,063,587
19,287,704
—
29,351,291
Electronic
Equipment,
Instruments
&
Components
..........................
—
5,535,662
—
5,535,662
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
172
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Foreign
VIP
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Energy
Equipment
&
Services
.............
$
—
$
17,238,517
$
—
$
17,238,517
Food
&
Staples
Retailing
.................
—
14,157,974
—
14,157,974
Health
Care
Providers
&
Services
..........
—
7,888,848
—
7,888,848
Household
Durables
....................
—
8,637,085
—
8,637,085
Industrial
Conglomerates
................
—
31,989,534
—
31,989,534
Insurance
............................
—
26,677,650
—
26,677,650
Interactive
Media
&
Services
..............
2,741,042
—
—
2,741,042
Internet
&
Direct
Marketing
Retail
..........
—
28,443,470
—
28,443,470
Machinery
............................
—
9,403,810
—
9,403,810
Media
...............................
—
11,306,133
—
11,306,133
Metals
&
Mining
.......................
11,068,351
12,298,111
—
23,366,462
Multiline
Retail
........................
—
6,090,431
—
6,090,431
Multi-Utilities
..........................
—
9,251,484
—
9,251,484
Oil,
Gas
&
Consumable
Fuels
.............
—
85,887,011
—
85,887,011
Pharmaceuticals
.......................
—
47,839,291
—
47,839,291
Professional
Services
...................
—
13,464,783
—
13,464,783
Semiconductors
&
Semiconductor
Equipment
.
16,963,650
36,041,317
—
53,004,967
Technology
Hardware,
Storage
&
Peripherals
.
—
27,004,314
—
27,004,314
Tobacco
.............................
—
19,442,496
—
19,442,496
Short
Term
Investments
...................
62,101,582
—
—
62,101,582
Total
Investments
in
Securities
...........
$117,257,907
$631,235,390
n
$—
$748,493,297
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
Assets:
Investments
in
Securities:
Foreign
Government
and
Agency
Securities
:
Argentina
.............................
$
—
$
21,069,644
$
3,733,695
$
24,803,339
Brazil
................................
—
31,545,077
—
31,545,077
Colombia
.............................
—
80,154,376
—
80,154,376
Ghana
...............................
—
13,283,884
—
13,283,884
India
................................
—
75,441,367
—
75,441,367
Indonesia
............................
—
140,011,076
—
140,011,076
Norway
..............................
—
65,677,231
—
65,677,231
South
Korea
..........................
—
223,577,083
—
223,577,083
Supranational
.........................
—
2,251,384
—
2,251,384
Thailand
.............................
—
45,872,521
—
45,872,521
United
Kingdom
........................
—
28,844,957
—
28,844,957
U.S.
Government
and
Agency
Securities
.......
—
389,470,358
—
389,470,358
Short
Term
Investments
...................
101,268,779
418,434,915
—
519,703,694
Total
Investments
in
Securities
...........
$101,268,779
$1,535,633,873
$3,733,695
$1,640,636,347
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
13,416,878
$
—
$
13,416,878
Restricted
Currency
(ARS)
.................
—
203,139
—
203,139
Total
Other
Financial
Instruments
.........
$—
$13,620,017
$—
$13,620,017
Receivables:
Investment
Securities
Sold
(ARS)
............
$—
$391,230
$—
$391,230
Interest
(ARS)
...........................
—
222,331
—
222,331
Total
Receivables
$—
$613,561
$—
$613,561
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
173
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Templeton
Global
Bond
VIP
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
34,302,550
$
—
$
34,302,550
Total
Other
Financial
Instruments
.........
$—
$34,302,550
$—
$34,302,550
Level
1
Level
2
Level
3
Total
Templeton
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
10,338,029
$
—
$
10,338,029
Airlines
..............................
—
2,368,852
—
2,368,852
Auto
Components
......................
3,853,778
3,835,916
—
7,689,694
Automobiles
..........................
—
3,611,382
—
3,611,382
Banks
...............................
—
2,677,375
—
2,677,375
Beverages
...........................
—
12,067,958
—
12,067,958
Biotechnology
.........................
9,866,717
—
—
9,866,717
Chemicals
...........................
11,182,671
—
—
11,182,671
Consumer
Finance
.....................
3,927,500
—
—
3,927,500
Containers
&
Packaging
.................
3,301,405
—
—
3,301,405
Electrical
Equipment
....................
—
3,518,935
—
3,518,935
Entertainment
.........................
7,579,038
—
—
7,579,038
Food
Products
........................
—
6,168,828
—
6,168,828
Health
Care
Equipment
&
Supplies
.........
14,609,154
—
—
14,609,154
Health
Care
Providers
&
Services
..........
15,128,652
3,891,625
—
19,020,277
Hotels,
Restaurants
&
Leisure
.............
14,924,638
4,223,116
—
19,147,754
Household
Durables
....................
—
5,236,289
—
5,236,289
Industrial
Conglomerates
................
4,238,700
4,225,085
—
8,463,785
Insurance
............................
—
6,052,360
—
6,052,360
Interactive
Media
&
Services
..............
3,357,315
—
—
3,357,315
Internet
&
Direct
Marketing
Retail
..........
4,263,262
2,055,985
—
6,319,247
IT
Services
...........................
9,589,580
—
—
9,589,580
Life
Sciences
Tools
&
Services
............
3,162,119
—
—
3,162,119
Machinery
............................
5,906,579
4,046,760
—
9,953,339
Media
...............................
7,944,866
—
—
7,944,866
Multiline
Retail
........................
7,048,211
—
—
7,048,211
Oil,
Gas
&
Consumable
Fuels
.............
5,444,675
12,847,467
—
18,292,142
Personal
Products
.....................
3,790,369
8,367,491
—
12,157,860
Pharmaceuticals
.......................
8,276,144
17,709,161
—
25,985,305
Professional
Services
...................
—
2,965,436
—
2,965,436
Semiconductors
&
Semiconductor
Equipment
.
9,552,260
4,718,635
—
14,270,895
Software
.............................
3,260,600
—
—
3,260,600
Specialty
Retail
........................
8,538,642
4,411,896
—
12,950,538
Technology
Hardware,
Storage
&
Peripherals
.
—
7,132,966
—
7,132,966
Textiles,
Apparel
&
Luxury
Goods
..........
—
589,605
—
589,605
Wireless
Telecommunication
Services
.......
7,506,275
—
—
7,506,275
Short
Term
Investments
...................
2,376,802
26,100,000
—
28,476,802
Total
Investments
in
Securities
...........
$178,629,952
$159,161,152
o
$—
$337,791,104
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
174
Quarterly
Schedules
of
Investments
a
Includes
foreign
securities
valued
at
$84,092,372,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$3,444,850,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$34,452,198,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$181,731,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$8,635,581,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
f
For
detailed
categories,
see
the
accompanying
schedule
of
investments.
g
Includes
financial
instruments
determined
to
have
no
value
at
September
30,
2022.
h
Includes
foreign
securities
valued
at
$146,880,883,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
i
Includes
foreign
securities
valued
at
$135,961,662,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
j
Includes
foreign
securities
valued
at
$49,967,736,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
k
Includes
foreign
securities
valued
at
$2,120,284,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
l
The
Valuation
Committee
determined
that
based
on
their
analysis
of
the
market
and
access
to
market
participants,
the
Russian
financial
instruments
held
by
the
Fund
had
little
or
no
value
at
September
30,
2022.
m
Includes
foreign
securities
valued
at
$155,093,705,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
n
Includes
foreign
securities
valued
at
$631,235,390,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
o
Includes
foreign
securities
valued
at
$133,061,152,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
175
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At September
30,
2022,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2022,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
$4,026,670
$—
$—
$—
$—
$—
$—
$1,749,629
$5,776,299
$1,749,629
Textiles,
Apparel
&
Luxury
Goods
......
1,330,614
—
(1,068,276)
—
—
—
—
(262,338)
—
—
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
..........
987,771
—
—
—
—
—
—
(208,824)
778,947
(208,824)
Software
..........
6,692,175
399,998
c
—
—
—
—
—
(3,122,990)
3,969,183
(3,122,990)
Warrants
:
Software
..........
31,313
—
c
—
—
—
—
—
(11,826)
19,487
(11,826)
Total
Investments
in
Securities
............
$13,068,543
$399,998
$(1,068,276)
$—
$—
$—
$—
$(1,856,349)
$10,543,916
$(1,594,011)
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Media
...........
$
2,779
$
—
$
—
$
—
$
—
$
—
$
—
$
(1,811)
$
968
$
(1,811)
Multiline
Retail
......
—
c
—
—
—
—
—
—
—
—
c
—
Oil,
Gas
&
Consumable
Fuels
............
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
............
3
—
—
—
—
—
—
(3)
—
c
(3)
Corporate
Bonds
:
Multiline
Retail
......
—
c
—
c
—
—
—
—
—
—
—
c
—
Marketplace
Loans
:
Diversified
Financial
Services
..........
5,892,407
6,414,814
(3,536,104)
—
—
—
(156,950)
(478,658)
8,135,509
(471,878)
Escrows
and
Litigation
Trusts
.............
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$5,895,189
$6,414,814
$(3,536,104)
$—
$—
$—
$(156,950)
$(480,472)
$8,136,477
$(473,692)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
176
Quarterly
Schedules
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small-Mid
Cap
Growth
VIP
Fund
Assets:
Investments
in
Securities:
Common
Stocks
Leisure
Products.
.
.
$5,776,299
Market
comparables
Discount
for
lack
of
marketability
13.6%
Decrease
EV
/
revenue
multiple
5.4x
Increase
c
Convertible
Preferred
Stocks
Diversified
Consumer
Services.
.
.
778,947
Discounted
cash
flow
Discount
for
lack
of
marketability
15.6%
Decrease
d 
Weighted
average
cost
of
capital
19.5%
Decrease
d 
Long-term
growth
rate
5.0%
Increase
Volatility
of
peers
53.9%
Decrease
Software.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3,880,422
Market
comparables
Discount
for
lack
of
marketability
11.4%
-
13.2%
(12.2%)
Decrease
d
EV
/
revenue
multiple
7.8x
-
29.3x
(14.9x)
Increase
d
Option
pricing
model
Discount
for
lack
of
marketability
16.7%
Decrease
d
Underlying
equity
value
$610.5mil
Increase
d
Volatility
of
peers
51.3%
Decrease
All
Other
Investments
.............
108,248
e
Total
$10,543,916
Franklin
Strategic
Income
VIP
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Diversified
Financial
Services
7,826,886
Discounted
cash
flow
Loss-adjusted
discount
rate
2.6%
-
11.0%
(8.4%)
Decrease
c
Projected
loss
rate
14.2%
-
20.6%
(18.7%)
Decrease
c
All
Other
Investments
.............
309,591
e,f
Total
..........................
$8,136,477
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
and
net
assets.
d
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
e
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.
f
Includes
securities
determined
to
have
no
value
at
September
30,
2022.
7. Fair
Value
Measurements 
(continued)
Franklin
Templeton
Variable
Insurance
Products
Trust
Notes
to
Schedules
of
Investments
(unaudited)
177
Quarterly
Schedules
of
Investments
Abbreviations
Abbreviations
List
EV
-
Enterprise
value
Counterparty
BNDP
BNP
Paribas
SA
BNY
Bank
of
New
York
BOFA
Bank
of
America
Corp.
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBC
HSBC
Bank
USA,
NA
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Currency
ARS
Argentine
Peso
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
GBP
British
Pound
GHS
Ghanaian
Cedi
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
USD
United
States
Dollar
Index
CDX.NA.EM.Series
number
CDX
North
America
Emerging
Markets
Index
CDX.NA.HY.Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.Series
number
CDX
North
America
Investment
Grade
Index
MCDX.NA.Series
Number
MCDX
North
America
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
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
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLB
Federal
Home
Loan
Banks
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GDR
Global
Depositary
Receipt
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
VIX
Market
Volatility
Index
7. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds’
significant
policies,
please
refer
to
the
Funds’
most
recent
semiannual
or
annual
shareholder
report.